Instructor’s Resource Manual For Multination.docx

Instructor’s Resource Manual
For
Multinational Business Finance
Fourteenth Edition
David K. Eiteman
University of California, Los Angeles
Arthur I. Stonehill
Oregon State University and University of Hawaii at Manoa
Michael H. Moffett
Thunderbird School of Global Management
at Arizona State University
Copyright 2016 Pearson Education, Inc.

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ISBN-13: 978-0-13-387987-2
ISBN-10: 0-13-387987-9

©2016 Pearson Education, Inc.
Contents
Chapter 1 Multinational Financial Management: Opportunities
and Challenges .......................... 1
Chapter 2 The International Monetary System
.............................................................................. 7
Chapter 3 The Balance of Payments
............................................................................................
12
Chapter 4 Financial Goals and Corporate Governance
................................................................ 20
Chapter 5 The Foreign Exchange Market
.................................................................................... 25
Chapter 6 International Parity Conditions
................................................................................... 31
Chapter 7 Foreign Currency Derivatives: Futures and Options
................................................... 38
Chapter 8 Interest Rate Risk and Swaps
...................................................................................... 43
Chapter 9 Foreign Exchange Rate Determination
....................................................................... 48

Chapter 10 Transaction Exposure
...............................................................................................
. 55
Chapter 11 Translation Exposure
............................................................................................ ...
.. 60
Chapter 12 Operating Exposure
...............................................................................................
..... 64
Chapter 13 The Global Cost and Availability of Capital
............................................................. 68
Chapter 14 Raising Equity and Debt Globally
............................................................................. 72
Chapter 15 Multinational Tax Management
................................................................................ 79
Chapter 16 International Trade Finance
....................................................................................... 85
Chapter 17 Foreign Direct Investment and Political Risk
........................................................... 89
Chapter 18 Multinational Capital Budgeting and Cross-Border
Acquisitions ........................... 101

© 2016 Pearson Education, Inc.
CHAPTER 1
MULTINATIONAL FINANCIAL MANAGEMENT:
OPPORTUNITIES AND CHALLENGES
1. Globalization Risks in Business. What are some of the risks
that come with the growing
globalization of business?
Exchange rates. The international monetary system, an eclectic
mix of floating and managed
fixed exchange rates, is constantly changing. For example, the
growth of the Chinese yuan is now
changing the global currency landscape.
Interest rates. Large fiscal deficits, including the current
eurozone crisis, plague most of the major
trading countries of the world, complicating fiscal and monetary
policies, and ultimately, interest
rates and exchange rates.
Many countries experience continuing balance of payments
imbalances, and in some cases,
dangerously large deficits and surpluses, all will inevitably
move exchange rates.

Ownership, control, and governance vary radically across the
world. The publicly traded
company is not the dominant global business organization—the
privately held or family-owned
business is the prevalent structure—and their goals and
measures of performance vary
dramatically.
Global capital markets that normally provide the means to
lower a firm’s cost of capital, and even
more critically, increase the availability of capital, have in
many ways shrunk in size and have
become less open and accessible to many of the world’s
organizations.
Financial globalization has resulted in the ebb and flow of
capital in and out of both industrial and
emerging markets, greatly complicating financial management
(Chapters 5 and 8).
2. Globalization and the MNE. The term globalization has
become widely used in recent years. How
would you define it?
Narayana Murthy’s quote is a good place to start any
discussion of globalization:
“I define globalization as producing where it is most cost-
effective, selling where it is most

profitable, and sourcing capital where it is cheapest, without
worrying about national
boundaries.”
Narayana Murthy, President and CEO, Infosys
3. Assets, Institutions, and Linkages. Which assets play the
most critical role in linking the major
institutions that make up the global financial marketplace?
The debt securities issued by governments. These low risk or
risk-free assets form the foundation for
the creation, trading, and pricing of other financial assets like
bank loans, corporate bonds, and
equities (stock). In recent years, a number of additional
securities have been created from the existing
2 Eiteman/Stonehill/Moffett | Multinational Business Finance,
14th Edition
securities—derivatives, whose value is based on market value
changes in the underlying securities.
The health and security of the global financial system relies on
the quality of these assets.
4. Currencies and Symbols. What technological change is even
changing the symbols we use in the

