The Oxford Handbook of International Business

By Alan M. Rugman; Thomas L. Brewer | Go to book overview

premium that do not rely on the analysis of historical data. The use of implied equity premiums derived from equity market valuation models is one possibility which is identified. Second, more investigation is required of the reasons for regional differences observed in MNEs' stated risk management objectives and revealed risk management practices. Third, attention must be given to the appropriate procedures MNEs should adopt when implementing internal risk management processes such as cash-flow-at-risk or variants of value-at-risk. Fourth, the implications of differences in capital costs arising from equity market segmentation (Oxelheim et al. 1998 ; Cooper and Kaplanis 2000) on the motives for FDI and its impact upon competition in international product markets needs investigating. Finally, a case has been made that financing considerations are a relevant, but largely neglected, determinant of the choice of mode of market entry. Further attention should be paid to this issue, particularly in the light of recent findings that certain mechanisms for market entry appear to reduce corporate value.


References

Abuaf, N., and Chu, Q. (1994). The Executive's Guide to International Capital Budgeting. 1994 update, Solomon Brothers: New York.

Adler, M., and Dumas, B. (1975a). 'Optimal International Acquisitions', Journal of Finance, 30(1), 1-19.

—— (1975b). 'The Long-Term Financial Decisions of the Multi-National Corporation', in: E. J. Elton and M. J. Gruber (eds.), International Capital Markets. Amsterdam: North Holland.

—— (1983). 'International Portfolio Choice and Corporation Finance: A Synthesis', Journal of Finance, 38, 925-84.

Alchian, A., and Woodward, S. (1987). 'Reflections on the Theory of the Firm', Journal of Institutional and Theoretical Economics, 143, 110-36.

Allen, L., and Pantzalis, C. (1996). 'Valuation of the Operating Flexibility of Multinational Enterprises', Journal of International Business Studies, 27, 633-53.

Belk, P. A., and Edelshain, D. J. (1997). 'Foreign Exchange Risk Management: the Paradox', Managerial Finance, 23(7), 5-24.

—— and Glaum, M. (1990). 'The Management of Foreign Exchange Risk in UK Multinationals: an Empirical Investigation', Accounting and Business Research, 21, 3-13.

Berg, M., and Moore, G. (1991). 'Foreign Exchange Strategies: Spot, Forward and Options', Journal of Business Finance and Accounting, 18, 449-57.

Berger, P., and Ofek, E. (1995). 'Diversification's Effect on Firm Value', Journal of Financial Economics, 37, 39-66.

Berkman, H., and Bradbury, M. (1996). 'Empirical Evidence on the Corporate Use of Derivatives', Financial Management 25, 5-13.

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