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  International Finance: SOLUTIONS TO Chapter 11(a) PROBLEMS

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  5. On January 1, the U.S. dollar: Japanese yen exchange rate is $1 = ¥250. During the year, U.S. inflation is 4% and Japanese inflation is 2%. On December 31, the exchange rate is $1 = ¥235. What are the likely competitive effects of this exchange rate change on Caterpillar Tractor, the American earth‑moving manufacturer, whose toughest competitor is Japan’s Komatsu?

  7. In 1990, General Electric acquired Tungsram Ltd., a Hungarian light bulb manufacturer. Hungary’s inflation rate was 28% in 1990 and 35% in 1991, while the forint (Hungary’s currency) was devalued 5% and 15%, respectively, during those years. Corresponding inflation for the U.S. was 6.1% in 1990 and 3.1% in 1991.

  1. What has happened to the competitiveness of GE’s Hungarian operations during 1990 and 1991? Explain.

  1. In early 1992, GE announced that it would cut back its capital investment in Tungsram. What might have been the purpose of GE’s publicly announced cutback?

  11. Assess the likely consequences of a declining dollar on Fluor Corporation, the international construction‑ engineering contractor based in Irvine, California. Most of Fluor’s value‑added involves project design and management; most of its costs are for U.S. labor in design, engineering, and construction‑management services.

  14. The Edmonton Oilers (Canada) of the National Hockey League are two‑time defending Stanley Cup champions. (The Stanley Cup playoff is hockey’s equivalent of football’s Super Bowl or baseball’s World Series.) As is true of all NHL teams, most of the Oilers’ players are Canadian. How are the Oilers affected by changes in the Canadian dollar/U.S. dollar exchange rate?

  15. South Korean companies such as Goldstar, Samsung, and Daewoo have captured more than 10% of the U.S. color TV market with their small, low‑priced TV sets. They are also becoming more significant exporters of videocassette recorders and small microwave ovens. What currency risk do these firms face?

  18. Black & Decker Manufacturing Co. of Towson, Maryland, has roughly 45% of its assets and 40% of its sales overseas. How does a soaring dollar affect its profitability, both at home and abroad?

  19. The shipbuilding industry is facing a worldwide capacity surplus. Although Japan currently controls about 50% of the world market, it is facing severe competition from the South Koreans. Japanese shipyards are extraordinarily productive, but at current price levels were just about breaking even with an exchange rate of ¥240 = $1. What are the likely effects on Japanese shipbuilders of a yen appreciation to ¥180 = $1? The South Korean won has maintained its dollar value.
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  International Finance: SOLUTIONS TO CHAPTER 4 PROBLEMS

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  1. From base price levels of 100 in 1987, West German and U.S. price levels in 1988 stood at 102 and 106, respectively. If the 1987 $/DM exchange rate was $0.54, what should the exchange rate be in 1988? In fact, the exchange rate in 1988 was DM 1 = $0.56. What might account for the discrepancy? (Price levels were measured using the consumer price index.)

  3. In early 1996, the short-term interest rate in France was 3.7%, and forecast French inflation was 1.8%. At the same time, the short-term German interest rate was 2.6% and forecast German inflation was 1.6%.

  1. Based on these figures, what were the real interest rates in France and Germany?

  1. To what would you attribute any discrepancy in real rates between France and Germany?

  4. In July, the one‑year interest rate is 12% on British pounds and 9% on U.S. dollars.

  1. If the current exchange rate is $1.63:1, what is the expected future exchange rate in one year?

  b.Suppose a change in expectations regarding future U.S. inflation causes the expected future spot rate to decline to $1.52:£1. What should happen to the U.S. interest rate?

  5. If expected inflation is 100% and the real required return is 5%, what will the nominal interest rate be according to the Fisher effect?

  6. Suppose that in Japan the interest rate is 8% and inflation is expected to be 3%. Meanwhile, the expected inflation rate in France is 12%, and the English interest rate is 14%. To the nearest whole number, what is the best estimate of the one‑year forward exchange premium (discount) at which the pound will be selling relative to the French franc?

  9. The inflation rate in Great Britain is expected to be 4% per year, and the inflation rate in Switzerland is expected to be 6% per year. If the current spot rate is £1 = SF 12.50, what is the expected spot rate in two years?

  10. If the $:¥ spot rate is $1 = ¥218 and interest rates in Tokyo and New York are 6% and 12%, respectively, what is the expected $:¥ exchange rate one year hence?

