N° 01035 – « The Recent Emergence of Real Estate Education in

Transcription

CENTRE
DE RECHERCHE
RESEARCH CENTER
DOCUMENTS DE RECHERCHE
WORKING PAPERS
– N° 01035 –
« The Recent Emergence of Real Estate Education
in French Business Schools : The Paradox of the French Experience »
INGRID NAPPI-CHOULET
Professeur ESSEC
Décembre 2001
GROUPE ESSEC
CERNTRE DE RECHERCHE / RESEARCH CENTER
AVENUE BERNARD HIRSCH - BP 105
95021 CERGY-PONTOISE CEDEX FRANCE
TÉL. : 33 (0) 1 34 43 30 91
FAX : 33 (0) 1 34 43 30 01
Mail : [email protected]
GROUPE ESSEC,
ÉTABLISSEMENTS PRIVÉS D'ENSEIGNEMENT SUPÉRIEUR,
ASSOCIATION LOI 1901,
ACCRÉDITÉ AACSB - THE INTERNATIONAL ASSOCIATION
FOR MANAGEMENT EDUCATION,
AFFILIÉ A LA CHAMBRE DE COMMERCE ET D'INDUSTRIE
DE VERSAILLES VAL D'OISE - YVELINES.
WEB : WWW.ESSEC.FR
1
Ingrid NAPPI-CHOULET
Associate Professor in Property Studies
ESSEC Business School
BP 105
95021 – Cergy-Pontoise Cedex – France
Phone: (33) 1 34 43 31 86
Fax: (33) 1 34 43 30 01
Email.: [email protected]
“The Recent Emergence of Real Estate Education
in French Business Schools : the paradox
of the French Experience.”
ABSTRACT:
The international boom-bust property cycle of the mid 1980s has given rise to changes
in the French real estate world in the last three years. New openings and new careers
have emerged - Asset Manager, Facilities Manager or Property Consultant. Moreover,
these developments have spawned new Real Estate Education programs in some French
Business Schools, which although few in number and based on Finance and Economics
applied to Real Estate features, have proved to be successful. It is the specific nature of
the French context which goes a long way to explaining the late emergence of such
courses and their limited number, in particular when the situation is compared to that in
Anglo-Saxon countries. The paradox is that despite a long tradition in France in urban
management and in real estate education centered on law studies, no real estate
business, financial and economic courses have been forthcoming until very recently.
KEY WORDS:
-
Real Estate Education
Real Estate Training
Real Estate Economics and Finance
French Business School Education
2
Introduction
Since the mid-90s the economic and financial consequences of the unprecedented
international boom-bust property cycle have been new job creations and opportunities
such as asset managers, facilities managers or property consultants in the real estate field
in France. As a consequence, new real estate education programs have been launched in
some of the country’s business schools in the last three years. Although these Business
School courses, built around Economics and Finance applied to real estate features, are
still few and far between, they have already proved to be very successful. The French
context is in fact specific and particular, which explains, to a certain extent, why such
initiatives have been taken at such a late date. The context also accounts for the small
number of these new courses in comparison to Anglo-Saxon countries.
This paper presents the specific characteristics of French real estate education and
training. In particular, it attempts to explain why such courses have taken so long to be
introduced and why people were not aware of the new opportunities sooner. In the first
part, the paper sets forth the main historical and structural reasons which enable us to
understand why Real Estate education did not exist in French Business Schools before
and the specificity of existing real estate and urban education in France. The second part
explains the new context in which real estate education programs have emerged in some
business schools in France and describes some of these new programs.
1 - Features of the French Real Estate Education System
France has a very famous and ancient heritage in urban management. The works of
Baron Haussmann in the XIXth century and his model of large avenues and renovation
of inner-centers is not the only example renowned internationally. Well known
throughout the world, too, are the urban theories of Le Corbusier in the XXth century
and the construction of new-towns in the Paris Region, like Marne-la-Vallée, where
Disneyland-Paris is located. Similarly, urban management education, at both graduate
and postgraduate level or in the form of programs, have been run for a long time in
France by both universities, town planning institutes and some business schools.
1 – Types of real estate education in France
Paradoxically, despite this proven savoir-faire in town planning and urban management,
no initial or graduate training in real estate business, finance or economics has been
developed by universities, which is not the case as far as courses in urban management
are concerned. Furthermore, only a very small number of business schools have been
concerned in this field in very recent times.
3
While real estate business education is not yet as well developed in France as it is in
Great Britain, where the Royal Institution of Chartered Surveyors (RICS) has taken the
initiative in promoting many real estate business education programs in both universities
and business schools, France has traditionally developed numerous training programs in
law. These specific real estate programs in law are now widespread and put on by
almost all French universities. Also, some law graduate establishments have been
created in order to promote real estate law education. Similar developments have taken
place in other European countries, such as Belgium, the Netherlands, Italy and Spain,
where real estate is only studied with emphasis laid on law.
To understand the paradox, one only has to consider the three types of real estate
training and education that different types of institutions have run in the last decades in
France :
The first type of real estate education is an urban and architectural one provided in urban
management programs offered by town-planning institutes, architecture schools and
universities. Real estate is not taught at all as a specific subject; no specific real estate
finance, economics or business teaching is broached in these programs. The subjects
taught are mainly town planning concerned or architectural, the focus being on urban
management, sometimes real estate law, but never real estate finance.
