Chen, Fukang; Chen, Minhao; Cong, Lin William; Gao, Haoyu; … - National Bureau of Economic Research - 2024
reserves. We document that, while improving local biodiversity, the initiative led to a significant increase in bond yields for … Chinese municipalities with national nature reserves. Evidence suggests that these effects are driven by expected increases in … transition costs resulting from shutting down illegal economic activities within reserves and local public spending on …