The Robert H. Smith School of Business

University of Maryland

International Finance

BMGT446 Section SG92 – Spring 2005

Tuesday, & Thursday: 11:00 AM - 12:15 PM. (SG II - 3042)

Instructor: Elinda Fishman Kiss

Office: 1322A-1 (Building II)

Office Hours: Tuesdays 12:15 – 1:15 PM

Thursdays 9:30-10:30 AM and by appointment

(On Wednesdays I am in VMH4411, my office on College Park campus.)

Phone: office: 301-405-7538 cell: 215-962-9071

E-mail: EFKiss@aol.com or ekiss@rhsmith.umd.edu

Website: http://bb.rhsmith.umd.edu http://www.rhsmith.umd.edu/finance/elinda-kiss

Textbook and Class Resources

Required Text: International Financial Management, Seventh edition, by Madura,

Thompson Southwestern, 2003. http://madura.swcollege.com , ISBN 0-324-16551-X

If you wish to look at another text, I recommend Fundamentals of Multinational Finance, by Michael Moffett, Arthur Stonehill and David Eiteman, Pearson Addison Wesley, 2003, ISBN 0-201-84484-2, http://www.aw-bc.com/catalog/academic/product/0,1144,0201844842,00.html

Calculator: It is advisable that you purchase a financial calculator if you have not already done so. You will learn how to use your calculator on your own, using the manual. An excellent financial calculator is Texas Instruments BAII Plus or Hewlett Packard 17BII; acceptable but less rigorous are HP10B & HP12C.

Wall Street Journal: It is advisable that you purchase a student subscription, which includes access to the on-line edition. I have discount subscription forms. For two assignments, you will use the Wall Street Journal.

Internet: On my website, I have links to some financial web pages.

Instructor: Elinda Fishman Kiss (Ph.D. University of Rochester) has also taught at The Wharton School, Wellesley College, Rutgers University, Temple University, Drexel University, College of New Jersey, West Chester University and Penn State University. She has worked as Treasurer of a manufacturing firm (Custom Equipment), a commercial banker (First Pennsylvania Bank), investment banker (Citibank, PSFS), and federal government employee (Federal Reserve and RTC). Her research focuses on the European Central Bank.

Course Description: This course will cover a number of topics in international finance including currency fluctuations, measuring and hedging exchange rate risk, comparative capital structure, multinational investment, international capital budgeting and taxes. The textbook focuses primarily on multinational corporations and exchange rate risk.

Prerequisite: BMGT 340; BMGT 220 (Accounting), BMGT 230 or 231 (Statistics). In addition, you should have a good grasp of algebra, and some working knowledge of Excel and Word.

Course Objectives

The purpose of this course is to introduce you to financial management from the perspective of a multinational corporation. In response to globalization as well as advances in communications, many firms, both small and large, now operate in two or more countries. This situation exposes such firms to diversifiable exposures such as exchange rate risk and non-diversifiable exposures such as political risk. We will discuss the exposures that confront multinational firms, how such exposures impact business strategy and operations, and how they can be mitigated. Students should expect to develop an integrated analytical and decision making perspective that will enable them to extend financial concepts such as capital budgeting and risk management, and instruments such as forwards, swaps, fixed income analysis, arbitrage, etc. to their international analogs.

Grading

Midterm 25%

Final Exam 40%

Homework and Class Participation 25%

Case Presentation or International Finance Written Project 10%.

A: 92-100; A-:90-92; B+:89, B:82-88; B-:80-82; C+:79; C:72-78; C-:70-72; D:60-69

Exams

There will be two exams, an in-class, closed-book mid-term exam, on Thursday, March 17, 2005, and a final exam, which will also be closed book, on Thursday, May 19, 2005 at 11 AM. Should you provide a reasonable excuse for missing the mid-term exam (reasonability being left to the instructor’s judgment), the weight of the excused exam will be shifted to the final exam, which will be a cumulative exam. Both the mid-term and final exams will include problem-oriented quantitative questions, and theoretical questions to ensure understanding of conceptual material discussed in class. Please note that your class notes will be the primary reference for exams. Your text is for background, and more extensive readings, as well as for homework problems. For all exams, you are allowed to bring in a financial calculator and an 8.5” x 11” sheet of paper on which you can write equations and definitions.

