sort list_unlist co_code
gen wanted= sum(co_code!=co_code[_n-1])
gen wanted= sum(co_code!=co_code[_n-1])
reghdfe nsales epu totexp if list_unlist==0, a(co_code year) vce(robust)
reghdfe nsales epu totexp i.year if list_unlist==0, a(co_code ) vce(robust)
Model 1 reghdfe nsales epu totexp if list_unlist==0, a (co_code year) vce (robust) // years along with firm fixed effects are absorbed Model 2 reghdfe nsales epu totexp i.year if list_unlist==0, a (co_code) vce (robust) // years are not absorbedRobust standard errors in parentheses *** p<0.01, ** p<0.05, * p<0.1
(1) (2) VARIABLES yrs_absorbed yrs_NOT_absorbed epu -27.97 (60.40) totexp 0.989*** 0.989*** (0.0520) (0.0520) 2013.year -85.43 (78.58) 2014.year -107.3** (42.00) 2015.year -98.96 (63.09) 2016.year -117.0 (101.7) 2017.year -44.70 (49.18) 2018.year -53.29 (66.28) 2019o.year - o.epu - Constant 53.75 246.6 (131.0) (372.9) Observations 38 38 R-squared 0.999 0.999
Model 1 xtreg nsales epu totexp i.year if list_unlist==0, fe vce (robust) Model 2 reghdfe nsales epu totexp i.year if list_unlist==0, a (co_code) cluster (co_code) are exactly the same but Model 3, due to absorbing years is different reghdfe nsales epu totexp if list_unlist==0, a (co_code year) cluster (co_code)
reghdfe nsales epu totexp i.year if list_unlist==0, a (co_code) cluster (co_code)
reghdfe nsales epu totexp ib2017.year if list_unlist==0, a (co_code) cluster (co_code)
1. Full Sample xtreg nfa_tass_w epu /// > wcap_w /// > size_w lever_w nw_ta_w /// > ncfo_ta_w sgrowth_w pbitnet_ta_w fcfvol age /// > i.rd_dum i.divid_dum /// > gdpgrowthannual realinterestrate, /// > fe vce (robust) Fixed-effects (within) regression Number of obs = 83,176 Group variable: id Number of groups = 13,966 R-sq: Obs per group: within = 0.0980 min = 1 between = 0.1178 avg = 6.0 overall = 0.1023 max = 15 F(14,13965) = 137.42 corr(u_i, Xb) = -0.0224 Prob > F = 0.0000 (Std. Err. adjusted for 13,966 clusters in id) ---------------------------------------------------------------------------------- | Robust nfa_tass_w | Coef. Std. Err. t P>|t| [95% Conf. Interval] -----------------+---------------------------------------------------------------- epu | -.0061424 .0014532 -4.23 0.000 -.0089908 -.003294 wcap_w | -.129883 .0060629 -21.42 0.000 -.1417671 -.1179989 size_w | -.0100739 .0022158 -4.55 0.000 -.0144172 -.0057306 lever_w | .1586407 .0088661 17.89 0.000 .141262 .1760194 nw_ta_w | .0857368 .010008 8.57 0.000 .0661197 .1053539 ncfo_ta_w | .1175199 .0044078 26.66 0.000 .10888 .1261598 sgrowth_w | .0014055 .0005938 2.37 0.018 .0002417 .0025694 pbitnet_ta_w | -.0685863 .0098594 -6.96 0.000 -.0879121 -.0492605 fcfvol | -.0609987 .0106514 -5.73 0.000 -.0818769 -.0401205 age | -.0911009 .0057229 -15.92 0.000 -.1023185 -.0798833 1.rd_dum | .0095375 .002881 3.31 0.001 .0038903 .0151846 1.divid_dum | -.0019662 .0017189 -1.14 0.253 -.0053356 .0014031 gdpgrowthannual | .0016665 .0002305 7.23 0.000 .0012147 .0021183 realinterestrate | -.0012317 .000185 -6.66 0.000 -.0015943 -.0008692 _cons | .6016653 .0172367 34.91 0.000 .5678792 .6354515 -----------------+---------------------------------------------------------------- sigma_u | .2059355 sigma_e | .0912116 rho | .83599994 (fraction of variance due to u_i) ---------------------------------------------------------------------------------- 2. Public firms . xtreg nfa_tass_w epu /// > wcap_w /// > size_w lever_w nw_ta_w /// > ncfo_ta_w sgrowth_w pbitnet_ta_w fcfvol age /// > i.rd_dum i.divid_dum /// > gdpgrowthannual realinterestrate if inrange(wanted,20691,25179), /// > fe vce (robust) Fixed-effects (within) regression Number of obs = 31,678 Group variable: id Number of groups = 3,702 R-sq: Obs per group: within = 0.0994 min = 1 between = 0.0410 avg = 8.6 overall = 0.0521 max = 15 F(14,3701) = 56.19 corr(u_i, Xb) = -0.1401 Prob > F = 0.0000 (Std. Err. adjusted for 3,702 clusters in id) ---------------------------------------------------------------------------------- | Robust nfa_tass_w | Coef. Std. Err. t P>|t| [95% Conf. Interval] -----------------+---------------------------------------------------------------- epu | -.0069392 .0020802 -3.34 0.001 -.0110177 -.0028606 wcap_w | -.1325428 .0093545 -14.17 0.000 -.1508833 -.1142023 size_w | -.0107517 .0033258 -3.23 0.001 -.0172722 -.0042311 lever_w | .1418479 .015116 9.38 0.000 .1122114 .1714843 nw_ta_w | .0608775 .0160633 3.79 0.000 .0293838 .0923713 ncfo_ta_w | .1315846 .007731 17.02 0.000 .1164272 .1467421 sgrowth_w | .0002029 .0008345 0.24 0.808 -.0014333 .0018391 pbitnet_ta_w | -.0868343 .0165037 -5.26 0.000 -.1191916 -.054477 fcfvol | -.0745162 .0185201 -4.02 0.000 -.1108268 -.0382056 age | -.1060108 .0093179 -11.38 0.000 -.1242796 -.087742 1.rd_dum | .0170844 .0045316 3.77 0.000 .0081998 .025969 1.divid_dum | .0016121 .0024249 0.66 0.506 -.0031421 .0063664 gdpgrowthannual | .0017148 .0003114 5.51 0.000 .0011043 .0023252 realinterestrate | -.0013304 .0002598 -5.12 0.000 -.0018397 -.000821 _cons | .6949004 .0281028 24.73 0.000 .6398019 .7499989 -----------------+---------------------------------------------------------------- sigma_u | .18927949 sigma_e | .09098976 rho | .81228941 (fraction of variance due to u_i) ---------------------------------------------------------------------------------- 3. Private firms xtreg nfa_tass_w epu /// > wcap_w /// > size_w lever_w nw_ta_w /// > ncfo_ta_w sgrowth_w pbitnet_ta_w fcfvol age /// > i.rd_dum i.divid_dum /// > gdpgrowthannual realinterestrate if inrange(wanted,1,20690), /// > fe vce (robust) Fixed-effects (within) regression Number of obs = 51,498 Group variable: id Number of groups = 10,865 R-sq: Obs per group: within = 0.0946 min = 1 between = 0.1511 avg = 4.7 overall = 0.1441 max = 15 F(14,10864) = 81.32 corr(u_i, Xb) = 0.0732 Prob > F = 0.0000 (Std. Err. adjusted for 10,865 clusters in id) ---------------------------------------------------------------------------------- | Robust nfa_tass_w | Coef. Std. Err. t P>|t| [95% Conf. Interval] -----------------+---------------------------------------------------------------- epu | -.0038526 .0020182 -1.91 0.056 -.0078086 .0001034 wcap_w | -.1289886 .008043 -16.04 0.000 -.1447543 -.1132229 size_w | -.0082741 .0030447 -2.72 0.007 -.0142423 -.002306 lever_w | .1693187 .0108317 15.63 0.000 .1480866 .1905508 nw_ta_w | .1060043 .0125875 8.42 0.000 .0813304 .1306781 ncfo_ta_w | .1071755 .0053306 20.11 0.000 .0967265 .1176246 sgrowth_w | .0023622 .0008051 2.93 0.003 .0007841 .0039403 pbitnet_ta_w | -.0561646 .0122278 -4.59 0.000 -.0801333 -.0321959 fcfvol | -.0436219 .0127874 -3.41 0.001 -.0686874 -.0185564 age | -.0827393 .0073675 -11.23 0.000 -.097181 -.0682976 1.rd_dum | .0021617 .0036503 0.59 0.554 -.0049935 .0093169 1.divid_dum | -.0048677 .0023816 -2.04 0.041 -.0095359 -.0001994 gdpgrowthannual | .0016891 .0003327 5.08 0.000 .0010369 .0023413 realinterestrate | -.0010082 .0002591 -3.89 0.000 -.0015162 -.0005003 _cons | .5277511 .0230285 22.92 0.000 .482611 .5728911 -----------------+---------------------------------------------------------------- sigma_u | .21018445 sigma_e | .08997714 rho | .84512415 (fraction of variance due to u_i) ---------------------------------------------------------------------------------- 4. For comparing the impact of EPU on dependent variable between public and private firms . xtreg nfa_tass_w i.group#(c.epu /// > c.wcap_w /// > c.size_w c.lever_w c.nw_ta_w /// > c.ncfo_ta_w c.sgrowth_w c.pbitnet_ta_w c.fcfvol c.age /// > i.rd_dum i.divid_dum /// > c.gdpgrowthannual c.realinterestrate) , /// > fe vce (robust) note: 1.group#1.divid_dum omitted because of collinearity Fixed-effects (within) regression Number of obs = 83,176 Group variable: id Number of groups = 13,966 R-sq: Obs per group: within = 0.0995 min = 1 between = 0.1211 avg = 6.0 overall = 0.1035 max = 15 F(29,13965) = 67.78 corr(u_i, Xb) = -0.0241 Prob > F = 0.0000 (Std. Err. adjusted for 13,966 clusters in id) ------------------------------------------------------------------------------------------ | Robust nfa_tass_w | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------------------+---------------------------------------------------------------- group#c.epu | 0 | -.0045214 .0020057 -2.25 0.024 -.0084529 -.0005899 1 | -.0072298 .0020663 -3.50 0.000 -.0112801 -.0031795 | group#c.wcap_w | 0 | -.1329142 .0077816 -17.08 0.000 -.1481673 -.1176612 1 | -.1282711 .0090319 -14.20 0.000 -.1459749 -.1105674 | group#c.size_w | 0 | -.0085349 .0027108 -3.15 0.002 -.0138484 -.0032214 1 | -.0107055 .0026186 -4.09 0.000 -.0158383 -.0055726 | group#c.lever_w | 0 | .1663109 .0105582 15.75 0.000 .1456154 .1870064 1 | .147942 .0145136 10.19 0.000 .1194935 .1763905 | group#c.nw_ta_w | 0 | .1095518 .0120286 9.11 0.000 .0859742 .1331295 1 | .0593189 .0153008 3.88 0.000 .0293272 .0893106 | group#c.ncfo_ta_w | 0 | .1064067 .0053061 20.05 0.000 .096006 .1168074 1 | .1359096 .0077406 17.56 0.000 .120737 .1510822 | group#c.sgrowth_w | 0 | .0023495 .0008009 2.93 0.003 .0007797 .0039194 1 | .0000162 .0008481 