Stock Volatility and the War Puzzle: The Military Demand Channel
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U.S. stock volatility is 25 percent lower during wartime and periods of conflict, including World War II. Schwert (1989) identified the war puzzle as a surprising fact from two centuries of realized stock volatility data. We hypothesize that stable demand from defense spending makes corporate
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美国国家经济研究局创建时间：
2022-03-01
