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introduction of IFM evolution of international finacial management
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1.1Introduction
Globalization: World economy increasingly globalizedIncreasing connectivity and integration of countries and corporationsMultinational corporations (MNCs) dominating the landscape
1.2Globalization and the Growth of International Trade and Capital Flows
Globalization: OverviewThe Growth of International TradeTrade LiberalizationInternational Efforts to Promote Free TradeThe Growth in Trade MNCs Are Affecting Free TradeThe Globalization of Financial MarketsTrends in Financial OpennessThe New Financial Landscape
1.2Globalization and the Growth of International Trade and Capital Flows
The Growth of International TradeTrade LiberalizationComparative AdvantageEuropean Economic Community
Exhibit 1.1 Trade and Financial Openness
Exhibit 1.2Trade Liberalization Dates by Country
1.2Globalization and the Growth of International Trade and Capital FlowsThe Growth of International TradeInternational Efforts to Promote Free TradeGATTWTOEUNAFTAASEANRecent Developmentsoutsourcing
1.2Globalization and the Growth of International Trade and Capital Flows
The Growth of International TradeThe Growth in Trade
MNCs Are Affecting Free Trade
Exhibit 1.3 Panel AThe Growth in International Trade
Exhibit 1.3 Panel BThe Growth in International Trade
Exhibit 1.3 Panel CThe Growth in International Trade
1.2Globalization and the Growth of International Trade and Capital Flows
The Globalization of Financial MarketTrends in Financial OpennessThe New Financial LandscapeDerivative securitySecuritization
1.3 Multinational CorporationsMultinational Corporations: Overview
Definition of an MNC
How MNCs Enter Foreign Markets
The Goals of an MNC
Corporate Governance Around the World
Exhibit 1.4Worlds Top Nonfinancial Transnational Corporations by Foreign Assets
1.3 Multinational Corporations
Definition of an MNC:A firm that does business in two or more foreign countries
How MNCs Enter Foreign MarketsRoyaltiesLicensingFranchisingJoint venturesForeign Direct Investment (FDI)
1.3 Multinational CorporationsThe Goals of an MNCInvestment Time HorizonStakeholder AlternativeAgency Theory and Corporate Governance
1.3 Multinational CorporationsCorporate Governance Around the WorldCorporate governance differences across countries affects a firms valuationMay lead to cross-listing of stocks
Exhibit 1.5Methods of Overcoming Agency Problems Due to the Separation of Ownership and Control
Exhibit 1.6 Panel AForeign Direct Investment
Exhibit 1.6 Panel BForeign Direct Investment
Exhibit 1.7Cross-Border Mergers and Acquisitions by Buyer and Seller, 1990-2004 (in the millions of dollars)
1.4Other Important International Players
International PlayersInternational banksMultilateral Development BanksWTOOECDInternational institutionsIMFWorld Bank
1.5 Globalization and the Multinational Firm: Benefactor or Menace?
Two Sides to the Globalization Argument:
Pro: Benefactors
Con: Anti-globalists