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Lehrende: Prof. Dr. Alexander Bassen; Othar Kordsachia
Veranstaltungsart:
Seminar
Anzeige im Stundenplan:
ESG and Cap. Mark.
Semesterwochenstunden:
2
Credits:
6,0
Unterrichtssprache:
Englisch
Min. | Max. Teilnehmerzahl:
10 | 30
Kommentare/ Inhalte:
The first lecture will be live on zoom. The content will be recorded and we will have regular Q&A sessions live on zoom, but not every week
In general, the objective is to develop the role of ESG issues in the investment processes. In this course, ESG impacts on risk and return from various angles will be identified. A systematization of different ESG investment approaches and strategies will be developed and an understanding of market drivers for further ESG integration will be provided. ESG will be embedding in the investment process chain and in valuation models. Responsible Investing across asset classes will be addressed and different ESG Reporting standards will be systematically assessed.
Student will have the possibility to finish the course with an additional certificate as a “Certified ESG Analyst (CESGA)” by EFFAS (The European Federation of Financial Analysts Societies). Therefore, a special exam needs to be chosen. (https://effas.net/education-and-qualification/certified-effas-environmental-social-and-governance-analyst-ceesga.html)
Lernziel:
Upon completion of this course, students should be able to:
1. identify different ESG strategies, discuss the global market developments und know the differences between important ESG definitions
2. address the main driver of the ESG trend, will know why ESG integration is still difficult, understand the idea and needs of regulation and will be able to explain the positive correlations between ESG performance and financial performance
3. evaluation different reporting approaches
4. address the different ESG aspects in different asset classesidentify the challenge of the integration of ESG in the investment process.
Vorgehen:
1. ESG - an Introduction (ESG Investment - Where do we stand, Definitions and developments, ESG strategies Profit or purpose? Both)
2. Recent Developments of ESG integration (Market drivers, Barriers to ESG, Regulatory Framework, Empirical evidence about ESG and performance)
3. Responsible investing across asset classes (Introduction, reflections on individual asset classes, Developing an ESG aware investment strategy)
4. ESG Reporting (Voluntary and mandatory regimes, Reporting frameworks)
5. Investment Process Chain (Introduction, Macro research and asset allocation, Company analysis, Portfolio construction, Trading, Portfolio and risk analytics, Compliance and reporting, Engagement and voting)
6. Approaches of data analysis: Data availability, quality and usage (Disclosure and Data Source, Concept of materiality, Identification of ESG value drivers
7. ESG Integration in Analysis (Analysis of governance, controversies, Analysis of Environmental and Social: sector specific, Consistency with the business model
8. ESG Integration in Valuation (Introduction: ESG valuation models, ESG integration in valuation models, Fundamental strategies: Equities, Fixed incomes and Infrastructure
9. Investment decision in the context of the investment process chain (Investment guidelines, Asset allocation decision, Portfolio construction, Portfolio management & portfolio Monitoring, Active ownership and engagement, Reporting: Performance attribution and ESG quality
Literatur:
A comprehensive overview of the relevant literature which will be included in class can be downloaded https://www.unpri.org/academic-research/top-academic-resources-on-responsible-investment/4417.article
Zusätzliche Hinweise zu Prüfungen:
Take Home Exam:
Time to process the exam: 90 min
Time frame in which the exam can be completed:
1. Exam: 10.03.2021, 8.30 am - 10.00 am
2. Exam: 23.03.2021, 1.00 pm - 2.30 pm
The examiner of your course will provide information about the hand out of examination tasks / assignments and their submission during the course of this semester, at the earliest after the STiNE Changes and Corrections Period.
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