| 本书对于那些接受短期培训的管理者、MBA，以及想迅速了解这一问题核心内容的教师和学生来说，都不失为极具价值的参考书。它还可以作为管理人员的藏书，以及那些有抱负的管理人员完善自己知识和技能的参考资料。 |
| 1. what is international money all about? 1 the foreign exchange markets 1 eurocurrency markets 3 2. the essence of currency calculations 6 foreign exchange markets 6 inflation, interest and exchange rates 8 practicalities 14 an overview 14 appendix: a deductive proof of the four-way equlvalence model 15 3. how are foreign exchange rates quoted? 23 the plavers 24 methods of quotation 26 forward contracts and quotations: an overview 29 4. what makes exchange rates move? 30 the balance of payments approach 30 the monetary approach 32 chartism 33 the efficient markets hypothesis 36 .an overview 38 5. what is foreign exchange risk? 40 transaction exposure 4l translation exposure 41 economic exposure 46 an overview 49 6. why worry about foreign exchange risk? 50 transaction exposure 50 economic exposure 53 transiation exposure 54 an overview 56 7. internal techniques of managing foreign exchange exposure 58 netting 58 matching 59 leading and lagging 60 price variation 62 invoicing in foreign currency 62 asset and liability management 66 an overview 67 8. external techniques of managing foreign exchange exposure 68 forward markets 68 trading purpose of the forward market 69 short-term borrowing 75 discounting foreign currency denominated bills receivable 77 factoring foreign currency denominated receivables 77 currency overdrafts 78 government exchange risk guarantees 79 an overview 79 9. what are currency swaps? 8l swaps 81 an overview 84 10. what are financial futures on foreign exchange? 88 financial futures in general 88 currency contracts 9l an overview 94 ll. how do currency options work? 95 how currency option markets work 96 currency option strategies 100 option pricing models l03 corporate use of currency options l05 an overview l07 12. lnterest rate risk 108 the term structure of interest rates l08 forward rate agreements 1l2 interest rate futures ll4 interest rate swaps 114 interest rate options l15 an overview 116 13. the value of growth options 117 an example using decision trees 118 flexibility and value creation 120 the black and scholes model l21 another example with dectsion trees l22 an overview l25 14. is the international investment dedsion different? 126 the international complications 126 an overview 132 15. is the international financing decision differerlt? 133 the eurobond market l33 borrowing internationally l35 the risks of borrowing internationally 137 an overview l38 l6. the european monetary system 139 principal features of the ems l39 the exchange rate mechanism l40 european monetary union 14l german reunification l42 black wednesday 144 the wake of black wednesday 145 an overview l47 17. why hedge anyway? 149 the capital asset pricing model 149 what does exposure management aim to achieve? 156 the arguments against corporate hedging l56 employees and managers 158 and shareholders too l58 the value of the firm 159 financial distress l59 an overview l62 18. economic exposure revisited l63 macroeconomic exposure 163 the analysis 164 hedging l65 interest rates invariably key 166 experiments with macroeconomic exposure l67 an overview 167 questions and answers l68 numerical questions 168 bramit investment trust plc l70 answers to numerical questions l72 suggested answers to the bramit investment trust questions l75 further reading 180 index 18l |
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