Hi there ...

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Hi there ...
82,3 Million Germans
1,28 Billion Chinese People
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(No Transcript)
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Where Im from

• Hi there ...

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Vita

• Born in Lindlar (near Cologne), Germany
• 1970 Diploma in Business Administration
  University of Cologne 
• 1976 Doctor of Economics
• 1976/86 Institut der deutschen Wirtschaft
• 1985 Consultant Kienbaum International
• Since 1989 Professor at Cologne University of
  Applied Sciences

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The job International Finance and Investment
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Agenda

• Management 
• Corporate Finance and Investment(Sole
  Proprietorships, Partnerships, Corporations --gt
  Separation of Ownership Control)                
       
• International Finance and Investment              
        
• Lessons Learned

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How to ...?

• Corporate (managerial) Perspective       
• Keep it short and simple       
• Asking questions and giving answers

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Management What does it mean?

• Getting things done with people
• Or
• Reaching goals with effective and efficient use
  of resources

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Which Management-Functions must be performed?

• Planning
• Organizing
• Staffing
• Leading/Actuating
• Controlling

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The Leadership Engine. How to get Energy out of
everyone?

• A sense of urgent need ...
• A mission that is inspiring ...
• Goals that stretch people's abilities
• A spirit of teamwork
• A realistic expectation that the team members can
  meet the goals.

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Which Roles should be taken?

• Entrepreneur
• Disturbance Handler
• Resource Allocator
• Leader
• Monitor
• Negotiator ? Relations ? Information ? Decision

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What is a Decision?

• Decision Making is Problem Solving by Finding a
  Way out of a Mess. May be more rational, may be
  more intuitive.

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Six Steps af a Rational Decision

• Classifying the Problem
• Defining the problem. What are we dealing with?
• Specifying the answers to the Problem. What are
  the boundary conditions?
• Deciding what is "right", rather than what is
  acceptabel, in order to meet the boundary
  conditions
• Building into the decision the action to carry it
• Testing the validity and effectiveness of the
  decision against the actual course of events.

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Intuitive Decision Making

• Intuition means Problem Solving by Recognition.
  If You have already Experience with  a Problem or
  a Job deliberate consciousness is not necessary
  to find the way out. You find it more or less
  automatically.

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Gary Klein Intuition
generates
Situation
Cues
using your
that let you recognize
to effect the
Mental Simulation
Mental Models
Patterns
which you assess by
Action Scripts
that activate
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 Managerial Decision Making

• Managing Uncertainty
• The higher the Position or the more relevant the
  Problem, the more Uncertainty You have to take!
  Believe it or not!

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 Behavioural Finance

• Financial management is more than applying rules
  and procedures.  It explores the behaviour of
  markets, firms and individuals... Behavioural
  finance is the study of psychological traits that
  investors and managers display that prevent them
  acting in a purely rational manner." (see Pike
  Neale, 2006, p. 672)
• Building Intuition"It is our experience that
  students who have a strong conceptual
  understanding of finance theory better understand
  how things really work and are better problem
  solvers and decision makers than students who
  focus primarily on computational skills." (see
  Kidwell Parrino, 2009 - Preface)

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Fundamentals Balance Sheet
Investment

• Investment
• (capital allocation / capital budgeting)

• Finance
• (optimal mix)

What have you done with your purchasing power?
Where does the purchasing power come from?
De-Investment
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Financial Management

• The Finance Function to plan, raise and use
  funds in an efficient manner to achieve corporate
  financial objectives. (see Pike Neale, 2006,
  pp 5)
• depending on the position of the source -
  internal financing (e.g. profit or restructuring
  the assets)- external financing (e.g. credit)
• depending on the legal status of the source-
  equity financing (e.g. silent partnership or
  capital increased)- debt financing (e.g.
  suppliers or clients)
• depending on the location of the fund supplier
• - domestic markets
• - foreign markets

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Financial Management Decisions

• Capital Budgeting
• Long Term Assets
• Financing Decisions
• Capital Structure/Financial Structure Long Term
  Equity/Long Term Debt
• Working Capital Management Decisions
• Current Assets/Current Liabilities (Ross et al.
  2008, pp 2, see Parrino Kidwell, 2009, pp 4)

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Financing Decisions / Capital Structure Criteria
/ Restructuring

• Leverage
• Equity financed resp. Debt financed (Debt to
  Equity D/E)
• Equity/Fixed Assets ec.

