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multinational business finance
Questions and Answers of
Multinational Business Finance
Does Russia’s BOP balance?Use the following balance of payments data for Russia (Russian Federation) from the IMF to answer this problem. Assumptions (million US$) 2000 2001 2002 2003 2004 2005
Is the Euro Area experiencing a net capital inflow?Use the following balance of payments data for the Euro Area from the IMF to answer this problem. Assumptions (billion US$) 2000 2001 2002 2003 2004
What is the Euro Area’s total for Groups A and B?Use the following balance of payments data for the Euro Area from the IMF to answer this problem. Assumptions (billion US$) 2000 2001 2002 2003 2004
What is the Euro Area’s total for Groups A through C?Use the following balance of payments data for the Euro Area from the IMF to answer this problem. Assumptions (billion US$) 2000 2001 2002 2003
What is the Euro Area’s total for Groups A through D?Use the following balance of payments data for the Euro Area from the IMF to answer this problem. Assumptions (billion US$) 2000 2001 2002 2003
Does the Euro Area’s BOP balance?Use the following balance of payments data for the Euro Area from the IMF to answer this problem. Assumptions (billion US$) 2000 2001 2002 2003 2004 2005 2006 2007
Trade Deficits and J-Curve Adjustment Paths. Assume that the United Arab Emirates has the following import/export volumes and prices. It undertakes a major “devaluation”of the UAE Dirham (AED) by
World Organizations and the Economic Outlook. The IMF, World Bank, and United Nations are only a few of the major world organizations that track, report, and aid international economic and financial
St. Louis Federal Reserve. The Federal Reserve Bank of St. Louis provides a large amount of recent open economy macroeconomic data online. Use the following addresses to track down recent BOP and GDP
U.S. Bureau of Economic Analysis. Use the following Bureau of Economic Analysis (U.S. government)and the Ministry of Finance (Japanese government)Web sites to find the most recent balance of payments
World Trade Organization and Doha. Visit the WTO’s Web site and find the most recent evidence presented by the WTO on the progress of talks on issues including international trade in services and
Global Remittances Worldwide. The World Bank’s Web site on global remittances is a valuable source for new and developing studies and statistics on crossborder remittance activity.World Bank
The basic rule is to be there at the right moment, at the right place, to seize a promising opportunity in an environment guaranteeing sufficient longer-term growth.—Bernard Arnault, Chairman and
Business Ownership. What are the predominant ownership forms in global business?
Business Control. How does ownership alter the control of a business organization? Is the control of a private firm that different from a publicly traded company?
Corporate Governance. How has corporate governance evolved to solve the problem of directors’remuneration and to deliver reasonable value to shareholders?
Corporate Goals: Shareholder Wealth Maximization.Explain the assumptions and objectives of the shareholder wealth maximization model.
Corporate Governance Models. What is corporate governance? How do corporate governance models differ from one country to the other?
Management’s Time Horizon. Do shareholder wealth maximization and stakeholder capitalism have the same time-horizon for the strategic, managerial, and financial objectives of the firm? How do they
Operational Goals. What should be the primary operational goal or goals of an MNE?
Dividends and AGM Decisions. Dividends are typically first announced during firms’ annual general meetings. Who decides on these dividends? What do dividends signal?
Growth and Income Stocks. Explain how different corporate governance models encourage investors to diversify their portfolio into diverse types of stocks.
Ownership Hybrids. What is a hybrid? How may it be managed differently?
Corporate Governance. Who is responsible for the implementation of corporate governance within a firm? What are the main functions of corporate governance?What does it entail?
Governance Regimes. What are the four major types of governance regimes and how do they differ?
Governance Development Drivers. What are the primary drivers of corporate governance across the globe? Is the relative weight or importance of some drivers increasing over others?
Good Governance Value. Does good governance have a “value” in the marketplace? Do investors really reward good governance, or does good governance just attract a specific segment of investors?
Subsidiaries’ Corporate Governance. Can subsidiaries fulfill stakeholders’ demands and simultaneously comply with the MNE’s corporate governance?
