Publication: Do Investors Care About Biodiversity?
Do Investors Care About Biodiversity?
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Garel, A., Romec, A., Sautner, Z., & Wagner, A. (2023). Do Investors Care About Biodiversity? (No. 23–10; Swiss Finance Institute Research Paper). https://doi.org/10.2139/ssrn.4398110
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This paper introduces a new proprietary measure of a firm's negative impact on biodiversity, the corporate biodiversity footprint, and studies whether it is priced in the cross-section of stock returns. Using an international sample of firms, we find no evidence that the biodiversity footprint explains these returns, on average. However, event-study evidence shows that, following the UN Biodiversity Conference (COP15), which raised awareness of biodiversity issues, however, firms with larger corporate biodiversity footprints lost valu
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Garel, A., Romec, A., Sautner, Z., & Wagner, A. (2023). Do Investors Care About Biodiversity? (No. 23–10; Swiss Finance Institute Research Paper). https://doi.org/10.2139/ssrn.4398110
