国际金融课件 (1)
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International Finance
(Chapter 1)
Second Edition
EUN / RESNICK
Essential Readings
P4-19
McGraw-Hill/Irwin
1-2
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
Financial Innovations, such as
Currency futures and options Multi-currency bonds Cross-border stock listings International mutual funds
McGraw-Hill/Irwin
McGraw-Hill/Irwin
1-6
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
McGraw-Hill/Irwin
1-7
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
McGraw-Hill/Irwin
1-4
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
What’s Special about “International” Finance?
Market Imperfections
Legal restrictions on free movement of goods, people, and money
Reasons for Rapid Globalization
Deregulation of Financial Markets coupled with
Advances in Technology have greatly reduced information and transactions costs, which has led to:
Political Risk
Sovereign governments have the right to regulate the movement of goods, capital, and people across their borders. These laws sometimes change in unexpected ways.
Transactions costs Shipping costs Tax arbitrage
McGraw-Hill/Irwin
1-5
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
What’s Special about “International” Finance?
Expanded Opportunity Set
Firms can locate their production in any country or region of the world to maximize their profits.
Firms can also raise funds in any capital market where the cost of capital is the lowest.
1-8
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
ຫໍສະໝຸດ Baidu
International Finance
Book for Use: International Financial Management Author: Choel S. Sun 6th Edition Press: China Machine Press
For supplemented material of the book, please
What’s Special about “ International Finance”?
Foreign Exchange risk and political Risk Market Imperfections Expanded Opportunity
McGraw-Hill/Irwin
1-3
access to: http://www.mhhe.com/er6e
McGraw-Hill/Irwin
1-0
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
1
INTERNATIONAL FINANCIAL
GlobalizationMAaNnAdGEMENT
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
What’s Special about “International” Finance?
Foreign Exchange Risk
The risk that foreign currency profits may evaporate in your home currency due to unanticipated unfavorable exchange rate movements.
(Chapter 1)
Second Edition
EUN / RESNICK
Essential Readings
P4-19
McGraw-Hill/Irwin
1-2
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
Financial Innovations, such as
Currency futures and options Multi-currency bonds Cross-border stock listings International mutual funds
McGraw-Hill/Irwin
McGraw-Hill/Irwin
1-6
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
McGraw-Hill/Irwin
1-7
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
McGraw-Hill/Irwin
1-4
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
What’s Special about “International” Finance?
Market Imperfections
Legal restrictions on free movement of goods, people, and money
Reasons for Rapid Globalization
Deregulation of Financial Markets coupled with
Advances in Technology have greatly reduced information and transactions costs, which has led to:
Political Risk
Sovereign governments have the right to regulate the movement of goods, capital, and people across their borders. These laws sometimes change in unexpected ways.
Transactions costs Shipping costs Tax arbitrage
McGraw-Hill/Irwin
1-5
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
What’s Special about “International” Finance?
Expanded Opportunity Set
Firms can locate their production in any country or region of the world to maximize their profits.
Firms can also raise funds in any capital market where the cost of capital is the lowest.
1-8
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
ຫໍສະໝຸດ Baidu
International Finance
Book for Use: International Financial Management Author: Choel S. Sun 6th Edition Press: China Machine Press
For supplemented material of the book, please
What’s Special about “ International Finance”?
Foreign Exchange risk and political Risk Market Imperfections Expanded Opportunity
McGraw-Hill/Irwin
1-3
access to: http://www.mhhe.com/er6e
McGraw-Hill/Irwin
1-0
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
1
INTERNATIONAL FINANCIAL
GlobalizationMAaNnAdGEMENT
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
What’s Special about “International” Finance?
Foreign Exchange Risk
The risk that foreign currency profits may evaporate in your home currency due to unanticipated unfavorable exchange rate movements.