--------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  C:\Users\ECL\ecl_logs.txt
  log type:  text
 opened on:   24 July 2025, 15:20:17

. 
. foreach num of numlist 1/9 {
  2.         do "`adir'\table`num'"
  3. }

. // =======
. // Table 1
. // =======
. 
. * Panel A: Loan-Level Data
. 
. use "loan_data_final.dta", clear

. 
. // Generate log variables
. foreach var in loan_amount {
  2.     gen log_`var' = log(`var')
  3. }

. 
. eststo clear

. quietly eststo: estpost summarize loan_indicator log_loan_amount loan_growth loan_spread loan_default, listwise

. quietly eststo: estpost summarize loan_indicator log_loan_amount loan_growth loan_spread loan_default if bank_trea
> ted == 1, listwise

. quietly eststo: estpost summarize loan_indicator log_loan_amount loan_growth loan_spread loan_default if bank_trea
> ted == 0, listwise

. esttab, cells("mean(fmt(2)) sd(fmt(2))") noobs

------------------------------------------------------------------------------------------
                      (1)                       (2)                       (3)             
                                                                                          
                     mean           sd         mean           sd         mean           sd
------------------------------------------------------------------------------------------
loan_indic~r         0.24         0.42         0.23         0.42         0.24         0.43
log_loan_a~t        14.07         1.08        14.08         1.08        14.05         1.08
loan_growth          2.13         1.01         2.12         1.01         2.15         1.01
loan_spread         19.04         2.88        19.07         2.85        19.01         2.92
loan_default         0.02         0.13         0.02         0.13         0.02         0.14
------------------------------------------------------------------------------------------

. 
. eststo clear

. quietly eststo: estpost ttest loan_indicator log_loan_amount loan_growth loan_spread loan_default, by(bank_treated
> ) unequal

. esttab, cells("mu_1(fmt(2)) mu_2(fmt(2)) b(fmt(3) star)") noobs

------------------------------------------------------
                      (1)                             
                                                      
                     mu_1         mu_2            b   
------------------------------------------------------
loan_indic~r         0.24         0.23        0.010***
log_loan_a~t        14.05        14.08       -0.034***
loan_growth          2.15         2.12        0.036***
loan_spread         19.01        19.07       -0.059***
loan_default         0.02         0.02        0.002***
------------------------------------------------------

. 
. * Panel B: Firm-Level Data
. 
. use "firm_data_final.dta", clear

. 
. // Generate log variables
. foreach var in firm_employee firm_asset firm_loan firm_liability firm_sales {
  2.     gen log_`var' = log(`var')
  3. }

. 
. eststo clear

. quietly eststo: estpost summarize log_firm_employee firm_year log_firm_asset log_firm_loan log_firm_liability log_
> firm_sales, listwise

. quietly eststo: estpost summarize log_firm_employee firm_year log_firm_asset log_firm_loan log_firm_liability log_
> firm_sales if treated == 1, listwise

. quietly eststo: estpost summarize log_firm_employee firm_year log_firm_asset log_firm_loan log_firm_liability log_
> firm_sales if treated == 0, listwise

. esttab, cells("mean(fmt(2)) sd(fmt(2))") noobs

------------------------------------------------------------------------------------------
                      (1)                       (2)                       (3)             
                                                                                          
                     mean           sd         mean           sd         mean           sd
------------------------------------------------------------------------------------------
log_firm_e~e         3.19         1.16         3.24         1.18         3.10         1.13
firm_year           11.61         5.44        11.70         5.49        11.46         5.35
log_firm_a~t        17.57         1.37        17.66         1.39        17.41         1.33
log_firm_l~n        14.70         1.00        14.74         1.00        14.63         1.00
log_firm_l~y        16.55         1.38        16.64         1.40        16.39         1.33
log_firm_s~s        16.21         1.37        16.30         1.38        16.06         1.33
------------------------------------------------------------------------------------------

. 
. eststo clear

. quietly eststo: estpost ttest log_firm_employee firm_year log_firm_asset log_firm_loan log_firm_liability log_firm
> _sales, by(treated) unequal

. esttab, cells("mu_1(fmt(2)) mu_2(fmt(2)) b(fmt(3) star)") noobs

------------------------------------------------------
                      (1)                             
                                                      
                     mu_1         mu_2            b   
------------------------------------------------------
log_firm_e~e         3.10         3.24       -0.141***
firm_year           11.46        11.70       -0.236***
log_firm_a~t        17.41        17.66       -0.250***
log_firm_l~n        14.63        14.74       -0.107***
log_firm_l~y        16.39        16.64       -0.254***
log_firm_s~s        16.06        16.30       -0.243***
------------------------------------------------------

