International Corporate Finance: Value Creation with Currency Derivatives in Global Capital Markets + Website

Praise for International Corporate Finance Professor Jacques book allies conceptual rigor with practical relevance drawn from multiple case studies. A highly recommended book to those who teach international finance at both the undergraduate and graduate levels. Gabriel Hawawini, the Henry Grunfeld Chaired Professor of Investment Banking and former Dean, INSEAD Professor Jacques new book serves as a right–sized, real–life manual of the complexity and adventure of international finance. Most importantly, it accomplishes this goal without short–cutting the relevant theoretical concepts underpinning the instruments of global finance. This book is compass, interactive study manual, theoretical reference guide, and last but not least, case–based financial adventure novel, all in one. Oliver S. Kratz, PhD, CEO of Global Thematic Partners Many business school graduates arrive in corporate finance departments with strong analytical skills and even a broad understanding of international finance concepts, but they have seldom grappled with the application of theory to real business problems. This text is rich with contemporary examples, case studies, and realistic problems. Craig Owens, Senior Vice President and CFO, Campbell Soup In this book, Laurent Jacque does a superb job of combining modern concepts of international finance with a keen eye to their application in the context of the business firm and exceptional exposition that places a premium on capturing, simplifying, and retaining what are sometimes complex relationships. It is a book that deserves to quickly become one of the leaders in its field. Ingo Walter, Seymour Milstein Professor of Finance, Corporate Governance and Ethics, Stern School of Business, New York University Finally, here is a comprehensive book which combines lucid exposition, sound analysis, intellectual rigor and emphasis on practical applications through well–chosen examples and cases. Professor Jacque has written a well–balanced book that takes the reader systematically through the theory and practice of corporate finance in the context of the contemporary global economy. Cheng Chih Sung, Retired Chief Risk Officer, GIC, Singapore

Preface Acknowledgments 1. What is International Corporate Finance? PART I: THE INTERNATIONAL MONETARY ENVIRONMENT 2. Exchange Rates Regimes 3. Yesterday and Yesteryear:  A Brief history of the International Monetary System 4. The Balance of Payments PART II: THE WORLD  MARKET FOR FOREIGN EXCHANGE AND CURRENCY DERIVATIVES 5. The Foreign Exchange Market  6. Interest Rate Arbitrage and Parity 7. Currency Futures and Currency Options PART III: GLOBAL CAPITAL MARKETS AND THE FUNDING DECISION 8. The International Financial Sector and the Dynamics of Global Capital Markets 9. Raising Capital from Global  Equity Markets 10. Sourcing Debt from Global Bond Markets 11. International Trade Financing 12. Asian Finance and Banking 13. Islamic Finance and Banking PART IV: FOREIGN EXCHANGE RISK MANAGEMENT 14. The Case for  Hedging Currency Risk 15. Forecasting  Exchange Rates 16. Managing Transaction Exposure 17. Managing Translation Exposure 18. Managing Economic Exposure PART V: INTERNATIONAL VALUATION AND THE INVESTMENT DECISION 19. Foreign Market Entry Strategies and Country Risk Management 20. International Capital Budgeting 21. Cross–Border Mergers and Acquisitions 22. Project Finance 23. Global Investment PART VI: TREASURY MANAGEMENT FOR MULTINATIONAL CORPORATIONS  24. Financial Planning and Controlling for Multinational Corporations  25. Short–Term Financing, Cash and Working Capital Management Appendix: Answers to Selected Problems About the Companion Website About the Author Index

LAURENT L. JACQUE is the Walter B. Wriston Professor of International Finance & Banking at the Fletcher School (Tufts University). As Fletchers Academic Dean he was responsible for the design and establishment of its Master of International Business degree program. Since 1990 he has held a secondary appointment at HEC (Paris) and was previously on the faculty of the Wharton School for eleven years. His last book, Global Derivative Debacles: From Theory to Malpractice , has been translated in French, Chinese, Russian and Korean. A recipient of several awards for outstanding teaching, he is a consultant to a number of multinational firms and financial institutions around the world. He is a graduate of HEC (Paris) and holds MA, MBA and PhD from the Wharton School.