High-speed railway and IPO underpricing

The HSR data including the station, line and the scheduled trip information are collected from the Chinese Research Data Services Platform, and manually checked in the reports from the China Department of Transportation as Dong (2018). The financial data for the IPO firms is obtained from the WIND database, and the prefecture-level socioeconomic data are drawn from the China City Statistical Yearbooks from 1990 to 2018. Our sample period spans from 1991 to 2018, where 1991 is the establishment time of China’s stock market.本研究使用的高速铁路（High-Speed Rail，HSR）数据（涵盖车站、线路及列车运行计划信息）采集自中国研究数据服务平台（Chinese Research Data Services Platform），并参照中国交通部Dong(2018)发布的官方报告完成人工核验。首次公开募股（Initial Public Offering，IPO）公司的财务数据取自万得（WIND）数据库，地级行政单元层面的社会经济数据则来源于1990至2018年的《中国城市统计年鉴》。本研究的样本周期为1991年至2018年，其中1991年为中国股票市场正式设立之年。