Regulatory governance and state-corporate crime studies link persistent industrial pollution to long-term regulatory–industry interactions, yet little is known about how

these interactions evolve and become entrenched. This article examines two enduring cases of industrial pollution in the Netherlands—Hoogovens/Tata Steel and DuPont [...]

Endeavoring to avoid the pitfalls of being too trusting of regulated entities' compliance claims, regulators sometimes create regulatory systems with elaborate requirements

for verification. But as these accountability and verification regimes attempt to circumvent one set of problems, they may inadvertently create others. [...]

Nature risk has become recognized as a major issue for worldwide economies. Between 2020 and 2024, private finance for nature surged elevenfold to over $100 billion, and the

United Nations Environment Programme (UNEP) estimated that there could be a further increase by 2030 to $1.45 trillion.11 Regrettably, the 2024 United Nations Biodiversity [...]

AbstractUsing a bond–year panel dataset, we show that external credit guarantors can mitigate default risk in the corporate bond market, and the observed effects cannot be

fully attributed to pre-issuance screening. Consistent with a monitoring channel, we explore the post-issuance dynamics and find that the risk-reduction effect of [...]

AbstractWe explore how investors react to firms’ biodiversity-focused activities in the Voluntary Carbon Market. The average stock price reaction of forestry carbon offsetting

with and without biodiversity impact is not significantly different from zero until the end of 2022. [...]

AbstractWe survey portfolio companies of a large asset owner to explore the evolving landscape of nature risks. Nearly half of all companies (48 percent) view nature risks

as financially material, and 43 percent of those perceive nature-related physical risks, and 27 percent transition risks, as having financial effects already today. [...]

AbstractThis article provides empirical evidence that biodiversity-related transition risk is priced in global commodity markets, with particular emphasis on agricultural commodities.

Using intensity-based metrics of species loss per harvested land unit, we obtain empirical evidence that commodities with higher biodiversity footprints earn significant [...]

AbstractWe construct firm-level measures of dependence on ecosystem services (NatureDep scores) for 31,772 listed firms in 117 countries between 2010 and 2023, combining the

Exploring Natural Capital Opportunities, Risks, and Exposure (ENCORE) database with firm-level revenue information. [...]

AbstractRecent calls for greater private capital in biodiversity finance often overlook the question of effectiveness. This article interrogates the assumption that the increased

financing being called for directly reduces species-level loss. Using data on European Union-funded projects across twenty-six countries over two decades, I discover [...]

AbstractWe explore the effects of physical and regulatory risks related to biodiversity loss on asset values. We first develop a news-based measure of aggregate biodiversity

risk and analyze how it varies over time. We also construct and publicly release several firm- and industry-level measures of exposure to biodiversity risk, based [...]