Topics: This course covers important principles in macroeconomics and international trade. We will discuss topics such as the effects of adverse shocks (e.g. different recent crisis situations) on economies, how fiscal and monetary policy work and how such policies can be used in times of crisis. We will analyze the impact of trade on economies, openness to trade versus protectionism and the implications of different trade instruments.
Date: tbd
Assessment and contribution to module mark: written exam
Credits: 4 SWS / 5 CPs
Lecturer: Prof. Dr. Maria Lehner
- Dozent/in: Maria Lehner
- Dozent/in: Sarah Melanie Hatfield
- Dozent/in: Carolin Palmer
COURSE SUMMARY
The course "MULTINATIONAL BUSINESS FINANCE & INVESTMENT (MBF&I)" is tailored around the pertinent financial and strategic questions multinational enterprises encounter on global capital, product and service markets. We will discuss and assess issues, concepts and theories of global equity, debt and currency markets.
Why the MBF&I lectures matter?
Global capital markets are a catalyst and facilitator of international trade and finance. Nevertheless, a fair question might be if we are right now at a tipping point from GLOBALIZATION to SLOWBALIZATION. The black-swan effect of the Trump administration's tariff war, as kicked-off in spring 2025, with its implicit volatility in exchange rates, commodity prices and interest rates highlights the importance of a resilient corporate finance strategies and the management of global capital market risks.
Do we have to rewrite international finance textbooks and corporate strategies? A proper understanding of interest rate, currency and commodity price risk management is therefore of paramount interest.
COURSE METHODOLOGY
The lectures will be structured around the following topics
- Global capital markets (equity, debt, currency markets)
- Foreign exchange (FX) rates, interest rates and pricing theories
- FX, interest rate and commodity price exposure
- Hedging techniques on FX and debt markets
- Global corporate finance
- Global investment strategies
- The valuation of securities (stocks and bonds)
The MBF&I course will be taught from an academic, but as well from an applied (management) perspective. Therefore, the lectures will be accompanied by multiple deep-dives and case studies. ECONOMIST and FINANCIAL TIMES are mandatory (!) reading requirements besides the text books and articles for the MBF&I lectures.
COURSE LOGISTICS & TIMING
The lectures on MBF&I will be on-campus. We will apply a flipped class-room design, so reding material has to be digested before class!
Lectures will be regularly Tuesday from 8:00-11:20, Room WX.XX. The first lecture will be on October 7.
As core readings we will use:
- Eiteman, D.K.; Stonehill, A.I.; Moffett, M.H. (2024). Multinational Business Finance. 16th edition.
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Brealey, R; Myers, S.; Allan, F. (2023): Principles of Corporate Finance – Global Edition; 14th ed..
- Feix, T. (2021). Valuing Digital Business Designs & Platforms - An Integrated Strategic and Financial Valuation Framework. Springer Science Global Book Series: The Future of Business & Finance.
- Hull, J. C. (2022). Options, futures and other derivatives. 11th, global ed..
COURSE REQUIREMENTS
As we will use a flipped-classroom approach you should invariably read the assigned chapters, articles, and supplementary materials before you come to class and go over the assigned exercises and cases in time. Students are expected to carefully review the assigned reading materials before each session, diligently work on the assigned problems, questions, and cases. You should participate actively in the lecture discussions. You are also expected to spend some time to digest the material, to work on the assignments and case studies. After the end of each session you should review handouts, your notes, and highlights in your readings to prepare yourself for the exam.
I would like to invite you to create together with YOU an inclusive classroom and intense learning environment where we will explore intellectual curiosity with respect, candor, courtesy, and courage! We will create a collaborative learning environment.
Contradicting views and perspectives are highly welcomed, at least if they are grounded on a reasonable argumentation lines. Already in our first session we will confront the argumentation of the Harvard Business Review with a thought-provoking article of the Economist on the modern purpose of the firm and a deep-dive on the capital market impact of the US administration's policies.
Join our journey through the global capital market jungle...
- Dozent/in: Thorsten Feix