Visualisation plan de cours
2026 / 2027
EM1F5M2A
International Finance
Programme
PGE PGE5 International & European Business
Semestre
A
Coefficient
4
Volume horaire
Face à face : 20 H
Travail personnel indicatif : 40 H
Discipline
Finance
Nombre de places
45
Cours ouvert aux étudiants visitants
Oui
Langue d'enseignement
Anglais
Responsable
PRINZ
Liste des intervenants
| Intervenant(s) | Volume horaire | ||
|---|---|---|---|
| Enrico PRINZ | eprinz@unistra.fr | 20 h CM |
Discipline
Finance
Descriptif
This course examines how multinational firms create and protect value when financial decisions, cash flows, financing conditions, and risks span countries and currencies. It first develops the foundations needed to understand the international financial environment, including exchange rates, parity relationships, exchange-rate regimes, capital flows, and country and sovereign risk. It then focuses on how firms identify, measure, and manage financial exposures, combining natural hedging, selected financial instruments, and corporate treasury practices. The course subsequently addresses cross-border financing and investment decisions, including funding choices, cost of capital, taxation, repatriation constraints, and multinational capital budgeting. Throughout the course, students move from fundamental concepts to quantitative analysis and managerial judgment through exercises, scenarios, case studies, and the critical use of digital tools where they add analytical value. Selected current developments, such as sanctions, changes in international payment systems, and sustainability-related financial risks, are integrated when they materially affect corporate financial decisions.
Intelligence artificielle
Ce cours intègre des contenus relatifs à l'intelligence artificielle (concepts, enjeux, applications, méthodes ou impacts de l'IA), au-delà de la simple utilisation d'outils d'IA comme support pédagogique
MAC
Auditer et évaluer des pratiques managériales/Audit and evaluate managerial practices
7 ECTS
Contribution pédagogique du cours au programme
Develop impactful management using the latest knowledge and tools in the fields of management |
|---|
| Determine a strategic and managerial vision in a complex, uncertain and changing environment |
Organisation pédagogique
Face-to-face
- LecturesIn group
- Exercises- Case studies/texts
Interaction
- Discussions/debatesObjectifs pédagogiques - COGNITIVE DOMAIN
A l'issue du cours, l'étudiant(e) devrait être capable de / d'...
- apply foreign-exchange quotations and core parity relationships to international financial transactions and interpret their implications for firms.
- evaluate financial exposures, including transaction, economic, translation, and interest-rate exposures, and quantify their effects on cash flows, profitability, and value.
- appraise cross-border financing and investment decisions by integrating funding and currency choices, cost of capital, taxation, country risk, repatriation constraints, and multinational capital budgeting.
- assess the robustness of international financial analyses and managerial recommendations under alternative scenarios, including the critical use of digital and AI-assisted analysis where relevant.
- judge how exchange-rate regimes, capital flows, and country and sovereign risk affect corporate financial decisions and value creation in the international financial environment.
- formulate risk-management strategies that combine natural hedging and appropriate financial instruments, while considering their costs, benefits, and residual risks.
Objectifs pédagogiques — Objectifs de développement durable (ODD)
ODD portés par la politique RSO de l'EM.
Plan / Sommaire
Chapter 1: International Finance and Value Creation (2h)
1. Strategic role of international finance in multinational firms
2. Cross-border financial decisions: investment, financing, risk management, liquidity and repatriation
3. Country and sovereign risk in corporate decision-making
Chapter 2: Exchange Rates & the International Financial Environment (4h)
1. Balance of payments, capital flows and global imbalances
2. Foreign exchange markets, quotations and exchange-rate regimes
3. Parity relationships and forward exchange rates
4. Currency crises and managerial implications
Chapter 3: Measuring and Managing International Financial Exposures (6h)
1. Transaction, economic, translation and interest-rate exposures
2. Exposure measurement and scenario analysis
3. Natural and financial hedging strategies
4. Corporate treasury and integrated risk management
Chapter 4: Financing and Investing Across Borders (6h)
1. International funding sources and currency choice
2. Cost of capital across borders: country risk, taxation and financing conditions
3. Multinational capital budgeting: exchange rates, taxation, repatriation constraints and country risk
4. Sensitivity analysis, scenarios and managerial flexibility
Chapter 5: Financial Resilience in a Changing International Environment (2h)
1. Sanctions, capital controls, payment systems and financial fragmentation
2. Sustainability- and climate-related financial risks
