“…Ultimately, this is an empirical question. Fourth, our study has a rich set of controls, which include interstate and intrastate wars, a globalization index, physical integrity rights, FDI as a share of gross domestic product (GDP), Trade/GDP, and Aid/GDP (see Campos and Gassebner, 2013;Gassebner and Luechinger, 2011;Piazza, 2011;Young and Findley, 2011). Fifth, we test and control for some endogeneity concerns.…”