The second type of education is provided by some high level public engineer schools,
called Grandes Ecoles1, such as the Ecole Nationale des Ponts et Chaussées (a top
engineering school), or the Conservatoire National des Arts et Métiers (CNAM). Here,
subjects taught are, on the contrary, mostly of a technical, and deal more with building
itself and the building industry than with the actual real estate business.
Finally, the last and the most widespread type of real estate education is based on legal
studies. As has been mentioned above, many post-graduate programs in real estate law
have been developed in France. Paradoxically, not one of these programs presents or
tackles real estate as an economic, finance or business field.
2 – Reasons for the French paradox
France has always enjoyed a real and durable tradition of urban management and real
estate law, which educational courses put on by Universities and Grandes Ecoles have
faithfully reflected. It is paradoxical, therefore, that real estate courses focusing on
business, finance or economics have always been marginal in French Business Schools.
There are historical and structural reasons which explain the French paradox and it can
be illustrated by the high number of academic real estate courses based on law studies
1
Grandes Ecoles are competitive-entrance higher education establishments specializing in engineering,
business administration or other subjects. The subjects are taught to a very high standard. Pupils prepare
for the entrance examination by following a two-year intensive course in preparatory classes after having
finished successfully their secondary education.
4
compared to the nearly complete absence of academic finance and economics classes
and programs in real estate education.
In order to understand the predominant position held by law studies in French real estate
education, it has to be remembered that a very real French legal tradition exists in
France, in other words, the question of the law is taken very seriously. It is worth
recalling here that the French civil code or ’code Napoleon’ was translated and exported
to many foreign countries in the nineteenth century and considered to be the model for
foreign civil codes.
Another historical reason may be seen in the dominating influence of public
administration, institutions and public service in France, this since the time of Napoleon
and the first Empire - at the beginning of the nineteenth century. The influence has
proved to be far greater than that of similar institutions in other European countries and
much more so than in Anglo-Saxon countries.
In modern times, and especially for several decades after World War II, the French
economy was run by the State and public institutions, which meant that the necessary
reconstruction of the economy and rebuilding of the country were partly carried out
using funds provided under The Marshall Plan and government subsidies. The ensuing
command economy for key sectors like industry, equipment or housing, took the French
real estate economy largely out of the market economy, a state of affairs which was to
last for a long time, from the beginning of the 1950s until the late 1970s.
In this respect, the housing sector was a case in point. Since the 1950s, the characteristic
features of this sector have been the strong influence of the State through the granting of
public subsidies, social public housing and public regulation. For example, most of the
social housing constructions were built and planned in huge public housing projects and
zones, called Grands Ensembles, like the ZUPs (Zones à urbaniser en priorité) or ZAC
(Zones d’aménagement concerté) two types of Urban Development Zones. Most of
these public or semi-public areas, where the main infrastructure works are implemented
by government bodies, were set up between the 1960s and 1980s. Their purpose was to
provide new development opportunities for private developers in residential and nonresidential markets. In these zones, land units are acquired by a competent local
authority or public body with a view to selling them to public or private users. Special
grants from the Caisse des Dépôts et Consignations, a public entity - with low interest
rates, made outside the normal financial markets - are usually made available.
Most of these semi-public financial institutions, such as the Crédit Foncier or Caisse des
Dépôts et Consignations, were set up by the State in the XIXth century to manage
financial resources and to finance urban and real estate development. Almost all their
resources used to come from public or state assistance channels, which did not depend
on normal, competitive financial market conditions or mortgage markets. Housing was
financed with long-term loans, over 25 to 35 years, at a very low fixed rates, 2 to 3%,
derived from short term liquid resources.
5
In the 1950s, State assistance in housing programs through a system of non-profit
entities – low rent housing organizations – helped to relieve the shortages of social
renting housing. Such developments were undertaken in relation to large town-planning
processes and equipment. The investment was mainly used during the 1950-1954
period, notably with the subsidies and special loans of the Crédit Foncier, which were
applied to a wide range of housing without any account being taken of borrowers’
financial means.
In other words, the housing sector was, during the whole of this period, state regulated,
managed just like a government department, run by highly qualified engineering
graduates or top-ranking civil servants who had graduated from one of the French
Grandes Ecoles specializing in public administration, such as ENA, or from engineering
schools such as the Ecole Polytechnique or the Ecole Nationale des Ponts et Chaussées,
a tradition in keeping with the French Jacobine historical structure; i.e. technically
efficient but at odds with market mechanisms.
In 1977, housing assistance for lower-income homeowners was introduced and
gradually replaced the policy of investment in social rental housing of the 1950s. This
investment, granted on the basis of household income, changed the situation radically in
that both housing and social rental housing responded more to market logic. One major
repercussion has been the State’s progressive withdrawal.
While the housing sector was managed and subsidized by the State from the 1950s to
the beginning of the 1980s, commercial property markets were quasi non-existent
during the same period. The first office markets appeared in France in the late 1970s and
1980s. Their collapse in the 1990s has underlined in particular the lack of an economic
logic in the regulation of property markets..
