The specific objectives of this project were: 1) Determine financial viability of enrolling forest landowners in Chicago Climate Exchange (CCX) forestry carbon offset protocols; 2) Determine financial trade-offs associated with managing loblolly pine (Pinus taeda L.) and Cherrybark oak (Quercus pagoda Raf.) stands for increased carbon sequestration and timber; 3) Examine financial feasibility of increasing carbon accumulation in wood products carbon by extending rotation length of loblolly pine stands; and 4) Explore potential impacts of carbon policies and programs on future carbon accumulation in Mississippi’s forest sector.

This dissertation includes three papers that examine the role of child care policy in promoting early childhood education and care and parental labor supply. Paper one investigates the effects of universal pre-kindergarten on center-based early education and care enrollment and child care expenditures by household income with a focus on middle-income children. Paper two considers how the generosity of the Child and Dependent Care Tax Credit (CDCTC) benefits is associated with child care utilization and maternal labor supply. Paper three assesses the role of coresident grandparents in parental labor supply during the COVID-19 pandemic.

The development of scorecards for customer credit rating is a well-established field in the financial sector. The aim of this project, conducted in collaboration with a Swedish credit institute, was to develop a statistical model for predicting customer performance. In addition to conducting a model, the project also sought to identify the set of consumer characteristics with high predictive capability and how these characteristics differ when predicting performance early versus late in the loan term. To achieve this goal, a dataset containing approximately 15,000 unique loan applications approved between July 2020 and July 2022 was acquired from the credit institute, and logistic regression models were applied for different time periods ranging from 6 to 21 months. However, the models demonstrated better results than a random model but also showed difficulties in predicting creditworthiness. Possible factors contributing to the model's performance are discussed in the project, along with suggestions for potential improvements. Further research is encouraged in this area to achieve better prediction accuracy. / Utvecklingen av modeller för att bedöma kunders kreditvärdighet är en väletablerad del av finanssektorn. Som en del av ett samarbete med ett svenskt kreditinstitut var målet med detta projekt att skapa en statistisk modell som kunde predicera kunders betalningsförmåga. Utöver att skapa en modell syftar projektet också till att identifiera de egenskaper hos låntagare som har hög prediktionsförmåga samt hur dessa prediktionsvariabler skiljer sig för att förutse betalningsförmågan tidigt respektive sent in i löptiden. För att undersöka detta erhölls en datamängd innehållande cirka 15 000 unika låneansökningar som godkändes mellan juli 2020 och juli 2022 från kreditinstitutet, och logistiska regressionsmodeller tillämpades med kundernas status mellan 6 och 21 månader in av löptiden som målvariabler. Modellerna visade bättre resultat än en slumpmässig modell men visade också på stora svårigheter att förutsäga kreditvärdigheten. Möjliga faktorer som bidrar till modellernas träffssäkerhet diskuteras i projektet, tillsammans med förslag på potentiella förbättringar och ytterligare forskning uppmuntras inom detta område för att uppnå bättre modeller.