Homework

Homework in this class will take several forms:

1) Quantitative and conceptual problems: These will be assigned from the class text for the most part. These are to be done individually or with one other person. The problems to solve are on the last page of this syllabus. Changes will be announced in class and in both the Announcement section of Blackboard. After you have turned in your solutions, I will post suggested answers in the Assignments section of Blackboard.

You should work the problems applicable to that day’s class before the next class meeting so that you can ask questions before we move on to another topic. Grading consists of my checking that all assigned problems have been attempted and that random selections of problems are worked correctly.

2) Ongoing case study: There is an ongoing case centered on a firm called Blades, Inc. in the class text. At the end of each chapter, the case is developed some more and questions relating to new material covered in that chapter are listed. As we make progress on the course material, I will periodically assign some of these chapter case studies to be prepared both in written form and /or for discussion in class. These case studies may be done individually or in groups of two. When Blades is listed on the assignment sheet, we will discuss the Blades case for that chapter in class. This discussion usually will be one or two class meetings BEFORE the problems are due. Be prepared for the discussion, especially chapters 4, 7, 8, 9, 11, 12.

3) Stand-alone Case Studies: Specific case studies to illustrate concepts discussed in class will be assigned periodically. These case studies will be discussed in class. Stand-alone case studies may be done individually, or in groups of two. Some possible cases that can be used are indicated on page 4 of the syllabus. Students may, instead opt to write a 15-30 page research paper, on a topic that is pre-approved by the professor. Again, the paper may be written individually or in a group of two.

4) Real World Applications: THIS PROJECT MUST BE DONE INDIVIDUALLY. Students will create two different real world applications using articles from the Wall Street Journal. It is recommended that all students subscribe to the journal for the semester. This will be facilitated through the professor the first week of classes. Write-ups should be two pages typed, double-spaced, 12 pt. font. THIS IS NOT A SUMMARY OF THE ARTICLE! An explicit link to class material must be expressly illustrated and the article must be attached to the write-up. The explicit link must indicate specific page references from the text or the date of class notes. The write-ups will be graded on the relevance of the article to class material, the analysis of the article, the link provided and language (grammar and spelling). Note: Articles must be timely (within a month of print) but the subject matter to which the article is linked may be anything we have discussed thus far. I would prefer that you use an actual article, NOT the daily “Currency Trading” column. The second article should be related to material covered after the midterm, if possible. Due dates: write-ups are due March 15 and May 5. Grades of WSJ write-ups will suffer if article is not attached or if explicit link to class material is not provided. Other periodicals may be used if nothing relevant to class material can be found in recent WSJ’s. Alternative periodicals must be approved by the professor BEFORE the assignment is due. The Real World Applications assignment will be graded as the equivalent of two or three regular homework assignments.

Grading of homework

Assignments will be collected before class on due date and graded according to the following scale:

0 - not acceptable (grossly incomplete)

1 - less than completely satisfactory (some missing problems)

2 - satisfactory (all problems attempted and mostly correct)

3 - excellent (all problems attempted and correct)

Course Materials

Course materials, which will include lecture notes in PowerPoint, the course outline, and other course-related information will be posted on the class website, which can be accessed at: http://bb.rhsmith.umd.edu . I recommend going through the lecture notes prior to coming to class. Reading suggested chapters from your text ahead of class would be a beneficial strategy in my estimation. Please check the class website regularly for updates. You are responsible for any announcements made in class or on the class website.

