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Welcome! This conference will begin at 11 AM Eastern Standard time.

Welcome! This conference will begin at 11 AM Eastern Standard time. If you have not already done so, please “sync” your telephone and computer as detailed in the “voice connection” tab in the bottom right-hand corner of your screen.

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Welcome! This conference will begin at 11 AM Eastern Standard time.

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  1. Welcome!This conference will begin at 11 AM Eastern Standard time. If you have not already done so, please “sync” your telephone and computer as detailed in the “voice connection” tab in the bottom right-hand corner of your screen.

  2. How Should Sustainability Content Be Integrated into the Core Finance Curriculum? Sylvia Maxfield, Associate Professor of Management, Simmons College School of Management Gautam Kaul, John C. and Sally S. Morley Professor of Finance, Ross School of Business, University of Michigan

  3. The Aspen Institute’s Center for Business Education (Aspen CBE) Mission Statement: “The Aspen Institute’s Center for Business Education encourages future business leaders to innovate at the intersection of corporate profits and social impacts. Our goal is bold and long-term: to radically re-orient the MBA degree to embrace the principles of corporate citizenship and sustainability.”

  4. Aspen CBE Resources AspenCBE.org – For information on all of our programs CasePlace.org – Online clearinghouse of free, full-text teaching materials on the social and environmental impacts of business including 1,500 free case studies BeyondGreyPinstripes.org – Free online database of information on business school courses integrating issues of social and environmental stewardship, including 1,000 free syllabi

  5. How Should Sustainability Content Be Integrated into the Core Finance Curriculum? Sylvia Maxfield, Associate Professor of Management, Simmons College School of Management Gautam Kaul, John C. and Sally S. Morley Professor of Finance, Ross School of Business, University of Michigan

  6. S I M M O N S Schoolof Management

  7. How Should Sustainability be Integrated into the Core Finance Curriculum? Sylvia Maxfield, Ph.D Simmons School of Management

  8. Practitioners and Scholars are Beginning to Incorporate CSR into Financial Management Mckinsey Quarterly, October 2008: “How climate change could effect corporate valuations.” Reformulating CAPM: “The CSR aspect provides useful information in understanding idiosyncratic risk.” Lusk et. al. 2008. Journal of Financial Management and Analysis, 21:1. Are We Preparing Our Students?

  9. Translating CSR into Financial Valuation Measures

  10. CSR/Sustainability Extensions by Textbook Topics

  11. Questions for practitioners/scholars/teachers How and when do/should companies translate ESG issues/actions into financial data? What are the current problems with valuing ESG issues/actions? How and when do investors value ESG issues/actions? What are current metrics used for valuation and management? How well to these fit with existing financial models? Do we need to adapt those models? Who are the leading players in ESG valuation? How is ESG valuation information conveyed and received in the financial markets?

  12. Finance and Sustainability Gautam Kaul, Ph.D. Ross School of Business University of Michigan Aspen Web Discussion February 4, 2009  This note has been prepared to motivate a discussion.

  13. What is Sustainability? We need to at least attempt to answer the question: What is sustainability? Why should it be taught? The definition needs to, for purposes of this conference, be amenable to developing a module/course 13

  14. Why Finance? Given the definition we come up with, we should be able to articulate an answer to the “why finance” question What specific concepts would be taught in such a course and why? Which courses will these concepts apply to? Core, Valuation, Financing? 14

  15. Cross-Disciplinary Expertise Are the issues cross-disciplinary? Is a typical finance faculty trained/equipped to teach such a course? If yes, we have to ask ourselves why this is not happening? If no, what are the ways in which it can happen? 15

  16. Pedagogy Theoretical versus Practical focus? Lecture versus discussion? Role of students? Passive versus active participants? 16

  17. Aspen CBE Resources AspenCBE.org – For information on all of our programs CasePlace.org – Online clearinghouse of free, full-text teaching materials on the social and environmental impacts of business including 1,500 free case studies BeyondGreyPinstripes.org – Free online database of information on business school courses integrating issues of social and environmental stewardship, including 1,000 free syllabi

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