International Finance Questions 2022

Running Head: International Finance
International Finance

International Finance
Contents
Executive Summary...............................................................................................................................2
Introduction...........................................................................................................................................3
Question1..............................................................................................................................................4
Question 2.............................................................................................................................................4
Question 3.............................................................................................................................................5
Question 4.............................................................................................................................................6
Question 5.............................................................................................................................................6
Question 6.............................................................................................................................................7
Question 7.............................................................................................................................................7
Question 8.............................................................................................................................................8
Question 9.............................................................................................................................................8
Question 10...........................................................................................................................................9
CASE STUDY......................................................................................................................................9
References...........................................................................................................................................12

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Executive Summary
This assignment discusses various topics of international finance. Firstly, there has been
discussion on the reasons why MNCs should or should not reduce its ethical standards for
competing in International markets. Secondly, an effort is made to understand the importance
of entering into joint ventures in maximising the wealth of the shareholders with the help of
case-let on Anheuser-Busch. Thirdly, there has been discussion on how joint ventures
mitigate the risks of international business. Companies opt for international joint venture with
an intention to circumvent various barriers that reduces foreign competition. These have been
understood in detail using case-let on Anheuser-Busch. Fourthly, the concept of contagion
effect has been discussed taking the example of Greece credit crisis. Apart from these, there
has been discussion on the reason behind varying interest rates from country to country and
why these interest rates do not vary in those European countries which uses euro as its
currency. Then an effort is made to understand the factors to be considered by the company
before issuing stocks and for this a case-let of Chapman Co. was studied. The topic of foreign
exchange risks has also being discussed in the Cornell Co. case-let. Thereafter, the effect of
uncertainty in exchange rate on foreign direct investment has been understood after going
through the empirical researches. Now-a-days companies have separated the ownership and
management. The reasons behind this major step are also being discussed here. Then the
concepts like agency relationship and managerial opportunism are being explained. At the
end, case study of Stafford Hospital has been analysed thoroughly and on the basis of the
case study various important questions are being answered.

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Introduction
International finance is a vast subject which involves various important concepts. These
concepts prove to be really helpful in understanding the companies’ strategies behind
expanding into international market. It also helps the individuals and start-ups to know the
importance of tapping into international market and enhance their profitability. It also makes
us aware about the reason behind companies’ decision of getting into international joint
venture. Then there are various modern concepts like agency relationship and managerial
opportunism which is really important to understand the business world. There has been a
dilemma which every Multi-National Corporations face that is the dilemma of following the
ethical standards of the home country or reducing the standards to the level of host country
for competing effectively in the international market. The concept of corporate governance
has always been in the discussion and if an organisation neglects the corporate governance it
can result into their failure.

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Question1
Should an MNC Reduce Its Ethical Standards to Compete Internationally?
Answer 1. Ethical Standards differs from country to country. When a company expands its
business outside the home country it has to follow the rules, regulations and laws of that
foreign country. Here, these MNCs falls into the dilemma of following ethical standards of
home country or reducing its ethical standards as per host country for competing in the
international market (Ast, 2018).
It is better for MNC to reduce its ethical standards as it would help them to compete in the
international markets. We know that every foreign country has its own ethical standards and
if MNCs would fail to comply with these standards, their activities would be considered as
unethical in that foreign country. This is the primary reason why MNCs should reduce its
ethical standards and remain competitive in the foreign markets.
The main objective of every MNC is to maximise its profit and shareholders’ wealth. If these
MNCs would stick to the ethical standards of their home country then it would adversely
affect their profit and leave their shareholders dissatisfied.
Question 2
a. Explain how the joint venture enabled Anheuser-Busch to achieve its objective of
maximizing shareholder wealth
Answer a. Companies take the decision of international expansion for increasing their profit
margin and maximising the wealth of shareholders (Kokemuller, 2018). There are many ways
adopted by the companies to enter into the international market. Few of such ways include
import-export, licensing, franchising, joint venture etc. There are many reasons behind
companies opting for expanding into international markets like increasing profit, maximising
shareholders’ wealth, minimise the cost of operation, seek new technological knowledge as
well as expertise.
In the same way, Anheuser-Busch went into the joint venture with Kirin Brewery, which was
the largest brewery in Japan. This joint venture helped Anheuser-Busch to take advantage of
Kirin Brewery’s distribution channels as well as facilities to expand its business and markets
in Japan. It also helped Anheuser-Busch to understand about the culture, demand and
tradition of Japanese people and in this way a risk of failing into a new market got reduced up

