innovative disruption and bond default

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This note describes code and data for the paper "Does innovative disruption impact credit markets: Evidence from China".

This dataset combines U.S. bond market data (1970-2019) from Mergent FISD, Compustat and WRDS with VC/IPO data from Becker and Ivashina (2023), alongside Chinese market data from iFind (bonds), CSMAR (IPOs) and Zero2IPO (VC). All data sources are described in detail in Section 2.1 of the paper. 

All the code is in a single do file which runs on StataMP 18. 

* The DataThere are several data files, whose names end in .dta. 

For the Chinese market:

Bond rating (at issue).dta: Contains bond issuer credit ratings at issuance for Chinese firms.

Bonds 2000-2024.dta: Provides bond characteristics from the iFind database (2000–2024).

Default Table Variable.dta: Includes bond default records.

IPO share.dta: Reports industry-level IPO activity from CSMAR.

TVPI.dta: Contains industry-level Total Value to Paid-In (TVPI) metrics.

VC.dta: Captures industry-level venture capital flows from Zero2IPO.

For the U.S. market:

Bond rating (at issue).dta: Records bond issuer credit ratings at issuance for U.S. firms.

Burgiss.dta: Provides Burgiss-sourced VC data by industry (from Becker and Ivashina 2023).

compustat panel data.dta: Includes firm-level fundamentals from Compustat.

Default Table Variable.dta: Lists bond default events.

ff30 encode.dta: Maps Fama-French 30 industry classifications.

FF30 industry.dta: Converts SIC codes to Fama-French 30 industries.

ipo count by ff30 year CSTAT.dta: Tracks IPO activity by Fama-French 30 industry.

Mergent Bonds 1950-2020.dta: Contains bond characteristics from Mergent FISD (1950–2020).

ratings panel.dta: Reports Standard & Poor’s issuer credit ratings.

VC by ff30 year.dta/VC by sector year.dta: Detail VC investments by Fama-French 30/sector-year.

* The CodeTwo Stata do file called "code China.do" and  "code US.do" contains the code for the paper.