Sumários
Review Session
26 Novembro 2025, 15:00 • Haoxu Wang
This is a review session for the final exam. Students may refer to the notes document used during the session to review the content.
Lecture 11: Module 3 Part V
24 Novembro 2025, 15:00 • Haoxu Wang
The lecture first introduced and discussed three empirical studies on stock market pricing of corporate environmental issues. Following this, it briefly outlined how two corporate social issues have been priced in stock markets. The session concluded with an introduction to the concept of blended finance, including the conceptual framework used to identify and select blended finance deals, and a summary of the empirical findings reported in the “Blended Finance” paper.
Lecture 10: Module 3 Part IV
19 Novembro 2025, 15:00 • Haoxu Wang
The lecture was centred on “sustainability-integrated valuation of equity.” It introduced commonly used equity valuation methods with numerical examples, covering both absolute valuation methods and relative valuation methods. It then moved on to the core theme: incorporating corporate sustainability issues into equity valuation, especially within the DCF framework. Specifically, the lecture presented the value driver adjustment (VDA) approach used to capture the valuation effects of sustainability. Real-life examples were discussed to illustrate how the approach operates in practice.
Lecture 9: Module 3 Part III
17 Novembro 2025, 15:00 • Haoxu Wang
The lecture was centred on “sustainable bond markets in practice.” It covered three empirical academic studies and two case studies. The empirical papers examined corporate green bonds, government green bonds, and sustainability-linked bonds, respectively. The first case study focused on a sustainability bond issued by CGD, using data obtained from the Luxembourg Green Exchange (LGX) platform. The second case study examined a sustainability-linked bond issued by Pirelli, with the relevant material extracted from the LGX platform. The lecture also introduced the LGX platform and explained how to use it to find data on sustainable securities.
Lecture 8: Module 3 Part II
12 Novembro 2025, 15:00 • Haoxu Wang
The session covered sustainability-integrated valuation of bonds. The lecture began by reviewing the valuation method for corporate bonds in the absence of sustainability factors. It then discussed how sustainability factors can influence the credit ratings and credit risk of corporate bonds. In addition, the lecture showed how the Altman Z-score method can be used to incorporate sustainability factors into credit risk assessment. Following this, the lecture introduced green bonds, social bonds, sustainability bonds, and sustainability-linked bonds. The discussion placed particular emphasis on green bonds, covering the criteria set out by the ICMA, their reporting and issuance costs, potential benefits of issuing green bonds such as lower borrowing costs and signaling environmental commitment, and the key challenges associated with green bonds.