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Global corporate finance - Kim

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562 GLOSSARY

sovereign risk The risk of a country that will impose foreign-exchange regulations or the risk of government default on a loan made to it or guaranteed by it.

sovereignty The power of a country to act as it wishes within its own borders.

special drawing rights (SDRs) A reserve asset created in 1967 by the IMF. SDRs are rights to draw on the IMF.

specific duty A duty imposed as a fixed charge per unit, such as $2 per ton.

spot rate A foreign-exchange rate paid for delivery of a currency within 2 days from the date of the trade.

spread The difference between the bid and ask prices in a price quote, or the difference between the spot rate and the forward rate.

strategic alliance A formal relationship between two companies to obtain economies of scale.

strike price The price at which a currency can be sold or bought in an option contract. strong-form efficiency When related to foreign-exchange markets, this theory suggests that

current exchange rates reflect all pertinent information, whether publicly available or privately held.

Subpart F Foreign-source “unearned income” taxed by the Internal Revenue Service whether or not it is remitted to the USA.

subsidiary A foreign-based affiliate that is separately incorporated under the host country’s law. subsidy Direct or indirect governmental assistance to companies, thereby making them more

competitive with imports.

swap An agreement between two parties who exchange sets of cash flows over a period of time in the future.

swap loan A loan made by a local bank based on deposit of funds in offices of that bank in another country.

swaption An option to enter into a plain vanilla interest rate swap.

switch trading A practice whereby payments for exports to the Eastern bloc and nonmarket countries are made through clearing units, in which sales are balanced with purchases from other countries.

syndicated loan A credit in which a group of banks makes funds available on common terms and conditions to a particular borrower.

synergistic effect A situation in which the combined company is worth more than the sum of its parts.

systematic risk The risk common to all assets or all countries, which cannot be diversified away. tariff A duty or tax imposed on imported commodities.

tariff harmonization The process of making tariffs more homogeneous by eliminating disparities in tariff rates on the same commodity.

tax haven A country that promises permanent tax inducements to attract multinational companies.

tax holiday The form of a complete tax exemption for the first few years given by a country when multinational firms invest their money in that country.

technical analysis A currency forecasting technique that uses historical prices or trends. temporal method A method that translates the financial statements of a foreign affiliate into

the parent reporting currency. Monetary assets and liabilities are translated at current exchange rates; nonmonetary assets, nonmonetary liabilities, and owners’ equity are translated at historical exchange rates.

GLOSSARY 563

tender offer An offer to buy a certain number of shares at a specific price and on a specific date for cash, stock, or a combination of both.

Third World A term used to mean those countries other than the industrial countries and the nonmarket (centrally planned) economies.

time draft A draft payable a specified number of days after presentation to the drawee. trade acceptance A draft accepted by an importer or a business enterprise.

trademark A name or logo that distinguishes a company or product.

transaction exposure The possibility that gains or losses may result from the settlement of transactions whose terms are stated in foreign currency.

transfer price The price of goods and services sold between related parties such as parent and subsidiary.

translation exposure Exchange gains or losses that will occur when a company translates its foreign-currency operations into its home currency.

triangular arbitrage The process of buying and selling foreign exchange at a profit due to price discrepancies where three different currencies are involved.

unilateral transfer In the balance of payments, the account that covers gifts by domestic residents to foreign residents, or gifts by the domestic government to foreign governments.

unit of account A benchmark on which to base the value of payments.

unitary tax A method of taxing a company on its worldwide profits rather than on its profits in the area where the taxing authorities are located.

unsystematic risk The risk unique to a particular company or country, which can be diversified away.

upvaluation An official increase in the par value of a currency by the government. US–Canada Free Trade Agreement A 1988 agreement between the USA and Canada to remove

their trade barriers.

value-added tax (VAT) A sales tax assessed at one or more stages in the production process, but only on the value added during that production stage.

vertical integration The integration of different stages in which the special drawing rights of a product move from the earliest production to the final distribution.

weak-form efficiency This theory implies that all information contained in past exchange rate movements is fully reflected in current exchange rates.

withholding tax A tax collected from income to employees, stockholders, and others; it is collected before receipt of the income.

World Bank A multinational financial institution established in 1944, to enhance economic development.

World Trade Organization (WTO) The new organization that has replaced the General Agreement on Tariffs and Trade (GATT) since the Uruguay Round accord became effective on January 1, 1995.

