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1、confirmingpagesPART8CHAPTER"""""27RISKMANAGEMENTManagingInternationalRisks!Thelastchaptergrappledwithrisksfromcashflowsrequireaeurodiscountrate.Howshouldchanginginterestratesandvolatilecommodityprices.thatratebeestimated?ShoulditdependonwhetherCorporation
2、sthatoperateinternationallyfacestillmoretheinvestingcompanyislocatedintheU.S.,Germany,hazardsfromcurrencyfluctuationsandpoliticalrisks.oranothercountry?ShouldthediscountratebeTounderstandcurrencyrisk,youfirsthavetoadjustedfortheriskthattheeuromayfallrelat
3、ivetounderstandhowtheforeignexchangemarketworksothercurrencies?(Theanswertothelastquestionisandhowcurrencyexchangeratesaredetermined.Weno.Theanswerstotheprecedingquestionsarenotsocoverthosetopicsfirst,withspecialemphasisontheclear-cut.)linkagesbetweenexch
4、angeratesandcross-countryWeconcludethechapterwithadiscussionofpoliticaldifferencesininterestratesandinflation.Thenwerisk.Politicalriskmeanspossibleadverseactsbyadescribehowcorporationsassessandhedgetheirhostileforeigngovernment,forexample,discriminatorycu
5、rrencyexposures.taxesorlimitsontheprofitsthatcanbetakenoutofWealsoreviewinternationalcapitalinvestmentthecountry.Sometimesgovernmentsexpropriatedecisions.Cashflowsforaninvestmentprojectinbusinesseswithminimalcompensation.WeexplainGermany,say,mustbeforecas
6、tedineuros,withhowcompaniesstructuretheiroperationsandfinancingattentiontoGermaninflationratesandtaxes.Buteurotoreducetheirexposuretopoliticalrisks."""""27-1TheForeignExchangeMarketAnAmericancompanythatimportsgoodsfromFrancemayneedtobuyeurostopayforthepur
7、chase.AnAmericancompanyexportingtoFrancemayreceiveeuros,whichitsellsinexchangefordollars.Bothfirmsmakeuseoftheforeignexchangemarket.Theforeignexchangemarkethasnocentralmarketplace.Businessisconductedelec-tronically.Theprincipaldealersarethelargercommercia
8、lbanksandinvestmentbanks.Acorporationthatwantstobuyorsellcurrencyusuallydoessothroughacommercialbank.Turnoverintheforeignexchangemarketishuge.InLondonin2007$1,359billionofcurrencychangedhandseachday.Thatisequivalent
