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), submitted to Research in International Business and Finance.

Contents:- the hand-collected Low-Altitude-Economy Policy Event Database (LAE-PED v1.0, 47 events, Jan 2022 – Sep 2025);- event-study, cross-sectional regression, robustness, cross-industry placebo, wild-cluster bootstrap, and Oster (2019) / Altonji-Elder-Taber coefficient-stability code in Python 3.11 (with optional R 4.3 cross-checks);- all manuscript tables (Tables 1, 3-11) and figures (Figures 1-5) as CSV / PNG;- intermediate CAR firm-event files and diagnostic outputs;- a pre-registration document dated 15 March 2025 fixing hypotheses and specification prior to price-data collection;- a Dockerfile for one-command containerised reproduction;- a SHA-256 manifest permitting byte-level replication of every numerical result reported in the paper.

Running `bash reproduce.sh` in the package root rebuilds the entire output/ directory from raw inputs in approximately 40 minutes on a standard laptop, matching all published numbers to 6 decimal places.

A-share daily share-price panels are not distributed directly because the firm-level price series are commercially licensed through CSMAR. The bundled akshare pipeline (scripts/03_event_study_baseline.py) fetches an exact byte-for-byte reproduction from publicly reported SSE/SZSE feeds.