Marc L. Bertoneche

Visiting Professor of Business Administration

Unit: Finance

Contact:

(617) 496-8613

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Marc L. Bertoneche holds a chair as Professor in Business Administration at the University of Bordeaux and was on the Faculty of INSEAD, the European Institute of Business Administration in Fontainebleau France, for more than twenty years. His areas of interest include corporate and financial strategy, mergers and acquisitions, venture capital, financial markets, corporate ownership and governance, risk management and international finance.

Professor Bertoneche has been a Visiting Professor at the Graduate School of Management, Northwestern University in 1974 and at the Harvard Business School in 1986-1987, 1990-1991 and since 1998 where he taught finance in the MBA program, in the Advanced Management Program (AMP) and in The General Manager Program (TGMP). He is regularly teaching in various universities and business schools all over the world. He has been elected best teacher on numerous occasions and has won several awards for excellence and innovation in the classroom. In 1999, 2000 and 2003, he received the Harvard Business School's Faculty Award.

Professor Bertoneche has been for more than ten years a regular Faculty of the Advanced Management Program at Templeton College, University of Oxford, where he was a co-founder of the Oxford Senior Executive Finance Program, a Visiting Fellow in Finance in 1997 and an Associate Fellow since 2001.

Professor Bertoneche is the author or co-author of six books, two videos and more than fifty published articles on various financial topics.He is a referee for several journals in the US and in Europe.

Professor Bertoneche has also developed and taught in a large number of executive programs all over the world. Clients have included L'Air Liquide, AstraZenaca, Baxter International, Carrefour, Disneyland Paris, Electrolux, Goodyear, Hewlett-Packard, Honeywell, IBM, Kimberly-Clark, L'Oreal, Philips, Rhone-Poulenc, SAS International Hotels, St. Gobain, Schneider Electric and Unilever among others. He has been a consultant to a wide variety of organizations. Assignments have involved him in many different finance related topics including financial planning, working capital management, corporate valuation, mergers and acquisitions, value management, new ventures and hedging interest rate and foreign exchange exposures. He is a very popular guest speaker all over the world. Professor Bertoneche is a Director of the Board of several organizations in Europe, the US and Asia.

Professor Bertoneche holds Master degrees with Honors in Economics (1967) and Political Science (1969) from University of Paris and a Doctorate in Business Administration (1978) with Distinction from University of Bordeaux. He received his MBA (1973) and his Ph.D. in Finance (1976) from Northwestern University's Graduate School of Management, where he has been a Distinguished Scholar and a Beta-Gamma-Sigma.

    Publications

    Books

    1. Financial Performance

      Keywords: Finance; Performance;

      Citation:

      Knight, R., and Marc L Bertoneche. Financial Performance. Finance Series. Butterworth-Heinemann, 2001. (1st Edition 2001, 2nd Edition 2004 Elsevier, Russian Edition 2004.)
    2. Risque de Taux d'intérêt et Choix des Instruments Financiers

      Citation:

      Bertoneche, Marc L., and D. Jacquet. Risque de Taux d'intérêt et Choix des Instruments Financiers. Collection Techniques de gestion. France: Economica, 1991, French ed.
    3. Le Capital Risque

      Citation:

      Bertoneche, Marc L., L. Vickery, and P. Gauthier. Le Capital Risque. Que sais-je?. France: Presses Universitaires de France, 1987, French ed.
    4. Les Clubs d'Investissement et la Bourse

      Citation:

      Bertoneche, Marc L., and C. Vallon. Les Clubs d'Investissement et la Bourse. Que sais-je?. France: Presses Universitaires de France, 1985, French ed.
    5. Théorie Macroéconomique: Textes Fondamentaux

      Citation:

      Bertoneche, Marc L., and J. Teulié. Théorie Macroéconomique: Textes Fondamentaux. France: Presses Universitaires de France, Collection Thémis, 1977, French ed.
    6. Théorie et Gestion Financières : Fondements et Tendances,

      Citation:

      Bertoneche, Marc L., and J. Teulié. Théorie et Gestion Financières : Fondements et Tendances,. France: Presses Universitaires de France, Collection Thémis, 1976.