As the anthropogenic emissions of greenhouse gases (GHGs) have increased and received moreattention, the need for climate mitigation solutions has become more urgent. Today, several methodologies for carbon accounting exists, as well as the possibility to offset emissions by buying carbon offsets. All these methodologies directly or indirectly spring from LCA but have developed to metrics considering only climate and with a dissatisfying sustainability performance in other aspects. Four carbon accounting methodologies (VCS, Gold Standard, GHG Protocol, XPRIZE Carbon Removal) have been examined and compared, showing differences in the approach to quantification and to more holistic sustainability aspects. They have also been analysed in comparison to the QU.A.L.ITY framework proposed by the European Commission, which aims to ensure the quality of carbon removals and prevent greenwashing. The results showed a lack of coherence between the carbon offset standards as well as a low coherence with the criteria in the proposed framework and lack of holistic sustainability perspectives. Algae are photosynthesizing organisms fixating CO2 in the same process as terrestrial plants. They are fast growing and does not require land or much maintenance, which is why seaweed aquaculture has been suggested as a method for carbon removals. This have given birth to a plethora of start-ups aiming to sell carbon offsets from systems based on macroalgae, here called “seaweed offsets”. Nine companies/projects were identified and examined. The results showed that most of the companies used systems involving cultivation, while one company use wild seaweed. The two largest techniques for sequestration of the carbon fixated in the biomass were 1) sinking the seaweed into the deep sea and 2) making biochar from the biomass. However, there are not yet any standards covering this type of carbon offset methodologies and these offsets are thus not certified and the results also show that the efficiency of these activities is highly unreliable. Large uncertainties remain regarding the net carbon removal, sequestration, and potential ecological impacts. These uncertainties and knowledge gaps also cause the suggested methods for seaweed offsetting to clash with the QU.A.L.ITY framework. / I takt med att de antropogena utsläppen av växthusgaser har ökat och fått mer uppmärksamhet har behovet av lösningar för att begränsa klimatförändringarna blivit mer brådskande. Idag finns flera metoder för koldioxidredovisning och -beräkning, liksom möjligheten att klimatkompensera genom att köpa klimatkompensation. Alla dessa metoder här rör direkt ellerindirekt från LCA men har utvecklats till mått som endast tar hänsyn till klimat, och med en otillfredsställande hållbarhetsprestanda i andra aspekter. Fyra metoder förkoldioxidredovisning (VCS, Gold Standard, GHG Protocol, XPRIZE Carbon Removal) har undersökts och jämförts, vilket visar skillnader i tillvägagångssättet för kvantifiering och förmer holistiska hållbarhetsaspekter. De har också analyserats i jämförelse med ”QU.A.L.ITY”-ramverket som föreslagits av Europeiska kommissionen, vilket syftar till att säkerställa kvaliteten på lösningar som skall ta bort CO2 ur atmosfären och förhindra greenwashing. Resultaten visar på bristande samstämmighet mellan klimatkompensationsstandarderna samt låg överensstämmelse med kriterierna i det föreslagna ramverket och brist på holistiskahållbarhetsperspektiv. Alger är fotosyntetiserande organismer som fixerar CO2 i samma process som markväxter. De växer snabbt och kräver inte mark eller mycket underhåll, vilket är varför algodling har föreslagits som en metod för att minska halten CO2 i atmosfären. Detta har gett upphov till en uppsjö av nystartade företag som syftar till att sälja koldioxidkompensation från system baserade på makroalger, här kallade "tångkompensationer" (seaweed offsets). Nio företag/projekt identifierades och granskades. Resultaten visar att de flesta av företagen använder system som involverar odling, medan ett företag använder vild tång. De två största teknikerna för att binda kolet fixerat i biomassan var 1) sänka tången i djuphavet och 2) göra biokol av biomassan. Det finns dock ännu inga standarder som täcker denna typ av klimatkompenseringsmetoder och dessa kompensationer är därför inte certifierade. Resultaten visar också att effektiviteten i dessa system är mycket otillförlitlig. Storaosäkerheter kvarstår när det gäller netto upptag av CO2, lagring och potentiella ekologiska effekter. Dessa osäkerheter och kunskapsluckor gör också att de föreslagna metoderna för tångkompensation kolliderar med QU.A.L.ITY-ramverket.