. 
. * Panel C: Bank-Level Data
. 
. use "bank_data_final.dta", clear

. 
. eststo clear

. quietly eststo: estpost summarize bank_size bank_capital bank_loan bank_interest_income bank_npl, listwise

. quietly eststo: estpost summarize bank_size bank_capital bank_loan bank_interest_income bank_npl if bank_treated =
> = 1, listwise

. quietly eststo: estpost summarize bank_size bank_capital bank_loan bank_interest_income bank_npl if bank_treated =
> = 0, listwise

. esttab, cells("mean(fmt(2)) sd(fmt(2))") noobs

------------------------------------------------------------------------------------------
                      (1)                       (2)                       (3)             
                                                                                          
                     mean           sd         mean           sd         mean           sd
------------------------------------------------------------------------------------------
bank_size           27.23         1.70        27.46         1.21        26.97         2.10
bank_capital         0.14         0.05         0.14         0.04         0.13         0.06
bank_loan            0.56         0.14         0.54         0.10         0.57         0.18
bank_inter~e         0.03         0.01         0.03         0.00         0.03         0.01
bank_npl             0.02         0.01         0.02         0.01         0.02         0.01
------------------------------------------------------------------------------------------

. 
. eststo clear

. quietly eststo: estpost ttest bank_size bank_capital bank_loan bank_interest_income bank_npl, by(bank_treated) une
> qual

. esttab, cells("mu_1(fmt(2)) mu_2(fmt(2)) b(fmt(3) star)") noobs

------------------------------------------------------
                      (1)                             
                                                      
                     mu_1         mu_2            b   
------------------------------------------------------
bank_size           26.97        27.46       -0.490***
bank_capital         0.13         0.14       -0.011** 
bank_loan            0.57         0.54        0.032** 
bank_inter~e         0.03         0.03        0.000   
bank_npl             0.02         0.02        0.003***
------------------------------------------------------

. 
end of do-file

. // =======
. // Table 2
. // =======
. 
. use "loan_data_final.dta", clear

. 
. eststo clear

. 
. gen treatment = bank_treated*after

. 
. // Generate log variables
. foreach var in loan_amount loan_growth {
  2.     gen log_`var' = log(`var')
  3. }
(9,456 missing values generated)

.  
. * Column (1)
. eststo: reghdfe loan_indicator treatment, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    542,592
Absorbing 1 HDFE group                            F(   1,     11) =       7.57
Statistics robust to heteroskedasticity           Prob > F        =     0.0189
                                                  R-squared       =     0.0609
                                                  Adj R-squared   =     0.0410
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0003
Number of clusters (month)   =         12         Root MSE        =     0.3360

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_indic~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0168035   .0012495   -13.45   0.000    -.0192524   -.0143546
       _cons |   .1408185   .0005649   249.28   0.000     .1397113    .1419257
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. 
. * Column (2)
. eststo: reghdfe loan_indicator treatment, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   1,     11) =     184.61
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3042
                                                  Adj R-squared   =     0.0394
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0002
Number of clusters (month)   =         12         Root MSE        =     0.3383

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_indic~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |    -.02232   .0029311    -7.61   0.000    -.0280649    -.016575
       _cons |   .1434976    .000902   159.08   0.000     .1417296    .1452656
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. 
. * Column (3)
. eststo: reghdfe log_loan_amount treatment, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    542,592
Absorbing 1 HDFE group                            F(   1,     11) =      46.24
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7913
                                                  Adj R-squared   =     0.7868
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0002
Number of clusters (month)   =         12         Root MSE        =     0.5007

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_a~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0166856   .0024538    -6.80   0.000    -.0220864   -.0112848
       _cons |   14.07272   .0018766  7498.99   0.000     14.06859    14.07685
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. 
. * Column (4)
. eststo: reghdfe log_loan_amount treatment, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   1,     11) =      60.80
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.8412
                                                  Adj R-squared   =     0.7807
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0002
Number of clusters (month)   =         12         Root MSE        =     0.5015

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_a~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0318657   .0040866    -7.80   0.000    -.0408603   -.0228711
       _cons |   14.15227   .0008413  1.7e+04   0.000     14.15042    14.15412
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. 
. * Column (5)
. eststo: reghdfe log_loan_growth treatment, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    533,136
Absorbing 1 HDFE group                            F(   1,     11) =      52.75
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0620
                                                  Adj R-squared   =     0.0417
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0002
Number of clusters (month)   =         12         Root MSE        =     0.6176

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_g~h | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0250841   .0034538    -7.26   0.000     -.032686   -.0174822
       _cons |   .6439205   .0012385   519.91   0.000     .6411945    .6466465
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est5 stored)

