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Norwegian School of Economics (NHH), Michigan State University (MSU), and Setsunan University (SU)

Overview

In Fall 2023, the Norwegian School of Economics (NHH), Michigan State University (MSU), and Setsunan University (SU) embarked on a pioneering VE/COIL (Virtual Exchange/Collaborative Online International Learning) project focused on sustainable finance. This collaboration engaged students from NHH’s Sustainable Finance course, led by Professor José Albuquerque de Sousa; MSU’s Honors Research Seminar: Sustainable Finance - US and Japan, taught by Professor Antoinette Tessmer; and SU’s Topics in Global Citizenship, taught by Professor Curtis Chu.

The goal of this project was to expose students to global perspectives on sustainable finance, promote cross-cultural communication, and foster collaboration through the creation of a sustainable investment fund brochure as a culminating group project. This VE/COIL initiative offered an ideal platform to pilot innovative educational strategies that integrated sustainability, finance, and intercultural learning.

COIL Instructors

  • José Albuquerque de Sousa, assistant professor, Department of Finance

    José Albuquerque de Sousa teaches Sustainable Finance at the master’s level at NHH and brings a strong academic background, including a PhD from the Rotterdam School of Management and a visiting scholar position at the Haas School of Business, University of California, Berkeley.

    Arild Schanke, senior advisor, Education Quality Section

    With over 18 years of experience in education quality systems, Arild Schanke plays a key role in maintaining and developing NHH’s Quality Assurance systems. His extensive experience in learning management systems and consulting makes him a valuable contributor to this VE/COIL initiative. 

  • Antoinette Tessmer, associate professor, Department of Finance

    Antoinette Tessmer brings expertise in finance and a commitment to innovative pedagogy, including flipped classrooms and accessibility in online learning. Her leadership in MSU’s Global Finance Studies program and involvement in multiple COIL projects contributed greatly to the success of this initiative.

    Jeremy Van Hof, director, Center for Teaching and Learning Innovation

    Jeremy Van Hof’s leadership at MSU focuses on developing inclusive and engaging education. His expertise in instructional design, online learning, and pedagogy, honed through years of experience, helped shape the structure of the project and ensured an impactful learning experience for all students.

  • Curtis Chu, assistant professor, Faculty of International Studies

    Curtis Chu’s work in intercultural communication and COIL coordination at SU has been instrumental in developing global learning opportunities for students. His experience in curriculum development and his research in critical pedagogy ensured that the VE/COIL project met the learning objectives of both local and international contexts.

    Aiko Sato, assistant professor, Faculty of Foreign Studies, Setsunan University

    Aiko Sato has extensive teaching experience in English literature, TEFL methodology, and peace studies. Her interdisciplinary approach and expertise in English language education contributed to fostering effective communication and teamwork among the diverse student groups involved in this project.

Curricular Framework

The eight-week VE/COIL project blended synchronous and asynchronous learning to create a seamless global collaboration among students from all three institutions. The framework included:

  • Interdisciplinary Approach: Combining sustainable finance with global citizenship, the project encouraged students to draw on concepts from multiple disciplines.
  • Team Collaboration: Each six-person group consisted of two students each from NHH, MSU, and SU, working together on distinct sections of the final sustainable investment fund project.
  • Digital Tools: The project used Flip for weekly video submissions, Zoom for synchronous meetings, and Google Docs for asynchronous communication and project management. These accessible tools made it easy for students and faculty to collaborate across time zones and geographical boundaries.
  • Final Brochure: Students worked on developing a sustainable investment fund brochure. SU students focused on selecting companies aligned with the UN Sustainable Development Goals (SDGs), MSU students analyzed stock market performance, and NHH students assessed the companies’ sustainability efforts.

