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Handbook of Environmental and Sustainable Finance

1st Edition - October 28, 2015

Editors: Vikash Ramiah, Greg N. Gregoriou

Hardback ISBN:

9 7 8 - 0 - 1 2 - 8 0 3 6 1 5 - 0

eBook ISBN:

9 7 8 - 0 - 1 2 - 8 0 3 6 4 6 - 4

The use of financial concepts and tools to shape development is hardly new, but their recent adoption by advocates of sustainable environmental management has created… Read more

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The use of financial concepts and tools to shape development is hardly new, but their recent adoption by advocates of sustainable environmental management has created opportunities for innovation in business and regulatory groups. The Handbook of Environmental and Sustainable Finance summarizes the latest trends and attitudes in environmental finance, balancing empirical research with theory and applications. It captures the evolution of environmental finance from a niche scholarly field to a mainstream subdiscipline, and it provides glimpses of future directions for research. Covering implications from the Kyoto and Paris Protocols, it presents an intellectually cohesive examination of problems, opportunities, and metrics worldwide.

Dedication
List of Contributors
Editors' Biography
Contributors' Biography
Acknowledgments
Section 1. Environmental Regulations Post the Kyoto Protocol on Climate Change
- Chapter 1. Climate Change and Kyoto Protocol: An Overview
  - 1.1. Introduction
  - 1.2. Global Warming
  - 1.3. United Nations Framework Convention on Climate Change
  - 1.4. Kyoto Protocol
  - 1.5. CDM: Project Eligibility, Project Cycle, and Executive Board
  - 1.6. Carbon Finance and Types of Emission Reduction Credits
  - 1.7. Climate Finance
  - 1.8. National Level Emission Trading Systems
  - 1.9. Kyoto Protocol: Journey and Current Developments
  - 1.10. Conclusion
- Chapter 2. Environmental Policies Post the Kyoto Protocol on Climate Change: Evidence from the US and Japan
  - 2.1. Introduction
  - 2.2. Acid Rain
  - 2.3. Asbestos
  - 2.4. Agriculture
  - 2.5. Electric Utilities
  - 2.6. Climate Change
  - 2.7. Oil and Gas Extraction Sector
  - 2.8. Toxic Release Inventory
  - 2.9. Construction Sector
  - 2.10. Transportation Sector
  - 2.11. Oil Spills and Hazardous Substance Releases
  - 2.12. Risk Management Plan Rule
  - 2.13. Water
  - 2.14. Japanese Environmental Policies (MoE Environmental Policy)
  - 2.15. Global Environment
  - 2.16. Waste and Recycling
  - 2.17. Air and Transportation
  - 2.18. Water, Soil, and the Ground Environment
  - 2.19. Health and Chemicals
  - 2.20. Nature and Parks
  - 2.21. Conclusion
- Chapter 3. Efficiency of U.S. State EPA Emission Rate Goals for 2030: A Data Envelopment Analysis Approach
  - 3.1. Introduction
  - 3.2. Literature Review
  - 3.3. Methodology
  - 3.4. Data
  - 3.5. Results
  - 3.6. Conclusion
Section 2. Environmental Economics
- Chapter 4. Environmental Water Governance in the Murray-Darling Basin of Australia: The Movement from Regulation and Engineering to Economic-Based Instruments
  - 4.1. Introduction
  - 4.2. Water Management Governance Tools
  - 4.3. The Murray-Darling Basin
  - 4.4. Phases in Australia's Water Management in the MDB
  - 4.5. The Development and Extension of Economic Instruments in the MDB
  - 4.6. Future Policy Directions
  - 4.7. Conclusion
  - Appendix A: List of Abbreviations
- Chapter 5. Damages Evaluation, Periodic Floods, and Local Sea Level Rise: The Case of Venice, Italy
  - 5.1. Introduction
  - 5.2. Data and Methods
  - 5.3. Results
  - 5.4. Conclusion
- Chapter 6. Corporate Social Responsibility and Macroeconomic Uncertainty
  - 6.1. Introduction
  - 6.2. CSR and Macroeconomic Uncertainty
  - 6.3. Data
  - 6.4. Empirical Findings
  - 6.5. Conclusion
- Chapter 7. Public Value of Environmental Investments: A Conceptual Outlook on the Management of Normatively Determined Risks
  - 7.1. Introduction
  - 7.2. The Rise of Environmental Investments
  - 7.3. Historical Backgrounds
  - 7.4. Public Value Theory and Normative Value Creation
  - 7.5. Empirical Evidence on Public Value Measurement: The Public Value Atlas
  - 7.6. Public Value and Reputational Risks
  - 7.7. Hedging Normative Risks by Buying a Put-on Public Value
