Guidolin, Massimo; Ferrara, Eliana La - Federal Reserve Bank of St. Louis - 2006
This paper studies the relationship between civil war and the value of firms in a poor, resource abundant country using … microeconomic data for Angola. We focus on diamond mining firms and conduct an event study on the sudden end of the conflict, marked … by the death of the rebel movement leader in 2002. We find that the stock market perceived this event as “bad news …