International Portfolio Diversification and Asset Pricing Model

An International Financial Management
International Financial Management
London School of Finance

Nabeel Ahmed Khan
A4028490
Nabeel Ahmed Khan ID A4028490
Business
&
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PART A Table of Contents

Executive Summary .....................................................................................3
Introduction...............................................................................................................................4 International Portfolio Diversification and Asset Pricing Model ....................................... 5 World Market Capitalization and shifting in U.S.6 Internatnional diversification barriers....................................................................................9 International CAPM.................................................................................................................9 CAPM and ICAMP Limitation...14 Evaluatoion of Foreign Bond..................................................................................................16 Conclusion.17
References & Bibliography.........................................................................22
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Executive Summary
This report reflects the various factors, applications and limitations need to be considered by portfolio manager when diversifying the investment in domestic and international market to gain the maximum return in order to improve the value of an organisation and also the wealth of shareholders.
The investment portfolio fall under three managers and consists of 60% stocks and 40% bond. The Bank has a total investment portfolio of 25$ billion. However, only 15% are allocated as a foreign investment. This task has been done with the help of the various relevant theories of portfolio diversification and the application of ICAMP and CAPM. At the time of diversifying investment and the manager need to apply CAPM, may have to consider the limitation of both ICAMP and CAPM application which is inserted in this report.
Furthermore we have made an evaluation of the opportunity of available to the investment bank between the allocation Euro bond and U.S bond, with help of calculation. Our findings are that we should encourage international diversification according to the theory of CAPM.
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Introduction
There was a time when investors treated domestic market as secure barriers. Times have changed now everything is globalizing so the number of investors increasing accordingly. U.S investors are buying foreign stock & bond and foreign investors are investing in U.S market. Investing in an international market propose several advantages. As a U.S prospective more than half of the world stock market capitalization is outside U.S companies. Over the past few years foreign investment has been increasing very fast then international trade or world economic respectively.
According to the United States history, investment banking received a boom during the American Civil War. When banking houses sold millions of dollars worth of government bonds to large numbers of individual investors to finance the war. This obvious the first mass-market securities sales operation, and that practice continued later in the 1800s to finance the development of the coast-to-coast railroads. Now Investment banks earned an increasing amount of their profits from registered trading. Advancement in computer technology also helps banks to use more reliable model driven software to perform trades and make a profit accordingly changing in market conditions. In early 1990s U.S continuous to be a debtor nation in world financial records, inviting more long term internal investments as compare to external investments. Both direct investment and internal foreign portfolio continued to rise in an uneven manner. U.S debtor nation position was not like to that of many developing nations. By that time all U.S foreign obligations were in the US dollar currency. In the late 1990s, Internet and with the help of electronic media, the world economy became truly globalize. In the technology of world speed which allowed monies to move from one stock market to another in a second which lead to increase foreign investment.
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World Market Capitalization and shift in U.S
Source: www.MSCI.com (Morgan Stanley Capital International (1970); Standard & Poor's/Citigroup (2010). The market cap shares for 1970 are based on weights in the MSCI World Index.)
|Above projected chart show that market capitalization outside the world and how U.S capitalization reducing by the time. Trend has changed now in 2010; the foreign market shows that 58% market capitalization is outside U.S. And Projected in 2030 it will be reduce from 42% to 34 in U.S.
International Portfolio Diversification and Asset pricing Model

