| dc.description.abstract | In this thesis, we show that violence–escalating events lead to an increase in stock prices for
mining companies holding concessions in the Democratic Republic of Congo (DRC). The
increase in value is higher during the Second Congo War compared to its aftermath. We find
little evidence that companies that are headquartered in high–corruption countries, present in
tax havens, or operate in the gold industry experience a higher increase in company value.
However, we find that unethical companies outperform ethical companies when exposed to
violent events. Our results are consistent with the theory that resource war and violent conflicts
generate benefits that seems to outweigh the cost of investing money in an unstable political
economy. | en_US |