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Financial Ratios (1/2)

• e.g. Return on Capital Employd (ROCE), Capital
  Gearing (CG LTL/Shareholders Funds), Return
  on Equity
• Working Capital Current Assets less Current
  Liabilities.Horizontal Key Ratios vs. Vertical
  Key Ratios
• Optimal Capital Structure? Financial Distress?

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Financial Ratios (2/2) - Restructuring -

• Corporate Restructuring means changing the
  Ownership Structure of a Firm to improve the
  Value of the Firm, e.g. through Share Repurchase,
  Leveraged Buy Outs, Substitution of Debt for
  Equity
• Business Restructuring means changing the Mission
  of the Company, e.g. through MBOs, Sell-Offs,
  Mergers
• Asset restructuring means changing the ownership
  of assets, e.g. sale and lease back (see Pike
  Neale, 2006, pp 576).

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Basic Forms of Investment A Plunge into the
Unknown (1/3)

• Investment Decision 1
• How much should the Firm invest?
• Short-term Choices (Working Capital Management)
• Long-term Choices (fixed)Assets/Capital Budgeting
  Decisions
• Real Assets (tangible vs. intangible) vs.
  Financial Assets

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Basic Forms of Investment A Plunge into the
Unknown (2/3)

• Investment Decision 2
• In which Projects should the Firm invest?
• Internal vs. external Investments (
  Acquisitions)
• Investment in Working Capital (inventories),
  Replacement Investment, New Investment in Fixed
  Assets (Capital Budgeting Decisions)
• Domestic Investments vs. Cross Border Investments

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Basic Forms of Investment A Plunge into the
Unknown (3/3)
Investment Rule Invest in a Project if the Cost
you incur today is less than or equal to the
Present Value of the future Payments from the
Project. See OSullivan Sheffrin, 2006, p 609
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Valuation Criteria / Investment Appraisal /
Capital Rationing

• Static Capital Budgeting, e.g. Comparison of
  Profits or Costs, Cash Flow Analysis
• Dynamic Capital Budgeting, e.g. Present Value or
  Annuity Method
• Risk Assessment Methods,e.g. Expected Net
  Present Value (ENPV), Sensitivity Analyses,
  Best/Worst Case Analyses
• Hard vs. Soft Rationing(see Pike Neale, 2006,
  p. 134)

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International Finance and Investment Outlook

• Characteristics of Intern. Finance and Investment
• Differences (domestic vs. intern.)
• Globalization
• Motives Why become a MNC?
• Intern. Monetary System (Currency, Balance of
  Payments, Exchange Rate)
• Intern. Flow of Money and Capital/Entry Modes
• Int. financial Environment
• Derivatives Hedging
• Multinational Capital Budgeting
• CB Risk Management
• DFIs
• MNCs Transfer Pricing
• Scams and Swindles

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International Financial Management and Investments

• Specific characteristics of International
  Financial Management
• Foreign Exchange (Currencies) and Political Risks
• Accounting Rules
• Stakeholders
• Legal, Regulatory and Institutional Framework
• Language
• Taxation
• Market Imperfections
• Expanded Opportunity Set
• Intellectual Property Rights (see Connally, 2007
  pp1)
• Main goal of Financial Management? Managing for
  Value resp. Shareholder wealth maximation! (s
  ee Eun Resnick 4th ed. 2007, p. 5)

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What is different about International Financial
Management? (1/4)
see Eitemann et al., 2007, p.3
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What is different about International Financial
Management? (2/4)
see Eitemann et al., 2007, p.3
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What is different about International Financial
Management? (3/4)
Parrino Kidwell, 2009, p 699
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What is different about International Financial
Management? (4/4)
Parrino Kidwell, 2009, p 699
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International Corporate Finance The basic
principles of corporate finance still apply to
international corporations like domestic
companies, these firms seek to invest in projects
that create more value for the shareholders than
they cost and to arrange financing that raises
cash and the lowest possible cost . In other
words , the net present value principle holds for
both foreign and domestic operations. Although it
is usually more complicated to apply the NPV rule
for foreign exchange. Ross et al., 2007, p 726
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Basic Principles Remain the Same   In todays
globalized environment. Financial managers must
be prepared to handle international transactions
and all the complexities that those transactions
involve. Fortunately, the basic principles of
finance remain the same whether a transaction is
domestic or international. The time value of
money for example, is not affected by whether a
business transaction is domestic or
international. Likewise, we use the same models
for valuing capital assets, bonds, stocks, and
entire firms.   Parrino Kidwell, 2009, p 698
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Globalization Trends and Problems (1/3)