Lastly, the lack of property data and the opacity of property markets in France was a
contributing factor to the under-development of real estate finance and economic
education and therefore reinforced the predominance of courses with a strong emphasis
on law.
2 – The Emergence of Real Estate Education in Business Schools
The recent creation and development of real estate economics and finance education
have not been a particularly easy affair in the face of the strong competition from real
estate education based on law studies in France. Those educational institutions which
have undertaken to introduce these new courses have been French Business Schools, the
best of which, it has to remembered, are the Grandes Ecoles.
6
1 – Some examples
Not yet viewed as an essential stock market activity, real estate is hardly considered by
the majority of French and European business schools as a new function, a new resource
or a new sphere of activity the firm should manage in the same way that it manages
human resources. On the contrary, real estate is simply depicted as an industrial activity,
like the manufacture of automobiles or airplanes and therefore does not require specific
teaching. Traditionally the predominance of the Marketing, Accountancy or Human
Resources departments is so great in French business schools, that it proves very
difficult to develop anything like a real estate department despite the new international
context. Even in the existing Finance departments of leading business schools, in MBA
programs, for example at ESSEC, at INSEAD or at HEC in France, real estate has not
yet evolved into a field of study or education.
What one remarks is that these new real estate programs have not been created or
offered by Finance Departments or Real Estate Departments as is currently the case in
the United States. At ESSEC for example, the new real estate programs have been
designed and run by the Environment Department. This original department has chosen
to focus on the whole range of physical and local factors in the environment which
necessarily play a part in company policymaking and in deciding on the strategy of a
firm. Like real estate education, the existence of such a department in a business school
program is also specific to ESSEC Business School. Many other Grandes Ecoles in
Management or Business Schools do not have a separate Environment department or
real estate department, whereas they all have Marketing, Finance and Economics
departments. The main reason is certainly the current low level of securitization and the
lack of secondary mortgage markets and activity at present in France. Quoted French
property companies are not very numerous while their securities represent less than 4%
of total French stock market capitalization.
Consequently, the changes in real estate education is very recent and still in its initial
stage in French business schools and business education. It is worthwhile noting
existing initiatives in this particular context.
The most famous, top flight post-graduate business school in France, which also
happens to be the first one in Europe accredited by the AACSB - the International
Association for Management Education - to have experienced real estate as a business
studies subject is the Groupe ESSEC and in particular the ESSEC School of
Management.
This institution has recently created real estate classes (Real Estate Economics, Real
Estate Finance, Real Estate Development and Real Estate Management) in initial
education and a specific Real Estate Chair. Both enjoy popularity with graduate and
post-graduate students.
7
The Bordeaux Business school, offering a graduate program specializing in real estate
management called IMPI (Institut du Management du Patrimoine Immobilier) is another
example. A post-graduate and executive real estate management program has also been
developed very recently by ESSEC IMD executive programs with the participation of
other French business schools. It must be stressed that the initiatives taken by business
schools are very recent and have been welcomed by real estate professionals, in
particular, given the context of French real estate education I have presented in the first
part of the paper.
2 – A new dawn for business education in real estate
There are many reasons for the recent initiatives and new developments in executive and
initial real estate courses in some French business schools and are the same as those in
Anglo-Saxon countries, linked to the globalization of business activity.
First, the economic consequences of the international real estate crisis have proved to be
serious for all participants concerned in urban development and real estate markets in
France, as in other developed countries. The high number of bankruptcies among French
property developers combined with the financial difficulties experienced by some large
banking institutions, for example the Crédit Lyonnais, and losses incurred on public
urban development operations have revealed, moreover, ignorance of real estate
mechanisms and the need for new real estate training. This factor certainly triggered off
awareness of the real estate situation in France and of new education needs.
Secondly, the recent expansion over two decades of rental property markets, and
particularly of commercial and office markets in France has shown that there is a need
for the best knowledge possible of real estate markets mechanisms and for market
forecasts. One should remember that the French urban and real estate context is less
than twenty-five years old. Commercial property markets were marginal in the Paris
region, and even non-existent in many cities. Most of the companies had to build and
own their properties. The situation and markets have been changing now for more than
twenty years in the Paris Region and for fifteen years in other regions in France. The
very recent character of these new commercial products and markets has led to the
introduction of the developer function in the 1970s and 1980s and the setting up of
Anglo-Saxon real estate consultants and property management companies like Jones
Lang Wootton or CB Richard Ellis or French ones such as Bourdais or Auguste
Thouard.
Even if outsourcing real estate services and functions is still unknown in France, facility
management techniques and specialists have just begun to make their appearance,
satisfying new needs expressed by large companies, public and private alike.
Furthermore, French decentralization and deregulation in the 1980s wrought changes in
the French housing financial system in the 1990s, as I explain in the first part of this
paper. Subsidies, loans and specific funding techniques have disappeared. Crédit
8
Foncier, which traditionally had been the major source of state-assisted loans to
moderate income households for homeownership, and other public institutions no longer
have a monopoly of housing loans, which means that housing finance has moved from a
regulated system to a market-driven economy, the direct result of the globalization and
deregulation of credit. Since the mid-80s reshaping of the housing finance system and
more generally of the French financial sector has made competition between banking
institutions stiffer. Free-market housing loans to individuals tend to represent now more
than two-thirds of the market, up from less than one quarter at the beginning of the
1980s.