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to a great level. Kirin Brewery has got a strong network and understanding of the Japanese
market and consumer and it has also established a great brand equity over the time. We all
know that companies have to spend a huge sum on marketing and promotional activites.
However in case of Anheuser-Busch, it did not require to do so as Kirin Brewery’s strong
brand reputation did the work. This ultimately helped Anheuser-Busch in achieving its goal
of capitalizing on the shareholders’ wealth.
b. Explain how the joint venture limited the risk of the international business
Answer b. Risk management is the most crucial and significant part for the companies
wanting to expand their operations in the International market. there are various kinds of risks
existing in different countries. These risks are related to the countries’ political, economic or
social scenario and the level of these risks vary from country to country. Political risk could
be related to the government stability and social risks whereas economic risks can include the
inflation. There are various standards related to the health and education in different countries
and these standards can pose social risks for the companies planning for international
expansion (Cole-Ingait, n.d.).
There exist various kinds of risk in the decision of any company to expand its operations and
business in the International market. Some of these risks are unfamiliarity with the foreign
country’s laws and regulations, barrier of foreign culture, barrier of language, inexperience,
infrastructure etc. (Zwilling, 2016). These risks can be mitigated up to a great extent by
entering into a joint venture with an entity that is established well in the country in which the
company is planning to expand the business. Anheuser-Busch entered into joint venture with
Kirin Brewery which was considered to be the largest brewery in Japan. It helped Anheuser-
Busch to understand about the market in Japan, laws, rules and regulations of Japan, culture
as well as language of Japan etc. Also, it got the required infrastructure, facilities and
distribution channel from Kirin Brewery which would have cost a huge sum to Anheuser-
Busch without the joint venture.

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c. Many international joint ventures are intended to circumvent barriers that
normally prevent foreign competition. What barrier in Japan did Anheuser-Busch
circumvent as a result of the joint venture? What barrier in the United States did
Kirin circumvent as a result of the joint venture?
Answer c. It becomes easy for the companies to expand their operations in the international
market by entering into a joint venture with a company well-established in the foreign
country. It reduces the risks involved in the international market and also reduces the
competition up to a great level. When a host company decides to enter into the joint venture
with a company having strong brand equity and networks in the foreign country, it reduces
the competition of the host company with that particular recognised entity. There might be
barriers in a country that restrict investment of foreign companies in fully owned ventures in
a particular sector to protect the local industry but these companies can enter in a joint
venture with the local company. This way foreign company is able to enter in the new market
but at the same time it needs to share it’s expertise with the local partner. This is the way how
companies circumvent various barriers like tariffs, quotas, infrastructure, culture, technology,
expertise etc.
The same strategy was adopted by Anheuser-Busch and he entered into joint venture with
Kirin brewery which helped the company to circumvent various barriers and it helped to
reduce the competition. Anheuser-Busch was in a position to utilise and take full advantage
of Kirin Brewer’s facilities and distribution system and thereby enabling him to circumvent
tariffs barrier, quotas barrier and direct investment barrier. Kirin brewery circumvented
information barrier and cultural barrier because it helped Kirin to understand the ways in
which Anheuser-Busch has successfully expanded its products across several countries.
Though the main aim of the foreign entities in such businesses decisions is to avoid foreign
competition and regulations but this kind of joint ventures help both the foreign company and
the local company in different ways as explained above.
Question 3
Explain why the Greece credit crisis can cause contagion effects throughout Europe.
Answer 3. When a market change or disturbances gets spread and affect the other markets in
an adverse manner it is generally termed as contagion effect. Contagion effect refers to those
risks wherein financial difficulties faced by one country or bank or organisation would spread
to other countries or banks or entire financial system (The Society of Actuaries in Ireland,