. 
. * Column (6)
. eststo: reghdfe log_loan_growth treatment, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_id month)
(dropped 208508 singleton observations)
(MWFE estimator converged in 5 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    324,628
Absorbing 2 HDFE groups                           F(   1,     11) =      17.61
Statistics robust to heteroskedasticity           Prob > F        =     0.0015
                                                  R-squared       =     0.3035
                                                  Adj R-squared   =     0.0344
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0001
Number of clusters (month)   =         12         Root MSE        =     0.6213

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_g~h | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0257533   .0054493    -4.73   0.000    -.0364338   -.0150728
       _cons |   .6391147   .0016733   381.95   0.000     .6358351    .6423943
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     83560       83560           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est6 stored)

. 
end of do-file

. // =======
. // Table 3
. // =======
. 
. use "loan_data_final.dta", clear

. 
. eststo clear

. 
. gen treatment = bank_treated*after

. 
. // Generate log variables
. foreach var in loan_spread {
  2.     gen log_`var' = log(`var')
  3. }

. 
. gen loan_default_100 = loan_default*100

.  
. * Column (1)
. eststo: reghdfe log_loan_spread treatment, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    542,592
Absorbing 1 HDFE group                            F(   1,     11) =     191.87
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6033
                                                  Adj R-squared   =     0.5948
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0038
Number of clusters (month)   =         12         Root MSE        =     0.2005

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_s~d | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |   .0333981   .0024111    13.85   0.000     .0280913    .0387049
       _cons |   2.144027   .0012796  1675.56   0.000      2.14121    2.146843
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. 
. * Column (2)
. eststo: reghdfe log_loan_spread treatment, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   1,     11) =     239.92
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7062
                                                  Adj R-squared   =     0.5944
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0014
Number of clusters (month)   =         12         Root MSE        =     0.2012

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_s~d | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |   .0322881   .0020845    15.49   0.000        .0277    .0368761
       _cons |   2.134585   .0004348  4909.91   0.000     2.133628    2.135542
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. 
. * Column (3)
. eststo: reghdfe loan_default_100 treatment, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    542,592
Absorbing 1 HDFE group                            F(   1,     11) =       1.52
Statistics robust to heteroskedasticity           Prob > F        =     0.2440
                                                  R-squared       =     0.0284
                                                  Adj R-squared   =     0.0077
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0000
Number of clusters (month)   =         12         Root MSE        =    13.3922

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_def~100 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.1410086   .0497936    -2.83   0.005    -.2386025   -.0434148
       _cons |   1.878944   .0225124    83.46   0.000      1.83482    1.923068
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. 
. * Column (4)
. eststo: reghdfe loan_default_100 treatment, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   1,     11) =       6.28
Statistics robust to heteroskedasticity           Prob > F        =     0.0292
                                                  R-squared       =     0.2789
                                                  Adj R-squared   =     0.0044
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0000
Number of clusters (month)   =         12         Root MSE        =    13.4199

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_def~100 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.2285571   .1162662    -1.97   0.049    -.4564357   -.0006785
       _cons |   1.896374   .0357807    53.00   0.000     1.826245    1.966503
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. 
end of do-file

. // =======
. // Table 4
. // =======
. 
. use "loan_data_final.dta", clear

. 
. eststo clear

. 
. gen treatment = bank_treated*after

. gen interaction = treatment*lla_delta

. 
. // Generate log variables
. foreach var in loan_amount loan_growth loan_spread {
  2.     gen log_`var' = log(`var')
  3. }
(9,456 missing values generated)

. 
. gen loan_default_100 = loan_default*100

.  
. * Column (1)
. eststo: reghdfe loan_indicator treatment interaction, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.
warning: missing F statistic; dropped variables due to collinearity or too few clusters

HDFE Linear regression                            Number of obs   =    542,592
Absorbing 1 HDFE group                            F(   2,     11) =          .
Statistics robust to heteroskedasticity           Prob > F        =          .
                                                  R-squared       =     0.0611
                                                  Adj R-squared   =     0.0411
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0005
Number of clusters (month)   =         12         Root MSE        =     0.3360

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_indic~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0112253   .0014026    -8.00   0.000    -.0139744   -.0084762
 interaction |  -.2477822   .0283199    -8.75   0.000    -.3032883   -.1922761
       _cons |   .1408185   .0005649   249.30   0.000     .1397114    .1419256
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. 
. * Column (2)
. eststo: reghdfe loan_indicator treatment interaction, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_i
> d month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.
warning: missing F statistic; dropped variables due to collinearity or too few clusters

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   2,     11) =          .
Statistics robust to heteroskedasticity           Prob > F        =          .
                                                  R-squared       =     0.3043
                                                  Adj R-squared   =     0.0395
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0004
Number of clusters (month)   =         12         Root MSE        =     0.3383

