Final Syllabus
Financial and Business Ethics
Fall 2015
Location: Copenhagen
Credits: 3
Major Disciplines: Business, Finance, Management
Faculty Member: Olaf Broby Nielsen,
Program Director: Susanne Hovmand, V7.36,
Assistant Program Director: Anne Christine Nielsen, V7.36,
Class: Tuesday and Friday, 8:30 – 9:50
Classroom: F24-406
Course content:
The drive of corporations pursuing business creates wealth in society. However, is this uncontrollable drive for
profit always in the best interest of our society? Concern has rightfully appeared. Is the financial and business
ethics we see today at a proper level? Does business contribute to the living of people in our society, whether
it being economically, politically and in moral terms?
The course will display rules and theory in order to evaluate what is within, and what is outside the ethical
norms. Yet; the real struggle begins when we analyze a concrete business case. It takes insight to fully
understand and comprehend all of the aspects involved in a business decision.
The Course aims to provide a framework for students to develop a way to address theoretic ethical issues in
Business. Yet, it is not all theory. Our own norms and values play an important role in how we look at these
matters. The aim of the course is not to develop a single joint opinion on what is ethical and what is not. The
aim is rather to develop a framework in order to analyze situations and have a qualified theoretical and
personal exchange of opinions on the matter.
Learning objectives:
By the end of this course, you will be able to:
 Identify, analyze and resolve ethical issues facing managers
 Understand the ethical responsibility assumed by business managers
 Understand the ambiguity of decision making in business
 Participate in discussion on business ethics, knowing the rules in business and understanding your own
view on ethics issues derived from your background and personality
 Evaluate arguments presented by other persons in ethical discussions
 Develop a sense of how you can contribute in your organization to deal with ethical issues
 Understand better how different cultures influence ethical norms
 Develop a proper sense of balance between self-interest and those of others and recognize the potential
consequences of actions
Instructor:
Olaf Broby Nielsen. Chartered Accountant from KPMG and Executive MBA from Scandinavian Management
Institute, Copenhagen. Has a professional background from Uponor Corporation, where he has served as CFO,
Group Business Controller, Vice President and CEO of a Danish Subsidiary. Is currently independent consultant
in financial management and has had teaching positions at Copenhagen Business School since 2012. At DIS
since 2015.
This syllabus is subject to change.
Financial Business Ethics | DIS
Final Syllabus
Course overview:
 The course use readings, lectures, case studies, debates and role-play.
 The business cases is used as a tool to internalize the decision situation of managers as a mean to evaluate
how an ethical framework can be used in order to evaluate the decisions made by managers, having
multiple stakeholders.
Course Evaluation:
Short test (multiple choice)
Cases /group work / role play
Final Written Exam
Participation (engagement in class)
10%
30%
40%
20%
Short Test (Multiple Choice):
The Multiple Choice test is a short test held in class on Friday, September. The test will cover all lectures and
the first field trip. The test will assess your ability to proper analyze a business situation. The purpose of the
test is to give you feedback and to ensure that you are “on board”.
Cases/group work/role play:
You cannot relate to Financial and Business Ethics issues without involving yourself personally. The Syllabus
includes a series of business cases. In turn, you will be asked (individually and in groups) to present an analyses
of a business case and arguments for your point of view on the case.
Final:
Written Exam is a two hours closed-book exam held on Friday, December 4. The exam will cover all lectures,
guest lectures and obligatory readings aiming at understanding Financial and Business Ethics. The exam will
assess your understanding of the Financial and Business Ethics and your ability to apply this knowledge in
analyzing European & US business situations.
Participation (engagement in class): This class requires a high level of motivation and active participation in
class and during the study tours. Attendance is mandatory. To get a good engagement grade the following
must be done:
 Active and voluntary participation in class discussions
 Having prepared properly for every class, i.e. doing all the required reading and having analyzed business
cases and prepared for entering a discussion in class
 Being able to address the readings critically during class, thus displaying a good understanding of the
subject matter
 Being analytical and concise in oral interventions, i.e. backing up arguments by facts and references rather
than “feeling this or that”.