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n.d.). This contagion risk can lead to a great inflation or economic crisis in a particular
geographic area which can even spread to the whole economic and financial market in the
world. It happens because with the increasing globalisation the economies in the world have
become highly correlated and therefore a default in one economy can bring imbalances
among the rest of the correlated economies in the world. Contagion effect can be felt both
domestically as well as internationally.
Greece has taken a good amount of debts from the governments of Europe. In case, Greece
fails to pay back the debt amount to the European governments it will give rise to the default
risk and as a result European governments will fail to meet their own debts. It can even lead
to inflation in both the economies and if the problem does not gets resolved timely it can even
hamper the condition of rest of the related economies in the world. It can hamper the entire
financial structure of both the economies and could worse all the industrial sectors. It would
also have a great impact on the stock markets of Greece and Europe. MNCs sell their
products and services to Greece and due to default risk the Greece government will fail to pay
MNCs too. All these therefore create a contagion effect throughout Europe.
Question 4
Why do interest rates vary among countries? Why are interest rates normally similar
for those European countries that use the euro as their currency? Offer a reason why
the government interest rate of one country could be slightly higher than the
government interest rate of another country, even though the euro is the currency used
in both countries.
Answer 4. Inflation rate of the economies are reflected through their existing interest rates.
When there exist a higher inflation rate in a country, the Central Bank of that country raises
the rate of interest for lowering the inflation rate up to a manageable level. At the same time,
Central banks take care that it does not lower the interest rate to a level which could
adversely impact the economy of the nation. Therefore, the Central Banks around the whole
world works with these twin objectives.
Like if we talk about the developed countries like Japan and US since their growth rate is less
their inflation level is also less and as a result the rate of interest rate is also low. In Japan, the
Central Bank has kept the negative interest rate with the motive of propping the economy. In

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a country like India which is a developing country has some level of inflation and therefore,
interest rates are higher in that country.
Interest rate in a country is also determined by the exchange rate in foreign markets. The
currencies of some country are really strong in the market whereas there are currencies of few
countries whose currencies are really weak in the market.
Demand and supply of funds for a given currency decides the rate of interest in every country
(Saylordotorg, n.d.). The conditions related to the supply and demand of Euro are dictated by
the participating countries as a group. Therefore, euro’s supply and demand do not vary
among the participating countries. However, possibilities are there that the government
interest rate of one country using euro as its currency could be slightly higher than the
government interest rate of another country which is also using the same euro currency and it
happens due to risk of default. A higher rate of interest denotes the risk premium.
Question 5
Chapman Co. is a privately owned MNC in the U.S. that plans to engage in an initial
public offering (IPO) of stock, so that it can finance its international expansion. At the
present time, world stock market conditions are very weak but are expected to
improve. The U.S. market tends to be weak in periods when the other stock markets
around the world are weak. A financial manager of Chapman Co. recommends that it
wait until the world stock markets recover before it issues stock. Another manager
believes that Chapman Co. could issue its stock now even if the price would be low,
since its stock price should rise later once world stock markets recover. Who is correct?
Explain.
Answer 5. It is very important for the company to evaluate the market conditions
appropriately before making the decision of issuing the stocks. Every company issues stock
for funding their important and highly budgeted projects like expansion, launch of new
product, purchase of property etc.
It is advisable for Chapman Co. to wait till the time world stock markets recovers and the
conditions of U.S. stock market get improved before it issues stock. If the company opts for
issuing the stocks now then the amount proceeds it would generate would be very lower and
not sufficient enough for their expansion. It would only lead the company to incur loss both
in monetary terms as well as ownership terms. If a Chapman decides to issue stocks now no

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doubt it will fail to generate enough capital for expansion but apart from this it would also the
ownership of the company to the amount of share or stocks issued.
Also, in case company issued its stocks now and the price of these stocks rises later then
Chapman Company would suffer loss and it would benefit those shareholders who actually
purchased and hold the company’s shares.
Question 6
Cornell Co. purchases computer chips denominated in euros on a monthly basis from a
Dutch supplier. To hedge its exchange rate risk, this U.S. firm negotiates a three-month
forward contract three months before the next order will arrive. In other words,
Cornell is always covered for the next three monthly shipments. Because Cornell
consistently hedges in this manner, it is not concerned with exchange rate movements.
Is Cornell insulated from exchange rate movements? Explain.
Answer 6. Cornell is not insulated from exchange rate movements. Since forward rate
changes over a period of time, Cornell Co. has got exposed to the risk of exchange rate over
time. In future, if the value of euro appreciate it would be a situation of loss to the Corneol
company as the appreciation in euro may lead the euro's forward rate to rise over time and
that would result an increase in the required payment by Cornell.
Question 7
Explain how exchange rate fluctuations affect the return from a foreign market
measured in dollar terms. Discuss the empirical evidence on the effect of exchange rate
uncertainty on the risk of foreign investment.
Answer 7. Exchange rate fluctuations majorly contributes to the foreign investment risk as
exchange rate fluctuations are highly volatile and has covariance with returns of local market.
Mostly, covariance proves to be positive which means that changes in exchange rate would
contribute more to the exchange risk and will never offset it. The exchange risk is highly
significant in the investments made in bonds over the investments made in stocks.
Iyke and Ho (2017) conducted a study using annual data for Ghana from 1980 to 2015 to
observe the effect of exchange rate uncertainty on domestic investment in the country. The
authors looked this issue from the macro level by separating the long-run impacts from short-
run impacts of the exchange rate uncertainty. It was found that the effect of uncertainty