Finally, the emergence of foreign and American investments in commercial properties
and takeovers of French banks’ bad loans, which appeared in the wake of the last office
market recession, have raised French professionals’ awareness of financial techniques
and afforded them excellent opportunities to work with a much wider range of financial
instruments. Furthermore, new real estate approaches to valuation have been adopted by
French banks, institutions and appraisers. While common sales and cost comparison
approaches were usually used by French appraisers and professionals, the use of
financial methods, like the Discounted Cash Flow Approach of valuation is now
becoming widespread in France. However, this requires a sound basic education in
finance and economics, which all real estate professionals have not necessarily had for
the simple reason that their training has been in law related issues of real estate.
Moreover, the globalization of economies has prompted many foreign and national
banks, new real estate departments of companies and facility management companies,
which have recently started to appear on the scene, to create new and potentially
successful careers in most real estate fields. Most of these opportunities are offered to
students who have had a financial, economics and business education. Because facility
and asset management functions must be filled by executives and managers thoroughly
acquainted with real estate economics and finance, it quite naturally follows that courses
in these subjects are much sought after.
Conclusion
In a field in which legal experts, lawyers, and town planners have traditionally played
the major roles, since the mid-90s France has witnessed the development of new
programs in real estate finance education. The main reason for this development is the
recent real estate recession. In the last three years new job opportunities have been
created in real estate asset management in most banks and insurance companies which
have foreign investment and interests. The management of the institutional and real
estate crisis, mostly in the office markets, and the management of banks’ bad loans and
assets, made the need felt for finance and economics programs.
Traditional real estate initial and executive education was based on the study of law and
many law universities offer such post-graduate programs, which are renowned and have
9
been extremely well developed in France. On the contrary, real estate finance and
economics are relatively new subjects, and not taught at all in French Universities. The
only course to deal with some real estate issues are Urbanism or Architecture. None
really delve into real estate education and fundamentals. The only effort to offer real
estate finance and economics has come from some of the country’s business schools,
which have created specific programs. Initial education inside business school programs
still does not exist, with the exception of one or two cases.
The effects of the globalization of real estate and financial markets in France has led to
the appearance of new careers in facility and asset management, which requires
executives and managers who are thoroughly acquainted with real estate economics and
finance. This has redefined the framework in which real estate is being considered i.e. as
an asset which must be managed using a rational investment approach.
Because of the new business and financial context and because of the development of
new defeasance structures and foreign investments, which tend, on the whole, to be
American, such real estate programs have a good chance of being successful. Due to
new educational demands from executives, real estate consultants and experts and due
to new job opportunities, real estate education in finance and economics should become
new fundamentals for business schools at the beginning of the next century.
ESSEC
CE NTRE
DE RECHERCHE
LISTE DES DOCUMENTS DE RECHERCHE DU CENTRE DE RECHERCHE DE L’ESSEC
(Pour se procurer ces documents, s’adresser au CENTRE DE RECHERCHE DE L’ESSEC)
LISTE OF ESSEC RESEARCH CENTER WORKING PAPERS
(Contact the ESSEC RESEARCH CENTER for information on how to obtain copies of these papers)
[email protected]
1997
97001 BESANCENOT D., VRANCEANU Radu
Reputation in a Model of Economy-wide Privatization.
97002 GURVIEZ P.
The Trust Concept in the Brand-consumers Relationship.
97003 POTULNY S.
L’utilitarisme cognitif de John Stuart Mill.
97004 LONGIN François
From Value at Risk to Stress Testing: The Extreme Value Approach.
97005 BIBARD Laurent, PRORIOL G.
Machiavel : entre pensée du pouvoir et philosophie de la modernité.
Value at Risk: une nouvelle méthode fondée sur la théorie des valeurs extrêmes.
97007 CONTENSOU François, VRANCEANU Radu
Effects of Working Time Constraints on Employment: A Two-sector Model.
Reputation in a Model of Exchange Rate Policy with Incomplete Information.
97009 AKOKA Jacky, BRIOLAT Dominique, WATTIAU Isabelle
La reconfiguration des processus inter-organisationnels.
97010 NGUYEN. P
Bank Regulation by Capital Adequacy and Cash Reserves Requirements.
Beyond the VaR.
Optimal Margin Level in Futures Markets: A Method Based on Extreme Price Movements.
97013 GROUT DE BEAUFORT Viviane
Maastricth II ou la copie à réviser.
97014 ALBIGOT J.G., GROUT DE BEAUFORT V., BONFILLON P.O., RIEGER B .
Perspectives communautaires et européennes sur la réduction du temps de travail.
Page 1
97015 DEMEESTERE René, LORINO Philippe, MOTTIS Nicolas
Business Process Management: Case Studies of Different Companies and Hypotheses for Further
Research.
97016 PERETTI Jean-Marie, HOURQUET P.G., ALIS D.
Hétérogénéité de la perception des déterminants de l’équité dans un contexte international.