    Journal Articles

    1. Management Education: Strengths and Weaknesses of European Approaches Compared to the U.S.

      Keywords: Management; Education; Europe; United States;

      Citation:

      Bertoneche, Marc L. "Management Education: Strengths and Weaknesses of European Approaches Compared to the U.S." European Forum for Management Development Efmd, 01/1. Forum (April 2001).
    2. Vindication for an Approach to Business That Has Real Value

      Keywords: Value;

      Citation:

      Bertoneche, Marc L. "Vindication for an Approach to Business That Has Real Value." Financial Times (May 12, 1998).
    3. Le Rachat par l'Entreprise de ses Propres Actions se Généralise

      Citation:

      Bertoneche, Marc L. "Le Rachat par l'Entreprise de ses Propres Actions se Généralise." Figaro économie (April 9, 1998).
    4. Options Financières et Options Réelles

      Citation:

      Bertoneche, Marc L. "Options Financières et Options Réelles." Figaro économie (February 6, 1998).
    5. Richesse de l'Actionnaire et Niveau d'Emploi

      Citation:

      Bertoneche, Marc L. "Richesse de l'Actionnaire et Niveau d'Emploi." Figaro économie (December 19, 1997).
    6. Value Creation Among Europe's Leading Firms

      Keywords: Value; Business Ventures; Europe;

      Citation:

      Bertoneche, Marc L., R. Knight, and D. Dragun. "Value Creation Among Europe's Leading Firms." Templeton Briefing (1997).
    7. Scission et Création de Valeur

      Citation:

      Bertoneche, Marc L. "Scission et Création de Valeur." Figaro (February 8, 1996).
    8. Investissement Immobilier et Politique Financière

      Citation:

      Bertoneche, Marc L., and D. Jacquet. "Investissement Immobilier et Politique Financière." Analyse financière, no. 93 (May 1993).
    9. L'incidence du Régime des Réserves Obligatoires Supplémentaires sur le Niveau d'Activité des Banques et Etablissements Financiers

    10. Financial Innovations and Stability of Capital Markets

      Keywords: Innovation and Invention; Balance and Stability; Capital; Markets;

      Citation:

      Bertoneche, Marc L. "Financial Innovations and Stability of Capital Markets." Review of Economic Conditions in Italy (1989).
    11. Options, un abri pour spéculateurs?

      Citation:

      Bertoneche, Marc L., and G. Castel. "Options, un abri pour spéculateurs?" Monde des affaires (October 1988).
    12. L'Informatique trop vite accusée

      Citation:

      Bertoneche, Marc L. "L'Informatique trop vite accusée." Revue française de gestion, no. 69 (summer 1988).
    13. Do You Speak PDP?

      Citation:

      Bertoneche, Marc L. "Do You Speak PDP?" Distributions et prospectives (January–February 1988).
    14. Innovazione Finanziara Internationale e Stabilita di Mercati: Un Caso di Trade-off

      Citation:

      Bertoneche, Marc L. "Innovazione Finanziara Internationale e Stabilita di Mercati: Un Caso di Trade-off." Economia italiana, no. 3 (1988).
    15. La Fonction Financière change

      Citation:

      Bertoneche, Marc L. "La Fonction Financière change." Monde. Dossiers et documents (November 1987).
    16. Les Ordinateurs déstabilisent-ils Wall Street?

      Citation:

      Bertoneche, Marc L. "Les Ordinateurs déstabilisent-ils Wall Street?" Monde (June 30, 1987).
    17. Innovations et Compétitivité Financières

      Citation:

      Bertoneche, Marc L. "Innovations et Compétitivité Financières." Monde (February 24, 1987).
    18. Quelles Perspectives pour les Bourses Régionales Françaises

      Citation:

      Bertoneche, Marc L. "Quelles Perspectives pour les Bourses Régionales Françaises." Problèmes économiques, no. 1873 (May 1984).
    19. Bourses de Province et Economies Régionales : Quelques Eléments pour un Bilan et une Analyse Prospective

    20. Rechannelling the Cash Flow

      Keywords: Cash Flow;

      Citation:

      Bertoneche, Marc L., and C. Viallet. "Rechannelling the Cash Flow." Spectrum, no. 1 (spring 1982).
    21. Are We Using the Right Tools? United Overseas Bank (UOB) Singapore

      Citation:

      Bertoneche, Marc L. "Are We Using the Right Tools? United Overseas Bank (UOB) Singapore." Training & Development (spring 1981).
    22. An Empirical Analysis of the Interrelationships Among Equity Markets Under Changing Exchange Rate Systems

      Keywords: Relationships; Markets; Change; Currency Exchange Rate; System;

      Citation:

      Bertoneche, Marc L. "An Empirical Analysis of the Interrelationships Among Equity Markets Under Changing Exchange Rate Systems." Journal of Banking & Finance 3, no. 4 (December 1979).
    23. Spectral Analysis of Stock Market Prices

      Keywords: Stocks; Markets; Price;

