The Theory and Practice of International Financial Management

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9780130204578: The Theory and Practice of International Financial Management

Designed for MBA courses in international corporate finance, international business finance, and multinational financial management, this book captures the importance and excitement of international financial management and highlights the new approaches in the field. It covers the theoretical foundations of international financial decisions and contains extensive applications of the theory to financial practice with a main objective of developing critical thinking skills regarding the theory and practice of international financial management.

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From the Back Cover:

In a truly integrative text, Click and Coval present the practice of international financial management with the theory, bringing the concepts to life.

As firms become increasingly involved in the global market, issues in international financial management become more important. Reid W. Click and Joshua D. Coval capture the importance and excitement of international financial management in The Theory and Practice of International Financial Management. With the use of interesting and understandable examples throughout, students not only gain an understanding of the theoretical foundations of international financial decisions, but also learn the extensive applications of the theory to actual financial practice.

Accompanying the text is a dedicated web site, which includes Internet exercises, links to related web sites, and author updates. Please visit: http://www.prenhall.com/click.

For more information on this and other Prentice Hall Finance products, please go to: http://www.prenhall.com/financecenter

Excerpt. © Reprinted by permission. All rights reserved.:

The field of international financial management addresses financial decisions facing corporate managers regarding trade and investment across national borders. As firms become increasingly involved in the global economy, issues in international financial management become more important. Simultaneously, events taking place on the international financial stage—from trade disputes to currency crises—make the issues more intriguing. As a result of the additional attention to international financial management, new approaches to the issues have been developed over the past decade. These new approaches are characterized by high analytical rigor, substantial attention to empirical evidence, and integration of functional areas (including finance, economics, strategy, and accounting/taxation). Most importantly, however, the new approaches are designed to establish decision processes that can be applied in various situations and under changing circumstances.

This book captures the newfound importance and excitement of international financial management, and highlights the new approaches in the field. It is the result of designing our own courses in international financial management to be rigorous and timeless, as well as practical, interesting, and relevant for the students. The book covers the theoretical foundations of international financial decisions, but also contains extensive applications of the theory to financial practice. This combination has been quite rewarding for us and for our classes, and we are sure that you will find the structure rewarding as well—whether you are the instructor or the student.

We are grateful to three editors who helped us develop this book. At Prentice Hall, Paul Donnelly was the Finance Editor who did all the work to get us a publishing contract, and Maureen Riopelle was the Finance Editor who did all the work to get the book finished. Libby Rubenstein, the Developmental Editor, read every sentence of the manuscript and provided extensive corrections and suggestions for improvement.

Those who have also reviewed this text include Jorge L. Urrutia, Loyola University Chicago; Youngho Lee, School of Business, Howard University; Joseph E. Finnerty, University of Illinois; Mark Eaker, University of Virginia; Geert Bakaert, Columbia University; Amar Gande, Vanderbilt University, Owen Graduate School of Management; Christopher T. Stivers, University of Georgia, Terry College of Business; Andrea L. DeMaskey, Villanova University; Stanley Heyn, St. Mary's College; Balasundram Maniam, Sam Houston State University; Michael W Carter, University of Arkansas-Fayetteville; and Owen Gregory, University of Illinois at Chicago.

THE ESSENCE OF THIS BOOK

The Theory and Practice of International Financial Management provides a streamlined, consistent framework of principles that form the basis of decisions in this field. Although there are already many books on international financial management, we were motivated to write this one because we found that nearly all of the existing books fail to provide adequate analytical foundations. In contrast, this book is more rigorous than most other books because it presumes a familiarity with many ideas that form the basis of modern business curriculums. In recognition of the fact that the world is changing faster than textbooks can convey, this book also contains less institutional detail than most textbooks, as many specific facts are likely to be outdated by the time you read this preface.

