投资者关心生物多样性吗？

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2024-04-13 DOI:10.1093/rof/rfae010

Alexandre Garel, Arthur Romec, Zacharias Sautner, Alexander f Wagner

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引用次数: 0

摘要

本文引入了一种衡量企业对生物多样性负面影响的新方法--企业生物多样性足迹，并研究了该方法在国际股票样本中是否被定价。平均而言，企业生物多样性足迹无法解释 2019 年至 2022 年期间的横截面回报率。然而，2021 年 10 月，在联合国生物多样性大会（COP15）第一部分会议发表《昆明宣言》后，开始出现生物多样性足迹溢价（足迹越大的公司回报越高）。与这一发现相一致的是，在《昆明宣言》发表后的几天内，足迹较大的股票失去了价值。2021 年 6 月成立的自然相关财务披露工作组 (TNFD) 也产生了类似的影响。这些结果表明，投资者已开始对未来保护生物多样性的监管或诉讼的前景和不确定性要求风险溢价。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Do Investors Care about Biodiversity?

This paper introduces a new measure of a firm’s negative impact on biodiversity, the corporate biodiversity footprint, and studies whether it is priced in an international sample of stocks. On average, the corporate biodiversity footprint 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, stocks with large footprints lost value in the days after the Kunming Declaration. The launch of the Taskforce for Nature-related Financial Disclosures (TNFD) in June 2021 had a similar effect. These results indicate that investors have started to require a risk premium upon the prospect of, and uncertainty about, future regulation or litigation to preserve biodiversity.

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来源期刊

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.