  - 7.8. Conclusion
- Chapter 8. What Holds Back Eco-innovations? A “Green Growth Diagnostics” Approach
  - 8.1. Introduction
  - 8.2. Eco-innovation for Greening Growth
  - 8.3. What Holds Back Eco-innovations?
  - 8.4. Identifying and Prioritizing Barriers to Eco-innovation
  - 8.5. Conclusion
- Chapter 9. Trade Openness and CO2 Emission: Evidence from a SIDS
  - 9.1. Introduction
  - 9.2. Literature Review
  - 9.3. Methodology and Analysis
  - 9.4. Conclusion
- Chapter 10. Will TAFTA Be Good or Bad for the Environment?
  - 10.1. Introduction
  - 10.2. Literature Review
  - 10.3. Data Sources
  - 10.4. Four Estimating Equations
  - 10.5. Empirical Methodology
  - 10.6. Empirical Results
  - 10.7. Conclusion
- Chapter 11. Feminism, Environmental Economics, and Accountability
  - 11.1. Introduction
  - 11.2. Impact of Feminism in Economics
  - 11.3. Female Economists' Contributions in Environmental Economics
  - 11.4. Concluding Comments
Section 3. Environmental/Sustainable Finance
- Chapter 12. Does National Culture Affect Attitudes toward Environment Friendly Practices?
  - 12.1. Introduction
  - 12.2. Literature Review
  - 12.3. Methodology and Data
  - 12.4. Empirical Results
  - 12.5. Conclusion
- Chapter 13. The Economic and Financial Effects of Environmental Regulation
  - 13.1. Introduction
  - 13.2. The Costs of Production
  - 13.3. Plant Location
  - 13.4. Productivity at the Firm and Sectoral Level
  - 13.5. Stock Prices, Returns, and Risk
  - 13.6. Employment
  - 13.7. Net Exports
  - 13.8. Competitiveness
  - 13.9. Economic Growth, Environmental Degradation, and Regulation
  - 13.10. Aggregate Productivity
  - 13.11. Conclusion
- Chapter 14. Environmental Challenges and Financial Market Opportunities
  - 14.1. Introduction
  - 14.2. Theory and Experiences with Cap-and-Trade
  - 14.3. The Kyoto Protocol and Global Participation
  - 14.4. Expected Future Emissions and Caps
  - 14.5. The Size and Extent of Environmental Securitization
  - 14.6. Conclusions
- Chapter 15. Environmental Finance
  - 15.1. Introduction
  - 15.2. Green Bonds
  - 15.3. Conclusion
- Chapter 16. The Relationship between Screening Intensity and Performance of Socially Responsible Investment Funds
  - 16.1. Introduction
  - 16.2. Background, Literature Review, and Research Questions
  - 16.3. Data and Methods
  - 16.4. Results
  - 16.5. Conclusion
- Chapter 17. Using CO2 Emission Allowances in Equity Portfolios
  - 17.1. Introduction
  - 17.2. Carbon Allowances and Literature Review
  - 17.3. Data and Methodology
  - 17.4. Results
  - 17.5. Conclusion
- Chapter 18. The Returns from Investing in Water Markets in Australia
  - 18.1. Introduction
  - 18.2. Background of Water Markets in Australia
  - 18.3. Water Investment Literature Review
  - 18.4. Data
  - 18.5. Methodology
  - 18.6. Discussion and Conclusions
- Chapter 19. Product Market Competition and Corporate Environmental Performance
  - 19.1. Introduction
  - 19.2. Literature Review
  - 19.3. Data and Methodology
  - 19.4. Empirical Results
  - 19.5. Conclusion
Section 4. Funding and Accounting Systems
- Chapter 20. The Costs and Benefits of Cost–Benefit Analysis as Applied to Environmental Regulation
  - 20.1. Introduction
  - 20.2. Identifying and Measuring Costs
  - 20.3. Identifying and Measuring Benefits
  - 20.4. Calculating the Present Value of Net Benefits
  - 20.5. The CBA Controversy
  - 20.6. A Discussion of Controversial Issues
  - 20.7. Conclusion
- Chapter 21. The Crowdfunding of Renewable Energy Projects
  - 21.1. Introduction
  - 21.2. Crowdfunding: Facts and Figures
  - 21.3. Review of the Literature
  - 21.4. The Sample
  - 21.5. The Determinants of the Campaign Success
  - 21.6. Conclusion
- Chapter 22. Management Accounting and Biodiversity: The Cultural Circuit of Capitalism and the Social Construction of a Perfect Market?
  - 22.1. Introduction
  - 22.2. FCA in Managerial Decision Making
  - 22.3. The Cultural Circuit of Capitalism: Management Accounting and Control
  - 22.4. The Deafening Noise: Biodiversity Crisis Shocks Functioning Markets?
  - 22.5. The Sellers: Municipal Council Operating in a WHS
  - 22.6. The Buyers Multinational Coal Mining
  - 22.7. Conclusion: The Biodiversity Market and FCA
Index