Made available in DSpace on 2016-04-26T20:26:03Z (GMT). No. of bitstreams: 1 Luis Fernando de Freitas Penteado.pdf: 691795 bytes, checksum: 803fd93930323302ac5d26921cf12a66 (MD5) Previous issue date: 2007-10-08 / Although the problem related to the weather change has been widespread only in the last decades, it is not recent the concern of the international community in the adoption of measures for the mitigation of this change in the ecosystem balance. The Kyoto Protocol, however, comes as the concrete awareness of the need of acting towards the reduction of the greenhouse effect, which causes such changes in our weather, noticed, mainly, through the global warming. The main means designed by that international treaty is the possibility of compensating the emissions of the gases accountable for the greenhouse effect (GEG Greenhouse Effect Gases), which is possible only through the transaction of the Credits of Emission Reduction - CERs, commonly known as Carbon Credits. Its example was followed, individually, by several other countries, being its idea adopted, even by Brazil, most accurately by São Paulo Estate, which improved its concept in the reduction of the concentration in the atmosphere of some polluting gases and of particulated material. However, a lot is asked about the compatibility of the above mentioned Protocol inside the principles and main regulations of our Environmental Law, and also, about what would be the environmental civil responsibility of the people engaged in the projects, related to a possible not fulfilling of the reduction of the emissions, as declared in each case. In this paper, we will demonstrate the perfect compatibility among the projects that give rise to the getting of the Credits of Reduced Atmospheric Emissions and our main laws related to the environment protection, as well as to the Environmental Law Principles. Finally, we will also, as an important part of this paper, analyses the environmental civil responsibility of the people in charge of keeping the commitments made when a project is implemented, aiming at obtaining the Credits of the Reduced Atmospheric Emissions / Apesar de somente nas últimas décadas o problema relativo às mudanças climáticas ter ganhado a repercussão que lhe é devida, não é de agora a preocupação da Comunidade Internacional na adoção de medidas para mitigação dessa alteração ao equilíbrio ecossistêmico. O Protocolo de Quioto representa a concretização da necessidade de se agir de modo a reduzir o chamado efeito estufa, causador de tais mudanças em nosso clima, sentidas, principalmente, com o aquecimento global. O principal instrumento idealizado por este Tratado Internacional encontra-se na possibilidade de se compensar as emissões dos gases responsáveis pelo efeito estufa (GEE Gases de Efeito Estufa), ato que é possível apenas via transação das Certidões de Redução de Emissões - RCEs, popularmente conhecidas como Créditos de Carbono. Seu exemplo foi seguido ainda individualmente, por outros diversos países, chegando sua idéia a ser adotada inclusive pelo Brasil, mais precisamente pelo Estado de São Paulo, que aprimorou seu conceito na redução da concentração na atmosfera de alguns gases poluentes e de material particulado. Entretanto, muito se questiona doutrinariamente acerca da compatibilidade do referido instrumento com nosso Direito Ambiental, princípios e principais normas, e ainda sobre qual seria a responsabilidade civil ambiental daqueles envolvidos nos projetos, frente a um eventual não cumprimento da redução das emissões, conforme declarado em cada caso. Demonstrar-se-á, ao longo do texto, a perfeita compatibilidade entre os projetos que dão ensejo à obtenção dos Créditos de Emissões Atmosféricas Reduzidas e as nossas principais leis relativas à proteção do meio ambiente, bem como aos princípios de Direito Ambiental. Por fim, sendo ainda o foco principal do presente estudo, será analisada a responsabilidade civil ambiental dos responsáveis pela manutenção dos compromissos acordados quando da implementação de um projeto visando à obtenção dos Créditos de Emissões Atmosféricas Reduzidas

