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1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1Howexchangeratesarequoted,whattheymean,andtheINTERNATIONALdifferencebetweenspotandforwardexchangerates.LO2Purchasingpowerparity,interestCORPORATErateparity,unbiasedforward21rates,uncoveredinterestrateparity,andtheinternationalFish
2、erFINANCEeffectandtheirimplicationsforexchangeratechanges.LO3Thedifferenttypesofexchangerateriskandwaysfirmsmanageexchangeraterisk.LO4Theimpactofpoliticalriskoninternationalbusinessinvesting.INTHEFALLOF2007,CanadianscheeredastheSowhatweretheeffectsoftheseexchangerateCanadiandollar,popularlyknowna
3、sthe“loonie,”shifts?UsingCanadaasanexample,thehighervaluereachedparitywiththeU.S.dollarforthefirsttimeinofthelooniemeantthatCanadianexportsweremore31years,meaningthatonelooniecouldbeexpensiveintheU.S.,soexportsdeclined.Theexchangedforonegreenback.Asrecentlyasfiveincreasedvalueofthelooniewasalsobla
4、medfortheyearsbefore,onelooniewasworthonly$.62.Bylossofmorethan268,000manufacturingjobsinNovember2007,thelooniereached$1.10,alevelnotCanada,primarilyinareasneartheU.S.–Canadianbor-seensincethe1870s,thoughitfellbacktoabout$.98der.SinceCanadabecamemoreexpensiveforU.S.vis-byJune2008.Thedollartookad
5、iveDownUnderasitors,tourismdroppedaswell,reachingitslowestlevelwell.InJune2008,theAustraliandollarreachedain35years.Inthischapter,weexploretheimportanthighofAustralian$.96perU.S.dollar,itshighestlevelroleplayedbycurrenciesandexchangeratesininterna-inmorethan23years.tionalfinance,alongwithanumbero
6、fotherkeytopics.Mastertheabilitytosolveproblemsinthischapterbyusingaspreadsheet.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.Corporationswithsignificantforeignoperationsareoftencalledinternationalcorporationsormultinationals.Suchcor-TopicsinCorporateFinancePART8porationsmustconsidermanyfin
7、ancialfactorsthatdonotdirectlyaffectpurelydomesticfirms.Theseincludeforeignexchangerates,differinginterestratesfromcountrytocountry,complexaccountingmethodsforforeignoperations,foreigntaxrates,andforeigngovern-mentinterventio
