Replication Data for: Subsidies or Stability? Return and Risk Channels of Industrial Policy in Capital Markets

This Dataverse provides the replication package for the study. It contains the data and analysis files needed to reproduce the empirical tables and figures reported in the article. The materials are organised to support transparent verification and reuse, with inputs and outputs clearly separated to facilitate straightforward replication of the main results. The underlying data draw in part on commercial and proprietary sources (Wind, CSMAR, and PKULaw). Any materials derived from these sources that are included in this deposit have been processed to remove sensitive identifying information and are provided only in an anonymised, research-ready format for replication purposes.