Durée
Ethics and Sustainability in Finance : 18h Th
Sustainable Business Models : a Serious Game : 12h Th
Nombre de crédits
Enseignant
Ethics and Sustainability in Finance : Patrick Schwarz
Sustainable Business Models : a Serious Game : Virginie Xhauflair
Coordinateur
Langue(s) de l'unité d'enseignement
Langue anglaise
Organisation et évaluation
Enseignement au deuxième quadrimestre
Horaire
Unités d'enseignement prérequises et corequises
Les unités prérequises ou corequises sont présentées au sein de chaque programme
Contenus de l'unité d'enseignement
This course constitutes Part A (3 ECTS) of an integrated 5-ECTS sustainability course. Part B (2 ECTS) - ChocoMission is common to students enrolled in TECH2002, FINA9030 and GEST7106 and provides an integrative serious-game experience in which students mobilise knowledge, concepts and tools acquired in Part A.
Both Part A and Part B are compulsory and must be passed independently with a minimum grade of 10/20. There is no compensation between the two partims. When both partims are passed, the final grade is calculated as follows: Part A: 60%; Part B: 40%.
An absence preventing assessment of either partim results in an overall Absent status for the course for the corresponding examination session.
A grade of 10/20 or above obtained for either partim in the first examination session is retained for the second session. Carry-over of a successfully completed partim from one academic year to the next must be requested by the student from the professor responsible for that partim and approved by that professor.
The learning activities, assessment arrangements and organizational requirements specific to Part B are described in the ChocoMission course description. Assessment arrangements specific to Part A are described below.
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The course structure follows partially the "Handbook of Sustainable Finance" (2025), by Thierry Roncalli (henceforth HoSF). The exact course content is subject to changes as sustainable finance is one of the most dynamic and rapidly evolving fields in finance.
The goal of this course is to provide the students with an understanding of the potential contribution of Sustainable Finance to achieving the Sustainable Development Goals and the goals of the Paris Agreement on Climate Change. Students will understand the consequences of financial decisions from an environmental and social perspective.
Detailed course plan:
A - What is sustainable finance?
1. Definition of finance and its functions
2. Definition and history of sustainable finance
3. Motivation: Why do we need sustainable finance?
Reading: HoSF Ch 1. Introduction.
B - Impact investing, engagement & voting policy
1. Motivation for sustainable investments & the attitude-behavior gap
2. Sustainable investment strategies - Impact Investing, Active ownership & ESG voting policy
Readings:
Amel-Zadeh, A., & Serafeim, G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal, 74(3), 87-103.
Bauer, R., Ruof, T., & Smeets, P. (2021). Get real! Individuals prefer more sustainable investments. Review of Financial Studies, 34(8), 3976-4043.
Hartzmark, S. M., & Sussman, A. B. (2019). Do investors value sustainability? A natural experiment examining ranking and fund flows. Journal of Finance, 74(6), 2789-2837.
HoSF Ch 5. Impact Investing
HoSF Ch 6. Engagement & Voting Policy.
C - Sustainable financial products
1. Banks
2. ESG mutual funds
3. Green and social bonds
4. Sustainable alternative assets
Reading: HoSF Ch 4. Sustainable Financial Products.
D - Sustainability ratings or the need for relevant information
1. Sustainable Finance Disclosure Regulation (SFDR) & Corporate Sustainability Reporting Directive (CSRD)
2. Rating agencies
3. ESG ratings, SDG ratings & the role of data vendors
Readings:
Berg, F., J. Kölbel, and R. Rigobon (2022). Aggregate confusion: The divergence of esg ratings. Review of Finance, 26(6), 1315-1344.
Dimson, E., Marsh, P., & Staunton, M. (2020). Divergent ESG ratings. Journal of Portfolio Management, 47(1), 75-87.
HoSF Ch 2. ESG Scoring.
E - Impact of ESG investing of asset prices and portfolio returns
1. Theoretical models
2. Empirical results
3. Examining research in the field of sustainable finance - a case of sin stocks
Readings:
Boustanifar, H. & Schwarz, P. (2024). Measuring Business Social Irresponsibility: The Case of Sin Stocks. Working Paper. Available at SSRN.
HoSF Ch 3. Impact of ESG Investing on Asset Prices.