0.02 0.985 -.0016462 .0016787 | group#c.pbitnet_ta_w | 0 | -.0570506 .0121774 -4.68 0.000 -.0809199 -.0331813 1 | -.0849207 .0162361 -5.23 0.000 -.1167455 -.0530958 | group#c.fcfvol | 0 | -.0526131 .0127081 -4.14 0.000 -.0775226 -.0277036 1 | -.0745858 .0183586 -4.06 0.000 -.1105712 -.0386004 | group#c.age | 0 | -.0883176 .0063378 -13.94 0.000 -.1007405 -.0758947 1 | -.0994264 .0075975 -13.09 0.000 -.1143186 -.0845342 | group#rd_dum | 0 1 | .0044991 .003565 1.26 0.207 -.0024887 .0114869 1 0 | .0870297 .0328445 2.65 0.008 .0226501 .1514092 1 1 | .1027574 .0334029 3.08 0.002 .0372832 .1682316 | group#divid_dum | 0 1 | -.0049005 .0023522 -2.08 0.037 -.0095111 -.0002899 1 0 | -.0013391 .0023965 -0.56 0.576 -.0060366 .0033584 1 1 | 0 (omitted) | group#c.gdpgrowthannual | 0 | .0016324 .000333 4.90 0.000 .0009797 .0022851 1 | .0016528 .0003112 5.31 0.000 .0010428 .0022628 | group#c.realinterestrate | 0 | -.0010018 .0002597 -3.86 0.000 -.0015109 -.0004927 1 | -.001505 .0002668 -5.64 0.000 -.0020279 -.0009821 | _cons | .5647025 .0220527 25.61 0.000 .5214762 .6079287 -------------------------+---------------------------------------------------------------- sigma_u | .20556076 sigma_e | .09114323 rho | .83570594 (fraction of variance due to u_i) ------------------------------------------------------------------------------------------ test 1.group#c.epu = 0.group#c.epu ( 1) - 0b.group#c.epu + 1.group#c.epu = 0 F( 1, 13965) = 0.89 Prob > F = 0.3448
i.group#(c.rd_dum c.divid_dum)
1. Listed xtreg nfa_tass_w epu /// > wcap_w /// > size_w lever_w nw_ta_w /// > ncfo_ta_w sgrowth_w pbitnet_ta_w fcfvol age /// > gdpgrowthannual realinterestrate if inrange(wanted,20691,25179), /// > fe vce (robust) Fixed-effects (within) regression Number of obs = 31,678 Group variable: id Number of groups = 3,702 R-sq: Obs per group: within = 0.0981 min = 1 between = 0.0350 avg = 8.6 overall = 0.0457 max = 15 F(12,3701) = 64.79 corr(u_i, Xb) = -0.1642 Prob > F = 0.0000 (Std. Err. adjusted for 3,702 clusters in id) ---------------------------------------------------------------------------------- | Robust nfa_tass_w | Coef. Std. Err. t P>|t| [95% Conf. Interval] -----------------+---------------------------------------------------------------- epu | -.0068699 .0020765 -3.31 0.001 -.0109411 -.0027986 wcap_w | -.1320722 .0093663 -14.10 0.000 -.1504358 -.1137086 size_w | -.0099582 .0033017 -3.02 0.003 -.0164316 -.0034848 -----------------+---------------------------------------------------------------- sigma_u | .19054013 sigma_e | .09104759 rho | .8141131 (fraction of variance due to u_i) ---------------------------------------------------------------------------------- 2.Unlisted xtreg nfa_tass_w epu /// > wcap_w /// > size_w lever_w nw_ta_w /// > ncfo_ta_w sgrowth_w pbitnet_ta_w fcfvol age /// > gdpgrowthannual realinterestrate if inrange(wanted,1,20690), /// > fe vce (robust) Fixed-effects (within) regression Number of obs = 51,498 Group variable: id Number of groups = 10,865 R-sq: Obs per group: within = 0.0945 min = 1 between = 0.1515 avg = 4.7 overall = 0.1445 max = 15 F(12,10864) = 94.60 corr(u_i, Xb) = 0.0743 Prob > F = 0.0000 (Std. Err. adjusted for 10,865 clusters in id) ---------------------------------------------------------------------------------- | Robust nfa_tass_w | Coef. Std. Err. t P>|t| [95% Conf. Interval] -----------------+---------------------------------------------------------------- epu | -.0038325 .0020185 -1.90 0.058 -.0077892 .0001242 wcap_w | -.1293126 .0080474 -16.07 0.000 -.1450871 -.1135382 size_w | -.0082774 .0030462 -2.72 0.007 -.0142484 -.0023063 -----------------+---------------------------------------------------------------- sigma_u | .21015046 sigma_e | .08998242 rho | .84506645 (fraction of variance due to u_i) ---------------------------------------------------------------------------------- 3.Interactions . xtreg nfa_tass_w i.group#(c.epu /// > c.wcap_w /// > c.size_w c.lever_w c.nw_ta_w /// > c.ncfo_ta_w c.sgrowth_w c.pbitnet_ta_w c.fcfvol c.age /// > c.gdpgrowthannual c.realinterestrate) , /// > fe vce (robust) Fixed-effects (within) regression Number of obs = 83,176 Group variable: id Number of groups = 13,966 R-sq: Obs per group: within = 0.0986 min = 1 between = 0.1169 avg = 6.0 overall = 0.0998 max = 15 F(24,13965) = 81.18 corr(u_i, Xb) = -0.0349 Prob > F = 0.0000 (Std. Err. adjusted for 13,966 clusters in id) ------------------------------------------------------------------------------------------ | Robust nfa_tass_w | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------------------+---------------------------------------------------------------- group#c.epu | 0 | -.0070252 .0019884 -3.53 0.000 -.0109227 -.0031277 1 | -.0048869 .0020196 -2.42 0.016 -.0088457 -.0009282 | group#c.wcap_w | 0 | -.1356046 .0077434 -17.51 0.000 -.1507827 -.1204265 1 | -.1228751 .0087487 -14.04 0.000 -.1400237 -.1057264 | group#c.size_w | 0 | -.0098321 .0026062 -3.77 0.000 -.0149406 -.0047237 1 | -.0091169 .0025275 -3.61 0.000 -.0140711 -.0041627 | -------------------------+---------------------------------------------------------------- sigma_u | .20602196 sigma_e | .09118434 rho | .83619693 (fraction of variance due to u_i) ----------------------------------------------------------------------------------------- ( 1) - 0b.group#c.epu + 1.group#c.epu = 0 F( 1, 13965) = 0.59 Prob > F = 0.4407 -
input long co_code byte list_unlist int year float(epu casheq_ta_w inven_ta_w tcred_ta_w size_w lever_w) byte(divid_dum rd_dum) 3 0 2004 4.08252 .2525478 . .0152866 5.749393 .0111465 0 0 3 0 2011 4.73533 .5405542 . .0508816 6.389401 . 0 0 3 0 2012 5.20827 .3330311 . .0486552 6.494963 . 0 0 3 0 2013 5.14044 .2445839 . .027342 6.506232 . 0 0 3 0 2014 4.76683 .3417237 . .0426813 6.594413 . 0 0 3 0 2015 4.59869 .327371 . .0321709 6.655569 . 0 0 3 0 2016 4.24885 .0841933 . .0723635 6.677839 .0067959 0 0 3 0 2018 4.13127 .0563302 . .0080312 6.798498 .0131623 0 0 3 0 2019 4.03485 .0432306 . .0101653 6.797047 .0332887 0 0 15 0 2004 4.08252 .0333333 . .2714286 3.044523 . 0 0 289 1 2004 4.08252 .0320513 .0106838 .3600427 6.484941 .3719475 0 0 289 1 2005 4.27638 .0451751 .0090064 .3359542 6.550366 .4125804 0 0 289 1 2006 3.86614 .0246069 .0027665 .3510484 6.532043 .4123471 0 0 289 1 2009 4.95791 .0670172 .0025682 .332518 6.706496 .3393665 0 0 289 1 2010 4.61611 .0462537 .0034218 .3776991 6.742291 .4081416 0 0 289 1 2011 4.73533 .1056295 .0021557 .3394925 7.392401 .5474871 0 0 289 1 2012 5.20827 .0842635 .0041788 .2835308 7.465598 .5553838 0 0 289 1 2013 5.14044 .0311432 .003088 .3884363 7.327781 .513272 1 0 289 1 2014 4.76683 .0305276 .0034084 .4097511 7.207563 .4856995 1 0 289 1 2015 4.59869 .0451696 .005531 .4080936 6.989151 .3811762 0 0 289 1 2016 4.24885 .029749 .0052681 .4293978 6.875335 .3408739 0 0 289 1 2017 4.33206 .0407987 .0082584 .3914705 6.698638 .4061383 0 0 289 1 2018 4.13127 .101127 .0084147 .3543201 6.500539 .3511645 0 0 289 1 2019 4.03485 .1299251 .006889 .2592458 6.718288 .2104182 0 0 328 0 2005 4.27638 .0034722 .6319445 -.0625 3.360375 .2430556 0 0 328 0 2006 3.86614 .0607903 .6504559 -.112462 3.493473 .3617021 0 0 328 0 2007 4.00362 .0314286 .4828571 .2342857 3.555348 .4314286 0 0 328 0 2008 4.27017 .0223124 .3914807 .1825558 3.897924 .4604463 0 0 328 0 2009 4.95791 .026506 .6337349 -.0216867 3.725693 .4313253 0 0 328 0 2010 4.61611 .1296296 .4938271 -.1049383 3.478158 .3055555 0 0 337 0 2004 4.08252 .1580863 .1182318 .4977809 7.026959 .0740281 0 0 337 0 2005 4.27638 .1217654 .0324181 .3804629 7.237922 .0593013 0 0 337 0 2006 3.86614 .2424669 .1342192 .1804577 7.306599 .0548956 0 0 337 0 2007 4.00362 .3100333 .0868144 .1647873 7.352954 .0028191 1 0 337 0 2008 4.27017 .3022244 .0834139 .1543158 7.411194 .0113032 0 0 337 0 2009 4.95791 .2498114 .189288 .1221494 7.451996 .0067893 1 0 337 0 2010 4.61611 .210795 .1739722 .1107405 7.292473 .0085761 1 0 337 0 2011 4.73533 .2007643 .1634366 .1244029 7.289884 .0037532 1 0 337 0 2012 5.20827 .1441376 .1040914 .0910077 7.232299 .0010929 0 0 337 0 2013 5.14044 .1331963 .064063 .1009935 7.285849 .038986 0 0 136909 0 2005 4.27638 . .1677852 . 2.701361 .9194631 0 0 136909 0 2006 3.86614 . .1904762 .0357143 3.226844 .9444444 0 0 136909 0 2010 4.61611 .0192308 .923077 . 2.341806 .8365385 0 0 136909 0 2011 4.73533 .0078125 .9453125 . 2.549445 .859375 0 0 136909 0 2012 5.20827 .2899408 .6804734 . 2.827314 .6686391 0 0 136911 0 2005 4.27638 .0181818 . . 1.902107 . 0 0 136911 0 2006 3.86614 .0064935 . . 2.734367 . 0 0 136911 0 2007 4.00362 . . . 2.901422 . 0 0 136911 0 2008 4.27017 .0055556 .0333333 -.4340241 2.890372 . 