MULTINATIONAL BUSINESS FINANCE

MULTINATIONAL BUSINESS FINANCE THIRTEENTH EDIT ION

The Pearson Series in Finance Adelman/Marks

Entrepreneurial Finance

Andersen Global Derivatives: A Strategic Risk Management Perspective

Bekaert/Hodrick International Financial Management

Berk/DeMarzo Corporate Finance*

Berk/DeMarzo Corporate Finance: The Core*

Berk/DeMarzo/Harford Fundamentals of Corporate Finance*

Boakes Reading and Understanding the Financial Times

Brooks Financial Management: Core Concepts*

Copeland/Weston/Shastri Financial Theory and Corporate Policy

Dorfman/Cather Introduction to Risk Management and Insurance

Eiteman/Stonehill/Moffett Multinational Business Finance

Fabozzi Bond Markets: Analysis and Strategies

Fabozzi/Modigliani Capital Markets: Institutions and Instruments

Fabozzi/Modigliani/Jones/Ferri Foundations of Financial Markets and Institutions

Finkler Financial Management for Public, Health, and Not-for-Profit Organizations

Frasca Personal Finance

Gitman/Joehnk/Smart Fundamentals of Investing*

Gitman/Zutter Principles of Managerial Finance*

Gitman/Zutter Principles of Managerial Finance––Brief Edition*

Haugen The Inefficient Stock Market: What Pays Off and Why

Haugen The New Finance: Overreaction, Complexity, and Uniqueness

Holden Excel Modeling and Estimation in Corporate Finance

Holden Excel Modeling and Estimation in Investments

Hughes/MacDonald International Banking: Text and Cases

Hull Fundamentals of Futures and Options Markets

Hull Options, Futures, and Other Derivatives

Keown Personal Finance: Turning Money into Wealth*

Keown/Martin/Petty Foundations of Finance: The Logic and Practice of Financial Management*

Kim/Nofsinger Corporate Governance

Madura Personal Finance*

Marthinsen Risk Takers: Uses and Abuses of Financial Derivatives

McDonald Derivatives Markets

McDonald Fundamentals of Derivatives Markets

Mishkin/Eakins Financial Markets and Institutions

Moffett/Stonehill/Eiteman Fundamentals of Multinational Finance

Nofsinger Psychology of Investing

Ormiston/Fraser Understanding Financial Statements

Pennacchi Theory of Asset Pricing

Rejda Principles of Risk Management and Insurance

Seiler Performing Financial Studies: A Methodological Cookbook

Shapiro Capital Budgeting and Investment Analysis

Sharpe/Alexander/Bailey Investments

Solnik/McLeavey Global Investments

Stretcher/Michael Cases in Financial Management

Titman/Keown/Martin Financial Management: Principles and Applications*

Titman/Martin Valuation: The Art and Science of Corporate Investment Decisions

Van Horne Financial Management and Policy

Van Horne/Wachowicz Fundamentals of Financial Management

Weston/Mitchel/Mulherin Takeovers, Restructuring, and Corporate Governance

MyFinanceLab www.myfinancelab.com

MULTINATIONAL BUSINESS FINANCE THIRTEENTH EDIT ION

David K. EITEMAN

University of California, Los Angeles

Arthur I. STONEHILL

Oregon State University and the University

of Hawaii at Manoa

Michael H. MOFFETT

Thunderbird School of Global Management

Editor-in-Chief Editorial Project Manager Editorial Assistant Senior Marketing Manager Senior Managing Editor Senior Production Project Manager Permissions Specialist/Project Manager Permissions Editor Art Director Cover Designer Cover Image Senior Manufacturing Buyer Media Production Project Manager Production Coordination Composition and Art Creation Copy Editor Proofreader Indexer

Library of Congress Cataloging-in-Publication Data

Copyright © 2013, 2010, 2007, 2004 by Pearson Education, Inc.

Multina- tional Business Finance

! Organizations of all kinds.

! Emerging markets.

! Financial leadership.

Audience Multinational Business Finance

Global Finance in Practice

Organization Multinational Business Finance