H - Special topics
based on guest lectures (specific material, attendance is compulsory)
Ethics and Sustainability in Finance
This course constitutes Part A (3 ECTS) of an integrated 5-ECTS sustainability course. Part B (2 ECTS) - ChocoMission is common to students enrolled in TECH2002, FINA9030 and GEST7106 and provides an integrative serious-game experience in which students mobilise knowledge, concepts and tools acquired in Part A.
Both Part A and Part B are compulsory and must be passed independently with a minimum grade of 10/20. There is no compensation between the two partims. When both partims are passed, the final grade is calculated as follows: Part A: 60%; Part B: 40%.
An absence preventing assessment of either partim results in an overall Absent status for the course for the corresponding examination session.
A grade of 10/20 or above obtained for either partim in the first examination session is retained for the second session. Carry-over of a successfully completed partim from one academic year to the next must be requested by the student from the professor responsible for that partim and approved by that professor.
The learning activities, assessment arrangements and organizational requirements specific to Part B are described in the ChocoMission course description. Assessment arrangements specific to Part A are described below.
----------------------------------------------------------------------------------------------------------
The course structure follows partially the "Handbook of Sustainable Finance" (2025), by Thierry Roncalli (henceforth HoSF). The exact course content is subject to changes as sustainable finance is one of the most dynamic and rapidly evolving fields in finance.
The goal of this course is to provide the students with an understanding of the potential contribution of Sustainable Finance to achieving the Sustainable Development Goals and the goals of the Paris Agreement on Climate Change. Students will understand the consequences of financial decisions from an environmental and social perspective.
Detailed course plan:
A - What is sustainable finance?
1. Definition of finance and its functions
2. Definition and history of sustainable finance
3. Motivation: Why do we need sustainable finance?
Reading: HoSF Ch 1. Introduction.
B - Impact investing, engagement & voting policy
1. Motivation for sustainable investments & the attitude-behavior gap
2. Sustainable investment strategies - Impact Investing, Active ownership & ESG voting policy
Readings:
Amel-Zadeh, A., & Serafeim, G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal, 74(3), 87-103.
Bauer, R., Ruof, T., & Smeets, P. (2021). Get real! Individuals prefer more sustainable investments. Review of Financial Studies, 34(8), 3976-4043.
Hartzmark, S. M., & Sussman, A. B. (2019). Do investors value sustainability? A natural experiment examining ranking and fund flows. Journal of Finance, 74(6), 2789-2837.
HoSF Ch 5. Impact Investing
HoSF Ch 6. Engagement & Voting Policy.
C - Sustainable financial products
1. Banks
2. ESG mutual funds
3. Green and social bonds
4. Sustainable alternative assets
Reading: HoSF Ch 4. Sustainable Financial Products.
D - Sustainability ratings or the need for relevant information
1. Sustainable Finance Disclosure Regulation (SFDR) & Corporate Sustainability Reporting Directive (CSRD)
2. Rating agencies
3. ESG ratings, SDG ratings & the role of data vendors
Readings:
Berg, F., J. Kölbel, and R. Rigobon (2022). Aggregate confusion: The divergence of esg ratings. Review of Finance, 26(6), 1315-1344.
Dimson, E., Marsh, P., & Staunton, M. (2020). Divergent ESG ratings. Journal of Portfolio Management, 47(1), 75-87.
HoSF Ch 2. ESG Scoring.
E - Impact of ESG investing of asset prices and portfolio returns
1. Theoretical models
2. Empirical results
3. Examining research in the field of sustainable finance - a case of sin stocks
Readings:
Boustanifar, H. & Schwarz, P. (2024). Measuring Business Social Irresponsibility: The Case of Sin Stocks. Working Paper. Available at SSRN.
HoSF Ch 3. Impact of ESG Investing on Asset Prices.
H - Special topics
based on guest lectures (specific material, attendance is compulsory)
Sustainable Business Models : a Serious Game
ChocoMission est un serious game immersif centré sur la transformation durable des modèles d'entreprise.
En équipes et en assumant des rôles de gestion complémentaires, les étudiants prennent collectivement la direction d'une entreprise chocolatière belge engagée dans une transition vers la durabilité. Ils prennent des décisions stratégiques relatives à la raison d'être de l'entreprise, à sa gouvernance, à son financement et à son approvisionnement en cacao, tout en considérant leurs conséquences économiques, sociales et environnementales.
