War Discourse and Disaster Premia: 160 Years of Evidence from Stock and Bond Markets

We thank Fred Bereskin, Vineer Bhansali, Murray Frank (discussant), John Howe, Tim Loughran (discussant), Michael O’Doherty, Stephen Owen (discussant), Seth Pruitt (discussant), Richard Roll, Jeffrey Stark (discussant), Yinan Su (discussant), Russ Wermers (discussant), and the seminar and conference participants at the Bank of Portugal, the University of Cologne, the University of Missouri-Columbia, the University of Missouri-St. Louis, Missouri State University, the Doctoral Tutorial at the European Finance Association (2021), the Ph.D. Student Symposium at the University of Texas at Austin (2021), the Chicago Quantitative Alliance (CQA) Annual Academic Competition (2021), the Northern Finance Association Meeting (2021), the Financial Management Association Meeting (2021), the Southern Finance Association Meeting (2021), the Financial Research Association Meeting (2021), the American Finance Association PhD Student Poster Session (2022), the Midwest Finance Association Meeting (2022), the Young Scholars Finance Consortium (2022), the Boulder Summer Conference on Consumer Financial Decision Making (2022), the Chicago Quantitative Alliance (CQA) Annual Meeting (2023), and LongTail Alpha LLC for helpful comments. We acknowledge computing support from the Research Computing Support Services (RCSS) at the University of Missouri-Columbia. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• internet appendix

• May 3, 2023
• May 19, 2023