Economics and policies for global sustainability

The objective of the course is to study the current evolution of the role of finance in supporting sustainability and to understand the role of the various actors in the financial system, companies, financial intermediaries and supervisory authorities, in promoting the consideration of ESG (Environmental, Social, Governance) factors ) in the choices of financial investment and financing of productive activities within a new paradigm of production and consumption. To this end, the course analyzes the empirical results on Corporate Social Responsibility (CSR) and corporate value creation to investigate the impact of considering ESG factors on corporate performance, on the price of financial assets and on the cost of capital for companies . Furthermore, the course illustrates the methodologies through which to integrate environmental, social and corporate governance (ESG) factors into the investment decisions of both institutional investors and credit institutions. This is followed by the analysis of the development of sustainable and responsible investments, SRI, such as green and social bonds traded on the Italian Stock Exchange markets. The active and passive management techniques of securities portfolios are examined in depth, also taking into consideration ESG factors and performance analysis. This is followed by the study of traditional financial risks which must be integrated by the consideration of new climate and environmental risks linked above all to the transition to a green economy. The course also analyzes the role of financial regulatory and supervisory authorities in promoting an adequate culture of new risks linked above all to transition policies to deal with climate and environmental changes by inserting them into the framework of the three pillars of Basel (International Agreement on Banking Capital) . In particular, the specific objectives of the course are: 1) in-depth knowledge of the analytical and graphical tools used in the fundamental analysis of securities and in general equilibrium models of the capital market, as well as the empirical checks conducted on these models; 2) the ability to understand financial data and fundamental statistics developed by financial analysts regarding the risk, return and performance of securities portfolios; 3) the application of the financial methodologies learned to the evaluation of securities, investment choices and portfolio management; 3) the application of the financial methodologies learned to the evaluation of securities, investment choices and portfolio management; 4) the ability to communicate what has been learned through the use of technical-specialist financial language and full mastery in reading and interpreting financial graphs. 5) the critical and judgmental capacity regarding the policy choices made by the regulatory authorities regarding global financial stability; 6) the ability to independently continue the study, in-depth analysis and updating of the financial topics covered in the course both through reading and understanding specialist financial reports of an institutional and consultancy nature, and through the study of international scientific articles .