representation of different country currencies?
As currency trading has shifted from verbal telephone
conversations to electronic and digital trading,
currency symbols (many of which were not common across
alphabetic platforms, like the British
pound, £) have been replaced with the ISO-4217 codes, three-
letter currency codes like USD, EUR,
and GBP.
5. Eurocurrencies and LIBOR. Why have eurocurrencies and
LIBOR remained the centerpiece of the
global financial marketplace for so long?
Eurocurrencies and LIBOR (and there are LIBOR rates for all
eurocurrencies) reflect the “purest” of
market-driven currencies and instrument rates. They are largely
unregulated and, therefore, reflect
freely traded assets whose value is set by the daily global
marketplace.
6. Theory of Comparative Advantage. Define and explain the
theory of comparative advantage.
The theory of comparative advantage provides a basis for
explaining and justifying international trade
in a model world assumed to enjoy free trade, perfect
competition, no uncertainty, costless
information, and no government interference. The theory
contains the following features:

Exporters in Country A sell goods or services to unrelated
importers in Country B.
Firms in Country A specialize in making products that can be
produced relatively efficiently,
given Country A’s endowment of factors of production: that is,
land, labor, capital, and
technology. Firms in Country B do likewise, given the factors
of production found in Country B.
In this way, the total combined output of A and B is maximized.
Because the factors of production cannot be moved freely from
Country A to Country B, the
benefits of specialization are realized through international
trade.
The way the benefits of the extra production are shared
depends on the terms of trade, the ratio at
which quantities of the physical goods are traded. Each
country’s share is determined by supply
and demand in perfectly competitive markets in the two
countries. Neither Country A nor
Country B is worse off than before trade, and typically both are
better off, albeit perhaps
unequally.
7. Limitations of Comparative Advantage. Key to understanding
most theories is what they say and

what they don’t. Name four or five key limitations to the theory
of comparative advantage.
Although international trade might have approached the
comparative advantage model during the
nineteenth century, it certainly does not today, for the following
reasons:
Countries do not appear to specialize only in those products
that could be most efficiently
produced by that country’s particular factors of production.
Instead, governments interfere with
comparative advantage for a variety of economic and political
reasons, such as to achieve full
employment, economic development, national self-sufficiency
in defense-related industries, and
and Challenges 3
protection of an agricultural sector’s way of life. Government
interference takes the form of
tariffs, quotas, and other non-tariff restrictions.
At least two of the factors of production, capital and
technology, now flow directly and easily

between countries, rather than only indirectly through traded
goods and services. This direct flow
occurs between related subsidiaries and affiliates of
multinational firms, as well as between
unrelated firms via loans and license and management contracts.
Even labor flows between
countries, such as immigrants into the United States (legal and
illegal), immigrants within the
European Union and other unions.
Modern factors of production are more numerous than in this
simple model. Factors considered in
the location of production facilities worldwide include local and
managerial skills, a dependable
legal structure for settling contract disputes, research and
development competence, educational
levels of available workers, energy resources, consumer demand
for brand name goods, mineral
and raw material availability, access to capital, tax differentials,
supporting infrastructure (roads,
ports, communication facilities), and possibly others.
Although the terms of trade are ultimately determined by
supply and demand, the process by
which the terms are set is different from that visualized in
traditional trade theory. They are
determined partly by administered pricing in oligopolistic
markets.
Comparative advantage shifts over time as less developed

