Financial capitalism and warfare: asset managers’ ownership in the military industry
Journal: Econstor (Econstor)
Year: 2025

This paper presents new compelling evidence on the company-level ownership structure of military firms detained by asset managers. Employing a unique firm-level interlinked dataset, connecting publicly listed firms in the aerospace and defense industry, and their corresponding structure of ownership, we give account of the tremendous increase of (i) the market capitalization of the industry, which represents the one achieving the highest variation during the period 2021-2025; (ii) the increasing