0 0 137490 0 2004 4.08252 .0117854 .0728232 .096394 6.343001 .5261214 0 0 137490 0 2005 4.27638 .008985 .1384359 .030782 6.398595 .4767055 0 0 137490 0 2006 3.86614 .0145053 .1788983 -.0024175 6.361475 .4607149 0 0 137490 0 2007 4.00362 .0130124 .2205596 -.094177 6.421297 .4032206 0 0 137490 0 2008 4.27017 .0137183 .2362418 -.0572659 6.440787 .3431169 0 0 137490 0 2011 4.73533 .0203025 .0839172 -.0852707 7.135687 .4697452 0 0 137490 0 2012 5.20827 .022829 .0574763 .0508698 7.21693 .5545768 0 0 137490 0 2013 5.14044 .0452331 .0545117 .0049872 7.452634 .4812689 0 0 137490 0 2014 4.76683 .0223632 .0795613 -.1126761 6.835292 .1595527 0 0 137490 0 2015 4.59869 .0072129 .057365 -.1049251 6.788183 .2066945 0 0 137490 0 2016 4.24885 .0080388 .0333036 -.1369146 6.664026 .2155161 0 0 137490 0 2017 4.33206 .00547 .0866302 -.2054446 6.667084 .2135861 0 0 137490 0 2018 4.13127 .0097522 .0276753 -.1295467 6.631738 .2028202 0 0 137490 0 2019 4.03485 .0046757 .0585062 -.2040523 6.726353 .2126843 0 0 137495 0 2004 4.08252 .0025974 . .1454545 4.343805 .4623376 0 0 137495 0 2005 4.27638 .0027933 . .1522346 4.271095 .5572626 0 0 137495 0 2012 5.20827 .0364026 .1648822 .2633833 3.843744 .0107066 1 0 137495 0 2013 5.14044 .0566728 .1736746 .2687386 4.001864 . 1 0 137495 0 2014 4.76683 .0105448 .1511424 .3198594 4.041296 .0105448 1 0 137495 0 2015 4.59869 .3700787 .1133858 .015748 4.15104 .0062992 1 0 137495 0 2016 4.24885 .3487738 .0967302 .0803815 4.295924 .0027248 0 0 137495 0 2017 4.33206 .3374384 .0862069 .046798 4.396915 . 1 0 137495 0 2018 4.13127 .4354322 .1707577 -.0373533 4.540098 . 1 0 137495 0 2019 4.03485 .4565425 .1671442 .0659026 4.651099 . 1 0 137511 0 2004 4.08252 .0253749 .1280277 .0868897 5.561066 .509804 0 0 137511 0 2005 4.27638 .0297641 .184029 .1150635 5.618587 .4533575 0 0 137511 1 2006 3.86614 .3732809 .1366315 .0430434 6.327758 .2239686 0 0 137511 1 2007 4.00362 .0207645 .0900189 .0646531 6.742409 .4567013 0 0 137511 1 2008 4.27017 .0115067 .109712 -.0093357 7.231143 .561514 0 0 137511 1 2009 4.95791 .0212587 .1085552 .0113078 7.34446 .5434867 0 0 137511 1 2010 4.61611 .0224693 .1100539 -.0135848 7.464281 .5219535 0 0 137511 1 2011 4.73533 .0241471 .0934186 .0454126 7.458878 .5746312 0 0 137511 1 2012 5.20827 .0146461 .0735892 .0490794 7.422254 .7055835 0 0 137511 1 2013 5.14044 .0168799 .0692717 -.0021027 7.445476 .7257754 0 0 137511 1 2014 4.76683 .0112241 .0759383 .0345493 7.4446 .7383375 0 0 137511 1 2015 4.59869 .0119061 .1065854 .0266036 7.470452 .7245073 0 0 137511 1 2016 4.24885 .0127246 .104445 .0433556 7.4598 .7176417 0 0 137511 1 2017 4.33206 .0123777 .134858 .0396086 7.436381 .6459389 0 0 137511 1 2018 4.13127 .011786 .1779805 -.0253853 7.475793 .5715095 0 0 137511 1 2019 4.03485 .0082707 .16698 .0300125 7.375256 .5567043 0 0 137512 0 2004 4.08252 .0310078 .4573644 . 2.557227 . 0 0 137512 0 2005 4.27638 .0337838 .4256757 . 2.694627 .0067568 0 0 137512 0 2006 3.86614 .0807692 .4269231 . 3.258096 .35 0 0 137512 0 2007 4.00362 .084375 .434375 . 3.465736 .4125 0 0 137512 0 2008 4.27017 .042042 .4294294 . 3.505557 .4174174 0 0 137512 0 2009 4.95791 .0233236 .4460641 . 3.535145 .393586 0 0 137512 0 2010 4.61611 .014881 .4702381 . 3.514526 .375 0 0 137512 0 2011 4.73533 .0426829 .4969512 . 3.490428 .3048781 0 0 137512 0 2012 5.20827 .0560748 .5264798 . 3.468856 .2647975 0 0 137554 1 2004 4.08252 .019474 .2094363 .1571967 8.177122 .6529253 0 1 137554 1 2005 4.27638 .014494 .2259364 .1912448 8.131943 .6735756 0 1 137554 1 2006 3.86614 .0201355 .2490515 .191897 8.213382 .6230353 0 1 137554 1 2007 4.00362 .0174285 .3084341 .152089 8.219407 .5664413 0 1 137554 1 2008 4.27017 .0115084 .3440711 .1157413 8.244308 .5322526 0 1 137554 1 2009 4.95791 .0115957 .3054113 .1534268 8.150988 .63961 0 1 137554 1 2010 4.61611 .0091312 .3328857 .166322 8.22242 .6813482 0 1 137554 1 2011 4.73533 .0081061 .3883488 .1483211 8.268296 .6800657 0 1 137564 0 2005 4.27638 .071441 .2223767 .0097341 7.453504 .4957993 0 1 137564 0 2006 3.86614 .0052349 .2058928 .006013 7.947042 .6089063 0 1 137564 0 2007 4.00362 .0023244 .234267 .0677552 8.14375 .5736533 0 1 137564 0 2008 4.27017 .0079166 .2181533 .1828773 8.298265 .6168936 0 0 137564 0 2009 4.95791 .0017811 .2263751 .1780284 8.262069 .7000594 0 1 137564 0 2010 4.61611 .0029549 .2357492 .183071 8.222178 .738731 0 1 137564 0 2011 4.73533 .0011595 .2398541 .1043299 8.170723 .748692 0 1 137564 0 2012 5.20827 .0039178 .2607522 .1397063 8.144912 .8447095 0 1 137564 0 2013 5.14044 .0031313 .2910943 .1394398 8.173265 .8904624 0 1 137632 0 2004 4.08252 . . .2100841 2.476538 .1932773 0 0 137632 0 2005 4.27638 . . .2173913 2.442347 .1652174 0 0 137632 0 2006 3.86614 . . .2232143 2.415914 .1875 0 0 137632 0 2007 4.00362 .0091743 . .2293578 2.388763 .2018349 0 0 137632 0 2008 4.27017 . . .2336448 2.370244 .1214953 0 0 137632 0 2009 4.95791 .0095238 . .2380952 2.351375 .1142857 0 0 137632 0 2010 4.61611 .0377358 . .2358491 2.360854 .0943396 0 0 137632 0 2011 4.73533 .01 . .29 2.302585 .09 0 0 137688 1 2004 4.08252 .0236771 .0669567 .2840152 7.504447 .3241562 0 0 137688 1 2005 4.27638 .064801 .1407961 -.0558368 8.408382 .3630951 0 0 137688 1 2006 3.86614 .2110976 .1554613 .0351111 8.912608 .3379933 0 0 137688 1 2007 4.00362 .0145976 .1800503 .1102484 9.208448 .2477082 0 0 137688 1 2008 4.27017 .0893457 .2139546 -.1521998 9.473312 .23794 0 0 137688 1 2009 4.95791 .1103242 .1362044 -.1699994 9.751676 .2121108 0 0 137688 1 2010 4.61611 .2361807 .1803601 -.2776453 9.622106 .204322 0 0 137688 1 2011 4.73533 .2018211 .2766977 .1462187 9.857344 .5776177 1 0 137688 1 2012 5.20827 .2263127 .1066368 .0128528 9.617397 .2724193 1 0 137688 1 2013 5.14044 .1102415 .1060889 .0832924 9.697618 .3294039 1 0 137688 1 2014 4.76683 .1140883 .0731478 -.0167311 9.666435 .2777426 1 0 137688 1 2015 4.59869 .1030259 .093911 .0731746 9.580648 .3056733 1 0 137688 1 2016 4.24885 .1370512 .1020521 .0710067 9.433052 .2759592 1 0 137688 1 2017 4.33206 .1151797 .0800547 .0933726 9.518244 .3234453 1 0 137688 1 2018 4.13127 .0407301 .2451776 -.1045302 9.744556 .2153671 1 0 137688 1 2019 4.03485 .0314578 .1357509 .0164746 9.67771 .1530465 1 0 end
sort list_unlist co_code //sorting on the basis of list_unlist for co_code
gen wanted= sum(co_code!=co_code[_n-1])
xtset co_code year
gen group= cond(inrange(wanted, 13, 16), 1, 0)
xtreg casheq_ta_w epu ///
> tcred_ta_w inven_ta_w ///
> size_w lever_w ///
> i.rd_dum i.divid_dum ///
> if inrange(wanted,13,16) , ///
> fe vce (robust)
note: 1.rd_dum omitted because of collinearity
Fixed-effects (within) regression Number of obs = 52
Group variable: co_code Number of groups = 4
R-sq: Obs per group:
within = 0.1636 min = 8
between = 0.8109 avg = 13.0
overall = 0.2686 max = 16
F(3,3) = .
corr(u_i, Xb) = 0.3543 Prob > F = .
(Std. Err. adjusted for 4 clusters in co_code)
------------------------------------------------------------------------------
| Robust
casheq_ta_w | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
epu | .033932 .0243563 1.39 0.258 -.0435805 .1114445
tcred_ta_w | -.120362 .0194953 -6.17 0.009 -.1824049 -.0583191
inven_ta_w | .1798747 .2523492 0.71 0.527 -.6232131 .9829626
size_w | -.0350561 .0462898 -0.76 0.504 -.1823708 .1122586
lever_w | -.2141343 .2045716 -1.05 0.372 -.8651724 .4369037
1.rd_dum | 0 (omitted)
1.divid_dum | .0295571 .0387905 0.76 0.502 -.0938915 .1530057
_cons | .2767882 .3680514 0.75 0.507 -.8945156 1.448092
-------------+----------------------------------------------------------------
sigma_u | .0273194
sigma_e | .06511714
rho | .14967128 (fraction of variance due to u_i)
------------------------------------------------------------------------------
xtreg casheq_ta_w epu ///
> tcred_ta_w inven_ta_w ///
> size_w lever_w ///
> i.rd_dum i.divid_dum ///
> if inrange(wanted,1,12) , ///
> fe vce (robust)
Fixed-effects (within) regression Number of obs = 45
Group variable: co_code Number of groups = 6
R-sq: Obs per group:
within = 0.4610 min = 2
between = 0.3840 avg = 7.5
overall = 0.1432 max = 14
F(5,5) = .
corr(u_i, Xb) = -0.9171 Prob > F = .
(Std. Err. adjusted for 6 clusters in co_code)
------------------------------------------------------------------------------
| Robust
casheq_ta_w | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
epu | -.0732682 .0467978 -1.57 0.178 -.1935659 .0470295
tcred_ta_w | -.4202257 .2351037 -1.79 0.134 -1.024579 .1841275
inven_ta_w | -.1735467 .2077867 -0.84 0.442 -.7076794 .3605861
size_w | .0679587 .0667781 1.02 0.356 -.1036997 .2396172
lever_w | .2651931 .1577577 1.68 0.154 -.1403359 .6707221
1.rd_dum | -.0080575 .0350722 -0.23 0.827 -.0982133 .0820983
1.divid_dum | .0068749 .0377037 0.18 0.862 -.0900455 .1037952
_cons | -.0555718 .2916448 -0.19 0.856 -.8052687 .6941252
-------------+----------------------------------------------------------------
sigma_u | .24453733
sigma_e | .05367831
rho | .95403051 (fraction of variance due to u_i)
------------------------------------------------------------------------------
. xtreg casheq_ta_w i.group#(c.epu ///
> c.tcred_ta_w c.inven_ta_w ///
> c.size_w c.lever_w ///
> c.rd_dum c.divid_dum), ///
> fe vce (robust)
note: 1.group#c.rd_dum omitted because of collinearity
Fixed-effects (within) regression Number of obs = 97
Group variable: co_code Number of groups = 9
R-sq: Obs per group:
within = 0.2866 min = 4
between = 0.4398 avg = 10.8
overall = 0.0704 max = 16
F(8,8) = .
corr(u_i, Xb) = -0.8664 Prob > F = .