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depends upon the investor’s preference to risk. They concluded that the investment is
enhanced due to the current level of uncertainty but previous levels of exchange rate
uncertainty hurt it. This uncertainty in long-run has an overall positive impact on investment
in Ghana.
Another study was conducted by Dhakal et al. (2010) to evaluate the effect of uncertainty in
exchange rate on foreign direct investment (FDI) in Indonesia, China, Philippines, Malaysia,
Thailand and South Korea. From the panel data it was observed that these countries have
continuously attracted significant amount of FDI while experiencing high exchange rate
volatility. They concluded that volatility in exchange rate has a positive impact on the FDI in
the sample nations.
Question 8
What is meant by the statement that ownership is separated from managerial control in
the corporation? Why does this separation exist?
Answer 8. Now-a-days, the corporations have separated ownership from the managerial
control which means that shareholders of the company have been segregated from the daily
business operations. This decision has been taken to discourage the unethical practices
exercised in the companies by their management as well as shareholders. When ownership
and management are separated in an organisation it reduces the chance of cheating.
The business operations has now become very complicated as a result the companies are
required to hire highly skilled personnel for managing these operations efficiently and
effectively. It is always not necessary that owners of the company have needed skills to run
the business in the required manner. Owner of the company can be a director, shareholder,
government entities, founders etc. Therefore, they prefer to hire people with the right skills
and abilities to run the entire management of the company. It also brings diversity in the
company as the hired professionals possess different skills in marketing, operations, finance
etc.
The optimum utilization of resources is one of the primary goal of companies and therefore it
requires to be managed well. When these assets are managed by the owners of the companies
they find the task of separating their personal assets and business assets difficult. However,
when the assets are managed by the manager who is not the owner of the company, he

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accomplish the task easily and efficiently. At the end when assets are managed well it
generates higher return on the owners’ capital.
This has been incorporated by the big companies so that shareholders can make their
investment and stock purchase decision without getting involved in the managerial decision
making process and at the same time managers can make effective decisions without an
intention to buy shares of the company (Law Right,2016). This separation of ownership and
managerial control helps the managers in making significant decisions free from the
individual interests and benefits. Therefore, the final decision taken by the management is in
the best interest of the organisation.
Question 9
What is an agency relationship? What is managerial opportunism? What assumptions
do owners of corporations make about managers as agents?
Answer 9. Under agency relationship, an expert is hired for carrying out the decision making
process related to a specific area of interest concerned with the company (Thompson, 2019).
Agency relationship is generally considered to be fiduciary relationship. It has been
considered so because such relationships require a high level of trust and confidence. Under
agency relationship, the person are been hired as the agents to work and make decisions on
behalf of the company. Here, company believes and trust on the agent that he would
discharge his duties responsibly keeping in mind the best interest of the organisation.
There are managers whose decisions are influenced by their own selfish interest and are not
in the best interest of the organisation and this is known as managerial opportunism (Wright,
n.d.). This issue is also known as principal agent problem when managers (agent) do not
perform for the long term welfare of the owner (principal) but work for their own self
interest. So, there is requirement for proper corporate governance to align the goals of
principal and agent.

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The shareholders and owners of the business assumes that majority of the managers will not
get engaged in the managerial opportunism. They assume that managers will work towards
long term growth of the company. They assume that management will work for the welfare of
the shareholders without indulging in fraudulent activities or any other activities that will be
detrimental for the health of the company. But there are possibilities that managers get
involved in the practice of opportunism and therefore the owners and shareholders keep
certain checks and balances in place for keeping a watch on managers’ activities
Question 10
CASE STUDY
1. What corporate governance mechanisms failed at Stafford General Hospital?
Answer 1. Corporate Governance is an essential part for any company to achieve the
organizational objective of maximising shareholders’ wealth and profit. It is important for the
organizations to achieve their strategic goals.
As per the reports of Health Care Commission, managers of the company had set target
prioritizing their self-interest over patients’ care as a result the death rate hiked during the
period of 2005- 2008. After the interview with the doctors and other staffs it was noticed that
staffs knew about the problems existing in the hospital but still due to fear of losing job and
career none of them pointed the issue. Also, the whole culture of hospital maintained by the
management was discouraging complaints. It was further seen that nurses were unhappy with
the kind of services delivered by them and consultants of the hospital were not given enough
liberty to say anything against the management as they disliked negative comments and had
the habit of ignoring the advice. So, this lead to the losses for the hospital as management
was putting it’s self interest ahead of the long term shareholder’s goals. This is an example of
the principal agent problem. Also the hospital’s board was unable to detect these practices of
the management which lead the managers to continue working for their own interests without
any hesitation. This can be due to low number of independent board of directors. These are
some of the corporate governance mechanisms which failed at Stafford General
Hospital.Were there possibilities of agency problems within Stafford? Why or why not?
Could managerial opportunism be an issue?
Answer 2. Yes, agency problem existed within Stafford as a result the advices of the
consultants hired by the hospital for advising on various problematic issues related to the