ChocoMission constitue le Partim B (2 ECTS) d'un cours intégré de 5 ECTS consacré à la durabilité. Le Partim A (3 ECTS) correspond à l'un des trois cours thématiques suivants : TECH2002, FINA9030 ou GEST7106.
Acquis d'apprentissage (objectifs d'apprentissage) de l'unité d'enseignement
At the end of this course students will be able to:
- Understand, explain, and synthesize the planet's social and environmental challenges;
- Understand the role of Finance to achieve the UN sustainable development goals;
- Explain the principles for responsible investment and the various sustainable financial products;
- Understand, explain, and synthesize the sustainability challenges to corporates;
- Understand how ESG scores are built and discuss them critically;
- Be able to research and understand a scientific article related to sustainable finance.
Specific skills and competences trained during this course.
At the end of this course students will have:
- Developed their ability to speak English;
- Developed team work abilities;
- Strengthened their capacity for creative conception of solutions;
- Strengthened their professional capacity for oral communication.
Ethics and Sustainability in Finance
At the end of this course students will be able to:
- Understand, explain, and synthesize the planet's social and environmental challenges;
- Understand the role of Finance to achieve the UN sustainable development goals;
- Explain the principles for responsible investment and the various sustainable financial products;
- Understand, explain, and synthesize the sustainability challenges to corporates;
- Understand how ESG scores are built and discuss them critically;
- Be able to research and understand a scientific article related to sustainable finance.
Specific skills and competences trained during this course.
At the end of this course students will have:
- Developed their ability to speak English;
- Developed team work abilities;
- Strengthened their capacity for creative conception of solutions;
- Strengthened their professional capacity for oral communication.
Sustainable Business Models : a Serious Game
Au terme de ChocoMission, les étudiants seront capables de :
- analyser des décisions de gestion complexes dans une perspective systémique de durabilité ;
- identifier et arbitrer les tensions entre objectifs économiques, sociaux et environnementaux ;
- mobiliser des concepts et outils de durabilité pour éclairer les décisions de gestion ;
- élaborer et justifier des décisions collectives dans un contexte d'incertitude ;
- porter un regard critique et réflexif sur les décisions, leurs conséquences et le processus de décision.
Savoirs et compétences prérequis
Prerequistes are:
- Fundamentals in finance (notion of arbitrage, net present values, financial markets) are a good prerequisite.
A good level of English is also required.
Ethics and Sustainability in Finance
Prerequistes are:
- Fundamentals in finance (notion of arbitrage, net present values, financial markets) are a good prerequisite.
A good level of English is also required.
Sustainable Business Models : a Serious Game
ChocoMission constitue le Partim B (2 ECTS) d'un cours de 5 ECTS consacré à la durabilité.
Le Partim A (3 ECTS) correspond à l'un des cours thématiques suivants :
- TECH2002
- FINA9030
- GEST7106
Les Partims A et B sont tous deux obligatoires et doivent être réussis indépendamment avec une note minimale de 10/20. Il n'y a pas de compensation entre les deux partims.
Activités d'apprentissage prévues et méthodes d'enseignement
The main course consists of a series of lectures (5 sessions of 2 x 1,5 hours each). The lecture is a mixture of theoretical concepts, illustrative examples, exercises and open discussions on the various concepts taught. The lecture is complemented by an exercise/guest lecture (1 session of 2 x 1,5 hours) in which real-life applications of sustainable finance in the investment process are explored in depth. Students are expected to prepare for the lectures and tutorials in order to actively participate in class.
Ethics and Sustainability in Finance
The main course consists of a series of lectures (5 sessions of 2 x 1,5 hours each). The lecture is a mixture of theoretical concepts, illustrative examples, exercises and open discussions on the various concepts taught. The lecture is complemented by an exercise/guest lecture (1 session of 2 x 1,5 hours) in which real-life applications of sustainable finance in the investment process are explored in depth. Students are expected to prepare for the lectures and tutorials in order to actively participate in class.
Sustainable Business Models : a Serious Game
ChocoMission combine un serious game en équipe avec des activités réflexives individuelles et collectives.
Les étudiants :
- explorent des ressources multimédias et documentaires ;
- réalisent des activités individuelles et en équipe ;
- négocient et prennent des décisions stratégiques en équipe ;
- réagissent à des situations affectant leur modèle d'entreprise ;
- participent à des activités collectives de réflexion et de débriefing après le jeu ;
- complètent un questionnaire individuel après le jeu portant sur l'expérience vécue ;
- préparent en équipe un rapport réflexif.
