Ethics in Finance

2022/2023

Academic Year

ENG

Instruction in English

3

ECTS credits

Delivered at:

Department of Management

Course type:

Compulsory course

When:

1 year, 1 module

Instructors

Storchevoy, Maxim

Khvostova, Irina

Course Syllabus

Abstract

The course provides knowledge and skills business ethics and sustainability which is required by contemporary financial managers: Basic ethical theories as well as CSR and sustainability concepts and their application to various business dilemmas. Psychological factors of ethical and unethical behavior in the markets and in companies Mechanisms of managing ethics in the market (competition, state and self-regulation) and in the company (compliance systems and sustainability management). Ethical dilemmas in financial management and financial markets The course is developed and taught by Maxim Storchevoy (St. Petersburg) to the students of two campuses. The students are enrolled in the same Smart LMS course, have access to the same teaching materials (video lectures, additional readings, tasks for seminars, quizzes and tests). The course may include several intercampus activities where students of both campuses will work together online: Role games simulating decision-making and communication in the real companies Debates and critical discussions of the moral dilemmas and challenges from contemporary business agenda The course will be taught with collaboration of Russian Business Ethics Network: Guest lectures of RBEN members (directors of ethics and sustainability from leading Russian companies) Collection of RBEN teaching cases (the most recent and relevant practical material in business ethics and CSR).

Learning Objectives

• After this course you should be able To argue about ethical issues using fundamental ethical theory and avoiding emotional and conventional stereotypes and prejudices. To resist getting caught into a psychological trap in a situation of ethical choice and helping others to avoid the same mistake. To manage ethics and sustainability in a company using modern concepts and instruments (designing ethical codes, measurement and management systems for ethical conduct, preparing social reports). To define, examine and resolve all typical ethical dilemmas in the financial sector (financial reporting, corporate governance, securities market, retail financial services). The course will help students to maintain and improve their soft-skills, such as Communication skills and collaboration, which students will practice in various ways (e.g. through work in small collaborative learning groups, discussions, debates, conflicts; in writing by delivering a professional evaluation of a company and its industry) Critical thinking and research and inquiry skills, which students will use to build a ‘case’ systematically. Personal and intellectual autonomy and creativity, which students will practice by preparing themselves for lectures and meeting with collaborative learning group members. Ethical, social, and professional understanding and confidence which students practice through interactions in lectures, through discussions in groups. Information literacy, which students practice by grasping the essence of proposed articles; developing means to find useful information (for group projects); by evaluating the source and trustworthiness of public information and by presenting it in an appropriate manner. This includes the avoidance of plagiarism (which in a knowledge society is very much seen as theft). This includes for instance not or incorrectly referring to websites in a copy/paste manner.

Expected Learning Outcomes

• To argue about ethical issues using fundamental ethical theory and avoiding emotional and conventional stereotypes and prejudices
• To resist getting caught into a psychological trap in a situation of ethical choice and helping others to avoid the same mistake
• To manage ethics and sustainability in a company using modern concepts and instruments (designing ethical codes, measurement and management systems for ethical conduct, preparing social reports).
• To define, examine and resolve all typical ethical dilemmas in the financial sector (financial reporting, corporate governance, securities market, retail financial services).

Course Contents

• Normative Ethics: from Aristotle to ESG
• Managing Ethics in Market
• Managing Ethics in Company
• Ethics of Financial Reporting
• Ethics of Corporate Governance
• Ethics of Securities Market
• Ethics of Retail Financial Services

Assessment Elements

• Seminar participation
• Tests for each topic
• Final Exam

Interim Assessment

• 2022/2023 1st module
  0.28 * Seminar participation + 0.44 * Final Exam + 0.28 * Tests for each topic

Bibliography

Recommended Core Bibliography

• Gensler, H. J. (2018). Ethics : A Contemporary Introduction (Vol. Unabridged). Nueva York [Estados Unidos]: Routledge. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1650434
• Wernaart, B. F. W., LL.M., & Ph.D.,. (2018). Ethics and Business : A Global Introduction (Vol. First edition). Utrecht, The Netherlands: Noordhoff Uitgevers BV. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1921064

Recommended Additional Bibliography

• Allen, R. T. (2014). Ethics As Scales of Forms. Newcastle upon Tyne: Cambridge Scholars Publishing. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=849492
• Ventura, M. (2018). Ethics : Past, Present and Future Perspectives. New York: Nova Science Publishers, Inc. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1782235

Authors

• VOLGUTOVA ANASTASIYA ANDREEVNA
• KOCHETKOVA DARYA VADIMOVNA