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Cases in International Finance

A Collection of Cases Compiled by Michael H. Moffet

Cases in International Finance offers students a first-hand look at the challenges and developments in the field of inter- national finance. The cases present a rich array of topics, including currency exposure, international performance evaluation, ratio analysis, mergers and acquisitions, and multinational capital budgeting, to name just a few. Each case was individually selected after being extensively field tested in undergraduate, graduate, and executive education programs. The authors of these cases reside at some of the leading educational institutions in the world, each providing significant insight into his or her area of expertise.

The growth of international business continues to know no bounds. With the coming of the year 20DD, the worlds access to information technology-and to capital-Yias reaffirmed the need to explore and expand our understanding of international finance. Finance is integral to the conduct of global business, and the increasing access to capital by enterprises and institutions from Bangalore to Beijing, is giving rise to competitors which many multinational firms in traditional industrial markets have not yet seen on their radar screens. As a recent slogan on the Internet noted, "The future is here, it is simply not evenly distributed."

This collection of cases in international finance is intended to provide current material for the exploration of these global financial challenges and trends. These cases are the product of academics from some of the leading educational institutions in the world in the fields of international business, generally, and international finance, specifically. Many of the cases have benefitted from extensive co-authorship with the practitioners in the field, the professional financial managers who are on the front lines of global business. Many of these same professionals are our former students, who (thankfully for us) continue to reeducate us, the educators.

The key words in the selection of cases for this collection were currency (timing of case events, not money) and diversity (geographic, not ethnic). Twenty-seven of the 30 cases involve events occurring in the 1990s, with ten cases in the period of time between 1997 and 2000 alone. To our knowledge, this is also the first major financial case collection in which the majority of the case events occur outside of the United States. This geographic diversity includes Pakistan, Italy, Honduras, China, Denmark, Brazil, Germany, Malaysia, and Ecuador to name but a few. As the leaders in international business and finance have reiterated time and time again over the past 30 years, global business and financial practices reflect much of the culture and history of the geographic environments. It is hoped that this case collection provides an opportunity for students of international finance to understand the differences and complexity of international financial management on a truly global landscape.

Topical coverage is wide. In addition to the traditional international financial issues of currency exposure and global funding, topics of contemporary managerial concern such as international performance evaluation, valuation and recapitalization, mergers and acquisitions, global tax management, remittance and repatriation, pricing, project financing, ratio analysis, and multinational capital budgeting are also covered. Few if any of the cases are confined to a single topic; most cases present the complexity of financial decision-making within a competitive business environment. The challenges presented by these cases are intended to go far beyond simple exercises in financial mathematics, to real world financial issues faced by real world managers in real world companies.

The organization of the collection follows that of Multinational Business Finance (MBF), ninth edition, 2001, Addison-Wesley Longman Publishing, coauthored by David Eiteman, Arthur Stonehill, and myself. It is intended that the casebook be used as a supplement to MBF, but also as a supplement to a traditional financial management text, or independently on a stand-alone basis. Although the title of the collection is International Finance, each case could be viewed as focusing on a variety of financial dimensions of global business in general. The selection of cases for the volume was intended to expand the scope of international finance, not narrow it.

These cases have been extensively field-tested in both undergraduate and graduate level degree programs at a variety of educational institutions around the globe, as well as within a variety of executive education programs, including here at Thunderbird. I wish to thank all the authors for allowing me to use their cases, several of whom have revised in their cases specifically for this volume. Thank you. And of course, any remaining errors of content or omission are mine alone.

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