Carbon Finance Markets Analysis And Empirical Analysis

Since the Kyoto Protocol had been signed,more and more attention is paid toclimate change.Cap-and-Trade emission trading system introduces market mechanismand economic measures into reducing greenhouse gas emission and coping with climatechange is paid more and moer attiention by many countries in their environmentalpolicies.The European Union started cap-and-trade emission trading in2005and hasinitiated a market of European Union Allowance(EUA) which is dominant in globalemission trading market.This dissertation studies the price behavior and marketefficiency of European Union Allowance market,analyzes the volatility of EUApricesand its market efficiency.China As a developing country does not need to fulfill the obligation of reducecarbon emission,thus China may participate in the glibal carbion transaction throughframework agreement under clean development mechanism(CDM).As the secondbiggest carbon emissions country in the world(after USA),China has a large potential inreduciong carbon emissions.The listed companies in China participate in theinternational carbon trading market through the CDM mechanism.This dissertationstudies the listed company’s share price analysis linkage between the domestic marketand international market.