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. 

Preface 6
Contents 7
Abbreviations 9
Notations 11
List of Figures 12
Chapter 1: Introduction 14
Chapter 2: A ``Selfie´´ of Finance and Ethics 18
2.1 The Building Blocks of the Modern House of Finance: Capital Market Theory and Finance 21
2.2 Crisis, What Crisis? The House of Finance in a Seismic Environment 33
2.3 Rigor Versus Relevance: The Potential of Sustainability to Promote a Scientific Revolution Program in Finance in the Sense... 36
2.3.1 Stakeholder Versus Shareholder 36
2.3.2 The Paradox of Social Costs 38
Chapter 3: On Values: The (Hidden) Ethical Framework in Capital Market Theory (An Outline of Ethics in Economics and Finance) 40
3.1 The Classical Links Between Values, Money, and Finance: Religions and Institutions 41
3.2 Ethics and Finance: The Matrix 44
3.2.1 Building Blocks of Ethics with Respect to Economics and Finance 46
3.2.2 Ethics in the Neoclassical Paradigm and in the Theory of Finance 47
3.2.3 Overcoming the Separation Principle in Finance 50
3.2.3.1 Ethics and Arbitrage 53
3.2.3.2 ``Rocking´´ the Modigliani/Miller Theorem 55
Chapter 4: Key Points of Sustainability and CSR: Stakeholder Theory and the Theory of External Effects 56
4.1 Starting from the ``Interior of the Earth´´: Neoclassical Paradigm and the Problem of External Effects 57
4.1.1 A Tax for Good 59
4.1.2 A Market for ``Bads´´ 59
4.2 The Concept of Sustainable Development and Its Links to Finance 61
4.3 Corporate Social Responsibility (CSR): A Twin to Sustainability? 68
Chapter 5: Understanding How Stakeholders Are Affecting Sustainability and Finance 73
5.1 Why Should Firms Care About CSR, Stakeholders, and NGOs? A Knowledge-Based View 75
5.2 Stakeholder Theory, Firm Behavior, and the Link to Finance 77
5.3 Interactions Between Firms, Stakeholder, and Nongovernmental Organizations 79
Chapter 6: Concluding Remarks 83
6.1 Only the Bad Counts 86
6.2 Inside Out and Outside In 88
6.3 Shades of Gray 88
6.4 Bringing Home the Bacon 89
6.5 Setting a Fox to Keep the Geese 89
6.6 It Is Always Good to Be Good 90
6.7 Power to the People 91
6.8 ``Brain Salad Surgery´´ 92
6.9 Information Overflow 93
6.10 A Wolf in Sheep´s Clothing? 94
Chapter 7: Perspectives 96
Correction to: Introduction 98
Correction to: Chapter 1 in: H. Schäfer, On Values in Finance and Ethics, SpringerBriefs in Finance, https://doi.org/10.1007/9... 98
Bibliography 99