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_indic~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0164794   .0030861    -5.34   0.000    -.0225281   -.0104308
 interaction |  -.2683756   .0443994    -6.04   0.000    -.3553973   -.1813539
       _cons |   .1435173    .000902   159.11   0.000     .1417494    .1452851
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. 
. * Column (3)
. eststo: reghdfe log_loan_amount treatment interaction, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.
warning: missing F statistic; dropped variables due to collinearity or too few clusters

HDFE Linear regression                            Number of obs   =    542,592
Absorbing 1 HDFE group                            F(   2,     11) =          .
Statistics robust to heteroskedasticity           Prob > F        =          .
                                                  R-squared       =     0.7913
                                                  Adj R-squared   =     0.7868
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0002
Number of clusters (month)   =         12         Root MSE        =     0.5007

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_a~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0118255   .0023027    -5.14   0.000    -.0168936   -.0067573
 interaction |  -.2158848    .027181    -7.94   0.000    -.2757098   -.1560598
       _cons |   14.07272   .0018015  7811.61   0.000     14.06876    14.07669
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. 
. * Column (4)
. eststo: reghdfe log_loan_amount treatment interaction, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_
> id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   2,     11) =      74.16
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.8412
                                                  Adj R-squared   =     0.7807
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0003
Number of clusters (month)   =         12         Root MSE        =     0.5015

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_a~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |   -.027078   .0043973    -6.16   0.000    -.0367565   -.0173996
 interaction |  -.2199942    .047123    -4.67   0.001    -.3237113   -.1162772
       _cons |   14.15229   .0007794  1.8e+04   0.000     14.15057      14.154
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. 
. * Column (5)
. eststo: reghdfe log_loan_growth treatment interaction, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    533,136
Absorbing 1 HDFE group                            F(   2,     11) =      43.29
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0620
                                                  Adj R-squared   =     0.0417
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0002
Number of clusters (month)   =         12         Root MSE        =     0.6176

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_g~h | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0213777   .0026023    -8.22   0.000    -.0264781   -.0162774
 interaction |  -.1647093     .05256    -3.13   0.002    -.2677253   -.0616933
       _cons |   .6439197   .0010467   615.17   0.000     .6418681    .6459712
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est5 stored)

. 
. * Column (6)
. eststo: reghdfe log_loan_growth treatment interaction, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_
> id month)
(dropped 208508 singleton observations)
(MWFE estimator converged in 5 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    324,628
Absorbing 2 HDFE groups                           F(   2,     11) =       9.29
Statistics robust to heteroskedasticity           Prob > F        =     0.0043
                                                  R-squared       =     0.3035
                                                  Adj R-squared   =     0.0344
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0001
Number of clusters (month)   =         12         Root MSE        =     0.6213

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_g~h | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0236315   .0057386    -4.12   0.000    -.0348789    -.012384
 interaction |  -.0973887   .0825668    -1.18   0.238    -.2592175      .06444
       _cons |   .6391213   .0016733   381.96   0.000     .6358417    .6424009
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     83560       83560           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est6 stored)

. 
. * Column (7)
. eststo: reghdfe log_loan_spread treatment interaction, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    542,592
Absorbing 1 HDFE group                            F(   2,     11) =     203.52
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6033
                                                  Adj R-squared   =     0.5949
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0040
Number of clusters (month)   =         12         Root MSE        =     0.2005

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_s~d | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |   .0291881   .0015992    18.25   0.000     .0256683     .032708
 interaction |   .1870056   .0204887     9.13   0.000     .1419104    .2321008
       _cons |   2.144027   .0011926  1797.70   0.000     2.141402    2.146652
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est7 stored)

. 
. * Column (8)
. eststo: reghdfe log_loan_spread treatment interaction, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_
> id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   2,     11) =     222.38
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7063
                                                  Adj R-squared   =     0.5944
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0016
Number of clusters (month)   =         12         Root MSE        =     0.2012

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_s~d | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |   .0281854   .0015977    17.64   0.000     .0246689    .0317018
 interaction |    .188521   .0349455     5.39   0.000     .1116066    .2654354
       _cons |   2.134571   .0002856  7474.02   0.000     2.133942    2.135199
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est8 stored)

. 
. * Column (9)
. eststo: reghdfe loan_default_100 treatment interaction, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    542,592
Absorbing 1 HDFE group                            F(   2,     11) =       2.39
Statistics robust to heteroskedasticity           Prob > F        =     0.1371
                                                  R-squared       =     0.0284
                                                  Adj R-squared   =     0.0077
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0000
Number of clusters (month)   =         12         Root MSE        =    13.3921

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_def~100 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |   -.079605    .055902    -1.42   0.154    -.1891712    .0299612
 interaction |  -2.727513   1.128688    -2.42   0.016    -4.939705   -.5153202
       _cons |   1.878944   .0225123    83.46   0.000     1.834821    1.923067
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est9 stored)

