Interlocking Global Business Systems: The Restructuring of Industries, Economies and Capital Markets

By Edward B. Flowers; Thomas P. Chen et al. | Go to book overview

Part III
International Financial Operations
The two chapters in this section provide a stark contrast. Mauer's research uses an empirical approach to explore the effects of foreign exchange rate volatility on the value of multinational firms. De Los Rios and Flowers describe the way that U.S. federal law, Florida state law and treaty agreements attempt to protect the U.S. banking system from money-laundering connections with the horrific world of drug smuggling. Both chapters take the reader down from the more abstract world of global economies and markets to the more practical and detailed world of multinational financial operations.
RISKY INTERNATIONAL CASH FLOWS
Do foreign exchange fluctuations make the cash flows of multinational corporations more risky than those of domestic enterprises? How does foreign exchange volatility affect multinational firm value? Mauer seeks to answer these questions by modeling the relationship between foreign exchange rate changes and a measure of firm value. By measuring the impact of foreign exchange rate changes on operating income before depreciation and exchange rate losses, this state-of-the-art research avoids methodological problems that have hampered other studies in this area. The study concludes by describing a wide range of foreign exchange structures that suggest that both transactions and operating exposures are important.De Los Rios and Flowers use the situations of Citibank, the National Democratic and two San Francisco interior designers to illustrate how easy it is for North American financial institutions to be compromised by money from the drug trade--funds flows that are increasing dramatically between the United States and Latin America.You will learn about:
smurfing
kinzlerizing
why drug dealers like stock brokers
the implications of reputational risk

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