Vikash Ramiah

Dr Vikash Ramiah is an Associate Professor in Applied Finance at University of South Australia. He has a Diploma of Management, B. Sc. (Hons) Economics, Master of Finance program & Doctor of Philosophy from RMIT University. He has received numerous awards for outstanding performance in teaching, research and supervision. Vikash has been teaching economics and finance courses at UNISA, RMIT, University of Melbourne, La Trobe University and Australian Catholic University since 1999. He has published in academic journals (e.g Journal of Banking and Finance, International Review of Finance, Journal of Behavioral Finance, European Journal of Finance, Applied Economics, International Review of Financial Analysis, Pacific Basin Finance Journal and Journal of International Financial Market, Institution and Money), industry reports, books, book chapters, and conference papers. Vikash supervises numerous PhD students and regularly attracts research funding. He is an expert reviewer for several finance journals and for the Mauritius Research Council. He serves on the editorial board of finance journals. He was an elected board member of the RMIT University Business Board, program Director of Open Universities Australia and acting Board member at the Australian Centre For Financial Studies. He was as a junior auditor at H&A Consultant, manager at Intergate PTY Limited, quantitative analyst at ANZ, Investment Banking Division, provided consultancy services to the Australian Stock Exchange and worked in collaboration with the Finance and Treasury Association of Australia and the Australian Centre for Financial Studies. Other services to the community includes being, a research fellow for Institute of Global Business & Society, Cologne University of Applied Sciences, Centre for Applied Financial Services and Tianjin Academy of Environmental Sciences, Academic Advisers & Collaborators at Behavioural Finance Australia, External Examiner at the University of Mauritius and reviewer the University of Technology Mauritius. He is the founder of Researchers Sans Frontiere Network, Environmental Finance Cluster at RMIT and his research areas are financial markets, behavioural finance and environmental finance.

Affiliations and expertise

University of South Australia, Melbourne, Australia

Greg N. Gregoriou

A native of Montreal, Professor Greg N. Gregoriou obtained his joint Ph.D. in finance at the University of Quebec at Montreal which merges the resources of Montreal's four major universities McGill, Concordia, UQAM and HEC. Professor Gregoriou is Professor of Finance at State University of New York (Plattsburgh) and has taught a variety of finance courses such as Alternative Investments, International Finance, Money and Capital Markets, Portfolio Management, and Corporate Finance. He has also lectured at the University of Vermont, Universidad de Navarra and at the University of Quebec at Montreal.

Professor Gregoriou has published 50 books, 65 refereed publications in peer-reviewed journals and 24 book chapters since his arrival at SUNY Plattsburgh in August 2003. Professor Gregoriou's books have been published by McGraw-Hill, John Wiley & Sons, Elsevier-Butterworth/Heinemann, Taylor and Francis/CRC Press, Palgrave-MacMillan and Risk Books. Four of his books have been translated into Chinese and Russian. His academic articles have appeared in well-known peer-reviewed journals such as the Review of Asset Pricing Studies, Journal of Portfolio Management, Journal of Futures Markets, European Journal of Operational Research, Annals of Operations Research, Computers and Operations Research, etc.

Professor Gregoriou is the derivatives editor and editorial board member for the Journal of Asset Management as well as editorial board member for the Journal of Wealth Management, the Journal of Risk Management in Financial Institutions, Market Integrity, IEB International Journal of Finance, and the Brazilian Business Review. Professor Gregoriou's interests focus on hedge funds, funds of funds, commodity trading advisors, managed futures, venture capital and private equity. He has also been quoted several times in the New York Times, Barron's, the Financial Times of London, Le Temps (Geneva), Les Echos (Paris) and L'Observateur de Monaco. He has done consulting work for numerous clients and investment firms in Montreal. He is a part-time lecturer in finance at McGill University, an advisory member of the Markets and Services Research Centre at Edith Cowan University in Joondalup (Australia), a senior advisor to the Ferrell Asset Management Group in Singapore and a research associate with the University of Quebec at Montreal's CDP Capital Chair in Portfolio Management. He is on the advisory board of the Research Center for Operations and Productivity Management at the University of Science and Technology (Management School) in Hefei, Anhui, China.

Affiliations and expertise

School of Business and Economics, State University of New York, Plattsburgh, NY, USA