Yankee bonds Dollar-denominated bonds issued within the USA by a foreign borrower. yield The actual rate of return on a financial asset. It depends on the price paid for the security

and the stated rate of interest or dividend.

zero-coupon bond A bond that pays no coupon interest and simply returns the face value at maturity.

Index

Accounting aspects of mergers,

Argentina’s currency crisis, 293–4

Balance-sheet hedge, 221, 251

435–6

Arguments against foreign

Bank for International Settlements

Accounting exposure, 244–60

investment, 427

(BIS), 270

Accounts receivable management,

Asian currency market, 274–6

Bank-based system of corporate

388–9

Asian Currency Unit (ACU), 274–5

governance, 273

Acquisition, 433

Asian Development Bank (ADB),

Bankers’ acceptance, 333–4

Acquisition of funds, 10

360–1

Benefits of foreign investment,

Actual balance of payments, 63–7

Asian financial crisis, 93–4, 300–6

426–47

African Development Bank (AfDB),

Asian Monetary Fund (AMF), 96

Benefits of international

361

Asian Pacific Economic

diversification, 407–13

Agency, 297

Cooperation (APEC), 42

Benefits of open trade, 33–4

Agency cost, 19

Ask price, 124

Bid price, 124

Agency for International

Association of South East Asian

Bid–ask spread, 124

Development (AID), 361–2

Nations (ASEAN), 42

Big Mac Hamburger Standard,

Agency theory, 18–19

At the money, 161

146–7

Aggressive stocks, 402

Autonomous transaction, 56

Bill of exchange, 321

Agreement corporation, 353

Avon Products, Inc., 221

Bill of lading, 322–3

Allocation efficiency, 33–4

 

Bond with warrant, 280

Allocation of funds, 9

Back-to-back loan, 180, 233

Book-value weight, 480

American decline, 67–8

Balance of payments, 55–76

BP Amoco, 443–5

American depository receipt (ADR),

Balance of payments, actual, 63–7

Brady bond, 300

414, 421–3

Balance-of-payments accounts,

Branch bank, 297

Amortization, 279

57–63

Bretton Woods Agreement, 88

Antidumping duty, 36

Balance-of-payments identity, 63

Bridge loan, 350

Appreciation, 82, 196

Balance-of-payments outlook,

Build–operate–own (BOO)

Appropriate cost of capital, 479

210–11

contract, 357

Arbitrage, 136–40

Balance on goods, 58

Build–operate–transfer (BOT)

Arbitrage opportunities, 373

Balance sheet, 491

project, 357

INDEX 565

Cable remittance, 384 Call money, 268

Call option price, 165–6 Call swaption, 186 Cap, 111, 186

Capital account, 59 Capital asset pricing model

(CAPM), 401

Capital budgeting and transfer pricing, 452–3

Capital budgeting theory and practice, 460–1

Capital gains and losses, 500 Capital rationing, 454 Capitalization rate, 440 Carryback, 501–2 Carryforward, 501–2

Cash before delivery (CBD), 330 Cash center, 385

Cash flow analysis, 450 Cash management, 382–8

Cash on delivery (COD), 330 Cash pooling, 385–6

Cash terms, 330 Central bank, 118

Certainty equivalent approach, 455 Certificate of deposit (CD), 266 Certificate of origin, 325 Charting, 203

Clean draft, 322

Clearing arrangements, 328 Clearing House Interbank Payments

System (CHIPS), 298

Clearing House Payments Assistance System (CHPAS), 298

Closed-end mutual funds, 414 Coca Cola, 224

Collar, 111, 186

Collecting overdue accounts, 332–3 Commercial bank, 115–16, 350 Commercial invoice, 324 Commercial paper, 268

Common market, 39 Company goal, 450, 460–1

Comparative advantage, 17, 54–5, 188–9

Compensating balance, 352 Compensating transaction, 57 Compensation agreement, 329 Concession agreement, 467

Confirmed letter of credit, 324 Conflict of interest, 22 Consignment, 330 Consortium bank, 297 Consular invoice, 325 Consultation, 271

Contagion, 270

Contract manufacturing, 429 Convertible bond, 280 Cooperation, 271 Coordination, 271

Corporate governance, 3, 19–21 Corporate wealth, 8 Correspondent bank, 297

Cost of capital, 452 Cost of debt, 478 Cost of equity, 477 Counterparty, 178 Counterpurchase, 329 Countertrade, 327

