国际金融资本预算以货币风险(54页)摘要.pptVIP

International Finance Today Capital Budgeting (international style) Financing (international style) Topics Exchange rates Currency risk Managing Currency Risk Capital Budgeting w/ currency risk Financing w/currency risk Exchange Rates Spot Rate The price of a currency for immediate delivery (i.e. today’s exchange rate) Forward Rate The price of a currency on a specified future date (i.e. a forward contract in which the exercise price is the exchange rate) Futures - Same as forward (w/secondary markets) Options - on exchange rates Future Ks Exchange Rates Example German mark spo