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* Eliciting Substance from "Hot Air": 
* Financial Market Responses to EU Summit Decisions on European Defense  
* Forthcoming in INTERNATIONAL ORGANIZATION
* Michael M. Bechtel and Gerald Schneider
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The do-files contained in this replication archive will reproduce 
the main results presented in our article.

Thank you for your interest in our research! 

For questions please email michael.bechtel@ir.gess.ethz.ch

INSTRUCTION

A. The following packages are required:
- parmest (in the 03_an_ar.do file)
- eclplot (in the 04_graph_estimates.do file)
Make sure these packages are installed before proceeding.

B. Copy all files to your working directory and run 01_master.do.
This will replicate the main regression results as well as robustness 
tests contained in the web appendix and collect them in a log file named results.smcl. 
Also, figures 1 and 2 are replicated and saved as ar_est.gph and aar_est.gph.