  12. Suppose that on January 1, the cost of borrowing French francs for the year is 18%. During the year, U.S. inflation is 5%, and French inflation is 9%. At the same time, the exchange rate changes from FF 1 = $0.15 on January 1 to FF 1 = $0.10 on December 31. What was the real U.S. dollar cost of borrowing francs for the year?

  14. Assume the interest rate is 16% on pounds sterling and 7% on the Euro. At the same time, inflation is running at an annual rate of 3% in Germany and 9% in England.

  1. If the Euro is selling at a one-year forward premium of 10% against the pound, is there an arbitrage opportunity? Explain.

  1. What is the real interest rate in Germany? in England?

  2. Suppose that during the year the exchange rate changes from Euro2.7/£1 to Euro2.65/£1. What are the real costs to a German company of borrowing pounds? Contrast this cost to its real cost of borrowing Euro

  1. What are the real costs to a British firm of borrowing Euro? Contrast this cost to its real cost of borrowing pounds.

  15. Suppose today’s exchange rate is $0.62/Euro. The 6-month interest rates on dollars and Euro are 6% and 3%, respectively. The 6-month forward rate is $0.6185. A foreign exchange advisory service has predicted that the Euro will appreciate to $0.64 within six months.

  1. How would you use forward contracts to profit in the above situation?

  1. How would you use money market instruments (borrowing and lending) to profit?

  1. Which alternatives (forward contracts or money market instruments) would you prefer? Why?
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  Nike Is Racist

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  Purpose: The goal of this assignment is to practice your ability to analyze—to break down and examine—the rhetorical techniques of two advertisements and present your analysis in a clear, specific closed-form essay.
  Assignment: Choose two advertisements (print or video) that attempt to sell the same product to two different audiences and write a thesis-driven essay that both describes the ads in detail and analyzes the rhetorical strategies they’re using to sell their products to their audiences. For example, you might choose a car ad aimed at men and one aimed at women; a food ad aimed at teens and one aimed at parents; a clothing ad from The Miami Herald and one from Cosmopolitan. You might also consider ads that target audiences who speak different languages or belong to different cultures or races. Remember that your analysis should be organized around a thesis that makes a clear, specific claim about these ads. Perhaps you will explore why one ad relies on ethos while another relies mainly on pathos to sell similar products to different audiences. Or perhaps you can make a claim about what you think these ads say about the audiences or cultures they’re trying to persuade. Make sure you have chosen ads you feel are complex, with many of the rhetorical elements we’ve discussed in class and in the readings, such as appeals to logos (logic), ethos (credibility), and pathos (emotions/values). What is each ad trying to get its audience to think and feel? Why?
  Audience: Your audience should be your classmates and your professor, but you should assume that your readers have not seen the ads you’re analyzing. With that in mind, your ad descriptions must be clear and vivid so that your readers can really understand the ads and the claims you’re making about them. Don’t be afraid to make strong, arguable claims about the ads, but remember to support those claims with evidence and logical thought. Don’t just assume that your audience will know what you mean. Explain yourself.
  To help form an arguable, interesting thesis, ask problematic questions about…
  -purpose and audience: Who is the intended audience for each ad? How do you know? What values does each audience hold? What might the context of the ad (where it appears) tell you about the audience?
  -use of type, layout, color, and image: What effects might these elements have on the ad’s audience? What’s the relationship between the images and the text?
  -the appeal to logos, the logic of the ad: Does the ad make sense? Does it have to?
  -the appeal to ethos and the credibility of the advertiser: Does the ad seem professional? Is it relatable? Is there a celebrity endorsement that might add credibility, for example?
  -the appeal to pathos: Does the ad try to evoke certain emotions or reinforce certain values? Why?
  -the effectiveness or ineffectiveness of the ad: Is it persuasive? Why or why not?
  -the advertiser’s cultural perspectives: How does each ad reflect the culture or society that produced it? Does the ad include any popular culture references?
  -the angle of vision: Is there anything conspicuously absent from the ad? Why?
  When evaluating your essay, I will consider the following:
  -Does the essay’s introduction attempt to hook the reader and set up the analysis?
  -Does the essay contain a clear, specific and arguable thesis?
  -Does the thesis address the rhetorical strategies of the ads (intended meanings of images/text and possible effects on the target audience?)
  -Are both ads described clearly and thoroughly?
  -Does the essay supply detailed analysis that logically supports the thesis?
  -Is the essay clearly and logically organized?
  -Does the essay show evidence of thorough proofreading and editing?
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  How Media Changes Our Generation

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  Media Change Our Generation

  For the purposes of the required researched paper, you will need to first decide on a topic of your interest (which could be a topic within your major—for example) and then narrow it down in order to make a claim/an argument about that topic.

