Cyberlibris Newsletter

Business Law: Peter Nayler in Cyberlibris

"In truth, the term ‘law’ is extremely difficult to define. If asked the question, the average respondent might very well attempt to describe the law as, say, a ‘collection of rules’ or ‘something which you must obey’. While not being ‘wrong’, such an attempt would not address the essential issue, namely defining the term by reference to its intrinsic character. While it is true to say that law has a regulatory function, the same is also true of many other types of rule and/ or custom that seek to control behaviour in any given society or community but which, nevertheless, do not have the character of ‘law’ as the word is commonly understood."

The question is even harder to answer in an international setting in which many current businesses operate.

Business Law and the Global Marketplace, published by Elsevier, has been added to Cyberlibris on-line collection.

The study of Law forms a component of many undergraduate and postgraduate programs. Its inclusion does not aim to equip business practitioners with skill and expertise to render professional legal advice unnecessary, but more to provide a legal framework of reference in which both strategic and more immediate business issues can be placed. Equipping managers with a basic understanding of how law impacts upon business activity can help them avoid legal pitfalls in the first place or at least identify potential problems at an early stage, to avoid inconvenience and cost. International business can present problems that are not present in a purely domestic transaction. Any law component in a management program should embrace it and by doing so the business practitioner can be familiarized with the wider picture in which modern business, aided by technological development, is increasingly practiced.

About the author:

Peter Nayler is Professor of Law at European School of Management

Le capitalisme est-il en train de s'autodétruire?

Le capitalisme est-il menacé? C'est la conclusion vers laquelle semblent tendre de nombreux économistes y compris parmi les plus orthodoxes.

Patrick Artus et Marie-Paule Virard, dans leur récent ouvrage "Le capitalisme est en train de s'autodétruire, livrent un constat pessimiste:

"En cette année 2005, cette sorte de face-à-face improbable entre la caissière et le P-DG fait figure de symbole. Celui d’un capitalisme qui marche sur la tête. L’exaspérationdoit beaucoup à l’effet produit par la publication en rafale des profits records réalisés par les grandes entreprises et accessoirement par la révélation des rémunérations,non moins records, des grands dirigeants de celles du CAC 40 (l’indice boursier moyen des quarante plus grandes entreprises cotées à la Bourse de Paris). En France, le revenu disponible brut des ménages a augmenté en moyenne de 1,7 % en 2004, soit une progression pratiquement identique à celle du salaire de Véronique Picard et de ses collègues de Carrefour."

Leur livre, disponible dans Cyberlibris, est un parfait complément de lecture à tout enseignement de macroéconomie.

Ce qu'ils en disent:

"La question peut sembler saugrenue, voire provocatrice, au moment même où les grandes entreprises de la planète, y compris en France, affichent des profits insolents, rémunèrent très confortablement leurs dirigeants et distribuent des dividendes records à leurs actionnaires. Alors que la croissance économique - en Europe en tout cas - stagne, que les délocalisations se multiplient et que chômage et précarité s’aggravent, on comprend que le débat devienne vif sur la légitimité d’une telle captation de richesses. Dans ce livre décapant et remarquable de clarté, les auteurs n’y vont pas par quatre chemins pour qualifier ce paradoxe : c’est au moment où le capitalisme n’a jamais été aussi prospère qu’il apparaît le plus vulnérable, et nous avec lui. Parce qu’il s’agit d’un capitalisme sans projet, qui ne fait rien d’utile de ses milliards, qui n’investit pas, qui ne prépare pas l’avenir. Et face au malaise social, les gouvernements ne traitent le plus souvent que les symptômes, faute de prendre en compte le fond du problème. Ce problème, c’est l’absurdité du comportement des grands investisseurs, qui exigent des entreprises des résultats exorbitants de tout sens commun. Du coup, elles privilégient le rendement à trois mois plutôt que l’investissement à long terme, quitte à délocaliser,à faire pression sur les salaires et à renoncer à créer des emplois ici et maintenant. Voilà pourquoi il est urgent,expliquent les auteurs, de réformer profondément la gestion de l’épargne, d’imposer de nouvelles règles de gouvernance aux gérants comme aux régulateurs. Faute de quoi on n’évitera pas une nouvelle crise du capitalisme, avec toutes ses conséquences politiques et sociales. " Jean Ndma Moussa - Recit.net

