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Michel Baroni
Dean of the Faculty, Professor, Finance Department
Executive Master in Real Estate Management Academic Director

Photo de Michel Baroni
Curriculum Vitae (pdf)
General Information Research Areas Publications Other Activities
Education
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.
Research Areas
Areas

Real estate risk analysis and pricing

Real estate indices

Sectors
Commercial property

On-going Projects
CD-Rom : Promimmob: Property development simulation (realized  in 2000).
Academic Publications
Books
  Gestion financière de l'entreprise : logiques, politique, stratégie. (with C. Rosenberg). 2d edition. Paris (France)  : ESF éditeur, 1995
  Exercices et cas : gestion financière de l'entreprise. (with C. Rosenberg). Paris (France)  : ESF éditeur, 1992


Articles
  "Un nouveau paradigme de la dynamique des rendements immobiliers parisiens" (M. Baroni, CO. Amedee‑Manesme, F. Barthelemy), Revue économique, Issue 7
  "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, Dec 2017, Vol. 10, Issue 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, Issue 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, Feb 2015, Vol. 33, Issue 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, Jun 2013, Vol. 31, Issue 4, p. 360‑389
  "A repeat sales index robust to small datasets" (M. Baroni, F. Barthélémy, M. Mokrane), Journal of Property Investment and Finance, Feb 2011, Vol. 29, Issue 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, Issue 3, p. 233‑264
  "Un nouvel indice de risque immobilier pour le marché résidentiel parisien" (M. Baroni, F. Barthélémy, M. Mokrane), Revue Economique, Jan 2008, Vol. 59, Issue 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, Issue 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, Issue 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), Jun 2007, Vol. 29, Issue 2, p. 137‑158
  "Real Estate Prices: A Paris Repeat Sales Residential Index" (M. Baroni, F. Barthelemy, M. Mokrane), Journal of Real Estate Literature, Jan 2005, Vol. 13, Issue 3, p. 303‑321
  "Le capital représente-t-il un coût pour l'entreprise?" (M. Baroni), Hommes et Commerce, Jan 1988


Chapters
  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 (Book series 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 Sep 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 Dec 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 Jan 11.
  "A Repeat Sales Index Robust to Small Datasets" (M. Baroni, F. Barthélémy, M. Mokrane). Essec Research Center, DR‑09003 Jun 09.
  "Is it possible to construct derivatives for the Paris residential market?" (M. Baroni, F. Barthélémy, M. Mokrane). Essec Research Center, DR‑07026 Dec 07.
  "Optimal holding period for a Real Estate Portfolio" (M. Baroni, F. Barthélémy, M. Mokrane). Essec Research Center, DR‑07008 Apr 07.
  "Monte Carlo Simulations versus DCF in Real Estate Portfolio Valuation" (F. Barthelemy, M. Mokrane). Essec Research Center, DR‑06002 Feb 06.
  "A PCA Factor Repeat Sales Index (1973-2001) to Forecast Apartment Prices in Paris" (F. Barthelemy, M. Mokrane). Essec Research Center, DR‑05002 Feb 05.
  "Physical Real Estate: A Paris Repeat Sales Residential Index" (F. Barthelemy, M. Mokrane). Essec Research Center, DR‑04007 Jun 04.
  "The Paris Residential Market: Driving Factors and Market Behaviour 1973-2001" (F. Barthelemy, M. Mokrane). Essec Research Center, DR‑04006 May 04.
  "Which Capital Growth Index for the Paris Residential Market?" (F. Barthelemy, M. Mokrane). Essec Research Center, DR‑03002 Feb 03.


Other Publications
Press articles
  "L'Éthique dans les activités financières". 01 May 1996


Scientific Activities
Editorial Board Membership
  Journal of Real Estate Finance and Economics, Springer
  Zeitschrift für Immobilienökonomie, Springer


