Marc L. Bertoneche
Visiting Professor of Business Administration
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.
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Book
| 2001
Financial Performance
R. Knight and Marc L Bertoneche
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.)
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Book
| 1991
Risque de Taux d'intérêt et Choix des Instruments Financiers
Marc L Bertoneche and D. Jacquet
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.
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Book
| 1987
Le Capital Risque
Marc L Bertoneche, L. Vickery and P. Gauthier
Citation: Bertoneche, Marc L., L. Vickery, and P. Gauthier. Le Capital Risque. Que sais-je?. France: Presses Universitaires de France, 1987, French ed.
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Book
| 1985
Les Clubs d'Investissement et la Bourse
Marc L Bertoneche and C. Vallon
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.
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Book
| 1977
Théorie Macroéconomique: Textes Fondamentaux
Marc L Bertoneche and J. Teulié
Citation: Bertoneche, Marc L., and J. Teulié. Théorie Macroéconomique: Textes Fondamentaux. France: Presses Universitaires de France, Collection Thémis, 1977, French ed.
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Book
| 1976
Théorie et Gestion Financières : Fondements et Tendances,
Marc L Bertoneche and J. Teulié
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Article
| Forum
|
Management Education: Strengths and Weaknesses of European Approaches Compared to the U.S.
Marc L Bertoneche
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).
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Article
| Financial Times
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Vindication for an Approach to Business That Has Real Value
Marc L Bertoneche
Keywords: Value;
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Journal Article
| Figaro e´conomie
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Le Rachat par l'Entreprise de ses Propres Actions se Généralise
Marc L Bertoneche
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Journal Article
| Figaro e´conomie
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Options Financières et Options Réelles
Marc L Bertoneche
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Journal Article
| Figaro e´conomie
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Richesse de l'Actionnaire et Niveau d'Emploi
Marc L Bertoneche
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Article
| Templeton Briefing
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Value Creation Among Europe's Leading Firms
Marc L Bertoneche, R. Knight and D. Dragun
Keywords: Value;
Business Ventures;
Europe;
Citation: Bertoneche, Marc L., R. Knight, and D. Dragun. "Value Creation Among Europe's Leading Firms." Templeton Briefing (1997).
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Journal Article
| Figaro
|
Scission et Création de Valeur
Marc L Bertoneche
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Journal Article
| Analyse financière
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Investissement Immobilier et Politique Financière
Marc L Bertoneche and D. Jacquet
Citation: Bertoneche, Marc L., and D. Jacquet. "Investissement Immobilier et Politique Financière." Analyse financière, no. 93 (May 1993).
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Journal Article
| Revue d'économie politique
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L'incidence du Régime des Réserves Obligatoires Supplémentaires sur le Niveau d'Activité des Banques et Etablissements Financiers
Marc L Bertoneche
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Article
| Review of Economic Conditions in Italy
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Financial Innovations and Stability of Capital Markets
Marc L Bertoneche
Keywords: Innovation and Invention;
Balance and Stability;
Capital;
Markets;
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Journal Article
| Monde des affaires
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Options, un abri pour spéculateurs?
Marc L Bertoneche and G. Castel
Citation: Bertoneche, Marc L., and G. Castel. "Options, un abri pour spéculateurs?" Monde des affaires (October 1988).
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Journal Article
| Revue française de gestion
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L'Informatique trop vite accusée
Marc L Bertoneche
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Journal Article
| Distributions et prospectives
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Do You Speak PDP?
Marc L Bertoneche
Citation: Bertoneche, Marc L. "Do You Speak PDP?" Distributions et prospectives (January–February 1988).
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Journal Article
| Economia italiana
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Innovazione Finanziara Internationale e Stabilita di Mercati: Un Caso di Trade-off
Marc L Bertoneche
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Journal Article
| Monde. Dossiers et documents
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La Fonction Financière change
Marc L Bertoneche
Citation: Bertoneche, Marc L. "La Fonction Financière change." Monde. Dossiers et documents (November 1987).
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Journal Article
| Monde
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Les Ordinateurs déstabilisent-ils Wall Street?
