Hi, I am doing an analysis, investigating how financial analysts' characteristics affect the likelihood for them to issue buy recommendations.
Here is the code.
reg buy var controls month_2-month_72 analyst_2-analyst_8329 if high==1
est store m1
reg buy var controls month_2-month_72 analyst_2-analyst_8329 if low==1
est store m2
suest m1 m2, cluster(broker) r
test [m1_mean]var=[m2_mean]var
When I run the first regression, the results look normal. However, when I run the second regression, the standard error, t value, p value of all the analyst dummies are the same. Because I have more than 8000 analyst dummies, I cannot show all the results here. That's why I only show a screenshot.
Then, when I test whether the coefficients on the indepent variables are the same between the two sub-samples, STATA says "Constraint 1 dropped. chi2( 0) = . Prob > chi2 = ."
Does anyone know why such an issue occur?
Here is the code.
reg buy var controls month_2-month_72 analyst_2-analyst_8329 if high==1
est store m1
reg buy var controls month_2-month_72 analyst_2-analyst_8329 if low==1
est store m2
suest m1 m2, cluster(broker) r
test [m1_mean]var=[m2_mean]var
When I run the first regression, the results look normal. However, when I run the second regression, the standard error, t value, p value of all the analyst dummies are the same. Because I have more than 8000 analyst dummies, I cannot show all the results here. That's why I only show a screenshot.
Then, when I test whether the coefficients on the indepent variables are the same between the two sub-samples, STATA says "Constraint 1 dropped. chi2( 0) = . Prob > chi2 = ."
Does anyone know why such an issue occur?