This study evaluates the current environment for mixed-income transit oriented development along DART rail within the city limits of Dallas. A close look at income and racial disparity is used as the foundation for advocating for a more proactive and aggressive approach to the development of affordable units proximate to affordable transportation choices. Assembling financing for mixed-income TOD projects is especially challenging, and multiple layers of federal, state, and city funding mechanisms are required for achieving the capital requirements of the development. Both typical affordable housing funding methods and new and nontraditional funding methods for multifamily housing were researched and evaluated with the intention to propose possibilities for catalyzing development in DART station areas within the City of Dallas that have, to this point, experienced underdevelopment. / text

本文以除權息前後累積異常報酬率為應變數，探討稅額扣抵比率及股權集中度對除權息前後累積異常報酬率的影響。研究對象為民國88年至96年間分配盈餘的國內上市公司，排除行業性質特殊之金融業，以普通最小平方法從事實證模型分析。主要實證結果彙整如下： 1.稅額扣抵比率與除權息前之累積異常報酬率呈顯著正相關，與除權息後之累積異常報酬率呈負相關，但較不顯著。此表示稅額扣抵比率的租稅因素影響在除權息前較為顯著，但在除權息後現象較不顯著。 2.股權集中度與除權息前後之累積異常報酬率的關係均未達統計上顯著水準。產生此實證結果的可能解釋有二：（1）非稅成本的考量；（2）本文以股權集中度衡量可能並未真正捕捉到個人投資人的所得稅率。 3.低稅額扣抵比率類的除權息前累積異常報酬率，較高稅額扣抵比率（基準）類樣本為低的現象，此與預期相符。但在其他加入類別虛擬變數的迴歸結果，並未發現在不同稅額扣抵比率或股權集中度下，會對除權息前後之累積異常報酬率有不同的影響。 4.公司規模及股價淨值比與除權息前後累積異常報酬率均呈顯著正向關係；股利殖利率與除權息前累積異常報酬率呈顯著正向關係，而與除權息後之累積異常報酬率呈顯著負向關係。電子業別與除權息前之累積異常報酬率呈顯著負向關係，而與除權息後之累積異常報酬率呈顯著正向關係。 在圖表的分析中，可看出高稅額扣抵比率或低股權集中度的樣本，其除權息前後累積異常報酬率波動較小，較不受除權息事件的影響。 / The main purpose of this paper is to examine, before and after the ex-dividend day, the impacts of imputation credits and ownership concentration on cumulative abnormal returns(CARs). In this paper , CARs before and after the ex-dividend day are used as the dependent variable. The data are collected from the domestic listed companies which had allocated the earnings from 1999 to 2006. Because of its special characteristics, the financial industry is excluded from the data. In order to analyze the impacts of imputation credits and ownership concentration on CARs , we used the ordinary least squares. The empirical results in this paper are summarized as follows: 1.The imputation credits have a significant positive impact on CARs before the ex-dividend day, but they don’t have a significant negative impact on CARs after the ex-dividend day. This phenomenon implies that the influence of tax factor before the ex-dividend day is more significant than that after the ex-dividend day. 2.The failure of finding a significant relation between ownership concentration and CARs of before and after the ex-dividend day maybe due to two reasons. Frist, investors may not take tax factor into account when they invest the stock. Second, the proxy variable for ownership concentration of this study may not fully capture the marginal income rate of individuals. 3.CARs before the ex-dividend day in listed company with lower imputation credit are lower than that in listed company with higher imputation credit, the empirical result matchs general intuition. But other regressions with dummy variables regarding the degree of the imputation credit and ownership concentration don’t find significant relation among the imputation credit, ownership concentration and CARs before and after the ex-dividend day. 4.The size of companies and the ratio of market price to their book value have a significant positive impact on CARs before and after the ex-dividend day. Dividend yield has a significant positive impact on CARs before the ex-dividend day, but a negative impact on CARs after the ex-dividend day. A dummy variable standing for electronic industry has a significant negative impact on CARs before the ex-dividend day, but positive impact on CARs after the ex-dividend day. In the analysis of diagrams, we find CARs before and after the ex-dividend day fluctuate less for companies with higher imputed credit or lower ownership concentration.

Utveckling på kreditmarknaden har gett upphov till nya kreditformer. Ett exempel på en sådan kredit är snabblån. Snabblån utmärks av att det är kortfristiga lån på låga belopp som konsumenterna erhåller inom en kort tidsperiod. Vidare är låneprocessen enkel. Statistik från Kronofogdemyndigheten visar att antalet betalningsförelägganden med grund i snabblån har ökat (se bilaga) och regeringen hävdar på basis av statistiken att samband mellan snabblån och överskuldsättning föreligger. Lag om viss kreditgivning till konsumenter har därmed blivit antagen och ska införas. Lagen innebär att snabblångivares verksamhet blir tillståndspliktig samt omfattas av Finansinspektionens tillsyn. Förändringen innebär även att ytterligare krav ställs på snabblångivares bolagsordning, ägare och ledning samt att verksamheten bedrivs på ett sätt som är sunt. Avsikten med denna uppsats är att fastställa gällande rätt beträffande snabblångivares verksamhet. Vidare