  Your topic should be a problem or controversy, or a new idea, solution, or invention. For example, if you are interested in Biology, you could select something that interests you, such as cloning. Once you have selected this general subject area, you might decide to research, for instance, the cloning process and argue about the current controversy and its legal ramifications for researchers.

  As your Working Bibliography progresses, you will discover new and inviting narrow topics that will draw your curiosity and interest. This is what you should be looking for! Your initial idea may change, but it will be a starting place for you.

  Your actual paper will be 5-6 pages of content in length, abide by MLA format/ guidelines, and have a minimum of four (4) secondary sources. However, at the beginning of your research process, you will seek a much broader area at first so that you will 1) be able to find a compelling limited topic, and 2) know what is available to you in the recent and find established research material in Chaffey’s Online Library databases.

  5 pages

  MLA 3 References
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  STRATEGY, LOGISTICS AND MARKETING

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  Contents of the Paper
  Introduction
  What is Strategy?
  Why Is It Important?
  The use of Models to devise strategy
  Process behind strategic planning model;
  Complete External Analysis:
  STEP Analysis
  Micro Environment Analysis:
  Strategic Choice:
  Strategic Implementation:
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  Business Plan: Fast Food Organic Restaurant

  $125.00

  The paper is a business plan for a Fast Food Organic Restaurant.

  Paper Contents:
  PART 1
  1.0 BUSINESS DESCRIPTION
  1.1 Description and details of business concept
  1.2 Unique selling point
  1.3 Mission Statement
  1.4 Company goals
  1.5 Company location
  1.6 The Company’s Legal Structure
  1.7 Report on the company resources
  2.0 ENVIRONMENTAL ANALYSIS
  2.1 SWOT Analysis
  2.2 Analysis of the External Environment
  2.3 Market Targets and Segments
  2.4 Market Segmentation
  2.5 Research of Specific Target Markets
  2.6 Competitors Analysis
  2.7 Potential Risks
  3.0 MARKETING STRATEGIES
  3.1 The product positioning
  3.2 The pricing strategy
  3.3 The location and distribution strategy
  3.4 The promotional strategy
  3.5 Marketing plan and marketing mix
  1.1 Description and Details of Business Concept
  1.2 Unique Selling Point
  1.3 Mission statement
  1.4 Company goals
  1.5 Company location
  1.6 The Company’s Legal Structure
  1.7 Report on the Company Resources
  2.0 ENVIRONMENTAL ANALYSIS
  2.1 SWOT Analysis
  2.2 Analysis of the External Environment
  2.3 Market Targets and Segments
  2.4 Market Segmentation
  2.5 Research of Specific Target Markets
  2.6 Competitors Analysis
  2.7 Potential Risks
  3.0 MARKETING STRATEGIES
  3.1 The Product Positioning
  3.2 The Pricing Strategy
  3.3 The Location and Distribution Strategy
  3.4 The Promotional Strategy
  3.5 Marketing Plan and Marketing Mix
  2.0 ORGANIZATIONAL STRUCTURE AND HR PLAN
  4.1 Investors & Management Team Summary
  4.2 Organizational Chart and Job Descriptions
  4.3 Employee Compensation Plan
  5.0 FINANCIAL PLAN FOR 2 YEARS
  5.1 Start-up Costs
  5.2 Required Investment
  5.3 Other Sources of Funding
  5.4 Break-even Analysis
  5.5 Profit & Loss Statements
  5.6 Balance Sheets
  5.7 Statement of Cash Flow
  6.0 CONCLUSIONS

  30 pages

  APA 25 References

  Integrated marketing communications plan for Nike – Air Jordan XX3®
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  Marketing Campaign for Apple iPad Paper

  $39.00

  The paper provides a marketing plan for Apple’s iPad

  Paper Contents:

  • Marketing Goals
  • S.M.A.R.T. Goals for Three Bottom line
  • Marketing Mix
  • Promotion Budget and Implementation Calendar
  • Implementation calendar
  • Objective and Task Budget
  • References

   