Conference Presentations
  "A New Paradigm for Housing Capital Growth Rate: A Factorial Approach", (with CO. Amédée-Manesme, F. Barthélémy). European Real Estate Society 25th Annual Conference , European Real Estate Society, READING, UNITED KINGDOM, 29 Jun 2018
  "A changing model for Real Estate Returns: a factorial approach", (with CO. Amédée-Manesme, F. Barthélémy). Annual Conference, European Real Estate Society, Delft, Pays-Bas, 29 Jun 2017
  "Segmenting the Paris residential market using a Principal Component Analysis", (with CO. Amédée-Manesme, F. Barthélémy, F. Des Rosiers). Annual Conference, European Real Estate Socety, Regensburg, Germany, 09 Jun 2016
  "Market Heterogeneity, Investment Risk and Portfolio Allocation ", (with CO. Amédée-Manesme, F. Barthélémy, F. Des Rosiers). European Real Estate Society Annual Conference 2014, European Real Estate Society, Bucharest, Romania, 25 Jun 2014
  "Market Heterogeneity and the Determinants of Paris Apartment Prices: A Quantile Regression Approach", (with F. Barthélémy, F. Des Rosiers, ). European Real Estate Society Annual Conference 2013, European Real Estate Society (ERES), Vienna, Austria, 03 Jul 2013
  "Optimal Time to Sell a Real Estate Portfolio given the Break-Options included in its Lease Structure", (with CO. Amédée-Manesme, F. Barthélémy). American Real Estate Society Annual Conference 2012, Americam Real Estate Society (ARES), Saint-Petersburg, USA, 18 Apr 2012
  " Long-Term Inflation hedging properties of direct real estate investment", (with CO. Amédée-Manesme, F. Barthélémy, E. Dupuy). American Real Estate Society Annual Conference 2011, American Real Estate Society (ARES), Seattle, USA, 13 Apr 2011
  "Combining Monte-Carlo Simulations and Options to manage Risk of Real Estate Portfolios", (with CO. Amédée-Manesme, F. Barthélémy, E. Dupuy). Annual Conference 2010, European Real Estate Society, Milan, Italie, 23 Jun 2010
  "Segmenting the Paris residential market according to temporal evolution and housing attributes", (with F. Barthélémy, M. Mokrane). Annual Conference ERES 2009, European Real Estate Society (ERES), STOCKHOLM, SUEDE, 26 Jun 2009
  "A repeat sales index robust to small datasets", (with F. Barthélémy, M. Mokrane). 15th Annual Conference, European Real Estate Society (ERES), Cracovie, Pologne, 25 Jun 2008
  "Constructing a new real estate risk index for the Paris residential market", (with F. Barthélémy, M. Mokrane). 14th Annual Conference, European Real Estate Society, LONDRES, Grande-Bretagne, 30 Jun 2007
  "Is it possible to construct derivatives for the Paris residential market? ", (with F. Barthélémy, M. Mokrane). 2007 ARES Annual Meeting, American Real Estate Society, SAN FRANCISCO, USA, 11 Apr 2007
  "Optimal holding period for a Real Estate Portfolio ", (with F. Barthélémy, M. Mokrane). 13th ERES Annual Conference, European Real Estate Society, WEIMAR, Allemagne, 07 Jun 2006
  "Monte Carlo Simulations versus DCF in Real Estate Portfolio Valuation", (with F. Barthélémy, M. Mokrane). 12th ERES Annual Conference, European Real Estate Society, DUBLIN, Irlande, 15 Jun 2005
  "A PCA Factor Repeat Sales Index (1973-2001): To Forecast Apartment Prices in Paris", (with F. Barthélémy). 11th ERES Annual Conference, European Real Estate Society, MILAN, Italie, 02 Jun 2004
  "Physical Real Estate: A Paris Repeat Sales Residential Index", (with F. Barthélémy, M. Mokrane). 11th ERES Annual Conference, European Real Estate Society, MILAN, Italie, 02 Jun 2004
  "Which Capital Growth Index for the Paris Residential Market?", (with F. Barthelemy, M. Mokrane). Skye Conference on Commercial Property Research, Skye, Great-Britain, 21 Aug 2003
  "Risk Factors for the Physical Real Estate: A Factorial Index for the Paris Residential Market and Its Comparison to Existing Indices", (with F. Barthelemy, M. Mokrane). Proceedings of the 15th AREUEA International Conference, Cracovie, Pologne, 15 Jun 2003
  "Comparison of Real Estate Indices for Paris: Can we Detect the So-called Bubble?", (with F. Barthelemy, M. Mokrane). 9th Annual ERES Conference, Glasgow, Scotland, 01 Jun 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.

2004 : "Physical real estate : a Paris repeat sales residential index" with Barthélémy F., Mokrane M. - 10th ERES Conference Milan.

2004 : "A PCA factor repeat sales index : to forecast apartment prices in Paris" with Barthélémy F., Mokrane M. - 10th ERES Conference Milan.

2005 : "Monte-Carlo simulations vs DCF in Real Estate Portfolio Valuation" with Barthélémy F., Mokrane M. - 11th ERES Conference Dublin.

2006 : "Optimal holding period for a real estate portfolio" with Barthélémy F., Mokrane M. - 12th ERES Conference Weimar.
 

Affiliations and Academic Responsibilities
Manager of SICE, a real estate investment company, since 1980.

Administrator and 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 (l'Institut Européen de Coopération et de Développement, IECD), Strasbourg, since 1989.

Consulting & Other Activities

Consultant ofr Agence Européenne pour le Développement Economique et Social,
AEDES, since 1991.
Useful Links
Finance
Contact
E-mail

ESSEC Business School
Av. Bernard Hirsch
B.P. 50105
95021 Cergy Pontoise Cedex
France

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