Over the last three decades, international portfolio diversification has been the vital feature of global capital markets. Several possible benefits have made by investors to internationalize their portfolios in the global market. Investors in mostly countries have the access in international market to invest in financial instruments, however they choose to invest mostly in their own domestic market. Wise investors know that diversifying across domestic industries lead to have a low level of risk for a given level of expected return. It is well know that investing in a stock market is risky whether in domestic market or foreign market. But both practitioners and theoreticians recommended to have a well-diversified portfolio to reduce the risk attach with the investment.
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An International Financial Management For example, a fully diversified U.S portfolio is only about 27% as risky as a typical individual stock. Put another way, about 73% of the risk associated with investing in the average stock can be eliminated in a fully diversified U.S portfolio. Ultimately, though the advantages of such diversification are limited because all companies in a country more or less have the same cyclical economics fluctuations. Through international diversification i.e. by diversifying across nations whose economic cycles are not perfectly in phase, investors should be able to reduce still further the variability of their return. In other words, risk that is systematic in the context of the U.S economy may be unsystematic in the context of global economy. For example, an oil price shock that hurts U.S economy helps the economics of oil-exporting nations, vice versa. Thus just as movements in different stock partially offset one another in an all U.S portfolio so also do movements in U.S and non U.S stock portfolio cancel each other out somewhat. (Alan C. Shapiro, 2003)
Investing internationally will increase the chances of better return and less risk because of
Domestic markets have large difference in return and less risks associate as compare to foreign market. Investment in emerging and developed countries
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An International Financial Management Different foreign markets have comparatively low correlations with each other because of different cycle economic fluctuations. Such as political risk which are likely to be localized with in national level.
Future is unsure and if you rely on one source of return you are likely to have a more risk together. Due to this reason normally investors are risk averse they hardly hold investment in isolation. Therefore investing in U.S domestic portfolio with different stocks off setting each other, so this is how it will also offset U.S and Non U.S stock movement when having international diversified portfolio. For achieving a better return by trade off investing internationally.
Using a Capital pricing model, the technique adapted by CAPM is to measure systematic risk, usually referred as beta (), as with any index we need to establish some base points and then other observations will be calibrated around these points, the two base points are as follows:
The risk free security Risk free securities normally have no risk, therefore no systematic risk attached with it, such as gilts have a beta value zero.
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An International Financial Management The market portfolio
This show the vital diversification of international market thus has only systematic risk. Let assume beta value 1.00 for the market portfolio and this will show the average systematic risk. Both two points are show below in the graph
Return
Rm
Security market line (SML)
Rf
1.00
Source:http://www.globusz.com/ebooks/Valuation/00000024.htm
Systematic Risk
Security market line shows the relationship of systematic risk and return. In Graph clearly see that the higher the return, higher the systematic risk attached. The equation of SML is Rj = Rf +j (Rm Rf )
If a company made some investment in some project some would be well and badly. But when you see as a whole portfolio average return would be expected. In practice whole diversification will not be possible. But significant diversification of world portfolio could be achieved by the following technique.
Investment in different companies and in different country Do investment in big Multinational companies Allotment of investment trust which is globally diversified.
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Company should do own assessment of their investment portfolio when set a cost of capital, If the markets are divided, might be investment in domestic company are not profitable that are suitable for foreign market or multinational company because the cost of capital in the foreign market is relatively lower.
International Diversification Barriers

Despite the demonstrated benefits to international diversification, these benefits will be limited because of barriers to investing overseas. Such barriers do exist. They include legal informational and economic impediments that serve to server to maintain national capital markets, deterring investors seeking to invest abroad. The lack of liquidity, the ability to buy or sell securities efficiently is a major obstacle on some overseas exchange. Other barriers include currency controls, specific tax regulations, relatively less developed capital markets abroad, exchange risk, and the lack of readily accessible and comparable information on potential foreign security acquisitions. The lack of adequate information can significantly increase the perceived riskiness of foreign securities, giving investors an added incentive to keep their money at home. (Alan C. Shapiro, 2003) Investors always can buy foreign securities from their domestic market. One problem in buying foreign stocks is that a brokerage commission is very high. And also have to face complications of foreign tax and the irritation of converting dividend into local currency.
International Capital Pricing Model