"L’ouvrage de Patrick Artus et de Marie-Paule Virard nous explique sans fioritures ni a priori pourquoi nous fonçons droit danune impasse. [...] Parce qu’elle vient d’auteurs qui ne peuvent être taxés d’anti-libéralisme primaire, la démonstration de ce petit livre, aussi implaccable que facile à lire, est très convaincant." Challenges

Le Contrôle de Gestion: Alain Burlaud et Claude J. Simon dans Cyberlibris

Le contrôle de gestion, ouvrage d'Alain Burlaud et de Claude Simon est dsponible dans Cyberlibris. 

Ce livre peut être aussi bien une introduction qu’une conclusion à un apprentissage ou une pratique raisonnée du contrôle de gestion. C’est une introduction dans la mesure où sa lecture est accessible à un non-spécialiste.

Il montre, avant d’approfondir la technique, la place du contrôle de gestion dans le management d’une organisation publique ou privée. C’est aussi une conclusion car il invite un lecteur formé ou expérimenté à mettre en perspective sa connaissance de la discipline, à la situer dans un cadre plus général qui lui donne un sens.

L’ouvrage montre l’interaction des différents outils de gestion et la force invisible qu’exerce leur logique sur les prises de décision. Il souligne les limites techniques mais aussi idéologiques des outils. Enfin, il met en évidence le lien entre le développement du contrôle de gestion et les autres disciplines des sciences humaines et sociales traitant des organisations.

A propos des auteurs:

Alain Burlaud est docteur en sciences de gestion, est titulaire de la chaire de comptabilité et contrôle de gestion du CNAM.

Claude Simon est expert-comptable et professeur à l'ESCP.

The World of Hedge Funds: H Gifford Fong in Cyberlibris

H. Gifford Fong is President of Gifford Fong Associates, a firm specializing in fixed income, derivative product and asset allocation analysis. Independent valuation, model validation and portfolio strategy analysis are areas of emphasis. He is a graduate of the University of California where he earned his B.S., M.B.A. and J.D. (law).

He is also the editor of the Journal Of Investment Management; former editor of the Financial Analysts Journal; member of the Board of Directors and Program Chairman of the Institute for Quantitative Research in Finance. He has received a number of honors, including the Institute for Quantitative Research in Finance Award and the Financial Analysts Journal Graham and Dodd Award of Excellence. He also is on a number of boards of directors of non-related companies and non-profit institutions.

His latest book published by World Scientific Publishing, The World of Hedge Funds: Characteristics and Analysis is now available in Cyberlibris.

The World of Hedge Funds is a compendium of distinguished papers focusing on the cutting-edge analysis of hedge funds. This area is arguably the fastest growing source of funds in the investment management arena. It is often said (and sold) to be an exciting opportunity for the investor and manager in terms of the range of return and risk available. However,  some critics have voiced concern about the opacity and lack of regulation of hedge funds.

Hence a source of rigorous analysis was both sought after as well as needed. This book aims to fill this gap by presenting an eclectic collection of papers contributed by influential academics and practitioners covering the characteristics and problems of hedge funds. Contributors include among others Sanjiv Das, Harry Kat, and Stephen Brown.

Le meilleur des Ressources Humaines: Le Peretti et le Martory dans Cyberlibris

Jean-Marie Peretti est professeur à l’université de Corte et à l’ESSEC. Il est également l’auteur chez Vuibert de Gestion des ressources humaines (collection Entreprise), Ressources humaines et gestion des personnes (collection Educapôle) et du Dictionnaire des ressources humaines.

Son livre, Gestion des Ressources Humaines, considéré comme la "petite Bible de la GRH" est accessible dans Cyberlibris.

