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multinational business finance
Questions and Answers of
Multinational Business Finance
Optimal portfolio analysis Consider the following utility function of an investor:where E(rc ) is the expected rate of return on her complete portfolio (composed of a risky asset and a risk-free
Optimal investment analysis Consider the following data on a complete portfolio composed of 50 percent (that is, z 0.50) risky assets with p 2 0.4 and E(rP) 0.20. The complete portfolio thus
2.1 The Rules of the Game. Under the gold standard, all national governments promised to follow the "rules of the game." What did this mean?
2.2 Defending a Fixed Exchange Rate. What did it mean under the gold standard to "defend a fixed exchange rate," and what did this imply about a country's money supply?
2.3 Bretton Woods. What was the foundation of the Bretton Woods international monetary system, and why did it eventually fail?
2.4 Technical Float. Speaking very specifically- technically, what does a floating rate of exchange mean? What is the role of government?
2.5 Fixed Exchange Rate. Why do many emerging mar- ket economies prefer to adopt a fixed exchange rate?
2.6 De facto and de jure. What do the terms de facto and de jure mean in reference to the International Monetary Fund's use of the terms?
2.7 Exchange Rates. Why do many developing countries fix their currencies while emerging economies adopt a crawling peg?
2.8 Global Eclectic. What does it mean to say the inter- national monetary system today is a global eclectic?
2.9 The Impossible Trinity. With reference to the impos- sible trinity, what are the possible policy mixes that a nation could have?
2.10 Eurozone Central Banks. How does the European Central Bank operate and what is its relationship with the central banks of the various jurisdictions of the eurozone?
2.11 Currency Boards. What is the difference between cen- tral banks and currency boards?
2.12 Argentine Currency Board. How did the Argentine currency board function from 1991 to January 2002, and why did it collapse?
2.13 SDRs. What are the advantages and disadvantages of Special Drawing Rights (SDRs)?
2.14 Currency Strength. Is a strong currency good or bad for the domestic economy?
2.15 Fixed Exchange Rates in Emerging Market Econo- mies. What are the methods available to an emerg- ing market economy if it elects to adopt a pegged exchange rate system? What is the ideal system
2.16 Globalizing the Yuan. What are the major changes and developments that must occur for the Chinese yuan to be considered "globalized"?
2.17 Triffin Dilemma. What is the Triffin Dilemma? How does it apply to the development of the Chinese yuan as a true global currency?
2.18 China and the Impossible Trinity. What choices do you believe that China will make in terms of the impossible trinity as it continues to develop global trading and use of the Chinese yuan?
2.1 Albert's Trip to Canada. Albert visits Toronto and buys 1.74 Canadian dollars (CAD) for one British pound (GBP). When he returns home to the United Kingdom, he converts CAD1 into GBP0.59. Is the
2.2 Lottery winner. Aisha lives in Melbourne, Australia. She wins 150 in an online lottery on Thursday and wishes to convert the amount into Australian dollars (AUD). If the exchange rate is 0.5988
2.3 Gilded Question. In 1923, one ounce of gold costs 380 French francs (FRF). If at the same time one ounce of gold could be purchased in Britain for GBP4.50, what was the exchange rate between the
2.4 Brent oil. In 2015, one barrel of Brent oil traded for GBP42.5 and South Africa rands (ZAR) 790. What is the exchange rate between the pound and the rand? How would the exchange rate change if
2.5 Ukraine Imports. Mitsubishi manufactures in Japan most of the pick-up trucks it sells in Ukraine. The base platform for the Mitsubishi Triton truck line is 1,350,000. The spot rate of the
2.6 Online shopping. Tamara lives in Egypt and has placed a bundle of items in her Amazon.co.uk account basket. She has the choice to pay in Egyp- tian pounds (EGP 1,844) or in GBP (151.17). What is
2.7 Israeli Shekel Changes Value. One British pound (GBP) traded against Israeli shekels (ILS) 5.82 in 2013, but the exchange rate rose to 6.78 in late 2014. What is the percentage change of the ILS?
