Mandatory Financial Disclosure and M&A Activity

The main results of the paper are based on the Bureau van Dijk’s (BvD) Amadeus and Zephyr data. Those data are commercially available. This is the structure of the folder: (1) Code Results.do: This code generates the tables and figures of the manuscript and appendix. It requires the datasets stored in the “Datasubset” folder. It saves the results in the “Output” folder. Data_aggregation_zephyr.do: This code computes our main M&A Activity variables. Data_aggregation_reporting.do: This code computes our mandatory reporting variable. (2) Data-subset This folder contains the datasets needed to run the analyses of the manuscript and appendix. Due to commercial restrictions, we include a subset of the original data. (3) Output This folder is populated after running the “Results.do” file. results_full_dataset.log: This Log file is the result of running “Results.do” with the original data本论文的核心研究结果基于万迪基咨询（Bureau van Dijk，简称BvD）旗下的Amadeus与Zephyr数据集，上述数据集均为商用授权可获取的数据。本次公开的数据集文件夹结构如下： (1) 代码脚本组：包含三个.do格式文件 - Code Results.do：该脚本用于生成论文正文与附录中的表格与插图，其运行依赖存储于"Datasubset"文件夹内的数据集，并将生成结果保存至"Output"文件夹。 - Data_aggregation_zephyr.do：该脚本用于计算本文核心的并购（Mergers and Acquisitions，简称M&A）活动变量。 - Data_aggregation_reporting.do：该脚本用于计算本文的强制信息披露变量。 (2) Data-subset 文件夹：该文件夹包含运行论文正文与附录分析所需的全部数据集。鉴于商业授权限制，本次仅提供原始数据的子集样本。 (3) Output 文件夹：该文件夹在运行"Results.do"文件后自动生成。其中results_full_dataset.log为使用原始数据运行"Results.do"所生成的日志文件。