  13 pages

   
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  Using Discounted Cash-Flow Analysis to Make Investment Decisions

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  True / False Questions

  1. Capital budgeting analysis focuses on cash flow as opposed to profits.
  2. Accurate capital budgeting analysis depends on total cash flows as opposed to incremental cash flows (i.e., the difference between cash flow with project and cash flow without project).
  3. Sunk costs influence capital budgeting decisions only when the sunk costs exceed future cash inflows.
  4. Opportunity costs are evaluated for investment decisions at their historical (that is, book) cost.
  5. The method of financing a project affects the determination of its cash flows for capital budgeting purposes.
  6. In project analysis, allocations of overhead should be limited to only those that represent additional expense.
  7. If a project permits a reduction in the level of working capital, this reduction is assumed to increase cash flows.

  8. An asset in the MACRS 5-year class life will have depreciation expense in six different years.

  9. The present value of the total depreciation tax shield will be higher when an asset uses MACRS than when depreciated straight-line.
  10. Upon the sale of equipment at the end of its useful life, tax liability will be incurred whenever the book value of the equipment exceeds the sales price.
  11. When additional funds must be committed to working capital, those funds are assumed to be recovered at the end of the project’s life.
  12. Discounting real cash flows with real interest rates gives an overly optimistic idea of a project’s value.
  13. Sunk costs remain the same whether or not you accept the project.
  14. Sunk costs do not affect project NPV.
  15. Investments in working capital, just like investments in plant and equipment, result in cash inflows.
  16. A project will always generate extra overhead costs.
  17. Discounting real cash flows at a nominal rate is a serious mistake.
  18. Suppose you finance a project partly with debt, you should neither subtract the debt proceeds from the required investment, nor would you recognize the interest and principal payments on the debt as cash outflows.
  19. When you finance a project partly with debt, you should still view the project as if it were all equity-financed, treating all cash outflows required for the project as coming from stockholders, and all cash inflows as going to them.
  20. As a project comes to its end, there is a disinvestment in working capital, which also generates positive cash flow as inventories are sold off and accounts receivable are collected.
  21. The total depreciation tax shield equals the product of depreciation and the tax rate.
  22. Cash flow from operations = (revenues – cash expenses) x (1 – tax rate) + (depreciation x tax rate).

  Multiple Choice Questions

  23. Corporate income statements are designed primarily to show:
      A.cash flows during a period.
      B. account balances at the end of a period.
      C. performance during a period.
      D. market values of assets and liabilities.
  24. Projects that are calculated as having negative NPVs should be:
      A.depreciated over a longer time period.
      B. charged less in overhead costs.
      C. discounted using lower rates.
      D. rejected or abandoned.
  25. If the adoption of a new product will reduce the sales of an existing product, then the:
      A. new product should not be undertaken.
      B. old product should be abandoned.
      C. incremental benefits of the new product may be over-estimated.
      D. incremental benefits of the new product may be under-estimated.
  26. The value of a proposed capital budgeting project depends upon the:
      A.total cash flows produced.
      B. incremental cash flows produced.
      C. accounting profits produced.
      D. increase in total sales produced.
  27. The rationale for not including sunk costs in capital budgeting decisions is that they:
      A.are usually small in magnitude.
      B. revert at the end of the investment.
      C. have no incremental effect.
      D. reduce the estimated NPV.
  28. If a project’s cash flows exceed the project’s incremental cash flows, it is likely that the:
      A.project interacts with other aspects of the firm.
      B. project must have high depreciation expense.
      C. opportunity cost of capital must be high.
      D. project will have a negative NPV.
  29. When is it appropriate to include sunk costs in the evaluation of a project?
      A.Include sunk costs when they are relatively large.
      B. Include sunk costs if it improves the project’s NPV.
      C. Include sunk costs if they are considered to be overhead costs.
      D. It is never appropriate to include sunk costs.
  30. A cost should be considered sunk when it:
      A.is fully depreciated.
      B. produces no additional sales revenues.
      C. has no effect on future flows.
      D. is replaced by costs that are not yet sunk.
  31. The opportunity cost of an asset:
      A. should be depreciated annually.
      B. can differ depending on market conditions.
      C. is typically ignored in capital budgeting.
      D. is important only for parcels of land.
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  Partnering to Succeed

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  This paper explores the concept of perfect implementation from a descriptive narrative to a prescriptive model of how policy should be implemented in the future.

  11 Pages

  25 sources