countries become more developed and
realize their latent opportunities. For example, during the past
150 years, comparative advantage
in producing cotton textiles has shifted from the United
Kingdom to the United States to Japan to
Hong Kong to Taiwan and to China.
The classical model of comparative advantage did not really
address certain other issues, such as
the effect of uncertainty and information costs, the role of
differentiated products in imperfectly
competitive markets, and economies of scale.
Nevertheless, although the world is a long way from the
classical trade model, the general principle of
comparative advantage is still valid. The closer the world gets
to true international specialization, the
more world production and consumption can be increased,
provided the problem of equitable
distribution of the benefits can be solved to the satisfaction of
consumers, producers, and political
leaders. Complete specialization, however, remains an
unrealistic limiting case, just as perfect
competition is a limiting case in microeconomic theory.
8. International Financial Management. What is different about
international financial management?
Multinational financial management requires an understanding
of cultural, historical, and institutional

differences, such as those affecting corporate governance.
Although both domestic firms and MNEs
are exposed to foreign exchange risks, MNEs alone face certain
unique risks, such as political risks,
that are not normally a threat to domestic operations.
MNEs also face other risks that can be classified as extensions
of domestic finance theory. For
example, the normal domestic approach to the cost of capital,
sourcing debt and equity, capital
budgeting, working capital management, taxation, and credit
analysis needs to be modified to
accommodate foreign complexities. Moreover, a number of
financial instruments that are used in
domestic financial management have been modified for use in
international financial management.
Examples are foreign currency options and futures, interest rate
and currency swaps, and letters of
credit.
14th Edition
9. Ganado’s Globalization. After reading the chapter’s
description of Ganado’s globalization process,
how would you explain the distinctions between international,
multinational, and global companies?

The difference in definitions for these three terms is subjective,
with different writers using different
terms at different times. No single definition can be considered
definitive, although as a general
matter the following probably reflect general usage.
International simply means that the company has some form of
business interest in more than one
country. That international business interest may be no more
than exporting and importing, or it may
include having branches or incorporated subsidiaries in other
countries. International trade is usually
the first step in becoming “international,” but the term also
encompasses foreign subsidiaries created
for the single purpose of marketing, distribution, or financing.
The term international is also used to
encompass what are defined as multinational and global in the
following two paragraphs.
Multinational is usually taken to mean a company that has
operating subsidiaries and performs a full
set of its major operations in a number of countries, i.e., in
“many nations.” “Operations” in this
context includes both manufacturing and selling, as well as
other corporate functions, and a
multinational company is often presumed to operate in a greater
number of countries than simply an
international company. A multinational company is presumed to
operate with each foreign unit
“standing on its own,” although that term does not preclude
specialization by country or supplying
parts from one country operation to another.

Global is a newer term that essentially means about the same as
“multinational,” i.e., operating
around the globe. Global has tended to replace other terms
because of its use by demonstrators at the
international meetings (“global forums?”) of the International
Monetary Fund and World Bank that
took place in Seattle in 1999 and Rome in 2001. Terrorist
attacks on the World Trade Center and the
Pentagon in 2001 led politicians to refer to the need to
eliminate “global terrorism.”
10. Ganado, the MNE. At what point in the globalization
process did Ganado become a multinational
enterprise (MNE)?
Ganado became a multinational enterprise (MNE) when it began
to establish foreign sales and service
subsidiaries, followed by creation of manufacturing operations
abroad or by licensing foreign firms to
produce and service Trident’s products. This multinational
phase usually follows the international
phase, which involved the import and/or export of goods and/or
services.
11. Role of Market Imperfections. What is the role of market
imperfections in the creation of
opportunities for the multinational firm?
MNEs strive to take advantage of imperfections in national

markets for products, factors of
production, and financial assets.
Imperfections in the market for products translate into market
opportunities for MNEs. Large
international firms are better able to exploit such competitive
factors as economies of scale,
managerial and technological expertise, product differentiation,
and financial strength than their
local competitors are.
MNEs thrive best in markets characterized by international
oligopolistic competition, where these
factors are particularly critical.
and Challenges 5
Once MNEs have established a physical presence abroad, they
are in a better position than purely
domestic firms are to identify and implement market
opportunities through their own internal
information network.
12. Why Go. What do firms become multinational?