2.8 Dollar Peg for Hong Kong. The Hong Kong dollar has long been pegged to the U.S. dollar at HK$780/$. When the Chinese yuan was revalued in July 2005 against the U.S. dollar from Yuan8.28/$ to
2.9 Renminbi Revaluation. Many experts believe that the Chinese currency should not only be revalued against the U.S. dollar as it was in July 2005, but also be revalued by 20% or 30%. What would be
2.10 TEXPAK in the United Kingdom. TEXPAK is a Pakistani-based textile firm that is facing increasing competition from other manufacturers in emerging markets selling in Europe. All garments are
2.11 Vietnamese Coffee Coyote. Many people were sur- prised when Vietnam became the second largest coffee-producing country in the world in recent years, second only to Brazil. The Vietnamese dong,
2.12 Chunnel Choices. The Channel Tunnel or "Chunnel" passes underneath the English Channel between Great Britain and France, a land-link between the Continent and the British Isles. One side is
2.13 Scania Heavy Machinery AB. Scania Heavy Machin- ery AB, a manufacturer of heavy-duty machinery and vehicles near Stockholm, ships an order to a buyer in Lebanon. The purchase price is kr375,000.
2.14 Samsung of South Korea. Samsung Electronics of Korea sells 25 million Chilean pesos worth of semi- conductors to Empresa Nacional de Telecomunica- ciones S.A., Chile, on January 1, 2019. The
2.15 Tsar Alexander's Gold Loan. The Russian gov- ernment of Tsar Alexander III issued a 100-year bearer bond in 1894 (one of the coupon payments and the bond itself are reproduced on the following
2.1 International Monetary Fund's Special Drawing Rights. Use the IMF's website to find the current weights and valuation of the SDR. International Monetary Fund https://www.imf .org/en/About/
2.2 Malaysian Currency Controls. The institution of currency controls by the Malaysian government in the aftermath of the Asian currency crisis is a classic response by government to unstable
2.3 Personal Transfers. As anyone who has traveled internationally learns, the exchange rates available to private retail customers are not always as attrac- tive as those accessed by companies. The
2.4 Exchange Rate History. Use the Pacific Exchange Rate database and plot capability to track value changes of the euro, the U.S. dollar, and the Australian dollar against each other over the past
3.1 Balance of Payments Defined. What is the balance of payments?
3.2 BOP Data. What institution provides the primary source of similar statistics for balance of payments and economic performance worldwide?
3.3 Importance of BOP. Business managers and inves- tors need BOP data to anticipate changes in host- country economic policies that might be driven by BOP events. From the perspective of business
3.4 Flow Statement. What does it mean to describe the balance of payments as a flow statement?
3.5 Economic Activity. What data can a nation's BOP provide about a country's economy?
3.6 Balance. If the BOP always "balances," then how do countries run a BOP deficit or surplus?
3.7 BOP Accounting. If the BOP were viewed as an accounting statement, would it be a balance sheet of the country's wealth, an income statement of the country's earnings, or a funds flow statement of
3.8 Current Account Surpluses. Explain the main causes behind the current account surpluses that Asian emerging economies have maintained during the last two decades.
3.9 Real Versus Financial Assets. What is the difference between a real asset and a financial asset?
3.10 Direct Versus Portfolio Investments. What is the dif- ference between a direct foreign investment and a portfolio foreign investment? Give an example of each. Which type of investment is a
3.11 Negative Net International Investment Position. What does a country's consistent negative net inter- national investment position indicate?
3.12 The Financial Account. What are the primary sub- components of the financial account? Analytically, what would cause net deficits or surpluses in these individual components?
