Sustainable Finance Summer School

Summer School


At the end of this course, students should be able to:

  1. Identify value creation (and destruction) across financial, social and ecological capital
  2. Establish risk and return profiles for all types of capital
  3. Identify the methods for long-term investing
  4. Know how fundamental equity valuation brings a deeper understanding of companies
  5. Make capital structure calculations for all types of capital


Achieving the Sustainable Development Goals is the grand challenge of our time. This course gives insight in ‘how finance can contribute to sustainable development’ and aims to inspire PhD researchers to do research in this field.

The finance transition is about transforming finance from operating on financial value only to working with the concept of integrated value, which combines financial, social and ecological value. The concept of integrated value is approached from an academic angle: how to incorporate social and ecological factors in the cost of capital, the valuation and capital structure of companies?

Students apply the integrated value concept in a group assignment or research proposal.


Assessment is on a Pass/Fail basis. To pass the course, participants must meet the following requirements:

  1. Attend all sessions
  2. Actively participate in all sessions
  3. Prepare essential readings
  4. Complete at least one group assignment or present an outline of a research proposal


The course builds on a new text book (corporate finance) and recent articles (investment):

Schoenmaker, D. and W. Schramade (2023), Corporate Finance for Long-Term Value, Springer, Berlin, forthcoming. (Chapters will be made available in early June)

Schoenmaker, D. and W. Schramade (2019), ‘Investing for Long-Term Value Creation’, Journal of Sustainable Finance & Investment, 9(4), 356-377.

Zerbib, O. (2022), ‘A Sustainable Capital Asset Pricing Model (S-CAPM): Evidence from Environmental Integration and Sin Stock Exclusion’, Review of Finance, 26(6): 1345-1388.

Additional info


  • 1, 2 & 4 July: 09:00-11:45 and 13:00-15:45

To download the timetable of this course, please click here. The timetable is in the local time of Rotterdam, which is CEST (UTC+02:00).

This course is held fully online.


ERIM PhD candidates (full-time and part-time): register directly via Osiris. Participation free of charge.

Non-ERIM PhD candidates: register via online form. The course fee 500 euro.

RSM/ESE faculty members with ERIM membership and PhD candidates at SIKS: register via online form. Participation free of charge.

Please note that the number of places for this course is limited. In case the number of registrations exceeds the number of available seats, priority is given to ERIM PhD candidates.

Please contact us at if you have questions.