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hospital were not given enough weightage and even got ignored by the management of
Stafford as they disliked critical and negative comments.
The managers of the hospital were the persons who prioritize their own self-interest over the
patients’ care, created a culture in the hospital that discouraged complaints and the freedom
of consultants to advice on problematic issues was also curtailed. Therefore, it clearly shows
that issue of managerial opportunism existed in the Stafford hospital.
2. Can the Trust Foundation for Stafford be effective as a market for corporate
control?
Answer 3. The first step taken by NHS Foundation Trust is to invest an amount of 12 million
pounds towards improving frontline clinical staff, facilities and training of employees. The
trust has also issued “no blame whistleblowing policy” with an aim to encourage employees
and staff to disclose the poor practices. All these positive steps of NHS Foundation Trust
reflect to a positive future of Stafford hospital where trust foundation will prove effective as a
market for corporate control.
3. What role do you think the corporate governance structure of the United Kingdom
played in the problems at Stafford?
Answer 4. Along with the corporate governance role of boards, clinical governance is also an
important part of NHS trusts. The clinical governance responsibility was delegated by the
1999 Health Act to the organizations looking at the local health systems. However, earlier it
was with the corporate body who was answerable to the services it delivered to its patients.
Clinical governance refers to those frameworks and mechanism through which NHS
organizations ensure that the services delivered are safe and are of standard quality. These
mechanism and framework include clinical audit, education and training to staffs, publishing
learning from a serious case or complaints etc. As per Francis report, the pervasiveness of
these frameworks and mechanisms in UK healthcare has fluctuated and as a result Mid-
Staffordshire NHS Foundation Trust. The Trust said that there was a breakdown in the
process of clinical governance. Therefore, the structure of corporate governance of United
Kingdom created problems at Stafford hospital (Good Governance Institute, 2017).
4. How do you think the situation at Stafford will impact global corporate governance?

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Answer 5. After identifying breakdown in the process of clinical governance of Stafford
hospital, it would help the concerned authorities responsible for managing global corporate
governance to learn a lesson and revise those global standards, rules, laws, and regulations
etc. which are lacking and could hamper the functioning of the organisations.
Conclusion
Now after reading the assignment we know that MNCs have to reduce its ethical standards to
compete effectively in the market. We also know how companies like Anheuser-Busch take
the advantage of international joint ventures to maximise the wealth of the shareholders.
There are various risks associated with the expansion in international market and these risks
can be mitigated effectively if ventured with right international organisation. We have also

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studied the impact of exchange rate fluctuations on the foreign direct investments. Apart from
this we got to know the reasons why companies prefer to segregate the management from the
ownership. The concept of managerial opportunism says that managers sometimes take
decisions which are driven by their own selfish interest and are not in the best interest of the
organisation. Thereafter, the concept and importance of corporate governance have been
understood well after reading the famous case of Stafford hospital.
Recommendations
It would be better for the companies to understand the importance of ethical standards. It would be
beneficial for them to reduce their ethical standards as per the standards of the host country so that
they can compete effectively in the international market. Apart from this, companies should not
ignore the importance of entering into joint venture at the time of expanding in to international
market. International joint ventures help the companies in circumventing various barriers that helps
to reduce competition in the international market. It also helps in maximising the wealth of the

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shareholders. Companies should also ensure that it has effective corporate governance or else it
could lead to the operational failures. At the end, companies should understand the effect of
contagion effect on the whole economy and try to avoid it.
References
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control-in-companies/ [Accessed 21 August, 2019].
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[Accessed 21 August, 2019].

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Wright, T.C. (n.d.). What Is Managerial Opportunism?. Available at:
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