Responsible Capitalism

The course will cover a key set of issues in responsible capitalism with particular emphasis on responsible investment. The issues addressed will include:

1. The origins and evolution of capitalism;
2. Laissez-faire, libertarians and the affluent society;
3. Capitalism in crisis?
4. The origins of the corporate form and its governance;
5. The role of shareholders, debtholders and boards;
6. The corporation, the state and the market;
7. Managerial, shareholder and stakeholder capitalism;
8. Investor stewardship;
9. Environmental, social and corporate governance (ESG);
10. Principles of Responsible Investment (PRI);
11. Shareholder engagement;
12. Shareholder voting and proxy advisers;
13. Divestment;
14. Impact investment;
15. Benefit corporations and corporate purpose;

  This course contributes to the Sustainable Finance pedagogical pathway of the Sustainable Development initiative that seek to provide an integrated training in sustainability.

The objective of the course is threefold. First, to give students an introduction to responsible capitalism with special emphasis on responsible investment and the corporation. The course will draw on the latest academic research that is often at the frontier of knowledge. The main issues around responsible investment that are discussed among policymakers, corporations, investors and scholars from law, finance and economics will also be covered. Second, to familiarize students with analytical tools used by scholars, analysts, financial sector economists and other professionals. Third, to contribute to the sustainable finance pathway that is optional and provides access to further topics in sustainable finance, like responsible banking and integrated reporting.

The course is comprised of lectures involving class interaction, readings and online video material. Subject to the evolving Covid situation the lectures will be delivered on campus. To minimise the risk of transmission all participants are expected to be fully vaccinated. Students will be expected to devote a sufficient amount of learning time outside of the classroom, in private and group study of module material. The total workload of the course amounts to 5 ECTS.

Contribution au profil d'enseignement

Course Objectives

The objective for this elective is to enable students to

1. Identify and analyse significant issues in responsible capitalism and responsible investment based on insights from authoritative sources;
2. Locate and analyse responsible investment and sustainable finance information published by listed companies and investors;
3. Read, understand and critically evaluate research articles published in scientific journals;
4. Engage with public debate on current responsible investment and sustainable finance issues;
5. Evaluate public policy proposals.

Learning Outcomes

After taking this course, students should be able to:

1. Summarize the main issues arising in responsible investment and sustainable finance;
2. Understand responsible investment and sustainable finance related terminology and concepts;
3. Locate and synthesize relevant responsible investment and sustainable finance information and data;
4. Describe and understand the pertinent theoretical frameworks developed by financial economists;
5. Grasp the basics of empirical tools used to assess the impact of responsible investment and sustainable finance;
6. Apply economic reasoning to responsible investment and sustainable finance issues.

Contribution to Specific Learning Goals of Master in Business Economics

• LG1 (Economics): LO 1.1., LO1.2., LO1.2, 
• LG2 (Academic Mindset): LO2.1
• LG3 (Analytical Skills): LO3.1.

Références, bibliographie et lectures recommandées

The reading list, lecture slides and readings will be made available via uv.ulb.ac.be.

Support(s) de cours

• Université virtuelle

Informations complémentaires

Further information (link to Google Drive for readings, Zoom or Teams link for lectures, Gradescope account for assignments) will be provided to all registered students via uv.ulb.ac.be at the beginning of the course.

Contacts

Professor Marco Becht (marco.becht@ulb.be)

Campus

Solbosch

Méthode(s) d'évaluation

• Examen écrit

Examen écrit

There will be a one hour written open book exam at the end of the course that will be set remotely via Gradescope. The consultation of other individuals during the exam is excluded. There will be a mock exam that will allow students to get acquainted with Gradescope and the process. 

Gradescope will release a questionnaire as a .pdf file at a time set by the SBS-EM timetable office. The questionnaire can be printed or viewed online. Candidates will have half an hour to read the questionnaire and one hour to answer the questions offline in their own handwriting on A4 paper. This will allow the candidates to make drawings and make it possible to perform a verification of identity via a handwriting comparison, if necessary. For this reason typed answers will not be accepted. The candidates will then have another half hour to scan and upload their handwritten scripts to the Gradescope platform. Late submissions will not be accepted or, at least, result in point deductions.

Construction de la note (en ce compris, la pondération des notes partielles)

The written exam is 100% of the final grade.

Langue(s) d'évaluation

• anglais