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2016/2017 KAN-CCMVI2045U Impact Investing and Finance
| English Title | |
| Impact Investing and Finance |
Course information |
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| Language | English |
| Course ECTS | 7.5 ECTS |
| Type | Elective |
| Level | Full Degree Master |
| Duration | Summer |
| Start time of the course | Summer |
| Timetable | Course schedule will be posted at calendar.cbs.dk |
| Max. participants | 80 |
| Study board |
Study Board for MSc in Economics and Business
Administration
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| Course coordinator | |
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| In case of any academic questions related to the course, please contact the course instructor or the academic director, Sven Bislev at sb.ikl@cbs.dk | |
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| Last updated on 29/05/2017 | |
| Learning objectives | ||||||||||||||||||||||
| To achieve the grade 12, students should meet the following learning objectives with no or only minor mistakes or errors: The objective of this course is for students to develop a conceptual understanding of Impact Investing and its various manifestations and how it is impacting all of our communities. The goal is for students to be able to critically evaluate the exciting potential to make real change while at the same time view the risks that mission gets sacrificed when profits are on the line. We will put ourselves in a position to assess such by engaging in real world case studies on a daily basis. | ||||||||||||||||||||||
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This course is designed to explore Impact Investing, the goal of which is to not only generate financial returns but to also promote social benefits. This exciting area has broadened recently and has gained attention from some of the largest philanthropic foundations and asset managers. It has also drawn its skeptics from academia who are convinced that when profits are on the line, the social mission gets sacrificed. We will explore both sides of the issue while surveying such topics as Socially Responsible Investing, Corporate Social Responsibility (CSR), Microfinance and Microlending, Social Impact Bonds (SIBS) and Environmental Sustainability. To engage with these issues we will use a text by Anthony Bugg-Levine and Jed Emerson, titled "Impact Investing: Transforming How We Make Money While Making a Difference" while also making reference to Robert Shiller's, "Finance and the Good Society". We will learn about measuring techniques employed by the Global Impact Investing Network (GIIN) and by the Bill and Melinda Gates Foundation (Melinda T Tuan: Measuring and Estimating Social Value Creation: Insights Into Eight Integrated Cost Approaches). We will evaluate via case study the initial public offering (IPO) of Compartamos, a Mexican bank famous for being a leader in microfinance but infamous for enriching its Wall St IPO underwriters. From a similar critical perspective, we will evaluate public-private partnerships such as social impact bonds and conduct a case study of a Utah pre-school program funded by Goldman Sachs.
Class 1: Introduction and History: Exploring the Roots of Impact Investing. Class 2: Socially Responsible Investing:History and Performance. Class 3: Shareholder Activism Class 4: Corporate Social Responsibility Class 5: Philanthropy and the Private Sector Class 6: Public Policy and the Public Sector feedback activity: group projects evaluating performance Class 7: Microfinance and Microlending Class 8: Social Impact Bonds Class 9: Measuring and Reporting Impact Class 10: Mission Preservation and Financial Performance Class 11: Social Business: Creating viable, social businesses
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| Teaching methods | ||||||||||||||||||||||
| A combination of lecture, group discussion and small group projects will be employed in each session. Each class session will have three components on each topic: 1.) what can go right 2.) what can go wrong and 3.) what will happen. Students will be encouraged to evaluate the pros and cons of the various topics and draw conclusions as to likely outcomes. The objective is for students to develop a critical perspective of Impact Investing and Finance and its impact on various communities. | ||||||||||||||||||||||
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| Further Information | ||||||||||||||||||||||
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Preliminary Assignment: To help students get maximum value from ISUP courses, instructors provide a reading or a small number of readings or video clips to be read or viewed before the start of classes with a related task scheduled for class 1 in order to 'jump-start' the learning process.
Feedback Activity: A feedback activity defined by the course instructor will take place approx. half-way through the course.
Course timetable is available on http://www.cbs.dk/uddannelse/summer-university-programme/courses. |
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| Expected literature | ||||||||||||||||||||||
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PRIMARY LITERATURE (MUST-HAVE BOOK):
Anthony Bugg-Levine, Jed Emerson Impact Investing: Transforming How We Make Money While Making a Difference ISBN: 978-0-470-90721-4 Jossey-Bass, Edition/year, 2011
SECONDARY LITERATURE (NICE-TO-HAVE BOOKS):
Cathy Clark, Jed Emerson, Ben Thornley The Impact Investor:Lessons in Leadership and Stgrategy for Collaborative Capitalism ISBN: 978-1-118-86081-6 Jossey-Bass; Edition/year 2014
Robert J. Shiller Finance and the Good Society ISBN-10: 0691154880 ISBN-13: 978-0691154886 Princeton; Edition/year 2012
Muhammad Yunus Building Social Business ISBN-10: 1586489569ISBN-13: 978-1586489564 Public Affairs; Edition/year 2011
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