资源描述：
《英文版罗斯公司理财习题答案Chap020.doc》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、CHAPTER20INTERNATIONALCORPORATEFINANCEAnswerstoConceptsReviewandCriticalThinkingQuestions1.a.Thedollarissellingatapremiumbecauseitismoreexpensiveintheforwardmarketthaninthespotmarket(SFr1.53versusSFr1.50).b.Thefrancisexpectedtodepreciaterelativetothedollarbecause
2、itwilltakemorefrancstobuyonedollarinthefuturethanitdoestoday.c.InflationinSwitzerlandishigherthanintheUnitedStates,asarenominalinterestrates.2.Theexchangeratewillincrease,asitwilltakeprogressivelymorepesostopurchaseadollar.ThisistherelativePPPrelationship.3.a.The
3、Australiandollarisexpectedtoweakenrelativetothedollar,becauseitwilltakemoreA$inthefuturetobuyonedollarthanitdoestoday.b.TheinflationrateinAustraliaishigher.c.NominalinterestratesinAustraliaarehigher;relativerealratesinthetwocountriesarethesame.4.AYankeebondismost
4、accuratelydescribedbyd.5.No.Forexample,ifacountry’scurrencystrengthens,importsbecomecheaper(good),butitsexportsbecomemoreexpensiveforotherstobuy(bad).Thereverseistrueforcurrencydepreciation.6.Additionaladvantagesincludebeingclosertothefinalconsumerand,thereby,sav
5、ingontransportation,significantlylowerwages,andlessexposuretoexchangeraterisk.Disadvantagesincludepoliticalriskandcostsofsupervisingdistantoperations.7.Onekeythingtorememberisthatdividendpaymentsaremadeinthehomecurrency.Moregenerally,itmaybethattheownersofthemult
6、inationalareprimarilydomesticandareultimatelyconcernedabouttheirwealthdenominatedintheirhomecurrencybecause,unlikeamultinational,theyarenotinternationallydiversified.8.a.False.IfpricesarerisingfasterinGreatBritain,itwilltakemorepoundstobuythesameamountofgoodsthat
7、onedollarcanbuy;thepoundwilldepreciaterelativetothedollar.b.False.Theforwardmarketwouldalreadyreflecttheprojecteddeteriorationoftheeurorelativetothedollar.Onlyifyoufeelthattheremightbeadditional,unanticipatedweakeningoftheeurothatisn’treflectedinforwardratestoday
8、,willtheforwardhedgeprotectyouagainstadditionaldeclines.c.True.Themarketwouldonlybecorrectonaverage,whileyouwouldbecorrectallthetime.9.a.Americanexporters:thei