Countervailing duty, 36 Country risk analysis, 309–13 Country risk, assessment of,

310–11

Covered-interest arbitrage, 138 Crawling band, 103

Crawling peg, 103

Creation of Eurodollars, 265–6 Credit or default risk, 270 Credit swap, 231, 380

Credit terms, 331–2 Cross-border mergers and

acquisitions, 433–41 Cross-hedge, 231 Cross-hedging in Japan, 435 Cross rate, 122–3 Crosslisting, 282

Cultural values and capital structure, 484–5

Currency board, 82–3

Currency call option, 159, 162–5 Currency cocktail bond, 279 Currency exposure management

practices, 235–6 Currency forecasting, 201 Currency futures calls, 169

Currency futures market, 150–7 Currency futures option, 169 Currency futures put, 169 Currency option bond, 279

Currency option premium, 161–2 Currency options market, 157–69 Currency put option, 159, 165–7 Currency risk management, 187 Currency swap, 185, 231, 350–1 Current account, 58–9

Current rate method, 246 Current transfers, 58–9 Current/noncurrent method, 245 Customs union, 39

DaimlerChrysler, 421–4 Dealer commercial paper, 268 Dealer, 111

Debt ratio, 310–11 Debt–equity swap, 300 Defensive measures after

investment, 467–8 Defensive measures before

investment, 466–7 Defensive stocks, 402 Dell Mercosur, 256–60 Delphi technique, 466 Depreciation, 82, 196 Derivatives, 111–12 Derivative risks, 148–9 Devaluation, 82, 213 Developing countries, 310

Development banks, 357–8 Direct loan, 347

Direct quote, 120 Direct taxes, 499

Dirty floating system, 90–1 Disbursing float, 383 Discount rate, 268

Discounted cash flow approach, 453

Diversified financing, 234 Diversified marketing, 234 Diversified production, 234 Documentary draft, 322 Draft, 321–2

Drawee, 321

Drawer, 321

Eastern European countries, 6 Eclectic theory, 46–7 Economic constraints of current

asset management, 371–2 Economic evaluation, 452–3

566 INDEX

Economic exposure, 224 Economic exposure management,

233–5

Economic freedom and consumption, 34–5 Economic integration, 38

Economic union, 39 Economies of scale, 18, 33 Edge Act and agreement

corporations, 353

Edge Act corporations, 353 Efficient exchange markets, 129 Efficient frontier, 406

Efficient market hypothesis, 201, 209

Efficient portfolio, 406

Electronic fund transfer (EFT), 384 Environmental differences, 21–2 Equity alliance, 428

Equity contribution, 347 Ethical dilemma, 514–17 Euro, 78–81, 100–2

Euro commercial paper, 268, 269 Euro Interbank Offered Rate

(EURIBOR), 267

Euro medium-term note, 269 Eurobond, 277

Eurocurrency interbank market, 269–74

Eurocurrency market, 264–9 Eurocurrency Unit (ECU), 279 Eurodollar deposit, 266 Eurodollar instruments, 266–9 Eurodollar loan, 266–7 Eurodollars, 264–5 Eurodollars, use of, 256–66

Euromoney country risk rankings, 312

Euronote facilities, 269 Euronotes, 269

European Bank for Reconstruction and Development (EBRD), 360

European Currency Unit (ECU), 98–9

European economic area, 40–1 European Economic Community

(EEC), 40–1

European Investment Bank (EIB), 360

European Monetary Union (EMU), 98–102

Exchange forecast performance, 208 Exchange intervention, 118 Exercise price, 112

Explicit cost of debt, 478 Export trading companies, 335

Export Trading Company Act, 335 Export–Import Bank, 319, 338,

361

Exposure management strategy, 223 Exposure netting, 252 Expropriation, 464

External growth, 428

Factoring, 335–6, 389 Fannie Mae, 268 FASB 52, 247–51 FASB 8, 247–51 Federal funds, 268

Financial account, 59–60 Financial Accounting Standards

Board (FASB), 133, 177 Financial instruments, 224 Financial market arbitrage, 373 Financial planning and control, 9 Financial risks, 22

Fisher effect, 131–2

Fixed exchange rate, 81, 87–8 Flexible exchange rate, 81 Flexible exchange system, 88 Floating-rate note, 280