Academic Integrity

The University’s Code of Academic Integrity is designed to ensure that the principles of academic honesty and integrity are upheld. All students are expected to adhere to this Code. The Smith School does not tolerate academic dishonesty. All acts of academic dishonesty will be dealt with in accordance with the provisions of this code. Please visit the following website for more information on the University’s Code of Academic Integrity:

http://www.studenthonorcouncil.umd.edu/code.html

On each exam or assignment you will be asked to write out and sign the following pledge. "I pledge on my honor that I have not given or received any unauthorized assistance on this exam/assignment."

Special Needs

Any student with special needs should bring this to the attention of the professor as soon as possible, but not later than the second week of class.

Religious Holidays

It is the student's responsibility to inform the instructor of any intended absences for religious observances in advance. Notice should be provided as soon as possible. Prior notification is especially important in connection with final examinations, since failure to reschedule a final examination before the conclusion of the final examination period may result in loss of credits during the semester.

Possible cases for you to present:

Dozier – spot and forward rates (Darden: UVA-F-0745) or (HBS: F163)

Novo Industri A/S - 1981 – international equity, eurobond (HBS: 9-286-084)

Globalizing Capital Budgeting at AES – capital budgeting (HBS: 9-204-109)

RJ Reynolds International Financing – dual currency bond; currency swap (HBS: 9-287-057)

Tiffany and Company – put options (HBS: 9-295-047)

Walt Disney’s Yen Financing – currency swaps (HBS: 9-287-058)

Compania de Telefonos de Chile – equity financing (HBS: 9-293-015)

Grand Metropolitan PLC– cost of capital (Darden: UVA-F-1019)

Petrolera Zuata, Petrozuata CA – project finance (HBS: 9-299-012)

Foreign Exchange Hedging Strategies at GM – forwards, options (HBS: 9-204-024)

“Globalization of Capital Markets & the Cost of Capital: Case of Nestle,” R.M. Stultz (1995) Journal of Applied Corporate Finance 8(3) 30-38

Proctor & Gamble: Mexico 1991 – exchange rate risk in financing (Darden: UVA-F-1060)

McDonald’s Russia – political risk, corruption index (HBS: 9-503-020)

Financing the Mozal Project – political risk, project finance (HBS: 9-200-005)

Fonderia di Torino SPA – discounted cash flows (Darden: UVA-F-1350)

Malaysia in the New Millennium (Darden: UVA-BP-0441)

or, with approval of professor, one of the cases in the text.

Please put the following information on the index card:

• Course name or number and Course section number (BMGT446, section SG92)

• Your name

• phone number (Home) (Office) (cell)

• e-mail address (in CAPS) - very important - may send you class announcements in email - you may include as many email addresses as you wish (home, work, school, etc.)

• have you taken BMGT 340 (or equivalent)? Accounting? Statistics?

• employment - what do you do? where? (or past internships or positions) -- optional

• student number

• your major

• Are you registered? Yes or no

Class Schedule*

Tentative

Date** Topic Suggested Chapter Readings

SECTION I : The International Financial Environment & Hedging Tools

1/27 MNCs: An Overview 1

2/1, 2/3, 2/8 The International Monetary Environment 2, 3

2/10,2/15,2/17 Foreign Exchange Rate Determination, Markets 3,4, 6, 7, & 8

2/22,2/24

3/1,3/3 Currency Derivatives 5

SECTION II: Exchange Rate Risk Management

3/8,3/10,3/15 Determining exposure to currency fluctuations 9 & 10

3/15 First Real World Project due

3/17 MIDTERM EXAM

3/22, 3/24 SPRING BREAK – No class

3/29,3/31 Hedging as a risk management strategy 11

4/5,4/7 Managing Transaction, Operating, & Translation Exposure 11, & 12

SECTION III : MNCs’ Investment, Financing Cash Flows & Cost of Capital

4/7,4/12, 4/14 Global Cost of Capital and Financial Structure 17

4/12 Last date to withdraw with “W”

