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chapter twentyone
Financial Management and Accounting
McGrawHill/Irwin
International Business, 11/e Copyright © 2008 The McGrawHill Companies, Inc. All rights reserved.
Learning Objectives
Explain capital structure choices and their impact on the MNC
Describe the process of multilateral netting and its contribution to cash flow management
Describe the importance of leading and lagging in cash flow management
Categorize foreign exchange risks into transaction exposure, translation exposure, and economic exposure
Describe the basic idea of a swap transaction and its applications
21-3
Learning Objectives
Explain a currency swap contract and its usefulness to the financial manager
Recognize the usefulness and dangers of derivatives
Explain the role of and approaches to sales without money
Identify the major challenges faced in international accounting
Describe the international accounting standards’ convergence process and its importance
21-4
Capital Structure of the Firm
• Retained earnings • Debt
– Offshore financial center specializes in financing nonresidents, low taxes and few banking regulations
• Equity
– American depository receipts (ADRs): foreign shares held by a custodian in the issuer’s home market and traded in dollars on the U.S. exchange
21-5
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