Replication Package for The Rise of Anti-Activist Poison Pills

Description

Replication package for Eldar, Kirmse and Wittry, "The Rise of Anti-Activist Poison Pills," Journal of Financial Economics (forthcoming). The package has two parts. 1. Real Kit (Real_Kit_code_and_shareable_data.zip). All Stata and Python programs that build the analysis datasets and produce every table and figure in the paper and the Internet Appendix, run in order by 00_Run_All.do. It also includes the README, ORIGINAL_DATA_SOURCES.md, and the inputs we are allowed to share (the SEC ticker–CIK map, the EDGAR surveillance files and the hand-collected takeover-rumor file). The remaining inputs come from licensed databases (CRSP, Compustat, Thomson Reuters 13F, BoardEx, ISS, SDC, FactSet, Bloomberg) or were shared with the authors privately (the hedge-fund activism data of Brav and Jiang, and of Boyson). These are not included. ORIGINAL_DATA_SOURCES.md lists each input with its source and vintage. The Hoberg–Phillips TNIC files are public and must be downloaded from the Hoberg–Phillips Data Library. The hand-collected poison-pill dataset (PillsFinal) is withheld for two years after publication. 2. Pseudo Kit (Pseudo_Kit_part1 to part5, with part 4 split into 4a and 4b). A complete, runnable copy of the replication kit in which every non-shareable input is replaced by pseudo data. In the pseudo data, identifiers are replaced, values are shuffled within period, and event data are de-linked from real firms and funds. Unzip all six archives into one folder and run 00_Run_All.do. Every program runs end to end, but the numbers it produces are meaningless by design. README_PSEUDO.md explains how the pseudo data were built and how to run them. The full run takes about 11 hours and was tested in Stata 19 MP and Stata SE 16.1. MANIFEST and SHA256SUMS files list the contents and checksums of each archive. Version 2 (Oct 30, 2026): added source line numbers to the README table and figure crosswalks at the data editor's request.

Steps to reproduce

Real data: obtain the inputs listed in ORIGINAL_DATA_SOURCES.md, set the paths at the top of 00_Run_All.do, and run it (see README.md). Pseudo data: extract all six Pseudo_Kit zips into one folder, set the project root in 00_Run_All.do, install the Stata packages listed in README_PSEUDO.md, and run 00_Run_All.do.

Institutions

• University of California, Berkeley

  California, Berkeley
• Miami University

  Ohio, Oxford
• The Ohio State University

  Ohio, Columbus

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