Chap001尤恩_国际财务管理_英文第五版.pptVIP

Chap001尤恩_国际财务管理_英文第五版;What’s Special about “International” Finance? Goals for International Financial Management Globalization of the World Economy Multinational Corporations Organization of the Text Summary;why we study this course;Globalization of the World Economy;What’s Special about “International” Finance?;What’s Special about “International” Finance?;;What’s Special about “International” Finance?;大家学习辛苦了，还是要坚持; Market Imperfections Legal restrictions on the movement of goods, people, and money Transactions costs Shipping costs Tax arbitrage;The Example of Nestlé’s Market Imperfection;Nestlé’s Foreign Ownership Restrictions;The Example of Nestlé’s Market Imperfection; Expanded Opportunity Set It doesn’t make sense to play in only one corner of the sandbox. True for corporations as well as individual investors.;The focus of the text is to equip the reader with the “intellectual toolbox” of an effective global manager—but what goal should this effective global manager be working toward? Maximization of shareholder wealth? or Other goals?;Maximize Shareholder Wealth;Other Goals;Other Goals;Other Goals;Globalization of the World Economy: Major Trends and Developments;Deregulation of Financial Markets coupled with Advances in Technology have greatly reduced information and transaction costs, which has led to: Financial Innovations, such as Currency futures and options Multi-currency bonds Cross-border stock listings International mutual funds;Emergence of the Euro as a Global Currency;Euro Area;Value of the Euro in U.S. Dollars;Europe’s Sovereign-Debt Crisis of 2010;The Greek Drama;Economic Integration;Liberalization of Protectionist Legislation;NAFTA;Privatization;Chinese Privatization;Global Financial Crisis of 2008—2009 ;Global Financial Crisis 2008—2009 ;Multinational Corporations ;Top 10 MNCs;The following slides cover the appendix to Chapter 1. ;A comparative advantage exists when one party can produce a good or service at a lower opportunity cost t