国际财务管理(英文版) 第11版 马杜拉 答案 Chapter 3.pdf

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1、Chapter3InternationalFinancialMarketsLectureOutlineMotivesforUsingInternationalFinancialMarketsMotivesforInvestinginForeignMarketsMotivesforProvidingCreditinForeignMarketsMotivesforBorrowinginForeignMarketsForeignExchangeMarketHistoryofForeignExchangeForei

2、gnExchangeTransactionsInterpretingForeignExchangeQuotationsCurrencyFuturesandOptionsMarketsInternationalMoneyMarketOriginsandDevelopmentStandardizingGlobalBankRegulationsInternationalCreditMarketSyndicatedLoansInternationalBondMarketEurobondMarketDevelopme

3、ntofOtherBondMarketsComparingInterestRatesAmongCurrenciesInternationalStockMarketsIssuanceofForeignStockintheU.S.IssuanceofStockinForeignMarketsComparisonofInternationalFinancialMarketsHowFinancialMarketsAffectanMNC’sValueChapterThemeThischapteridentifiesa

4、nddiscussesthevariousinternationalfinancialmarketsusedbyMNCs.Thesemarketsfacilitateday-to-dayoperationsofMNCs,includingforeignexchangetransactions,investinginforeignmarkets,andborrowinginforeignmarkets.TopicstoStimulateClassDiscussion1.Whydointernationalfi

5、nancialmarketsexist?2.Howdobanksserveinternationalfinancialmarkets?3.Whichinternationalfinancialmarketsaremostimportanttoafirmthatconsistentlyneedsshort-termfunds?Whataboutafirmthatneedslong-termfunds?CriticaldebateShouldfirmsthatgopublicengageininternatio

6、nalofferings?PropositionYes.Whenafirmissuessharestothepublicforthefirsttimeinaninitialpublicoffering(IPO),itisnaturallyconcernedaboutwhetheritcanplaceallofitssharesatareasonableprice.Itwillbeabletoissueitssharesatahigherpricebyattractingmoreinvestors.Itwil

7、lincreaseitsdemandbyspreadingthesharesacrosscountries.Thehigherthepriceatwhichitcanissueshares,thelowerisitscostofusingequitycapital.Itcanalsoestablishaglobalnamebyspreadingsharesacrosscountries.OpposingviewNo.Ifafirmspreadsitssharesacrossdifferentcountrie

8、satthetimeoftheIPO,therewillbelesspubliclytradedsharesinthehomecountry.Thus,itwillnothaveasmuchliquidityinthesecondarymarket.Investorsdesiresharesthattheycaneasilysellinthesecondarymarket,whichmeansthattheyre