
<oai_dc:dc xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:oai_dc="http://www.openarchives.org/OAI/2.0/oai_dc/" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.openarchives.org/OAI/2.0/oai_dc/ http://www.openarchives.org/OAI/2.0/oai_dc.xsd">
  <dc:title>ESSAYS IN ENVIRONMENTAL FINANCE</dc:title>
  <dc:creator>Li, Jing</dc:creator>
  <dc:description>The Clean Development Mechanism (CDM) is a mechanism de ned in the Ky- oto protocol that incentivizes parties to the protocol to fund sustainable development projects in countries that are not party to the protocol. In the rst chapter of this paper, I introduce the CDM and how the nancing mechanism works. In the second chapter, I analyze a target contract nancing structure for di erent CDM projects in order to see under what conditions the nancing structure is e cient and to explore the contract&apos;s allocation of pro t among the rms. In the two broad categories of CDM projects I consider, I nd the optimal investment decision for the investor and for the overall system. I also analyze how the residual value of technology would a ect the nancing, target contract&apos;s e ciency, and allocation of pro t. In the third chapter, I conduct empirical analysis on the actual CDM outputs, Certi ed Emission Reduction units (CERs), for a sample of wind CDM projects in China. I nd that CDM projects greatly under perform relative to the promises they make. Based on this under-performing records, in the fourth chapter, I analyze the economic bene ts investors could gain if they were able to directly fund a portfolio of CDM projects and obtain returns from the anticipated CER issuances and underlying energy generated from the portfolio of CDM projects. I consider a variety of funding constraints that the CDM fund/portfolio manager (CDM-PM) may face and determine their economic performance against actual CDM project data for wind CDM projects in China.</dc:description>
  <dc:description>PH.D in Management Science, July 2013</dc:description>
  <dc:contributor>Sabbaghi, Navid</dc:contributor>
  <dc:date>2013</dc:date>
  <dc:date>2013-07</dc:date>
  <dc:type>Dissertation</dc:type>
  <dc:format>application/pdf</dc:format>
  <dc:identifier>islandora:7229</dc:identifier>
  <dc:identifier>http://hdl.handle.net/10560/3176</dc:identifier>
  <dc:source>SSB / Stuart School of Business</dc:source>
  <dc:source>Illinois Institute of Technology</dc:source>
  <dc:language>en</dc:language>
  <dc:rights>In Copyright</dc:rights>
  <dc:rights>http://rightsstatements.org/page/InC/1.0/</dc:rights>
  <dc:rights>Restricted Access</dc:rights>
</oai_dc:dc>