diskuteras huruvida konsumentskyddet på snabblånemarknaden är bristfälligt och om snabblångivares verksamhet därmed bör bli tillståndspliktig samt omfattas av Finansinspektionens tillsyn. Snabblångivare är finansiella institut och omfattas därmed av AnmL. Detta innebär att snabblångivare ska anmäla sin verksamhet till Finansinspektionen innan verksamhet får börja bedrivas. Finansinspektionen har begränsade ingripandemöjligheter och utför endast en kontroll över snabblångivarnas ägare och ledning. Snabblångivare omfattas även av skyldigheter som följer av KkrL såsom kravet på god kreditgivningssed, information om effektiv ränta, avgifternas utformning och kreditprövning. Snabblångivare har brustit i sina skyldigheter i KkrL vilket följer av domar från MD och flertalet viten och förelägganden från Konsumentverket. I analysen fastställs att Kronofogdemyndighetens statistik inte enskilt kan användas som grund till en förändring men i kombination med gällande rätts bristfällighet, snabblånets egenskaper och samhällets utveckling påvisas att konsumentskyddet är bristfälligt och att en förändring behövs. Vidare fastställs att systemstabiliserande regler har en indirekt inverkan på konsumentskyddet och kan införas för att förbättra denna. Efter en avvägning mellan förändringens betungande verkan för snabblångivarna och det skydd som konsumenterna erhåller ska förändringen i fråga ses som proportionerlig. Snabblångivares verksamhet bör således vara tillståndspliktig och omfattas av Finansinspektionens tillsyn. / Evolvement on the credit market has caused the rise of new forms of credits. An example of a credit of such is the payday loan. The payday loan is distinguished by its short-term, low amount and that the customers obtain the loan in a short matter of time. Furthermore, the process of obtaining the loan is simple. Statistics from the Swedish Enforcement Authority shows that the amount of injunctions to pay based on payday loans has increased (see attachment) and that the Government claims on the basis of the statistics that a connection between payday loans and overindebtness exists. A new act regarding some credits to consumers has therefore been adopted and is to be introduced. The new act means that the payday lender´s business becomes licensed and are subject to the supervision of the Swedish Financial Service Authority. The change also means additional demands on the payday lender´s articles of associtation, owners and management, and that the business is conducted in a healthy manner. The purpose of this essay is to determine the law as it exists regarding payday lender´s business. Further discussed is whether the consumer protection on the payday market is inadequate and if the payday lender´s business, thus, should be licensed and be subject to the supervision of the Swedish Financial Service Authority. Payday lenders are financial institutions and are therefore subject to the Act regarding the notification duty for some financial businesses. This means that the payday lenders shall report their business to the Swedish Financial Service Authority before operations may start. The Swedish Financial Service Authority has limited intervention possibilities and performs only a control of the owners and management. Payday lenders are also subject to obligations arising from the Consumer Credit Act such as the requirement of good creditors, information about the annual percentage rate, fees designing and credit review. Payday lenders has failed to fulfill its obligations in the Consumer Credit Act which follows from judgements from the market court and several penalties and injunctions from the Consumer Agency. In the analysis it is established that the statitistics from the Swedish Enforcement Authority alone can not be used as the basis for a change, but in combination with the existing legal deficiency, the characteristics of the payday loan and the development of the society it demonstrates that the consumer protection is inadequate and that a change is needed. Further, it is established that rules of system stabilising nature has an indirect effect on consumer protection and can be used to improve it. After striking a balance between the burdens the payday lenders suffer from the change with the increased consumer protection that the change will result in, the change in question is to be seen as proportionate. Payday lender´s business should therefore be subject to license and supervision of the Swedish Financial Service Authority.