97017 NYECK Simon, ROUX Elyette
WWW as a Communication Tool for Luxury Brands: Compared Perceptions of Consumers and
Managers.
97018 NAPPI-CHOULET Ingrid
L’analyse économique du fonctionnement des marchés immobiliers.
97019 BESANCENOT D., ROCHETEAU G., VRANCEANU Radu
Effects of Currency Unit Substitution in a Search Equilibrium Model.
97020 BOUCHIKHI Hamid
Living with and Building on Complexity: A Constructivist Perspective on Organizations.
97021 GROUT DE BEAUFORT V., GRENOT S., TIXIER A . TSE K.L
Essai sur le Parlement Européen.
97022 BOULIER J.F., DALAUD R., LONGIN François
Application de la théorie des valeurs extrêmes aux marchés financiers.
97023 LORINO Philippe
Théorie stratégique : des approches fondées sur les ressources aux approches fondées sur les processus.
97024 VRANCEANU Radu
Investment through Retained Earnings and Employment in Transitional Economies.
97025 INGHAM M., XUEREB Jean-Marc
The Evolution of Market Knowledge in New High Technology Firms: An Organizational Learning
Perspective.
97026 KOENING Christian
Les alliances inter-entreprises et la coopération émergente.
97027 LEMPEREUR Alain
Retour sur la négociation de positions : pourquoi intégrer l’autre dans mon équation personnelle ?
97028 GATTO Riccardo
Hypothesis Testing by Symbolic Computation.
97029 GATTO Riccardo , JAMMALAMADAKA S. Rao
A conditional Saddlepoint Approximation for Testing Problems.
97030 ROSSI (de) F.X., GATTO Riccardo
High-order Asymptotic Expansions for Robust Tests.
Negotiation and Mediation in France: The Challenge of Skill-based Learnings and Interdisciplinary
Research in Legal Education.
Pédagogie de la négociation : allier théorie et pratique.
97033 WARIN T.
Crédibilité des politiques monétaires en économie ouverte.
97034 FRANCOIS P.
Bond Evaluation with Default Risk: A Review of the Continuous Time Approach.
97035 FOURCANS André, VRANCEANU Radu
Fiscal Coordination in the EMU: A Theoretical and Policy Perspective.
Page 2
97036 AKOKA Jacky, WATTIAU Isabelle
MeRCI: An Expert System for Software Reverse Engineering.
97037 MNOOKIN R. (traduit par LEMPEREUR Alain)
Surmonter les obstacles dans la résolution des conflits.
97038 LARDINOIT Thierry, DERBAIX D.
An Experimental Study of the Effectiveness of Sport Sponsorship Stimuli.
97039 LONGIN François, SOLNIK B.
Dependences Structure of International Equity Markets during Extremely Volatile Periods.
Stress Testing : application de la théorie des valeurs extrêmes aux marchés des changes.
1998
98001 TISSOT (de) Olivier
Quelques observations sur les problèmes juridiques posés par la rémunération des artistes interprètes.
98002 MOTTIS Nicolas, PONSSARD J.P.
Incitations et création de valeur dans l’entreprise. Faut-il réinventer Taylor ?
98003 LIOUI A., PONCET Patrice
Trading on Interest Rate Derivatives and the Costs of Marking-to-market.
98004 DEMEESTERE René
La comptabilité de gestion : une modélisation de l’entreprise ?
98005 TISSOT (de) Olivier
La mise en œuvre du droit à rémunération d’un comédien ayant « doublé » une œuvre audiovisuelle
er
(film cinématographique ou fiction télévisée ) avant le 1 janvier 1986.
98006 KUESTER Sabine, HOMBURG C., ROBERTSON T.S.
Retaliatory Behavior to New Product Entry.
98007 MONTAGUTI E., KUESTER Sabine, ROBERTSON T.S.
Déterminants of « Take-off » Time for Emerging Technologies: A Conceptual Model and Propositional
Inventory.
98008 KUESTER Sabine, HOMBURG C .
An Economic Model of Organizational Buying Behavior.
98009 BOURGUIGNON Annick
Images of Performance: Accounting is not Enough.
A model of Manager Corruption in Developing Countries with Macroeconomic Implications.
98011 VRANCEANU Radu, WARIN T.
Une étude théorique de la coordination budgétaire en union monétaire.
98012 BANDYOPADHYAU D. K.
A Multiple Criteria Decision Making Approach for Information System Project Section.
98013 NGUYEN P., PORTAIT Roland
Dynamic Mean-variance Efficiency and Strategic Asset Allocation with a Solvency Constraint.
98014 CONTENSOU François
Heures supplémentaires et captation du surplus des travailleurs.
98015 GOMEZ M.L.
De l’apprentissage organisationnel à la construction de connaissances organisationnelles.
Page 3
98016 BOUYSSOU Denis
Using DEA as a Tool for MCDM: some Remarks.
98017 INDJEHAGOPIAN Jean-Pierre, LANTZ F., SIMON V.
Dynamique des prix sur le marché des fiouls domestiques en Europe.
