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This paper aims to examine the short-term market reaction for the world’s 100 largest listed defence firms at and around the three recent largest threats to the global economy – Ukraine–Russia war, Fourth Taiwan Strait Crisis and the Hamas terrorist attack on Israel.

The author examine the impact of the three recent largest threats to the global economy in the largest listed defence firms using an event study methodology.

The results show a positive and statistically significant short-term reaction around the three geopolitical threats. The results also reveal the existence of higher abnormal returns for defence firms with greater weight of defence sales, in line with the captured regulator theory and for firms with higher research and development and capital expenditure intensity.

The effect of the war on stock markets has been relatively little examined in the financial theory. This study intends to fill this gap in the literature through the analysis of the three recent largest threats to the global economy.

The study aims to assess military procurement strategy in NATO countries labelled as emerging markets (Czechia, Slovakia and Lithuania) and capitalist Norway, which vary in national culture as indicated by the Hofstede Culture Compass.

This comparative case study analyses the procurement of a simple, mass-produced, off-the-shelf military product (FN Herstal MINIMI gun) in four small but very economically free countries from 2008 to 2023. The study answers the research question of how the unit price of MINIMI guns varies across post-communist and historical NATO countries distinguished by the variables operationalising national culture.

The general disability of the government to control corruption deviates the strategy of military procurement in post-communist defence institutions from an effective strategy of liberal capitalism, minimising the unit price and risks (Norway), to an odd strategy maximising the unit price and risks by preferring middlemen as agent of hidden agenda (Czechia).

Some defence institutions in post-communist countries may be burdened by legislature capture, and detailed research is needed to determine this.

The authors argue that national culture may contribute to significant goal displacement in the procurement strategy adopted by the government in an economically liberal state.

Without perfecting the control of corruption in post-communist defence institutions, the NATO burden-sharing debate on 2% of GDP will remain controversial.

With variables characterising national culture and the government’s ability to control corruption, the study elucidates a slow pace of convergence of post-communist countries to NATÓs values and procedures.

This paper examines the relationship between a prime contractor's financial health and its mergers and acquisitions (M&A) spending in the defense industry. It aims to provide models that give the United States Department of Defense (DoD) indications of future M&A activity, informing decision-makers and contributing to ensuring competitive markets that benefit the consumer.

The study uses panel data regression models on 40 companies between 1985 and 2021. The company's financial health is assessed using industry-standard financial ratios (i.e. measures of profitability, efficiency, solvency and liquidity) while controlling for economic factors such as national productivity, defense budgets and firm size.

The results show a significant relationship between efficiency and M&A spending, indicating that companies with lower efficiency tend to spend more on M&As. However, there was no significant relationship between M&A spending and a company's profitability or solvency. These results were consistent with previous research and the study's hypotheses for profitability and solvency. However, the effect of liquidity was the opposite of the expected result, possibly due to the defense industry's different view on liquidity compared to previous research.

The paper provides insights into the relationship between a prime contractor's financial health and its M&A spending, a topic with limited research. The findings can inform policymakers and regulators on the industrial base's future M&A activity, ensuring competitive markets that benefit the consumer.

Clause 2 [The Employer] deals with the provisions on the Employer-speci?c obligations, e.g. providing access to the Site for the Contractor, assisting the Contractor in obtaining insight into the Laws of the Country and in applying for and obtaining permits etc. It also includes provisions on allocation of risks and responsibilities associated with errors in the Employer's Requirements.

Appendix B includes general guidelines for the preparation of Special Provisions, notes on drafting style and also an introduction of the FIDIC Golden Principles for drafting Special Provisions. Included is also a ‘Dos and Don'ts’ of drafting FIDIC based contracts. Finally, Appendix B includes suggestions for Special Provisions to consider when preparing a FIDIC Yellow Book based contract.