Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Environment and growth Location: Auditorium B: Frøystein Gjesdal Session Chair: Maria Alsina-Pujols, ETH Zurich | |
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Not Just Knocking on Wood: The Short- and Long-Term Pricing of Deforestation Risk on Global Financial Markets 1: Humboldt-Universität zu Berlin, Germany; 2: Datura GmbH, Germany Increasing attention is being devoted towards measuring biodiversity risks of compa- nies to better understand how biodiversity is priced on financial markets. Against this backdrop, we introduce a new company-specific Corporate Deforestation Exposure (CDE) metric that zooms in on the broad notion of biodiversity risk. We use the CDE metric to conduct long-term asset pricing analyses of a Brown Minus Green (BMG) deforestation risk portfolio and a short-term event study of the EU Deforestation Regulation (EUDR). We find that the BMG deforestation risk portfolio does not pay a deforestation risk premium in the long term. In the short term, however, we show that companies with high deforestation transition risk exhibit significant negative abnormal returns after the trilogue agreement of the EUDR. We ensure that our findings do not merely pick up climate or overall bio- diversity risk-related pricing. Our findings are relevant for all stakeholders interested in assessing deforestation risks. | |