From the Back Cover
In today's global marketplace, being able to work seamlessly across borders is vital to a company's success. Unfortunately, many multinational companies lack a clear understanding of the finance issues they face, nor do they have the analytical capabilities to effectively manage these challenges. The case studies presented by Professor Desai in this text offer real-world insight into the complex world of multinational finance and provide an invaluable foundation for those charged with building a finance operation without borders.
—Jean Blackwell, CFO, Cummins Inc.
Professor Desai discusses a plethora of real-world issues facing finance heads of global corporations. His approach and the firm-centric emphasis move beyond the conventional theoretical discourse and facilitate imparting of pragmatic skills and insights to aid the modern day practitioner of international finance.
—Mohan Pai, CFO, Infosys Inc.
Financing, investing and risk management decisions for global corporations can't be made responsibly today without an in-depth understanding of global capital markets and the opportunities and pitfalls that they present. With responsibility for General Mills international businesses and as CFO, I found this casebook to provide a wonderful one-stop shop for understanding finance as it should be practiced at a world-class multinational.
—Jim Lawrence, Executive Vice President, Chief Financial Officer and International, General Mills, Inc.
Multinational firms are central today to understanding the determinants and consequences of cross-border capital and product flows. Mihir Desai, an important scholar of these firms and flows, provides us with this casebook where he goes inside these firms to see how they make critical investment and financial decisions. Practitioners and scholars alike can benefit greatly from his invaluable insights.
—Jagdish Bhagwati, University Professor, Economics and Law, at Columbia University, and author of In Defense of Globalization
Mihir has hit it on the nose – These days, cross-border transactions or dealing with foreign operations is part of the ordinary course of business. Yet, most textbooks provide little help with these circumstances. In today's environment, this book must be part of any financial manager's toolbox!
—Alvaro Rodriguez Arregui, CFO, Vitro S.A.
About the Author
Mihir A. Desai
is the Rock Center Associate Professor of Finance and Entrepreneurial Management and the MBA Class of 1961 Fellow at Harvard Business School (HBS) where he has taught since 1998. He is also a Faculty Research Fellow in the National Bureau of Economic Research's Public Economics and Corporate Finance Programs. His research on international finance and public economics has been published in leading academic journals such as the Quarterly Journal of Economics, the Journal of Finance, the Journal of Financial Economics and the Journal of Public Economics and has been cited widely in the business press. A fuller discussion of his research and publications can be found at www. people.hbs.edu/mdesai.
The cases in this book were developed for Professor Desai's second-year elective, entitled "International Financial Management," that he has taught at HBS since 2004. In addition, Professor Desai co-teaches Public Economics at Harvard College, is the Faculty Chair of the executive program on Cross-Border Financial Decision Making and has participated in numerous executive education programs at HBS. He received the Student Association Award for teaching excellence from the HBS Class of 2001. Professor Desai received h is Ph.D. in political economy from Harvard University; his MBA as a Baker Scholar from HBS; and a bachelors degree in history and economics from Brown University. in 1994, he was Fulbright Scholar to India. His Professional experiences include working at CS First Boston and advising a number of firms and governmental organizations.