(Std. Err. adjusted for 9 clusters in co_code)
------------------------------------------------------------------------------------
| Robust
casheq_ta_w | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------------+----------------------------------------------------------------
group#c.epu |
0 | -.071472 .0463292 -1.54 0.161 -.1783072 .0353632
1 | .0376723 .0250073 1.51 0.170 -.0199947 .0953392
|
group#c.tcred_ta_w |
0 | -.4437077 .2259444 -1.96 0.085 -.9647365 .077321
1 | -.0492362 .1155007 -0.43 0.681 -.3155813 .217109
|
group#c.inven_ta_w |
0 | -.2534783 .1708262 -1.48 0.176 -.6474042 .1404475
1 | .1809025 .2391912 0.76 0.471 -.3706735 .7324784
|
group#c.size_w |
0 | .0314085 .0527345 0.60 0.568 -.0901974 .1530143
1 | -.014071 .0298998 -0.47 0.650 -.0830202 .0548781
|
group#c.lever_w |
0 | .2962538 .1537658 1.93 0.090 -.0583308 .6508384
1 | -.2425007 .2381043 -1.02 0.338 -.7915701 .3065687
|
group#c.rd_dum |
0 | -.0199276 .0299244 -0.67 0.524 -.0889333 .0490781
1 | 0 (omitted)
|
group#c.divid_dum |
0 | .0110528 .0402867 0.27 0.791 -.0818485 .1039541
1 | .0124014 .0252841 0.49 0.637 -.0459039 .0707066
|
_cons | .1370795 .2178799 0.63 0.547 -.3653525 .6395115
-------------------+----------------------------------------------------------------
sigma_u | .17633983
sigma_e | .06045877
rho | .89481559 (fraction of variance due to u_i)
------------------------------------------------------------------------------------
. tab co_code group
| group
co_code | 0 1 | Total
-----------+----------------------+----------
3 | 9 0 | 9
15 | 1 0 | 1
289 | 0 14 | 14
328 | 6 0 | 6
337 | 10 0 | 10
136909 | 5 0 | 5
136911 | 4 0 | 4
137490 | 14 0 | 14
137495 | 10 0 | 10
137511 | 2 14 | 16
137512 | 9 0 | 9
137554 | 0 8 | 8
137564 | 9 0 | 9
137632 | 8 0 | 8
137688 | 0 16 | 16
-----------+----------------------+----------
Total | 87 52 | 139
xtreg casheq_ta_w epu tcred_ta_w inven_ta_w size_w lever_w i.rd_dum i.divid_dum if inrange(wanted,1,12) , fe
xtreg casheq_ta_w epu tcred_ta_w inven_ta_w size_w lever_w i.rd_dum i.divid_dum if inrange(wanted,13,16) , fe
xtreg casheq_ta_w i.group#(c.epu c.tcred_ta_w c.inven_ta_w c.size_w c.lever_w c.rd_dum c.divid_dum c.co_code), fe
. xtreg casheq_ta_w epu tcred_ta_w inven_ta_w size_w lever_w i.rd_dum i.divid_dum if inra > nge(wanted,1,12) , fe Fixed-effects (within) regression Number of obs = 45 Group variable: co_code Number of groups = 6 R-sq: Obs per group: within = 0.4610 min = 2 between = 0.3840 avg = 7.5 overall = 0.1432 max = 14 F(7,32) = 3.91 corr(u_i, Xb) = -0.9171 Prob > F = 0.0035 ------------------------------------------------------------------------------ casheq_ta_w | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- epu | -.0732682 .0234109 -3.13 0.004 -.1209546 -.0255818 tcred_ta_w | -.4202257 .1045732 -4.02 0.000 -.6332344 -.2072171 inven_ta_w | -.1735467 .1745541 -0.99 0.328 -.5291017 .1820084 size_w | .0679587 .0460832 1.47 0.150 -.0259098 .1618273 lever_w | .2651931 .1185477 2.24 0.032 .0237194 .5066668 1.rd_dum | -.0080575 .0613975 -0.13 0.896 -.1331202 .1170052 1.divid_dum | .0068749 .0322904 0.21 0.833 -.0588986 .0726483 _cons | -.0555718 .2758036 -0.20 0.842 -.6173653 .5062218 -------------+---------------------------------------------------------------- sigma_u | .24453733 sigma_e | .05367831 rho | .95403051 (fraction of variance due to u_i) ------------------------------------------------------------------------------ F test that all u_i=0: F(5, 32) = 9.60 Prob > F = 0.0000 . . xtreg casheq_ta_w epu tcred_ta_w inven_ta_w size_w lever_w i.rd_dum i.divid_dum if inra > nge(wanted,13,16) , fe note: 1.rd_dum omitted because of collinearity Fixed-effects (within) regression Number of obs = 52 Group variable: co_code Number of groups = 4 R-sq: Obs per group: within = 0.1636 min = 8 between = 0.8109 avg = 13.0 overall = 0.2686 max = 16 F(6,42) = 1.37 corr(u_i, Xb) = 0.3543 Prob > F = 0.2494 ------------------------------------------------------------------------------ casheq_ta_w | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- epu | .033932 .0293532 1.16 0.254 -.0253052 .0931691 tcred_ta_w | -.120362 .1739219 -0.69 0.493 -.4713505 .2306265 inven_ta_w | .1798747 .2259386 0.80 0.430 -.2760878 .6358372 size_w | -.0350561 .0379964 -0.92 0.361 -.111736 .0416238 lever_w | -.2141343 .1205371 -1.78 0.083 -.4573881 .0291195 1.rd_dum | 0 (omitted) 1.divid_dum | .0295571 .0397218 0.74 0.461 -.0506048 .109719 _cons | .2767882 .2828789 0.98 0.333 -.2940845 .8476608 -------------+---------------------------------------------------------------- sigma_u | .0273194 sigma_e | .06511714 rho | .14967128 (fraction of variance due to u_i) ------------------------------------------------------------------------------ F test that all u_i=0: F(3, 42) = 0.23 Prob > F = 0.8721 . . xtreg casheq_ta_w i.group#(c.epu c.tcred_ta_w c.inven_ta_w c.size_w c.lever_w c.rd_dum c > .divid_dum c.co_code), fe note: 1.group#c.rd_dum omitted because of collinearity note: 1.group#c.co_code omitted because of collinearity Fixed-effects (within) regression Number of obs = 97 Group variable: co_code Number of groups = 9 R-sq: Obs per group: within = 0.2967 min = 4 between = 0.0238 avg = 10.8 overall = 0.0375 max = 16 F(14,74) = 2.23 corr(u_i, Xb) = -0.8322 Prob > F = 0.0140 ------------------------------------------------------------------------------------ casheq_ta_w | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------------+---------------------------------------------------------------- group#c.epu | 0 | -.0732682 .0263585 -2.78 0.007 -.1257887 -.0207477 1 | .033932 .0272435 1.25 0.217 -.0203518 .0882158 | group#c.tcred_ta_w | 0 | -.4202257 .1177399 -3.57 0.001 -.6548276 -.1856238 1 | -.120362 .1614214 -0.75 0.458 -.4420011 .2012771 | group#c.inven_ta_w | 0 | -.1735467 .196532 -0.88 0.380 -.5651452 .2180519 1 | .1798747 .2096994 0.86 0.394 -.2379605 .5977099 | group#c.size_w | 0 | .0679587 .0518855 1.31 0.194 -.0354255 .1713429 1 | -.0350561 .0352655 -0.99 0.323 -.1053241 .0352119 | group#c.lever_w | 0 | .2651931 .1334739 1.99 0.051 -.0007594 .5311456 1 | -.2141343 .1118736 -1.91 0.059 -.4370474 .0087787 | group#c.rd_dum | 0 | -.0080575 .069128 -0.12 0.908 -.1457981 .1296831 1 | 0 (omitted) | group#c.divid_dum | 0 | .0068749 .0363561 0.19 0.851 -.0655663 .079316 1 | .0295571 .0368668 0.80 0.425 -.0439017 .1030159 | group#c.co_code | 0 | -2.60e-06 2.53e-06 -1.03 0.308 -7.65e-06 2.45e-06 1 | 0 (omitted) | _cons | .229706 .2202313 1.04 0.300 -.2091145 .6685265 -------------------+---------------------------------------------------------------- sigma_u | .18919137 sigma_e | .06043689 rho | .90740206 (fraction of variance due to u_i) ------------------------------------------------------------------------------------ F test that all u_i=0: F(8, 74) = 4.10 Prob > F = 0.0004
tab co_code group
too many values
xtreg casheq_ta_w epu if inrange(wanted,1,20690), fe vce (robust) Fixed-effects (within) regression Number of obs = 138,748 Group variable: co_code Number of groups = 20,042 R-sq: Obs per group: within = 0.0000 min = 1 between = 0.0001 avg = 6.9 overall = 0.0000 max = 16 F(1,20041) = 1.72 corr(u_i, Xb) = -0.0095 Prob > F = 0.1895 (Std. Err. adjusted for 20,042 clusters in co_code) ------------------------------------------------------------------------------ | Robust casheq_ta_w | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- epu | .0010818 .0008244 1.31 0.189 -.0005341 .0026976 _cons | .0767093 .0037051 20.70 0.000 .069447 .0839716 -------------+---------------------------------------------------------------- sigma_u | .10983069 sigma_e | .07844014 rho | .6622212 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . xtreg casheq_ta_w epu if list_unlist==0, fe vce (robust) Fixed-effects (within) regression Number of obs = 138,748 Group variable: co_code Number of groups = 20,042 R-sq: Obs per group: within = 0.0000 min = 1 between = 0.0001 avg = 6.9 overall = 0.0000 max = 16 F(1,20041) = 1.72 corr(u_i, Xb) = -0.0095 Prob > F = 0.1895 (Std. Err. adjusted for 20,042 clusters in co_code) ------------------------------------------------------------------------------ | Robust casheq_ta_w | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- epu | .0010818 .0008244 1.31 0.189 -.0005341 .0026976 _cons | .0767093 .0037051 20.70 0.000 .069447 .0839716 -------------+---------------------------------------------------------------- sigma_u | .10983069 sigma_e | .07844014 rho | .6622212 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . xtreg casheq_ta_w epu if group==0, fe vce (robust) Fixed-effects (within) regression Number of obs = 138,748 Group variable: co_code Number of groups = 20,042 R-sq: Obs per group: within = 0.0000 min = 1 between = 0.0001 avg = 6.9 overall = 0.0000 max = 16 F(1,20041) = 1.72 corr(u_i, Xb) = -0.0095 Prob > F = 0.1895 (Std. Err. adjusted for 20,042 clusters in co_code) ------------------------------------------------------------------------------ | Robust casheq_ta_w | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- epu | .0010818 .0008244 1.31 0.189 -.0005341 .0026976 _cons | .0767093 .0037051 20.70 0.000 .069447 .0839716 -------------+---------------------------------------------------------------- sigma_u | .10983069 sigma_e | .07844014 rho | .6622212 (fraction of variance due to u_i) ------------------------------------------------------------------------------