The international capital Asset pricing model (ICAPM) suggests that international investors should have stock of each country to have a world diversified market portfolio. This model states that all countries in a world would get a the same portfolio without any information cost or any other cost and diversify their investment in other countries to the size of their financial market. In this regard, Global financial institute such as Morgan Stanley Capital International (MCSI) All world index, Standard & poor global index are commonly used by investors. Suppose that International capital market fully incorporated market like domestic market.
A company involved in international investment will expect additional risks which are:
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An International Financial Management Currency Risk Political Risk
These types of risk mostly are identified as unsystematic risk and can be diversified away by holding the international diversify portfolio.
For Example, a U.S Based Company can reduce more risk by investing in other countries. Part of the systematic risk for domestic company is in fact unsystematic for an international market.
So the international CAPM equation would be:
Rj = Rf + Bw (Rw - Rf)
Where Bw is a measure of world systematic risk that is how the return on investment correlation with the whole world market. So the investors can get the advantage from maximum diversification through investing in the economy of world of all securities. In a real world is impossible to hold a share of the world portfolio but significant international diversification can achieve by direct holding in foreign companies and investing in multinational companies.
CAPM
It can be used to calculate a cost of equity and incorporate risk. The CAPM is based on a comparison of the systematic risk of individual investment with the risk of all shares in the market.
Whenever an invest ri = rf + i (rm rf ) Where, ri rf = equilibrium expected return for asset i = rate of return on a risk free asset, usually measured as the yield on a U.S government Treasury bill or Treasury bond rm I = expected return on the market portfolio consisting of all risky asset = is the beta factor of the individual security Page 10
The CAPM is based on the notion that intelligent, risk-averse shareholders will seek to diversify their risks, and as a consequence, the only risk that will be rewarded with a risk premium will be systematic risk. As can be seen from equation, the risk premium associated with a particular asset is assumed to equal i (rm rf), where i is the systematic risk or no diversifiable risk of the asset the term rm rf is known as the market risk premium.(Alan C, Shapiro, 2003)
There are two types of risk, systematic and unsystematic. Risk rises from uncertainties which are attached with single securities would be diversifiable if holding large number of securities. This type of risk can be totally eliminate thorough diversification its known as unsystematic risk. Some examples of unsystematic risk, Govt. increase custom duty on relevant materials, Workers strikes, New Competitor enter in the market.
Another type of risk is systematic risk or market risk. This type of risk cannot be diversified which are inherent risk with the market. Some examples of systematic risks are Change of Interest Rate & Corporate Tax, Inflation.
Total Risk can be divided into two parts
Total Risk= Systematic Risk + Unsystematic Risk
Total Portfolio Risk Unsystematic risk (Unique risk)
Systematic risk (Market risk)
Security
No of Security
Source: http://optionalpha.com/how-to-correctly-use-beta-when-building-and-managing-your-portfolio-10482.html
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Limitation of CAPM
In the CAPM the profit required by security is linked systematic risk not with the total risk. If we satisfied some of the assumption of this model based on systematic risk, then the overall total risk is more important, in this instant some limitation of this model should be considered. This model assumes that all asset which is sold its based on its current prices and there is not selling and legal cost attach with it. But In a real world you cant ignore insolvency cost. Additionally, insolvency cost its attach with the overall risk of a company rather than systematic risk. The other assumption is that the investment market is efficient and reliable. If its not the investor would not able to remove risk from their portfolio
The model also state that portfolio of investment are well diversified so there will be no such concerned about unsystematic risk only need to be worried with systematic risk. However this is not true shareholder should worried about whether its unsystematic risk even though if he diversified its and pursue for the total return attach with total risk. Another impractical assumptions, in real world its hard to find a risk free security (gilts). Gilts its in the form of bond issued by government as a risk free & unlikely government will avoid paying but cause of inflation there is a doubt in real rate of return. Beta its a measure of future risk associate with investment, Beta itself doesnt stay same and its difficult to estimate future return as shareholders dont have future data to calculate beta.
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An International Financial Management International CAPM
It can be used to calculate a cost of equity and incorporate risk. The CAPM is based on a comparison of the systematic risk of individual investment with the risk of all shares in the market.
Howerver only the difference where a company operates:
Internationally In integerated markets
So the international CAPM equation will be ri = rf + w (rm rf ) Where, ri rf = equilibrium expected return for asset i = rate of return on a risk free asset, usually measured as the yield on a U.S government Treasury bill or Treasury bond rm w = expected return on the market portfolio consisting of all risky asset = is the beta factor of the whole world portfolio.
Limitations of the ICAPM
The Validity of International capital asset asset price model is on the assumption that international market is integrated and all investors are world investors but in a real world its not the case. Countries and foreign market are not fully integrated and there is a cost attach when investing internationally such as broker commissions thats why domestic investor prefer to do domestic investment. Furthermore, domestic investor cant get the access of information easily than foreign investors.
Cost of capital estimations in developing markets are way too low which is problematic valuation or capital budgeting. Local Investors of domestic market view exchange rate risk from the perspective of their domestic currency.
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An International Financial Management Broker commissions Taxes, transactions costs, communication cost and capital barriers make it difficult or unattractive for foreign investors to have the world market portfolio In Real world not all markets are integrated and thats why its problematic for developing markets
Evaluation Of Foreign Bond