Goals & Outcomes

The primary goals for this VE/COIL initiative were to:

  • Foster Global Perspectives on Sustainability: Students developed a deep understanding of sustainability practices across different cultures and economic systems.
  • Improve Intercultural Communication Skills: Through regular collaboration, students honed their ability to communicate effectively across cultural boundaries.
  • Develop Analytical Skills in Sustainable Finance: Students learned to assess companies and financial instruments critically, with a focus on sustainability metrics and their local and global impact.

By the end of the project, students demonstrated enhanced skills in intercultural communication and sustainability analysis, key outcomes for any COIL initiative focused on finance and global issues.

Activities

The VE/COIL project incorporated a series of structured activities designed to enhance learning and collaboration, including:

  • Icebreaker Activities: A pre-COIL asynchronous video exchange introduced students to one another and set the foundation for cross-cultural teamwork.
  • Weekly Zoom Meetings: Real-time meetings provided opportunities for students to discuss progress, exchange ideas, and collaborate synchronously.
  • Research & Analysis: Each group conducted research on sustainable finance, market analysis, and portfolio creation. Students contributed their specialized knowledge to the final project. 
  • Final Brochure: Students worked on developing a sustainable investment fund brochure. SU students focused on selecting companies aligned with the UN SDGs, MSU students analyzed stock market performance, and NHH students assessed the companies’ sustainability efforts.
Photo: Professor Antoinette Tessmer reviewing shared student COIL activities on Padlet with MSU students in her Honors Research Seminar: Sustainable Finance - US and Japan course, October 2023.

Results & Impact

The VE/COIL collaboration between NHH, MSU, and Setsunan University yielded significant educational and developmental outcomes for the students and faculty involved. The project aimed to measure the impact on student learning, intercultural communication, and understanding of sustainability through both qualitative reflections and the Beliefs, Events, and Values Inventory (BEVI), which was administered to SU and MSU students before and after the collaboration.

Key Outcomes for SU Students

At Setsunan University, the BEVI was administered to seven students enrolled in Professor Curtis Chu’s Topics in Global Citizenship course. The results demonstrated significant changes in eight indicators, with the most notable improvements in:

  • Global Awareness: Students displayed a heightened understanding of global sustainability issues and the relevance of sustainable finance in various cultural contexts.
  • Intercultural Competence: Many students noted an increase in their ability to work collaboratively with peers from different cultural backgrounds, reflecting enhanced skills in navigating cross-cultural communication.
  • Empathy and Socio-emotional Awareness: The project fostered a stronger sense of empathy as students engaged with the perspectives of their international peers. This was evident in both group discussions and their final project reflections, where students emphasized how they gained new insights into sustainability from different cultural viewpoints.

One Setsunan University student shared:

 I did not feel that my English was very strong, but my teammates from NHH and MSU were very understanding. This project helped me become more confident in expressing my ideas in English.” Another student reflected, “I learned that sustainability looks different in every country, and this helped me understand my own role in solving global challenges.

Key Outcomes for MSU Students

Eleven MSU students from Professor Antoinette Tessmer’s Sustainable Finance course also completed the BEVI. These students showed similar progress in intercultural competence and empathy, but also noted particular challenges around processing complex financial data provided by their peers from NHH and SU. The BEVI results indicated shifts in:

  • Cognitive Flexibility: MSU students adapted to working with varying levels of expertise, particularly when integrating stock market data analysis with sustainability metrics. 
  • Global and Ecological Resonance: Professor Tessmer theorized that as MSU students realized sustainability is a shared concern globally, particularly in Norway and Japan, they began to reevaluate their roles in local and global contexts. This was evidenced by their reflective discussions on how sustainability efforts in their communities aligned with international practices.

Despite some initial challenges in adapting to the asynchronous nature of the project, MSU students ultimately reported that the COIL experience enhanced their appreciation of sustainability's global relevance and expanded their knowledge of international financial systems. One student noted, “Working with peers from Japan and Norway helped me see how finance can drive sustainability in different ways. This is something I wouldn’t have experienced in a traditional classroom setting.”