      Citation:

      Bertoneche, Marc L. "Spectral Analysis of Stock Market Prices." Journal of Banking & Finance 3, no. 2 (July 1979).
    24. Existence d'Hétéroscédascité dans le Modèle de Marché Appliqué aux Bourses Européennes de Valeurs Mobilières

      Citation:

      Bertoneche, Marc L. "Existence d'Hétéroscédascité dans le Modèle de Marché Appliqué aux Bourses Européennes de Valeurs Mobilières." Journal de la Société de statistique de Paris (Third Quarter 1979).
    25. Les Effets de L'Inflation sur les Comptes et la Gestion des Entreprises

      Citation:

      Bertoneche, Marc L. "Les Effets de L'Inflation sur les Comptes et la Gestion des Entreprises." CEDEP Journal, no. 3 (1979).
    26. Le Choix des Investissements en Situation de Rationnement du Capital: Comparaisons des Solutions Fournies par Différents Modèles Théoriques

      Citation:

      Bertoneche, Marc L., and H. Langhor. "Le Choix des Investissements en Situation de Rationnement du Capital: Comparaisons des Solutions Fournies par Différents Modèles Théoriques." Revue économique XXVIII, no. 5 (September 1977).
    27. L'Evaluation des Actions: Synthèse des Travaux du 8ème Congrès de la Fédération Européenne des Associations d'Analystes Financiers

    28. Que Devons-nous Enseigner en Finance?

      Citation:

      Bertoneche, Marc L., and J. Teulié. "Que Devons-nous Enseigner en Finance?" Enseignement et gestion, no. 14 (May 1976).
    29. Relance: le plan ne fera qu'endormir le mal

      Citation:

      Bertoneche, Marc L. "Relance: le plan ne fera qu'endormir le mal." Quotidien de Paris, no. 448 (September 22, 1975).
    30. Choix des Projets d'Investissement en Période d'Inflation

      Citation:

      Bertoneche, Marc L., and J. Teulié. "Choix des Projets d'Investissement en Période d'Inflation." Analyse financière, no. 21 (2nd Quarter 1975).
    31. Clarification et Généralisation du Concept de Flux de Fonds

      Citation:

      Bertoneche, Marc L., and J. Teulié. "Clarification et Généralisation du Concept de Flux de Fonds." Analyse financière, no. 22 (3rd Quarter 1975).

    Book Chapters

    1. Concepts Fondamentaux de la Finance et Fusions et Acquisitions

      Keywords: Mergers and Acquisitions; Finance;

      Citation:

      Bertoneche, Marc L. "Concepts Fondamentaux de la Finance et Fusions et Acquisitions." Chap. 9 in MBA: L'essentiel du Management par les meilleurs professeurs. Edited by Marc L Bertoneche. France, 2005, French ed.
    2. Gestion du Risque de Taux appliqué au Métier de la Promotion Immobilière

      Keywords: Risk Management; Interest Rates; Property; Real Estate Industry;

      Citation:

      Bertoneche, Marc L., and D. Jacquet. "Gestion du Risque de Taux appliqué au Métier de la Promotion Immobilière." In Finance Internationale: Etat Actuel de la Théorie. France: Economica, 1992, French ed.
    3. Institutional Aspects of European Equity Markets

      Keywords: Equity; Financial Markets; Financial Institutions; Organizational Design; Financial Services Industry; Europe;

      Citation:

      Bertoneche, Marc L. "Institutional Aspects of European Equity Markets." In European Equity Markets: Risk, Return and Efficiency, edited by Gabriel A. Hawawini and Pierre Michel. Garland Publishing, 1985.
    4. Interrelationships between Equity Markets and Prospects for Integration

      Keywords: Equity; Markets; Integration;

      Citation:

      Bertoneche, Marc L. "Interrelationships between Equity Markets and Prospects for Integration." In European Equity Markets: Risk, Return and Efficiency, edited by Gabriel A. Hawawini and Pierre Michel. Garland Publishing, 1985.
    5. Inflation and Corporate Planning: Analysis and Simulation

      Keywords: Inflation and Deflation; Planning;

      Citation:

      Bertoneche, Marc L., Y. Estrade, and A. Theoret. "Inflation and Corporate Planning: Analysis and Simulation." In Proceedings of The Institute of Management Sciences and the Operations Research Society of America Conference. Hanover, MD: Operations Research Society of America, 1979.