Float, 383–5 Floor, 186

Forecasting fixed exchange rates, 210–16

Forecasting floating exchange rates, 201–10

Forecasting political risks, 465–6 Foreign affiliate, 11

Foreign banking offices, types of, 296–8

Foreign bond, 277

Foreign Corrupt Practices Act (FCPA), 497–9

Foreign Credit Insurance Association (FCIA), 339

Foreign direct investment (FDI), 59, 426

Foreign-exchange exposure, 222 Foreign-exchange rate, 81 Foreign-exchange risk, 270, 320 Foreign portfolio investment, 61

Foreign prime rate, 268 Foreign subsidiary bank, 297 Foreign tax credit, 503 Foreign trade zone, 505–6 Forfaiting, 336

Forward discount, 125–6 Forward exchange rate, 125–8 Forward market hedge, 227 Forward premium or discount,

125–6, 212 Forward rate, 134, 203

Franchising agreement, 429 Free market rate, 212

Free trade area, 39 Functional currency, 248–9 Fundamental analysis, 202 Fundamentalist view, 302–3 Funds, acquisition of, 10 Funds from parents, 346–7

Funds provided by operations, 348 Future spot rate, 134

Futures market operations, 153–4 Futures market and forward market,

151–2

Futures option, 169–70

General Agreement on Tariffs and Trade (GATT), 38

General Electric, 177

General Motors (GM), 218–20, 474–6

GeoLogistics Corp., 369–70 Gillette, 177

Global bond, 277 Global company, 11–12 Global competitors, 11

Global control system, 491–9 Global depository receipts, 414 Global economy, 5

Global investing, 418–19 Globalization, 4

GM’s target debt ratio, 474–6 Gold standard, 87–8 Government concessions, 504–5 Grand tour, 466

GS Holdings, 398–400

Hedge fund, 415–16

Hedge, 251

Hedgers, 150

Hedging decision, 200

INDEX 567

Hedging in the call options market, 162–3

Hedging in the futures market, 154 Hedging techniques, use of, 236 Hedging translation exposure,

251–2

Hostile takeover, 20

Huh Chang Soo, 399–400 Hurdle rate, 454

IBM, 364–5

Import duty minimization, 508 Import quota, 36

In the money, 161

Income and capital gains, 500 Income statement, 491

Income tax minimization, 506–7 Increased globalization, 6

Indirect fund-adjustment methods, 252

Indirect quote, 120 Indirect taxes, 499 Inflation, 211 Initial margin, 154

Insurance documents, 324 Inter-American Development Bank

(IDB), 359–60

Interbank clearinghouse systems, 298

Interest rate, 207 Interest rate cap, 186 Interest rate collar, 186 Interest rate floor, 186

Interest rate swap, 183, 233 Internal fund flow, 348 Internal growth, 427 Internal rate of return, 453

Internal sources of funds, 346–9 International banking facilities

(IBFs), 354

International bond market, 276–7 International bonds, types of,

279–80

International financial manger, 8–10

International Bank for Reconstruction and Development (IBRD), 357–8

International bond, 276 International Corporate Governance

Network, 4

International debt crisis of the 1980s, 299–300

International Development

Association (IDA), 359 International equity market, 281–5 International Finance Corporation

(IFC), 358–9

International Fisher effect, 132–3 International loans, 298–309 International Monetary Fund

(IMF), 94–7

International monetary system, 80–1

International mutual fund, 413–14 International opportunists, 11 International parity conditions,

128–36

International reserves, 211 International taxation, 499–506 Internationalization advantage, 17 International investment position,

65

Intracompany sales, 389 Intrinsic value, 161

Inventory management, 389–92 Investment climate, 432–3 Invoice float, 383

Irrevocable letter of credit, 323

J-curve, 71

Jamaica Agreement, 91

Joint venture, 354, 428

Junk bond, 312

Keiretsu, 273, 435

Keynes, John, 103

Koo Bon Moo, 398

Leads, 221, 252, 375–6

Lags, 221, 252, 375–6 Lessard, Donald, 11

Letter of credit, 116, 323–4 LG Group, 398–400 Licensing agreement, 354, 428 Link financing, 351

Liquidity risk, 270

Loans from sister subsidiaries, 348–9

Lock box, 384

London Interbank Offered Rate (LIBOR), 267

Long position, 153

Long-term capital flows, 285–6 Long-Term Capital Management

(LTCM), 417–18

Long-term financing decision, 200 Long-term investment decision, 200 Louvre Accord, 91