Challenges and Learning Points

While the project was successful, there were some challenges, particularly regarding the coordination of synchronous activities. Only three NHH students were able to participate due to administrative constraints, limiting opportunities for real-time interaction. Both SU and MSU students expressed a desire for more synchronous sessions to strengthen their intercultural communication skills. 

Professor Tessmer also noted that the MSU students, who were simultaneously learning advanced financial analysis techniques, experienced some cognitive overload when tasked with interpreting and integrating the extensive data provided by their international peers. This led to a slight decrease in the socio-emotional convergence scores on the BEVI, as some MSU students preferred a more straightforward approach to financial analysis rather than considering multiple complex factors.

Photo: (Left to Right, Clockwise): Professors Curtis Chu (Setsunan), Antoinette Tessmer (MSU), José Albuquerque de Sousa (NHH) and Jeremy Hoff (MSU), AAC&U Institute on VE/COIL Workshop in Bergen, Norway, June 2023.

Reflections and Faculty Insights

Both Professor Tessmer and Professor Chu incorporated reflective activities as part of the students’ learning process. Tessmer observed that while students appreciated the global perspective they gained on sustainable finance, they suggested integrating more interactive discussions during the project. Similarly, Chu noted that SU students had gained confidence in their English communication skills, but the experience also highlighted the need for additional scaffolding to help them navigate the complexities of intercultural teamwork in virtual environments.

Faculty members emphasized the importance of flexibility and adaptability in virtual exchange projects, as unexpected challenges, such as time zone differences and administrative hurdles, require creative problem-solving. Both Tessmer and Chu plan to incorporate more synchronous activities and clearer guidelines for project management in future COIL initiatives.

For educators interested in piloting their own COIL initiatives, the VE/COIL collaboration between NHH, MSU, and Setsunan University provides several important insights:

  • Balanced Integration of Synchronous and Asynchronous Learning: While asynchronous tools such as Google Docs and Flip were effective, feedback suggests that more synchronous sessions would have enhanced real-time intercultural communication and team dynamics.
  • Scalability of Digital Tools: Using accessible digital platforms like Zoom, Flip, and Google Docs facilitated smooth collaboration between institutions with differing technological infrastructures, making the project scalable for educators working in diverse global settings.
  •  Interdisciplinary Learning: The project successfully combined disciplines like finance, global citizenship, and sustainability, allowing students to see real-world applications of their coursework in a global context. For future projects, interdisciplinary learning remains a key factor in enhancing student engagement and understanding.

Testimonials & Experiences

Students from all three institutions shared positive feedback about their VE/COIL experience. An MSU student reflected, 

My experience with COIL was amazing. I enjoyed learning about sustainability and finance while collaborating with peers from around the world.” SU students highlighted how working in cross-cultural teams improved their communication skills, with one participant stating, “I did not feel that my English was that good, but thanks to the team, I was able to overcome this gap.


The project also prompted students to think critically about their roles in a global context, with an SU student noting, 

I deepened my understanding of sustainable finance and investment by listening to the opinions of people from different cultures and countries.

Future Directions

The success of this VE/COIL project has sparked discussions about formalizing the partnership and expanding the collaboration to include additional projects and study abroad programs.

  • NHH: There are plans to expand NHH’s involvement in future COIL projects with MSU and SU, particularly in the area of sustainable finance. Professor de Sousa is interested in increasing student participation and developing further interdisciplinary collaborations.
  • MSU: MSU is moving towards formalizing a Memorandum of Understanding (MOU) with Setsunan University to facilitate future COIL initiatives, student exchanges, and joint research projects. There are plans for a high-level delegation visit to Setsunan to explore broader collaboration opportunities.
  • Setsunan University: SU is actively pursuing funding for blended mobility programs, aiming to develop a study abroad initiative by 2025. They are also exploring ways to combine virtual exchanges with short-term physical mobility to offer students a more comprehensive global learning experience.