Our continuing challenge is to strike a balance between being one of the very first textbooks in this field (and therefore in many ways defining the field) and introducing the many new concepts and components in global business today, from crowdfunding to blockchain. We therefore have hopefully found some balance between what is valued by continuing adopters and the valued insights of selected reviewers—the innovator’s dilemma. Surveys of adopters were extremely useful in this revision, and a number of specific developments were included.
The Impossible Trinity. A core international financial principle, the Impossible Trinity’s use as a unifying theoretical link across multiple subjects and chapters has been expanded.
■ The Foreign Exchange Market and Digital Trade. New material in this edition explores in depth how the changing structure of the global foreign exchange market—trading, communication, and settlement—is posing challenges for private players and public regulators and overseers.
Translation Exposure Expansion. Translation exposure, a cross-section of international finance, economics, and accounting, has been renewed and expanded to more effectively cover its wider theoretical and practical applications in industry.
■ Financing of Foreign Subsidiaries. Always a topic unique to the field of multinational finance, our discussion of subsidiary funding sources and practices has been expanded to include recent developments and changing access to capital.
International Taxation. The seismic changes introduced by the United States effective on January 1, 2018, have been highlighted in exploration of how taxation alters the fundamental financial management activities of global companies from Apple to Caterpillar.
■ Political Risk and Financial Losses. The chapter on foreign direct investment and political risk has been revised to reflect the growing use of restrictions on convertibility, transferability, and the possibility of repudiation or expropriation.
New and Edgier Mini-Cases. Eight of the 18 mini-cases are completely new to the fifteenth edition, and explore many of the edgier debates rising between global business, social policy, and corporate social responsibility. Topics include Argentine debt and vulture investors, Apple’s global tax structure, Brexit and its potential impact on Rolls-Royce, Volkswagen’s governance structure and its defeat device strategy, and political risk in Kazakhstan’s oil and gas industry, to name a few.
■ Expanded Quantitative Applications. We have worked diligently to increase the quantitative elements across subjects and chapters to push students to explore the depth of analysis and comprehension. Multinational Business Finance, Fifteenth Edition includes more than 250 end-of-chapter problems, all solved within Excel. We have also continued to present problems that are based on real-world applications and challenges, something we believe in very strongly.
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