4/14,4/19, 4/21 Foreign Direct Investment 13, & 16

4/21,4/26, 4/28 Multinational Capital Budgeting 14

4/28,5/3 Financing: Short & Long Term; Swaps 18, & 20

5/5 Second Real World Project due

5/3,5/5, 5/10,5/12 In class student case presentations OR my discussion of

International Banking and/or Euro Class Notes

5/13 Study Day Class Notes

5/19 Final Exam 11 AM - 1 PM, as per the University Final Exam Schedule

** Please note that this class schedule and reading list is tentative and is subject to change at any point in time as deemed necessary by the instructor. Changes will be announced in class and on Blackboard.

We may have a class meeting in the Netcentricity Lab (VMH 1318), or in the Shady Grove computer lab. I will announce that date in class and on blackboard; that will necessitate changing other class discussion topics.

Final Exam Schedule

Class meeting exam date exam time

TuTh 11:00

Monday, May 16

8:00am-10:00am

Homework Assignments

Chapter	Questions and Applications
2	9, 12, 16, 17, 19, Blades – this assignment due Feb. 8
3	3, 6, 7, 14, 17, 22, 23 – due Feb. 15
4	1, 4, 5, 11, 12, 19, 22, 23, Blades – due Feb. 22
5	12, 15, 21, 24, 27 Blades – due March 15
6	2, 7, 21, 24 – due Feb. 24
7	2, 5, 8, 10, 25, Blades – due March 1
8	14, 18, 23, 25, 35, Blades – due March 8
9	11, 13, 16, 25, Blades – due March 15
10	2, 10, 19, 27, 29, Blades – due March 17
11	1, 9, 16, 26, Blades – due April 7
12	2, 12, Blades – due April 7
13	3, 5, 8 – due April 26
14	8, 11 – due May 3
16	1, 5, 13 – due April 26
17	1, 6, 17 – due April 26
18	6, 11, 13 – due May 10
20	11, 18
21	9, 18

Assignments subject to change

We will discuss Blades for other chapters; it will be announced in class.

For some chapters, you will write up the Real Time Web Project. Details are in the Assignment Section of Blackboard and on pages xix and xx of the Madura text.

It may become necessary for changes to be made in the syllabus throughout the semester. I will make these changes both verbally and in writing on the course website. It is your responsibility to both attend class and check the website for any changes.

Changes in due dates for assignments will be announced in class and on Blackboard in either the Assignment or Announcement section or both.

WEB SITES FOR FINANCIAL INFORMATION

Dr. Kiss home page http://bb.rhsmith.umd.edu

http://www.rhsmith.umd.edu/finance/elinda-kiss

Dr. Kiss Rutgers home page www.elinda-kiss.rutgers.edu

Wall Street Journal interactive edition http://interactive.wsj.com/pages/money.htm

http://finanance.swcollege.com website for text publisher

www.oanda.com exchange rate history

http://www.xe.com

http://fx.sauder.ubc.ca/ http://fx.sauder.ubc.ca/data.html

http://pacific.commerce.ubc.ca/xr/

Full Big Mac Price Index http://www.oanda.com/products/bigmac/bigm ac.shtml

http://www.ny.frb.org/pihome/statistics/forex10.sht ml http://www.ny.frb.org/pihome/statistics/

implied currency volatilities

http://pacific.commerce.ubc.ca/xr/telerate.html

http://www.bmo .com/economic/regular/fxrates.htm l forward and spot rates

http://www.cme.com/prices/index.cfm

http://www.cboe.com

www.liffe.com

http://www.futuresmag.com/

http://www.ino.com/

http://www.reportgallery.com

http://biz.yahoo.com/ifc/ country outlooks and exchange rate forecasts

http://www.internationalist.com/business/

http://www.yardeni.com review of international political and economic events

http://www.imf.org/external/pubs/ft/weo/2001/02/data/index.htm annual percentage change in inflation