Mode d'enseignement (présentiel, à distance, hybride)
Cours donné exclusivement en présentiel
Informations complémentaires:
see above
Ethics and Sustainability in Finance
Cours donné exclusivement en présentiel
Informations complémentaires:
see above
Sustainable Business Models : a Serious Game
Cours donné exclusivement en présentiel
Informations complémentaires:
ChocoMission est organisé en présentiel et se joue en équipes à l'aide d'une interface numérique dédiée.
L'expérience d'apprentissage combine exploration de ressources, jeu de rôles, prises de décision individuelles et collectives, négociation et activités réflexives.
La participation à toutes les activités identifiées comme obligatoires est requise.
Lectures recommandées ou obligatoires et notes de cours
Plate-forme(s) utilisée(s) pour les supports de cours :
- LOL@
Informations complémentaires:
The required textbook that will be predominately used throughout the course is:
- Roncalli, T. (2025). Handbook of Sustainable Finance.
Recommended books are:
- Schoenmaker, D., & Schramade, W. (2018). Principles of sustainable finance. Oxford University Press.
Recommended scientific articles are:
- Berg, F., J. Kölbel, and R. Rigobon (2022). Aggregate confusion: The divergence of esg ratings. Review of Finance, 26(6), 1315-1344.
- Dimson, E., Marsh, P., & Staunton, M. (2020). Divergent ESG ratings. Journal of Portfolio Management, 47(1), 75-87.
- Amel-Zadeh, A., & Serafeim, G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal, 74(3), 87-103.
- Bauer, R., Ruof, T., & Smeets, P. (2021). Get real! Individuals prefer more sustainable investments. Review of Financial Studies, 34(8), 3976-4043.
- Hartzmark, S. M., & Sussman, A. B. (2019). Do investors value sustainability? A natural experiment examining ranking and fund flows. Journal of Finance, 74(6), 2789-2837.
- Boustanifar, H. & Schwarz, P. (2024). Measuring Business Social Irresponsibility: The Case of Sin Stocks. Working Paper. Available at SSRN.
The books and articles will be complemented by a slide deck.
Ethics and Sustainability in Finance
Plate-forme(s) utilisée(s) pour les supports de cours :
- LOL@
Informations complémentaires:
The required textbook that will be predominately used throughout the course is:
- Roncalli, T. (2025). Handbook of Sustainable Finance.
Recommended books are:
- Schoenmaker, D., & Schramade, W. (2018). Principles of sustainable finance. Oxford University Press.
Recommended scientific articles are:
- Berg, F., J. Kölbel, and R. Rigobon (2022). Aggregate confusion: The divergence of esg ratings. Review of Finance, 26(6), 1315-1344.
- Dimson, E., Marsh, P., & Staunton, M. (2020). Divergent ESG ratings. Journal of Portfolio Management, 47(1), 75-87.
- Amel-Zadeh, A., & Serafeim, G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal, 74(3), 87-103.
- Bauer, R., Ruof, T., & Smeets, P. (2021). Get real! Individuals prefer more sustainable investments. Review of Financial Studies, 34(8), 3976-4043.
- Hartzmark, S. M., & Sussman, A. B. (2019). Do investors value sustainability? A natural experiment examining ranking and fund flows. Journal of Finance, 74(6), 2789-2837.
- Boustanifar, H. & Schwarz, P. (2024). Measuring Business Social Irresponsibility: The Case of Sin Stocks. Working Paper. Available at SSRN.
The books and articles will be complemented by a slide deck.
Modalités d'évaluation et critères
Examen(s) en session
Toutes sessions confondues
- En présentiel
évaluation écrite ( QCM )
Informations complémentaires:
Multiple-choice questions (MCQ) with a correction for guessing.
Ethics and Sustainability in Finance
Examen(s) en session
Toutes sessions confondues
- En présentiel
évaluation écrite ( QCM )
Informations complémentaires:
Multiple-choice questions (MCQ) with a correction for guessing.
