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1、19878_27_c27_p944-982.qxd2/22/0610:51AMPage944CHAPTER27MultinationalFinancialManagement*Managersofmultinationalcompaniesmustdealwithawiderangeofissuesthatarenotpresentwhenacompanyoperatesinasinglecountry.Inthischapter,wehighlightthekeydifferencesbetweenmultina
2、tionalanddomesticcorporations,andwedis-cusstheeffectthesedifferenceshaveonthefinancialmanage-TheThomsonNOWWebsitecontainsanmentofmultinationalbusinesses.Excelfilethatwillguideyouthroughthechapter’scalculations.ThefileforthischapterisIFM9Ch27ToolKit.xls,andween
3、courageyoutoopenthefileandfollowalongasyoureadthechapter.TODISCCOLLECTION*ThischapterwascoauthoredwithProfessorRoyCrumoftheUniversityofFloridaandSubuVenkataramanwithMorganStanley.944IMAGE:?GETTYIMAGES,INC.,PHO19878_27_c27_p944-982.qxd2/22/0610:51AMPage945BEGIN
4、NING-OF-CHAPTERQUESTIONSAsyoureadthischapter,considerhowyou3.Whatisthedifferencebetweenaspotratewouldanswerthefollowingquestions.Youandaforwardrate?Howcanforwardratesshouldnotnecessarilybeabletoanswerthebeusedforhedgingpurposes?Whywouldquestionsbeforeyoureadth
5、echapter.Rather,hedgingoccur?youshouldusethemtogetasenseoftheissues4.Whatisinterestrateparity?Howmightthecoveredinthechapter.Afterreadingthechap-treasurerofamultinationalfirmusetheter,youshouldbeabletogiveatleastpartialinterestrateparityconcept(a)whendecid-ans
6、werstothequestions,andyoushouldbeinghowtoinvestthefirm’ssurpluscashandabletogivebetteranswersafterthechapterhas(b)whendecidingwheretoborrowfundsonbeendiscussedinclass.Note,too,thatitisoftenashort-termbasis?useful,whenansweringconceptualquestions,to5.Whatispurc
7、hasingpowerparity?Howmightusehypotheticaldatatoillustrateyouranswer.afirmusethisconceptinitsoperations?WeillustratetheanswerswithanExcelmodel6.SupposeIBMsignedacontracttobuyasup-thatisavailableontheThomsonNOWWebsite.plyofcomputerchipsfromaGermanfirm.Accessingt
8、hemodelandworkingthroughitisaThepriceis10millioneuros,andthechipsusefulexercise,anditprovidesinsightsthatarewillbedeliveredimmediately,butIBMcanusefulwhenansweringthequestions.dela
