MULTINATIONAL BUSINESS FINANCE THIRTEENTH EDITION
MULTINATIONAL BUSINESS FINANCE THIRTEENTH EDITION
The Pearson Series in Finance Adelman/Marks
Entrepreneurial Finance
Andersen Global Derivatives: A Strategic Risk Management Perspective
Bekaert/Hodrick International Financial Management
Berk/DeMarzo Corporate Finance*
Berk/DeMarzo Corporate Finance: The Core*
Berk/DeMarzo/Harford Fundamentals of Corporate Finance*
Boakes Reading and Understanding the Financial Times
Brooks Financial Management: Core Concepts*
Copeland/Weston/Shastri Financial Theory and Corporate Policy
Dorfman/Cather Introduction to Risk Management and Insurance
Eiteman/Stonehill/Moffett Multinational Business Finance
Fabozzi Bond Markets: Analysis and Strategies
Fabozzi/Modigliani Capital Markets: Institutions and Instruments
Fabozzi/Modigliani/Jones/Ferri Foundations of Financial Markets and Institutions
Finkler Financial Management for Public, Health, and Not-for-Profit Organizations
Frasca Personal Finance
Gitman/Joehnk/Smart Fundamentals of Investing*
Gitman/Zutter Principles of Managerial Finance*
Gitman/Zutter Principles of Managerial Finance––Brief Edition*
Haugen The Inefficient Stock Market: What Pays Off and Why
Haugen The New Finance: Overreaction, Complexity, and Uniqueness
Holden Excel Modeling and Estimation in Corporate Finance
Holden Excel Modeling and Estimation in Investments
Hughes/MacDonald International Banking: Text and Cases
Hull Fundamentals of Futures and Options Markets
Hull Options, Futures, and Other Derivatives
Keown Personal Finance: Turning Money into Wealth*
Keown/Martin/Petty Foundations of Finance: The Logic and Practice of Financial Management*
Kim/Nofsinger Corporate Governance
Madura Personal Finance*
Marthinsen Risk Takers: Uses and Abuses of Financial Derivatives
McDonald Derivatives Markets
McDonald Fundamentals of Derivatives Markets
Mishkin/Eakins Financial Markets and Institutions
Moffett/Stonehill/Eiteman Fundamentals of Multinational Finance
Nofsinger Psychology of Investing
Ormiston/Fraser Understanding Financial Statements
Pennacchi Theory of Asset Pricing
Rejda Principles of Risk Management and Insurance
Seiler Performing Financial Studies: A Methodological Cookbook
Shapiro Capital Budgeting and Investment Analysis
Sharpe/Alexander/Bailey Investments
Solnik/McLeavey Global Investments
Stretcher/Michael Cases in Financial Management
Titman/Keown/Martin Financial Management: Principles and Applications*
Titman/Martin Valuation: The Art and Science of Corporate Investment Decisions
Van Horne Financial Management and Policy
Van Horne/Wachowicz Fundamentals of Financial Management
Weston/Mitchel/Mulherin Takeovers, Restructuring, and Corporate Governance
MyFinanceLab www.myfinancelab.com
MULTINATIONAL BUSINESS FINANCE THIRTEENTH EDIT ION
David K. EITEMAN
University of California, Los Angeles
Arthur I. STONEHILL
Oregon State University and the University
of Hawaii at Manoa
Michael H. MOFFETT
Thunderbird School of Global Management
Editor-in-Chief Editorial Project Manager Editorial Assistant Senior Marketing Manager Senior Managing Editor Senior Production Project Manager Permissions Specialist/Project Manager Permissions Editor Art Director Cover Designer Cover Image Senior Manufacturing Buyer Media Production Project Manager Production Coordination Composition and Art Creation Copy Editor Proofreader Indexer
Library of Congress Cataloging-in-Publication Data
Copyright © 2013, 2010, 2007, 2004 by Pearson Education, Inc.
Multina- tional Business Finance
! Organizations of all kinds.
! Emerging markets.
! Financial leadership.
Audience Multinational Business Finance
Global Finance in Practice
Organization Multinational Business Finance
Preface
Preface
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New in the Thirteenth Edition
new normal
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Global Finance in Practice
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Preface
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A Rich Array of Support Materials
! Instructor’s Manual.
! Test Bank.
! Computerized Test Bank.
! PowerPoint Presentation.
! Companion Web Site.
International Editions Multinational Business Finance
Preface
Acknowledgments
Multinational Business Finance
Yong-Cheol Kim University of Wisconsin-Milwaukee
Yen-Sheng Lee Bellevue University
Robert Mefford University of San Francisco John Petersen George Mason University Rahul Verma University of Houston-Downtown
Otto Adleberger Essen University, Germany
Alan Alford Northeastern University
Stephen Archer Willamette University
Bala Arshanapalli Indiana University Northwest
Hossein G. Askari George Washington University
Robert T. Aubey University of Wisconsin at Madison
David Babbel University of Pennsylvania
James Baker Kent State University
Morten Balling Arhus School of Business, Denmark
Arindam Bandopadhyaya University of Massachusetts at Boston
Ari Beenhakker University of South Florida
Carl Beidleman Lehigh University
Robert Boatler Texas Christian University
Gordon M. Bodnar John Hopkins University
Nancy Bord University of Hartford
Finbarr Bradley University of Dublin, Ireland
Tom Brewer Georgetown University
Michael Brooke University of Manchester, England
Robert Carlson Assumption University, Thailand
Kam C. Chan University of Dayton
Chun Chang University of Minnesota
Sam Chee Boston University Metropolitan College
Kevin Cheng New York University
It-Keong Chew University of Kentucky
Frederick D. S. Choi New York University
Jay Choi Temple University
Nikolai Chuvakhin Pepperdine University
Mark Ciechon University of California, Los Angeles
J. Markham Collins University of Tulsa
Alan N. Cook Baylor University
Kerry Cooper Texas A&M University
Robert Cornu Cranfield School of Management, U.K.
Roy Crum University of Florida
Steven Dawson University of Hawaii at Manoa
David Distad University of California, Berkeley
Gunter Dufey University of Michigan, Ann Arbor
Mark Eaker Duke University
Rodney Eldridge George Washington University
Imad A. Elhah University of Louisville
Vihang Errunza McGill University
Cheol S. Eun Georgia Tech University
Mara Faccio University of Notre Dame
Larry Fauver University of Tennessee
Joseph Finnerty University of Illinois at Urbana- Champaign
William R. Folks, Jr. University of South Carolina
Lewis Freitas University of Hawaii at Manoa
Preface
Anne Fremault Boston University
Fariborg Ghadar George Washington University
Ian Giddy New York University
Martin Glaum Justus-Lievig-Universitat Giessen, Germany
Deborah Gregory University of Georgia
Robert Grosse Thunderbird
Christine Hekman Georgia Tech University
Steven Heston University of Maryland
James Hodder University of Wisconsin, Madison
Alfred Hofflander University of California, Los Angeles
Janice Jadlow Oklahoma State University
Veikko Jaaskelainen Helsinki School of Economics and Business Administration
Benjamas Jirasakuldech University of the Pacific
Ronald A. Johnson Northeastern University
John Kallianiotis University of Scranton
Fred Kaen University of New Hampshire
Charles Kane Boston College
Robert Kemp University of Virginia
W. Carl Kester Harvard Business School
Seung Kim St. Louis University
Yong Kim University of Cincinnati
Gordon Klein University of California, Los Angeles
Steven Kobrin University of Pennsylvania