Investment in foreign bonds is US dollars 1.5 million (15% x 40% x $25 billion) Comparison between investments in Euro denominated bonds and US bonds:
Euro bonds: Current spot rate is $1.4 Converted to Euro bonds = 1.5/1.4 = 1.07 billion Interest rate 4.5% = 1.07 x 4.5% = gain on investmens Add to original investment of 1.07 = 1.12 bn euros Forward rate = $1.5 Convert to USD = 1.5 x 1.12 = USD 1.68 Net gains = 1.68 1.5 =0.18 bn USD US bond 1.5 x 2.9% = gain on investment Add to original investment of 1.5 bn =1.54 Net gains = 1.54 1.5 = .04 USD
Euro Bond
Its a bond sold outside the authority of the country where the bond currency is dominated. In last few years many strong markets has constructed which offer the large companies to borrow whether long term or short term but the markets is not under national regulations. Euro bond are long term bond issued by international financial institute or companies and available to sold in other countries at the same time. Its normally repaid between 5 to 15 years & the key amount of capital would be expected10 million or more.
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An International Financial Management It is similar to the public debt which is sold in domestic market contain floating and fix rate. But euro bond markets are free from regulation and its running by the association of international bond dealers. Euro bond market normally well known and have perfect rating. In 1980 the amount rose in euro bond its very less as compare to Eurocurrency market but its still increasing dramatically and now its exceed the euro currency market.
As above calculation show that we should invest in euro bond market because it will give you the gain of 0.18 billion as compare to US bond. In US bond the gain 0.04 billion. However some are the factors which need to be assess while investing in euro bond, cause of the Europe crises and also has some political risk. This can be eliminate by diversification.
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Conclusion
It is very essential to understand that having an international portfolio includes currency risk. The investigation carried out that there will be possible of currency risk cause of fluctuating currency values & it may reduce or improve the return. It is debatable issue that investing internationally is problematic and not real for most investors since U.S based companies rely mainly on single fund or international fund index.
Furthermore, market indicates it may not be simply investible assets due to high costs and market obstacles. However, recent introduction of some new products such as exchange traded funds have made international investing easer & reliable. This products portfolio is designed to allow internationally comparable standard performances and can be simply traded on organized exchanges. Thus if foreign market continue to perform well as compare to domestic market along with a better economic position & available access for investor, it is likely that foreign market portfolio would be continue to good to U.S based investor in future.
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Referencing And Bibliography

Shapiro, A.C (2009) Multinational Financial Management, Jhon Wiley & Sons, 9th Edition. ISBN
BPP, (2012) Advanced Financial Management, Bpp learning Media
Kaplan, (2010) Advanced Financial Management, Kaplan Publishing Uk
Ross, S. A.: The Arbitrage Theory of Capital Asset Pricing. In: Journal of Economic Theory, vol. 13, 1976, 341360
Solink B, (1999) international investment, Addison Wesley, 4th edition
Eiteman, Stonehill & lessard, (2006) Multinational Business Finance, Addison Wesley, 9th edition
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PART B
Swap Interest Rate

Its an agreement between two parties to exchange their debt obligation for a definite maturity on an agreed notional cost. Notional principal refers amount to against which the interest is considered. Normally maturities length minimum is less than 1 year and maximum is more than 15 year. But mostly transections fall between two years to ten years. There are basically two types of swap, coupon swap and basis swap.
In a coupon swap, one party would pay a fix rate to specific Treasury bond which is agreed at the time of trade. And other party pay variable rate (floating rate) which is resets timely during the life of the agreed deal against selected index. And if you see basis swap, where two parties exchange their floating interest obligation based on difference of currency rate. By this mechanism interest rate swap convert into debt issues, assets or any flow of cash from currency to currency. The most important rate which used in swap is London Interbank Offered Rate (LIBOR). Its the average interest rate which is offered by some selected group of Multinational Banks based in London (particular by the British bankers Association) for U.S dollar deposits and used as a base index for setting rate for many variable rate financial instruments particularly in euro bond & currency market.
Some of the reasons where variable for fixed interest rate swap is more appropriate for companies like ABC, because specifically interest rate risk is reduce which is helpful for the both companies and the other main cause its that there is no such premium payment while using swap however if you see other techniques of hedging where payment of premium arise & it would be also helpful for company cash flow. The other main important factors of using this technique its very flexible in nature in terms of contract as compare to contract with a bank.
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An International Financial Management 1st quarter 2,000,000 x (0.065-0.06) x 90/360 = 2,500 2nd quarter 2,000,000 x (0.064-0.06) x 90/360 = 2,000 3rd quarter 2,000,000 x (0.068-0.06) x 90/360 = 4,000 4th quarter 2,000,000 x (0.07-0.06) x 90/360 = 5,000
Other Alternative techniques of hedging
Forward Rate Agreement FRAs

