Table of Contents

PART ONE:Foundations of International Financial Management

Chapter 1:Globalization and the Multinational Firm

Chapter 2:International Monetary System

Chapter 3:Balance of Payments

Chapter 4:Corporate Governance Around the World

PART TWO:The Foreign Exchange Market, Exchange Rate Determination, and CurrencyDerivatives

Chapter 5:The Market for Foreign Exchange

Chapter 6:International Parity Relationships and Forecasting Foreign Exchange Rates

Chapter 7:Futures and Options on Foreign Exchange

PART THREE:Foreign Exchange Exposure and Management

Chapter 8:Management of Transaction Exposure

Chapter 9:Management of Economic Exposure

Chapter 10:Management of Translation Exposure

PART FOUR:World Financial Markets and Institutions

Chapter 11:International Banking and Money Market

Chapter 12:International Bond Market

Chapter 13:International Equity Markets

Chapter 14:Interest Rate and Currency Swaps

Chapter 15:International Portfolio Investment

PART FIVE:Financial Management of the Multinational Firm

Chapter 16:Foreign Direct Investment and Cross-Border Acquisitions

Chapter 17:International Capital Structure and the Cost of Capital

Chapter 18:International Capital Budgeting

Chapter 19:Multinational Cash Management

Chapter 20:International Trade Finance

Chapter 21: International Tax Environment and Transfer Pricing

About the Author

Cheol S. Eun (Ph.D., NYU) is the Thomas R. Williams Chair and Professor of Finance at the Scheller College of Business, Georgia Institute of Technology. Before joining Georgia Tech, he taught at the University of Minnesota and the University of Maryland. He also taught at the Wharton School of the University of Pennsylvania, Korea Advanced Institute of Science and Technology (KAIST), Singapore Management University, and the Esslingen University of Technology (Germany) as a visiting professor. He has published extensively on international finance issues in such major journals as the Journal of Finance, Journal of Financial Economics, JFQA, Journal of Banking and Finance, Journal of International Money and Finance, Management Science, and Oxford Economic Papers. Also, he has served on the editorial boards of the Journal of Banking and Finance, Journal of Financial Research, Journal of International Business Studies, and European Financial Management. His research is widely quoted and referenced in various scholarly articles and textbooks in the United States as well as abroad. 

Dr. Eun is the founding chair of the Fortis/Georgia Tech Conference on International Finance. The key objectives of the conference are to promote research on international finance and provide a forum for interactions among academics, practitioners, and regulators who are interested in vital current issues of international finance. 

Dr. Eun has taught a variety of courses at the undergraduate, graduate, and executive levels, and was the winner of the Krowe Teaching Excellence Award at the University of Maryland. He also has served as a consultant to many national and international organizations, including the World Bank, Apex Capital, and the Korean Development Institute, advising on issues relating to capital market liberalization, global capital raising, international investment, and exchange risk management. In addition, he has been a frequent speaker at academic and professional meetings held throughout the world.




Bruce G. Resnick is Professor Emeritus of Finance at the Wake Forest University School of Business in Winston-Salem, North Carolina. Prior to retiring, he was the Joseph M. Bryan Jr. Professor of Banking and Finance. He has a D.B.A. in finance from Indiana University. Additionally, he has an M.B.A. from the University of Colorado and a B.B.A. from the University of Wisconsin-Oshkosh. Prior to coming to Wake Forest, he taught at Indiana University for ten years, the University of Minnesota for five years, and California State University, Chico for two years. He has also taught as a visiting professor at Bond University, Gold Coast, Queensland, Australia, and at the Helsinki School of Economics and Business Administration in Finland. Additionally, he served as the Indiana University resident director at the Center for European Studies at Maastricht University, the Netherlands. He also served as an external examiner to the Business Administration Department of Singapore Polytechnic and as the faculty advisor on Wake Forest University study trips to Japan, China, and Hong Kong.Dr. Resnick taught M.B.A. courses at Wake Forest University. He specialized in the areas of investments, portfolio management, and international financial management. Dr. Resnick’s research interests include market efficiency studies of options and financial futures markets and empirical tests of asset pricing models. A major interest has been the optimal design of internationally diversified portfolios constructed to control for parameter uncertainty and exchange rate risk. In recent years, he has focused on information transmission in the world money markets and yield spread comparisons of domestic and international bonds. His research articles have been published in most of the major academic journals in finance. His research is widely cited by other researchers and textbook authors. He served as an associate editor for the Journal of Financial Research, Emerging Markets Review, Journal of Economics and Business, and the Journal of Multinational Financial Management.



Tuugi Chuluun is an Associate Professor of Finance at Sellinger School of Business and Management at Loyola University Maryland. Her research areas include international finance, corporate finance, and behavioral finance. She has published in journals such as Journal of Banking and Finance, Financial Management, Journal of Corporate Finance, Journal of Economic Behavior and Organization, and Small Business Economics. Her research has also been featured in magazines such as The Economist and Forbes Mongolia and on popular websites such as HBR.org and Inc.com. She holds a Ph.D. in Finance from Georgia Institute of Technology, a master’s in financial economics and a bachelor’s degree in economics from Ohio University. Dr. Chuluun has taught a variety of undergraduate and graduate courses, including international finance, corporate finance, investments, microeconomics, and macroeconomics at Loyola University Maryland, Georgia Institute of Technology, and West Virginia University–Parkersburg, often incorporating innovative teaching practices. At Loyola University Maryland, she was selected as the ELMBA Program Distinguished Professor of the Year and received the Sellinger School STAR Award in Research. She has also received the Financial Management Association’s Superior Faculty Advisor award. 

Dr. Chuluun holds the Chartered Financial Analyst (CFA) designation. She is the former president of the CFA Society Baltimore, Maryland’s largest membership organization for investment professionals, and has served on the board of the society since 2013. She was also the co-chair of the “Alpha and Gender Diversity Baltimore Conference 2018” that was designed to offer collaborative discussion on how gender diversity creates a competitive advantage for investment professionals and the broader finance industry. Dr. Chuluun was a Visiting Scholar at the Brookings Institution and has international consulting experience.