The financial performance of aircraft manufacturers during world war II: the vicissitudes of war

Controversy has long surrounded the role and profitability of US defense contractors. From a financial perspective the question becomes whether defense contractors earn greater profits and investor returns than other companies during military conflicts. We explore this question by examining the accounting profitability and investor returns of US aircraft manufacturers before, during, and after World War II and compare them to a sample of non-defense firms. We also examine the reactions of aircraft stock prices to important political and military events of the time. We find that (1) aircraft stocks exhibited positive abnormal returns around events associated with defense buildups and outbreaks of hostile action and negative returns around events signaling an end to hostilities, (2) the company’s accounting returns improved during the war but these higher accounting returns did not translate into higher stock returns for the shareholders, and (3) investors could have earned higher stock returns had they switched out of aircraft stocks after Pearl Harbor and reinvested the proceeds in the overall market.     

Securitising humanitarian assistance and post-conflict reconstruction in Africa: A critical review of South Africa's new defence policy

The South African Defence Review 2014 is the country's new defence policy. The Review, which is expected to steer South African defence policymaking for the next few decades, discusses in detail the role of the South African National Defence Force (SANDF) in peace missions in Africa and proposes the direct involvement of the country's soldiers in both military and civilian tasks, from peacekeeping to humanitarian assistance, post-conflict reconstruction and development. This paper contains a critical review of the Review with regard to South Africa's envisaged contribution to regional and continental peace and stability. It is argued that humanitarian assistance and post-conflict reconstruction should not be securitised and that the SANDF should only be tasked with peacekeeping and the establishment of stability and security in fragile in-conflict and post-conflict settings. The humanitarian work should be left to humanitarian and aid agencies, while reconstruction and development should be left to organisations such as the New Partnership for Africa's Development, continental and international development organisations, and local actors.     

战区导弹防御系统(TMD)对抗技术浅析

探讨了战区导弹防御系统(TMD)对抗技术的初步设想与实现方法,重点对TMD系统激光对抗技术和TMD系统红外对抗技术进行了可行性分析论证,介绍了一些具体的光电对抗措施。     

超近程反导武器系统探讨

简要介绍现代防空反导武器系统的发展概况,并分析研究了当前发展用于高价值目标防空反导的超近程反导武器系统的必要性,并对其使用特点进行了分析研究,提出了总体设想。     

防空导弹飞行试验的引战配合性能分析方法

提出了一种对防空导弹的引战配合性能进行量化评价的方法。利用飞行试验数据对导弹目标交会及战斗部杀伤目标过程进行了仿真。     

纳米科技与现代国防

阐述了纳米科学与技术当前的国内外发展趋势,并论述了其在现代国防军事技术方面的潜在应用.     

石化企业地震火灾预防对策的研究

地震是引发石化企业火灾的重要潜在罪魁,且多造成惨重损失,鉴于罕见研究,本文着意对石化企业地震火灾的产生、特点及预防和初期火灾扑救对策作以探讨,以望减少该类火灾危害。     

战术防空激光武器发展概况

空中攻击与防空作战在相互斗争中发展,随着空中威胁目标种类变化、性能提高,作为防空武器的一个重要的新型分支,防空激光武器在快速发展,将在近程防空与反导中起重要作用。综述了空中威胁变化对激光武器的需求,激光武器的分类、组成与特点,以及国外战术防空激光反导武器系统发展概况。     

把目标威胁纳入性能指标的目标分配方法

武器系统目标分配是作战指挥中的一个重要问题。提出了把目标威胁纳入性能指标,建立在马尔可夫动态系统输入过程最优化基础上的目标分配方法     

编队防空作战模型——目标威判与目标分配

根据编队的结构特点和决策特性,本文首先讨论了编队目标威胁判断的指标及其计算,进而建立了编队目标威胁度计算模型。接着,本文讨论了编队的目标分配问题,建立了两层的目标分配模型,它既考虑编队的整体利益,又顾及每舰具体情况,通过指挥员实现编队目标的满意分配。