Its a contract on interest rate relating to a loan or deposit. When borrowing under the forward rate agreement the firm would borrow the obligatory sum of amount on the settled date and so the contract at the market interest rate on the same date. Individually the firm will buy a similar forward rate agreement from a market creator or bank and will receive compensation if the rate is rise. While in the case of depositing the firm will deposit the money on the settled date and so the contract at the market interest rate on the same day. Separately firm will sell a similar forward rate interest to a bank & receive a compensation if the rate fall respectively.
Option on FRAs
Interest rate guaranty in an option on FRA like all option, secure the company from opposing movements and also allow it get the advantage of positive movements. When borrowing money firm would buy a FRAs so a call option used over FRAs. Similarly put option used over FRA when covering deposit. IRG are more expensive than the FRAS cause its flexibility to get the advantage of favorable movement.
Interest Rate Futures (IRFs)

There are two type of interest rate futures: short term interest rate futures (STIRs) And Bond futures.
Short term Interest rate futures (STIRs) these are the forward exchange contract based on a estimated deposit of a principal amount started on the final settlement date of contract.
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An International Financial Management Bond futures are standard notional government bond. If final settled date reach and seller or buyer doesnt close his position before then the contract settled by physical delivery
Swaption
A swaption is an option allowing its holder the right but no responsibility to enter basic swap. Swaptions are mix derivative product which incorporate the benefits swap and options at some future date on term agreed today and on the top premium is payable.
Sovereign Bond
Bonds allotted by a local government in foreign money, in order to funding the issuing country's growth. Sovereign debt is usually a risky deal when its related to emerging country & a safer investment when it comes from a developed country. The stability of government of issuing a bond is an important factor to consider, when considering the risk of investing in sovereign debt, and sovereign credit ratings such as Standard and poors (S&P) would help investors assess this risk. Its had stormy time world over since last three years of financial markets whether in US or Non Us countries. And thought to be one of the biggest economic disasters period. The economy of world is still revolving under the consequence of debt crisis. Stocks markets used to be considered as one of the main signs of the health of any economy market condition, have considerably coped to recover the losses worldwide still the situation is uncertain. Every time we hear a bad news of falling country target to credit crisis. The overall situation is far away from stability. All the financial institutions and governments are taking suitable steps to resolve the condition but more needs to be done. The global collapse affected by all the major economics of the world has to do with sovereign debt crisis. Its an essential part of any economy by its nature. However too much debt is always been a problem. Its doesnt really matter who takes the debt, whether any individuals, companies or governments, but too much would cause of disaster. The situations turn into more worst when the debtor itself had fails to discover a central bank to buying its debt. Both Financial debt and public debt is vital for different development and growing plans. The borrowed capital is preferred to use for public or social welfare schemes or to use in government infrastructural projects. However if the debt is owed in a different currency that is other than the debtors currency, the sovereign debt crisis can emerge. Nabeel Ahmed Khan ID A4028490 Page 20
Standard & Poor (S&P) which is a very reputed credit rating agency, explains sovereign debt crisis as a impact of debt defaulting. The default can arise cause of particular reasons like non payments of interest or principal amount missed on bank loan or notes on bills etc. Handling sovereign debt crisis become a massive task for any Nabeel Ahmed Khan ID A4028490 Page 21
An International Financial Management government or financial institute. 1980s of Debt crisis still stored in memories of people how they had faced debt disaster. If you see International debt crisis in late 90s its become a chain one by one of economic disaster like South Asian Countries Indonesia, Thailand, South Korea, Malaysia, Philippines etc.
In some of the cases changing in the business environment can affect the credit risk of issuers and securities which lead to effect on credit rating. For example, new technology in the market, or new competition which is the factors to be considered by credit agency and while if a company factored into the ratings, may upset a companys estimated earnings performance, which would result to one or more rating downgrades over time. Rising or decrease debt burdens, heavy capital expenditure requirements, and changes in regulatory may also trigger ratings affect. When you see the case of corporate issuers adopted a highly aggressive business model, which result in growth through large acquisitions or mergers in unverified markets, the risks attached with their ability to perform this strategy are most important factors in assessing their creditworthiness.
Factors to be considered
Standard & Poor's assessment of each sovereign's creditworthiness mainly focuses on political and economic risks in the market both quantitative and qualitative. The measurable features of the analysis integrate a number of measures of economic performance, although judging the reliability of the data is a more qualitative matter. The analysis is also qualitative due to the importance of political and policy changes and because Standard & Poor's ratings indicate future debt-service capacity. Mostly study emphases on the appropriateness of the policy mix, because variations of the exchange rate tend to leave a country exposed to shocks. A Government that is unwilling to repay debt is usually pursuing economic policies that weaken its ability to do so. In practice, of course, political and economic risks are related. Willingness to pay, therefore, encompasses the range of economic and political factors In addition, agency like Standard & Poors may have to adjust its ratings accordingly in response to mergers & acquisitions, or an increase or decrease in expected revenues.
Standard & Poor's local is a local credit agency precisely analysis is on a government's economic strategy such as fiscal and monetary policies, govt plans for privatization or nationalization and other reforms of domestic microeconomic. When measuring the risk associate on foreign currency debt, Standard & Poor's places more focus on the impact of these factors like external liquidity, balance of payments and characteristics of the external debt burden. Nabeel Ahmed Khan ID A4028490 Page 22
An International Financial Management Some major key economic and political risks are need to be consider by that Standard & Poor's when rating sovereign debt are as follows. Impact of Political organizations and movements in the country on the effectiveness and transparency in the economic policy decisions, as well as public security and geopolitical risk Economic structure of the country and pattern of growth and prosperity. Government deficits/ surplus, government revenue inflow & expenditure pressures, debt crises, and contingent liabilities and public-sector enterprises efficiency Monetary policy External liquidity and non-resident deposit
These factors above which are directly related on attitude of government to measure right local currency debt service. Because both fiscal and monetary policies have a major influence on a country balance sheet, also effect on service foreign currency debt.
Political risk
The stability of government and political institutions are important consideration in examining. Standard & poor analyze the changing in government condition, political shocks and security concerns for public. How the country have relations with the neighbors country, internal & external security risk. National security concern how the military effect on national fiscal policy. Political and external shocks are easily effect on economic policy than at higher.
Political aspects of any country are at the main of sovereign risk analysis, such as seen in Russia has a major improvement in fiscal & monetary policy which lead to higher sovereign ratings than political factors suggest.
Economic structure and prospects

