第三十二章跨国公司财务.pptVIP

Forward Market Hedge Where do the numbers come from? We owe our supplier ￡100 million in one year—so we know that we need to have an investment with a future value of ￡100 million. Since i￡ = 11.56% we need to invest ￡89.64 million at the start of the year. How many dollars will it take to acquire ￡89.64 million at the start of the year if S￡(0) = $1.25/￡? 第三十页，共四十六页。 Reasons for Deviations from IRP Transactions Costs The interest rate available to an arbitrageur for borrowing, ib,may exceed the rate he can lend at, il. There may be bid-ask spreads to overcome, Fb/Sa F/S Thus (Fb/Sa)(1 + i￥