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首页> 外文期刊>International journal of environmental policy and decision making >Implied valuation of environmental externalities: a study of investor responses to rejection of Indian CDM project proposals
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Implied valuation of environmental externalities: a study of investor responses to rejection of Indian CDM project proposals

机译：隐含的环境外部价值评估：研究投资者对印度CDM项目提案遭到拒绝的回应

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摘要

The project registration process under the Kyoto Protocol/CDM is clearly defined, and rather elaborate, involving approval by the designated national authority ('host country approval') and culminating in the approval and issue of carbon emission reduction certificates by the CDM-executive board (EB). This paper measures the environmental externality embedded in the market valuation of a portfolio of Indian firms whose project proposals had been approved by the national authority in India, but had eventually been rejected by the CDM-EB. It is observed that approval by the host country generally triggers an unambiguous positive response from investors. However, responses on rejection tend to be uncharacteristic and inconsistent and completely divorced from futures prices discovered for issued and traded emission-reduction certificates (CER). A few suggestions are presented to try and explain such anomalous behaviour.
机译：《京都议定书》 /《清洁发展机制》规定的项目注册过程是明确定义的，相当复杂，涉及指定国家主管部门的批准（“东道国批准”），最终由清洁发展机制执行理事会批准和签发碳减排证书（EB）。本文衡量的是印度公司投资组合的市场估值中所包含的环境外部性，这些公司的项目建议书已获得印度国家主管部门的批准，但最终被CDM-EB拒绝。据观察，东道国的批准通常会引起投资者明确的积极回应。但是，对拒绝的回应往往是不典型的，不一致的，并且与为已发行和交易的减排量证书（CER）发现的期货价格完全脱离。提出了一些建议来尝试解释这种异常行为。

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