In this paper, through the reaction of corporate bonds, we investigate the relationship between biodiversity and companies. With a focus on acute events, we measure biodiversity loss as a risk. After introducing a novel news-based metric to track biodiversity risk and identify key acute episodes we propose an event study to measure the market effect of acute biodiversity events on the spreads of Brazilian corporate bonds. To our knowledge, this is the first paper to investigate the linkages between acute biodiversity events and micro-level security pricing. We show that most of the studied events appear to be priced into the corporate bond market segment linked to biodiversity impact, establishing financial dependency within the double materiality principle. In fact, in the 2019–2022 period, companies in biodiversity impacting sectors saw their corporate bond spreads widen in the wake of acute biodiversity events. Our analyses indicate that the investor community’s growing awareness of biodiversity issues is also justified given its integration in price discovery.

中文翻译：

---

基于自然的新型风险指数：适用于公司债券的急性风险及其财务重要性


在本文中，通过公司债券的反应，我们研究了生物多样性与公司之间的关系。我们专注于急性事件，将生物多样性丧失视为一种风险。在引入一种新的基于新闻的指标来跟踪生物多样性风险并确定关键的急性事件后，我们提出了一项事件研究，以衡量急性生物多样性事件对巴西公司债券利差的市场影响。据我们所知，这是第一篇研究急性生物多样性事件与微观安全定价之间联系的论文。我们表明，大多数研究事件似乎都被计入与生物多样性影响相关的公司债券细分市场，从而在双重重要性原则下建立了财务依赖性。事实上，在 2019-2022 年期间，在严重的生物多样性事件之后，受生物多样性影响行业的公司债券利差扩大。我们的分析表明，鉴于投资者群体与价格发现的整合，投资者群体对生物多样性问题的认识不断提高也是合理的。