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Effect of biodiversity risk on upside and downside returns

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  • Suleman, Muhammad Tahir

Abstract

This study examines how biodiversity risk, as indicated by biodiversity disclosures in corporate 10-K reports, affects both upside and downside risks. By analysing 36,313 firm-year observations of USA firms, we find that higher exposure to biodiversity risk is associated with increased upside and downside risks. Our results remain consistent using different proxies for biodiversity risk and controlling for endogeneity.

Suggested Citation

  • Suleman, Muhammad Tahir, 2026. "Effect of biodiversity risk on upside and downside returns," Economics Letters, Elsevier, vol. 260(C).
    • Handle: RePEc:eee:ecolet:v:260:y:2026:i:c:s0165176526000248
    DOI: 10.1016/j.econlet.2026.112830
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