98019 PELISSIER-TANON Arnaud
La division du travail, une affaire de prudence.
98020 PELISSIER-TANON Arnaud
Prudence et qualité totale. L’apport de la philosophie morale classique à l’étude du ressort psychologique
par lequel les produits satisfont les besoins de leurs utilisateurs.
98021 BRIOLAT Dominique, AKOKA Jacky, WATTIAU Isabelle
Le commerce électronique sur Internet. Mythe ou réalité ?
98022 DARMON René
Equitable Pay for the Sales Force.
Working Time in a Model of Wage-hours Negociation.
98024 BIBARD Laurent
La notion de démocratie.
98025 BIBARD Laurent
Recherche et expertise.
Les étapes du processus de conciliation.
98027 INDJEHAGOPIAN Jean-Pierre, LANTZ F., SIMON V.
Exchange Rate and Medium Distillates Distribution Margins.
Dialogue national pour l’Europe. Essai sur l’identité européenne des français.
98029 TIXIER Maud
What are the Implications of Differing Perceptions in Western, Central and Eastern Europe for Emerging
Management.
98030 TIXIER Maud
Internal Communication and Structural Change. The Case of the European Public Service: Privatisation
And Deregulation.
98031 NAPPI-CHOULET Ingrid
La crise des bureaux : retournement de cycle ou bulle ? Une revue internationale des recherches.
98032 DEMEESTERE René
La comptabilité de gestion dans le secteur public en France.
The Minimum Variance Hedge Ratio Revisited with Stochastic Interest Rates.
Is the Bernoulli Speculator always Myobic in a Complete Information Economy?
More on the Optimal Portfolio Choice under Stochastic Interest Rates.
98036 FAUCHER Hubert
The Value of Dependency is Plant Breeding: A Game Theoretic Analysis.
98037 BOUCHIKHI Hamid, ROND (de) Mark., LEROUX V.
Alliances as Social Facts: A Constructivist of Inter-Organizational Collaboration.
98038 BOUCHIKHI Hamid, KIMBERLY John R.
Page 4
In Search of Substance: Content and Dynamics of Organizational Identity.
98039 BRIOLAT Dominique, AKOKA Jacky, COMYN-WATTIAU Isabelle
Electronic Commerce on the Internet in France. An Explanatory Survey.
Réduction de la durée du travail et complémentarité des niveaux de qualification.
98041 TIXIER Daniel
La globalisation de la relation Producteurs-Distributeurs.
L’évaluation de la performance : un instrument de gestion éclaté.
Benchmarking: from Intentions to Perceptions.
Management Accounting and Value Creation: Value, Yes, but What Value?
98045 VRANCEANU Radu
A Simple Matching Model of Unemployment and Working Time Determination with Policy Implications.
98046 PORTAIT Roland, BAJEUX-BESNAINOU Isabelle
Pricing Contingent Claims in Incomplete Markets Using the Numeraire Portfolio.
98047 TAKAGI Junko
Changes in Institutional Logics in the US. Health Care Sector: A Discourse Analysis.
98048 TAKAGI Junko
Changing Policies and Professionals: A Symbolic Framework Approach to Organizational Effects on
Physician Autonomy.
L’apprentissage organisationnel bloquée (Groupe Bull 1986-1992) : du signe porteur d’apprentissage au
Piège de l’habitude et de la représentation-miroir.
98050 TAKAGI Junko, ALLES G.
Uncertainty, Symbolic Frameworks and Worker Discomfort with Change.
1999
99001 CHOFFRAY Jean-Marie
Innovation et entreprenariat : De l’idée… au Spin-Off.
99002 TAKAGI Junko
Physician Mobility and Attidudes across Organizational Work Settings between 1987 and 1991.
99003 GUYOT Marc, VRANCEANU Radu
La réduction des budgets de la défense en Europe : économie budgétaire ou concurrence budgétaire ?
99004 CONTENSOU François, LEE Janghyuk
Interactions on the Quality of Services in Franchise Chains: Externalities and Free-riding Incentives.
99005 LIOUI Abraham, PONCET Patrice
International Bond Portfolio Diversification.
99006 GUIOTTO Paolo, RONCORONI Andrea
Infinite Dimensional HJM Dynamics for the Term Structure of Interest Rates.
99007 GROUT de BEAUFORT Viviane, BERNET Anne-Cécile
Les OPA en Allemagne.
Page 5
99008 GROUT de BEAUFORT Viviane, GENEST Elodie
Les OPA aux Pays-Bas.
99009 GROUT de BEAUFORT Viviane
Les OPA en Italie.
99010 GROUT de BEAUFORT Viviane, LEVY M.
Les OPA au Royaume-Uni.
99011 GROUT de BEAUFORT Viviane, GENEST Elodie
Les OPA en Suède.
99012 BOUCHIKHI Hamid, KIMBERLY John R.
st
The Customized Workplace: A New Management Paradigm for the 21 Century.
The Perception of Performance Evaluation Criteria (1): Perception Styles
Performance et contrôle de gestion.
99015 BAJEUX-BESNAINOU Isabelle, JORDAN J., PORTAIT Roland
Dynamic Asset Allocation for Stocks, Bonds and Cash over Long Horizons.
