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ID:
139214
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| Summary/Abstract |
Using an event study approach to analyze stock market data from the United States, I investigate how regulations on conflict minerals sourced in the Democratic Republic of the Congo were perceived by investors. I find that for a subset of mining companies, stock returns were abnormally high when regulations in the US became more likely. I also find that returns were higher for communications equipment manufacturing companies when strong regulations in the DRC were announced. I argue that these responses were due to the competitive environments faced by each of these company types. These findings relate to debates surrounding the effects of the conflict mineral regulations. While some critics argue that reporting requirements were tantamount to a ban on minerals from the DRC, I find that stock returns for a subset of companies were sensitive to legislation in the DRC after legislation became law in the US, suggesting that market participants did not expect a complete trade ban on regulated mining and trading activities.
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| 2 |
ID:
171017
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| Summary/Abstract |
This paper discusses central ideas in the work of Charles Hitch. He is known for his pioneering contributions to defense economics and ‘systems analysis’ and for his introducing program budgeting in McNamara’s Pentagon. We discuss the evolution of his work and ideas, and how his views on systems analysis were influenced by his broader interest in human and organizational behavior. The paper also emphasizes Hitch’s skills as leader and manager of organizations (in particular as the head of the economics department at RAND).
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| 3 |
ID:
171018
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| Summary/Abstract |
A great part of the defense literature is focused on the interaction between military spending and economic activity. To investigate this interrelationship, researchers have applied a wide variety of methodologies with totally different assumptions and statistical properties. Until today, however, no detailed examination of the sensitivity of empirical results to the various statistical methods has been provided in the literature. The present paper attempts to fill this gap by providing, firstly, a review of the majority of the time series methodologies used in the defense–growth literature and, secondly, an econometric application using data of the U.S. economy over the period 1961–2015 in order to establish empirically the association between econometric procedures and empirical results. The empirical findings of the conducted analysis suggest that statistical methods can indeed become a significant source of variation in the investigation of the defense–growth nexus.
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