1 Diversifying away the War Risk Ayman M.A. Omar University of Leicester School of Management Ken Edwards Building University Road Leicester, LE1 7RH, UK E-mail: ao106@le.ac.uk Phone: 0044 116 223 1238 Tomasz Piotr Wisniewski University of Leicester School of Management Ken Edwards Building University Road Leicester, LE1 7RH, UK E-mail: t.wisniewski@le.ac.uk Phone: 0044 116 252 3958 Sandra Nolte 1 Lancaster University The Management School Bailrigg Lancaster, LA1 4YX, UK E-mail: s.nolte@lancaster.ac.uk Phone: 0044 152 459 3634 1 Corresponding author.