Replication Package for "Central Signal Premium and Purity-Amplified Reactions to Emerging Industry Initiatives: Evidence from China's Low-Altitude Economy"

This archive is the complete replication package for the manuscript "Central Signal Premium and Purity-Amplified Reactions to Emerging Industry Initiatives: Evidence from China's Low-Altitude Economy" by Hao Zhu (Shanghai Sanda University), prepared for submission to an SSCI-indexed finance journal. Contents: - the hand-collected Low-Altitude-Economy Policy Event Database (LAE-PED v1.0, 47 policy events spanning January 2022 to September 2025, aggregated into 39 same-trading-day event clusters, 33 of which survive a confounding-plus-crash filter as the main clean subsample); - Python 3.11 code (with optional R 4.3 cross-checks) for: market-model event-study estimation, cross-sectional regression, wild-cluster bootstrap with Webb (2014) six-point sub-cluster weights, Benjamini-Hochberg false-discovery-rate correction, cross-industry placebo (1,391 non-LAE firm-events), 200-iteration random-date placebo, Oster (2019) / Altonji-Elder-Taber coefficient-stability bounds, Cinelli-Hazlett (2020) partial-R² sensitivity, firm-fixed-effects panel identification, and TF-IDF announcement-novelty scoring; - all eleven main-text tables and five main-text figures as CSV and PDF/PNG, together with a fifteen-page online appendix replicable from the same inputs; - intermediate CAR firm-event panels and diagnostic outputs; - a pre-registration document dated 15 March 2025 that fixed the three hypotheses, the regression specification, and the two-day event window prior to the collection of stock-price data; - a Dockerfile and `reproduce.sh` script for one-command containerised reproduction of the entire pipeline; - a SHA-256 manifest enabling verification of every intermediate and output file referenced in the paper. Running `bash reproduce.sh` in the package root rebuilds the full output/ directory from raw inputs in approximately 40 minutes on a standard laptop (tested on macOS 14 and Ubuntu 22.04, Python 3.11, R 4.3.2), reproducing all numerical results reported in the paper to the precision displayed. Data sources. Raw daily share-price and turnover panels are obtained from (i) the open-source akshare Python interface (Ji, 2023), which aggregates publicly reported daily prices from the Shanghai and Shenzhen Stock Exchanges, and (ii) the CSMAR academic-subscription database for the non-LAE placebo panel. Derived firm-event CAR panels are bundled directly in this archive under the CSMAR academic-use terms, so that all reported numerical results can be reproduced both with and without an independent CSMAR subscription. Licence. Access is restricted during peer review via a private access token issued to the editorial office. Upon formal acceptance of the associated manuscript, this archive will be made publicly available under the Creative Commons Attribution 4.0 International (CC-BY-4.0) licence within ten working days.