. 
. * Column (10)
. eststo: reghdfe loan_default_100 treatment interaction, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank
> _id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   2,     11) =      10.77
Statistics robust to heteroskedasticity           Prob > F        =     0.0026
                                                  R-squared       =     0.2789
                                                  Adj R-squared   =     0.0044
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0000
Number of clusters (month)   =         12         Root MSE        =    13.4197

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_def~100 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.1346888   .1224202    -1.10   0.271    -.3746292    .1052515
 interaction |   -4.31329   1.761262    -2.45   0.014    -7.765318   -.8612627
       _cons |    1.89669   .0357806    53.01   0.000     1.826561    1.966819
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est10 stored)

. 
end of do-file

. // =======
. // Table 5
. // =======
. 
. use "loan_data_final.dta", clear

. 
. eststo clear

. 
. keep if bank_treated == 1
(253,248 observations deleted)

. 
. gen interaction1 = after*lla_delta_de

. gen interaction2 = after*lla_delta_nd

. 
. // Generate log variables
. foreach var in loan_amount loan_growth loan_spread {
  2.     gen log_`var' = log(`var')
  3. }
(5,258 missing values generated)

. 
. gen loan_default_100 = loan_default*100

. 
. * Column (1)
. eststo: reghdfe loan_indicator interaction*, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month) 
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    289,344
Absorbing 1 HDFE group                            F(   2,     11) =      55.83
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0604
                                                  Adj R-squared   =     0.0404
Number of clusters (bank_id) =         24         Within R-sq.    =     0.0007
Number of clusters (month)   =         12         Root MSE        =     0.3314

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_indic~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
interaction1 |  -.0398932   .0167019    -2.39   0.017    -.0726285   -.0071579
interaction2 |  -.1171553   .0082927   -14.13   0.000    -.1334088   -.1009019
       _cons |   .1363105   .0007148   190.70   0.000     .1349096    .1377115
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6028        6028           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. 
. lincom interaction1 - interaction2

 ( 1)  interaction1 - interaction2 = 0

------------------------------------------------------------------------------
loan_indic~r | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
         (1) |   .0772621   .0185641     4.16   0.000     .0408771    .1136472
------------------------------------------------------------------------------
. 
. * Column (2)
. eststo: reghdfe loan_indicator interaction*, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_id month)
(dropped 158496 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    130,848
Absorbing 2 HDFE groups                           F(   2,     11) =      20.16
Statistics robust to heteroskedasticity           Prob > F        =     0.0002
                                                  R-squared       =     0.3786
                                                  Adj R-squared   =     0.0420
Number of clusters (bank_id) =         24         Within R-sq.    =     0.0003
Number of clusters (month)   =         12         Root MSE        =     0.3320

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_indic~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
interaction1 |   .0012715   .0331737     0.04   0.969    -.0637486    .0662917
interaction2 |  -.0892482   .0167573    -5.33   0.000    -.1220923   -.0564041
       _cons |   .1356936   .0012203   111.20   0.000     .1333018    .1380853
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      2726        2726           0    *|
         firm_id#t |     43248       43248           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. 
. lincom interaction1 - interaction2

 ( 1)  interaction1 - interaction2 = 0

------------------------------------------------------------------------------
loan_indic~r | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
         (1) |   .0905197   .0338655     2.67   0.008     .0241436    .1568959
------------------------------------------------------------------------------

. 
. * Column (3)
. eststo: reghdfe log_loan_amount interaction*, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.
warning: missing F statistic; dropped variables due to collinearity or too few clusters

HDFE Linear regression                            Number of obs   =    289,344
Absorbing 1 HDFE group                            F(   2,     11) =          .
Statistics robust to heteroskedasticity           Prob > F        =          .
                                                  R-squared       =     0.7917
                                                  Adj R-squared   =     0.7872
Number of clusters (bank_id) =         24         Within R-sq.    =     0.0003
Number of clusters (month)   =         12         Root MSE        =     0.5002

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_a~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
interaction1 |  -.0436328   .0252101    -1.73   0.083     -.093044    .0057783
interaction2 |  -.1083797   .0125171    -8.66   0.000    -.1329129   -.0838465
       _cons |   14.08852   .0010789  1.3e+04   0.000     14.08641    14.09064
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6028        6028           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. 
. lincom interaction1 - interaction2

 ( 1)  interaction1 - interaction2 = 0

------------------------------------------------------------------------------
log_loan_a~t | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
         (1) |   .0647469   .0280209     2.31   0.021     .0098268     .119667
------------------------------------------------------------------------------

. 
. * Column (4)
. eststo: reghdfe log_loan_amount interaction*, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_id month)
(dropped 158496 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.
warning: missing F statistic; dropped variables due to collinearity or too few clusters

