Michel Baroni Doyen des professeurs, Professeur, Département Finance Directeur académique du Master Management Immobilier Contact Mail: baroni@essec.edu Avenue Bernard Hirsch. BP 50105 95021 Cergy Pontoise cedex FRANCE Formation Habilitation à Diriger des Recherches, université Paris Nanterre. Doctorat en Sciences de gestion, université Paris Nanterre. Certificat Supérieur d'expertise Comptable "Relations économiques". Diplôme d'etudes Supérieures Economiques (DESE), Conservatoire National des Arts et Métiers. Diplôme d'etudes Comptables Supérieures (DECS). Diplôme HEC, Ecole des Hautes Etudes Commerciales. Thèmes de recherche Thèmes Evaluation du risque immobilier Indices immobiliers Gestion de portefeuille en immobilier Secteurs Immobilier d'investissement Publications Publications académiques Ouvrages Gestion financière de l'entreprise : logiques, politique, stratégie. (avec C. Rosenberg). 2ème édition. Paris (France) : ESF éditeur, 1995 Exercices et cas : gestion financière de l'entreprise. (avec C. Rosenberg). Paris (France) : ESF éditeur, 1992 Articles "Market heterogeneity, investment risk and portfolio allocation: Applying quantile regression to the Paris apartment market" (M. Baroni, CO. Amedee-Manesme, F. Barthelemy, F. Des Rosiers), International Journal of Housing Markets and Analysis, déc. 2017, Vol. 10, Numéro 5, p. 641-661 "Market heterogeneity and the determinants of Paris apartment prices: A quantile regression approach" (CO. Amédée-Manesme, M. Baroni, F. Barthélémy, F. Des Rosiers, ), Urban Studies, nov. 2017, Vol. 54, Numéro 14, p. 3260-3280 "The impact of lease structures on the optimal holding period for a commercial real estate portfolio" (M. Baroni, CO. Amédée-Manesme, F. Barthélémy, M. Mokrane), Journal of Property Investment and Finance, févr. 2015, Vol. 33, Numéro 2, p. 121-139 "Combining Monte Carlo simulations and options to manage the risk of real estate portfolios" (CO. Amédée-Manesme, F. Barthélémy, M. Baroni, E. Dupuy), Journal of Property Investment and Finance, juin 2013, Vol. 31, 1/6
Numéro 4, p. 360-389 "A repeat sales index robust to small datasets" (M. Baroni, F. Barthélémy, M. Mokrane), Journal of Property Investment and Finance, févr. 2011, Vol. 29, Numéro 1, p. 35-48 "Is it possible to Construct Derivatives for the Paris Residential Market" (M. Baroni, F. Barthélémy, M. Mokrane), Journal of Real Estate Finance and Economics (The), oct. 2008, Vol. 37, Numéro 3, p. 233-264 "Un nouvel indice de risque immobilier pour le marché résidentiel parisien" (M. Baroni, F. Barthélémy, M. Mokrane), Revue Economique, janv. 2008, Vol. 59, Numéro 1, p. 99-118 "Using rents and price dynamics in real estate portfolio valuation" (M. Baroni, F. Barthélémy, M. Mokrane), Property Management, nov. 2007, Vol. 25, Numéro 5, p. 462-486 "Optimal holding period for a real estate porfolio" (M. Baroni, F. Barthélémy, M. Mokrane), Journal of Property Investment and Finance, oct. 2007, Vol. 25, Numéro 6, p. 603-625 "A PCA Factor Repeat Sales Index forapartment prices in Paris" (M. Baroni, F. Barthélémy, M. Mokrane), Journal of Real Estate Research (The), juin 2007, Vol. 29, Numéro 2, p. 137-158 "Real Estate Prices: A Paris Repeat Sales Residential Index" (M. Baroni, F. Barthelemy, M. Mokrane), Journal of Real Estate Literature, janv. 2005, Vol. 13, Numéro 3, p. 303-321 "Le capital représente-t-il un coût pour l'entreprise?" (M. Baroni), Hommes et Commerce, janv. 1988 Chapitres Financial Markets: A Tool for Transferring and Managing Risk?. In: Free Markets and The Culture of Common Good. Dordrecht Heidelberg New York London (GERMANY) : Springer, Martin Schlag, Juan Andrés Mercado. 