Full-Time Specialization Sustainable Financial Management

The objective of this course is to describe the theory and practice of the main topics in financial management at the postgraduate level. The course is organized into three parts. The course starts with an overview of the time value of money, valuing bonds, equity valuation, and cost of capital. The second part pertains to capital budgeting and the financial criteria used for making investment decisions. Finally, we consider issues related to payout policy, leverage and capital structure.

The past few decades have been characterized by an extraordinary growth in the use of quantitative methods in the analysis of various asset classes; be it equities, fixed income securities, commodities, and derivatives.In addition, both financial economists and practitioners have routinely been using advanced mathematical, statistical, and econometric techniques in a host of applications including, asset pricing, portfolio management, investment decisions, and risk management, among other.This course attempts to provide an introductory-level basis for the learning of such techniques.The purpose is twofold, to provide research tools in financial economics and comprehend investment designs employed by practitioners.

The primary objective of the course is to introduce students to the basic concepts of financial accounting based on international financial reporting standards. Upon successful completion of the course, the students will be able to understand the structure and key line items of the main financial statements (balance sheet, income statement, and statement of changes in equity) of the firms. They will also familiarize themselves with the accounting treatment for cash and cash equivalents, accounts receivable, inventories, and non-current assets.

The course deals with the modern challenges facing businesses in sustainability. The Definition of sustainability and sustainable development, the Description of the need to preserve our natural environment and current social and human challenges and the Analysis of the 17 UN Sustainable Development Goals. Understanding the various interactions between Environmental, Social and Governance (ESG) criteria and sustainability. The Explanation of key environmental, social and governance (ESG) risks and opportunities, the Description of corporate sustainability management and Analysis of the legislative framework for sustainability.

Analysis of the impact of climate change, pollution, and sustainable development on corporate financial decisions. The consideration of the role of business in society, including issues such as diversity, equality, inclusion and industrial relations; Discussion on transparency, corporate governance, tackling corruption and promoting corporate ethics; Methodologies for assessing and integrating ESG risks and opportunities into investment and financial decisions; Strategies for integrating ESG objectives into business design and development; Presentation of international initiatives, standards and regulations related to ESG, such as EU directives and GRI standards and examining the trends, challenges and opportunities emerging in the field of ESG and how these may affect corporate strategy and finance.

Analyzing Current liabilities, Long-term liabilities, Equity, Convertible securities and earnings per share, and Statement of Cash Flows

The course will include indicatively the following elements: (a) Definition and understanding of ESG factors and their importance in portfolio management; (b) Methodologies for analyzing and evaluating ESG risks and opportunities within investment strategies; (c) Integrating ESG criteria into the evaluation and selection of investments, including stocks, bonds and other assets; (d) Strategies for creating and managing investment portfolios with an emphasis on sustainability and social responsibility; (e) Analysis of ESG performance of investments and their relationship to net asset value; (f) Introduction to tools and software used to evaluate and integrate ESG elements into the investment process,(g) Overview of the international and national legal and regulatory framework governing ESG investments, and Examining future trends, challenges and opportunities in ESG portfolio management and analysis.

The course deals with all modern developments in the knowledge field of accounting and business information for sustainability (sustainability reporting) (a) Analysis of key issues in sustainability and climate change information.(b) Description of the measurement and accounting treatment of sustainability, climate change and ESG issues.(c) Analysis of the European Sustainability Reporting Standards (ESRS) which are mandatory in our country according to the European Directive 2022/2464 (Corporate Sustainability Reporting Directive – CSRD) from 01/01/2024.(d) Analysis of the International Financial Reporting Standards for Sustainability (IFRS Sustainability). (e) Analysis of other international sustainability reporting standards such as the United Nations Global Reporting Initiative (GRI) and the Greenhouse Gas Emissions (GHG) Protocol. (f) Connection and interaction of financial information with information on sustainability through the principles of Integrated Reporting (Integrated Reporting)

The course deals with all modern developments in the knowledge field of accounting and business information for sustainability (sustainability reporting) (a) Analysis of key issues in sustainability and climate change information. (b) Description of the measurement and accounting treatment of sustainability, climate change and ESG issues. (c) Analysis of the European Sustainability Reporting Standards (ESRS) which are mandatory in our country according to the European Directive 2022/2464 (Corporate Sustainability Reporting Directive – CSRD) from 01/01/2024. (d) Analysis of the International Financial Reporting Standards for Sustainability (IFRS Sustainability). (e) Analysis of other international sustainability reporting standards such as the United Nations Global Reporting Initiative (GRI) and the Greenhouse Gas Emissions (GHG) Protocol.(f) Connection and interaction of financial information with information on sustainability through the principles of Integrated Reporting (Integrated Reporting)

The course focuses on the application of relevant standards that provide for assurance audit procedures for sustainability reports. (a) Understanding the modern business environment that prompts businesses to conduct assurance audits of sustainability reports (b) Understanding of the EU legislative framework for the assurance review of sustainability reports (c) Application of the assurance control principles of sustainability reports according to internationally recognized control standards (International Standard on Sustainability Assurance (ISSA) 5000 and AA1000 Assurance Standard (AA1000AS v3)) (d) Distinguish between different level of assurance control (limited and reasonable assurance) (e) Implementation of the control principles to ensure reports on climate change and mainly greenhouse gas emissions (GreenHouse Gas Emissions)

