and II, which would seemingly increase uncertainty. In a seminal paper, Schwert (1989) identified the "war puzzle" as one …

This paper measures the effects of the risk of war on nine U.S. financial variables using a heteroskedasticity …-based estimation technique. The results indicate that increases in the risk of war cause declines in Treasury yields and equity prices …, a widening of lower-grade corporate spreads, a fall in the dollar, and a rise in oil prices. This war risk factor …

Why do wars occur? We exploit a natural experiment to test the longstanding hypothesis that leaders declare war because …: World War I, World War II, the Korean War, and the Vietnam War. We test for agency problems by comparing the voting behavior …

powers, the government was able to fund the war by borrowing and levying taxes. In major wars, however, there came a point …

study grandsons born to grandfathers who served in the Union Army during the US Civil War (1861-5) where some grandfathers …

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 …

rare. Our methodology avoids look-ahead bias and addresses semantic shifts. War discourse positively predicts market …-grade corporate bonds. The predictive power of war discourse increases in more recent time periods …