“…While most of the literature focuses on the impact of direct exposure to violence, notable exceptions include the literature on the impact of refugees and displacement on destination communities (Calderón-Mejía and Ibáñez, 2015;Morales, 2018) and the spillovers of wars for frontier scientific activity (Iaria, Schwarz, and Waldinger, 2018). Most closely to our work, studies have shown that conflict may induce ethnic tensions which then reduces the productivity of inter-ethnic teams (Hjort, 2014) and increases discrimination in various critical institutions, such as banks (Fisman, Sarkar, Skrastins, and Vig, 2018), courts (Shayo and Zussman, 2011), and stock exchanges (Moser, 2012).…”