99016 BAJEUX-BESNAINOU Isabelle, JORDAN J., PORTAIT Roland
On the Bonds-stock Asset Allocation Puzzle.
99017 TIXIER Daniel
La logistique est-elle l’avenir du Marketing ?
99018 FOURCANS André, WARIN Thierry
Euroland versus USA: A Theoretical Framework for Monetary Strategies.
99019 GATTO Riccardo, JAMMALAMADAKA S.R.
Saddlepoint Approximations and Inference for Wrapped α-stable Circular Models.
99020 MOTTIS Nicolas, PONSSARD Jean-Pierre
Création de valeur et politique de rémunération. Enjeux et pratiques.
99021 STOLOWY Nicole
Les aspects contemporains du droit processuel : règles communes à toutes les juridictions et procédures
devant le Tribunal de Grande Instance.
Les juridictions civiles d’exception et l’étude des processus dans le droit judiciaire privé.
99023 GATTO Riccardo
Multivariate Saddlepoint Test for Wrapped Normal Models.
99024 LORINO Philippe, PEYROLLE Jean-Claude
Enquête sur le facteur X. L’autonomie de l’activité pour le management des ressources humaines et pour
le contrôle de gestion.
99025 SALLEZ Alain
Les critères de métropolisation et les éléments de comparaison entre Lyon et d’autres métropoles
françaises.
Réflexions sur l’actualité des procédures pénales et administratives.
99027 MOTTIS Nicolas, THEVENET Maurice
Accréditation et Enseignement supérieur : certifier un service comme les autres…
99028 CERDIN Jean-Luc
International Adjustment of French Expatriate Managers.
Page 6
99029 BEAUFORT Viviane, CARREY Eric
L’union européenne et la politique étrangère et de sécurité commune : la difficile voie de la construction
d’une identité de défense européenne.
How French Law Treats Fraudulent Bankruptcy.
99031 CHEVALIER Anne, LONGIN François
Coût d’investissement à la bourse de Paris.
Les indicateurs de performance dans le pilotage organisationnel.
99033 LARDINOIT Thierry, QUESTER Pascale
Prominent vs Non Prominent Bands: Their Respective Effect on Sponsorship Effectiveness.
Working Time and Unemployment in an Efficiency Wage Model.
99035 EL OUARDIGHI Fouad
La théorie statistique de la décision (I).
2000
00001
CHAU Minh, LIM Terence
The Dynamic Response of Stock Prices Under Asymetric Information and Inventory Costs: Theory and
Evidence
00002
BIBARD Laurent
Matérialisme et spiritualité
00003
BIBARD Laurent
La crise du monde moderne ou le divorce de l’occident.
00004
MATHE Hervé
Exploring the Role of Space and Architecture in Business Education.
00005
MATHE Hervé
Customer Service: Building Highly Innovative Organizations that Deliver Value.
00006
BEAUFORT (de) Viviane
L’Union Européenne et la question autrichienne, ses conséquences éventuelles sur le champ de révision
de la CIG.
00007
MOTTIS Nicolas, PONSSARD Jean-Pierre
Value Creation and Compensation Policy Implications and Practices.
00009
BOURGUIGNON Annick
The Perception of Performance Evaluation Criteria (2): Determinants of Perception Styles.
00010
EL OUARDIGHI Fouad
The Dynamics of Cooperation.
00011
CHOFFRAY Jean-Marie
Innovation et entrepreneuriat : De l’Idée…au Spin-Off. (Version révisée du DR 99001).
00012
LE BON Joël
De l’intelligence économique à la veille marketing et commerciale : vers une nécessaire mise au point
conceptuelle et théorique.
00013
ROND (de) Mark
Reviewer 198 and Next Generation Theories in Strategy.
00014
BIBARD Laurent
Amérique latine : identité, culture et management.
Page 7
00016
BIBARD Laurent
Les sciences de gestion et l’action.
00017
BEAUFORT (de) V.
Les OPA au Danemark.
00018
BEAUFORT (de) V.
Les OPA en Belgique.
00019
BEAUFORT (de) V.
Les OPA en Finlande.
00020
BEAUFORT (de) V.
Les OPA en Irlande.
00021
BEAUFORT (de) V.
Les OPA au Luxembourg.
00022
BEAUFORT (de) V.
Les OPA au Portugal.
00023
BEAUFORT (de) V.
Les OPA en Autriche.
00024
KORCHIA Mickael
Brand Image and Brand Associations.
00025
L’impact des FIE sur les firmes françaises et allemandes : épiphénomène ou influence réelle ?
00026
BIBARD Laurent
Penser la paix entre hommes et femmes.
00027
BIBARD Laurent
Sciences et éthique (Notule pour une conférence).
00028
MARTEL Jocelyn, C.G. FISHER Timothy
Empirical Estimates of Filtering Failure in Court-supervised Reorganization.
00029
MARTEL Jocelyn
Faillite et réorganisation financière : comparaison internationale et évidence empirique.
00030
The Effect of Bankruptcy Reform on the Number of Reorganization Proposals.
00031
The Bankruptcy Decision: Empirical Evidence from Canada.