HDFE Linear regression                            Number of obs   =    130,848
Absorbing 2 HDFE groups                           F(   2,     11) =          .
Statistics robust to heteroskedasticity           Prob > F        =          .
                                                  R-squared       =     0.8539
                                                  Adj R-squared   =     0.7748
Number of clusters (bank_id) =         24         Within R-sq.    =     0.0002
Number of clusters (month)   =         12         Root MSE        =     0.5023

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_a~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
interaction1 |   .0864962   .0501928     1.72   0.085    -.0118812    .1848736
interaction2 |  -.0779081   .0253542    -3.07   0.002    -.1276022    -.028214
       _cons |   14.21593   .0018464  7699.43   0.000     14.21231    14.21954
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      2726        2726           0    *|
         firm_id#t |     43248       43248           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. 
. lincom interaction1 - interaction2

 ( 1)  interaction1 - interaction2 = 0

------------------------------------------------------------------------------
log_loan_a~t | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
         (1) |   .1644043   .0512396     3.21   0.001     .0639752    .2648334
------------------------------------------------------------------------------

. 
. * Column (5)
. eststo: reghdfe log_loan_growth interaction*, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    284,086
Absorbing 1 HDFE group                            F(   2,     11) =      28.90
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0603
                                                  Adj R-squared   =     0.0399
Number of clusters (bank_id) =         24         Within R-sq.    =     0.0003
Number of clusters (month)   =         12         Root MSE        =     0.6227

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_g~h | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
interaction1 |  -.1352905   .0316931    -4.27   0.000    -.1974081   -.0731729
interaction2 |  -.1210645   .0157355    -7.69   0.000    -.1519056   -.0902234
       _cons |   .6346496    .001355   468.39   0.000     .6319939    .6373053
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6028        6028           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est5 stored)

. 
. lincom interaction1 - interaction2

 ( 1)  interaction1 - interaction2 = 0

------------------------------------------------------------------------------
log_loan_g~h | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
         (1) |   -.014226   .0352275    -0.40   0.686    -.0832709    .0548189
------------------------------------------------------------------------------

. 
. * Column (6)
. eststo: reghdfe log_loan_growth interaction*, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_id month)
(dropped 156456 singleton observations)
(MWFE estimator converged in 5 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    127,630
Absorbing 2 HDFE groups                           F(   2,     11) =       1.79
Statistics robust to heteroskedasticity           Prob > F        =     0.2123
                                                  R-squared       =     0.3775
                                                  Adj R-squared   =     0.0361
Number of clusters (bank_id) =         24         Within R-sq.    =     0.0000
Number of clusters (month)   =         12         Root MSE        =     0.6260

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_g~h | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
interaction1 |  -.0713516   .0635097    -1.12   0.261      -.19583    .0531269
interaction2 |  -.0398994   .0320456    -1.25   0.213    -.1027085    .0229098
       _cons |   .6256733   .0023295   268.59   0.000     .6211075    .6302391
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      2726        2726           0    *|
         firm_id#t |     42474       42474           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est6 stored)

. 
. lincom interaction1 - interaction2

 ( 1)  interaction1 - interaction2 = 0

------------------------------------------------------------------------------
log_loan_g~h | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
         (1) |  -.0314522   .0648028    -0.49   0.627    -.1584652    .0955608
------------------------------------------------------------------------------

. 
. * Column (7)
. eststo: reghdfe log_loan_spread interaction*, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    289,344
Absorbing 1 HDFE group                            F(   2,     11) =     180.69
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5963
                                                  Adj R-squared   =     0.5877
Number of clusters (bank_id) =         24         Within R-sq.    =     0.0041
Number of clusters (month)   =         12         Root MSE        =     0.2006

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_s~d | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
interaction1 |   .1569325   .0099803    15.72   0.000      .134966     .178899
interaction2 |   .1524973   .0086807    17.57   0.000     .1333913    .1716033
       _cons |    2.14964    .000954  2253.33   0.000      2.14754    2.151739
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6028        6028           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est7 stored)

. 
. lincom interaction1 - interaction2

 ( 1)  interaction1 - interaction2 = 0

------------------------------------------------------------------------------
log_loan_s~d | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
         (1) |   .0044353   .0112369     0.39   0.693    -.0175888    .0264593
------------------------------------------------------------------------------

. 
. * Column (8)
. eststo: reghdfe log_loan_spread interaction*, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_id month)
(dropped 158496 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    130,848
Absorbing 2 HDFE groups                           F(   2,     11) =       9.24
Statistics robust to heteroskedasticity           Prob > F        =     0.0044
                                                  R-squared       =     0.7338
                                                  Adj R-squared   =     0.5895
Number of clusters (bank_id) =         24         Within R-sq.    =     0.0004
Number of clusters (month)   =         12         Root MSE        =     0.2014

