| Learning objectives |
The course is designed in such a fashion that
theory and practice are closely studied. The course will introduce
you to existing knowledge in the fields of ESG, Sustainable and
Impact Investments. We will explore this dynamic topic through
lectures, and class-based debate case exercises and specific
sustainable financial mechanisms. The course will adopt an
international perspective, illustrating cases from around the
world. Such an international perspective will only benefit the
learning taking place in the classroom where specific methodologies
and organizational innovations will be grounded and contextualized
by the cases. The classroom dynamics are managed through a
dialogue-based approach to teaching. Students will regularly be
tasked to consider tradeoffs and a variety of options so as to
devise solutions to complex ‘real-life’ sustainable finance
dilemmas/opportunities.
- The ESG Market – Current trends and challenges
- ESG Data – inconsistencies and the path forward
- Governance – Key Governance indicators and ESG Board
Alignment
- Environmental Sustainability – Key Indicators and Green
Bonds
- Social Sustainability – Living wages and human
rights
|
| Course prerequisites |
This course is a special course limited to
graduate students returning from exchange. To qualify for the
course you:
1. Enrolled in a graduate program at CBS
2. Have to have passed 28 ECTS during your exchange
3. Have to submit a motivational statement to
outboundexchange@cbs.dk |
| Examination |
|
ESG and the
Transformation of Finance:
|
| Exam
ECTS |
1,5 |
| Examination form |
Home assignment - written product |
| Individual or group exam |
Individual exam |
| Size of written product |
Max. 5 pages |
|
Students will be required to complete a final
report summarizing their learnings from the class. The report will
be comprised of 5 pages plus appendixes where required. |
| Assignment type |
Essay |
| Release of assignment |
Subject chosen by students themselves, see
guidelines if any |
| Duration |
2 weeks to prepare |
| Grading scale |
Pass / Fail |
| Examiner(s) |
One internal examiner |
| Exam period |
Spring and Spring, Ordinary exam: Home
Assignment |
| Make-up exam/re-exam |
Same examination form as the ordinary exam
Retake exam: Home
Assignment
|
Description of the exam
procedure
Students may select a theme of a general case and explore it
fully.
|
|
| Course content, structure and pedagogical
approach |
|
The financial world is under increasing scrutiny to “lead” in
the service of sustainability. In order to respond to such a
calling, financial organizations are tasked to design new and
innovative financial mechanisms, that can not only withstand heavy
investment and expected returns, but also ensure
#thefuturewewant.
This course is designed to immerse students into the global
sustainability challenges embarked upon by institutional investors,
investment firms and innovative companies, to develop strategy,
management systems, metrics, and financing policies. Strongly
grounded in theoretical and empirical studies from various
disciplines in the field of finance, economics, development and
environmental studies, this course will provide a thorough
understanding of the growing field of ESG, sustainable and impact
investment. Students will explore the field of sustainable asset
management, and the strategies and reporting used by many of the
leading organizations in the field. Participants will similarly
acquire specific competencies in carbon finance, ecosystem service
financing, sustainable real estate, and green bonds. Of particular
note, students will learn how to finance new economic and social
challenges in a sustainable manner. In addition to the highly
qualified faculty leading the class, leading experts in the field,
have actively volunteered their time to also relate how experts in
this field must be an active leader in the field of sustainable
investments. Students will explore the tradeoffs between equity
investing with an ownership stake vs. investing without voting
power. It is worth noting that students interested in this field
must understand that investing in long term value creation is just
as much about innovative schemes, as the fostering and development
of new indices and metrics for attributing value in their financial
dealings. The topic of sustainability is not only emerging as a
critical component in these metrics and indices, it is viewed more
and more as a competitive
advantage.
|
|
| Research-based teaching |
|
CBS’ programmes and teaching are research-based. The following
types of research-based knowledge and research-like activities are
included in this course:
Research-based knowledge
- Classic and basic theory
- New theory
- Teacher’s own research
- Methodology
- Models
Research-like activities
- Analysis
- Discussion, critical reflection, modelling
- Activities that contribute to new or existing research
projects
|
| Description of the teaching methods |
| This course blends a variety of pedagogical
methods. You learn through interactive lectures combined with case
study discussions. We will also use some short video supplements to
explore selected issues more in depth. It is important that you
read case studies prior to the lecture in which they are discussed.
Please think about answers to the case questions, which are listed
in this syllabus, as these will form the basis of class
discussion. |
| Feedback during the teaching period |
| Students will be provided feedback throughout the
course. |
| Student workload |
| In classroom or online learning |
25 hours |
| Preparation for classroom activities |
5 hours |
| Examination |
11,5 hours |
|
| Further Information |
|
To help students get maximum value from this course, 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.
|
| Expected literature |
- Oikonomou, I., Yin, C., & Zhao, L. (2020). Investment
horizon and corporate social performance: the virtuous circle of
long-term institutional ownership and responsible firm conduct.
The European Journal of Finance, 26(1),
14-40.
- Banerji, S., Duygun, M., Noe, T., & Shaban, M. (2020).
Institutions, governance and finance in a globally connected
environment. Journal of Corporate Finance.
- Kawamoto, M., & Kanie, N. (2020). Engaging Business: The UN
Sustainable Development Goals and Climate Change. In
International Development and the Environment (pp.
47-54). Springer, Singapore.
- Crifo, P., Durand, R., & Gond, J. P. (2019). Encouraging
investors to enable corporate sustainability transitions: The case
of responsible investment in France. Organization &
Environment, 32(2), 125-144.
- Chang, Y. (2019). Green Finance in Singapore: Barriers and
Solutions. Handbook of Green Finance: Energy Security and
Sustainable Development, 1-17.
- Liu, F. H., Demeritt, D., & Tang, S. (2019). Accounting for
Sustainability in Asia: Stock Market Regulation and Reporting in
Hong Kong and Singapore. Economic Geography, 1-23.
- Agrawal, A., & Hockerts, K. (2019). Impact Investing
Strategy: Managing Conflicts between Impact Investor and Investee
Social Enterprise. Sustainability, 11(15),
4117.
- Porter, Michael E. and Mark Kramer, “The Big Idea: Creating
Shared Value,” Harvard Business Review
- Nicholls, Alex, “The Institutionalization of Social Investment:
The Interplay of Investment Logics and Investor Rationalities,”
Journal of Social Entrepreneurship, 1.1, pp. 70-100
- Christian, Leslie, “A New Foundation for Portfolio Management,”
RSF Social Finance and Portfolio 21 Investments, 2011.
- Ebrahim, Alnoor and V. Kasturi Rangan, “Acumen Fund:
Measurement in Impact Investing (A) and (B),” HBS Cases, 9-310-011
and 9-106-043, 2010
- Evolutions in Sustainable Investing: Strategies, Funds and
Thought Leadership* Cary Krosinsky, Nick Robins, Stephen Viederman
John Wiley & Sons, Inc. / Wiley Finance,
2012
|
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