Prof. Angela Vossmeyer’s co-authored study “Stock Volatility and the War Puzzle” was cited in an op-ed in MarketWatch about the stock market’s prospects as a result of the war in Ukraine. The National Bureau of Economic Research circulated the study, which said that stock market volatility has been “33 percent lower during major wars and periods of conflict since 1921.” Columnist Mark Hulbert said about the authors: “They at least partially solved the puzzle, finding that increased defense spending during wars and military conflicts leads corporate profits to become more predictable. That in turn translates to lower stock market volatility and risk.”