http://www1.oecd.org/std/ppps.htm OECD and Eurostat on PPP

http://www.federalreserve.gov/releases/H15/update/ interest rates

lcweb2.loc.gov/frd/cs/cshome.html

www.stern.nyu.edu/-nroubini/asia/-AsiaHomepage.html http://www.stern.nyu.edu/globalmacro/

www.policy.com/issueweek

www.aisienhaus.org/links/crisis.htm

www.nyse.com/public/intview/4b/4bix.htm

http://www.cfr.org/public/pubs/mexican.html Mexican Peso Crisis of 1994

http://www.frbatlanta.org/publica/ECO-REV/REV_ABS/janfeb96.html

http://www.brook.edu/views/papers/lustig/114.htm

http://www.info.gov.hk/hkma/eng/currency/link_ex/index.htm Hong Kong currency Board

http://www.euro.ecb.int/en.html

http://www.ecb.int/

http://pacific.commerce.ubc.ca/xr/euro/

http://www.oanda.com/site/euro.shtml

http://www.bis.org/cbanks.htm

www.bea.doc.gov

www.ita.doc.gov

www.whitehouse.gov/fsbr/

www.worldbank.org/data/wdi2000/pdfs/tab6_5.pdf

http://www.imfsite.org/origins/confer.html Bretton Woods and Smithsonian agreements

http://www.mises.org/money.asp

http://www.cftc.gov/

http://www.nfa .futures.org

http://futuresindustry.org/

http://www.cme.com/prices/index.com

the Options Industry Council at http://www.optionscentral.com/

the Options Clearing Corporation at http://www.optionsclearing.com/

the Futures and Options Association at http://www.foa.co.uk/

Bloomberg Financial Services http://www.bloomberg.com/welcome.html www.bloomberg.com

CNN Financial News http://www.cnnfn.com/

Fair Value (futures contracts) http://cnnfn.cnn.com/1999/05/02/markets/fair_value/

http://cnnfn.cnn.com/2000/04/17/investing/fairvalue/

New York Times http://www.nytimes.com

New York Stock Exchange http://www.nyse.com/

NSADAQ/AMEX http://www.nasdaq.com/

Chicago Board of Trade http://www.cbot.com/

Chicago Mercantile Exchange http://www.cme.com/

Single European Act at http://europa.eu.int/abc/treaties_en.htm

Details about the 1988 Basel Accord can be found at http://www.bis.org/publ/bcbs04a.htm

New Basel Capital Accord (2001) at http://www.bis.org/publ/bcbsca.htm

http://www.adr.com

Philadelphia Stock Exchange http://www.phlx.com/

Janney Montgomery Scott invest. bank http://www.janneys.com/

Wachovia Bank http://www.wachovia.com/

PNC Bank http://www.pncbank.com/

Citibank http://www.citigroup.com/

The Vanguard Group-mutual funds http://www.vanguard.com/

Fidelity Investments - mutual funds http://www161.fidelity.com/

Federal Reserve Bank of NY-statistics http://www.ny.frb.org/

Federal Reserve Economic Data ("FRED") http://www.stls.frb.org/fred/

Federal Reserve Board http://www.federalreserve.gov/

FOMC info at http://www.federalreserve.gov/fomc/

Bureau of the Census http://www.census.gov/

Bureau of Labor Statistics http://stats.bls.gov/blshome.html

International Monetary Fund http://www.imf.org/

World Bank http://www.worldbank.org/ http://www.worldbank.org/data/

http://www.pwcglobal.com

http://www.us.kpmg.com/microsite/Global_Tax/CT R_Survey/index.html

http://www.morganstanley.com/gef/

http://biz.yahoo.com/ifc/

Transparency International and the Corruption Perceptions Index: http://www.transparency.org http://www.globalcorruptionreport.org/download/gcr2004/10_Country_reports_A_K.pdf

http://www.globalcorruptionreport.org/gcr2001.htm#download

http://www.usatrade.gov/website/ccg.nsf/ccghome page?openform

Refer to the CIA’s World Factbook at http://www.odci.gov /

http://www.wto.org Website of the World Trade Organization (WTO). Contains news, information, and statistics on international trade.

