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a 100 million pounds of food and 40 million yards of textiles are now available in excess of the pretrade consumption. 145 Arguments in Favor of Free Trade ? Both partners gain from trade: we have more material goods. ? “Freedom” in a good thing in itself. ? In this case consumers freedom to choose imported goods and producers freedom to choose to sell to foreigners. 146 推薦一:經(jīng)典電影 147 關(guān)于商業(yè)必看的 20部電影 ?!痵 Foreign Ownership Restrictions 12,000 10,000 8,000 6,000 4,000 2,000 0 11 20 31 9 18 24 Source: Financial Times, November 26, 1988 . Adapted with permission. SF Bearer share Registered share 112 The Example of Nestl233。INTERNATIONAL FINANCIAL MANAGEMENT EUN / RESNICK Fifth Edition 答疑時(shí)間:星期二(下午) 星期五( 23節(jié)) 主講教師 :王小平 OUTLINE OF 《 INTERNATIONAL FINANCIAL MANAGEMENT》 Reference Books .國(guó)際財(cái)務(wù)管理 .北京大學(xué)出版社 . .跨國(guó)公司財(cái)務(wù)管理 .東北財(cái)經(jīng)大學(xué)出版社 ,陳彪如,西南財(cái)經(jīng)大學(xué)出版社,2022. ,劉亞秋,三民書局, 2022. 5.(美)巴特勒 著;趙銀德 等譯 . 《 跨國(guó)財(cái)務(wù) 》(原書第 3版) . 北京:機(jī)械工業(yè)出版社, What is the real world? ? Economy ? Politicks ? Culture ? Law ? Tech ? …… Why do we need to study international financial management? Chapter Objectives: Understand why it is important to study international finance. Distinguish international finance from domestic finance. 1 Chapter One Globalization and the Multinational Firm 15 Chapter One Outline What’s Special about “International” Finance? Goals for International Financial Management Globalization of the World Economy Multinational Corporations 16 What’s Special about “International” Finance? ? Foreign Exchange and Political Risk ? Market Imperfections ? Expanded Opportunity Set 17 What’s Special about “International” Finance? ? Foreign Exchange Risk ? The risk that foreign currency profits may evaporate in dollar terms due to unanticipated unfavorable exchange rate movements. ? . Suppose $1 = 165。 lifted restrictions imposed on foreigners, allowing them to hold registered shares as well as bearer shares. 111 Nestl233。 initially they choose 200 million pounds of food, and 60 million yards of textiles. 135 The Geometry of Comparative Advantage 1,200 300 Food Textiles 180 900 240 60 200 The production possibilities of country B are such that if they concentrated 100% of their resources into the production of textiles, they could produce 240 million yards of textiles. If country B chose to concentrate 100% of their resources into the production of food, they could produce as much as 900 million pounds of food. 136 The Geometry of Comparative Advantage 1,200 300 Food Textiles 180 900 240 60 200 600 As