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_s~d | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
interaction1 |   .0108569   .0201196     0.54   0.589    -.0285775    .0502912
interaction2 |   .0577154   .0101632     5.68   0.000     .0377956    .0776351
       _cons |   2.142914   .0007401  2895.40   0.000     2.141464    2.144365
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      2726        2726           0    *|
         firm_id#t |     43248       43248           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est8 stored)

. 
. lincom interaction1 - interaction2

 ( 1)  interaction1 - interaction2 = 0

------------------------------------------------------------------------------
log_loan_s~d | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
         (1) |  -.0468585   .0205393    -2.28   0.023    -.0871153   -.0066017
------------------------------------------------------------------------------

. 
. * Column (9)
. eststo: reghdfe loan_default_100 interaction*, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    289,344
Absorbing 1 HDFE group                            F(   2,     11) =       3.33
Statistics robust to heteroskedasticity           Prob > F        =     0.0741
                                                  R-squared       =     0.0282
                                                  Adj R-squared   =     0.0075
Number of clusters (bank_id) =         24         Within R-sq.    =     0.0000
Number of clusters (month)   =         12         Root MSE        =    12.9825

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_def~100 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
interaction1 |   .3233224   .6543403     0.49   0.621    -.9591666    1.605811
interaction2 |  -1.150897   .3248875    -3.54   0.000    -1.787668    -.514127
       _cons |   1.762516   .0280035    62.94   0.000      1.70763    1.817402
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6028        6028           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est9 stored)

. 
. lincom interaction1 - interaction2

 ( 1)  interaction1 - interaction2 = 0

------------------------------------------------------------------------------
loan_def~100 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
         (1) |    1.47422   .7272942     2.03   0.043     .0487433    2.899696
------------------------------------------------------------------------------

. 
. * Column (10)
. eststo: reghdfe loan_default_100 interaction*, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_id month
> )
(dropped 158496 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    130,848
Absorbing 2 HDFE groups                           F(   2,     11) =       4.07
Statistics robust to heteroskedasticity           Prob > F        =     0.0475
                                                  R-squared       =     0.3520
                                                  Adj R-squared   =     0.0010
Number of clusters (bank_id) =         24         Within R-sq.    =     0.0001
Number of clusters (month)   =         12         Root MSE        =    12.9424

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_def~100 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
interaction1 |    1.23114    1.29321     0.95   0.341     -1.30354     3.76582
interaction2 |  -1.501595   .6532484    -2.30   0.022    -2.781957   -.2212339
       _cons |   1.739971   .0475712    36.58   0.000     1.646732    1.833211
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      2726        2726           0    *|
         firm_id#t |     43248       43248           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est10 stored)

. 
. lincom interaction1 - interaction2

 ( 1)  interaction1 - interaction2 = 0

------------------------------------------------------------------------------
loan_def~100 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
         (1) |   2.732735    1.32018     2.07   0.038     .1451936    5.320277
------------------------------------------------------------------------------

. 
end of do-file

. // =======
. // Table 6
. // =======
. 
. use "loan_data_final.dta", clear

. 
. eststo clear

. 
. gen treatment = bank_treated*after

. gen interaction = treatment*dummy_highrisk

. 
. // Generate log variables
. foreach var in loan_amount loan_growth loan_spread {
  2.     gen log_`var' = log(`var')
  3. }
(9,456 missing values generated)

.  
. gen loan_default_100 = loan_default*100

.  
. * Column (1)
. eststo: reghdfe loan_indicator treatment interaction, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.
warning: missing F statistic; dropped variables due to collinearity or too few clusters

HDFE Linear regression                            Number of obs   =    542,592
Absorbing 1 HDFE group                            F(   2,     11) =          .
Statistics robust to heteroskedasticity           Prob > F        =          .
                                                  R-squared       =     0.0611
                                                  Adj R-squared   =     0.0411
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0005
Number of clusters (month)   =         12         Root MSE        =     0.3360

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_indic~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0110026   .0014158    -7.77   0.000    -.0137774   -.0082277
 interaction |  -.0257735   .0029588    -8.71   0.000    -.0315726   -.0199744
       _cons |   .1408185   .0005649   249.30   0.000     .1397114    .1419256
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. 
. * Column (2)
. eststo: reghdfe loan_indicator treatment interaction, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_i
> d month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.
warning: missing F statistic; dropped variables due to collinearity or too few clusters

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   2,     11) =          .
Statistics robust to heteroskedasticity           Prob > F        =          .
                                                  R-squared       =     0.3043
                                                  Adj R-squared   =     0.0395
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0004
Number of clusters (month)   =         12         Root MSE        =     0.3383