3. Integrative case and course synthesis
1. Strategic role of international finance in multinational firms
2. Cross-border financial decisions: investment, financing, risk management, liquidity and repatriation
3. Country and sovereign risk in corporate decision-making
Chapter 2: Exchange Rates & the International Financial Environment (4h)
1. Balance of payments, capital flows and global imbalances
2. Foreign exchange markets, quotations and exchange-rate regimes
3. Parity relationships and forward exchange rates
4. Currency crises and managerial implications
Chapter 3: Measuring and Managing International Financial Exposures (6h)
1. Transaction, economic, translation and interest-rate exposures
2. Exposure measurement and scenario analysis
3. Natural and financial hedging strategies
4. Corporate treasury and integrated risk management
Chapter 4: Financing and Investing Across Borders (6h)
1. International funding sources and currency choice
2. Cost of capital across borders: country risk, taxation and financing conditions
3. Multinational capital budgeting: exchange rates, taxation, repatriation constraints and country risk
4. Sensitivity analysis, scenarios and managerial flexibility
Chapter 5: Financial Resilience in a Changing International Environment (2h)
1. Sanctions, capital controls, payment systems and financial fragmentation
2. Sustainability- and climate-related financial risks
3. Integrative case and course synthesis
Prérequis nécessaires
Connaissances en / Notions clés à maîtriser
- Basic numerical and calculation skills for financial analysis and decision-making - Basic knowledge of core corporate finance concepts, including cash flows, Net Present Value, Cost of Capital, and CAPM - Basic ability to interpret financial statements and distinguish accounting results from cash flows - Prior exposure to corporate finance is expected; no prior specialization in foreign exchange markets or derivatives is requiredSupports pédagogiques
Mandatory tools for the course
- Computer- Calculator
Documents in all formats
- Case studies/texts- Worksheets
- Syllabus
Moodle platform
- Upload of class documentsSoftware
- Other : MS ExcelGenerative AI Tool(s)
- ChatGPT
Comment l’IA générative est utilisée dans ce cours
Generative AI is used selectively as a critical analysis tool after students have first developed the underlying financial reasoning and, where relevant, built and explored their own quantitative models. Students may use AI to challenge assumptions, generate or critique scenarios, identify overlooked risks, test the robustness of financial recommendations, and detect potential inconsistencies in reasoning or calculations. They are expected to assess the relevance and reliability of AI-generated outputs, verify financial claims and calculations, and justify which suggestions should be retained, modified, or rejected. AI is therefore used to support critical judgment rather than to replace the understanding of financial concepts or the construction of the analysis.
Generative AI is used selectively as a critical analysis tool after students have first developed the underlying financial reasoning and, where relevant, built and explored their own quantitative models. Students may use AI to challenge assumptions, generate or critique scenarios, identify overlooked risks, test the robustness of financial recommendations, and detect potential inconsistencies in reasoning or calculations. They are expected to assess the relevance and reliability of AI-generated outputs, verify financial claims and calculations, and justify which suggestions should be retained, modified, or rejected. AI is therefore used to support critical judgment rather than to replace the understanding of financial concepts or the construction of the analysis.
Adossement à la recherche
Bibliographie/références académiques
- BEKAERT, Geert / HODRICK, Robert J. (2022): International Financial Management, Cambridge University Press, 4th ed. - CHINN, Menzie D. (2024): International Finance: Theory and Policy, Cambridge University Press, 1st ed. - EITEMAN, David K. / STONEHILL, Arthur I. / MOFFETT, Michael H. (2022): Multinational Business Finance, Pearson, 16th ed. - EUN, Cheol S. / RESNICK, Bruce G. (2021): International Financial Management, McGraw-Hill, 9th ed. - HULL, John C. (2021): Options, Futures, and Other Derivatives, Pearson, 11th ed. - HULL, John C. (2021): Risk Management and Financial Institutions, Wiley, 6th ed.Travaux de recherche de l'EM
- HULL, John C. / GODLEWSKI, Christophe / MERLI, Maxime (2013): Gestion des risques et institutions financières, Pearson, 3th French ed. - HULL, John C. / ROGER, Patrick / HÉNOT, Christophe / DEVILLE, Laurent (2017): Options, futures et autres actifs dérivés, Pearson, 10th French ed.Modalités d'évaluation
Liste des modalités d'évaluation
Evaluation intermédiaire / contrôle continu 1
Modalités de feedback
Feedback collectif
Compétence mesurée
ILO1.1-PGE
Evaluation finale 2
Compétence mesurée
ILO1.3-PGE, ILO2.2-PGE, ILO4.2-PGE
Seconde chance
Compétence mesurée
ILO1.3-PGE, ILO2.2-PGE, ILO4.2-PGE