2012, p. 153-164 (Collection Ethical Economy, 2012, Vol 41) Working Papers "The Impact of Lease Structures on the Optimal Holding Period for a Commercial Real Estate Portfolio" (CO. Amédée-Manesme, M. Baroni, F. Barthélémy, M. Mokrane). Essec Research Center, DR-1413 sept. 14. "Combining Monte Carlo Simulations and Options to Manage the Risk of Real Estate Portfolios" (CO. Amedee-Manesme, M. Baroni, F. Barthelemy, E. Dupuy). Essec Research Center, DR-1115 déc. 11. "Combining Monte Carlo Simulations and Options to Manage the Risk of Real Estate Portfolios" (M. Baroni, CO. Amédée-Manesme, F. Barthélémy, E. Dupuy). Essec Research Center, DR-WP1115 janv. 11. "A Repeat Sales Index Robust to Small Datasets" (M. Baroni, F. Barthélémy, M. Mokrane). Essec Research Center, DR-09003 juin 09. "Is it possible to construct derivatives for the Paris residential market?" (M. Baroni, F. Barthélémy, M. Mokrane). Essec Research Center, DR-07026 déc. 07. 2/6
"Optimal holding period for a Real Estate Portfolio" (M. Baroni, F. Barthélémy, M. Mokrane). Essec Research Center, DR-07008 avr. 07. "Monte Carlo Simulations versus DCF in Real Estate Portfolio Valuation" (F. Barthelemy, M. Mokrane). Essec Research Center, DR-06002 févr. 06. "A PCA Factor Repeat Sales Index (1973-2001) to Forecast Apartment Prices in Paris" (F. Barthelemy, M. Mokrane). Essec Research Center, DR-05002 févr. 05. "Physical Real Estate: A Paris Repeat Sales Residential Index" (F. Barthelemy, M. Mokrane). Essec Research Center, DR-04007 juin 04. "The Paris Residential Market: Driving Factors and Market Behaviour 1973-2001" (F. Barthelemy, M. Mokrane). Essec Research Center, DR-04006 mai 04. "Which Capital Growth Index for the Paris Residential Market?" (F. Barthelemy, M. Mokrane). Essec Research Center, DR-03002 févr. 03. Autres publications Articles de presse "L'Éthique dans les activités financières". 01 mai 1996 Enseignement Enseignement à l'essec Politique financière Finance immobilière Autres activités Prix et distinctions 2006 Prize of the American Real Estate Society (ARES) Foundation for the Best Paper Presented at the ERES 2006 Conference in any area of Real Estate for the paper entitled "Optimal holding period for a Real Estate Portfolio" with F. Barthélémy and M. Mokrane. Activités scientifiques Membre d'un comité de lecture Journal of Real Estate Finance and Economics, Springer Zeitschrift für Immobilienökonomie, Springer Communications présentées à des conférences "A New Paradigm for Housing Capital Growth Rate: A Factorial Approach", (avec CO. Amédée-Manesme, F. Barthélémy). European Real Estate Society 25th Annual Conference, European Real Estate Society, READING, UNITED KINGDOM, 29 juin 2018 3/6
"A changing model for Real Estate Returns: a factorial approach", (avec CO. Amédée-Manesme, F. Barthélémy). Annual Conference, European Real Estate Society, Delft, Pays-Bas, 29 juin 2017 "Segmenting the Paris residential market using a Principal Component Analysis", (avec CO. Amédée-Manesme, F. Barthélémy, F. Des Rosiers). Annual Conference, European Real Estate Socety, Regensburg, Germany, 09 juin 2016 "Market Heterogeneity, Investment Risk and Portfolio Allocation ", (avec CO. Amédée-Manesme, F. Barthélémy, F. Des Rosiers). European Real Estate Society Annual Conference 2014, European Real Estate Society, Bucharest, Romania, 25 juin 2014 "Market Heterogeneity and the Determinants of Paris Apartment Prices: A Quantile Regression Approach", (avec F. Barthélémy, F. Des Rosiers, ). European Real Estate Society Annual Conference 2013, European Real Estate Society (ERES), Vienna, Austria, 03 juil. 2013 "Optimal Time to Sell a Real Estate Portfolio given the Break-Options included in its Lease Structure", (avec CO. Amédée-Manesme, F. Barthélémy). American Real Estate Society Annual Conference 2012, Americam Real Estate Society (ARES), Saint-Petersburg, USA, 18 avr. 2012 " Long-Term Inflation hedging properties of direct real estate investment", (avec CO. Amédée-Manesme, F. Barthélémy, E. Dupuy). American Real Estate Society Annual Conference 2011, American Real Estate Society (ARES), Seattle, USA, 13 avr. 2011 "Combining Monte-Carlo Simulations and Options to manage Risk of Real Estate Portfolios", (avec CO. Amédée-Manesme, F. Barthélémy, E. Dupuy). Annual Conference 2010, European Real Estate Society, Milan, Italie, 23 juin 2010 "Segmenting the Paris residential market according to temporal evolution and housing attributes", (avec F. Barthélémy, M. Mokrane). Annual Conference ERES 2009, European Real Estate Society (ERES), STOCKHOLM, SUEDE, 26 juin 2009 "A repeat sales index robust to small datasets", (avec F. Barthélémy, M. Mokrane). 