00032
CONTENSOU François
Profit-sharing Constraints, Efforts Output and Welfare.
00033
CHARLETY-LEPERS Patricia, SOUAM Saïd
Analyse économique des fusions horizontales.
00034
BOUYSSOU Denis, PIRLOT Marc
A Characterization of Asymmetric Concordance Relations.
00035
BOUYSSOU Denis, PIRLOT Marc
Nontransitive Decomposable Conjoint Measurement.
00036
A Comparison of Business Bankruptcies across Industries in Canada, 1981-2000.
Page 8
2001
01001
DEMEESTERE René
Pour une vue pragmatique de la comptabilité.
01003
EL OUARDIGHI Fouad, GANNON Frédéric
The Dynamics of Optimal Cooperation.
01004
DARMON René
Optimal Salesforce Quota Plans Under Salesperson Job Equity Constraints.
01005
BOURGUIGNON Annick, MALLERET Véronique, NORREKLIT Hanne
Balanced Scorecard versus French tableau de bord : Beyond Dispute, a Cultural and Ideological
Perspective.
01006
CERDIN Jean-Luc
Vers la collecte de données via Internet : Cas d’une recherche sur l’expatriation.
01007
LADHARI Riahd, MORALES Miguel, NYECK Simon, Pons Franck
Profils d’attitudes par rapport aux loisirs culturels : L’exemple des spectacles cinématographiques.
01008
NYECK Simon, PARADIS Sylvie, de COSTER Louis, BOURDEAU Laurent
Profils de satisfaction des consommateurs par rapport aux événements culturels :
L’exemple du festival de jazz.
01009
NYECK Simon, Pons Franck
Orientation des consommateurs par rapport aux événements sportifs (oes) : Proposition et validation
d’un outil de mesure .
01010
NYECK Simon
Représentations masculines des produits cosmétiques : Etude exploratoire auprès
de la population "gay".
01011
LADHARI Riahd, MORALES Miguel, NYECK Simon
Assessment of SERVQUAL Validity : An Evaluation of 10 Years of Use of the Measurement of the
Quality.
01012
VRANCEANU Radu, CERNAT Lucian
Globalisation and Growth: New Evidence from Central and Eastern Europe.
01013
BIBARD Laurent
De quoi s’occupe la sociologie ?
01014
BIBARD Laurent
Introduction aux questions que posent les rapports entre éthique et entreprise.
01015
BIBARD Laurent
Quel XXIème siècle pour l’humanité ?
01016
Value-based Management at the Profit Center Level.
01017
BESANCENOT Damien, HUYNH Kim, VRANCEANU Radu
Public Debt : From Insolvency to Illiquidity Default.
01018
BIBARD Laurent
Ethique de la vie bonne et théorie du sujet : nature et liberté, ou la question du corps.
01019
INDJEHAGOPIAN Jean-Pierre, JUAN S . LANTZ F., PHILIPPE F.
La pénétration du Diesel en France : tendances et ruptures.
01020
BARONI Michel, BARTHELEMY Fabrice, MOKRANE Mahdi
Physical Real Estates: Risk Factors and Investor Behaviour.
01022
BESANCENOT Damien, VRANCEANU Radu
Quality Leaps and Price Distribution in an Equilibrium Search model
Page 9
01023
BIBARD Laurent
Gestion et Politique
01024
Technological Change, Acquisition of Skills and Wages in a search Economy
01025
Quality Uncertainty and Welfare in a search Economy
01026
MOTTIS N. , PONSARD J.P.,
L’impact des FIE sur le pilotage de l’entreprise
01027
TAPIERO Charles, VALOIS Pierre
The inverse Range Process in a Random Volatibility Random Walk
01028
ZARLOWSKI Ph., MOTTIS N.
Making Managers into Owners An Experimental Research on the impact of Incentive Schemes on
Shareolder Value Creation
01029
Incertitude, bien-être et distribution des salaires dans un modèle de recherche d’emploi
01030
BOUCHIKHI H.
De l’entrepreneur au gestionnaire et du gestionnaire à l’entrepreneur
01031
TAPIERO A., SULEM A.
Inventory Control wth Supply Delays, On Going Order and Emergency Supplies
01032
ROND (DE) M., MILLER A.N.
The playground of Academe : The Rhetoric and Reality of Tenure and Terror
01033
BIBARD L.
Décision et écoute
01034
GEHRKE I., HORVATH P.
Implementation of Performance Measurement. A comparative Study of French and German
Organizations
01035
NAPPI-CHOULET I.
The Recent Emergence Of Real Estate Education in French Business Schools : The Paradox of the
French Experience
Page 10
2002
Page 11

N° 01035 – « The Recent Emergence of Real Estate Education in

Transcription

Documents pareils

Communiqué de presse

Business For Sale Saint-Eustache, QUéBEC

La Française Real Estate Managers acquiert les immeubles

La Française Real Estate Managers acquiert l`immeuble JAZZ à

La Française Real Estate Partners achète le 6 place d`Alleray à Paris*

759 Square-Victoria

La Française Real Estate Managers acquiert l`immeuble Le Capella

consulter - TCB Internationale Inc.

Press release - AG Real Estate