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国外国际金融课件(英文)1.pdf
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金融,英语人员适用。
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14/08/2015
1
FIN 928
Multinational Financial
Management
Week 1
1
FIN928 Multinational Financial
Management
Dr. Steve Tulig
– Email: stevet@uow.edu.au
– Room 40.337
– Consultation:
– Monday 11:30-12:30
– Monday 16:30-17:30
– Other times by appointment
2
Assessment Summary
Title Type Weight
Assessment 1 In Session Tests: Mid-session test 20%
Assessment 2 Major Assignment 20%
Assessment 3 Final Exam: Final Examination 60%
3
Assessment 1: In Session Tests - Mid-Semester Examination
Marking Criteria Marks awarded for most correct response to
multiple choice questions.
Length 1 hour 30 minutes
Weight 20%
Assessment Due 28 September 2015 (Monday Week 7) .
Covers all topics up to and including week 5 lecture topics & week 6 tutorial
materials..
4
14/08/2015
2
Assessment 2: Authentic Tasks - Case study analysis report
Weight 20%
•Marking Criteria A written submission is required from each group of
students, showing all relevant working and formulae.
• This is a group assignment: Two to three students from the same tutorial
• Each group will submit one joint report.
• A list of group members selected within the tutorial should be submitted by each
group to the tutor in the tutorial by Week 3.
5
Assessment 3: Final Exam - Final Examination
Marking Criteria Accuracy and completeness.
Length 3 hours
Weight 60%
Assessment Due To Be Announced
Detailed information
The final exam will include all topics covered in
this subject.
You must obtain 50% or more in the final exam
to pass the subject!
6
International Finance
• International finance as studied here deals
with the financial operations of business firms
in an environment of open and integrated
financial markets
• Traditionally, the term ‘international business
firm’ refers to firms involved in importing and
exporting
• A multinational firm carries out some of its
production activity abroad
7
International Finance
• Under the Bretton-Woods systems, exchange
rates were largely fixed
• Capital controls
• International business was largely importing
and exporting
• The Bretton-Woods system collapsed in 1971
• Capital controls were removed
• This led to emergence of multinational firms
8
14/08/2015
3
The micro and macro aspects of
international finance
• Micro aspects pertain to the financial
operations of business firms, including
• Financing
• Investment
• Hedging
• arbitrage and speculation
• Macro aspects pertain to the international
monetary system and the determination of
interest and exchange rates
• Mainly studied in monetary economics
9
Why study international finance?
• International interdependence:
• A decision to change US interest rates affects
Australian home owners
• The Asian crisis affected the operations of
Australian companies
• The US accounting scandals (e.g. Enron) affected
stock markets worldwide
• The US subprime crisis became a global financial
crisis
10
Why study international finance?
• Financial managers need the following
knowledge:
• Major economic indicators
• Government policies
• The channels and effects of contagion
• Foreign exchange risk management
• Factors affecting the demand for the firm’s
products
11
Financial Volatility
• Volatility =
variability in
financial asset
prices
• Usually measured
by standard
deviation of return
or % change
• Has increased
since the early
1970’s
60
70
80
90
100
110
120
130
29/08/2010 29/08/2011 29/08/2012 29/08/2013 29/08/2014
JPY/USD
-4.00%
-3.00%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
29/08/2010 29/08/2011 29/08/2012 29/08/2013 29/08/2014
Weekly Return
12
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