Mail float, 383 Maintenance margin, 154 Majority-owned affiliate, 11 Margin call, 154

Margin requirements, 154 Marginal cost of capital, 482 Market-based forecast, 206 Market-based system of corporate

governance, 273 Market efficiency, 201 Market equilibrium, 84–7 Market imperfections, 15 Market portfolio, 402 Market risk premium, 477 Market-value weight, 480 Maturity mismatch, 236 Mechanical rules, 203

Merck’s use of currency options, 174–6

Mercosur, 39

Merger, 433

Mergers and acquisitions, 428 Mergers and corporate governance,

434

Mergers, some accounting aspects of, 435–6

Merton, Robert, 111 Method of international

diversification, 413–16 Mexican peso crisis of December

1994, 93, 106–9

Modes of foreign investment, 427–9

Monetary/nonmonetary method, 245

Money market hedge, 227 Money rates, 268

Money supply, 211

Moody’s Investor Service, 312 More frequent requisitions, 384 Motivations for swaps, 187–9 Motives for cross-border mergers

and acquisitions, 436–7

568 INDEX

Motives for foreign investment, 43–5

Motives for foreign trade, 29 Multi-domestic competitors, 11 Multilateral netting, 374 Multinational capital budgeting

practices, 472–3 Multinational company goals, 8

Multinational corporation, 10–11 Multiple environments, 23 Multiple regression analysis, 202 Multiple regression forecasting

model, 203

Mundell, Robert A., 196 Mutual fund, 413

National company, 25

National development bank, 361–2 National differences in corporate

governance, 21

Nature of country risk analysis, 309 Navistar International, 395–7 Nestlé SA, 7

Net errors and omissions, 61 Net present value, 453

Net working capital funding, 370 Netting, 374

Neutral tax, 502

Nobel Prize in economics, 196 Nominal interest rate, 131 Noncompletion risk, 320 Nonrevolving letter of credit, 324 North American Free Trade

Agreement (NAFTA), 41 Notional principal, 183

Objectives of documentation, 320–1

OECD principles of corporate governance, 21

Off-balance-sheet operations, 181 Official versus market rates, 211 Offset agreement, 329

Offset, 342–3 Old hand, 466

Oligopoly model, 44 On-board bill of lading, 322 Open account, 331 Open-end mutual funds, 414 Operational restrictions, 463

Operational techniques, 224 Opportunity cost, 54–5 Opportunity set, 14–15 Optimal portfolio, 407–8 Optimum capital budget, 482 Optimum capital structure, 480 Options market hedge, 228

Options versus forward contracts, 230–1

Order bill of lading, 322 Organization for Economic

Cooperation and Development (OECD), 4

Organizational structure, 496 Out of the money, 161

Overall country creditworthiness, 311

Overdraft, 350

Overnight repurchase rate, 268 Overseas Private Investment

Corporation (OPIC), 362

Panic view, 305

Parallel loan, 179–80, 380 Parent currency, 248–9 Parent guarantee, 347 Parent-country taxation, 502 Payee, 321

Payment adjustment, 380 Performance of multinational

companies, 13 Perfect competition, 15

Performance bond margin, 154 Performance criteria, 495 Performance evaluation, 494–9 Performance measurement issues,

495–6

Peso crisis, 218–20 Plain vanilla swap, 183 Planned divestment, 467 Plaza Agreement, 91 Political climate, 449 Political dynamics, 274

Political risk management, 462–7 Political risks, 22, 462

Political union, 39 Pooling-of-interest method, 435–6 Portfolio effect, 15–16

Portfolio guidelines, 387 Portfolio management, 387

Portfolio return, 404 Portfolio theory, 44, 458–60 Positioning of funds, 373 Post-audit, 455

Prevailing exchange rate arrangements, 87 Price–earnings ratio, 477

Prime rate, 268 Private Export Funding

Corporation (PEFCO), 338–9 Privatization, 283–5

Processing float, 383

Product life cycle theory, 43, 32–3 Production efficiency, 34 Profit–loss profiles of options,