15th Annual Conference, European Real Estate Society (ERES), Cracovie, Pologne, 25 juin 2008 "Constructing a new real estate risk index for the Paris residential market", (avec F. Barthélémy, M. Mokrane). 14th Annual Conference, European Real Estate Society, LONDRES, Grande-Bretagne, 30 juin 2007 "Is it possible to construct derivatives for the Paris residential market? ", (avec F. Barthélémy, M. Mokrane). 2007 ARES Annual Meeting, American Real Estate Society, SAN FRANCISCO, USA, 11 avr. 2007 "Optimal holding period for a Real Estate Portfolio ", (avec F. Barthélémy, M. Mokrane). 13th ERES Annual Conference, European Real Estate Society, WEIMAR, Allemagne, 07 juin 2006 "Monte Carlo Simulations versus DCF in Real Estate Portfolio Valuation", (avec F. Barthélémy, M. Mokrane). 12th ERES Annual Conference, European Real Estate Society, DUBLIN, Irlande, 15 juin 2005 "A PCA Factor Repeat Sales Index (1973-2001): To Forecast Apartment Prices in Paris", (avec F. Barthélémy). 11th ERES Annual Conference, European Real Estate Society, MILAN, Italie, 02 juin 2004 4/6
"Physical Real Estate: A Paris Repeat Sales Residential Index", (avec F. Barthélémy, M. Mokrane). 11th ERES Annual Conference, European Real Estate Society, MILAN, Italie, 02 juin 2004 "Which Capital Growth Index for the Paris Residential Market?", (avec F. Barthelemy, M. Mokrane). Skye Conference on Commercial Property Research, Skye, Great-Britain, 21 août 2003 "Risk Factors for the Physical Real Estate: A Factorial Index for the Paris Residential Market and Its Comparison to Existing Indices", (avec F. Barthelemy, M. Mokrane). Proceedings of the 15th AREUEA International Conference, Cracovie, Pologne, 15 juin 2003 "Comparison of Real Estate Indices for Paris: Can we Detect the So-called Bubble?", (avec F. Barthelemy, M. Mokrane). 9th Annual ERES Conference, Glasgow, Scotland, 01 juin 2002 2001 : "Physical real estate : Risk factor and investor behavior", with Barthélémy F., Mokrane M., 8th ERES Conference Alicante. 2001 : "Volatility, Monte-Carlo Simulations, and the Use of Option Pricing Models in Real Estate", with Barthélémy F., Mokrane M., 8th ERES Conference Alicante. 2002 : "A transaction based price index for Paris real estate" - Stockholm Institute for Financial research (SIFR). 2003 : "Risk factors for the physical real estate : a factorial index for the Paris residential market and its comparison to existing indices" with Barthélémy F., Mokrane M. - 15th AREUEA International Conference Cracovie. 2003 : "Which capital growth index for the Paris residential market?" with Barthélémy F., Mokrane M. - Skye Conference on Commercial Property Research, University of Aberdeen, RICS Foundation. 2009 : "Addressing House Price Appreciation in a Heterogeneous Market - The Case of the Paris Apartment Market, 1990-2006" with Barthélémy F., Mokrane M. - ENHR Conference 2009 - Prague. Affiliations et activités académiques Fellow of the Royal Institution of Chartered Surveyors (FRICS) Member of the Continental Europe Standards Board of the Royal Institution of Chartered Surveyor (RICS) until 2013 and academic expert for this board from 2014 to present Member of the Scientific Committee of Palladio Foundation Conseil Member of the Scientific Committee of Meilleursagents.com since 2017 Expérience professionnelle Manager of SICE, a real estate investment company, since 1980. Administrator in charge of real estate issues for a limited liability company "Chaudronnerie Provençale" in Aix-en-Provence, since 1986. Administrator for the European Institute of Cooperation and Development 5/6
(l'institut Européen de Coopération et de Développement, IECD), Strasbourg, since 1989. 6/6