The course aims to provide a comprehensive understanding of the dynamic interactions between financial energy, environmental risks and derivatives markets. Through this, participants will analyze the impact of environmental risks on energy markets, understand the role of derivatives markets in risk management, and examine financing and investment strategies in relation to energy. The course will also include real-world case studies, showing how companies and investors address environmental risks and take advantage of opportunities in the energy and derivatives markets. It will include indicatively the following topics: (a) An understanding of the fundamentals of financial energy, including the main sources of energy and market structure. (b) Analysis of environmental risks, such as climate change, pollution and biodiversity loss, and their impact on the energy market. (c) Introduction to derivatives markets, such as futures, options and swaps, and how they are used to manage risks in the energy market. (d) Study of financing models and strategies for energy projects, especially those focusing on sustainable development and renewable sources. (e) Exploring the relationship between sustainability, energy policy and finance, including global standards and regulations

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The course introduces the fundamental tax concepts that are necessary for global investment decisions. The evaluation of alternative tax jurisdictions adopts a full-cost approach where both explicit and implicit taxes are considered. Specific tax issues that influence investment decisions are covered, such as: sources of taxable income, residency, permanent establishment, tax treaties, credit system of tax relief, transfer pricing, tax heavens, tax loopholes, controlled entities, and dividends from subsidiaries. All topics are examined with an international perspective but still in line with European Union tax treaties and OECD tax model.

Environmental, social and governance (ESG) factors are becoming increasingly important factors in shaping a company's business strategy. Investors seek to achieve both financial returns and other goals, such as environmental impact or social ramifications. These factors may affect the value and risk of investments but also other stakeholders such as employees, customers or the environment. This course takes a holistic approach that incorporates both financial and ESG factors into company valuation. The course aims to develop students' abilities to (a) critically examine how ESG initiatives and performance affect a company and (b) effectively read, interpret and analyze financial statements. The course follows fundamental investment analysis and has a practical emphasis based on a series of exercises and case studies involving listed companies. Although the main focus is on stock valuation, borrowing and other investment decisions are also discussed. Finally, students learn how measurement and reporting rules define and potentially limit the information provided in company reports, and how evaluating and making adjustments to that information enables better-informed decisions.

The course is designed to provide a comprehensive introduction to the latest innovations and trends in sustainable finance. Through this course, participants will explore how modern technologies, regulatory policies, and changes in investment mindsets are helping to promote sustainability in the financial sector. From green bonds and sustainable investments, to innovations in digital finance and social funding platforms, participants will gain a deep understanding of the tools and methods driving change towards a more sustainable financial future. The course includes case studies, lectures by experts in the field, and discussions that encourage critical thinking and application of knowledge to real-world problems.

The purpose of the course is the presentation of ethical rules related to the proper practice of professions related to accounting and finance. (a) Understanding of the fundamental principles of integrity, objectivity, professional competence, confidentiality, conduct and responsibility (b) Assessing the severity and management of ethical issues in accounting and finance (c) Understanding the key risks faced by rofessionals in related professions (self-interest, self-evaluation, advocacy, familiarity, intimidation) (d) Understanding of actions to be taken in order to minimize the adverse effects of risks (education, continuing training, experience, regulatory monitoring, evaluation) (e) Understanding the procedures for resolving ethical dilemmas (f) Application of internationally recognized codes of conduct (g) Application of applicable national legislation

Introduction to ESG and Sustainable Investing - Overview of ESG factors, history, and evolution of sustainable investing. ESG Data Collection and Analysis - Techniques for collecting, verifying, and analyzing ESG data. ESG Rating Systems and Methodologies - Examination of existing ESG frameworks and scoring systems. Material and immaterial ESG- Methodologies proposed for differentiating between the two. Sector-specific ESG Issues - Deep dive into ESG considerations within different industries. Regulatory Environment for ESG Reporting - Global standards and regulations impacting ESG disclosure and scoring. Case Studies in ESG Scoring - Practical exercises based on real-world scenarios to develop ESG scoring approaches. Ethical Considerations and Stakeholder Engagement - Ethics in ESG scoring and engaging with stakeholders on ESG issues. Future Trends in ESG Scoring - Emerging trends and innovations in ESG evaluation.

Data Collection, Analysis, Writing, and Presentation of Dissertation. Students may undertake their dissertation in pairs or on their own, upon approval of the Steering Committee. Full time (or even part time) students may alternatively substitute the dissertation with an internship, upon approval of the Steering Committee. 

It is stated that as the thesis is assigned, the student is required to attend a Research Methods Seminar for the Preparation of the Thesis, which is offered during the second semester and the summer period. For part-time students, the seminar takes place during the third semester. Successful completion of the seminar is a prerequisite for the initiation of the dissertation