 Being able to collaborate well with your assigned team and delivering elaborate and analytical
presentations (student presentations)
Textbook
Boatright (2014), John R. Ethics and the Conduct of Business, Pearsson
This syllabus is subject to change.
Financial Business Ethics | DIS
Final Syllabus
Articles and Cases
Articles:
Harward Business Review
 March 2012: ”The Incentive Bubble” by Mihir Desai
 Case Study, Lehman Brothers and Repo 105, Anette Mikes, Dominique Hamel , Gwen Yu
 November 2006: ”How Well-Run Boards Make Decisions” by Michael Useem
Cases:
From textbook, from other sources (see detailed syllabus)
Course Policies:
If you are unable to attend class, you must notify your instructor in advance and receive approval for an
excused absence. If participation is uncomfortable for you, please discuss this problem with the faculty early in
the course so that we can identify approaches to increase your class contribution and comfort. We allow
computers and smart phones in class PURELY for note-taking purposes. In case of other uses such as Facebook,
e-mails or internet surfing, it will have a negative impact on your engagement grade. Cell phones are to be
shut off during class and texting/SMS'ing etc during class will have a negative impact on your engagement
grade. Engagement is worth 20 points toward the final grade.
Academic Honesty: Plagiarism and Violating the Rules of an Assignment - DIS expects that students abide by
the highest standards of intellectual honesty in all academic work. DIS assumes that all students do their own
work and credit all work or thought taken from others. Academic dishonesty will result in a final course grade
of “F” and can result in dismissal. The students’ home universities will be notified. DIS reserves the right to
request that written student assignments be turned in electronic form for submission to plagiarism detection
software. See the Academic Handbook for more information, or ask your instructor if you have questions.
Disability and Resource Statement: Any student who has a need for accommodation based on the impact of a
disability should contact Sean Green to coordinate this. In order to receive accommodations, students should
inform the instructor of approved DIS accommodations within the first two weeks of classes.
Grading Elements:
Participation (engagement in class)
Quiz (multiple choice)
Cases /group work / role play
Final Written Exam
This syllabus is subject to change.
Financial Business Ethics | DIS
Grading scheme:
= 20 points
= 10 points
= 30 points
= 40 points
Points
100 - 93
<93 - 90
<90 - 87
<87 - 83
<83 - 80
<80 - 77
<77 - 73
<73 - 70
<70 - 67
<67 - 63
<63 - 60
<60
Grade
A
AB+
B
BC+
C
CD+
D
DF
Final Syllabus
Detailed Schedule
Friday, August 21
Class 1
Introduction to the course
Course overview and – structure
Expectations, handout of “Teaching Principles at DIS”
Preparation for Field Study, Wednesday, August 26
Reading: Four small cases Boatright (p. 4)
Tuesday, August 25
Class 2
Ethics, Economy and the Law
Ethics and Economics
Ethics and Law
Introduction to Ethics in Management
Reading: Boatright, Ch. 1. (p. 1-18)
Case: KPMG´s Tax Shelter Business (p. 19-20)
Wednesday, August 26
Field study 16.00-20:00
Green Energy in Denmark
Visit to 1stMile at Scion DTU, Diplomvej 381, Lyngby.
Introduction to the Danish Green Energy Business by CEO, Soeren Houmoeller, E*MBA, M.Sc.
Field Study Case: The Danish Energy Supply, a “Public Good”
Friday, August 28
Class 3
Reflections on Field Study Case “Green Energy in Denmark”
Ethical Decision Making
Market Ethics, Roles, Relationships and Firms
Reading: Boatright, Ch. 2. (p. 24-39)
Case: Clean Hands in a Dirty Business (p. 70-71)
Tuesday, September 1
Class 4
Ethical Reasoning
Framework for Ethical Reasoning
Utilitarianism, Rights and duties, Justice /Fairness, Virtues
Analyzing ethical issues
Reading: Boatright, Ch. 2. (p. 39-44), Boatright, Ch. 3. (p. 54-60 & 62-69)
Case: Exporting Pollution (p 70)
This syllabus is subject to change.
Financial Business Ethics | DIS
Final Syllabus
Friday, September 4
Class 5
Short Test, Multiple Choice
Class /Self Evaluation. How well do we /I do on “Teaching Principles at DIS”
Case: An Auditor´s Dilemma (p. 73)
Tuesday, September 15
Class 6
Financial Incentive Systems
Alignment to shareholders interests.
