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MultinationalFinanceSyllabusSpring2008 d1

MultinationalFinanceSyllabusSpring2008 d1

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Boston UniversityMetropolitan CollegeMET FI 763 D1 Spring 2008Multinational Finance and Trade Dr. Alon Raviv
Thursday6-9 pm - Main CampusRoom 201 SHAOffice:Hours: Tuesday, Wednesday 1:00-13:30 PMRoom 215 FLR 808 Commonwealth Ave.E-mail: araviv@bu.eduhttp://courseinfo.bu.edu/courses/08sprgmetfi763_d1/
Course Description
Operating a business or investing on a multi-national basis presents many uniquechallenges. The primary objective of this course is to identify and examine these uniqueaspects and how these challenges can be addressed. These factors range from differentsovereign jurisdictions, legal and regulatory environments, foreign exchange regimes andcurrency fluctuations, trade barriers, to language, business customs and distance. We willanalyze these factors and the tools and mechanisms designed to manage or mitigate their effects. Similarities and differences between managing an operating business, foreigndirect investment and international outsourcing will be distinguished from more passive portfolio investment.
Course Objectives
:We will commence the course by addressing sovereign and country risk, whatconsequences it poses for companies or investors operating in different sovereign jurisdictions and how these risks can be analyzed. We turn next to international financialflows and their impact on foreign exchange rates, another area distinguishing operationsand investments in different countries. Given these risks, financial managers andinvestors focus significant attention on mitigation, through forward and futures markets,swaps, and use of derivatives. The class will focus on the basic mechanics of theseinstruments and how they can be utilized to hedge attendant risks. We will then move onto specific topics in multinational finance – distinctions in the financial instruments usedin international finance, measurement and management of risk, especially through portfolio management, foreign direct investment, financing of international trade, andoutsourcing, which is increasingly being used by companies in all commercial sectors.
Basic Text
: Alan Shapiro, Multinational Financial Management, 8
th
ed. Wiley, 20061
 
Other References and Texts (Not Mandatory!)
:Bruno Solnik and Dennis McLeavey, International Investments, 5
th
ed. AddisonWesley, 2003At their websites, the World Bank (International Bank for Reconstruction &Development) and its private-sector oriented cousin, the International FinanceCorporation, the Organization for Economic Cooperation & Development(OECD), and the Bank for International Settlements have a bounty of useful dataand analysis.CME Tutorial: http://www.cme.com/multimedia/tradefx/CME_FX/Two highly readable and pertinent reviews of finance and risk taking are:Peter Bernstein, Against the Gods, The Remarkable Story of Risk, Wiley, 1998Roger Lowenstein, When Genius Failed, The Rise and Fall of Long-Term CapitalManagement, Random House, 2001Daily reading of the Financial Times and the Wall Street Journal are encouraged,as well as the weekly newsmagazines The Economist and The Far EasternEconomic Review. Others include Business Week and Fortune. Particularly theFT, the Economist and the Far Eastern Economic Review generally have a moreinternational or global perspective than some more US-centric sources.
Prerequisites:
MET AC 630MET FI 631
Information Sharing and Plagiarism
One of the best ways to learn is by discussing and sharing ideas with others. This isespecially true in many areas of business and finance where there are no simple, absolute“right” and “wrong” answers. Such discussion is strongly encouraged. However, unless itis clearly intended as a group project,
any work submitted by you, whether in case studies, exams or papers, must be your own
. Use of reference materials is essential, butdirect use of any such material should be clearly cited. The University and theDepartment consider any form of cheating or plagiarism to be a serious offense andsubject to severe penalty. The instructor considers it a capital offense.This course will strictly follow the Code of Academic Conduct of Boston University.Please keep this in mind.
 Academic conduct promoting the desired educationaenvironment of the College involves behavior which refrains from cheating on exams, plagiarism, misrepresentation or falsification of data, theft or destruction of examinations or papers, or alteration, forgery, or knowing misuse of academic records or 
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documents or other similar behavior.
The internet has made plagiarism even easier, and be aware that
text from the Internet is a bona fide form of plagiarism that could result indismissal from Boston University
.
This applies in any course at Boston University.
Grading:
Midterm Exam 20%Final Exam40%Country Analysis Paper20%Quizzes, Case Studies & Problem Sets10%Class Participation10%Exams will generally consist of a combination of multiple choice and conceptualquestions. The midterm exam will cover material addressed in the first half of thecourse. The final exam will be comprehensive, covering the entire contents of thecourse, though more weight will be placed on topics covered during the secondhalf of the course. For all exams students may bring and use one 5x8 file card(half a sheet of paper) containing formulas, definitions, etc. of your discretion.All grading will be done on a curved basis. That is, individual grades for eachexam, paper, etc. will be viewed relative to the mean and standard deviation of allthe class’ grades for that particular assignment.
Class Participation
Students are expected to attend and participate in the class.
 
The essence of this course islearning a set of concepts and understanding how they apply in a variety of situations.Mastering the material requires you to assess, think, and form judgments, so high quality participation is essential. High-quality participation includes substantive contribution toclass discussions, insights into topics we are discussing, questions regarding relevanttopics, and on-line interactions with others. There is not much time to accomplish quite a bit so it is essential that you do not fall behind. Those that are not prepared can expect to be downgraded accordingly. Occasionally, illness, family or business obligations will prevent you from attending class. This is recognized and especially if you are ill, notattending may be best for your fellow students and instructor as well as you. Missing anindividual class should not affect your grade. Nevertheless, if you are unable to attend aclass, it is expected that you will fully familiarize yourself with the subject matter covered in that session.
Make Up Examinations, Late Assignments and Extra Work 
 
from Metropolitan College “Code of Academic Conduct”from Metropolitan College “Code of Academic Conduct”
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