167–8

Project finance, 356

Project versus parent cash flows, 451–2

Promissory note, 331 Protectionism, 35–6 Proxy, 20

Public Company Accounting

Oversight Board, 20–1 Public control, 70

Purchasing-of-assets method, 436 Put option price, 167

Put swaption, 186

Quantitative analysis, 46

Real interest rate, 131

Real option analysis, 457–8 Received-for-shipment bill of

lading, 322

Regional development bank, 359–60

Regional economic agreement, 40–2

Regulations of derivative markets, 193–5

Regulatory risks, 22

Regulatory system arbitrage, 373 Reinvoicing center, 378–9 Representative office, 297 Reserves, 62

Return on investment, 495 Revaluation, 82

Revocable letter of credit, 323 Revolving credit, 267

INDEX 569

Revolving letter of credit, 324 Risk-adjusted discount rate, 454 Risk–return trade-off, 14

Risk, types of, 22

Role of banks in corporate governance, 273–4

Rotation from debt to equity, 285–6

Rugman, Alan R., 12

Sarbanes–Oxley Act, 20 Scholes, Myron, 111 Security market line, 477

Selection of optimal portfolio, 410–11

Semistrong-form efficiency, 202 September 11, 2001 attacks, 7 Services, 58

Settlement risk, 270 Shareholder activism, 20 Short position, 153 Siam Cement PCL, 9 Sight draft, 322

Simple barter, 327 Smithsonian Agreement, 89 Snake within a tunnel, 98

Society for Worldwide Interbank Financial Telecommunication (SWIFT), 298

Sources and uses of funds, 55–6 Sovereign risk, 270 Sovereign-government bond rating,

312–13 Soviet Union, 6

Special drawing rights (SDRs), 62, 97

Specialization and trade, 31 Speculating in the call options

market, 163–4

Speculation in the foreign-exchange market, 127

Speculation in the futures market, 154

Speculator, 150

Spot exchange rate, 120–5 Spot rate, 203

Spread trading, 157

Standard & Poor’s (S&P), 312 Standard deviation, 401 Stock market alliances, 281–2

Stock market concentration, 282–3 Straight bill of lading, 322 Straight bond, 279

Strategic alliance, 354 Strike price, 112, 159 Strong-form efficiency, 202 Swap, 178

Swap bank, 183 Swap broker, 183 Swap dealer, 183 Swap market, 179–80

Swap market, growth of, 182 Swap market hedge, 228 Swaption, 186

Switch trade, 328 Syndicated loan, 306–7 Synergistic effects, 34, 437 Systematic risk, 401

Tariff, 36, 500 Tax arbitrage, 373 Tax burden, 501–2 Tax haven, 505

Tax incentives for foreign investment, 504–5

Tax morality, 500–1 Tax neutrality, 502 Tax treaty, 502

Taxes, types of, 499–500 Technical analysis, 202 Temporal method, 245 Tender offer, 433

Thai crisis, 301

Theory of comparative advantage, 30–2

Theory of factor endowments, 32 Theory of interest rate parity,

133–4

Theory of purchasing power parity (PPP), 129–30, 202

Three Cs of central banking, 271 Three-point arbitrage, 137–8 TIAA-CREF, 3

Time draft, 322 Time value, 161 Trade acceptance, 331 Trade barrier, 36 Trade deficit, 70–1 Trade financing, 321 Trading bloc, 39

Transaction exposure, 224 Transaction exposure management,

226–33

Transfer pricing, 252

Transfer pricing objectives, 506–7 Transit float, 383

Translation exposure, 244–60 Translation of foreign-currency

financial statements, 249–50 Translation rules, 244–7 Transfer price, 376

Treasury bill, 268 Triffin, Robert, 103 Trust receipts, 333 Two-point arbitrage, 137

Unbundling fund adjustments, 381

Unconfirmed letter of credit, 324 Universal bank, 273

Unsecured short-term loan, 350 Unsystematic risk, 401 Uruguay, 50

US–China trade relations, 74–6 US Export–Import Bank, 319, 338,

361

Usance draft, 322

Valuation, 18

Value-added tax, 500

Volatility, 162

Weak-form efficiency, 201 Wealth maximization, 8–9 Weighted average cost of capital,

476–80

Western Mining, 241 Wider band, 103 Withholding tax, 500

Working capital management, 200, 370

World balance of payments, 64–5 World Bank Group, 357–8 World Bank, 310, 316–17 World Trade Organization, 38,

49–52

World’s largest finance companies, 295–6

Zero-coupon bond, 280

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