In addition to presenting the theory of international financial management, however, and despite the lack of ever-changing institutional detail, this book contains a significant focus on applications of the theory to managerial decisions. Students are typically more motivated to study theory when they see its practical applications, so we present the practice of international financial management alongside the theory. Although the specific examples may no longer be current, and while students will be confronted by completely different situations in their professional careers, the applications here are nonetheless valuable because they highlight the use of relevant theory rather than the details of the applications themselves. Because the challenges of operating in an interdependent and competitive global marketplace are constantly changing, providing principles and analytical concepts is far more useful than providing institutional facts and specific advice. The main objective of this book is thus to help students develop critical thinking skills regarding the theory and practice of international financial management.

THE READER

Like a workman's toolkit that holds the mechanical implements necessary to confront a wide variety of repair jobs, this book is a toolkit that holds the intellectual principles necessary to confront a wide variety of managerial decisions. These principles come from many different fields, including accounting, taxation, corporate finance, statistics, economics, international finance, marketing, management, production, strategy, and a few other areas of business. In this regard, the book is much more than a finance text. In fact, it is a particularly economic approach to international financial management, providing applications of international macroeconomics to the microeconomic theory of the firm.

In studying the theory and practice of international financial management, some knowledge of accounting, taxation, corporate finance, statistics, economics, international finance, marketing, management, production, strategy, and other areas of business will be helpful, but is not required because we explain the main concepts when we introduce them. We designed this book to integrate relevant concepts from all of these areas, however, so we do not put much effort into reinventing any particular concept. The intended audience thus consists of MBA and advanced undergraduate students who have substantially completed the required courses in their programs. For readers needing more background information, we provide citations to materials explaining the concepts throughout, with particular attention to practitioner-oriented resources. By focusing on basic principles and integrating concepts from many areas, this book establishes a broad framework in which international financial decisions in corporate enterprises are readily analyzed.

Globalization of business and economics curricula has produced a generation of students and managers with a deeper understanding of the international environment than previously presumed, and this book uses that understanding as a base for additional development. It will soon be clear that a fundamental understanding of capital flows, exchange rates, financial risk, and the parity theorems of international finance provides powerful insights to the theory and practice of international financial management. In many schools, these topics are covered in core courses required for the degree, either through a separate course explicitly designed to introduce issues in the world economy or through international components in functional courses ranging from finance and accounting to strategy. In this regard, international financial management is most appropriately studied after an introduction to such topics. Students may additionally benefit from a preliminary course on either international finance or international financial markets. For example, a course in international finance covering the macroeconomics of balance of payments adjustments, exchange rate determination, the effects of government or central bank intervention in the foreign exchange markets, and the history of the international monetary system will provide a solid background for the examination of international financial management. Similarly, a course on international financial markets covering spot and forward foreign exchange markets, futures and options on foreign exchange, offshore ("Eurocurrency") markets for deposits and borrowing, long-term bank lending, and international bond and stock markets will also provide a solid background.' A previous course on international finance or international financial markets is not an absolute prerequisite, however, because we review the main concepts from international finance and international financial markets when we introduce them, although again we do not put much effort into reinventing any particular concept.

A GUIDE TO MANAGEMENT ACTIVITIES

This book is short, especially for a textbook. In fact, it is something akin to a libretto ("little book"), which serves as a guide to operatic activities that unfold on the theater stage, except that this "little book" serves as a guide to management activities that unfold on the international financial stage. As the book's focus is on providing the basic principles which together make a toolkit for analysis, it is necessarily short, presenting a concise, compact approach to issues in international financial management. Because of this streamlined presentation, we have had particularly good results using the book as the core of a course supplemented with practitioner articles, academic articles, current news reports, and a wide variety of case studies tailored to the audience. We provide citations to some of these supplemental materials throughout the text for anyone needing more specific information, and instructors will undoubtedly add some of their favorites.

The tools and principles we develop in this little book are also developed through a variety of pedagogical techniques: diagrammatic models, statistical summaries, numerical examples, mathematical formulas, small case studies in boxes paralleling the analytical development, and extended spreadsheet examples, to name a few. For each topic we take up, we have chosen the presentation technique most suitable for that issue. Whenever possible, we examine the topic from more than one perspective, using more than one pedagogical technique. The result is a diverse textbook in which variety keeps the material interes...

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