Fairness of CEO remuneration level seen from the view of shareholders, employees and society as such.
Reading: Harvard Business Review, March 2012: ”The Incentive Bubble” by Mihir Desai
Case www.nbch.org/PPR-Case-Study---Pay-for-Performance
Friday, September 18
Class 7
Whistle Blowing (I)
Loyalty. The right to blow the whistle. Justification of Whistle-blowing. Company Policy
Reading: Boatright, Ch. 4. (p. 78-91)
Case: A Whistle-Blower Accepts a “Deal” (p. 91-92)
Introduction to “Google Case of own choice” – on Whistle Blowing
Tuesday, September 22
Class 8
Whistle Blowing (II)
Presentation of “Google Case of own choice” – on Whistle Blowing
Friday, September 25
Class 9
Trade secret and Conflict of Interests
Trade secret protection, Fair competition, Conflict of interests
Reading: Boatright, Ch. 5. (p. 98-117)
Case: Procter & Gamble Goes Dumpster Diving (p. 118-119)
Tuesday, October 6
Class 10
Global Financial Crises 2008-10 (I) – EU Perspective
Based on www.cbsfrictapet.dk (English summary will be made available)
Class Discussion
Friday, October 9
Class 11
Global Financial Crises 2008-10 (II) – US Perspective
Case: Harvard Business Review, Case Study, Lehman Brothers and Repo 105, Anette Mikes, Dominique Hamel ,
Gwen Yu
This syllabus is subject to change.
Financial Business Ethics | DIS
Final Syllabus
Tuesday, October 13
Class 12
Privacy
Reading: Boatright, Ch. 6. (p. 122- 139)
Case: Information Handling at ChoicePoint (p. 139-140)
Friday, October 16
Class 13
Guest Speaker
To Be Announced
Tuesday, October 27
Class 14
Discrimination and affirmative action
Reading: Boatright, Ch. 7. (p. 145-167)
Case: Jacksonville Shipyards (p. 168-169)
Friday, October 30
Class 15
Employment rights
Reading: Boatright, Ch. 8. (p. 175-197)
Introduction to “Google Case Ryan Air – Conflict in Copenhagen”
Case: Health Benefits at Wal-Mart (p. 199-201)
Tuesday, November 3
Class 16
Occupational Health and safety
Reading: Boatright, Ch. 9. (p. 205-213)
Case: Whirlpool Corporation (p. 213)
Presentation of reflections on “Google Case Ryan Air – Conflict in Copenhagen”
Friday, November 6
Class 17
Marketing, Advertising and Product Safety
Reading: Boatright, Ch. 10. (p. 228-255)
Case: Volvo´s “Bear Foot” Misstep (p. 255)
Tuesday, November 17
Class 18
Financial Markets
Hostile Takeover, Golden Parachutes.
Reading: Boatright, Ch. 11 (p. 273-279)
Case: “Oracle´s Hostile Bid for PeopleSoft” (p. 284-286)
Wednesday, November 18
Field study 8:30 – 12:30
To Be Announced
This syllabus is subject to change.
Financial Business Ethics | DIS
Final Syllabus
Friday, November 20
Class 19
Financial Services
Costumer interests versus company interests.
Reading: Boatright, Ch. 11 (p. 262-273)
Case: “Strong Capital Management Mutual Funds” (p. 280-281)
Tuesday, November 24
Class 20
Corporate Governance and Board of Directors
Reading: Harvard Business Review, November 2006: ”How Well-Run Boards Make Decisions” by Michael
Useem . Boatright, Ch. 13. (p. 317-325)
Case: “Bath Iron Works” (p. 325-326)
Friday, November 27
Class 21
Corporate social responsibility & stakeholder management.
Reading: Boatright, Ch. 12. (p. 290-308)
Case: “Starbuck and Fair Trade Coffee” (p. 308-310)
Tuesday, December 1
Class 22
Guest Speaker
To Be Announced
Friday, December 4
Class 23
Wrap-up
Friday, December 8
Final exam
This syllabus is subject to change.
Financial Business Ethics | DIS