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REPLICATION CODE README
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This repository contains replication code for the empirical analyses presented 
in the paper. All code is written in Stata.

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1. MASTER FILE
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1- master.do
   This file serves as the main execution script that runs all analyses in the
   paper. It automatically executes all table and figure generation files in
   sequence.

   To use:
   - Set your working directory path in the global macro "root" at the top of
     the file
   - Run the entire master.do file to replicate all results
   - The script will automatically execute tables 1-9 and figures 1-3

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2. TABLE FILES
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table1.do - Summary Statistics
   Summary statistics for loan-level, firm-level, and bank-level variables.
   Includes means, standard deviations, and t-tests by treatment status.

table2.do - Baseline Difference-in-Differences Results (Loan Outcomes)
   Treatment effects on loan indicator, loan amount, and loan growth.

table3.do - Baseline Results (Risk Outcomes)
   Treatment effects on loan spread and loan default rate.

table4.do - Heterogeneity by Loan Loss Allowance Changes
   Interacts treatment with changes in loan loss allowances.

table5.do - Decomposition by Loan Loss Allowance Components
   Separates loan loss allowances components. Includes linear combination tests.

table6.do - Heterogeneity by Firm Risk
   Interacts treatment with high-risk firm indicator.

table7.do - Robustness: Propensity Score Matching and Entropy Balancing
   Replicates baseline results using PSM and entropy balancing methods.

table8.do - Heterogeneity by Regional COVID-19 Exposure
   Interacts treatment with top 5 infected regions and top 5 restricted regions.

table9.do - Firm-Level Outcomes
   Treatment effects on firm loans, assets, liabilities, and sales. Includes
   interactions with low credit quality and high risk indicators.

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3. FIGURE FILES
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figure1.do - Parallel Trends: Log Total Credit by Banks
   Time series plot of mean log total credit for ECL vs ICL banks with 95% CIs.

figure2.do - Event Study: Loan-Level Outcomes
   Dynamic treatment effects for loan indicator, amount, growth, spread, and
   default over 48 periods (-24 to +23).

figure3.do - Event Study: Firm-Level Outcomes
   Dynamic treatment effects for firm loans, assets, liabilities, and sales
   over 16 periods (-8 to +7).

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4. REQUIRED STATA PACKAGES
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The following user-written packages must be installed:
   - reghdfe (for high-dimensional fixed effects regression)
   - estout (for table formatting)
   - psmatch2 (for propensity score matching)
   - ebalance (for entropy balancing)

To install, run:
   ssc install reghdfe
   ssc install estout
   ssc install psmatch2
   ssc install ebalance