Gestion de l’emploi et des carrières, mise en œuvre d’une politique des rémunérations, aménagement du temps de travail, formation, relations sociales..., la fonction ressources humaines recouvre l’ensemble de ces domaines. Fonction partagée, elle se répartit dans l’organisation générale et tout ceux qui assument des responsabilités dans le management y participent.

Bernard MARTORY est professeur à l’université de Nice Sophia Antipolis. Il enseigne également le contrôle de gestion sociale dans le cadre de séminaires de formation continue.

Son livre, Le Contrôle de Gestion Sociale, est accessible dans Cyberlibris.

Le contrôle de gestion sociale est une composante et une extension du contrôle de gestion, qui a pour objet de contribuer à l’amélioration des performances et des coûts des systèmes de gestion des ressources humaines. C’est un domaine de gestion en pleine expansion. Les grandes entreprises ont implanté ou implantent actuellement les fonctions de contrôle de gestion sociale. La loi sur 35 heures n’a pu qu’amplifier ce phénomène. Cette nouvelle édition est une refonte totale. (plus de 50% de texte nouveau

Econometrics Aficionados: Arnold Zellner and Helmut Lütkepohl in Cyberlibris

Arnold Zellner is Adjunct Professor in Econometrics at the Department of Agricultural and Resource Economics, University of California, Berkeley. He is also H.G.B. Alexander Distinguished Service Professor Emeritus of Economics and Statistics at the University of Chicago. He is considered as an Econometrics Superstar.

He gave an interview (34 pages long!) to Kathy Morrissey which is a fascinating journey throughout his life and modern econometrics:

"In talking with Arnold, I saw three themes in his professional career. The first is his efforts to bridge the disciplines of statistics, particularly Bayesian methods, economics and econometrics.

The second theme is furthering knowledge on important problems. Arnold is concerned about social and economic problems such as hunger, unemployment, the business cycle and economic stagnation.

The third theme is a commitment to his “customers,” his students, and helping them to achieve their dreams and goals. Arnold feels he was lucky to be born in America and have the opportunities he did."

His book Statistics, Econometrics and Forecasting is available in Cyberlibris.

Based on two lectures presented as part of The Stone Lectures in Economics series, Arnold Zellner describes the structural econometric time series analysis (SEMTSA) approach to statistical and econometric modeling. Developed by Zellner and Franz Palm, the SEMTSA approach produces an understanding of the relationship of univariate and multivariate time series forecasting models and dynamic, time series structural econometric models. As scientists and decision-makers in industry and government world-wide adopt the Bayesian approach to scientific inference, decision-making and forecasting, Zellner offers an in-depth analysis and appreciation of this important paradigm shift. Finally Zellner discusses the alternative approaches to model building and looks at how the use and development of the SEMTSA approach has led to the production of a Marshallian Macroeconomic Model that will prove valuable to many.

Helmut Lütkepohl is Professor of Econometrics at the European University Insitute in Firenze. He has published extensive research in the area of nonparametric time series analysis, multivariate time series analysis and money demand analysis.

The book he recently edited, Applied Time Series Analysis, (published by Cambridge University Press) is now available in Cyberlibris.

Time series econometrics is a rapidly evolving field. Particularly, the cointegration revolution has had a substantial impact on applied analysis. Hence, no textbook has managed to cover the full range of methods in current use and explain how to proceed in applied domains. This gap in the literature motivates the present volume. The methods are sketched out, reminding the reader of the ideas underlying them and giving sufficient background for empirical work. The treatment can also be used as a textbook for a course on applied time series econometrics. Topics include: unit root and cointegration analysis, structural vector autoregressions, conditional heteroskedasticity and nonlinear and nonparametric time series models. Crucial to empirical work is the software that is available for analysis. New methodology is typically only gradually incorporated into existing software packages. Therefore a flexible Java interface has been created, allowing readers to replicate the applications and conduct their own analyses.

Microeconomics demystified

For those who'd like a sweet and smooth introduction to Microeconomics, this is the book. Microeconomics Demystified is authored by Craig A. Depken, II who is Professor of Economics at the University of Texas at Arlington.

