Duration
Ethics and Sustainability in Finance : 18h Th
Sustainable Business Models : a Serious Game : 12h Th
Number of credits
Lecturer
Ethics and Sustainability in Finance : Patrick Schwarz
Sustainable Business Models : a Serious Game : Virginie Xhauflair
Coordinator
Language(s) of instruction
English language
Organisation and examination
Teaching in the second semester
Schedule
Units courses prerequisite and corequisite
Prerequisite or corequisite units are presented within each program
Learning unit contents
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)
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 is an immersive serious game focused on the sustainable transformation of business models.
Working in teams and taking on complementary management roles, students collectively lead a Belgian chocolate company through a sustainability transition. They make strategic decisions related to corporate purpose, governance, financing and cocoa sourcing, while considering their economic, social and environmental consequences.
ChocoMission constitutes Part B (2 ECTS) of an integrated 5-ECTS sustainability course. Part A (3 ECTS) consists of one of three thematic courses: TECH2002, FINA9030 or GEST7106.
Learning outcomes of the learning unit
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
At the end of ChocoMission, students will be able to:
- analyse complex business decisions from a systemic sustainability perspective;
- identify and navigate trade-offs between economic, social and environmental objectives;
- mobilise sustainability concepts and tools to support management decisions;
- develop and justify collective decisions under uncertainty;
- critically reflect on decisions, their consequences and the decision-making process.
Prerequisite knowledge and skills
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 is Part B (2 ECTS) of a 5-ECTS sustainability course.
Part A (3 ECTS) consists of one of the following thematic courses:
- TECH2002
- FINA9030
- GEST7106
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.
Planned learning activities and teaching methods
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 combines a team-based serious game with individual and collective reflective activities.
Students:
- explore multimedia and documentary resources;
- complete individual and team activities;
- negotiate and make strategic decisions in teams;
- respond to situations affecting their business model;
- participate in collective post-game reflection and debriefing;
- complete an individual post-game questionnaire;
- prepare a reflective team report.
Mode of delivery (face to face, distance learning, hybrid learning)
Face-to-face course
Further information:
see above
Ethics and Sustainability in Finance
Face-to-face course
Further information:
see above
Sustainable Business Models : a Serious Game
Face-to-face course
Further information:
ChocoMission is delivered in person and played in teams using a dedicated digital interface.
The learning experience combines resource exploration, role play, individual and collective decision-making, negotiation and reflective activities.
Participation in all activities identified as compulsory is required.
Recommended or required readings
Platform(s) used for course materials:
- LOL@
Further information:
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
Platform(s) used for course materials:
- LOL@
Further information:
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.
Assessment methods and criteria
Exam(s) in session
Any session
- In-person
written exam ( multiple-choice questionnaire )
Further information:
Multiple-choice questions (MCQ) with a correction for guessing.
Ethics and Sustainability in Finance
Exam(s) in session
Any session
- In-person
written exam ( multiple-choice questionnaire )
Further information:
Multiple-choice questions (MCQ) with a correction for guessing.
Sustainable Business Models : a Serious Game
Written work / report
Other : Simulation integrated assessment
Further information:
Part B - ChocoMission
Assessment of ChocoMission is based on:
- participation in all compulsory game and debriefing activities;
- completion of the individual post-game questionnaire;
- submission of the team report;
- the quality of the analysis and reflection demonstrated in the report and post-game activities.
A minimum grade of 10/20 reflects satisfactory achievement of the learning outcomes. Higher grades reflect the quality and depth of the analysis, the ability to identify trade-offs and interdependencies, the appropriate mobilization of sustainability concepts, and active and reflective engagement in the debriefing activities.
Articulation with Part A and final grade
Both partims must be passed independently:
- Part A (3 ECTS): minimum 10/20
- Part B - ChocoMission (2 ECTS): minimum 10/20
When both partims are passed, the final grade for the 5-ECTS course is calculated as follows:
- Part A: 60%
- Part B: 40%
Second examination session
A grade of 10/20 or above obtained for either partim in the first examination session is retained for the second session. Students only retake the partim that they failed or for which they could not be assessed.
For Part B, a ChocoMission game session is organised during the second examination session. Students participate in the game and debriefing activities in teams, as in the first session.
However, assessment is more individualised: students complete the individual post-game questionnaire and submit an individual reflective and analytical report, instead of the team report required in the first session. The report requires students to critically analyse the decisions and trade-offs encountered during ChocoMission and explicitly connect them with relevant concepts and tools from their sustainability course.
The minimum passing grade remains 10/20.
Carry-over between academic years
A Part A or Part B grade of 10/20 or above may be retained from one academic year to the next. Such carry-over is not automatic: students must request it from the professor responsible for the relevant partim, and the request must be approved by that professor.
Students whose carry-over has been approved are only required to complete the partim that has not yet been passed.
Work placement(s)
none
Ethics and Sustainability in Finance
none
Organizational remarks
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
The schedule of ChocoMission activities will be available on CELCAT.
Several time slots will be displayed on CELCAT. Students will be required to register for the specific ChocoMission sessions they will attend among the available time slots. Detailed registration instructions, team allocation, practical information and assessment deadlines will be communicated on Lola in due time, before the ChocoMission sessions.
Registration for the required sessions and participation in all compulsory game and debriefing activities are required.
Students are responsible for completing the individual questionnaire and submitting the required report within the communicated deadlines.
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
Professor Virginie Xhauflair v.xhauflair@uliege.be
in collaboration with HEC Liège SLab
Bruno Gemenne bruno.gemenne@uliege.be
Teaching Assistants
- Yasmin Tabit
- Isaline Thirion
Association of one or more MOOCs
There is no MOOC associated with this course.
Ethics and Sustainability in Finance
There is no MOOC associated with this course.