Historical events are reflected in asset prices. In this paper, we analyse government bond prices of Germany and Austria traded on the Swiss bourse during WWII. Some war events that are generally considered crucial are clearly reflected in government bond prices. This holds, in particular, for...

Human capital has been seen to be a key factor for current and future economic growth. In a broader sense, it appears that we are moving towards a knowledge economy driven by human capital, technological progress and digitalization. However, although this evolution may be a new trend, similar...