Programme des cours 2016-2017
ATTENTION : version 2015-2016 de l'engagement pédagogique
GEST3041-1  
Impact Investing
Durée :
30h Th
Nombre de crédits :
Master en sciences de gestion, à finalité5
Nom du professeur :
Virginie Xhauflair
Coordinateur(s) :
N...
Langue(s) de l'unité d'enseignement :
Langue anglaise
Organisation et évaluation :
Enseignement au deuxième quadrimestre
Unités d'enseignement prérequises et corequises :
Les unités prérequises ou corequises sont présentées au sein de chaque programme
Contenus de l'unité d'enseignement :
Impact investing is actively placing capital in enterprises that generate social or environmental goods, services, or ancillary benefits such as creating good jobs, with expected financial returns ranging from the highly concessionary to above market. In other words, impact investments are investments made into businesses, nonprofits and funds with the intention to generate positive and measurable social and/or environmental impact, alongside financial return for part of these investments.
Impact investing displays a broad spectrum of investment practices, depending on the expected impacts and return, and on the types and needs of potential investee organizations. It has become a hot topic in the social business field, as it is now considered as an appropriate lever to foster and scale up organizations targeting a social aim. Its popularity is also linked to the potential for impact investing to cause a paradigm shift in philanthropic action: targeting investment capital as a complementary resource for achieving the social and environmental changes typically pursued by philanthropic organizations. 
The course will present the impact investing practices, and locate these new investment tools in the broader context of the transformation of philanthropic action, and of the growth of the social entrepreneurship field.
Classes will include presentation of theoretical elements brought by both teacher and students. Cases will be discussed, and students will have the opportunity to meet impact investors and their beneficiaries. Based on this acquired knowledge, the relevance, ethics and efficiency of impact investing for social enterprises will be debated. We will also focus on one of the main features and challenges for impact investing: the social impact measurement. We will discuss assumptions underlying impact measurement, analyze and compare social impact measurement tools, and design customized social impact analysis grids for real-life social enterprises or for partner impact investing/venture philanthropy organisations. 
Acquis d'apprentissage (objectifs d'apprentissage) de l'unité d'enseignement :
In coherence with the Intended Learning Outcomes  of the Master in Management program and more particularly of its specialization in "Social Enterprise Management", the course will enable students to:
 
-    Understand what is impact investing concept and give examples of impact investing practices (and related concepts such as social investment, venture philanthropy)
-    Analyse the impact investing processes presented in case studies and/or by impact investors or investees
-    Based on case studies and testimonials, assess and discuss the investment model underlying a social enterprise project (check consistency between objectives and financial means; between stakeholders' expectations; discuss inconsistencies between objectives and allocated financial means/chosen investment instruments)
-    Understand the social impact measurement and give examples
-    Assess and compare existing social measurement tools
-    Design a social measurement analysis grid in reference to a local social enterprise project
This course contributes to the following Intended Learning Outcomes :
 
ILO-2 : Gaining the knowledge and understanding of one of the proposed fields of concentration or to gain deep knowledge in the field of the management being already specialized thru a first University Master Degree . 
 
ILO-4 : To acquire the capacity to research autonomously and methodically the information needed to solve a complex, transversal management problem, 
 
ILO-5 : Integrate autonomously researched information, tools, knowledge and context to build and propose, either individually or as part of a team, original, creative and viable solutions to concrete complex management problems, whether real or simulated, taking into account, when necessary, the human, social and legal context.
 
ILO-6 : Ability to speak 2 foreign languages: C1 in English and B2 in one other language.
 
ILO-9 : Developing a critical sense (arguing)
 
ILO-10 : Developing a transversal, global vision 
 
ILO-11 : Creative conception of solutions 
 
ILO-12 : Professional capacity for oral communication
 
ILO-13 : Professional capacity for written communication 
 
ILO-14: Faced with a management problem, suggesting solutions that are ethical and socially responsible and that respect the principles of good governance.
Savoirs et compétences prérequis :
Strongly recommended, but not compulsory:
Before or simultaneously: Analyse financière des business models durables (GEST-3037, Prof. Sybille Mertens)
 
A good level of French is required (at least passive understanding) to allow participation of student in real-life projects in french-speaking organisations.
Activités d'apprentissage prévues et méthodes d'enseignement :
Classes will include


  • Theoretical and conceptual presentations by the teacher, using powerpoint slides
  • Case studies and other empirical illustrations, brought by the teacher, and/or by an invited speaker (impact investor, investee, expert, etc.)
  • Presentations by groups of students to highlight and discuss particular concepts, practices or cases related to the class content
  • Open-discussions linking theoretical contributions and field-related data
  • Discussion of projects carried out by groups of students regarding social impact measurement methods
Mode d'enseignement (présentiel ; enseignement à distance) :
This course is delivered face-to-face fully in English and requires active participation of all the students.
Lectures recommandées ou obligatoires et notes de cours :
Relevant course materials (powerpoints, academic papers, reports, case studies, etc.) will be posted on Lol@ by the teacher.
Modalités d'évaluation et critères :
 The final score will be composed as follows:
(Group) Assignments: 20%
evaluation criteria


  • Respect of the deadline
  • Formal quality of the reports and/or powerpoint presentations
  • Relevance and depth of answers
  • Ability to discern the key information
  • Ability to critically analyze information
Final Group work: 30%
evaluation criteria


  • Consistency of the proposed methodology
  • Justifications supporting the indicators choices
  • Originality of the proposed methodology
  • Rigor in the proposed methodology
  • Formal quality of the written report
  • Formal quality of the oral presentation
  • Relevance of the answers to the jury questions
Final exam (individual): 50%
evaluation criteria


  • Relevance and depth of answers
  • Ability to discern the key information
  • Ability to critically analyze information
  • Ability to link answers with course contents/concepts
  • Ability to rationalize answers
  • Ability to discern, compare and discuss various potential options/solutions
Stage(s) :
Remarques organisationnelles :
The course is taught during the 2nd Quadrimester, at the following dates  : 
March:
8 (9-12) 9 (13-16) 15 (9-12) 22 (9-12) 29 (9-12) 30 (13-16)   April:   19 (9-12) 20 (13-16) 26 (9-12)  
! Important notice ! 
the Impact Investing course starts a bit later to allow students getting the prior knowledge required within the course "Analyse Financière des Business Models Durables")
Contacts :
Virginie Xhauflair, v.xhauflair@ulg.ac.be