It is published by McGraw-Hill (2005).

In Microeconomics Demystified, Economics Craig Depken provides an effective, illuminating, and entertaining way to learn a subject that students usually find quite complex.

This self-teaching guide explains the concepts of microeconomics, including supply and demand, elasticities, consumer and producer surplus, the role of the firm, various market models, and more. The book combines an intuitive approach with “practical” mathematics, using easy-to-read graphs and simple arithmetic. Featuring end-of-chapter quizzes and a final exam, this book will teach you the ins and outs of microeconomics in no time at all.

Simple enough for a beginner, but challenging enough for an advanced student, Microeconomics Demystified is the perfect shortcut to a working knowledge of this important business topic and an effective introduction to more advanced texts.

Maurice Obstfeld and Alan Taylor in Cyberlibris

Maurice Obstfeld is Class of 1958 Professor of Economics at the University of California, Berkeley. He is also Director of the Center for International and Development Economics Research. A prolific writer, he has contributed many articles and books to the fields of international economics and international finance.

He has recently dealt with the issue of the US current account deficit. According to his latest research, the issue is far more severe than is usually suspected. Indeed, his revised estimates suggest that

"the current conjoncture more closely parallels the early 1970s, when the Bretton Woods system collapsed finally."

Alan Taylor is Professor of Economics and Director, Center for the Evolution of the Global economy, University of California, Davis. His research deals with global finance and the global economy:

"These parallels raise a number of questions about the evolution of the global economy in the 19th century, its collapse in 1914, and the rebirth of globalization at the end of the 20th century. With Maurice Obstfeld (University of California, Berkeley), I have explored these events systematically, which resulted in our new economic history of global capital markets and the attendant political-economy problems. We found that economic policymaking has, throughout, been characterized by a fundamental macroeconomic policy trilemma that all governments face. That is, it is not possible for a government simultaneously to peg the exchange rate, keep an open capital market, and enjoy monetary policy autonomy."

About the book:

This book presents an economic history of international capital mobility in the modern era. It blends narrative and quantitative methods and connects economic outcomes to the underlying political economy of international macroeconomics.

The volume demonstrates that the recent globalization can be seen, in part, as the resumption of a liberal world order that had previously been established in the years 1880-1914, but also points out that much is different in terms of its causes and consequences.

What they say about the book:

"Overall, Global Capital Markets is an excellent study of the evolution of international capital markets since the classical gold standard period. This book is a must read for economists and economic historians with an interest in international economics." EH.NET

"The rise, fall and rise again of financial globalization between the nineteenth century and the 1990s is a topic of burning interest to economists and economic historians alike. This invaluable volume is the culmination of nearly a decade of path-breaking research by Maurice Obstfeld and Alan M. Taylor into international capital mobility and its macroeconomic significance over the long run. No one who wishes to have a historically informed understanding of global financial markets — and the crises which afflict them — can afford to ignore it." Niall Ferguson, New York University 

"In Global Capital Markets, Maurice Obstfeld and Alan Taylor present a comprehensive and pragmatic approach to studying the costs and benefits of integration into the global financial system. They start by drawing on the relevant theory and then examine an enormous range of evidence, starting from the gold standard system, through the most recent econometric studies. And they reach thoroughly sensible, nuanced conclusions, namely — well, you should really read the book to find out." Stanley Fischer, Vice Chairman, Citigroup; former Deputy Managing Director, International Monetary Fund

"The costs and benefits of international capital flows have been the focus of much of the controversy over globalization. Obstfeld and Taylor provide a compelling and comprehensive study of the economics and history of capital market integration, that makes very clear the great benefits of integration as well as explaining clearly the circumstances in which the costs arise. They give us new data and new insights, and above all a new analytical framework. Their careful and convincing analysis should put an end to a great deal of fruitless polemic." Harold James, Princeton University

"This is the place to send your students to find out about international capital flows. Obstfeld and Taylor use economic theory to understand history and, more importantly, history to comprehend and calibrate theory." Peter Temin, Massachusetts Institute of Technology