• Trends
• Emergence of Globalized Financial Markets
• Emergence of the Euro as a Global Currency
• Trade Liberalization and Economic Integration
• Privatization

(see Salvatore, 2004, pp v-vi)
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Globalization Trends and Problems (2/3)

• Problems
• Trade Restrictions/Protectionism
• Destabilizing effects of globalized capital
  markets (see Subprime Crisis)
• Financial and economic Crisis of emerging
  Economies
• Unemployment and slow Growth in Europe
• Increased international Competition causing job
  insecurity
• Restructuring of eastern Europe and former Russia
• Poverty and Inequality e.g. in Africa and South
  America
• Corruption

(see Salvatore, 2004, pp v-vi)
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Globalization Trends and Problems (3/3)
International Business consists of business
transactions between parties from more than one
country See Griffin Pustay, 2005, p 5
(see Salvatore, 2004, pp v-vi)
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Theories and Motives for International Business.
Gains from Trade and Capital Flows? (1/2)

• Absolute Advantage means, that Country I is more
  efficient at Product A than II, but less
  efficient at Product B. The gains Importing B,
  exporting A.
• Comparative Advantage means that even if Country
  I is less efficient at A and B than II, it
  realizes a gain when it specializes and exports A
  where the disadvantage is smaller than with B, so
  the loss is smaller.
• Opportunity Costs The theory that the cost of a
  commodity is the amount of a second commodity
  that must be given up to release just enough
  resources to produce one more unit of the first
  commodity. (Salvatore, 2005, p458)

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Theories and Motives for International Business.
Gains from Trade and Capital Flows? (2/2)

• Motives?
• Economic Conditions Supply Factors (e.g.
  favourable Performance, Production Costs,
  Logistics, Availability of Natural Sources,
  Access to Key Technology) vs. Demand Factors
  (e.g. Customer Access, Marketing Advantages,
  Exploitation of Competitive Advantages, Customer
  Mobility) see Griffin Pustay2005, pp167.
• Exchange Rate Expectations
• International Diversification

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Assessing international opportunities

• Investment opportunities
• Financing opportunities, e.g. interest rates
• Political opportunities, e.g. removal of the
  Berlin Wall, BRI
• Regional Opportunities, e.g. in Asia

Madura, 2003, pp 13
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Why Do Firms Become Multinational?

• Market Seekers
• Raw Material Seekers
• Production efficiency Seekers
• Knowledge Seekers
• Political safety seekers
• (see Eitemann et al., 2007, pp 532 )
• To leverage Core Competencies,
• to acquire Resources and Supplies,
• to seek new Markets,
• to better compete with Rivals (Building Global
  Skills),
• Environmental Change, Internet Age
• (see Griffin Pustay, 2006, pp 12)

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Attributes of the Ideal Currency

• If the ideal currency existed in todays world,
  it would possess three attributes, often referred
  to as the impossible trinity
• Exchange rate stabilityThe value of the currency
  would be fixed in relationship to other major
  currencies, so traders and investors could be
  relatively certain of the foreign exchange value
  of each currency in the present and into the near
  future.
• Full financial integrationComplete freedom of
  monetary flows would be allowed, so traders and
  investors could willingly and easily move funds
  from one country and currency to another in
  response to perceived economic opportunities or
  risks.
• Monetary independenceDomestic monetary and
  interest rate policies would be set by each
  individual country to pursue desired national
  economic policies, especially as they might
  relate to limiting inflation, combating
  recessions and fostering prosperity and full
  employment.

(see Eitemann et al., 2007, p.46)
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The Impossible Trinity
Full Capital Controls
Exchange Rate Stability
Monetary Independance
Monetary Union
Full Financial Integration
Pure Float
Economic and financial theory clearly states that
a country cannot be on all three sides of the
triangle at once. It must give up one of the
three attributes if it is to achieve one of the
states described by the corners of the triangle.
(see Eitemann et al., 2007, p.46)
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The International Monetary System

• The rules, customs, instruments, facilitations,
  and organizations for effecting international
  payments. (see Salvatore, 2005, pp 419)
• Classification Fixed exchange rate system with a
  narrow band of fluctuation vs. a wide band of
  fluctuation, adjustable peg system, crawling peg
  system, managed floating vs. freely floating. Or
  gold standard vs. fiduciary system (e.g. pure )
  vs. a combination of both.
• 1947 IMF, SDRs, firm surveillance
• The After War Monetary System since 1973 is a
  Managed Floating Regime
• 1976 Jamaica Accords. Reserves.
• 1979 EMS, 1999 EMU ()
• Hard Peg vs. Fully Floating Which Exchange
  Rate System is best? Criteria Adjustment,
  Liquidity, Confidence (see Pilbeam 2006, pp 289)
  or Exchange rate stability, Full financial
  integration, monetary independence (see Eitemann
  et al., 2007, p.46).

