NEW YORK UNIVERSITY
NEW YORK UNIVERSITY
Stern School of Business - Undergraduate Division
International Financial Management Spring 2009
COURSE OUTLINE
Instructor:
Mark D. Griffiths, Ph.D.
Class hours:
See web
Overview
The course aims at providing students with a comprehensive view of how international corporate financial markets work and how Multi-National Enterprises (MNEs) tap international markets for raising capital, hedging risks and defining their investment decisions.
The general contents are:
➢ Overview of market risks, international monetary systems and institutions.
➢ Theoretical determinants of currency prices and equilibrium conditions, determination of currency prices.
➢ Hedging currency and interest rate risks: instruments and strategies.
➢ Raising capital in international markets: international bond and equity markets
➢ The international cost of capital.
➢ Political risk and its impact on corporate financial decisions.
Prerequisites
Undergraduate courses C15.0002 (Foundations of financial markets) and C45.0011 (Global Business environment) are prerequisites for this course.
Grading
Students will be required to complete two in-class exams and one final exam contributing 25% each to the final grade. Each exam will be a 25 multiple choice questions test. Three Hand-in exercises will be assigned and graded contributing up to 25% to the final grade.
Textbook and teaching materials
Eun, Resnick, International Financial Management, Fourth Edition (Fifth if available), McGraw-Hill.
Book resources include online exercise and self-assessment tools. Some topics will require additional reading materials such as research papers, journal articles and financial press’ reports, which will be handed out through the course Blackboard. Slides and teaching materials will be posted on the course Blackboard.
Office hours and contacts:
Office Number: KMC 9-151
Office Hours: TBD and by appointment.
It is easiest to get in touch with me if you use email. My email address is mgriffit@stern.nyu.edu
TENTATIVE CLASS SCHEDULE
|Week/ | | | | |
|session |Topic |Readings |Topic |Readings |
|number | | | | |
|I/ |Course presentation, topics overview | |International trade, global financial | |
|1-2 | |ER 1 |markets and institutions |ER 1-11 |
|II/ |International Monetary System |ER 2 |Balance of Payments |ER 3 |
|3-4 | | | | |
|III/ |Foreign exchange markets: | |Parity conditions and the PPP theory: | |
|5-6 |participants, spot and forward |ER 5 |evidence and deviations |ER 6 |
| |markets | |Assignment #1 Due | |
|IV/ |International Parity Conditions (1) |ER 6 |International Parity Conditions (1) |ER6 |
|7-8 | | | | |
|V/ |Spot rate forecasting |ER 6 |Test #1 | |
|9-10 | | | | |
|VI/ |Currency futures |ER 7 |Currency Options: option |ER 7 |
|11-12 | | |fundamentals | |
|VII/ |Currency and interest option pricing |ER 7 |Currency and interest option pricing (2) |ER 7 |
|13-14 |(1) | |Assignment #2 Due | |
|VIII/ |Greeks, volatility and option |ER 7 |Interest rate swaps |ER 14 |
|15-16 |strategies | | | |
|IX/ |Currency Swaps |ER 14 |Test #2 | |
|17-18 | | | | |
|X/ |Raising capital in international |ER 11-12 |International Bond markets |ER 12 |
|19-20 |markets | | | |
|XI/ |International Equity markets |ER 13 |Financial management of the international |ER 15 |
|21-22 | | |firm: political risk and investments | |
|XII/ |Calculating cost of capital for MNEs |ER 17 |Calculating cost of capital for MNEs and |Handout |
|23-24 |and international investments | |international | |
| | | |Investments | |
| | | |Assignment #3 Due | |
|XIII/ |Managing exposure to financial risks: |ER 8-9 |Managing exposure to financial risks: |ER 10 |
|25-26 |transaction and economic | |translation exposure | |
| |exposure | | | |
|XIV/ |International Taxation |ER 21 |Open issues in International |Handout |
|27-28 | | |Financial Management | |
|Final Exam |
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