Atualmente é de complexa equalização o problema advindo da elevação da demanda energética e das ações antrópicas que corroboram para o aquecimento global e, neste sentido, apesar de o Brasil ser abundante em hidroeletricidade, há ainda um grande espaço para o uso de outras fontes renováveis de energia, como a biomassa residual. Na indústria, projetos de adoção de novos e eficientes processos para a redução da carga térmica, bem como o uso de biomassa e de biogás das estações de tratamentos de efluentes podem ser um diferencial no conjunto de soluções para o dilema energético-ambiental, uma vez vão ao encontro dos objetivos das políticas energéticas globais em vigência, as quais pregam a segurança e sustentabilidade. Porém, verifica-se que tais medidas ainda têm sido desprezadas por muitas empresas, pois os investimentos são ainda muito elevados, ressaltando-se ainda que, talvez por não se entender como esses projetos podem internalizar as externalidades positivas que os acompanham, essas empresas seguem alheias aos benefícios socioambientais e econômicos advindos dos créditos de carbono, que podem compensar os altos investimentos realizados em racionalização energética. Desta maneira, essa dissertação analisa a viabilidade econômica da implantação de projetos de substituição de combustíveis fósseis por biomassa renovável para geração de vapor de processos; de uso de biogás de ETEs para geração de eletricidade e de implementação de tecnologias para a redução do consumo de vapor industrial, com foco em cervejarias, considerando-se nas análises econômico-financeiras os créditos de carbono recebidos pelas reduções de emissões de gases de efeito estufa. Pelas análises de cenários, verificou-se que quando as medidas de eficiência energética reduzirem pelo menos 5% da demanda energética, com um custo de energia de pelo menos R$ 187,50/MWh, bem como reduções de consumo de energia acima de 10%, com custo energético mínimo de R$ 122,50/MWh, e preço de das RCE acima de 5,00, os projetos mencionados são viáveis, e as receitas dos créditos podem internalizar as externalidades positivas desses projetos, compensando os investimentos. / Nowadays it´s quite complex to solve the problem between energy demand growth and the human activities, which have negative, widespread effects on the global climate. In this sense, apart from the fact that Brazil adopts massivelythe hydropower, there is a large potential for the use of renewable energy sources, as biomass. In process industries, techologies for reducing thermal energy consumption associated with the use of the sustainable biomass and biogas from wastewater treatment systems can be one among other solutions for equalizing the energy-environment dilemma, also targeting the prorrogatives of the current global policies on safety and sustainable energy sypply. Anyway, such measures have still been left aside by many industries, because it´s still not properly understood regarding the way these projects can internilize their positive externalities, some enterprises keep distant from the social, economic and environmental beneffits that carbon credit projects can bring up to help them in succeeding and rationalizing energy consumption. This dissertation evaluates and assesses the economic viablitity of projects of fuel switch (from fossil fuels to renewable biomass); use of biogas from industrial wastewater treatment systems and also the implementation of technologies and processes for reducing steam comsumption, focusing on breweries. By means of economic sceneries, it´s shown that the revenues from carbon credits can significantly have positive impacts, while financial incentives, on the decision making process towards the carrying and dissemination of such projects. As demonstrated in this work, the RCE, if required in the sceneries analysed, can bring the cash flows whithin brewery IRR expectations. Hence, the model showed that when measures of energy afficiency achieve at least 5,0% with the price of energy saved is of at least R$187,50/MWh, and for measures above 10% and energy is bought at prices higher then R$ 122,50/MWh, all projects with CER prices above 5,00 viable, and can be conducted. Also, the revenues from carbon credits can make industries wake up for the fact that they can internalize the positive externalities of these projects, once the high investiments can be compensated by their carbon offsets.

A presente pesquisa teve como objetivo identificar a incidência de impactos econômicos no patrimônio das empresas brasileiras, chinesas e indianas provocados pela mensuração e reconhecimento ao valor justo dos ativos provenientes de Reduções Certificadas de Emissões (RCEs) geradas em seus processos produtivos, com a implementação de projetos de Mecanismos de Desenvolvimento Limpo (MDLs), durante o período de 2005 a 2012. Consideraram-se os estímulos oferecidos com as diretrizes do Protocolo de Quioto e a representatividade de implementações de projetos de MDLs da China, da Índia e do Brasil, para apresentar, com base em pesquisas descritiva, analítica e quantitativa, uma proposta de mensuração contábil das RCEs, capaz de evidenciar os fluxos futuros de seus benefícios econômicos, partindo-se do modelo de Ratnatunga, Jones e Balachandran (2011). Para tanto, trabalhou-se com a hipótese de que as RCEs não estão sendo mensuradas ao valor justo enquanto ativo, fato este que tem inviabilizado a evidenciação dos efeitos patrimoniais dos fluxos de caixa futuros. Descreveu-se a teoria da mensuração contábil como