Does FDI Liberalization Reduce Financial Risk? Information Asymmetry Evidence from China's Healthcare Sector

This package contains all code and data necessary to reproduce the empirical results reported in the manuscript. The paper examines whether China's September 2024 healthcare FDI liberalization uniformly reduces financial risk among domestic firms, using a machine-learning-based distress probability measure (RF-PD), a novel insider-trading information asymmetry proxy (ET-ITP), and a difference-in-differences (DID) design applied to 169 listed healthcare firms.