1. Entry into new markets, not currently served by the firm,
which in turn allow the firm to grow
and possibly to acquire economies of scale
2. Acquisition of raw materials, not available elsewhere
3. Achievement of greater efficiency, by producing in countries
where one or more of the factors of
production are underpriced relative to other locations
4. Acquisition of knowledge and expertise centered primarily in
the foreign location
5. Location of the firms’ foreign operations in countries deemed
politically safe
13. Multinational Versus International. What is the difference
between an international firm and a
multinational firm?
A multinational firm goes beyond simply selling to or trading
with firms in foreign countries
(international), by expanding its intellectual capital and
acquiring a physical presence in foreign
countries. This allows the firm to expand and deepen its core
competitiveness and global reach to
more markets, customers, suppliers, and partners.
14. Ganado’s Phases. What are the main phases that Ganado
passed through as it evolved into a truly

global firm? What are the advantages and disadvantages of
each?
a. International trade. Two advantages are finding out if the
firms’ products are desired in the
foreign country and learning about the foreign market. Two
disadvantages are lack of control
over the final sale and service to final customer (many exports
are to distributors or other types of
firms that in turn resell to the final customer) and the
possibility that costs and thus final customer
sales prices will be greater than those of competitors that
manufacture locally.
b. Foreign sales and service offices. The greatest advantage is
that the firm has a physical presence
in the country, allowing it great control over sales and service
as well as allowing it to learn more
about the local market. The disadvantage is the final local sales
prices, based on home country
plus transportation costs, may be greater than competitors that
manufacture locally.
c. Licensing a foreign firm to manufacture and sell. The
advantages are that product costs are based
on local costs and that the local licensed firm has the knowledge
and expertise to operate
efficiently in the foreign country. The major disadvantages are
that the firm might lose control of
valuable proprietary technology and that the goals of the foreign
partner might differ from those

of the home country firm. Two common problems in the latter
category are whether the foreign
firm (that is manufacturing the product under license) is a
shareholder wealth or corporate wealth
maximizer, which in turn often leads to disagreements about
reinvesting earning to achieve
greater future growth versus making larger current dividends to
owners and payments to other
stakeholders.
d. Part ownership of a foreign, incorporated, subsidiary, i.e., a
joint venture. The advantages and
disadvantages are similar to those for licensing: Product costs
are based on local costs and that the
local joint owner presumably has the knowledge and expertise
to operate efficiently in the foreign
14th Edition
country. The major disadvantages are that the firm might lose
control of valuable proprietary
technology to its joint venture partner, and that the goals of the
foreign owners might differ from
those of the home country firm.
e. Direct ownership of a foreign, incorporated, subsidiary. If
fully owned, the advantage is that the

foreign operations may be fully integrated into the global
activities of the parent firm, with
products resold to other units in the global corporate family
without questions as to fair transfer
prices or too great specialization. (Example: the Ford
transmission factory in Spain is of little use
as a self-standing operation; it depends on its integration into
Ford’s European operations.) The
disadvantage is that the firm may come to be identified as a
“foreign exploiter” because
politicians find it advantageous to attack foreign-owned
businesses.
15. Financial Globalization. How do the motivations of
individuals, both inside and outside the
organization or business, define the limits of financial
globalization?
If influential insiders in corporations and sovereign states
continue to pursue the increase in firm
value, there will be a definite and continuing growth in
financial globalization. But if these same
influential insiders pursue their own personal agendas, which
may increase their personal power,
influence, or wealth, then capital will not flow into these
sovereign states and corporations. The result
is the growth of financial inefficiency and the segmentation of
globalization outcomes creating
winners and losers.
The three fundamental elements—financial theory, global