    Working Papers

    1. Finding the God Particle of the Sustainability Business Case: Greener Pastures for Shareholder Value

      The start of the 2000s saw a flurry of international publications on "the business case" for sustainability, seeking to map out the returns on investment and to differentiate recommended actions from cases of corporate philanthropy. Reports by business organisations and others identified different categories of justifications, incentives, benefits and levels of making the business case. 1) Research over the last decade has pointed to a complex relation between sustainability and financial performance. 2) Results have been influenced by different input and output variables applied, by what is defined as: "sustainability" or "socially responsible" actions, the scope of the agenda covered and the definition of what is the ultimate goal (e.g. increased profit, shareholder value or longer term success and value of the business).

      Keywords: Corporate Social Responsibility and Impact; Performance; Environmental Sustainability;

      Citation:

      Bertoneche, Marc L., and Cornis van der Lugt. "Finding the God Particle of the Sustainability Business Case: Greener Pastures for Shareholder Value." Harvard Business School Working Paper, No. 13-072, February 2013.
    2. Risk Management and Corporate Value-at-Risk

      Citation:

      Bertoneche, Marc L., and F. Maurer. "Risk Management and Corporate Value-at-Risk." University of Bordeaux Working Paper Series, January 2003.

    Cases and Teaching Materials

    1. Boston Physicians Devices

      Keywords: Medical Devices and Supplies Industry; United States;

      Citation:

      Bertoneche, Marc. "Boston Physicians Devices." Harvard Business School Case 212-070, February 2012. (Revised May 2012.)
    2. Liston Mechanics Corporation

      Reviews, through a rather simple and straightforward situation, the various methods of valuation--free cash flow, weighted average cost of capital, equity cash flow, adjusted present value, multiples, etc.

      Keywords: Valuation; Cost of Capital; Equity; Cash Flow; Value; Financial Management;

      Citation:

      Bertoneche, Marc L. "Liston Mechanics Corporation." Harvard Business School Case 205-070, February 2005. (Revised January 2012.)
    3. Allianz (A1): An Insurer Acquiring a Bank?

      The deal of the year in 2002, was the acquisition of Dresdner Bank by Allianz. Written from the perspectives of Allianz's CEO, Henning Schulte-Noelle, before and after the deal and a regional manager implementing the concept of a full-line financial service provider. Presents the original question facing Schulte-Noelle: "Should Allianz acquire Dresdner?"

      Keywords: Management; Corporate Strategy; Problems and Challenges; Acquisition; Financial Institutions; Corporate Finance; Banking Industry; Germany;

      Citation:

      Bower, Joseph L., Marc L. Bertoneche, Anders Sjoman, and Sonja Ellingson Hout. "Allianz (A1): An Insurer Acquiring a Bank?" Harvard Business School Case 305-013, August 2004. (Revised April 2007.)
    4. Valuation Methods and Discount Rate Issues: A Comprehensive Example

      Presents a comprehensive review of the valuation methods based on discounting cash flows or value creation metrics and shows, through simple example and a straightforward "how-to-do" framework, the perfect consistency and identity of their results under similar assumptions.

      Keywords: Valuation;

      Citation:

      Bertoneche, Marc L., and Fausto Federicic. "Valuation Methods and Discount Rate Issues: A Comprehensive Example." Harvard Business School Background Note 205-116, June 2005. (Revised November 2006.)
    5. Understanding Corporate-Value-at-Risk through a Comprehensive and Simple Example

      Using a comprehensive and simple example of a firm exposed to foreign exchange risk, interest rate risk, and commodity price risk, shows how to use corporate-value-at-risk to measure and manage a firm's global exposure to risk.

      Keywords: Financial Markets; Interest Rates; International Finance; Globalization; Risk Management; Measurement and Metrics; Value;

      Citation:

      Bertoneche, Marc L., and Frantz Maurer. "Understanding Corporate-Value-at-Risk through a Comprehensive and Simple Example." Harvard Business School Background Note 206-046, April 2006.
    6. Allianz (B): Integrating an Insurer and a Bank

      Supplements the (A) case. A rewritten version of an earlier case.

      Keywords: Banking Industry; Germany;

      Citation:

      Bower, Joseph L., Marc L. Bertoneche, Anders Sjoman, and Sonja Ellingson Hout. "Allianz (B): Integrating an Insurer and a Bank." Harvard Business School Case 305-089, February 2005. (Revised July 2005.)
    7. Allianz (A2): An Insurer Acquired a Bank

      Supplements the (A) case. A rewritten version of an earlier case.

