Comparative summary: Biodiversity risk and equity markets across countries
| Feature | Giglio et al. (2026) | Ma et al. (2024) | This study |
|---|---|---|---|
| Market | US | China | Indonesia |
| Classification | Developed | Emerging | Emerging |
| Perspective | Demand | Demand | Supply |
| Risk measure | -K text, CDP, fund holdings | Biodiversity risk index | BII + GFW |
| Policy shock | BD news index | – | EUDR E1–E6 |
| Mechanism | Nature dependence | Nature dependence | Market access |
| Main finding | Returns covary with BD risk | Positive return premium | Negative event CAR |
| Supply chain tier | No | No | Yes |
| Certification | No | No | Yes |
| Phys × Trans | No | No | Yes |
| Feature | This study | ||
|---|---|---|---|
| Market | US | China | Indonesia |
| Classification | Developed | Emerging | Emerging |
| Perspective | Demand | Demand | Supply |
| Risk measure | -K text, CDP, fund holdings | Biodiversity risk index | BII + GFW |
| Policy shock | BD news index | – | EUDR E1–E6 |
| Mechanism | Nature dependence | Nature dependence | Market access |
| Main finding | Returns covary with BD risk | Positive return premium | Negative event CAR |
| Supply chain tier | No | No | Yes |
| Certification | No | No | Yes |
| Phys × Trans | No | No | Yes |
Note(s): BD = Biodiversity. CDP = Carbon Disclosure Project. KM-GBF = Kunming-Montreal Global Biodiversity Framework. BII = Biodiversity Intactness Index. GFW = Global Forest Watch. NatureDep refers to the Garel et al. (2026) firm-level ecosystem dependency database. Physical risk refers to location-based degradation measures; transition risk refers to sector-level dependency scores. The last three rows indicate analytical dimensions unique to this study
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