We explore the effects of physical and regulatory risks related to biodiversity loss on economic activity and asset … values. We first develop a news-based measure of aggregate biodiversity risk and analyze how it varies over time. We also … construct and publicly release several firm-level measures of exposure to biodiversity risk, based on textual analyses of firms …

econometric advancements, shifting focus to direct measures of biodiversity, filling the knowledge gap on the effect of protected …

The pace of biodiversity loss requires drastic shifts in conservation efforts that carry substantial costs. We … initiative launched by the Chinese central government in 2017 to enforce biodiversity preservation rules in national nature … reserves. We document that, while improving local biodiversity, the initiative led to a significant increase in bond yields for …

of a regulated market for pollution rights (the EU emissions trading scheme) and a voluntary market for the provision of … design considerations take precedence. Both markets also face challenges: volatile prices in the EU emissions scheme and low …