Jess Cornaggia, Yu-Hsuan (Jennifer) Liang, Peter Iliev, and Qiang Wang
Review of Finance, Volume 30, Issue 1, January 2026, Pages 391–421, https://doi.org/10.1093/rof/rfaf051
The article Biodiversity and Local Asset Values investigates the relationship between biodiversity and real estate prices in the United States, providing the first national-scale benchmark of how ecological conditions are capitalized into local asset values.… Read more...
Biodiversity and local asset values Read More »
Franklin Allen, Patrick Behr, Riccardo Cosenza, and Eric Nowak
Review of Finance, Volume 30, Issue 1, January 2026, Pages 321–349, https://doi.org/10.1093/rof/rfaf059
This study examines how investors react to firms’ engagement in biodiversity-related activities through voluntary carbon offsetting, focusing on forestry carbon projects worldwide.… Read more...
Alexandre Garel, Arthur Romec, Zacharias Sautner, and Alexander Wagner
Review of Finance, Volume 30, Issue 1, January 2026, Pages 231–272, https://doi.org/10.1093/rof/rfaf069
Our paper develops, analyzes, and applies new firm-level measures of the extent to which a firm’s business activities depend on ecosystem services.… Read more...
Firm-level nature dependence Read More »
Haoyu Gao, Yuting Huang, and Jingyuan Mo
Review of Finance, Volume 30, Issue 1, January 2026, Pages 163–192, https://doi.org/10.1093/rof/rfaf067
In private debt markets, banks mitigate agency conflicts by actively screening and monitoring borrowers. In contrast, dispersed bondholders in public debt markets face significant information asymmetry and lack the incentives and capacity to do so, leaving investors vulnerable to issuer opportunism.… Read more...
The value of guarantor monitoring: evidence from bond defaults in China Read More »
Teng Liu, Brook Constantz, Galina Hale, and Michael W Beck
Review of Finance, Volume 30, Issue 1, January 2026, Pages 87–129, https://doi.org/10.1093/rof/rfaf061
Climate change is no longer a distant threat. Extreme weather events, such as hurricanes and floods, are becoming more frequent and more severe.… Read more...
Financial value of nature: coastal housing markets, mangroves, and climate resilience Read More »
Snorre Gjerde, Zacharias Sautner, Alexander F Wagner, and Alexis Wegerich
Review of Finance, Volume 30, Issue 1, January 2026, Pages 11–42, https://doi.org/10.1093/rof/rfaf050
The loss of natural capital, biodiversity, and ecosystem services is one of the major crises facing humanity. Nature loss can affect companies either directly in their operations or indirectly through their supply chains.… Read more...
Corporate nature risk perceptions Read More »
We are pleased to announce the publication of the Special Issue on Biodiversity of the Review of Finance.
This issue includes a preface from Elroy Dimson, Marcin Kacperczyk, and Laura Starks who were the Guest Editors for this edition.… Read more...
The Special Issue on Biodiversity is now available! Read More »
The Review of Finance is pleased to announce the appointment of new Editorial Board Members, who will begin their terms in 2026.
Hui Chen and Margarita Tsoutsoura will succeed Xavier Giroud, who stepped down at the end of 2025, and Jun Pan, whose term will end in June 2026.… Read more...
Editorial Board Update: New Editors and Associate Editors from 1 January 2026 Read More »