Purpose – This paper aims to study and document the effect of counter-terrorism on stock returns. The authors select a sample of pro-active defense operations, performed by the Israeli military and government agencies, with significant media coverage, including leading international channels....

We examine whether financial and non-financial variables, separately and in tandem, are value relevant in explaining market returns, equity values and the degree of investment by sophisticated investors for a sample of drug development companies. Patent counts, number of collaborations and...