国际财务管理英文版第11版马杜拉答案chapter3

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1、Chapter3InternationalFinancialMarketsLectureOutlineMotivesforUsingInternationalFinancialMarketsMotivesforInvestinginForeignMarketsMotivesforProvidingCreditinForeignMarketsMotivesforBorrowinginForeignMarketsForeignExchangeMarketHistoryofForeignExchangeForeignExcha

2、ngeTransactionsInterpretingForeignExchangeQuotationsCurrencyFuturesandOptionsMarketsInternationalMoneyMarketOriginsandDevelopmentStandardizingGlobalBankRegulationsInternationalCreditMarketSyndicatedLoansInternationalBondMarketEurobondMarketDevelopmentofOtherBondM

3、arketsComparingInterestRatesAmongCurrenciesInternationalStockMarketsIssuanceofForeignStockintheU.S.IssuanceofStockinForeignMarketsComparisonofInternationalFinancialMarketsHowFinancialMarketsAffectanMNC’sValueChapterThemeThischapteridentifiesanddiscussesthevarious

4、internationalfinancialmarketsusedbyMNCs.Thesemarketsfacilitateday-to-dayoperationsofMNCs,includingforeignexchangetransactions,investinginforeignmarkets,andborrowinginforeignmarkets.TopicstoStimulateClassDiscussion1.Whydointernationalfinancialmarketsexist?2.Howdob

5、anksserveinternationalfinancialmarkets?3.Whichinternationalfinancialmarketsaremostimportanttoafirmthatconsistentlyneedsshort-termfunds?Whataboutafirmthatneedslong-termfunds?CriticaldebateShouldfirmsthatgopublicengageininternationalofferings?PropositionYes.Whenafi

6、rmissuessharestothepublicforthefirsttimeinaninitialpublicoffering(IPO),itisnaturallyconcernedaboutwhetheritcanplaceallofitssharesatareasonableprice.Itwillbeabletoissueitssharesatahigherpricebyattractingmoreinvestors.Itwillincreaseitsdemandbyspreadingthesharesacro

7、sscountries.Thehigherthepriceatwhichitcanissueshares,thelowerisitscostofusingequitycapital.Itcanalsoestablishaglobalnamebyspreadingsharesacrosscountries.OpposingviewNo.IfafirmspreadsitssharesacrossdifferentcountriesatthetimeoftheIPO,therewillbelesspubliclytradeds

8、haresinthehomecountry.Thus,itwillnothaveasmuchliquidityinthesecondarymarket.Investorsdesiresharesthattheycaneasilysellinthesecondarymarket,whichmeansthattheyre