Hirshleifer, David; Mai, Dat; Pukthuanthong, Kuntara - National Bureau of Economic Research - 2023
A war-related factor model derived from textual analysis of media news reports explains the cross section of expected … spanning 160 years, the war factor predicts the cross section of returns across test assets derived from both traditional and … hedges for war risk receiving lower risk premia, or with assets that are more positively sensitive to war prospects being …