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Lecture Multinational financial management - Topic 16: Foreign securities, risks, and expected returns
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Lecture Multinational financial management - Topic 16: Foreign securities, risks, and expected returns
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In this chapter, students understand and can recall the types of foreign security investments, costs and benefits of foreign investing; students can compute USD expected return of foreign investments, USD volatility of foreign investments. | Topic #16: Foreign securities, risks, and expected returns L. Gattis The Pennsylvania State University Finance 407: Multinational Financial Management 1 Poll (New problem Not in Packet) 2 Suppose you bought euros to buy a share of BMW on the German stock exchange. While holding the shares, the euro depreciated 5% and the euro price of BMW increased 10%. What do you estimate is the total USD return of this investment? 5% 10% 15% Learning Objectives 3 Learning Objectives Students understand and can recall the types of foreign security investments costs and benefits of foreign investing Students can compute USD expected return of foreign investments USD volatility of foreign investments Benefits and Risks of Foreign Investing 4 Benefits Diversification with current domestic portfolio Possible Higher returns (high growth markets) Risks Exchange Rate Changes Illiquidity Lack of Information/Transparency Reliance on foreign legal remedies Foreign Taxes Political and economic risk Security . | Topic #16: Foreign securities, risks, and expected returns L. Gattis The Pennsylvania State University Finance 407: Multinational Financial Management 1 Poll (New problem Not in Packet) 2 Suppose you bought euros to buy a share of BMW on the German stock exchange. While holding the shares, the euro depreciated 5% and the euro price of BMW increased 10%. What do you estimate is the total USD return of this investment? 5% 10% 15% Learning Objectives 3 Learning Objectives Students understand and can recall the types of foreign security investments costs and benefits of foreign investing Students can compute USD expected return of foreign investments USD volatility of foreign investments Benefits and Risks of Foreign Investing 4 Benefits Diversification with current domestic portfolio Possible Higher returns (high growth markets) Risks Exchange Rate Changes Illiquidity Lack of Information/Transparency Reliance on foreign legal remedies Foreign Taxes Political and economic risk Security Returns 5 Expected returns include both capital appreciation and dividends (or interest payments for bonds) In the equation above, the expected return for this security from period 0 to 1 includes the expected capital gain (P1-P0) and expected dividend (D1) paid at the end of the period. Security Returns 6 Suppose Sony stock is ¥5000 and is expected to be selling for ¥5500 in one year and also pays a dividend of ¥250. What is the expected yen return for a Japanese investor? Yen Return = {(5500-5000)+250}/5000=15% USD Return of Foreign Securities 7 Suppose Sony stock is ¥5000 and is expected to be selling for ¥5500 in one year and also pay a dividend of ¥250. The spot exchange rate is ¥100/$ and is expected to be ¥105 in one year. What is the expected USD return? A. 9.5% B. 20.5% C. 20.75% D. 17.2% USD Return of Foreign Securities 8 The spot exchange rate is ¥100/$ and is expected to be ¥105 in one year. What is the expected appreciation of the yen? A. -4.76% B. 5.00% C. 4.76% D. -5% .
TÀI LIỆU LIÊN QUAN
Lecture Multinational financial management - Topic 1: Introduction to multinational finance
Lecture Multinational financial management - Topic 9: Currency forwards and futures
Lecture Multinational financial management - Topic 10: Currency options and hedging
Lecture Multinational financial management - Topic 11: Measuring and managing translation exposure
Lecture Multinational financial management - Topic 12: Measuring and managing transaction exposure
Lecture Multinational financial management - Topic 13: Competitive exposure and real currency appreciation
Lecture Multinational financial management - Topic 14: Domestic capital budgeting: NPV, free cash flows, and cost of capital
Lecture Multinational financial management - Topic 15: Global capital budgeting and country risk
Lecture Multinational financial management - Topic 16: Foreign securities, risks, and expected returns
Lecture Multinational financial management - Topic 17: Foreign funds and global portfolio improvement
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