www.worldbank.org Website of the World Bank. Contains economic and demographic data on 206 countries (organized in “Country At-A-Glance” tables), various economic forecasts, and links to a number of other data sources.

http://www.bea.doc.gov Website of the Bureau of Economic Analysis (BEA). Contains data and articles on U.S. international trade, capital flows, and other international economic matters.

www.wsj.com Website of the Wall Street Journal, the foremost business newspaper in the United States. Contains domestic and international business news.

www.ft.com Website of the Financial Times, the foremost international business newspaper, published in London. Contains a wealth of international financial news and data.

www.economist.com Website of The Economist. Contains stories on the economic and political situations of countries and international business developments, along with various national and international economic and financial data.

www.oecd.org Website of the Organization for Economic Cooperation and Development (OECD). Contains news, analyses, and data on international finance and economics.

www.cob.ohio-state.edu/dept/fin/fdf/osudata.htm Website run by the Finance Department of Ohio State University. Contains a detailed listing of and links to many different websites related to finance and economics

www.census.gov/ipc/www/idbnew.html Contains the International Data Base (IDB), which is a computerized data bank with statistical tables of demographic, and socio-economic data for 227 countries and areas of the world.

www.dismal.com Covers over 65 economic releases from over 15 countries. Also contains numerous stories dealing with international finance and economics.

http://globalinsight.com/ Analysis of 200 countries; global risk evaluation for 117 countries.

www.reportgallery.com Website that contains links to annual reports of over 2,200 companies, many of which are multinationals.

http://fx.sauder.ubc.ca/plot.html Contains current and historical foreign exchange rate data for all currencies that you can download into preformatted time series charts.

http://www.ny.frb.org Website of the Federal Reserve Bank of New York. Contains information on U.S. interventions in the foreign exchange market.

http://www.bis.org/cbanks.htm Website of the Bank for International Settlements (BIS) that takes you directly to links with the various central banks of the world.

http://www2.jpmorgan.com/MarketDataInd/Forex/currIndex.html Website of J.P. Morgan that contains historical data on real and nominal foreign exchange rate indexes that go back to 1970.

http://research.stlouisfed.org/fred2/ Website of the Federal Reserve Bank of St. Louis that takes you directly to current and historical foreign exchange rate data that you can download into spreadsheets.

http://www.federalreserve.gov/releases/H10/hist/ Website of the Federal Reserve Bank that takes you directly to historical foreign exchange rate data that you can download into spreadsheets.

http://patriot.net/~bernkopf/ Contains links to central banks and ministries of finance and economics worldwide and to multilateral financial institutions such as the IMF, BIS, World Bank, and OECD. It also contains histories of central banks.

http://www.imf.org/external/fin.htm Website of the International Monetary Fund (IMF) that takes you directly to information on the IMF, SDRs, exchange rates, position of each country in the IMF, and lending arrangements with member nations.

www.imf.org/external/about.htm IMF website that discusses the role of the IMF as well as a number of other topics, including debt relief for poor countries and reforming the international monetary system to cope with financial crises.

www.ex.ac.uk/~RDavies/arian/llyfr.html Contains a detailed history of money from ancient times to the present.

http://www.ecb.int/index.html www.ecb.int Website of the European Central Bank (ECB). Contains press releases and publications put out by the ECB along with exchange rate data and other euro area-related economic and financial statistics.

http://europa.eu.int/index_en.htm Website of the European Union (EU). Contains news, information, and statistics on the EU and its member nations and the euro.

www.sysmod.com/eurofaq.htm Contains answers to frequently asked questions about the euro and EMU as well as links to related websites.

www.moodys.com Website of Moody’s. Contains country risk ratings and analyses.

