Replication_Registration_System_Reform_ Information_Disclosure

This replication package examines how market-based stock market reforms impact corporate information disclosure quality through institutional investor behavior. Using PSM-DID analysis of Chinese A-share listed firms (2014-2022), the anonymized data reveals that deregulation significantly improves both accounting and textual disclosure quality. The mechanism analysis demonstrates this effect operates through institutional investors' enhanced monitoring ("voice") rather than exit threats. Data was collected from CSMAR, RESSET databases, and manual sourcing, with firm identifiers anonymized to comply with licensing agreements. To use, run code.do in Stata 17+, ensuring required packages are installed. Results should show consistent statistical significance patterns with original findings despite anonymization.