business, management beliefs and
actions—combine to present either the problem or the solution
to the growing debate over the benefits
of globalization to countries and cultures worldwide.
CHAPTER 2
THE INTERNATIONAL MONETARY SYSTEM
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?
A country’s money supply was limited to the amount of gold
held by its central bank or treasury. For
example, if a country had 1,000,000 ounces of gold and its fixed
rate of exchange was 100 local
currency units per ounce of gold, that country could have
100,000,000 local currency units
outstanding. Any change in its holdings of gold needed to be
matched by a change in the number of
local currency units outstanding.
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?
Under the gold standard, a country’s central bank was
responsible for preserving the exchange value
of the country’s currency by being willing and able to exchange
its currency for gold reserves upon
the demand by a foreign central bank. This required the country
to restrict the rate of growth in its
money supply to a rate that would prevent inflationary forces
from undermining the country’s own
currency value.
3. Bretton Woods. What was the foundation of the Bretton
Woods international monetary system, and
why did it eventually fail?
Bretton Woods, the fixed exchange rate regime of 1945–73,
failed because of widely diverging
national monetary and fiscal policies, differential rates of
inflation, and various unexpected external
shocks. The U.S. dollar was the main reserve currency held by
central banks and was the key to the
web of exchange rate values. The United States ran persistent
and growing deficits in its balance of
payments requiring a heavy outflow of dollars to finance the
deficits. Eventually the heavy overhang
of dollars held by foreigners forced the United States to devalue
the dollar because it was no longer
able to guarantee conversion of dollars into its diminishing
store of gold.

4. Technical Float. What specifically does a floating rate of
exchange mean? What is the role of
government?
A truly floating currency value means that the government does
not set the currency’s value or
intervene in the marketplace, allowing the supply and demand
of the market for its currency to
determine the exchange value.
5. Fixed versus Flexible. What are the advantages and
disadvantages of fixed exchange rates?
Fixed rates provide stability in international prices for the
conduct of trade. Stable prices aid in
the growth of international trade and lessen risks for all
businesses.
Fixed exchange rates are inherently anti-inflationary, requiring
the country to follow restrictive
monetary and fiscal policies. This restrictiveness, however, can
often be a burden to a country
14th Edition

wishing to pursue policies that alleviate continuing internal
economic problems, such as high
unemployment or slow economic growth.
Fixed exchange rate regimes necessitate that central banks
maintain large quantities of
international reserves (hard currencies and gold) for use in the
occasional defense of the fixed
rate. As international currency markets have grown rapidly in
size and volume, increasing reserve
holdings has become a significant burden to many nations.
Fixed rates, once in place, may be maintained at rates that are
inconsistent with economic
fundamentals. As the structure of a nation’s economy changes,
and as its trade relationships and
balances evolve, the exchange rate itself should change.
Flexible exchange rates allow this to
happen gradually and efficiently, but fixed rates must be
changed administratively—usually too
late, too highly publicized, and at too large a one-time cost to
the nation’s economic health.
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?

A country’s actual exchange rate practices is the de facto
system. This may or may not be what the
“official” or publicly and officially system commitment, the de
jure system.
7. Crawling Peg. How does a crawling peg fundamentally differ
from a pegged exchange rate?
In a crawling peg system, the government will make occasional
small adjustments in its fixed rate of
exchange in response to changes in a variety of quantitative
indicators, such as inflation rates or
economic growth. In a truly pegged exchange rate regime, no
such changes or adjustments are made
to the official fixed rate of exchange.
8. Global Eclectic. What does it mean to say the international
monetary system today is a global
eclectic?
The current global market in currency is dominated by two
major currencies, the U.S. dollar and the
European euro, and after that, a multitude of systems,
arrangements, currency areas, and zones.
9. The Impossible Trinity. Explain what is meant by the term
impossible trinity and why it is in fact
“impossible.”

Countries with floating rate regimes can maintain monetary
independence and financial
integration but must sacrifice exchange rate stability.
Countries with tight control over capital inflows and outflows
can retain their monetary
independence and stable exchange rate but surrender being
integrated with the world’s capital
markets.
Countries that maintain exchange rate stability by having fixed
rates give up the ability to have an
independent monetary policy.
10. The Euro. Why is the formation and use of the euro
considered to be of such a great
accomplishment? Was it really needed? Has it been successful?
The creation of the euro required a near-Herculean effort to
merge the monetary institutions of
separate sovereign states. This required highly disparate
cultures and countries to agree to combine,
Chapter 2 The International Monetary System 9
giving up a large part of what defines an independent state.
Member states were so highly integrated

