Università Roma Tre

- Finance as usual (shareholder value theory): traditional tools to analyze stocks, bonds, and their portfolios
*Basics of fundamental analysis and technical analysis
*Basics of bond analysis
*Evaluation of portfolio performance and risk
- From shareholder value to sustainable finance: theory, approaches and ongoing debate
*Enlightened shareholder value
*Stakeholder value (Triple Bottom Line)
*Pieconomics and common good value
- Measuring and pricing externalities, forms of internalization, and the concept of Integrated Value
- How to move from short term horizons to long term value creation
*Changing business models and reporting mechanisms
*The role of intangibles
*Materiality, comparative advantage, and multiplication
- How firms are incentivized to create value for the long term
*Optimizing executive and employee compensation
*Investor engagement: the role of hedge funds; mutual, pension, and index funds
*Share repurchases: are they the evil?
*Incorporating sustainability into the board of director and internal committees
*Other corporate governance issues
- Measuring and disclosing a firm’s sustainability
*Common metrics and Integrated Reporting
*ESG rating agencies
*Pros and cons of ESG ratings
- Firm performance and sustainability: Empirical evidence
- Integrating ESG issues in equity investment strategies
*Negative screening, integration, best-in-class, and other strategies
*Is sustainability source of higher investment performance? Evidence from ESG funds’ performance and risk
*Impact investing
- Integrating ESG issues in investment strategies without voting power
*Green bonds
*Social bonds
*Social impact bonds
- EU Regulation on sustainability
*Taxonomy (Regulation (EU) 2020/852)
*Corporate sustainability reporting (Regulation (EU) 2022/2464, NFRD)
*Sustainability finance disclosure (Regulation (EU) 2019/2088, SFDR)
- The bottom line: conclusions, proposals, guidelines, and challenges of tomorrow’s sustainable finance

Textbooks

a) Schoenmaker, D., & Schramade, W. (2018). Principles of sustainable finance. Oxford University Press. Chapters 1-2-3-5-6-7-8-9
b) Edmans, A. (2021). Grow the pie: How great companies deliver both purpose and profit, updated and revised version. Cambridge University Press. Chapters 1-2-3-4-5-6-7-8-9