彼得罗斯公司理财cap

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1、InternationalCorporateFinanceChapter31Copyright©2010bytheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinKeyConceptsandSkillsUnderstandhowexchangeratesarequotedandwhattheymeanKnowthedifferencebetweenspotandforwardratesUnderstandpurchasingpowerparityandinterestrateparityandtheimplicat

2、ionsforchangesinexchangeratesUnderstandthebasicsofinternationalcapitalbudgetingUnderstandtheimpactofpoliticalriskoninternationalbusinessinvestingChapterOutline31.1Terminology31.2ForeignExchangeMarketsandExchangeRates31.3PurchasingPowerParity31.4InterestRateParity,UnbiasedForwardRates,andtheInter

3、nationalFisherEffect31.5InternationalCapitalBudgeting31.6ExchangeRateRisk31.7PoliticalRisk31.1TerminologyAmericanDepositoryReceipt(ADR):asecurityissuedintheU.S.torepresentsharesofaforeignstockCrossrate:theexchangeratebetweentwoforeigncurrencies,e.g.,theexchangeratebetween£and¥Euro(€):thesinglecu

4、rrencyoftheEuropeanMonetaryUnionwhichwasadoptedby11MemberStateson1January1999.Thesememberstateswere:Belgium,Germany,Spain,France,Ireland,Italy,Luxemburg,Finland,Austria,PortugalandtheNetherlandsTerminologyEurocurrency:moneydepositedinafinancialcenteroutsidethehomecountry.Eurodollarsaredollardepo

5、sitsheldoutsidetheU.S.;EuroyenareyendenominateddepositsheldoutsideJapan.Gilts:BritishandIrishgovernmentsecuritiesLIBOR:theLondonInterbankOfferRateistheratemostinternationalbankschargeoneanotherforloansofEurodollarsovernightintheLondonmarket31.2ForeignExchangeMarketsandExchangeRatesWithoutadoubt,

6、theforeignexchangemarketistheworld’slargestfinancialmarket.Inthismarket,onecountry’scurrencyistradedforanother’s.Mostofthetradingtakesplaceinafewcurrencies:U.S.dollar($)Britishpoundsterling(£)Japaneseyen(¥)Euro(€)FOREXMarketParticipantsTheFOREXmarketisatwo-tieredmarket:InterbankMarket(Wholesale)

7、About700banksworldwidestandreadytomakeamarketinForeignexchange.Nonbankdealersaccountforabout20%ofthemarket.ThereareFXbrokerswhomatchbuyandsellordersbutdonotcarryinventoryandFXspecialists.ClientMarket(Retail)Marketparticipant