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Regular version of the site
Master 2020/2021

Sustainable Finance

Type: Elective course (Strategic Corporate Finance)
Area of studies: Finance and Credit
Delivered by: School of Finance
When: 1 year, 1, 2 module
Mode of studies: distance learning
Instructors: Olga Ivantsova
Master’s programme: Strategic Corporate Finance
Language: English
ECTS credits: 5

Course Syllabus

Abstract

Responsible or sustainable investing has seen a growth in interest from investment community in recent years. Investors are trying to understand whether ESG (environmental, social and governance factors) enhances companies’ performance and investment returns as a result. Investment firms create funds that specialize in ESG and sustainability. This course reviews the key concepts and frameworks of sustainable finance and ESG, motivations behind the increased awareness of ESG by investors and the public, discussions on data materiality and approaches to incorporating ESG in the investment process. The course also contains discussions of practical cases of ESG reporting by companies and integrating ESG in the investment decision making process by investment firms. We discuss new sustainability-oriented financial instruments and impediments for incorporating ESG factors in traditional investment analysis. Ссылка на онлайн-курс: https://unccelearn.org/course/view.php?id=51&page=overview
Learning Objectives

Learning Objectives

  • - Provide students with an understanding of key concepts in sustainable finance and ESG and explain the motivation to include ESG factors in the investment analysis
  • - Provide students with a summary of existing frameworks that coordinate and promote ESG reporting and implementation
  • - Explain the existing methods and approaches to incorporate sustainability in the investment process
  • - Provide students with a list of sources of ESG information and discuss advantages and disadvantages of these sources
  • - Prepare students to analyze ESG reporting by the company andintegrate ESG factors in the investment analysis
Expected Learning Outcomes

Expected Learning Outcomes

  • - Analyze the potential effect of ESG factors on firm operations, performance and valuation
  • - Prepare an ESG profile for a company
  • - Determine and evaluate material ESG risks and opportunities for a company
  • - Apply methods of ESG integration in firm valuation
  • - Develop suggestions for non-financial sustainability-focused initiatives and explain the impact they could have on firm performance
Course Contents

Course Contents

  • 1. Introduction to ESG & Sustainability.
    1.1. Key definitions 1.2. ESG components 1.3. Motivation to integrate ESG 1.4. ESG scandals
  • 2. Frameworks & Data.
    2.1. ESG frameworks 2.2. Concept of materiality 2.3. Data sources 2.4. Variety of factors in company’s ESG profile
  • 3. Methods & Approaches.
    3.1. Methods 3.2. ESG Integration framework 3.3. Cases from institutional investors of ESG integration
  • 4. ESG Implementation.
    4.1. ESG products 4.2. Limitations
Assessment Elements

Assessment Elements

  • non-blocking Final assignment in the form of group presentation (distantly)
  • non-blocking Assignments in the form of group presentation
Interim Assessment

Interim Assessment

  • Interim assessment (2 module)
    0.6 * Assignments in the form of group presentation + 0.4 * Final assignment in the form of group presentation (distantly)
Bibliography

Bibliography

Recommended Core Bibliography

  • Amel-Zadeh, A., & Serafeim, G. (2017). Why and How Investors Use ESG Information: Evidence from a Global Survey.

Recommended Additional Bibliography

  • MSCI ESG Research LLC. (11 C.E. 2019). MSCI ESG Research Makes MSCI ESG Ratings of Over 2,800 Companies Publicly Available. Business Wire (English).