This article explores the forecasting accuracy of the “random walk” and other models of exchange rate behavior. Under present conditions of floating exchange rates, it is argued, anticipations of future demand and supply determine fluctuations in exchange rates. The authors present results...

New financial techniques and instruments are created when both the demand for and the supply of those instruments become sufficiently large. New financial instruments appear almost always to represent new combinations or packages of a relatively small number of financial services. In the...

The availability of more alternatives in the decision making process is one of the most important distinguishing characteristics between the management function in an international business enterprise111 The terms international business enterprise, international corporation, multinational...