Emerging Markets Corporate Governance Failures. It has been claimed that failures in corporate governance have hampered the growth and profitability of some prominent firms located in emerging
Corporate Governance in Emerging Markets.Investors usually pay more attention to corporate governance during the processes of mergers and acquisitions. Assume you are a management consultant who is
BritMart’s Return. Since its listing last year on the FTSE 100, the market value of BritMart rose from £21 to £23.5. For each of the following cases calculate the rate of return, distinguishing
Romiana’s Returns (A). Jennie Smith is a Londonbased investor. She has been closely following her investment in 1,000 shares of Romiana, an Italian firm that went public in February 2012. When she
Romiana’s Returns (B). Jennie Smith chooses not to sell her shares at the time described in Problem 2. She waits, expecting the share price to rise further after the announcement of quarterly
Romiana’s Returns (C). If the current spot exchange rate is £0.75/€. Using the same prices and exchange rates as in Problem 3, Romiana (B), what would be the total return on the Romiana
Building Society’s Dividend. The following table shows the market share price for a British building society. Since its launch in September 2004, the management intends to pay a fixed annual
Deutschelander’s Rate of Return. Deutschlander Motor Co. issues new stocks and promises to pay an annual dividend of €1.5. Financial forecasters predict that its market share price will rise from
Pharma Acquisitions. The price/earnings ratio (P/E)is one of the tools used to compare companies in the same sector. A high P/E ratio means that investors pay more for each Swiss franc of net income,
Corporate Governance: Overstating Earnings. After the numerous cases of frauds and scandals, a number of firms had to lower their previously reported earnings due to accounting errors or fraud.
Yehti Manufacturing (A). Dual classes of common stock are common in a number of countries.Assume that Yehti Manufacturing has the following capital structure at book value. The A-shares have ten
Yehti Manufacturing (B). Assume all of the same debt and equity values for Yehti Manufacturing in Problem 9, with the sole exception that both A-shares and B-shares have the same voting
Softie BabyTex (A). Softie BabyTex is an Indian-based textile firm that produces all its financials in Indian rupees (INR). Softie BabyTex’s sales director, Simon Smart, was blamed for declining
Chief Auto Lubricants. Jahangir Ahmad of Chief Auto Lubricants took a loan in euros in 2013. Ed Adams, a new finance executive, has recently joined Chief Auto Lubricants. Ed asks Jahangir to pay out
Mattel’s Global Performance. Mattel (U.S.) achieved significant sales growth in its major international regions between 2001 and 2004. In its filings with the United States Security and Exchange
Chinese Sourcing and the Yuan. Harrison Equipment of Denver, Colorado, purchases all of its hydraulic tubing from manufacturers in mainland China. The company has recently completed a corporate-wide
S&P Equity Returns History. The U.S. equity markets have delivered very different returns over the past 90 years. Use the following data arranged by decade to answer the following questions about
Multinational Firms and Global Assets/Income. The differences among MNEs is striking. Using a sample of firms such as the following, pull from their individual Web pages the proportions of their
Corporate Governance. There is no hotter topic in business today than corporate governance. Use the following site to view recent research, current events and news items, and other information
Fortune Global 500. Fortune magazine is relatively famous for its listing of the Fortune 500 firms in the global marketplace. Use Fortune’s Web site to find the most recent listing of the global
Financial Times. The Financial Times, based in London—the global center of international finance—has a Web site with a wealth of information. After going to the home page, go to “Markets” and
When firms decide to invest in foreign countries, their decision is based on the competitive advantage of the firm as well as those of the host country. What are some of competitive advantages
It is recognized that economies of scale and scope reduce the average costs of firms. Should firms avoid excessive expansion to avoid potential diseconomies of scale and scope?
One method by which multinational firms can increase profitability and competitiveness is to operate in competitive home markets. What are the factors that can enhance a home country’s competitive
The OLI paradigm attempts to explain why firms choose FDI to alternative modes of foreign market entry. Explain how the financial strategies of firms are directly related to the OLI Paradigm.
What are the factors that lead a firm to expand its investment and production operations into new foreign markets?
What is the optimal entry mode into a foreign market for MNEs that require tight control over technological knowhow?Explain.
What are the main advantages and disadvantages that parties should consider before forming strategic alliances?
Explain the methods by which MNEs can tackle issues of governance as they expand into new nations.
Host governments often engage investment advisers to assist them with investments, investment agreements, and investment insurance. What are advisors’ responsibilities for each of these matters?
What are the various micro and macro political risks that MNEs have to assess before deciding to invest in a foreign country?
Why do MNEs operate in countries that impose transfer restrictions and how can they manage impending transfer risks?
