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1、INTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKFifthEditionCopyright©2009byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinChapterObjectives:Understandwhyitisimportanttostudyinternationalfinance.Distinguishinternationalfinancefromdomesticfinance.1ChapterOneGlobaliz
2、ationandtheMultinationalFirm1-1What’sSpecialabout“International”Finance?GoalsforInternationalFinancialManagementGlobalizationoftheWorldEconomyMultinationalCorporationsOrganizationoftheTextSummaryChapterOneOutline1-2What’sSpecialabout “International”Finance?ForeignExchangeRisk
3、PoliticalRiskMarketImperfectionsExpandedOpportunitySet1-3What’sSpecialabout “International”Finance?ForeignExchangeRiskTheriskthatforeigncurrencyprofitsmayevaporateindollartermsduetounanticipatedunfavorableexchangeratemovements.Suppose$1=¥100andyoubuy10sharesofToyotaat¥10,000p
4、ershare.Oneyearlatertheinvestmentisworthtenpercentmoreinyen:¥110,000But,iftheyenhasdepreciatedto$1=¥120,yourinvestmenthasactuallylostmoneyindollarterms.1-4What’sSpecialabout “International”Finance?PoliticalRiskSovereigngovernmentshavetherighttoregulatethemovementofgoods,capit
5、al,andpeopleacrosstheirborders.Theselawssometimeschangeinunexpectedways.1-5MarketImperfectionsLegalrestrictionsonthemovementofgoods,people,andmoneyTransactionscostsShippingcostsTaxarbitrageWhat’sSpecialabout “International”Finance?1-6TheExampleofNestlé’sMarketImperfectionNest
6、léusedtoissuetwodifferentclassesofcommonstockbearersharesandregisteredshares.Foreignerswereonlyallowedtobuybearershares.Swisscitizenscouldbuyregisteredshares.Thebearerstockwasmoreexpensive.OnNovember18,1988,Nestléliftedrestrictionsimposedonforeigners,allowingthemtoholdregiste
7、redsharesaswellasbearershares.1-7Nestlé’sForeignOwnershipRestrictions12,00010,0008,0006,0004,0002,000011203191824Source:FinancialTimes,November26,1988p.1.Adaptedwithpermission.SFBearershareRegisteredshare1-8TheExampleofNestlé’sMarketImperfectionFollowingthis,thepricespreadbet
8、weenthetwotypesofsharesnarroweddramatically.Thisimpliesthattherewasa