Marc L Bertoneche
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Journal Article
| Monde
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Innovations et Compétitivité Financières
Marc L Bertoneche
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Journal Article
| Problèmes économiques
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Quelles Perspectives pour les Bourses Régionales Françaises
Marc L Bertoneche
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Journal Article
| Revue banque
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Bourses de Province et Economies Régionales : Quelques Eléments pour un Bilan et une Analyse Prospective
Marc L Bertoneche
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Article
| Spectrum
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Rechannelling the Cash Flow
Marc L Bertoneche and C. Viallet
Keywords: Cash Flow;
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Article
| Training & Development
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Are We Using the Right Tools? United Overseas Bank (UOB) Singapore
Marc L Bertoneche
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Article
| Journal of Banking & Finance
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An Empirical Analysis of the Interrelationships Among Equity Markets Under Changing Exchange Rate Systems
Marc L Bertoneche
Keywords: Relationships;
Markets;
Change;
Currency Exchange Rate;
System;
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Article
| Journal of Banking & Finance
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Spectral Analysis of Stock Market Prices
Marc L Bertoneche
Keywords: Stocks;
Markets;
Price;
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Journal Article
| Journal de la Société de statistique de Paris
|
Existence d'Hétéroscédascité dans le Modèle de Marché Appliqué aux Bourses Européennes de Valeurs Mobilières
Marc L Bertoneche
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Journal Article
| CEDEP Journal
|
Les Effets de L'Inflation sur les Comptes et la Gestion des Entreprises
Marc L Bertoneche
Citation: Bertoneche, Marc L. "Les Effets de L'Inflation sur les Comptes et la Gestion des Entreprises." CEDEP Journal, no. 3 (1979).
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Journal Article
| Revue économique
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Le Choix des Investissements en Situation de Rationnement du Capital: Comparaisons des Solutions Fournies par Différents Modèles Théoriques
Marc L Bertoneche and H. Langhor
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Journal Article
| Vie et sciences économiques
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L'Evaluation des Actions: Synthèse des Travaux du 8ème Congrès de la Fédération Européenne des Associations d'Analystes Financiers
Marc L Bertoneche
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Journal Article
| Enseignement et gestion
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Que Devons-nous Enseigner en Finance?
Marc L Bertoneche and J. Teulié
Citation: Bertoneche, Marc L., and J. Teulié. "Que Devons-nous Enseigner en Finance?" Enseignement et gestion, no. 14 (May 1976).
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Article
| Quotidien de Paris
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Relance: le plan ne fera qu'endormir le mal
Marc L Bertoneche
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Journal Article
| Analyse financière
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Choix des Projets d'Investissement en Période d'Inflation
Marc L Bertoneche and J. Teulié
Citation: Bertoneche, Marc L., and J. Teulié. "Choix des Projets d'Investissement en Période d'Inflation." Analyse financière, no. 21 (2nd Quarter 1975).
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Journal Article
| Analyse financière
|
Clarification et Généralisation du Concept de Flux de Fonds
Marc L Bertoneche and J. Teulié
Citation: Bertoneche, Marc L., and J. Teulié. "Clarification et Généralisation du Concept de Flux de Fonds." Analyse financière, no. 22 (3rd Quarter 1975).
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Chapter
| MBA: L'essentiel du Management par les meilleurs professeurs
| 2005
Concepts Fondamentaux de la Finance et Fusions et Acquisitions
Marc L Bertoneche
Keywords: Mergers and Acquisitions;
Finance;
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Chapter
| Finance Internationale: Etat Actuel de la Théorie
| 1992
Gestion du Risque de Taux appliqué au Métier de la Promotion Immobilière
Marc L Bertoneche and D. Jacquet
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.
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Chapter
| European Equity Markets: Risk, Return and Efficiency
| 1985
Institutional Aspects of European Equity Markets
Marc L Bertoneche
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.
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Chapter
| European Equity Markets: Risk, Return and Efficiency
| 1985
Interrelationships between Equity Markets and Prospects for Integration
Marc L Bertoneche
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.
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Chapter
| Proceedings of The Institute of Management Sciences and the Operations Research Society of America Conference
| 1979
Inflation and Corporate Planning: Analysis and Simulation
Marc L Bertoneche, Y. Estrade and A. Theoret
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.
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Working Paper
| HBS Working Paper Series
| 2012
Finding the God Particle of the Sustainability Business Case: Greener Pastures for Shareholder Value
Marc L Bertoneche and Cornis van der Lugt
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).
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Working Paper
| 2003
Risk Management and Corporate Value-at-Risk
Marc L Bertoneche and F. Maurer
Citation: Bertoneche, Marc L., and F. Maurer. "Risk Management and Corporate Value-at-Risk." University of Bordeaux Working Paper Series, January 2003.