Give examples of the cultural risks specific to emerging markets that MNEs could encounter?
It is commonly argued that many cultural risks in emerging market economies can be reduced by institutional development. Do you agree?
Is sovereign credit risk an example of a micro or macro risk? How can it impact multinational companies?
What are the main reasons that emerging economies protect their domestic markets? What are some of the arguments against protectionism? Is it advisable that multinationals operate in protected
Should multinational firms worry more about micro, country-specific, or global political risks?
Explain whether it is more feasible for multinational firms to manage or mitigate micro, country-specific, or global political risks.
Multinational firms are forbidden to engage in unethical transactions by the local anti-bribery, anti-child-labor law, and anticorruption laws of the countries in which they operate and those of
What is sensitivity analysis? How do firms use sensitivity analysis to assess various types of risks inherent in investment decisions?
Which viewpoint, project or parent, gives results closer to the traditional meaning of net present value (NPV) in capital budgeting?
When evaluating a potential foreign investment, how would inflation in the host country affect a multinational firm’s decision to invest in that nation? Would blocked cash flows also affect the
How does host country inflation impact the operations of MNEs? How can MNEs mitigate these effects?
What are some of the problems that a multinational firm encounters during their capital budgeting process?
Foreign Exchange, Expropriation, and Political Risks. What are the main differences between foreign exchange, expropriation, and political risks?
Explain why cross-border mergers and acquisitions are difficult to implement.
Compare and contrast NPV, APV, and real option analysis, explaining how each of these analysis techniques affects investment decisions.
Should multinational firms conduct real options or conventional financial options analysis in cross-border M&As?
Affiliated exporters and importers resort to some types of trade protection.What is the difference between trade protection used by affiliated and non-affiliated businesses?
Why has the volume of intrafirm trade surged in the past two decades? What are the main advantages and disadvantages of intrafirm trade?
What are the instruments that reduce risks of foreign trade partners?
What are the two main risks associated with international trade transactions? How can these risks be managed?
What is a letter of credit (L/C)? What is the most secure type of L/C for exporters?
What is the difference between confirmed and unconfirmed letters of credit?
Exporters face substantial non-payment risks from the importing party. One method to mitigate this risk is export credit insurance.What is export credit insurance? What are its advantages and
As part of an overall export-promotion strategy, various governments have followed measures to enhance their exports and international trade mainly through providing export credit insurance and by
Makatomi Toyota buys its cars from Toyota Motors (U.S.), and sells them to U.S. customers. One of its customers is EcoHire, a car rental firm that buys cars from Nakatomi Toyota at a wholesale price.
Sunny Coast Enterprises has been approached by a factor that offers to purchase the Hong Kong Media Imports receivable at a 16% per annum discount plus a 2%charge for a non-recourse clause.a. What is
United Sports is considering bidding to sell \($100,000\) of ski equipment to Phang Family Enterprises of Seoul, South Korea. Payment would be due in six months. Since United Sports cannot find good
United Sports could also buy export credit insurance from FCIA for a 1.5% premium.It finances the $100,000 receivable from Phang from its credit line at 6% per annum interest.No compensating bank
Inca Breweries of Lima, Peru, has received an order for 10,000 cartons of beer from Alicante Importers of Alicante, Spain.The beer will be exported to Spain under the terms of a letter of credit
Sézane Company, Paris, has received an order for 50,000 cartons of athletic shoes from Southampton Footware, Ltd. (SFL), England, payment to be in British pounds sterling.The shoes will be shipped
What is the sequence of strategies used to source both equity and debt capital globally? Should a firm start by sourcing global debt or equity markets?
What are the costs and benefits of taking loans in foreign currency?
What are the benefits of depository receipts to issuers and investors? What are the risks associated with delisting depository receipts?
What are the differences among a GDR, ADR, and GRS? How are these differences significant?
What are the main benefits and disadvantages to firms that cross-list their shares on multiple stock markets?
Should there be a strong co-movement of GDR price with that of the underlying domestic share? Explain.
Suppose a multinational firm plans on operating temporarily in a new market.Should it cooperate with a local venture capital or a private equity firm?
What is the advantage of securitized debt instruments sold on a market versus bank borrowing for multinational corporations?
Explain if it is advisable for multinational firms to seek internal or external sources of finance for their subsidiaries.
Why do multinational firms with high credit rating get better credit terms in comparison to their smaller counterparts?
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