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Balance of Payments and Exchange Rates (1/2)

• Balance of Payments
• A summary statement of all the international
  transactions of the residents of a nation with
  the rest of the world during a particular period
  of time, usually a year. (Salvatore 2005, pp
  447/8)Informs about the (Dis)Equilibrium of
  International Debit or Credit-Transactions, about
  Deficits or Surplusses.

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Balance of Payments and Exchange Rates (2/2)

• Exchange Rate
• is the domestic currency prise of the foreign
  currency. (see
  Salvatore, 2005, p 452)
• Flexible vs. fixed Exchange Rates vs. Optimum
  Currency Area (bloc)
• Adjustable Pegs, Crawling Pegs, Managed Floating
• Currency Board Arrangements (CBAs) and
  Dollarization
• Spot and Forward Exchange Rates The spot rate
  of exchange is the exchange rate for an
  immediate transaction. The forward rate is is the
  exchange rate for a forward transaction at a
  specified future date. (see Brealy
  Myers Marcus, 2004, p 632)
• Foreign Exchange Futures and Option

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Flow of Capital / Flow of Funds. International
Business Methods.Types of Foreign Investments
resp. Entry Modes (1/3)

• Trade Flows (visible trade- goods - vs. invisible
  trade services-)
• Portfolio Investments (no active Management or
  Control of the Securities in the host Country)
• Direct Investments (DFI) with active Controlling
  of the securities in the host country

(see Salvatore, 2005, pp 225 Griffin Pustay,
2005, pp 8)
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Flow of Capital / Flow of Funds. International
Business Methods.Types of Foreign Investments
resp. Entry Modes (2/3)

• Licensing
• Franchising
• Joint Venture
• Acquisition of existing foreign firms/operations
• Establishing new foreign subsidiarities
• (see Madura, 7 th ed., 2003, S. 10 ff.)
• Takeover
• Cross Border MAs
• Horizontal Integration vs. Vertical Integration
  vs. Conglomerate Integration
• Financing a Bid Cash, Share Exchange, Other
• (see Pike Neale, 2006, pp 541)

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Flow of Capital / Flow of Funds. International
Business Methods.Types of Foreign Investments
resp. Entry Modes (3/3)

• Entry Modes
• Exporting
• Licensing
• Patents
• Spot Transactions
• Long Term Contracts
• Exporting with foreign agent

(see Pike Neale, 2006, pp 632)
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International Business Activities

• Importing/Exporting
• International Investments (FDI, Portfolio
  Investments)
• Licensing
• Franchising
• Managed Contract
• Multinational Corporation (MNC)
• (see Griffin Pustay, 2005, pp 7)

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Alternative Modes of Market Entry
(see Pike Neale, 2006, p 633 )
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Financial System / International Financial
Environment / Sourcing Debt and Equity Globally
(1/2)

• Lenders/Savers transfer Purchasing Power across
  the border to Borrowers/Spenders
• Direct Financing (e.g. Investment Banks, Stocks,
  Bonds) vs. Indirect Financing (Financial
  Intermediation, e.g. Commercial Banks)
• Primary Market (Company to Investor) vs.
  Secondary Market (Investor to Inv.)
• Organized Markets (Exchanges) vs. Over The
  Counter (OTC) Markets
• Money Markets (Short Term) vs. Capital Markets
  (e.g. Treasury Notes, Bonds)
• Private Markets vs. Public Markets

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Financial System / International Financial
Environment / Sourcing Debt and Equity Globally
(2/2)

• Spot Markets vs. Forward Markets (Futures,
  Options, Swaps)
• Interbank Markets vs. Client Markets (see Eiteman
  200)
• International Stock Markets
• Sourcing Equity (Global Registeres Shares GRSs)
  or Debt (e.g. Eurobonds) globally
• Equity Markets/Private Equity/Hedge Funds (see
  Solnik McLeavey, 2003, pp398)
• International Portfolio Investments (see Eun
  Resnick, 2007, pp 266)
• Dealer vs. Auction Markets (see Ross et al. 2008,
  pp 14)
• MBOs, Leveraged Buy Outs

