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Chapter 17
International Long-Term Portfolio Investment
Objectives
• To consider the choice between domestic and foreign portfolio investments.
• To explain the determination of risk and return.
Copyright ª 2004 McGrawHill Australia Pty 2 Ltd
PPTs t/a International Finance: An Analytical
Objectives (cont.)
• To consider
• To examine
the effect of
the effect of
taxation.
diversification.
• To describe the international capital asset pricing model (ICAPM).
Copyright ª 2004 McGrawHill Australia Pty 3 Ltd
PPTs t/a International Finance: An Analytical
Bond Investment
• Foreign bonds are preferred if:
r r
Copyright ª 2004 McGrawHill Australia Pty 4 Ltd
PPTs t/a International Finance: An Analytical
The Effect of Taxes
• Foreign bonds are preferred if:
1 y 1 k
(r r )
Copyright ª 2004 McGrawHill Australia Pty 5 Ltd
PPTs t/a International Finance: An Analytical
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