Biodiversity Media Narratives and Stock Market Performance: Evidence from Europe (opens in new tab)

This study constructs novel biodiversity related media risk indicators for France, Germany, Italy, and Spain over 2015-2025, capturing media attention to biodiversity threats using the GDELT Global Knowledge Graph. Using panel Granger causality tests and an augmented inverse probability weighting (AIPW) event-study design, we find highly significant evidence that biodiversity risk reduces stock prices, with effects peaking between 3 and 10 month...