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Currency Derivatives-A double edged sword.-

• Derivative Financial Instrument whose value
  derives from an underlying asset. (see Pike
  Neale, 2006, p 25)
• Why? Hedging (Volatility) or speculative Purposes
• Forward Contracts
• Currency Futures Market
• Currency Options Market / Option Valuation
• Currency Call Options
• Currency Put Options
• Swap Transactions

(see Pilbeam, 2006, pp 323)
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Hedging / Financial Engineering

• Hedging means the avoidance of a foreign exchange
  risk (vs. Speculation) or to insulate a firm from
  exposure to exchange rate fluctuations.
• Hedging Techniques
• Futures Hedge
• Forward Hedge
• Money Market Hedge
• Currency Option Hedge (see Madura, 2003, p 335)
• Alternative Hedging Techniques
• Leading and Lagging
• Cross-Hedging
• Currency Diversification (see Madura, 2003, pp
  357)

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Multinational Capital Budgeting (Investment
Decision and Appraisal)

• Calculate/quantifying whether long term
  investments are worth pursuing.
• Ranking investments/projects according to the
  chosen criteria, e.g. rate of return.
• Factors to consider

• Initial investment
• Consumer demand
• Price
• Cost
• Project lifetime
• Salvage (liquidation) value
•  

• Restrictions on fund transfers(vs. Capital
  Mobility, Capital Flight) see Eitemann et al.,
  2007, pp88
• Tax laws
• Exchange rate fluctuation
• Required rate of return
• Inflation
• Risk assessment

(see Madura, 2003, pp 416)
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Cross-Border Financial Risk Management / Foreign
Exchange Exposure (1/2)

• Exposure to Exchange rate movements
• Exposure to foreign economics
• Exposure to political risk
•  
• Foreign Exchange Exposure is a Measure of the
  Potential that a Firms Profitability, Cash
  Flow, and Market Value will change because of a
  Change in Exchange Rates (see Eitemann et al.,
  2007, pp251)
•  
• Transaction Exposure
• Economic / Operating Exposure
• Translation Exposure / Accounting Exposure
  (see Madura, 2003, pp 302 Eun Resnick,
  2007, pp 192)

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Cross-Border Financial Risk Management / Foreign
Exchange Exposure (2/2)

• Risk (vs. Uncertainty) means that you can assign
  Probabilities to your Alternatives!
• Risk Management includes the Knowledge and
  Processes to manage Exposure to Risk, esp.
  Credit Risk and Market Risk, Inflation,
  Corruption, Volatility, Exchange Rate, Foreign
  Exchange, Country Risk ec. To identify, assess
  risks and develop plans to address them.

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Conceptual Comparison of Transaction, Operating,
and Translation Foreign Exchange Exposure
Time
(see Eitemann et al., 2007, p 254 )
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Country Risk Analysis (1/2)

• Political Risk Factors
• Attitude of Consumers in the host Country
• Actions of the Host Government
• Blockage of Fund Transfers
• Currency Inconvertibility
• War
• Bureaucracy
• Corruption (see Madura, 2003, pp 478)

• Financial Risk Factors
• Interest Rates
• Exchange Rate Volatility
• Inflation

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Country Risk Analysis (2/2)

• Deviations from the Optimal Finance Structure
  Availability of Capital, Diversification of Cash
  Flows, Foreign Exchange Risk, Expectations of
  International Portfolio Investors.
• (see Eitemann 2007, pp 435)

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Industry Risks

• Market Competition (e.g. Predatory Pricing)
• Value Chain Competition (e.g. Co-opetition)
• Rivalry Intensity
• Substitutes
• Buyer/Supplier Power
• New Entrants
• Government Participation (see Solnik McLeavey,
  2003, pp268)

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DFIs Why?

• DFIs are investments in real assets. They may be
  be motivated by
• Attract new sources of Demand / Customer Access
• Enter markets where superior profits are possible
  / Marketing Advantages
• Fully Benefit from economies of Scale
• Use foreign Factors of Production
• Use foreign Raw Materials
• Use foreign Technology
• Exploit monopolistic Advantages
• React to Exchange Rate movements
• React to trade Restrictions / Avoidance of Trade
  Barriers
• Diverse internationally

(see Madura, 2003, p 395)
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DFIs Barriers?