www.standardandpoors.com Website of Standard & Poor’s. Contains country risk ratings and analyses.

www.cme.com Website of the Chicago Mercantile Exchange (CME). Contains information and quotes on currency futures and options contracts.

www.phlx.com Website of the Philadelphia Stock Exchange (PHLX). Contains information and quotes on currency options contracts.

http://www.oecd.org/home/ www.oecd.org/dataoecd/61/56/1876133.xls Contains data on PPP exchange rates for the OECD countries going back to 1970. The PPP exchange rate data is presented in a spreadsheet that can be saved.

www.oanda.com Contains current exchange rates along with currency forecasts and news.

www.rutgers.edu/Accounting/raw/fasb/ Website of the Financial Accounting Standards Board. Provides information on FASB 8, 52, and other FASB pronouncements on currency translation and hedge accounting.

http://www.florin.com/v4/valore4.html Website that contains material discussing currency risk management.

http://www.oecd.org/document/36/0,2340,en_2649_34849_1962020_1_1_1_1,00.html Website for Financial Market Trends. This publication provides an up-to-date analysis of developments and trends in international and national capital markets. Each issue includes: highlights of recent developments in financial markets; analysis of policy issues affecting financial markets; overviews of new statistical information from OECD countries in areas such as international direct investment, overall bank profitability, institutional investment, and privatization; and statistics and charts dealing with international financial markets.

www.bis.org/publ/index.htm Contains the BIS Annual Report, statistics on derivatives, external debt, foreign exchange market activity, and so on.

www.isda.org Website of the International Swaps and Derivatives Association (ISDA). Provides information and data on swaps and other derivatives.

http://quote.yahoo.com/m2?u Provides daily data on the performance of stock markets around the world.

http://biz.yahoo.com/reports/world.html Contains stories related to companies and stock markets worldwide.

http://www.jpmorgan.com/cm/cs?pagename=Chase/Href&urlname=jpmorgan/research/bondindex Website of J.P. Morgan that contains data on the performance of various government bond indexes in both dollar and local currency terms.

www.msci.com Website of Morgan Stanley Capital International. Contains downloadable data on the performance of a number of country indices, several regional indices, and a world index. It also contains data on several fixed income indices. A number of the time series go back to 1970.

http://www.adr.com/ Website run by J.P. Morgan that contains detailed information and data on ADRs.

http://www.adrbny.com/ Website of the Bank of New York that contains a wealth of information on ADRs, including a complete listing of all ADRs and several regional ADR indexes along with an overall ADR index.

http://globaledge.msu.edu/ibrd/ibrd.asp Website run by Michigan State University (MSU) that contains links to various country information helpful for making investment decisions.

www.bea.doc.gov/bea/di1.htm Website run by the Bureau of Economic Analysis (BEA) that contains data on U.S. foreign direct investment (FDI) and on FDI in the United States.

www.bloomberg.com Website of Bloomberg. Contains a wealth of financial and economic information on financial markets and countries worldwide.

http://gopher.umsl.edu/11/library/govdocs/expguide Website that is dedicated to helping U.S. firms learn the costs and risks associated with exporting and develop a strategy for exporting.

Contains detailed information on all aspects of exporting, including setting payment terms, financing, logistics, and so on.

www.exim.gov Website of the U.S. Export-Import Bank (Eximbank). Contains detailed information on the Eximbank and its various programs.

www.countertrade.org Website of the American Countertrade Association (ACA). Contains information on countertrade and links to other relevant websites.

www.kpmg.com Website of KPMG, the global accounting and consulting company. Contains information on the various international tax and transfer pricing services it provides.

http://www.pwc.com/extweb/service.nsf/docid/267CA10ACBDE30CF85256B97005C7DC1 http://pwcglobal.com/ Website run by PriceWaterhouseCoopers (PWC), the global accounting and consulting company. Contains links to tax authorities worldwide as well as to other international tax information.