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Presents a comprehensive discussion of the foreign exchange market.
* Discusses the key parity conditions in international finance that relate interest rates, exchange rates, and inflation rates, and the underlying arbitrage considerations that determine them-along with numerous real-world applications.
* Presents distinctions between real and nominal exchange rates and between accounting and economic exposure and their significance for exchange risk management.

Grounded in modern financial theory, this highly acclaimed text provides a conceptual framework wherein the key financial decisions of the multinational firm can be analyzed. As in previous editions, the book's approach treats international financial management as a natural and logical extension of principles learned in the foundations of financial management course.

Alan C. Shapiro

Alan C. Shapiro is the Ivadelle and Theodore Johnson Professor of Banking and Finance and past chairman of the Department of Finance and Business Economics, Marshall School of Business, University of Southern California. Prior to joining USC in 1978, he was an Assistant Professor at the Wharton School of the University of Pennsylvania (1971-1978). He has also been a Visiting Professor at Yale University, UCLA, the Stockholm School of Economics, and University of British Columbia. Professor Shapiro received a B.A. in Mathematics from Rice University (1967) and a Ph.D. in Economics from Carnegie Mellon University (1971).

His specialties are corporate and international financial management. His best-selling textbook Multinational Financial Management  is in use in most of the leading MBA programs around the world. He has also written Modern Corporate Finance (Macmillan, 1990), cited by the Journal of Finance as potentially the "standard reference volume in corporate finance," Foundations of Multinational Financial Management (Prentice-Hall, 3rd ed., 1998), International Corporate Finance (Ballinger, 1989), andCorporate Finance: A Strategic Perspective (Prentice-Hall, forthcoming, co-authored with Sheldon Balbirer).

Dr. Shapiro has consulted with the FBI, Federal Home Loan Bank, RTC, American Law Institute, Department of Justice, SEC, Department of Energy, Internal Revenue Service, FDIC, and numerous firms and banks, including Dow Chemical, Abbott Laboratories, Aetna, Anheuser-Busch, IBM, Caltex, Texas Instruments, Arco Chemical, NCR, GTE, SBC Communications, Scott Paper, Time Warner, Pacific Enterprises, Northrop Grumman, OKC, Computer Sciences Corporation, General Foods, Vulcan Materials, Flying Tiger Line, Wells Fargo, Pepsico, North Broken Hill, BankAmerica, and Citicorp. He frequently serves as an expert witness in cases involving valuation, economic damages, S&Ls, international finance, takeovers, and transfer pricing. In addition, he is a director of Remington Oil and Gas Corp., a government-appointed director of Lincoln S&L, and a past director of OKC Corp.