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1、19-3Titman/Keown/Martin•FinancialManagement,TwelfthEditionChapter19SolutionstoStudyQuestions19-1.Operatingrisks—maintainingoperationalcontrolwhileoperatinginanothercountrywithdifferentlaborlawsandculturecanproveverychallengingFinancialrisks—makinginv
2、estmentsusingonecurrencywhilereceivingcashinflowsinanothercurrencycreatesanexchangerateriskproblemnotencounteredindomesticinvesting.Politicalrisks—especiallywheninvestinginunderdevelopedcountriestheriskofexpropriationcanbeveryreal.19-2.Theworldhasbec
3、omeanincreasinglyinternationalplaceinwhichtoliveandwork.ThomasFriedmanexpoundsonthisthemeinhisbook,TheWorldisFlat,whichlookscloselyathowglobalboundarieshavecollapsed,flatteningtheplayingfieldforallfirmsworldwide.Itnolongermatterswhetheryoumajorinacco
4、unting,engineering,economics,marketing,managementorfinance,youwillbecompetingwithindividualswiththesametrainingfromaroundtheworld.AsThomasFriedmanexplainsinhisbook,theconvergenceoftechnologyandeventshaveallowedIndia,China,andmanyothercountriestobecom
5、epartoftheglobalsupplychainforservicesandmanufacturing.Lettherebenodoubt,thereisnogoingback–notintermsofbusinessoryourpersonallife.Theplayingfieldyou’llbeontherestofyourlifewillbeaninternationalone.19-3.Withoutinternationalinvestingbydomesticfirmsiti
6、softendifficulttogettheopportunitytoinvestinemergingeconomies.Thedomesticfirmsarelargeenoughtomanagetherisksattendanttosuchinvestingwhilemostindividualinvestorsarenotabletodoso.19-4.Buyinganundervaluedassetwhilesellinganovervaluedassettoprofitfromcom
7、ingpricecorrections.19-5.Simplearbitrageeliminatesexchangeratedifferentialsacrossthemarketsforasinglecurrency.Forexample,assumethatinLondonthespotexchangerateis£.6360/$,andinNewYorktheexchangerateis£.6239/$.IfyousimultaneouslyboughtapoundinNewYorkfor
8、£.6239/$andsoldapoundinLondonfor£.6360/$,youwouldhave(1)takenazeronetinvestmentpositionsinceyoubought£1andsold£1,(2)lockedinasureprofitof£.0121/$nomatterwhichwaythepoundsubsequentlymoves,and(3)setinmotiontheforcesthatwilleliminatethedifferentquotesin
