Diamonds Are Forever , Wars Are Not . Is Con ß ict Bad for Private Firms ?


This paper studies the relationship between civil war and private investment in a poor, resource abundant country using microeconomic data for Angola. We focus on diamond mining Þrms and conduct an event study on the sudden end of the conßict, marked by the death of the rebel movement leader in 2002. We Þnd that the stock market perceived this event as “bad… (More)


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