Professional Documents
Culture Documents
21st century investors, and the companies they invest in, face a deepening array of
Environmental, Social, and Governance (ESG) challenges. Climate change, water scarcity, community
conflict and inequality, resource depletion, supply chain breakdowns, worker well-being and diversity
are all seen a s inc rea sin g ly material opportunities for successful corporations, investors and
countries to manage for.
This course will couple theory with the practice of Sustainable Investing. We will examine current
ESG investment and corporate strategies, industry and other trends, future scenarios, players in
the field and evolving frameworks, while integrating theory with practical investment performance
analysis, metrics, and studies of data, screens, asset classes and diversification. The course maximizes
student interaction with industry leaders and is taught through a mix of case studies, analyst reports,
lectures and interactive discussions. Previous iterations of this class allowed students to build their
understanding of sustainable investing and put this directly into practice, as students analyzed and
recommended strategies and fund managers for partnership with the new Brown University
Sustainable Investment Fund option for donors to the Brown Endowment, as well as developing stock
pitches for possible direct investment as concentrated positions.
During this class, students will have a chance to follow a similar path, reviewing the choices made to
date, providing updated recommendations and performing analysis on what Brown might otherwise
consider as an investing institution across asset class. Students of all disciplines interested in the fields
of investment and environmental/social policy are encouraged to attend the mandatory first day of
class. This course is designed to be accessible to those with varying levels of knowledge of financial
markets and economics backgrounds. Though there are high expectations for the quality of final stock
pitches, mentoring and resources are readily available from the instructors and teaching assistants. The
course will be capped at 36 students.
Course objectives:
The objective of the course is to provide students with a firm grounding in a full range of pressing ESG
concerns and a toolkit of investment solutions.
Potential 2019 Speakers include Kerry Kennedy, Dr. Ma Jun of the People’s Bank of China,
+ Kate Brandt ‘07/Google and others as above or as listed within individual classes as below,
subject to revision
Readings:
Required: Krosinsky/Purdom
● Krosinsky, Purdom, Sustainable Investing: Revolutions in Theory and Practice, Routledge 2017
All other readings listed on the syllabus can be accessed online through hyperlinks or will be provided as
attachments.
Assignments:
● Investor compare and contrast: short response paper (due 2/4) – 10%
○ Select three investors from the Evolutions readings
○ Compare and contrast their approaches, successes, challenges, etc.
○ Which investor do you find the most effective and why?
● Midterm: Option #1 – Quantitative Option - ESG Fund Manager Project (due 3/15) – 25%
○ Select 6 Fund Managers, compare them qualitatively, choose 3 to provide more detailed
qualitative and quantitative profiles
○ Choose one or more hypothesis and test them out using ESG Analytics data and financial
criteria
○ Recommend specific funds based on your findings
Evaluation:
Final grades will be calculated based on the percentages above, across these three areas:
● Class participation
● Midterm Paper (Qualitative or Quantitative) and other writing assignments
● Final Stock Fund pitch and presentation
Time Expectations:
Over 14 weeks, students will spend 3 hours per week in class (42 hours total), an average of 7 hours per week
on assignments (98 hours/semester), and an average of 3 hours per week on readings (42 hours/semester)
Policy statements:
Syllabus subject to change: This syllabus is subject to change as the semester progresses, depending on the
learning styles and needs of the students, the needs of our guest speakers, or the status of the Brown
University Sustainable Investment Fund. Any time the syllabus is altered, a new copy will be emailed to
you and posted to the Canvas site in a timely fashion, in order to ensure that you have enough time to
complete the work.
Statement on Disability: Brown University is committed to full inclusion of all students. Students who, by
nature of a documented disability, require academic accommodations should contact us. Students may
also speak with Student and Employee Accessibility Services at 401-863-9588 to discuss the process for
requesting accommodations.
Date: Topic: Lecturer(s): Readings/Assignment:
Jan 24 What is Sustainable Investing? Cary Krosinsky/Purdom – Introduction, Chapters 1 and 2 (Jan 31)
● Environmental, Social, Governance as an
investment imperative
● Explanation of ESGFQ framework & increased
investor/consumer/regional interest
Jan 29 Generation Investment Management case study #1 Cary Required: Sucher, Beyersdorfer, Jensen, “Generation
● Discussion Investment Management,” HBS No. 9-609-057, Boston:
● Should GI add ABB to its focus list? Should GI Harvard Business School Publishing, 2009.
invest?
Optional: Bebb, Reichelstein, “Sustainable Investing at
+ Fund Manager Compare and Contrast Generation Investment Management,” Stanford 2016, SM-257
Jan 31 Sustainable Investment Practitioner Series #1 Sophie Purdom ‘16 Readings from chapters from Evolutions book, examples
include:
Ch 2: Jupiter Ecology, Ch 4: Highwater Global
Ch 8: The Story of Calvert, Ch 9: Winslow
Ch 10: Portfolio 21
Ch 11: Northwest and Ethical Investments
Ch 12: Looking for a Green Century
Ch 14: Inflection Point Capital
Feb 5 The Brown Endowment Joshua Kennedy
Brown Investment Office
+ Compare and Contrast project results discussion
Feb 12 Renewable Energy and the Future of Investing David Richardson (DR), Krosinsky/Purdom, Chapters 5 and 11 (a-g)
across Asset Class Vision Ridge
Feb 14 The Work of the PRI and other ongoing industry Peter Dixon, Krosinsky/Purdom Chapters 7 and 20 + latest papers to be
Trends Howland Capital distributed
Feb 21 ESG Data Arabesque (Brace, Recent Reports on ESG & Financial Performance as posted on
Jennifer) Canvas
Discussion on ESG and financial performance
Mar 12
ESG Data Frameworks, Materiality and Green Bonds Todd Cort, Yale School Latest reports from the Climate Bonds Initiative
of Management
Greening China’s Financial System
https://www.cbd.int/financial/privatesector/china-
Green%20Task%20Force%20Report.pdf
Apr 2 On Innovation & Impact Arthur Matuszewski, Student Presentations on Sustainable Innovation & Impact
Wayfair.com, Bridgewater
Associates, Fahrenheit 212
Apr 4
Special Guest Speaker #2 Kate Brandt, Google Kelly Ramirez, Jonas Clark
(+ 4th weekly write-up to be completed by April 11)
Apr 9 Special Guest Speaker #3 Seth Magaziner, Rhode Island Infrastructure Bank case study: CBEY
Alec Stais and Kelly
Infrastructure, Green Rogers, Treasurer of
Banks and the Future of Rhode Island’s Office
Pension Fund Investing (move to Apr 4?)
Apr 11 Divestment Jane Dietze, Brown McKibben, Rolling Stone, Global Warming’s Terrifying New
● Should Brown University divest from its fossil Investment Office Math http://www.rollingstone.com/politics/news/global-
warmings-terrifying-new-math-20120719
fuel holdings?
● The Responsibility of University Endowments Cary
ACCRIP Coal Letter 10/18/2013
● State of the Taskforce Findings and Future Efforts
https://www.brown.edu/about/administration/advisory-
committee-corporate-responsibility-investment-
policies/sites/brown.edu.about.administration.advisory-
committee-corporate-responsibility-investment-
policies/files/uploads/ACCRIP%20Coal%20Letter%2020131018.p
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