Market economies of Central and Eastern Europe has carried the economic-structure scores of Slovenia and Czech Republic near to those of Western European sovereigns with market economies. Rankings with lower scores assigned to sovereigns which have relatively narrow economies, inflation, foreign debt, bad government Nabeel Ahmed Khan ID A4028490 Page 23
An International Financial Management policies, weak developed financial systems, and wide income discrepancies. Lower rankings may also privatization of companies or poor performance of private sectors, decline in economic growth.
Fiscal flexibility
Its the function not only deal with the surpluses and deficits, but also of revenue and expenditure, effectiveness of expenditure and pressure, and the suitability of the policy mix. Surplus or a low deficit ordinarily not provide much fiscal flexibility if the tax base is narrow, infrastructure needs are critical, the burden of debt is high, difficulties in the financial sector or monetary policy is excessively. High deficit would be suitable when cyclical measurers Successful fiscal policies help to build an atmosphere favorable to maintainable economic growth. Sovereigns with heavily managed exchange rate or large external differences usually have to depend on fiscal measures in manipulating local demand. The analysis depends as much on the suitability of the mix economic policy on deficit/surplus performance.
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Referencing And Bibliography

Shapiro, A.C (2009) Multinational Financial Management, Jhon Wiley & Sons, 9th Edition. ISBN
BPP, (2012) Advanced Financial Management, Bpp learning Media
Kaplan, (2010) Advanced Financial Management, Kaplan Publishing Uk
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An International Financial Management

International Financial Management

London School of Finance

An International Financial Management

PART A Table of Contents

References & Bibliography.........................................................................22

Nabeel Ahmed Khan ID A4028490

An International Financial Management

Nabeel Ahmed Khan ID A4028490

An International Financial Management

Nabeel Ahmed Khan ID A4028490

An International Financial Management

World Market Capitalization and shift in U.S