xtreg casheq_ta_w epu if inrange(wanted,20691,25179), fe vce (robust) Fixed-effects (within) regression Number of obs = 43,447 Group variable: co_code Number of groups = 4,435 R-sq: Obs per group: within = 0.0004 min = 1 between = 0.0000 avg = 9.8 overall = 0.0000 max = 16 F(1,4434) = 7.36 corr(u_i, Xb) = -0.0099 Prob > F = 0.0067 (Std. Err. adjusted for 4,435 clusters in co_code) ------------------------------------------------------------------------------ | Robust casheq_ta_w | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- epu | .0037048 .001366 2.71 0.007 .0010266 .0063829 _cons | .0492643 .0061085 8.06 0.000 .0372887 .06124 -------------+---------------------------------------------------------------- sigma_u | .08524947 sigma_e | .07510055 rho | .56303976 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . xtreg casheq_ta_w epu if list_unlist==1, fe vce (robust) Fixed-effects (within) regression Number of obs = 43,447 Group variable: co_code Number of groups = 4,435 R-sq: Obs per group: within = 0.0004 min = 1 between = 0.0000 avg = 9.8 overall = 0.0000 max = 16 F(1,4434) = 7.36 corr(u_i, Xb) = -0.0099 Prob > F = 0.0067 (Std. Err. adjusted for 4,435 clusters in co_code) ------------------------------------------------------------------------------ | Robust casheq_ta_w | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- epu | .0037048 .001366 2.71 0.007 .0010266 .0063829 _cons | .0492643 .0061085 8.06 0.000 .0372887 .06124 -------------+---------------------------------------------------------------- sigma_u | .08524947 sigma_e | .07510055 rho | .56303976 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . xtreg casheq_ta_w epu if group==1, fe vce (robust) Fixed-effects (within) regression Number of obs = 43,447 Group variable: co_code Number of groups = 4,435 R-sq: Obs per group: within = 0.0004 min = 1 between = 0.0000 avg = 9.8 overall = 0.0000 max = 16 F(1,4434) = 7.36 corr(u_i, Xb) = -0.0099 Prob > F = 0.0067 (Std. Err. adjusted for 4,435 clusters in co_code) ------------------------------------------------------------------------------ | Robust casheq_ta_w | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- epu | .0037048 .001366 2.71 0.007 .0010266 .0063829 _cons | .0492643 .0061085 8.06 0.000 .0372887 .06124 -------------+---------------------------------------------------------------- sigma_u | .08524947 sigma_e | .07510055 rho | .56303976 (fraction of variance due to u_i) ------------------------------------------------------------------------------
xtreg casheq_ta_w i.group#(c.epu c.co_code) ,fe vce (robust)
note: 1.group#c.co_code omitted because of collinearity
Fixed-effects (within) regression Number of obs = 182,195
Group variable: co_code Number of groups = 23,364
R-sq: Obs per group:
within = 0.0001 min = 1
between = 0.0047 avg = 7.8
overall = 0.0030 max = 16
F(3,23363) = 2.56
corr(u_i, Xb) = -0.0846 Prob > F = 0.0533
(Std. Err. adjusted for 23,364 clusters in co_code)
---------------------------------------------------------------------------------
| Robust
casheq_ta_w | Coef. Std. Err. t P>|t| [95% Conf. Interval]
----------------+----------------------------------------------------------------
group#c.epu |
0 | .0015101 .0007559 2.00 0.046 .0000286 .0029917
1 | .0024331 .0010371 2.35 0.019 .0004002 .0044659
|
group#c.co_code |
0 | 6.02e-09 2.41e-08 0.25 0.803 -4.12e-08 5.32e-08
1 | 0 (omitted)
|
_cons | .0690409 .0050668 13.63 0.000 .0591096 .0789722
----------------+----------------------------------------------------------------
sigma_u | .10592567
sigma_e | .07811117
rho | .64776034 (fraction of variance due to u_i)
---------------------------------------------------------------------------------
input long co_code byte list_unlist int year float(epu casheq_nta size_w lever_w nfa_tass_w) 3 0 2004 4.08252 .3378782 5.749393 .0111465 .1079618 3 0 2011 4.73533 1.176535 6.389401 . .1892527 3 0 2012 5.20827 .4993203 6.494963 . .1444545 3 0 2013 5.14044 .3237737 6.506232 . .173913 3 0 2014 4.76683 .5191189 6.594413 . .1216142 3 0 2015 4.59869 .4867037 6.655569 . .3622442 3 0 2016 4.24885 .0919335 6.677839 .0067959 .1492575 3 0 2018 4.13127 .0596927 6.798498 .0131623 .0965979 3 0 2019 4.03485 .0451839 6.797047 .0332887 .0740617 11 0 2004 4.08252 .0218056 6.644441 .50527 .6019518 11 0 2005 4.27638 .022245 6.548935 .5570508 .7297065 11 0 2006 3.86614 .0246897 6.610561 .537892 .6624041 11 0 2007 4.00362 .0232474 6.739455 .5012425 .5791031 11 1 2008 4.27017 .0323942 6.885919 .4762878 .5133892 11 1 2009 4.95791 .0429088 7.098706 .4842201 .4252313 11 1 2010 4.61611 .0423193 7.367519 .5324872 .3870052 11 1 2011 4.73533 .0380873 7.592971 .5286261 .3545006 11 1 2012 5.20827 .0315372 7.843064 .5681711 .2904631 11 1 2013 5.14044 .0143518 7.939479 .5295627 .4968459 11 1 2014 4.76683 .0209427 8.07331 .5053154 .4579294 11 1 2015 4.59869 .0533765 8.098582 .4703021 .4340689 11 1 2016 4.24885 .0264103 8.114414 .4645005 .4190527 11 1 2017 4.33206 .0273288 8.205601 .3970613 .4261485 11 1 2018 4.13127 .0192138 8.245043 .339801 .4307769 11 1 2019 4.03485 .0131579 8.293124 .291845 .4369041 15 0 2004 4.08252 .0344828 3.044523 . . 16 0 2004 4.08252 .5438596 2.174752 .1931818 . 16 0 2005 4.27638 .6949152 2.302585 .17 . 16 0 2006 3.86614 .9032257 2.4681 .1440678 .4576271 16 0 2007 4.00362 1.266667 2.61007 .125 .3970588 16 0 2009 4.95791 1.935484 2.901422 .0934066 .2967033 16 0 2010 4.61611 .8495576 3.039749 .0813397 .2583732 16 0 2011 4.73533 .008547 3.161247 .0720339 .2288136 16 0 2012 5.20827 .03125 3.273364 .0643939 .2045455 16 0 2015 4.59869 .9105263 3.591818 .046832 .1487603 286 0 2004 4.08252 . 2.484907 . .0333333 286 0 2005 4.27638 .0173913 2.459589 . .025641 286 0 2006 3.86614 .0173913 2.459589 . .017094 286 0 2007 4.00362 .0263158 2.459589 . .008547 286 0 2008 4.27017 .026087 2.4681 . .0084746 286 0 2009 4.95791 .4390244 2.4681 . 0 286 0 2010 4.61611 .245 3.214868 .2449799 .4819277 286 0 2011 4.73533 .4192547 4.515245 .3391685 .2713348 286 0 2012 5.20827 .5595855 4.503138 .2115172 .3499446 286 0 2013 5.14044 .0901328 4.744062 .2367276 .2872063 289 1 2004 4.08252 .0331126 6.484941 .3719475 .3597375 289 1 2005 4.27638 .0473125 6.550366 .4125804 .3428163 289 1 2006 3.86614 .0252276 6.532043 .4123471 .3705591 289 1 2009 4.95791 .0718312 6.706496 .3393665 .3442583 289 1 2010 4.61611 .0484968 6.742291 .4081416 .359056 289 1 2011 4.73533 .1181048 7.392401 .5474871 .316642 289 1 2012 5.20827 .0920172 7.465598 .5553838 .4263552 289 1 2013 5.14044 .0321443 7.327781 .513272 .4315374 289 1 2014 4.76683 .0314888 7.207563 .4856995 .3901897 289 1 2015 4.59869 .0473064 6.989151 .3811762 .328632 289 1 2016 4.24885 .0306611 6.875335 .3408739 .2756947 289 1 2017 4.33206 .0425341 6.698638 .4061383 .29841 289 1 2018 4.13127 .1125042 6.500539 .3511645 .2061608 289 1 2019 4.03485 .1493263 6.718288 .2104182 .1479333 328 0 2005 4.27638 .0034843 3.360375 .2430556 .0520833 328 0 2006 3.86614 .0647249 3.493473 .3617021 .0729483 328 0 2007 4.00362 .0324484 3.555348 .4314286 .0657143 328 0 2008 4.27017 .0228216 3.897924 .4604463 .040568 328 0 2009 4.95791 .0272277 3.725693 .4313253 .0409639 328 0 2010 4.61611 .1489362 3.478158 .3055555 .0308642 337 0 2004 4.08252 .1877702 7.026959 .0740281 .0157998 337 0 2005 4.27638 .1386479 7.237922 .0593013 .2278609 337 0 2006 3.86614 .3200744 7.306599 .0548956 .2058922 337 0 2007 4.00362 .4493453 7.352954 .0028191 .171899 337 0 2008 4.27017 .4331254 7.411194 .0113032 .1542553 337 0 2009 4.95791 .3329981 7.451996 .0067893 .1231358 337 0 2010 4.61611 .2670979 7.292473 .0085761 .1237408 337 0 2011 4.73533 .2511954 7.289884 .0037532 .0982667 337 0 2012 5.20827 .1684121 7.232299 .0010929 .0798034 337 0 2013 5.14044 .1536637 7.285849 .038986 .0499486 362 0 2004 4.08252 .0169333 6.636865 .4025174 .0047201 362 0 2005 4.27638 .0040816 7.422254 .5978001 .0040053 362 0 2006 3.86614 .0243798 7.560184 .6525362 .7592438 362 0 2007 4.00362 .0466235 7.724358 .6266572 .6738996 362 0 2008 4.27017 .0303595 7.749926 .5404928 .8063238 362 0 2009 4.95791 .0119062 7.823526 .5194702 .6925201 362 0 2010 4.61611 .0125134 7.979681 .526532 .5429305 362 0 2011 4.73533 .4916805 7.967869 .4191984 .495791 362 0 2012 5.20827 .0046978 7.716728 . .5730317 362 0 2013 5.14044 .17792 8.07782 .09928 .4746447 362 0 2014 4.76683 .014793 8.164026 . .399795 362 0 2015 4.59869 .0530478 8.397215 . .4793785 362 0 2016 4.24885 .0936963 8.6191 . .4743335 362 0 2017 4.33206 .1102397 8.947325 .1110013 .4774368 362 0 2018 4.13127 .0288534 8.866271 .0159689 .5175347 362 0 2019 4.03485 .0552965 8.846295 . .4873787 363 1 2004 4.08252 .0882985 7.58807 .3197772 .5817675 363 1 2005 4.27638 .131709 7.597196 .263525 .4352605 363 1 2006 3.86614 .1082267 7.929883 .3287755 .4723112 363 1 2007 4.00362 .1233034 8.410499 .4702714 .4363596 363 1 2008 4.27017 .0281212 8.753987 .5174009 .5457315 363 1 2009 4.95791 .0176117 8.974441 .6207809 .6838807 363 