International Financial Management, 9th Ed. ((INSTALL))
Cheol S. Eun (Ph.D., NYU) is Professor Emeritus of Finance and the Thomas R. Williams Chair (Ret.) at the Scheller College of Business, Georgia Institute of Technology. Before joining Georgia Tech, he taught at the University of Minnesota and the University of Maryland. He also taught at the Wharton School of the University of Pennsylvania, Korea Advanced Institute of Science and Technology (KAIST), Singapore Management University, and the Esslingen University of Technology (Germany) as a visiting professor. He has published extensively on international finance issues in such major journals as the Journal of Finance, Journal of Financial Economics, JFQA, Journal of Banking and Finance, Journal of International Money and Finance, Management Science, and Oxford Economic Papers. Also, he has served on the editorial boards of the Journal of Banking and Finance, Journal of Financial Research, Journal of International Business Studies, and European Financial Management. His research is widely quoted and referenced in various scholarly articles and textbooks in the United States as well as abroad. Dr. Eun is the founding chair of the Fortis/Georgia Tech Conference on International Finance. The key objectives of the conference were to promote research on international finance and provide a forum for interactions among academics, practitioners, and regulators who are interested in vital current issues of international finance. Dr. Eun has taught a variety of courses at the undergraduate, graduate, and executive levels, and was the winner of the Krowe Teaching Excellence Award at the University of Maryland. He also has served as a consultant to many national and international organizations, including the World Bank, Apex Capital, and the Korean Development Institute, advising on issues relating to capital market liberalization, global capital raising, international investment, and exchange risk management. In addition, he has been a frequent speaker at academic and professional meetings held throughout the world.
International Financial Management, 9th ed.
Bruce G. Resnick is Professor Emeritus of Finance at the Wake Forest University School of Business in Winston-Salem, North Carolina. Prior to retiring, he was the Joseph M. Bryan Jr. Professor of Banking and Finance. He received a D.B.A. in finance from Indiana University, an M.B.A. from the University of Colorado and a B.B.A.from the University of Wisconsin-Oshkosh. Prior to joining Wake Forest, he taught at Indiana University for ten years, the University of Minnesota for five years, and California State University, Chico for two years. He has served as a visiting professor at Bond University in Gold Coast, Queensland, Australia, and at the Helsinki School of Economics and Business Administration in Finland. Additionally, he served as the Indiana University resident director at the Center for European Studies at Maastricht University, the Netherlands. He also served as an external examiner to the Business Administration Department of Singapore Polytechnic and as the faculty advisor on Wake Forest University study trips to Japan, China, and Hong Kong.Dr. Resnick taught M.B.A. and undergraduate courses in the areas of investments, portfolio management, and international financial management. His research interests include market efficiency studies and empirical tests of asset pricing models. A major interest has been the optimal design of internationally diversified portfolios constructed to control for parameter uncertainty and exchange rate risk. Most recently, he has focused on studying the information content contained in Eurocurrency interest rates and yield spread comparisons of domestic and international bonds. His research articles have been published in most of the major academic journals in finance. Other researchers and textbook authors have widely cited his research. He served for many years as an associate editor for the Journal of Multinational Financial Management, the Journal of Economics and Business, and the Journal of Financial Research.
Recently, financial markets have become highly integrated. This development allows investors to diversify their portfolios internationally. allows minority investors to buy and sell stocks. has increased the cost of capital for firms. none of the options
The goal of shareholder wealth maximization is not appropriate for non-U. business firms. means that all business decisions and investments that a firm makes are done for the purpose of making the owners of the firm better off financially. is a sub-objective the firm should attempt to achieve after the objective of customer satisfaction is met. is in conflict with the privatization process taking place in third-world countries.
Deregulation of world financial markets provided a natural environment for financial innovations, like currency futures and options. has promoted competition among market participants. has encouraged developing countries such as Chile, Mexico, and Korea to liberalize by allowing foreigners to directly invest in their financial markets. all of the options
The emergence of global financial markets is due in no small part to advances in computer and telecommunications technology. enforcement of the Soviet system of state ownership of resources of production. government regulation and protection of infant industries. none of the options
In David Ricardo's theory of comparative advantage, international trade is a zero-sum game in which one trading partner's gain comes at the expense of another's loss. liberalization of international trade will enhance the welfare of the world's citizens. is a short-run argument, not a long-run argument. has been superseded by the now-orthodox view of mercantilism.
Under the theory of comparative advantage, liberalization of international trade will enhance the welfare of the world's citizens. create unemployment and displacement of workers permanently. result in higher prices in the long run as monopolist are able to charge higher prices after eliminating their competitors. all of the options
Abstract: The focus of this paper is on the impact of the global financial and economic crisis on small and medium sized enterprises (SMEs). After defining SMEs and emphases of the important role of financial management in the companies of this size, this paper recommends various ways to improve financial management in Slovak SMEs in the global financial and economic crisis.
Many economists consider the financial and economic crisis from 2007 to the present to be the worst crisis since the Great Depression of the 1930s. Even though this crisis started off as a subprime mortgage crisis in the US, it quickly turned into a global financial crisis and later into a global economic crisis that had a negative impact also on the business environment of non-financial firms. Many enterprises had to reconsider their position in the changed environment and accept unpopular arrangements to survive the crisis. The crisis led to a lower demand for products and services, pressure to lower prices, decrease in sales, an increase in unemployment and limited offer of external financing. Management of small and medium sized companies had to take proactive steps to survive this critical time. Even though SMEs are more flexible than large companies and can react faster, they are also more sensitive to changes in product/service demand, supply network and the financial sector, and can suffer from crisis faster than large enterprises. In order to survive the crisis and to overcome negative changes in the business environment management of small and medium sized companies must be flexible, innovative, and ready to adjust to new conditions.
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Nearly 80 percent of chief financial officers surveyed in Europesupport the introduction of international accounting standards (LAS) forfinancial reporting by publicly listed companies. Two-thirds of thosesurveyed favor making IAS the sole standard or an acceptable alternative tonational GAAP.
"CFOs in Europe clearly welcome moves towards creating asingle, high-quality international financial reporting framework. Using asingle standard will make life more straightforward for most companies. Itwill save substantial costs of preparing different information for nationaland international use. It will help companies compete for funds moreeffectively in the global capital markets and provide a level playing fieldfor companies and investors," said Mary Keegan, head of global corporatereporting at PwC.
The survey asked the CFOs for their views on IAS and on theEuropean Commission's proposal to require all listed companies in theEuropean Union to submit consolidated financial reports under IAS by 2005.Seventy-nine percent of the CFOs say they favor the proposal that -- if itbecomes law -- will introduce the biggest changes to financial reporting inEurope in 30 years.
"CFOs know that international investors access and analyzeInternet information for investment decisions -- but that data is not validfor cross-border comparisons because almost all the world's governmentscurrently require companies to follow unique national results. Companies,just like investors, support a single global set of rules so that validcomparisons can be made," said Keegan.
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