Corporate Finance 公司理财 机械工业出版社 Ross Ch031第31章答案

《CorporateFinance》公司理财StephenA.Ross机械工业出版社Chapter31:InternationalCorporateFinance31.1a.Indirectterms,$1.6317/PoundInEuropeanterms,DM1.8110/$b.TheJapaneseyenissellingatapremiumtotheU.S.dollarintheforwardmarkets.Today,atthespotrate,U.S.$1buys¥143,whileatthe90-dayfuturerate,U.S.$1buysonly¥142.01.Clearly,Yenaregettingmoreexpensiveindollarterms.Thisiseveneasiertoseeindirectterms:Atthespotrate,theyencostjustunder6cents,whilethe90-dayyencostsover7cents.c.ItwillbeimportanttoJapanesecompaniesthatwillreceiveormakepaymentsindollars.ItwillalsobeimportanttootherinternationalcompaniesoutsideJapanthatmustmakeorreceivepaymentsinyen.Forthesecompanies,futurecashflowsdependontheexchangerate.d.The3monthforwardexchangerateis$0.6743/SF.TheamountofSwissfrancsreceivedwillbeSF148,301.94.=.Weshouldselldollars,becauseatthespotrate,itwouldbeSF149,454,49.e.LetbethespotrateofcurrencyXforYf.Bothbanksreducetheirexposuretoforeignexchangerisk.Ifabankfindsanotherbankwithacomplimentarymismatchofcashflowsintermsofforeigncurrencies,itshouldarrangeaswapsincebothbanks’cashflowswouldbemorecloselymatched.31.2a.ItiseasiesttoseethisbyconsideringfromthepointofviewoftheDM:andwriteastheinverse:Thenwriteasaratio:Fornoarbitrage,thequoteformustbe2.0,butinsteaditis1.8.Therefore,anarbitrageopportunitydoesexist.b.Similarly,100/2=50,andthequoteis¥50/DM,soarbitragedoesnotexistc.and,butthequoteis¥14/HKD,meaningarbitragedoesexist31.3a.False.Onthecontrary,accordingtoRelativePurchasingPowerParity,anexpectationofhigherinflationinJapanshouldcausetheyentodepreciateagainstthedollar.b.False.Assumingthattheforwardmarketisefficient,anyexpectationofhigherinflationinFranceshouldbereflectedindiscountedFrenchfrancsintheforwardmarket.Therefore,noprotectionfromriskwouldbeavailablebyusingforwardcontracts.c.True.Thefactthatotherparticipantsinthemarketdonothaveinformationregardingthedifferencesintherelativeinflationratesinthetwocountrieswillmakeourknowledgeofthisfactaspecialfactorthatwillmakespeculationintheforwardmarketsuccessful.31.4Theapproximationformulagiveninthetextis:Then,So,thespotrateatyearendis31.4(continued)31.5a.TheInterest-rateparitytheoremspecifies:where:Inthiscase,wehave(andsolvingfortheforwardrate):Sinceis$/FF,wemusttaketheinverseofthequotegivenintheproblem,soSincearespecifiedintheproblemannuallyandwewantthe3-monthforwardrate,wemustfindthe3-monthinterestrates,so:So,nowwehave:ConvertthisbacktoFF/$(1/0.16544)andwegetFF6.04/$b.Enterthebuy-sidepositionofa3monthFFforwardcontractworth1,000,000x6.04=FF6.04million.Then,whentheybuythecosmetics3monthsfromnow,theywillhavethenecessaryFrenchFrancs,regardlessofwhathappenstotheFXmarketsduringthose3months.31.6a.Comparetheend-of-periodinvestmentvalueofeachcountry:InvestmentintheU.K.:Thetreasurercanobtain2.5millionPounds[=$5million/($2/Pound)].AfterinvestingintheU.K.forthreemonthsat9%hewillhave2,556,250pounds[=2.5millionpoundsx(1+0.09/4)]Theforwardsaleofpoundswillprovide$5,150,843.75(=2,556,250Poundsx$2.015/Pound).InvestmentintheU.S.:AfterinvestingintheU.S.forthreemonthsat12%,thetreasurerwillhave$5,150,000[=$5,000,000x(1+0.12/4)].SinceinvestingintheUKyields$843.75morethaninvestingintheUS,thetreasuereshouldinvestintheUK.b.Fromtheequationforinterest-rateparitytheorem:where:Insteadofinterpretingtheperiodas1monthasbeforeandinthetext,wecaninterpretitas1year.Thenwehavec.Italldependsonwhethertheforwardmarketexpectsthesameappreciationovertheperiodandwhethertheexpectationisaccurate.Assumingthattheexpectationiscorrectandthatothertradersdonothavethesameinformation,therewillbevaluetohedgingthecurrencyexposure.31.7a.Onepossiblereasoninvestmentintheforeignsubsidiarymightbepreferredisifthisinvestmentprovidesdirectdiversificationthatshareholderscouldnotattainbyinvestingontheirown.Anotherreasoncouldbeifthepoliticalclimateintheforeigncountrywasmorestablethaninthehomecountry.Increasedpoliticalriskcanalsobeareasonyoumightpreferthehomesubsidiaryinvestment.Indonesiacanserveasagreatexampleofpoliticalrisk.Ifitcannotbediversifiedaway,investinginthistypeofforeigncountrywillincreasethesystematicrisk.Asaresult,itwillraisethecostofthecapital,andcouldactuallydecreasetheNPVoftheinvestment.b.First,weneedtoforecastthefuturespotratesforthenext3years.Frominterestrateandpurchasingpowerparity,theexpectedexchangerateisSimilarly,Now,usethesefuturespotratestoestimatethefuturecashflowsindollars,anddiscountthosedollarcashflows:c.Yes,thefirmshouldundertaketheforeigninvestment.If,aftertakingintoconsiderationallrisks,aprojectinaforeigncountryhasapositiveNPV,thefirmshouldundertakeit.Notethatinpractice,thestatedassumption(thattheadjustmenttothediscountratehastakenintoconsiderationallpoliticalanddiversificationissues)isahugetask.Butoncethathasbeenaddressed,thenetpresentvalueprincipleholdsforforeignoperations,justasfordomestic.31.7(continued)d.Iftheforeigncurrencydepreciates,theU.S.parentwillexperienceanexchangeratelosswhentheforeigncashflowisremittedtotheU.S.Thisproblemcouldbeovercomebysellingforwardcontracts.Anotherwayofovercomingthisproblemwouldbetoborrowinthecountrywheretheprojectislocated.31.8a.EuroyenisyendepositedinabankoutsideJapan.b.False.Ifthefinancialmarketsareperfectlycompetitive,thedifferencebetweentheEurodollarrateandtheU.S.ratewillbeduetodifferencesinriskandgovernmentregulation.Therefore,speculatinginthosemarketswillnotbebeneficial.c.ThedifferencebetweenaEurobondandaforeignbondisthattheforeignbondisdenominatedinthecurrencyofthecountryoforiginoftheissuingcompany.Eurobondsaremorepopularthanforeignbondsbecauseofregistrationdifferences.Eurobondsareunregisteredsecurities.d.Aforeignbond.Inthisparticularcase,aYankeebond.《CorporateFinance》公司理财StephenA.Ross机械工业出版社B-463