1 2010 4.61611 .0252333 8.801936 .5273578 .6747605 363 1 2011 4.73533 .0165435 8.708227 .5200661 .6531681 363 1 2012 5.20827 .0163714 8.670687 .4561111 .6020928 363 1 2013 5.14044 .0128949 8.637622 .4428979 .5483962 363 1 2014 4.76683 .0070748 8.569179 .4632794 .5241133 363 1 2015 4.59869 .0034416 8.55445 .4325215 .4848357 363 1 2016 4.24885 .005138 8.503054 .4135259 .4258997 363 1 2017 4.33206 .0087641 8.414495 .4675975 .392664 363 1 2018 4.13127 .0094206 8.271548 .4139606 .324495 363 1 2019 4.03485 .0076869 8.229298 .4578044 .2986237 365 0 2004 4.08252 .1630571 7.934692 .1146643 .3387645 365 1 2005 4.27638 .1558267 8.191269 .2023107 .2650375 365 1 2006 3.86614 .651152 9.236982 .0970789 .101334 365 1 2007 4.00362 .0936128 9.702588 .2503499 .0799944 365 1 2008 4.27017 .0410973 9.997933 .2375688 .0905919 365 1 2009 4.95791 .0115072 10.64667 .4204245 .1216812 365 1 2010 4.61611 .0051916 10.89567 .5371369 .1111892 365 1 2011 4.73533 .0924486 11.1744 .3144097 .1203663 365 1 2012 5.20827 .0424804 11.1744 .389842 .1127457 365 1 2013 5.14044 .0023936 11.1744 .3722537 .0943177 365 1 2014 4.76683 .0148733 11.1744 .432261 .0715218 365 1 2015 4.59869 .0041329 11.1744 .5916784 .0614459 372 0 2004 4.08252 .0530577 6.739928 .1507984 .7174453 372 0 2005 4.27638 .0563666 6.723953 .0171854 .7499099 372 0 2006 3.86614 .2666408 6.887553 . .5884694 372 0 2009 4.95791 .0492489 7.1142 . .6082323 372 0 2010 4.61611 .1549592 7.183112 . .5577828 372 0 2011 4.73533 .1327897 7.349874 . .5529563 372 0 2012 5.20827 .0224485 7.76612 .4420379 .5383376 372 0 2013 5.14044 .0496535 7.811609 .483091 .8481632 372 0 2014 4.76683 .0378427 7.783099 .4126349 .8526899 372 0 2015 4.59869 .0184691 7.735652 .3805113 .8521302 372 0 2016 4.24885 .0128458 7.678049 .3439641 .8551657 372 0 2017 4.33206 .0142031 7.659549 .2821105 .8344964 372 0 2018 4.13127 .0896421 7.34981 .278167 .6874477 372 0 2019 4.03485 .0815941 7.265639 .2154094 .6334335 381 0 2004 4.08252 .0104369 6.347739 .3739496 .4702381 381 0 2005 4.27638 .0092436 6.653121 .5087719 .6693757 381 0 2006 3.86614 .0081489 6.81947 .3476788 .5937738 381 0 2007 4.00362 .0009817 6.927166 .3128678 .5257944 381 0 2008 4.27017 .0010829 7.091576 .1214844 .5069895 381 0 2009 4.95791 .0007789 7.158436 .1260798 .5244766 381 0 2010 4.61611 .0022766 7.250494 . .3619392 381 0 2011 4.73533 .0564733 7.331977 . .3488615 381 0 2012 5.20827 .0488603 7.594784 .025908 .397374 381 0 2013 5.14044 .2188671 7.93641 .1941158 .3198084 381 0 2014 4.76683 .0505312 8.569823 .2848468 .3423779 381 0 2015 4.59869 .0345745 8.630272 .2552245 .2881435 381 0 2016 4.24885 .0119931 8.55601 .169126 .2571038 381 0 2017 4.33206 .0010505 8.582307 .08264 .2817255 381 0 2018 4.13127 .0272128 8.715421 .0477347 .2591614 381 0 2019 4.03485 .0547364 8.883307 .1542174 .2945386 400 1 2004 4.08252 .0018832 3.974058 .1973684 .5150376 400 1 2005 4.27638 . 4.356709 .1935897 .3576923 400 1 2006 3.86614 . 4.979488 .3555709 .1836314 400 1 2007 4.00362 .1008843 5.612763 .369843 .2698065 400 1 2008 4.27017 .005228 5.846728 .4088414 .2190119 400 1 2009 4.95791 .8418839 6.487684 .2526636 .113242 400 1 2010 4.61611 .0030796 6.122493 .3653509 .7695175 400 1 2011 4.73533 .0033267 6.114567 .3748895 .770336 400 1 2012 5.20827 .003337 6.111467 .3791574 .7716186 400 1 2015 4.59869 .0031348 6.104793 .3861607 .7732143 400 1 2016 4.24885 .0031667 6.094698 .373168 .7794814 414 0 2004 4.08252 .1664145 5.03825 . .1705577 414 0 2005 4.27638 .1530698 4.920711 .0846098 .1823486 414 0 2006 3.86614 .0626186 5.123964 .0119048 .1434524 414 0 2007 4.00362 .1157954 5.290789 .0080605 .138539 414 0 2008 4.27017 .27597 5.31763 .0049044 .1172143 414 0 2009 4.95791 .4270353 5.630136 .0014352 .0832436 414 0 2010 4.61611 .2362013 5.718999 . .0768221 414 0 2011 4.73533 .4092542 5.748437 .4351291 .0707683 414 0 2012 5.20827 .4033228 6.194201 .6429884 .0442948 414 0 2013 5.14044 .5807666 6.510705 .724974 .0309386 414 0 2014 4.76683 .5625186 6.265491 .6361909 .0380156 414 0 2015 4.59869 .3456654 6.189085 .586787 .0408289 414 1 2016 4.24885 .2839363 6.094923 .4945897 .0405771 414 1 2017 4.33206 .207671 5.856503 .0071531 .053505 414 1 2018 4.13127 .2719928 5.646859 .0067043 .0144672 414 1 2019 4.03485 .1789925 5.393628 .0036364 .0140909 415 1 2004 4.08252 .2720665 4.808111 .1028571 .1363265 415 1 2005 4.27638 .1927835 4.751 .0319793 .1356958 415 1 2006 3.86614 .119 4.717606 .0768543 .1644325 415 1 2007 4.00362 .1510652 5.183467 .0465508 .1261918 415 1 2008 4.27017 .2024401 5.583872 . .0815483 415 1 2009 4.95791 .9752616 6.02876 . .0491329 415 1 2010 4.61611 1.011036 6.03811 . .0584586 415 1 2011 4.73533 .3191394 6.377747 .0020387 .0411145 415 1 2012 5.20827 .263379 6.539152 . .0346971 415 1 2013 5.14044 .2464338 6.633582 . .318995 415 1 2014 4.76683 .1959306 6.906955 . .2796237 415 1 2015 4.59869 .2192225 7.029088 . .2477414 415 1 2016 4.24885 .6798095 7.029088 . .2399469 415 1 2017 4.33206 .4374342 7.624717 . .2328386 415 1 2018 4.13127 .2095215 7.589133 . .2350501 415 1 2019 4.03485 .6990088 7.532838 . .2446478 425 0 2004 4.08252 . 3.08191 .8348625 .4036697 425 0 2005 4.27638 .0044248 3.122365 .740088 .3348017 425 0 2006 3.86614 .0426829 3.532226 .6812865 .9093567 425 0 2007 4.00362 .042042 3.54674 .5216138 .8645533 425 0 2008 4.27017 .0061538 3.487375 .3211009 .8929664 425 0 2009 4.95791 .0058824 3.532226 .1988304 .8304093 425 0 2010 4.61611 .0028902 3.54674 .0432277 .7982709 425 0 2011 4.73533 .0080429 3.627004 . .7207447 425 0 2012 5.20827 .0070423 3.758872 . .6200466 425 0 2013 5.14044 .0075188 3.693867 . .6492537 425 0 2014 4.76683 .0067416 3.802208 . .5758929 425 0 2015 4.59869 .0101626 3.906005 . .5171026 425 0 2016 4.24885 .0092421 4.000034 . .4652015 425 0 2017 4.33206 .0085034 4.082609 . .4215852 425 0 2018 4.13127 .0060514 4.197202 . .3804511 425 0 2019 4.03485 .0068966 4.29046 . .3465753 520 0 2005 4.27638 .030398 6.488597 .5460767 .1951034 520 0 2006 3.86614 .0194151 6.708206 .4120376 .1593212 520 0 2007 4.00362 .0330303 6.6932 .4123188 .1721403 520 0 2008 4.27017 .033382 6.898311 .4831415 .1840299 520 0 2009 4.95791 .0166217 7.094152 .5549008 .3341356 520 0 2010 4.61611 .0218968 7.289884 .5382831 .3994814 520 0 2011 4.73533 .0156909 7.356599 .5494415 .3839132 520 0 2012 5.20827 .0146034 7.590903 .5308318 .3088733 520 0 2013 5.14044 .0287735 7.560081 .5028646 .3595833 520 0 2014 4.76683 .0350156 7.415296 .5740429 .4169877 520 0 2015 4.59869 .032167 7.511525 .5441771 .372444 520 0 2016 4.24885 .0413258 7.593677 .5707091 .3488114 520 0 2017 4.33206 .0403505 7.592215 .6041762 .3405962 520 0 2018 4.13127 .0335968 7.802127 .6492763 .2673563 520 0 2019 4.03485 .0197133 8.011587 .5898465 .368737 569 0 2004 4.08252 .0153061 4.93663 .2426418 .4486719 569 0 2005 4.27638 .0747229 5.705781 .0525615 .1739854 569 0 2006 3.86614 .0287201 6.279834 .1146712 .075698 569 0 2007 4.00362 .0334978 6.538284 .1199537 .0432644 569 0 2010 4.61611 .0020837 6.358016 .1398371 .0842142 569 0 2011 4.73533 .0020372 5.975081 .2589581 .123507 569 0 2012 5.20827 .0011799 5.827179 .3344137 .1334708 569 0 2013 5.14044 .0018439 5.786897 .3809816 .1202454 569 0 2014 4.76683 .0181181 5.853351 .3220436 .1007463 569 0 2015 4.59869 .0580072 5.943324 .2924974 .0802728 569 0 2016 4.24885 .0197319 5.612763 .2814896 .1014969 569 0 2017 4.33206 .0175289 5.47227 .2932773 .1058824 569 0 2018 4.13127 .0196749 5.47395 .3552852 .1073826 569 0 2019 4.03485 .0240889 5.110782 .513269 .1381182 595 0 2004 4.08252 .0247293 6.551509 .1936313 .2770241 595 0 2005 4.27638 .0823129 6.678971 .0671276 .2615965 595 0 2006 3.86614 .2384549 7.045602 .0485276 .2387175 595 0 2007 4.00362 .1108181 7.378259 .1013868 .1889055 595 0 2008 4.27017 .0233354 7.571834 .0608432 .3046276 595 0 2009 4.95791 .0582805 7.532891 .1256088 .392882 595 0 2010 4.61611 .0762109 7.678789 .0224792 .3130435 595 0 2011 4.73533 .1125698 7.728064 .0180081 .2927527 595 0 2012 5.20827 .1458575 7.995644 .0684636 .2977426 595 0 2013 5.14044 .1082989 8.209009 .2420316 .2272517 595 0 2014 4.76683 .0779349 8.221641 .2923722 .4333978 595 0 2015 4.59869 .0239771 8.268501 .2256162 .3947065 595 0 2016 4.24885 .0985823 8.299485 .1714406 .380004 595 0 2017 4.33206 .0722095 8.27952 .1074753 .3701139 595 0 2018 4.13127 .2092163 8.497357 .065731 .2821413 595 0 2019 4.03485 .2185905 8.829109 .216509 .3014846 612 1 2004 4.08252 .0187266 3.303217 . .0808824 612 1 2005 4.27638 .0035714 3.33577 . .1637011 612 1 2006 3.86614 .003125 3.468856 . .2274143 612 1 2007 4.00362 .002924 3.535145 . .2361516 612 1 2008 4.27017 .0066225 3.819908 . .2192983 612 1 2009 4.95791 .0313253 3.756538 . .3714953 612 1 2010 4.61611 .4977778 3.517498 . .5816024 612 1 2011 4.73533 .0027473 4.695925 .0328767 .3826484 612 1 2012 5.20827 .0020833 4.971894 .1552321 .4234234 612 1 2013 5.14044 .0031586 5.067646 . .4722922 612 1 2014 4.76683 .0017411 5.150977 . .5133256 612 1 2015 4.59869 .0064554 5.144583 . .4816326 612 1 2016 4.24885 .0025349 5.06386 . .4614412 612 1 2017 4.33206 .0019519 5.036952 . .3006493 612 1 2018 4.13127 .0006676 5.009968 . .215477 612 1 2019 4.03485 .0006743 4.999911 . .1597035 641 0 2004 4.08252 .0008052 5.515845 .0575221 . 641 0 2005 4.27638 .0003888 5.550243 .0905558 . 