Sumários
Lecture 2: Module 0 Part I and II
22 Outubro 2025, 15:00 • Haoxu Wang
The lecture started with a discussion on how corporate value is related to possible transitions, which can result from several factors. A simple model to estimate expected corporate transition loss was introduced, followed by an example from the car market. The lecture then turned to the topic of corporate governance in the presence of sustainability considerations. The discussion focused on three types of corporate governance models, with particular attention to the integrated model. In addition, the mechanisms for including the interests of various stakeholders were introduced and analysed. After that, the lecture moved on to the practical part of Module 0, which examines how corporations today can be potentially affected by climate change. The discussion was motivated by the two types of risks caused by climate change: physical risk and transition risk. Regarding transition risk, the focus was on the evolution of global and EU policies and regulatory frameworks, along with the GHG Protocol. The lecture concluded with a discussion of the recent reversal in U.S. climate policy. Due to time constraints, the first part of Module 1 was not covered and will be discussed in the next lecture.
Lecture 1: Course Information and Module 0 Part I
20 Outubro 2025, 15:00 • Haoxu Wang
Today's lecture was designed to cover three main parts. The first part introduced essential course information. The second part focused on the first three chapters of the textbook, which address the question “why corporate finance for long-term value?” The third part was intended to be more practical, examining the impact of climate change on corporations.
After presenting the topics outlined in the course syllabus, the lecture explored the concept of sustainable finance, highlighting how it differs from traditional finance and discussing the dimensions of value and sustainability. The session then moved to the first topic in the textbook, “the company within social and planetary boundaries”, explaining what these boundaries are, how sustainable development can be achieved, and presenting a framework for sustainable corporate finance. Particular attention was given to comparing different corporate finance models and analysing the integrated model.
The lecture then emphasized a critical component of the integrated model, integrated value, defined as the combination of financial, social, and environmental values. Discussion centred on aligning these three types of values, incorporating social and environmental dimensions into financial valuation, and estimating both historical and future integrated value creation. The session concluded by talking about the reporting limitation related to social and environmental values.
In the next lecture, the remaining topics planned for this session will be completed before proceeding to the new content.