Sustainable Business Models : a Serious Game
Travail à rendre - rapport
Autre : Simulation integrated assessment
Informations complémentaires:
Partim B - ChocoMission
L'évaluation de ChocoMission repose sur :
- la participation à toutes les activités obligatoires de jeu et de débriefing ;
- la complétion du questionnaire individuel après le jeu ;
- la remise du rapport de groupe ;
- la qualité de l'analyse et de la réflexion démontrées dans le rapport et les activités post-jeu.
Une note minimale de 10/20 correspond à une atteinte satisfaisante des acquis d'apprentissage. Les notes supérieures reflètent la qualité et la profondeur de l'analyse, la capacité à identifier les arbitrages et les interdépendances, la mobilisation pertinente des concepts de durabilité, ainsi que l'engagement actif et réflexif dans les activités de débriefing.
Articulation avec le Partim A et note finale
Les deux partims doivent être réussis indépendamment :
- Partim A (3 ECTS) : minimum 10/20
- Partim B - ChocoMission (2 ECTS) : minimum 10/20
Lorsque les deux partims sont réussis, la note finale du cours de 5 ECTS est calculée comme suit :
- Partim A : 60 %
- Partim B : 40 %
Deuxième session d'examens
Une note de 10/20 ou plus obtenue pour l'un des deux partims en première session est conservée pour la deuxième session. Les étudiants ne représentent que le partim échoué ou pour lequel ils n'ont pas pu être évalués.
Pour le Partim B, une session de jeu ChocoMission est également organisée en deuxième session. Les étudiants participent au jeu et aux activités de débriefing en équipes, comme en première session.
Toutefois, l'évaluation est davantage individualisée : les étudiants complètent le questionnaire individuel après le jeu et remettent un rapport individuel réflexif et analytique, en remplacement du rapport de groupe demandé en première session. Ce rapport leur demande d'analyser de manière critique les décisions et arbitrages rencontrés pendant ChocoMission et de les relier explicitement aux concepts et outils pertinents de leur cours de durabilité.
La note minimale de réussite reste fixée à 10/20.
Report d'une année académique à l'autre
Une note de 10/20 ou plus obtenue au Partim A ou au Partim B peut être conservée d'une année académique à l'autre. Ce report n'est pas automatique : les étudiants doivent en faire la demande auprès du professeur responsable du partim concerné, et cette demande doit être approuvée par celui-ci.
Les étudiants dont le report a été approuvé doivent uniquement réaliser le partim qui n'a pas encore été réussi.
Stage(s)
none
Ethics and Sustainability in Finance
none
Remarques organisationnelles
Attendance to the lectures and tutorials is not required, however, it is strongly recommended. Part of the exam questions may be specifically based on the oral communication/presentation of the lectures or the tutorials. Attendance to the invited guest lectures is compulsory.
Ethics and Sustainability in Finance
Attendance to the lectures and tutorials is not required, however, it is strongly recommended. Part of the exam questions may be specifically based on the oral communication/presentation of the lectures or the tutorials. Attendance to the invited guest lectures is compulsory.
Sustainable Business Models : a Serious Game
Le calendrier des activités ChocoMission sera disponible sur CELCAT.
Plusieurs créneaux horaires seront affichés sur CELCAT. Les étudiants devront s'inscrire aux sessions ChocoMission auxquelles ils participeront parmi les créneaux disponibles. Les instructions détaillées concernant l'inscription, la composition des équipes, les informations pratiques et les échéances d'évaluation seront communiquées en temps utile sur Lola, avant les sessions ChocoMission.
L'inscription aux sessions requises et la participation à toutes les activités obligatoires de jeu et de débriefing sont requises.
Les étudiants sont responsables de compléter le questionnaire individuel et de remettre le rapport demandé dans les délais communiqués.
Contacts
Prof. Dr. Patrick Schwarz
email : patrick.schwarz[at]uliege.be
Teaching assistant: Tba
email : tba
Ethics and Sustainability in Finance
Prof. Dr. Patrick Schwarz
email : patrick.schwarz[at]uliege.be
Teaching assistant: Tba
email : tba
Sustainable Business Models : a Serious Game
Professeure Virginie Xhauflair v.xhauflair@uliege.be
en collaboration avec le HEC Liège SLab
Bruno Gemenne bruno.gemenne@uliege.be
Assistantes
- Yasmin Tabit
- Isaline Thirion
Association d'un ou plusieurs MOOCs
Aucun MOOC n'est associé à ce cours.
Ethics and Sustainability in Finance
Aucun MOOC n'est associé à ce cours.