641 0 2006 3.86614 .0003778 5.578975 .0951662 . 641 0 2007 4.00362 .0027111 5.556442 .0969486 . 641 0 2008 4.27017 .0022822 5.574053 .0952562 . 1567 0 2005 4.27638 .0067873 3.795489 .247191 .4134831 1567 0 2006 3.86614 .1381733 3.883624 .2654321 .3641976 1567 0 2009 4.95791 .127193 3.939638 .1848249 .2626459 1567 0 2010 4.61611 .1149425 4.063885 .0309278 .2113402 1567 0 2011 4.73533 .0821918 4.146304 .0443038 .2072785 1567 0 2012 5.20827 .0046368 4.174387 .0292308 .1784616 1567 0 2013 5.14044 .005698 4.25703 .111898 .1968839 1567 0 2014 4.76683 .0178042 4.228292 .0699708 .1661808 1567 0 2015 4.59869 .0184049 4.195697 .1069277 .1415663 1567 0 2016 4.24885 .0218069 4.183576 .0792683 .125 1567 0 2017 4.33206 .0046948 4.162003 .0358255 .1168224 1567 0 2018 4.13127 .0107198 4.189655 .0409091 .1030303 1567 0 2019 4.03485 .0087977 4.231204 .0988372 .1671512 1621 0 2005 4.27638 .0029873 4.900076 .3708116 .4244229 1621 0 2006 3.86614 .015625 4.916325 .3985348 .4871795 1621 0 2007 4.00362 .0010799 5.222516 .5711975 .5323625 1621 0 2008 4.27017 .0027056 5.221976 .5261738 .5779817 1621 0 2009 4.95791 .0022247 5.194067 .4900111 .5593785 1621 0 2010 4.61611 .0017953 5.408068 .5076165 .6066308 1621 0 2011 4.73533 .0007161 5.633002 .4647585 .659034 1621 0 2012 5.20827 . 5.689683 .4060176 .5787694 1621 0 2013 5.14044 .0876847 5.802722 .459541 .4631642 1621 0 2014 4.76683 .0840832 5.856217 .44419 .4547796 1621 1 2015 4.59869 .0819621 5.853638 .4367288 .4292683 1621 1 2016 4.24885 .0394864 5.780126 .310068 .4533663 1621 1 2017 4.33206 .0362059 5.847305 .2821253 .5088074 1621 1 2018 4.13127 .0094659 6.10457 .3016298 .5490065 1621 1 2019 4.03485 .0006588 6.121835 .2912003 .4919903 1803 0 2004 4.08252 .3636364 2.70805 . .0133333 1803 0 2005 4.27638 .0144928 2.639057 . .0857143 1803 0 2006 3.86614 .317757 2.646175 . .0851064 1803 0 2007 4.00362 .4526316 2.624669 . .0869565 1803 0 2010 4.61611 .6464647 2.791165 . .0736196 1803 0 2011 4.73533 .36 2.833213 .0882353 .0705882 1803 0 2012 5.20827 .2554744 2.844909 .0639535 .0697674 1803 0 2013 5.14044 .1360544 2.815409 . .0718563 1803 0 2014 4.76683 .0365854 2.833213 . .0705882 1827 1 2004 4.08252 .0019881 5.018603 .2896825 .2929894 1827 1 2005 4.27638 .0010977 4.513055 .4802632 .3234649 1954 0 2004 4.08252 .0002481 5.999185 .6509551 .8382535 1954 0 2005 4.27638 .0007889 5.941749 .7346295 .8481345 1954 0 2006 3.86614 .0007692 5.966916 .8057904 .7863182 1954 0 2007 4.00362 .0141108 5.942537 .8955107 .7642426 2015 1 2004 4.08252 .0390371 5.073297 .4633688 .2492173 2015 1 2005 4.27638 .0226571 5.696758 .5250084 .3470964 2015 1 2006 3.86614 .1772588 6.827087 .3577236 .1636856 2015 1 2007 4.00362 .0681472 7.294241 .3711781 .1809349 2015 1 2008 4.27017 .2151494 7.913375 .5453248 .2539874 2015 1 2009 4.95791 .0761376 7.892452 .5683601 .2838999 2015 1 2010 4.61611 .0418577 7.814642 .4941452 .4062424 2015 1 2011 4.73533 .034206 7.903227 .4994826 .3946415 2015 1 2012 5.20827 .0504688 8.01099 .4832609 .3111915 2015 1 2013 5.14044 .0311471 7.943534 .4878075 .3599901 2015 1 2014 4.76683 .0309966 8.035927 .4982524 .320356 2015 1 2016 4.24885 .0100354 7.947396 .4971007 .3261439 2216 0 2004 4.08252 .0225828 6.415588 .0300998 .1977752 2216 0 2005 4.27638 .0109548 6.699624 .2186923 .3690433 2216 0 2006 3.86614 .0120892 6.759603 .0927751 .3142758 2216 0 2007 4.00362 .0078472 6.971669 .1184803 .2566604 2216 0 2008 4.27017 .012604 7.114119 .1710055 .3444517 2216 0 2009 4.95791 .0226405 7.025271 .0909576 .3656975 2216 0 2010 4.61611 .070851 7.237419 .0575333 .2636462 2216 0 2011 4.73533 .0097566 7.635255 .0979274 .2029567 2216 0 2012 5.20827 .1302475 7.721437 .0238454 .1662087 2216 0 2013 5.14044 .3100658 7.827759 .0049815 .1411947 2216 0 2014 4.76683 .0016463 8.370988 .2947754 .0777796 2216 0 2015 4.59869 .00143 8.407803 .1905219 .106495 2216 0 2016 4.24885 .0012554 8.696444 .2664003 .0922997 2216 0 2017 4.33206 .001263 8.85026 .2679682 .0847596 2231 0 2004 4.08252 .0126227 5.378052 . .1218837 2231 0 2005 4.27638 .0262009 5.354225 . .1380615 5478 0 2005 4.27638 . 3.218876 .096 .512 5478 0 2006 3.86614 . 3.222868 .0956175 .4820717 5478 0 2007 4.00362 . 3.230804 .1027668 .4624506 5480 0 2005 4.27638 . 3.54674 .3314121 .0057637 5480 0 2006 3.86614 . 3.363842 .2110727 .0069204 5480 0 2007 4.00362 . 3.139833 .012987 .004329 5480 0 2008 4.27017 . 3.122365 .0176211 .0044053 5480 0 2010 4.61611 .1878453 3.7612 .472093 .0023256 5480 0 2012 5.20827 .0014025 4.268298 .710084 0 5480 0 2013 5.14044 .003861 3.258096 .2076923 .0038462 5480 0 2014 4.76683 .007722 3.261935 .2068966 0 5531 1 2004 4.08252 .008 2.533697 . .7936507 5531 0 2005 4.27638 .0247934 2.517696 . .8064516 5560 0 2005 4.27638 .0048077 4.426044 .534689 .4150718 5560 0 2006 3.86614 .0029806 4.20916 .6315007 .46211 5560 0 2009 4.95791 .125 2.379546 .5833333 .7592592 5560 0 2010 4.61611 .0229885 2.186051 .5617978 .8314607 5560 0 2011 4.73533 .05 2.128232 .5 .797619 5560 0 2012 5.20827 .0684932 2.054124 .4615384 .7820513 5560 0 2013 5.14044 .0441176 1.960095 .7183099 .7887324 5568 1 2004 4.08252 .011925 4.777442 .0799663 .6641414 5568 1 2005 4.27638 .0348042 5.114995 .0918919 .4432433 5568 1 2006 3.86614 .0420499 5.066385 .1015132 .4640605 5568 1 2007 4.00362 .2574258 4.844187 .1314961 .4291339 5568 1 2008 4.27017 .3013334 4.986342 .1270492 .3681694 5568 1 2009 4.95791 .3164794 4.945919 .1194879 .3620199 5568 1 2010 4.61611 .4752475 4.898586 .1096197 .3847874 5568 1 2011 4.73533 .4184549 4.884316 .1240545 .3676248 5568 1 2012 5.20827 .4371643 4.896346 .1098655 .3624813 5568 1 2013 5.14044 .2860061 4.835488 .1342335 .3725179 5574 1 2004 4.08252 .022846 5.054333 .4505424 .303127 5574 1 2005 4.27638 .0203725 5.166499 .5185397 .3559612 5574 1 2006 3.86614 .0169014 5.195731 .4880886 .3130194 5574 1 2007 4.00362 .022748 5.415211 .4412811 .2726868 5574 1 2008 4.27017 .0305749 5.736895 .4105127 .3395679 5574 1 2009 4.95791 .0228498 5.987456 .3345884 .3817771 5574 1 2010 4.61611 .0237656 6.095149 .2089249 .3971151 5574 1 2011 4.73533 .0196007 6.331146 .3036668 .3629405 5574 1 2012 5.20827 .0259626 6.364579 .3184713 .3542778 5574 1 2013 5.14044 .025131 6.636996 .3530414 .325118 5574 1 2014 4.76683 .0213954 6.876368 .3799402 .2870705 5574 1 2015 4.59869 .0431369 7.119393 .434086 .2723962 5574 1 2016 4.24885 .1781744 7.416799 .2817215 .2248603 5574 1 2017 4.33206 .1108322 7.596643 .3065529 .3053477 5574 1 2018 4.13127 .0742401 7.730219 .3328061 .3203726 5574 1 2019 4.03485 .0468276 7.831776 .3289275 .3238073 5578 0 2005 4.27638 .0386473 3.7612 .6976744 . 5578 0 2006 3.86614 .005618 4.830711 .9616919 . 5578 0 2008 4.27017 .0092593 3.775057 .6880734 .0344037 5578 0 2009 4.95791 .01417 3.914021 .5988024 .0578842 5578 0 2010 4.61611 .0189873 3.877432 .63147 .0496894 5578 0 2011 4.73533 .0505415 4.757032 .7517182 .0352234 5578 0 2012 5.20827 .0369089 4.498698 .6395996 .054505 5578 0 2013 5.14044 .0013351 4.317488 .76 .06 5632 0 2004 4.08252 .0123457 2.797281 .9634147 . 5632 0 2005 4.27638 .0308219 4.097672 .9053156 . 5632 0 2006 3.86614 .0064103 4.363099 .7821656 . 5632 0 2007 4.00362 .0101523 5.475626 . .0037688 5632 0 2009 4.95791 .0018491 6.700362 .0065215 .9452443 5632 0 2010 4.61611 .002005 6.744766 .0032957 .8525189 5632 0 2011 4.73533 .002764 6.586999 .9017365 .9423925 5632 0 2012 5.20827 .0022714 6.559615 .8681303 .9073654 5632 0 2013 5.14044 .0027439 6.488901 .8400729 .910003 5632 0 2014 4.76683 .0024373 6.549937 .7216819 .8077803 5632 0 2015 4.59869 .0029485 6.522534 .6923416 .7872997 5632 0 2016 4.24885 .0038035 6.451102 .7041364 .8195453 5632 0 2017 4.33206 .0039769 6.319689 .7380266 .9054735 5632 0 2018 4.13127 .0176539 6.424545 .6083009 0 5632 0 2019 4.03485 .0042133 6.429235 .5543004 0 5652 0 2005 4.27638 .122449 1.902107 .2363636 .3272727 5652 0 2006 3.86614 .0363636 1.902107 .1754386 .368421 5652 0 2007 4.00362 .109375 1.960095 .0985916 .2816902 5652 0 2008 4.27017 .0384615 2.091864 .037037 .2592592 5696 0 2004 4.08252 .0178988 4.87367 .5053517 .3379205 5696 0 2005 4.27638 .0159386 5.148076 .333527 .615921 5696 0 2006 3.86614 .0257407 5.352806 .266572 .5804924 5696 0 2007 4.00362 .0052595 5.658436 .2989187 .6675968 5696 0 2008 4.27017 .0119588 5.50289 .2481663 .6454768 5696 0 2009 4.95791 .0044737 6.055847 .3783403 .6887013 5696 0 2010 4.61611 .0061783 6.122493 .3760965 .6217105 5696 0 2011 4.73533 .0303186 5.993961 .311222 .6955112 5696 0 2012 5.20827 .0054602 5.957649 .2937678 .6508921 5696 0 2013 5.14044 .0019943 5.862779 .1970429 .6411715 5696 0 2014 4.76683 .0018577 5.93357 .2280795 .5274172 5696 0 2018 4.13127 .0113223 6.215008 .3168733 .2910836 5696 0 2019 4.03485 .0637021 6.401586 .253152 .228434 5737 0 2004 4.08252 .1166667 1.902107 .1940299 .2089552 5745 0 2004 4.08252 .0182482 3.328627 .749104 .1899642 5745 0 2005 4.27638 .010101 3.401197 .82 .1666667 5745 0 2006 3.86614 .009772 3.433987 .816129 .1516129 5747 1 2004 4.08252 .118274 9.845589 .1915242 .0178067 5747 1 2005 4.27638 .1650763 10.42921 .2480751 .0146925 5747 1 2006 3.86614 .1704987 10.60723 .3265489 .0166303 5747 1 2007 4.00362 .3027779 10.97552 .5176702 .0350391 5747 1 2008 4.27017 .1961892 11.09626 .4483185 .0306338 5747 1 2009 