innovative disruption and bond default

*** READ ME ***

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.

*** READ ME ***

本说明用于阐释论文"创新性颠覆对信贷市场的影响：来自中国的经验证据"所涉及的代码与数据集。

本数据集整合了多源数据：来自Mergent FISD、Compustat及WRDS的1970-2019年美国债券市场数据，Becker与Ivashina（2023）发布的风险投资（VC）/首次公开募股（IPO）数据，以及来自iFind（债券数据）、CSMAR（IPO数据）与Zero2IPO（风投数据）的中国市场相关数据。所有数据来源的详细说明均收录于论文第2.1节。

所有代码均可在StataMP 18环境下运行，存储于单个do文件中。

* 数据说明
本次公开的数据文件均以.dta为后缀，共计若干份。

针对中国市场：
- Bond rating (at issue).dta：收录中国企业债券发行时的发行人信用评级数据。
- Bonds 2000-2024.dta：提供iFind数据库中2000-2024年的债券特征信息。
- Default Table Variable.dta：包含债券违约记录数据。
- IPO share.dta：披露来自CSMAR的行业层面IPO活动数据。
- TVPI.dta：收录行业层面的投入总回报倍数（Total Value to Paid-In, TVPI）指标数据。
- VC.dta：获取自Zero2IPO的行业层面风投流量数据。

针对美国市场：
- Bond rating (at issue).dta：收录美国企业债券发行时的发行人信用评级数据。
- Burgiss.dta：提供来自Burgiss、按行业分类的风投数据（数据来源为Becker与Ivashina 2023）。
- compustat panel data.dta：包含来自Compustat的企业层面基本面数据。
- Default Table Variable.dta：列示债券违约事件数据。
- ff30 encode.dta：映射法玛-弗伦奇30行业分类（Fama-French 30 industry classifications）。
- FF30 industry.dta：实现标准行业分类码（SIC codes）到法玛-弗伦奇30行业的转换。
- ipo count by ff30 year CSTAT.dta：追踪按法玛-弗伦奇30行业划分的年度IPO活动情况。
- Mergent Bonds 1950-2020.dta：收录来自Mergent FISD的1950-2020年债券特征数据。
- ratings panel.dta：披露标普（Standard & Poor’s）发行人信用评级面板数据。
- VC by ff30 year.dta/VC by sector year.dta：分别列示按法玛-弗伦奇30行业/细分行业-年度划分的风投投资详情。

* 代码说明
本论文的代码存储于两个Stata do文件中，分别为"code China.do"与"code US.do"。