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Tài chính doanh nghiệp - Finance 407: Multinational financial management - Topic 13: Competitive exposure and real currency appreciationMeasuring the Competitive exposure to an exchange rate change is very difficult. You must estimate: Nominal exchange rate changes Interest rates, inflation rates, government intervention, supply and demand shocks, geo-political-economic risk Relative Inflation Price Flexibility (Yours and competitors) Cost Flexibility (Yours and competitors)
21 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 806 | Lượt tải: 0
Tài chính doanh nghiệp - Finance 407: Multinational financial management - Topic 12: Measuring and managing transaction exposureCan summarize the total risk of a corporation’s exposure to currency revaluations Use exposure netting Accounts for expected variability of exchange rates More volatile exchange rates create larger exposure measures Can be used to make probabilistic statements Can be scaled across time by using the sqrt(t)
19 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 754 | Lượt tải: 0
Tài chính doanh nghiệp - Finance 407: Multinational financial management - Topic 11: Measuring and managing translation exposureI. FASB NO. 8 in effect until 1981 A. Used Temporal translation method B. Dissatisfaction with FASB No. 8 because “true” profitability often disguised by exchange rate profit volatility II. FASB NO. 52 adopted in 1981 - Most translation gains or losses to bypass income statement. - New FASB 52 Distinction: Functional v. Reporting currency d...
20 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 818 | Lượt tải: 0
Tài chính doanh nghiệp - Finance 407: Multinational financial management - Topic 10: Currency options and hedgingOption valuation is a very difficult problem because the value depends on the option strike, option maturity, spot price, interest rates, and the volatility of the underlying exchange rates All of these factors are observable except volatility. Volatility is often estimated using the standard deviation of prior years exchange rate changes Higher ...
23 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 737 | Lượt tải: 0
Tài chính doanh nghiệp - Finance 407: Multinational financial management - Topic 9: Currency forwards and futuresWhat is your USD profit if you short 5 swissie forwards at $1.1245 and the swissie is selling for $1.2232 or $1.0833 at maturity. Each contract is for 125,000 Swiss francs. St=1.2242; Profit=(F-St)Q=(1.1245-1.2232)*5*125000=-$61,687.50 St=1.0833; Profit=(F-St)Q=(1.1245-1.0833)*5*125000=$25,750 What is your USD profit if you long 3 yen forwards a...
24 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 716 | Lượt tải: 0
Tài chính doanh nghiệp - Finance 407: Multinational financial management - Topic 8: Carry trade and covered interest arbitrageSuppose the spot Mexican peso is P12.5 – P12.6 and one year forward market is 12.8-12.9. Mexican investing and borrowing interest rates are 8-10%. U.S. investing and borrowing interest rates are 1-3%. The Mexican CDS market rate is 150bps-175bps. What are your USD CIA profits without a CDS borrowing $100,000 in the U.S. and investing pesos? What is...
22 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 769 | Lượt tải: 0
Tài chính doanh nghiệp - Finance 407: Multinational financial management - Topic 7: Interest rate parityAnnual interest rates in Argentina and the United States are 15% and 5%, respectively. What is the expected appreciation of the Argentina dollar in one year, five years, and ten years? 1-year Arg app = e1,($/A$)/e0($/A$) -1 = (1+r$)/(1+rA$)– 1 = 1.05/1.15-1 =-8.7%; 5-year = (1.05/1.15)^5 - 1 =-36.5%; 10-year = (1.05/1.15)^10 - 1 =-59.7% The ...
22 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 721 | Lượt tải: 0
Tài chính doanh nghiệp - Finance 407: Multinational financial management - Topic 6: Purchasing power paritySuppose the spot price of the HKD is HK$7.75/USD and the one year spot forecast is HKD7.89. U.S. inflation forecast is 3%. What is the expected appreciation of the HKD? Is inflation lower or higher than 3% in Hong Kong? What is expected HKD inflation according to PPP? 4.86% -4.86% 1.2% -1.2%
20 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 861 | Lượt tải: 0
Tài chính doanh nghiệp - Finance 407: Multinational financial management - Topic 5: Exchange rate systems and the effects of revaluationFiscal Policy: Spending, taxes, and deficits Deficit Spending In the short run it increases interest rates as more debt is issued (leading to a currency appreciation) In the long run it may increase risk and uncertainty in the currency as inflation and/or default becomes more probable Monetary Policy: Money Supply and Interest Rates The increa...
29 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 862 | Lượt tải: 0
Tài chính doanh nghiệp - Finance 407: Multinational financial management - Topic 4: Institutional foreign exchange spot and forward marketsA spot (a.k.a., “cash”) transaction requires almost immediate delivery (usually 1-2 days) of a foreign currency. A “forward” transaction requires delayed delivery of foreign exchange. Bank quotes for deliveries of 1, 3, 6, 9 and 12 months are readily available. No cash is exchanged until delivery
30 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 829 | Lượt tải: 0
