---
title: From D&I to D&I: European Capital Markets' Regime Shift from Diversity and Inclusion to Defence and Infrastructure
url: https://www.ml-quant.com/papers/ssrn/7477998/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-09-26
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: SSRN 7477998
source_url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7477998
featured: 2026-09-25
citations: unknown
topic: Asset Pricing & Factors
---


# From D&I to D&I: European Capital Markets' Regime Shift from Diversity and Inclusion to Defence and Infrastructure

European defence stocks repriced sharply starting November 2021, two to three months before Russia's invasion, delivering 26% alpha and reflecting release of ESG-exclusion constraints.

- Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7477998
- Identifier: SSRN 7477998
- Released: 2026-09-19
- First featured: Quant Letter No. 132 (2026-09-25): https://www.ml-quant.com/issues/2026-09-25/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Asset Pricing & Factors
- Authors: Andrej Bajic, Miloš Starović

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