4.95791 .2591647 11.11332 .4781995 .031328 5747 1 2010 4.61611 .2806076 11.1744 .5029912 .0199215 5747 1 2011 4.73533 .0288988 11.1744 .0683945 .0204409 5747 1 2012 5.20827 .0332481 11.1744 .1099389 .0644183 5747 1 2013 5.14044 .1041377 11.1744 .2500194 .0450576 5747 1 2014 4.76683 .0116765 11.1744 .2898492 .0407218 5747 1 2015 4.59869 .0106196 11.1744 .2645762 .0394259 5747 1 2016 4.24885 .0102317 11.1744 .459229 .0738038 5747 1 2017 4.33206 .0280394 11.1744 .483693 .0779245 5747 1 2018 4.13127 .0347027 11.1744 .4263782 .0799709 5747 1 2019 4.03485 .0240252 11.1744 .1916905 .1035798 5759 0 2004 4.08252 .2369386 8.71701 .181775 .1418628 5759 0 2005 4.27638 .3012865 8.908464 .3214098 .2913325 5759 0 2006 3.86614 .203326 9.213943 .2661392 .2782854 5759 0 2007 4.00362 .2271932 9.078407 .290267 .3035942 5759 0 2008 4.27017 .1283518 9.571177 .1367417 .1815089 5759 0 2009 4.95791 .1451413 9.561673 .2862853 .2449964 5759 0 2010 4.61611 .0663218 9.94957 .2815854 .2142318 5759 0 2011 4.73533 .0572502 10.3919 .322762 .1901757 5759 0 2012 5.20827 .2215445 10.60894 .2716241 .1663675 5759 0 2013 5.14044 .3833398 10.97328 .4603761 .2108513 5759 0 2014 4.76683 .2338764 10.87866 .380825 .2595842 5759 0 2015 4.59869 .1254648 10.82355 .3098715 .2739813 5759 0 2016 4.24885 .1073208 11.10097 .3030173 .2768425 5759 0 2017 4.33206 .1369694 11.1744 .3481239 .2589488 5759 0 2018 4.13127 .1233202 11.1744 .2311242 .2333761 5759 0 2019 4.03485 .1154433 11.1744 .1591139 .2568865 5802 1 2004 4.08252 .0426997 4.326778 .3566711 .3606341 5802 1 2005 4.27638 .0804438 4.355426 .3761232 .309371 5802 1 2006 3.86614 .0174292 3.843744 .0149893 .4582441 5802 1 2007 4.00362 .0092166 3.779634 . .4223744 5802 1 2008 4.27017 .0020619 4.576771 .1790123 .4372428 5802 1 2009 4.95791 .0072761 7.328306 .7223535 .6238508 5802 1 2010 4.61611 .010866 7.513546 .6561358 .4967535 5802 1 2011 4.73533 .014049 7.646449 .5940665 .4050736 5802 1 2012 5.20827 .1438759 7.916771 .5290022 .5887564 5802 1 2013 5.14044 .0003106 7.854304 .4962745 .5759857 5802 1 2014 4.76683 .0001835 7.910261 .3871417 .4932663 5802 1 2015 4.59869 .0001845 7.904815 .3892558 .444674 5802 1 2016 4.24885 .0001502 8.110518 .3192863 .327306 5802 1 2017 4.33206 .0059271 8.083822 .3278936 .2640054 5802 1 2018 4.13127 .0000948 8.060066 .3365029 .253546 5802 1 2019 4.03485 .0000953 8.342411 .1528989 .3900005 5876 0 2004 4.08252 .0155451 7.279526 .3417914 .779425 5876 0 2005 4.27638 .0136334 7.231938 .2827392 .8075783 5876 0 2006 3.86614 .015177 7.656195 .4135876 .8592042 5876 0 2007 4.00362 .0156192 7.68928 .3349506 .8221805 5876 0 2008 4.27017 .0212825 7.693026 .2533516 .7911537 5876 0 2009 4.95791 .0205466 7.666596 .2032962 .8374379 5876 0 2010 4.61611 .0189062 7.745868 .187327 .7647059 5876 0 2011 4.73533 .0652576 7.765908 .1365949 .7177378 5876 0 2012 5.20827 .0591817 7.811893 .1252733 .6720787 5876 0 2013 5.14044 .0064448 8.081042 .3034399 .5038978 5876 0 2014 4.76683 .0092191 8.377011 .4670502 .5603774 5876 0 2015 4.59869 .0083278 8.517313 .5758909 .4705035 5876 0 2016 4.24885 .0023554 8.587092 .6421112 .9095674 5876 0 2017 4.33206 .0132874 8.579774 .7332469 .8866407 5876 0 2018 4.13127 .0050254 8.529062 .7923394 .8866336 5876 0 2019 4.03485 .0190441 8.501653 .847732 .8651811 5892 0 2004 4.08252 .2149533 2.564949 .0846154 .1615385 end
sort list_unlist co_code gen wanted= sum(co_code!=co_code[_n-1]) *From 1 to 36 cos are unlisted and 37 to 52 cos are listed gen group= cond(inrange(wanted, 37, 52), 1, 0) xtset co_code year
xtreg casheq_nta epu if inrange(wanted,1,36), fe vce (robust) ------------------------------------------------------------------------------ | Robust casheq_nta | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- epu | .0338644 .0264938 1.28 0.210 -.0199775 .0877063 . . xtreg casheq_nta epu if inrange(wanted,37,52), fe vce (robust) | Robust casheq_nta | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- epu | .0153356 .0340104 0.45 0.659 -.0571558 .0878271 . xtreg casheq_nta i.group#(c.epu c.co_code) ,fe vce (robust) --------------------------------------------------------------------------------- | Robust casheq_nta | Coef. Std. Err. t P>|t| [95% Conf. Interval] ----------------+---------------------------------------------------------------- group#c.epu | 0 | .0308452 .0215167 1.43 0.159 -.0124916 .0741819 1 | .0222761 .0202524 1.10 0.277 -.0185143 .0630665 |
tab co_code group bys co_code (group): gen both = group[1]!= group[_N] replace both= co_code if both xtreg casheq_nta epu if inrange(wanted,1,36), fe xtreg casheq_nta epu if inrange(wanted,37,52), fe xtreg casheq_nta i.group#(c.epu i.both), fe
. tab co_code group | group co_code | 0 1 | Total -----------+----------------------+---------- 3 | 9 0 | 9 11 | 4 12 | 16 15 | 1 0 | 1 16 | 9 0 | 9 286 | 10 0 | 10 289 | 0 14 | 14 328 | 6 0 | 6 337 | 10 0 | 10 362 | 16 0 | 16 363 | 0 16 | 16 365 | 1 11 | 12 372 | 14 0 | 14 381 | 16 0 | 16 400 | 0 11 | 11 414 | 12 4 | 16 415 | 0 16 | 16 425 | 16 0 | 16 520 | 15 0 | 15 569 | 14 0 | 14 595 | 16 0 | 16 612 | 0 16 | 16 641 | 5 0 | 5 1567 | 13 0 | 13 1621 | 10 5 | 15 1803 | 9 0 | 9 1827 | 0 2 | 2 1954 | 4 0 | 4 2015 | 0 12 | 12 2216 | 14 0 | 14 2231 | 2 0 | 2 5478 | 3 0 | 3 5480 | 8 0 | 8 5531 | 1 1 | 2 5560 | 7 0 | 7 5568 | 0 10 | 10 5574 | 0 16 | 16 5578 | 8 0 | 8 5632 | 15 0 | 15 5652 | 4 0 | 4 5696 | 13 0 | 13 5737 | 1 0 | 1 5745 | 3 0 | 3 5747 | 0 16 | 16 5759 | 16 0 | 16 5802 | 0 16 | 16 5876 | 16 0 | 16 5892 | 1 0 | 1 -----------+----------------------+---------- Total | 322 178 | 500 . . bys co_code (group): gen both = group[1]!= group[_N] . . xtreg casheq_nta epu if inrange(wanted,1,36), fe Fixed-effects (within) regression Number of obs = 312 Group variable: co_code Number of groups = 35 R-sq: Obs per group: within = 0.0100 min = 1 between = 0.0274 avg = 8.9 overall = 0.0103 max = 16 F(1,276) = 2.80 corr(u_i, Xb) = 0.0427 Prob > F = 0.0957 ------------------------------------------------------------------------------ casheq_nta | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- epu | .0338644 .0202543 1.67 0.096 -.0060082 .073737 _cons | -.0429781 .0907509 -0.47 0.636 -.2216299 .1356737 -------------+---------------------------------------------------------------- sigma_u | .15527318 sigma_e | .14260282 rho | .54245888 (fraction of variance due to u_i) ------------------------------------------------------------------------------ F test that all u_i=0: F(34, 276) = 10.77 Prob > F = 0.0000 . . xtreg casheq_nta epu if inrange(wanted,37,52), fe Fixed-effects (within) regression Number of obs = 176 Group variable: co_code Number of groups = 16 R-sq: Obs per group: within = 0.0021 min = 1 between = 0.0177 avg = 11.0 overall = 0.0009 max = 16 F(1,159) = 0.34 corr(u_i, Xb) = -0.0099 Prob > F = 0.5624 ------------------------------------------------------------------------------ casheq_nta | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- epu | .0153356 .0264194 0.58 0.562 -.0368427 .0675139 _cons | .0339082 .1185502 0.29 0.775 -.200228 .2680443 -------------+---------------------------------------------------------------- sigma_u | .10709629 sigma_e | .13864507 rho | .37369962 (fraction of variance due to u_i) ------------------------------------------------------------------------------ F test that all u_i=0: F(15, 159) = 7.15 Prob > F = 0.0000 . . xtreg casheq_nta i.group#(c.epu i.both), fe note: 1.group#0b.both omitted because of collinearity note: 1.group#11.both omitted because of collinearity note: 1.group#365.both omitted because of collinearity note: 1.group#414.both omitted because of collinearity note: 1.group#1621.both omitted because of collinearity note: 1.group#5531.both omitted because of collinearity Fixed-effects (within) regression Number of obs = 488 Group variable: co_code Number of groups = 46 R-sq: Obs per group: within = 0.0097 min = 1 between = 0.0081 avg = 10.6 overall = 0.0031 max = 16 F(7,435) = 0.61 corr(u_i, Xb) = -0.2190 Prob > F = 0.7494 ------------------------------------------------------------------------------ casheq_nta | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- group#c.epu | 0 | .0338644 .0200507 1.69 0.092 -.0055439 .0732727 1 | .0153356 .0269004 0.57 0.569 -.0375353 .0682065 | group#both | 0 11 | -.0742252 .1687732 -0.44 0.660 -.4059375 .2574871 0 365 | -.0062122 .208941 -0.03 0.976 -.4168715 .4044472 0 414 | -.0137529 .1662131 -0.08 0.934 -.3404335 .3129276 0 1621 | -.0988756 .1660822 -0.60 0.552 -.4252989 .2275477 0 5531 | -.0654156 .2434548 -0.27 0.788 -.5439096 .4130783 1 0 | 0 (omitted) 1 11 | 0 (omitted) 1 365 | 0 (omitted) 1 414 | 0 (omitted) 1 1621 | 0 (omitted) 1 5531 | 0 (omitted) | _cons | -.0123318 .072499 -0.17 0.865 -.1548237 .1301602 -------------+---------------------------------------------------------------- sigma_u | .14747601 sigma_e | .14116906 rho | .52183977 (fraction of variance due to u_i) ------------------------------------------------------------------------------ F test that all u_i=0: F(45, 435) = 9.97 Prob > F = 0.0000 .
test 1.group#c.epu = 0.group#c.epu ( 1) - 0b.group#c.epu + 1.group#c.epu = 0 F( 1, 13965) = 0.89 Prob > F = 0.3448
Comment