ADM710 - Programa 2011
2
Summary International monetary system. Foreign exchange regimes. Foreign exchange market. Foreign exchange parities. Foreign exchange exposure and risk management. International equity and bond financing. Currency swaps. Evaluation According to the average grade in the individual essays for assigned cases (70%) and meaningful class participation (30%). Essay will be due a couple of days before their corresponding class. Class material The class will be based on cases and exercises included in the course package. Optional Texts The textbooks by Eiteman, Stonehill & Moffett, Multinational Business Finance, any recent edition, by Shapiro, Multinational Financial Management, or by Madura, Finanças Corporativas Internacionais, may be used to help in the understanding of concepts and for additional exercises. There are also some Portuguese language book in the library, with a more limited coverage of the subjects. Calendar Classes on Fridays, 10:30 am. All dates are tentative and changes may be made in the previous week. See the list of subjects below. Date Week Subject 18 Feb 1 Int. Monet. Sys. 25 Feb 2 Forex regimes 4 Mar 3 Forex markets 11 Mar 4 Forex parities 18 Mar 5 Trans exposure 25 Mar 6 Econ exposure 1 Apr 7 Equity issuance 8 Apr 8 Bond issuance 29 Apr 9 Int’l valuation 6 May 10 Forex swaps Extra readings Bartram & Dufey. International portfolio investment. Fin. Mkts. Instit. & Instruments, 10 (3), 2001. Bekaert & Harvey. Emerging markets finance. J. of Fin. Research, 2003. Carey. Global financial integration: a collection of new research. Working paper, 2004. Dimson, Marsh, Stauton. Long- run global capital market returns and risk premia. J. of Appl. Corp. Fin. 15(4), 2003. ADM710 - Finanças Internacionais (International Finance) COPPEAD/UFRJ – 1 st term, 2011 – 20 hours Prof.: Ricardo P. C. Leal
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Transcript of ADM710 - Programa 2011
Summary
International monetary system. Foreign exchange regimes. Foreign exchange market. Foreign exchange parities. Foreign exchange exposure and risk management. International equity and bond financing. Currency swaps.
Evaluation
According to the average grade in the individual essays for assigned cases (70%) and meaningful class participation (30%). Essay will be due a couple of days before their corresponding class.
Class material
The class will be based on cases and exercises included in the course package.
Optional Texts
The textbooks by Eiteman, Stonehill & Moffett, Multinational Business Finance, any recent edition, by Shapiro, Multinational Financial Management, or by Madura, Finanças Corporativas Internacionais, may be used to help in the understanding of concepts and for additional exercises. There are also some Portuguese language book in the library, with a more limited coverage of the subjects.
Calendar
Classes on Fridays, 10:30 am. All dates are tentative and changes may be made in the previous week. See the list of subjects below.
Date Week Subject18 Feb 1 Int. Monet. Sys. 25 Feb 2 Forex regimes4 Mar 3 Forex markets11 Mar 4 Forex parities18 Mar 5 Trans exposure25 Mar 6 Econ exposure1 Apr 7 Equity issuance8 Apr 8 Bond issuance29 Apr 9 Int’l valuation6 May 10 Forex swaps
Extra readings
Bartram & Dufey. International portfolio investment. Fin. Mkts. Instit. & Instruments, 10 (3), 2001.
Bekaert & Harvey. Emerging markets finance. J. of Fin. Research, 2003.
Carey. Global financial integration: a collection of new research. Working paper, 2004.
Dimson, Marsh, Stauton. Long-run global capital market returns and risk premia. J. of Appl. Corp. Fin. 15(4), 2003.
ADM710 - Finanças Internacionais (International Finance)COPPEAD/UFRJ – 1st term, 2011 – 20 hoursProf.: Ricardo P. C. Leal
Program
Week 1 - Class presentation and international monetary system
No readings
Week 2 - Foreign exchange regimes
Case HKU710 “China’s Renminbi: our currency, your problem”
Week 3 - Foreign currency markets
Note HBS 9-205016 “Foreign exchange markets and transactions”. Solve all the exercises in the Appendix for the class.
Week 4 - Foreign currency parities
Case HBS 4194 “Groupe Ariel S. A.: parity conditions and cross-border valuation (brief case)”
Week 5 - Transaction exposure
Case HBS 9-205-095 “Foreign exchange hedging strategies at General Motors: transactional and translational exposures”
Week 6 - Economic and Political Risk Exposures
Case HBS 9-205-096 “Foreign exchange hedging strategies at General Motors: competitive exposures”
Case HBS 9-309-107 “Petrobras in Ecuador (A)”
Week 7 - International equity issuance
Note HBS 9-204022 “Cross-border listings and depositary receipts”
Case HBS 9-205056 “Nestlé and Alcon - The value of a listing”
Week 8 - International bond issuance
Case UV0283 “Carrefour S.A.”
Week 9 - International valuation
Case HBS 9-204043 “Drilling South: Petrobras evaluates Pecon”
Week 10 - Currency swaps
Note HBS 9-292043 “Note on Foreign Currency Swaps”
ADM710 - Finanças Internacionais (International Finance)COPPEAD/UFRJ – 1st term, 2011 – 20 hoursProf.: Ricardo P. C. Leal
