With two news-based measures on war, I document that managers mitigated war risk through dividend cuts, arguably to establish a war chest. Moreover, I find that companies postponed their initial public offerings and that foreign companies were more likely to delist after the onset of wars....

We present a two-country version of Hansen and Prescott's two-sector long-run growth model, introducing war by letting the countries take land from each other, at the cost of destroying capital and killing people. Because land is an input only in the Malthus sector the transition to a Solow...

Did the French Revolutionary and Napoleonic wars contribute to the Industrial Revolution? Recent scholarship argues warfare was an important factor in explaining Britain's industrialisation, by encouraging the invention and diffusion of key technologies with military applications. I re-examine...

Warfare is an important and common subject in discussions on mercantilism. However, the idea of a mercantilist (type of) warfare rarely appears in the specialized literature. This article begins with a historiographical review of the uses of mercantilist warfare. It identifies mercantilist...

Do states experience more peace under female leadership? We examine this question in the context of Europe over the 15th-20th centuries. We instrument queenly rule using gender of the first born and whether the previous monarchs had a sister. We find that polities led by queens participated in...

Did the French Revolutionary and Napoleonic wars contribute to the Industrial Revolution? Recent scholarship argues warfare was an important factor in explaining Britain's industrialisation, by encouraging the invention and diffusion of key technologies with military applications. I re-examine...

We examine the relationships between warfare, taxation, and political change in the context of the political unification of the Italian peninsula. Using a comprehensive new database, we argue that external and internal threat environments had significant implications for the demand for military...

Economic and historic literature is divided on the impact of the war reparations France had to pay to Germany after 1871. In view of the crisis that hit the German economy and stock markets just a few years later some claim that the reparations were a "poisoned" gift that Germany should not have...

The Ottoman Empire had a profound impact in Europe, the Middle East and North Africa at the apogee of its power, covering the era between 1453 C. E. and 1699 C. E. In this paper, I exploit the empire's unique culture and institutions to examine the roles of ethnicity and religion in conflict and...

How are political events reflected in financial asset prices? Break points in sovereign debt prices are analyzed for Denmark, Norway, Finland, Sweden, Germany and Belgium during 1930-1948, using unique data from the Stockholm Stock Exchange. Unlike in countries involved in WWII, this market was...