The Reaction Of Defense Stocks To War News

War-torn Ecologies, An-Archic Fragments: Reflections from the Middle East identifies a conceptual intersection between war, affect, and ecology from the Middle East. It creates a counter archive of texts by ethnographers and artists, and enables divergent worlds to share a conversation through the crevices of mass violence across species. Delving into vital encounters with mulberry trees, wild medicinal plants, jinns, and goats, as well as bleaker experiences with toxic war materials like landmines, this volume expands an ecological sensorium that works through displacement, memory, endurance, and praxis.

The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.

The end of the Cold War in 1989 gave rise to hopes for a new, more peaceful international system and for the redirection of military expenditures—over one-half of annual U.S. federal discretionary spending—toward education and health care, renewing the nation's infrastructure, environmental mitigation, and alternative energy sources. At the beginning of the 21st Century, U.S. military spending remains stuck at 85% of the Cold War average. Why? As Accordino explains, at the federal level, the Iron Triangle comprised of the Pentagon, defense contractors, and a conservative Congress maintained defense spending at Cold War levels, encouraging contractors to stay focused on defense. When some procurement cutbacks and base closures occurred, growth interests recruited lower-wage branch plants, sports, and entertainment facilities, rather than supporting the hard work of defense conversion that creates higher-paying jobs. Nevertheless, some defense contractors and community interests did embrace conversion, showing remarkable potential. Of particular interest to scholars and researchers involved with urban and regional planning, public administration and local politics, and regional economic development.

We investigate how corporate stock returns respond to geopolitical risk in the case of South Korea, which has experienced large and unpredictable geopolitical swings that originate from North Korea. To do so, a monthly index of geopolitical risk from North Korea (the GPRNK index) is constructed using automated keyword searches in South Korean media. The GPRNK index, designed to capture both upside and downside risk, corroborates that geopolitical risk sharply increases with the occurrence of nuclear tests, missile launches, or military confrontations, and decreases significantly around the times of summit meetings or multilateral talks. Using firm-level data, we find that heightened geopolitical risk reduces stock returns, and that the reductions in stock returns are greater especially for large firms, firms with a higher share of domestic investors, and for firms with a higher ratio of fixed assets to total assets. These results suggest that international portfolio diversification and investment irreversibility are important channels through which geopolitical risk affects stock returns.