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

Although most disputes between groups of people are settled peacefully, sometimes disputes result in war. This lecture … have to contend, and on the permanence of the outcome of a potential war. The lecture also contrasts the possibilities for …

encompass the emergence of fully liberal political and social theory, and an early version of liberal political practice, in …

states are much less likely to engage each other in war or in serious disputes short of war than are members of other pairs … than is that of other country pairs only after World War II. Before 1914 and between the World Wars, there is no difference … between the war rates of members of democratic pairs of states and those of members of other pairs of states. We also find …

Why do wars occur? We exploit a natural experiment to test the longstanding hypothesis that leaders declare war because … they fail to internalize the associated costs. We test this moral hazard theory of conflict by compiling data on the 9 …: World War I, World War II, the Korean War, and the Vietnam War. We test for agency problems by comparing the voting behavior …

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 …