Not logged in.

Quick Search - Contribution

Contribution Details

Type Working Paper
Scope Discipline-based scholarship
Title Do Investors Care About Biodiversity?
Organization Unit
Authors
  • Alexandre Garel
  • Arthur Romec
  • Zacharias Sautner
  • Alexander Wagner
Language
  • English
Institution University of Zurich
Series Name Swiss Finance Institute Research Paper
Number 23-10
Number of Pages 72
Date 2023
Abstract Text 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 value. This response is consistent with investors revising their valuation of these firms downward upon the prospect that regulations to preserve biodiversity will become more stringent.
Free access at DOI
Digital Object Identifier 10.2139/ssrn.4398110
Other Identification Number merlin-id:23561
PDF File Download from ZORA
Export BibTeX
EP3 XML (ZORA)