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Case
| HBS Case Collection
|
2012
(Revised from original 2012 version)
Boston Physicians Devices
Marc Bertoneche
Keywords: Medical Devices and Supplies Industry;
United States;
Citation: Bertoneche, Marc. " Boston Physicians Devices." Harvard Business School Case 212-070, May 2012. (Revised from original February 2012 version.)
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Case
| HBS Case Collection
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2012
(Revised from original 2005 version)
Liston Mechanics Corporation
Marc L. Bertoneche
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, January 2012. (Revised from original February 2005 version.)
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Case
| HBS Case Collection
|
2007
(Revised from original 2004 version)
Allianz (A1): An Insurer Acquiring a Bank?
Joseph L. Bower, Marc L. Bertoneche, Anders Sjoman and Sonja Ellingson Hout
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, April 2007. (Revised from original August 2004 version.)
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Background Note
| HBS Case Collection
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2006
(Revised from original 2005 version)
Valuation Methods and Discount Rate Issues: A Comprehensive Example
Marc L. Bertoneche and Fausto Federicic
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;
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Background Note
| HBS Case Collection
|
2006
Understanding Corporate-Value-at-Risk through a Comprehensive and Simple Example
Marc L. Bertoneche and Frantz Maurer
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;
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Case
| HBS Case Collection
|
2005
(Revised from original 2005 version)
Allianz (B): Integrating an Insurer and a Bank
Joseph L. Bower, Marc L. Bertoneche, Anders Sjoman and Sonja Ellingson Hout
Supplements the (A) case. A rewritten version of an earlier case.
Keywords: Banking Industry;
Germany;
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Case
| HBS Case Collection
|
2005
(Revised from original 2005 version)
Allianz (A2): An Insurer Acquired a Bank
Joseph L. Bower, Marc L. Bertoneche, Anders Sjoman and Sonja Ellingson Hout
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, July 2005. (Revised from original February 2005 version.)
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Case
| HBS Case Collection
|
2004
(Revised from original 2004 version)
Jazztel
Marc L. Bertoneche, Laurent Jacque, Kenneth Hynes and Jennifer Woolman
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, December 2004. (Revised from original April 2004 version.)
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Case
| 2004
Understanding Financial Statements
Marc L Bertoneche
Keywords: Financial Statements;
Citation: Bertoneche, Marc L. "Understanding Financial Statements." Video Management Case, 2004.
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Background Note
| HBS Case Collection
|
1998
Share Buy-Backs: The European and Japanese Experience
Marc L. Bertoneche
Keywords: Stock Shares;
Europe;
Japan;
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Other Teaching and Training Material
| 1990
La Maitrise des Grandes Notions Financières
Marc L Bertoneche
Keywords: Finance;
Economics;
Citation: Bertoneche, Marc L. "La Maitrise des Grandes Notions Financières." Video Management, 1990. Video. (French, English, German, Dutch.)
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Other Teaching and Training Material
| 1990
L'Interprétation des Grandes Notions Financières
Marc L Bertoneche
Keywords: Finance;
Economics;
Citation: Bertoneche, Marc L. "L'Interprétation des Grandes Notions Financières." 1990. Video. (French, English, German, Dutch.)
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Other Paper
| 2002
Shareholders or Stakeholders? Europe Needs Some Help
Marc L Bertoneche and S. Trebucq
Citation: Bertoneche, Marc L., and S. Trebucq. "Shareholders or Stakeholders? Europe Needs Some Help."
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Other Unpublished Work
| 1997
Maximizing Corporate Shareholder Value Using Risk Profile Dynamics
Marc L Bertoneche and Samir Asaf
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.
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Other Unpublished Work
| 1995
L'Epargne de Proximité, Report for the Committee Finances Régionales et Budget
Marc L Bertoneche
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.
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Other Unpublished Work
| 1990
Understanding Financial Statements
Marc L Bertoneche
Keywords: Financial Statements;
Citation: Bertoneche, Marc L. "Understanding Financial Statements." Institut Européen d'Administration des Affaires (INSEAD), January 1990.
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Other Unpublished Work
| 1990
Using and Interpreting Financial Statements
Marc L Bertoneche
Keywords: Financial Statements;
Citation: Bertoneche, Marc L. "Using and Interpreting Financial Statements." Institut Européen d'Administration des Affaires (INSEAD), January 1990.
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Other Unpublished Work
| 1979
Quelques Conclusions sur le Comportement des Investisseurs en Valeurs Mobilières dans la Région Aquitaine
Marc L Bertoneche
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.
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