      Keywords: Banking Industry; Germany;

      Citation:

      Bower, Joseph L., Marc L. Bertoneche, Anders Sjoman, and Sonja Ellingson Hout. "Allianz (A2): An Insurer Acquired a Bank." Harvard Business School Case 305-088, February 2005. (Revised July 2005.)
    8. Jazztel

      Jazztel--an upstart Spanish telecom--is considering an IPO on the NASDAQ (rather than the Madrid Bolsa) for funding its ambitious capital expenditure program estimated at $750 million over the next 10 years. The alternative would be another round of high-yield debt. Following the liberalization of the Spanish telecom market on December 1, 1998, Jazztel became the first alternative service provider to challenge Telefonica (recently privatized, state-owned telecom) by providing a full range of high-quality, tailor-made, integrated voice, data, and Internet services at attractive prices. As a money-losing company with just three kilometers of its own network operational and a voracious need for capital going forward, Jazztel's management team wonders how investors would value the company.

      Keywords: History; Initial Public Offering; Valuation; Privatization; Financing and Loans; Financial Strategy; Telecommunications Industry; Spain;

      Citation:

      Bertoneche, Marc L., Laurent Jacque, Kenneth Hynes, and Jennifer Woolman. "Jazztel." Harvard Business School Case 204-047, April 2004. (Revised December 2004.)
    9. Understanding Financial Statements

      Keywords: Financial Statements;

      Citation:

      Bertoneche, Marc L. "Understanding Financial Statements." Video Management Case, 2004.
    10. Share Buy-Backs: The European and Japanese Experience

      Keywords: Stock Shares; Europe; Japan;

      Citation:

      Bertoneche, Marc L. "Share Buy-Backs: The European and Japanese Experience." Harvard Business School Background Note 298-134, June 1998.
    11. La Maitrise des Grandes Notions Financières

      Keywords: Finance; Economics;

      Citation:

      Bertoneche, Marc L. "La Maitrise des Grandes Notions Financières." Video Management, 1990. Video. (French, English, German, Dutch.)
    12. L'Interprétation des Grandes Notions Financières

      Keywords: Finance; Economics;

      Citation:

      Bertoneche, Marc L. "L'Interprétation des Grandes Notions Financières." 1990. Video. (French, English, German, Dutch.)

    Other Publications and Materials

    1. Shareholders or Stakeholders? Europe Needs Some Help

      Citation:

      Bertoneche, Marc L., and S. Trebucq. "Shareholders or Stakeholders? Europe Needs Some Help."
    2. Maximizing Corporate Shareholder Value Using Risk Profile Dynamics

      Keywords: Value Creation; Business and Shareholder Relations; Risk and Uncertainty; Risk Management;

      Citation:

      Bertoneche, Marc L., and Samir Asaf. "Maximizing Corporate Shareholder Value Using Risk Profile Dynamics." University of Oxford, Templeton College, January 1997.
    3. L'Epargne de Proximité, Report for the Committee Finances Régionales et Budget

      Keywords: Saving;

      Citation:

      Bertoneche, Marc L. "L'Epargne de Proximité, Report for the Committee Finances Régionales et Budget." Conseil économique et social d'Aquitaine, January 1995.
    4. Understanding Financial Statements

      Keywords: Financial Statements;

      Citation:

      Bertoneche, Marc L. "Understanding Financial Statements." Institut Européen d'Administration des Affaires (INSEAD), January 1990.
    5. Using and Interpreting Financial Statements

      Keywords: Financial Statements;

      Citation:

      Bertoneche, Marc L. "Using and Interpreting Financial Statements." Institut Européen d'Administration des Affaires (INSEAD), January 1990.
    6. Quelques Conclusions sur le Comportement des Investisseurs en Valeurs Mobilières dans la Région Aquitaine

      Keywords: Financial Instruments; Investment; Behavior; France;

      Citation:

      Bertoneche, Marc L. "Quelques Conclusions sur le Comportement des Investisseurs en Valeurs Mobilières dans la Région Aquitaine." Université de Bordeaux, Institut d'Administration des Affaires, January 1979.

      Research Summary

    1. Research: Shareholder Value in Europe

      Marc L. Bertoneche’s research involves a series of empirical studies on value creation among Europe’s leading companies and the role of different models of corporate governance. He is also developing cases on European companies (Jazztel, Allianz, etc.).
    2. Real Options and Financial Decisions Under Uncertainty

      Marc L. Bertoneche is developing material relevant to the business world in this field. He is particularly interested in applying the Real Option approach to Brand Valuation.
    3. Leading The Finance Function in the Future

      Marc L. Bertoneche is analyzing, for research and teaching purposes, the trends of the finance function in various parts of the world and its increasing role as a strategic partner in business decisions.