Publication: Do investors care about biodiversity?
Do investors care about biodiversity?
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Garel, A., Romec, A., Sautner, Z., & Wagner, A. (2024). Do investors care about biodiversity? Review of Finance, 28, 1151–1186. https://doi.org/10.1093/rof/rfae010
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This article introduces a new measure of a firm’s negative impact on biodiversity, the corporate biodiversity footprint (CBF), and studies whether it is priced in an international sample of stocks. On average, the CBF does not explain the cross-section of returns between 2019 and 2022. However, a biodiversity footprint premium (higher returns for firms with larger footprints) began emerging in October 2021 after the Kunming Declaration, which capped the first part of the UN Biodiversity Conference (COP15). Consistent with this finding
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Garel, A., Romec, A., Sautner, Z., & Wagner, A. (2024). Do investors care about biodiversity? Review of Finance, 28, 1151–1186. https://doi.org/10.1093/rof/rfae010
