Hi everyone, I'm working on the relationship between market power and income diversity in banking, and using GMM to address. My command is: xtabond2 IND l.IND CMP CMPxOWN NIM DEP EFF CAP LIQ CRE AGE GDP LIS CRI MNA OWN , gmm(l.IND l2.CMP l2.CMPxOWN , lag (2 2)) iv(AGE l2.GDP l2.LIS CRI MNA OWN) nolevel twostep small, and the results present number of instruments (27) is larger than number of groups (26). Is this ok or i must justify something, and why variable OWN is omitted? Thanks for your help!
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