suporte ao valor justo; discutiu-se os padrões contábeis existentes nos países mencionados e as principais características que envolvem as adoções das International Financial Reporting Standards (IFRSs) em cada um deles, com foco na mensuração contábil ao valor justo, aceita pelo International Accounting Standards Board (IASB). As orientações contábeis internacionais emanadas para contabilização das RCEs foram apresentadas para analisar o cenário atual de desenvolvimento do tratamento contábil atribuível ao ativo em questão. Assim, detectou-se que a mensuração das RCEs tem sido pouco discutida. Sugeriu-se que com a efetivação do registro dos projetos de MDLs junto ao Conselho Executivo da United Nations Framework Conference on Climate Change (UNFCCC), as RCEs passem a ser reconhecidas ao valor justo e como ativos intangíveis desenvolvidos internamente por parte das entidades hospedeiras dos projetos de MDLs, em contrapartida ao Patrimônio Líquido (PL), até o momento de sua realização. A base para mensuração do valor justo proposta foi os valores de mercados ativos. Em função do lapso temporal que estarão gerando benefícios econômicos, realizou-se projeção financeira sobre as quantidades potenciais constantes estimadas de Reduções Esperadas (REs) para todo o período de desenvolvimento das atividades dos projetos, utilizando-se uma taxa Euribor para desconto de seus valores futuros ao presente. De posse dessas variáveis, os valores justos das REs de 31 projetos de MDLs brasileiros, 379 chineses e 318 indianos, foram projetados sobre o valor do PL de 15 empresas brasileiras, 56 chinesas e 183 indianas componentes da amostra da pesquisa, com apoio do teste estatístico não-paramétrico Wilcoxon. Os resultados da pesquisa forneceram indícios de que a mensuração ao valor justo das RCEs, e seu reconhecimento enquanto ativo intangível, poderia ter representado um impacto positivo no grupo de contas patrimoniais das empresas participantes da pesquisa. Assim, a aplicabilidade empírica da mensuração ao valor justo das RCEs embasada em discussões teóricas já existentes, possibilitou a realização de avaliações desse ativo enquanto item patrimonial capaz de gerar efeitos econômicos positivos no patrimônio das entidades localizadas em países em desenvolvimento, durante a primeira fase do Protocolo de Quioto. / This research aimed to identify the incidence of economic impacts on equity of Brazilian, Chinese and Indian companies caused by the measurement and recognition at fair value of the assets from Certified Emission Reductions (CER) generated in their production processes, with the implementation of Clean Development Mechanisms (CDM) projects from 2005 to 2012. It was considered the incentives offered to the guidelines of the Kyoto Protocol and the representativeness of CDM projects implementation of China, India and Brazil, to present, based on descriptive, analytical and quantitative research, a proposal for accounting measurement of CER, able to enhance the future flows of its economic benefits, based on the Ratnatunga, Jones and Balachandran (2011) model. Therefore, it worked with the hypothesis that the CER are not measured at fair value as assets, a fact that has made impossible the disclosure of balance sheet effects of future cash flows. It was described the theory of accounting measurement as support at fair value. It was discussed existing accounting standards in those countries and the main characteristics that involve the adoption of International Financial Reporting Standards (IFRS) in each of them, focusing on accounting measurement at fair value, accepted by the International Accounting Standards Board (IASB). The international accounting guidelines issued for accounting of CER were presented to analyze the current scenario of development of the accounting treatment attributable to the asset. Thus, it was found that the measurement of CERs has been little discussed. It was suggested that with the realization of the registration of CDM projects with the Executive Council of the United Nations Framework Conference on Climate Change (UNFCCC), CER start to be recognized at fair value as intangible assets developed internally by the host entities of CDM projects, in contrast to Equity, until the moment of its realization. The basis for measuring fair value proposition was the values of active markets. Depending on the time gap that will generate economic benefits, a financial projection on potential constants estimated quantities of Expected Reductions (ER) for the whole period of development of project activities was carried out, using a Euribor rate to discount their future values to the present. With these variables, the fair values of ER from 31 Brazilian CDM projects, 379 Chinese and 318 Indians were simulated on the value of equity of 15 Brazilian companies, 56 Chinese and 183 Indian components of the survey sample, with test support statistical non-parametric Wilcoxon. The survey results provided evidence that the fair value measurement of CER, and its recognition as an intangible asset, could have represented a positive impact on the group balance sheet accounts of the participating research companies. Thereby, the empirical applicability of the fair value measurement of CER grounded in existing theoretical discussions, made it possible to carry out assessments of this asset as a heritage item capable of generating positive economic effects on equity of entities located in developing countries, during the first stage of the Kyoto Protocol.