This textbook provides an introduction to environmental finance and investments. The current situation raises fundamental questions that this book aims to address. Under which conditions could carbon pricing schemes contribute to a significant decrease in emissions? What are the new investment...

1 Introduction -- 2 The Issue of Climate Change.- 3 The Rise of the Emission Markets -- 4 The Economics of Mitigation Strategies -- 5 The Finance of Environment Investments -- 6 The Emission Price Dynamics -- Bibliography

We examine active retail mutual funds and institutional products with a mandate to invest ininternational equity markets between 1991 and 2009. Using global and regional factor models,we find no reliable evidence of alphas in the aggregate or on average. The right tail of thedistribution...

Limited liability creates a conict of interests between policyholders and shareholders ofinsurance companies. It provides shareholders with incentives to increase the risk of theinsurer's assets and liabilities which, in turn, might reduce the value policyholders attach toand premiums they are...

We develop a model of real investment and cash holdings in which firms face uncertaintyregarding their ability to raise funds in the capital markets and have to search for investorswhen raising outside capital. We provide an explicit characterization of the optimal investment,cash management,...

The goal of this paper is to assess the optimal choice of a household in California, United States, in terms of their decision if and when to undertake a certain investment in a residential scale, grid-connected, solar photovoltaic system, in order to obtain savings in their monthly expenditures...