杏吧论坛

Prof Christopher Polk

This course is available on the CEMS Exchange, Double Master of Public Administration (杏吧论坛-Columbia), Double Master of Public Administration (杏吧论坛-Sciences Po), Double Master of Public Administration (杏吧论坛-University of Toronto), Global MSc in Management, Global MSc in Management (CEMS MIM), Global MSc in Management (MBA Exchange), MBA Exchange, MPA Dual Degree (杏吧论坛 and Columbia), MPA Dual Degree (杏吧论坛 and Hertie), MPA Dual Degree (杏吧论坛 and NUS), MPA Dual Degree (杏吧论坛 and Sciences Po), MPA Dual Degree (杏吧论坛 and Tokyo), MSc in Accounting and Finance, MSc in Finance (full-time), MSc in Finance (full-time) (Work Placement Pathway), MSc in Finance (part-time), MSc in Finance and Economics, MSc in Finance and Economics (Work Placement Pathway), MSc in Finance and Private Equity, MSc in Finance and Private Equity (Work Placement Pathway), MSc in Management (1 Year Programme), MSc in Risk and Finance, MSc in Social Innovation and Entrepreneurship, Master of Public Administration and Master of Public Policy. This course is not available as an outside option.

Students must take one of the following: FM423/FM423E Asset Markets, or FM436 Financial Economics, or FM429 Asset Markets A, or FM431M/FM431L Corporate Finance A, or FM473M/FM473L Financial Markets, or FM474M/FM474L Managerial Finance.

Students who can demonstrate comparable background in a graduate-level course may be granted an exemption from this requirement at the discretion of the course leader.

This course provides a conceptual foundation in sustainable finance and impact investing along with a clear understanding of the empirical facts associated with how sustainable finance and impact investing affect firm and fund performance. Using a blend of readings, lectures, cases, and discussions, participants will learn to critically assess the actions of investors and firms with regards to sustainable finance and impact investing, including both motivation and resulting consequences.

Topics addressed will include corporate ESG (Environmental, Social, and Governance) investing, climate finance, and various impact investing topics. Participants will take away from the course a solid understanding of 1) the evolution of sustainable finance and impact investing from niche field to mainstream; 2) the variety of ways in which sustainable finance and impact investing are implemented in practice, and 3) the tools, models and frameworks behind sustainable finance and impact investing.

30 hours of seminars in the LT.

Case studies and homework assignments will help communicate and develop understanding of course concepts.

• Freeman, Ed, 1997, "Stakeholder Theory of the Modern Corporation", Business Ethics, 5th Edition, 38-48.
• Friedman, Milton, 1970, “A Friedman doctrine: The social responsibility of business is to increase its profits,” The New York Times Magazine, September 13, 1970.
• Giglio, Stefano, Bryan Kelly and Johannes Stroebel, 2021, "Climate Finance", Annual Review of Financial Economics 13, 15-36.
• Pastor, Lubos, Robert F. Stambaugh, and Lucian Taylor, 2021, “Sustainable Investing in Equilibrium,” Journal of Financial Economics 142 550-571.
• Pedersen, Shaun Fitzgibbons, and Lukasz Pomorski, 2021, “Responsible Investing: The ESG-efficient Frontier,” Journal of Financial Economics 142 572-597.

Continuous assessment (100%).