3.13 Classifying Transactions. Classify each of the follow- ing as a transaction reported in a sub-component of the current account or of the capital and financial accounts of the two countries
3.14 The Balance. What are the main summary state- ments of the balance of payments accounts, and what do they measure?
3.15 Twin Surpluses. Why is China's twin surpluses-a surplus in both the current and financial accounts- considered unusual?
3.16 Capital Mobility-United States. The U.S. dollar has maintained or increased its value over the past 20 years despite running a gradually increasing current account deficit. Why has this
3.17 Capital Mobility- The Eurozone. Low interest rates should normally lead to capital outflows to other countries and currencies in the search for higher interest rates. Explain why the opposite
3.18 BOP Transactions. Identify the correct BOP account for each of the following transactions: a. A German-based pension fund buys U.S.govern- ment 30-year bonds for its investment portfolio. b.
3.19 BOP and Inflation. What are the direct and indirect relationships between the balance of payments and inflation?
3.20 J-Curve Dynamics. What is the J-curve adjustment path?
3.21 Pass Through. Explain the exchange rate pass through and whether it always holds true.
3.22 Restrictions on Capital Mobility. What factors seem to play a role in a government's choice to restrict capital mobility?
3.23 Dutch Disease. Can controls of capital inflow solve the Dutch Disease in resource-rich countries?
3.24 Globalization and Capital Mobility. How does capi- tal mobility typically differ between industrialized countries and emerging market countries?
3.1 What is Australia's balance on goods?
3.2 What is Australia's balance on services?
3.3 What is Australia's balance on goods and services?
3.4 What is Australia's current account balance?
3.5 What is India's balance on goods?
3.6 What is India's balance on services?
3.7 What is India's balance on goods and services?
3.8 What is India's balance on goods, services, and income?
3.9 What is India's current account balance?
3.10 Is China experiencing a net capital inflow or outflow?
3.11 What is China's total for Groups A and B?
3.12 What is China's total for Groups A through C?
3.13 What is China's total for Groups A through D?
3.14 Does China's BOP balance?
3.15 Is Finland experiencing a net capital inflow?
3.16 What is Finland's total for Groups A and B?
3.17 What is Finland's total for Groups A through C?
3.18 What is Finland's total for Groups A through D?
3.19 Does Finland's BOP Balance?
3.20 Is Iceland experiencing a net capital inflow?
3.21 What is Iceland's total for Groups A and B?
3.22 What is Iceland's total for Groups A through C?
3.23 What is Iceland's total for Groups A through D?
3.24 Does Iceland's BOP balance?
3.25 Trade Deficits and J-Curve Adjustment Paths. Assume that the United Arab Emirates has the fol- lowing import/export volumes and prices. It under- takes a major "devaluation" of the UAE dirham
3.1 Balance of Payments Statistics. The International Monetary Fund is the principal source of all bal- ance of payments statistics. Use the IMF's website to explore the latest in BOP data for any
3.2 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
3.3 U.S. Bureau of Economic Analysis. Use the follow- ing Bureau of Economic Analysis (U.S.government) and the Ministry of Finance (Japanese government) websites to find the most recent balance of
3.4 World Trade Organization and Doha. Visit the WTO's website and find the most recent evidence presented by the WTO on the progress of talks on issues including international trade in services and
3.5 Global Remittances Worldwide. The World Bank's website on global remittances is a valuable source for new and developing studies and statistics on cross-border remittance activity. World Bank
4.1 Business Ownership. What are the predominant ownership forms in global business?
4.2 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?
4.3 Separation of Ownership and Management. Why is the separation of ownership from management so critical to the understanding of how businesses are structured and led?
4.4 Corporate Goals: Shareholder Wealth Maximization. Explain the assumptions and objectives of the share- holder wealth maximization model.
4.5 Corporate Goals: Stakeholder Capitalism Maximiza- tion (SCM). Explain the assumptions and objectives of the stakeholder capitalization model.
4.6 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
4.7 Operational Goals. What should be the primary operational goal or goals of an MNE?
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