---

This book uses the building blocks of modern capital market theory, including behavioural finance, as the point of departure for an analysis of hidden ethical content in the contemporary research into capital markets.
It illustrates the significant degree of alienation between the financial and the real side of economies, stemming from the long-standing struggle between ethics and economics. Furthermore, it provides a roadmap of modern value thinking, highlighting the crucial role of stakeholders and non-governmental organizations.

---

Introduction.- A ´Selfie´ of Finance and Ethics.- On Values: The (Hidden) Ethical Framework in Capital Market Theory (An Outline of Ethics in Economics and Finance).- Key Points of Sustainability and CSR: Stakeholder Theory and the Theory of External Effects.- Understanding how Stakeholders are Affecting Sustainability and Finance.- Concluding Remarks.- Perspectives.

---

Henry Schäfer is the chair of corporate finance at the University of Stuttgart. He has held the chair of business administration at the University of Siegen. Prior to his academic activities, Henry Schäfer worked as a senior financial consultant in an international M&A boutique and a major German bank. His research subjects include the behavioral science of capital market theory and market microstructure theory and valuation of assets objects.

---