Professor David Victor and Michael Wara's working paper on carbon trading "A Realistic Policy on International Carbon Offsets" is referenced by Global Finance. The professors are quoted:

In a working paper issued in April, two Stanford University academics detailed their review of the CDM and concluded it was in urgent need of reform. “We suggest that the actual experience under the CDM has had perverse effects in developing countries. Rather than draw them into substantial limits on emissions, it has, by contrast, rewarded them for avoiding exactly those commitments,” say the authors, Michael Wara and David Victor.