in terms of trade and commerce that maintaining separate
currencies and monetary policies was an
increasing burden on both business and consumers, adding cost
and complexity, which added sizable
burdens to global competitiveness. The euro is widely
considered to have been extremely successful
since its launch.
11. Currency Board or Dollarization. Fixed exchange rate
regimes are sometimes implemented through
a currency board (Hong Kong) or dollarization (Ecuador). What
is the difference between the two
approaches?
In a currency board arrangement, the country issues its own
currency but that currency is backed
100% by foreign exchange holdings of a hard …
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Cognizant Testing Services Automation Framework – Data
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Contents
Contents..................................................................................
.......................... 2

Introduction
...............................................................................................
........ 3
Types of Automation
........................................................................................... 3
Functional Automation – An Overview
................................................................. 3
Data handling Automation – An
overview............................................................. 4
Automation
Framework..............................................................................
.......... 4
Key Components of the framework
..................................................................... 5
How to make it work in your project
................................................................... 6
Phase I: Identify
........................................................................................... 7
Phase II: Group
............................................................................................ 7
Phase III: Modularize
..................................................................................... 8

Phase IV: Segregate
...................................................................................... 8
Phase V: Develop and Test
............................................................................. 8
Assets and Benefits of the Framework
................................................................. 9
Reusability
...............................................................................................
.... 9
Easy Maintainability
......................................................................................10
Rapid Script
Development...........................................................................
...10
Test
Coverage.................................................................................
.............10
Tool Independent
.........................................................................................10
Robust Exception-
handling.............................................................................11
Team
Involvement............................................................................
............11

Readability
...............................................................................................
...11
Limitations in the
framework.............................................................................1
1
Entail Core Automation Team
.........................................................................11
Going Forward - Conclusion
.................................................................................12
Proprietary & Confidential - 2 -
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Introduction

In today’s world of Business, “Change” is
the constant factor that has been driven by
heavy and healthy competition. As more
countries are opening their markets, global
competition is growing at a rapid phase.
Anybody can start business from any part of
the world and base them in any number of
locations around the globe and serve their
clients who are present at millions of miles
away. This concept of “Global Village” or
“Globalization” has emerged out as a
striking solution to the needs of many to
make life easier on the earth. And thus the
new approaches of doing business are
constantly created, developed and put in
place to serve the clients in a better way.
As the business grows, the information
management becomes more and more
complex, leading to higher degree of
difficulty in managing it. Information
Technology is the key enabler to any
business. Businesses are aware of the
benefits derived by effective usage of
Information Technology and they believe

that IT would help them to become more
competitive, cost effective and productive in
their business.
This competitive and demanding scenario in
business drives IT. Information Technology
is constantly evolving and redefining the
technologies and processes to provide
better solutions to meet the increasingly
complicated and complex business
requirements. As the business activities
become more mission-critical, the need for
verification and validation methods that
support business objectivities has
dramatically increased. It is necessary to
ensure that these systems are reliable, built
according to the specifications, and have
the ability to support business processes.
Many Internal and external factors are
driving IT organizations to ensure a high
level of quality and reliability.
Quality of a system can be assured only
through an extensive testing process. This

conscious understanding among the
business and IT community has created a
great demand for software testing
services. Testing starts with innovations,
creativity and redefining with new
dimensions. Many new testing
methodologies, processes and quality road
maps are created to exceed the
expectations of the demands. Automation
is one such dimension that helps us to
migrate up the value-add chain with our
customers. This paper is an attempt to
identify the potential areas of automation
and define a framework for efficient test
automation.
Types of Automation
• Functional Automation
• Performance Automation
• Data Handling Automation
Functional Automation –

An Overview
Automated testing is recognized as a cost-
efficient way to increase application
reliability, while reducing the time and
cost of software quality programs. In the
past, most software tests were performed
using manual methods. Owing to the size
and complexity of today’s advanced
software applications, manual testing is no
longer a viable option for most testing
situations. A lot of effort goes into
developing and maintaining test
automation, and even once it's built you
may or may not recover your
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