Our study empirically explores how public interest in biodiversity influences the financial performance of novel investment solutions that specifically promote biodiversity. We consider three distinct metrics capturing public attention to biodiversity: the daily Google Search Volume index for “biodiversity”, the daily media coverage of biodiversity, and the daily visits to the “biodiversity” page on Wikipedia. We also use the UN Biodiversity Conference (COP 15) as quasi-natural experiment. Our econometric analyses reveal a positive association between attention to biodiversity and excess stock returns on biodiversity stock indices. This suggests a growing investor preference for companies with the lowest biodiversity footprints when attention to biodiversity is particularly intense. These fresh insights offer important financial and policy implications.

中文翻译：

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关注生物多样性和股票回报


我们的研究实证探讨了公众对生物多样性的兴趣如何影响专门促进生物多样性的新型投资解决方案的财务业绩。我们考虑了三个不同的指标来吸引公众对生物多样性的关注：“生物多样性”的每日 Google 搜索量指数、生物多样性的每日媒体报道以及维基百科上“生物多样性”页面的每日访问量。我们还将联合国生物多样性会议 （COP 15） 用作准自然实验。我们的计量经济学分析揭示了对生物多样性的关注与生物多样性股票指数的超额存货回报之间存在正相关。这表明，当对生物多样性的关注特别强烈时，投资者越来越偏爱生物多样性足迹最低的公司。这些新的见解提供了重要的金融和政策启示。