• Barriers against DFIs
• Protection of local Firms or Consumers
• Restriction of Ownership
• Red Tape Barriers (i.e. paperwork)

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The FDI Sequence Foreign Presence and Foreign
Investment
Greater Foreign Presence
Greater Foreign Investment
(see Eitemann et al., 2007, p 540 )
67
Multinational Corporations (MNCs) and Transfer
Pricing (1/2)

• The multinational enterprise (MNE) is defined as
  one that has operating subsidiarities, branches,
  or affiliates located in foreign countries. It
  also includes forms in service activities
  (Eitemann et al., 2007, p 2)
• MNCs are characterized by a strong separation of
  Ownership and Management (see Agency Theory, see
  Corporate Governance CG)
• The CG Framework should protect the shreholders
  rights and ensure disclosure on all relevant
  aspects of the firm including the financial
  situation (vs. Black Box).

see Pike Neale, 2006, pp 631
68
Multinational Corporations (MNCs) and Transfer
Pricing (2/2)

• Transfer Pricing The setting of Prices to be
  charged by one Unit (such as a foreign
  Subsidiarity) of a multiunit Corporation to
  another Unit (such as the Parent Corporation) for
  Goods or Services sold between such related
  Units. (see Eitemann et al., 2007, p EM-48). TP
  is a sensitive matter because of government
  regulations with two effects Fund Positioning
  Effect and Income Tax Effect. Three Methods of
  setting TPs Comparable uncontrolled price
  method, Resale Price Method, Cost-plus
  Method.Tax systems differ world wide.

see Pike Neale, 2006, pp 631
69
Scams Swindles

• Carlo Ponzi Schemes 1919 Notes with no
  underlying Assets
• Parmalat Fraud Repayment of Debt with new Debt
  ec.
• Managing Other Peoples Money ENRON, WorldCom
• Retention Bonuses
• Insider Trading
• Abusive Tax Schemes
• Undisclosed Executive Compensation (Agency
  Problem)
• Derivative Scandals
• Backdating Option Grants

(see Connoly, 2007, pp 160)
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Lessons Learned 20 Questions

• Main Functions of Management?
• Rational Decision Making vs. Intuitive Decision
  Making?
• Three Types of a Firm?
• Is Financial Mgt. a pure computational Affair?
• What is the Balance Sheet?
• Three Types of Financial Mgt. Decision?
• Barriers to Globalization?
• International Business and Comparative Advantage?
• Exchange Rate Systems of today?
• Please describe six entry Modes to foreign
  Markets.

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Lessons Learned 20 Questions

• What is the Difference between Portfolio
  Investment and Direct Investment?
• Differences between Futures and Forwards?
• Three Types of Risk Exposure?
• Why do Firms become multinational?
• Hedging What does it mean and how to do it?
• Barriers to DFIs?
• Transfer Pricing in the MNC?
• Carlo Ponzi Schemes?
• Compensation and the Agency Problem?
• Derivative Scandals and the Subprime Crisis

72
References

• Michael Connolly, International Business Finance.
  Routledge 2007.
• David K. Eiteman Arthur I. Stonehill Michael
  H. Moffett, Multinational Business Finance.
  Pearson Addison Wesley 2007.
• Keith Pilbeam, International Finance. Palgrave
  Mac Millan 2006.
• Dominick Salvatore, Introduction to International
  Economics. Wiley 2005.
• Jeff Madura, International Financial Management.
  Thomson South Western 2003.
• Cheol S. Eun Bruce G. Resnick, International
  Financial Manaegement. McGrw Hill Irwin 2007.
• Hans E. Büschgen, Internationales
  Finanzmanagement. Fritz Knapp Vlg. 1993.
• Manfred Perlitz, Internationales Management.
  Lucius Lucius 5.A.
• Richard Pike Bill Neale, Corporate Finance and
  Investment, Prentice Hll 2006.
• Stephen A. Ross Randolph W. Westerfield
  Bradford D. Jordan, Corporate Finance
  Fundamentals. McGraw-Hill Irwin 2008.
• Robert Parrino David Kidwell, Fundamentals of
  Corporate Finance. Wiley 2009.
• Arthur OSullivan Steven M. Sheffrin,
  Economics. Principles Tools. Pearson Prentice
  Hall 2006.
• Ricky W. Griffin Michael W. Pustay,
  International Business. A Managerial Perspective.
  Pearson Prentice Hall 2005.
• Bruno Solnik Dennis McLeavy, International
  Investments. Pearson Addison Wesley 2004.

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Goodbye! Cheerio! Cheers!
Bye!