HFCAA
Description
Replication materials for the study The Market Reaction to Geopolitical Delisting. The study examines how U.S.-listed China and Hong Kong issuers were repriced around seven Holding Foreign Companies Accountable Act (HFCAA) regulatory milestones and three issuer-exit announcements. The archive contains 3,988 derived firm-event observations: 2,695 observations across the seven regulatory events and 1,293 peer-spillover observations across the three exit events, with announcing firms excluded from the relevant peer samples. For each firm-event observation, the files report market-adjusted and Fama-French three-factor abnormal returns for trading days -3 to +3, together with CAR[-3,-1], CAR[0,+3], and CAR[-3,+3]. The archive also provides the event schedule, SEC conclusive-identification mapping, ticker aliases, industry classifications, sample audits, aggregate table results, robustness outputs, replication code, and input templates. The evidence shows that audit-cooperation and statutory-resolution events generated the strongest positive repricing, SEC identification events produced negative enforcement effects, and the five central state-owned enterprise exits generated negative peer spillovers. Raw prices, source returns, shares outstanding, trading volume, exchange codes, and market-index observations were obtained from licensed databases and cannot be redistributed; the archive therefore supplies the derived analysis data used in the reported tests. See README.md and the documentation folder for variable definitions, sources, and reproduction instructions.