Multinational Finance » (3rd Edition)

Kirt C. Butler is an Associate Professor in the Department of Finance at Michigan State University where he teaches multinational finance and global strategy in MSU's Eli Broad College of Business. He joined the faculty in 1985 after completing his doctorate in finance at Michigan State University. He also holds a M.S. degree in Computer Science from the College of Engineering and a B.A. in Psychology from the Honors College at Michigan State University.

Professor Butler's research has appeared in a variety of academic and practitioner journals including the Journal of Finance, Journal of Accounting Research, Financial Analysts Journal, Journal of Portfolio Management, Journal of International Money and Finance, and the Journal of International Business Studies, among others.

Professor Butler is also a Sensei of Okinawan Shido-kan (Shorin Ryu) Karate, with more than 25 years of experience and a rank of sixth degree black belt.

MULTINATIONAL FINANCE provides a concise treatment of the investment and financial decisions facing the multinational corporation. The text provides a framework for evaluating the opportunities, costs and risks of multinational operations so readers can see beyond the algebra and terminology to general principles. It is distinguished by its logical organization, superior pedagogy, and clear, non-technical writing style. It includes the traditional international finance topics of foreign exchange, currency and derivatives markets, currency risk (transaction, operating and translation) management, country risk, taxation, capital structure, cost of capital, and international portfolio diversification. It also has unique chapters on multinational treasury management, options on real assets, corporate governance, asset pricing, and international portfolio management.

PART ONE. OVERVIEW AND BACKGROUND Chapter 1. An Introduction to Multinational Finance Chapter 2. World Trade and the International Monetary System PART TWO. THE INTERNATIONAL FINANCIAL ENVIRONMENT Chapter 3. International Financial Markets Chapter 4. The Foreign Exchange Market and Currency Risk Management Chapter 5. The International Parity Conditions PART THREE. DERIVATIVE SECURITIES FOR CURRENCY RISK MANAGEMENT Chapter 6. Currency Futures and Futures Markets Chapter 7. Currency Options and Options Markets Chapter 8. Currency Swaps and Swaps Markets PART FOUR. MANAGING THE RISKS OF MULTINATIONAL OPERATIONS Chapter 9. The Rationale for Hedging Currency Risk Chapter 10. Multinational Treasury Management Chapter 11. Managing Transaction Exposure to Currency Risk Chapter 12. Managing Operating Exposure to Currency Risk Chapter 13. Managing Translation Exposure to Currency Risk Chapter 14. Country Risk Management PART FIVE. VALUATION AND THE STRUCTURE OF MULTINATIONAL OPERATIONS Chapter 15. Cross-Border Capital Budgeting Chapter 16. Multinational Capital Structure and Cost of Capital Chapter 17. Taxes and Multinational Corporate Strategy Chapter 18. Real Options and Cross-Border Investment Chapter 19. Corporate Governance and the International Market for Corporate Control PART SIX. INTERNATIONAL PORTFOLIO INVESTMENT AND ASSET PRICING Chapter 20. International Portfolio Diversification Chapter 21. International Asset Pricing and Portfolio Chapter 22. Managing an International Investment Portfolio