Weapons and wealth: Market reaction to Europe’s defense push
研究了欧盟“准备2030”防务倡议前后的异常回报，发现国防股大涨而高科技股反应弱或负，说明行业分类影响市场反应。
This paper analyzes abnormal returns around the EU’s Readiness 2030 defense initiative. Defense stocks saw strong positive returns, especially pre-announcement, while high-tech firms showed weak or negative returns—indicating no spillover effect to the tech sector and underscoring the role of industry classification in market reactions.