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_indic~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0165319   .0030991    -5.33   0.000    -.0226059   -.0104578
 interaction |  -.0265989   .0046271    -5.75   0.000    -.0356679   -.0175298
       _cons |   .1435188    .000902   159.11   0.000     .1417509    .1452866
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. 
. * Column (3)
. eststo: reghdfe log_loan_amount treatment interaction, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.
warning: missing F statistic; dropped variables due to collinearity or too few clusters

HDFE Linear regression                            Number of obs   =    542,592
Absorbing 1 HDFE group                            F(   2,     11) =          .
Statistics robust to heteroskedasticity           Prob > F        =          .
                                                  R-squared       =     0.7913
                                                  Adj R-squared   =     0.7868
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0002
Number of clusters (month)   =         12         Root MSE        =     0.5007

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_a~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0111418   .0021097    -5.28   0.000    -.0152768   -.0070068
 interaction |  -.0246311    .004409    -5.59   0.000    -.0332727   -.0159896
       _cons |   14.07272   .0008417  1.7e+04   0.000     14.07107    14.07437
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. 
. * Column (4)
. eststo: reghdfe log_loan_amount treatment interaction, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_
> id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   2,     11) =      65.33
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.8412
                                                  Adj R-squared   =     0.7807
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0003
Number of clusters (month)   =         12         Root MSE        =     0.5015

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_a~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0264468   .0045938    -5.76   0.000    -.0354505   -.0174431
 interaction |   -.024902   .0068589    -3.63   0.000    -.0383453   -.0114588
       _cons |   14.15229    .001337  1.1e+04   0.000     14.14967    14.15491
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. 
. * Column (5)
. eststo: reghdfe log_loan_growth treatment interaction, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    533,136
Absorbing 1 HDFE group                            F(   2,     11) =      47.61
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0620
                                                  Adj R-squared   =     0.0417
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0002
Number of clusters (month)   =         12         Root MSE        =     0.6176

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_g~h | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0209657   .0026266    -7.98   0.000    -.0261138   -.0158177
 interaction |  -.0183037   .0054904    -3.33   0.001    -.0290646   -.0075428
       _cons |   .6439195   .0010467   615.17   0.000      .641868    .6459711
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est5 stored)

. 
. * Column (6)
. eststo: reghdfe log_loan_growth treatment interaction, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_
> id month)
(dropped 208508 singleton observations)
(MWFE estimator converged in 5 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    324,628
Absorbing 2 HDFE groups                           F(   2,     11) =       9.05
Statistics robust to heteroskedasticity           Prob > F        =     0.0047
                                                  R-squared       =     0.3035
                                                  Adj R-squared   =     0.0344
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0001
Number of clusters (month)   =         12         Root MSE        =     0.6213

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_g~h | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0230478   .0057629    -4.00   0.000    -.0343429   -.0117527
 interaction |  -.0124142   .0086037    -1.44   0.149    -.0292772    .0044488
       _cons |   .6391237   .0016733   381.96   0.000     .6358441    .6424033
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     83560       83560           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est6 stored)

. 
. * Column (7)
. eststo: reghdfe log_loan_spread treatment interaction, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    542,592
Absorbing 1 HDFE group                            F(   2,     11) =     210.31
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6033
                                                  Adj R-squared   =     0.5949
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0040
Number of clusters (month)   =         12         Root MSE        =     0.2005

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_s~d | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |   .0288689   .0008448    34.17   0.000     .0272131    .0305247
 interaction |   .0201231   .0017655    11.40   0.000     .0166627    .0235835
       _cons |   2.144027   .0003371  6360.94   0.000     2.143366    2.144687
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est7 stored)

. 
. * Column (8)
. eststo: reghdfe log_loan_spread treatment interaction, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_
> id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   2,     11) =     239.05
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7063
                                                  Adj R-squared   =     0.5944
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0016
Number of clusters (month)   =         12         Root MSE        =     0.2012

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_s~d | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |   .0278009   .0018432    15.08   0.000     .0241882    .0314135
 interaction |   .0206206    .002752     7.49   0.000     .0152267    .0260145
       _cons |   2.134568   .0005365  3978.90   0.000     2.133517     2.13562
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est8 stored)

. 
. * Column (9)
. eststo: reghdfe loan_default_100 treatment interaction, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    542,592
Absorbing 1 HDFE group                            F(   2,     11) =       2.64
Statistics robust to heteroskedasticity           Prob > F        =     0.1161
                                                  R-squared       =     0.0284
                                                  Adj R-squared   =     0.0077
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0000
Number of clusters (month)   =         12         Root MSE        =    13.3921

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_def~100 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0829114   .0564252    -1.47   0.142    -.1935031    .0276803
 interaction |  -.2581243    .117921    -2.19   0.029    -.4892457    -.027003
       _cons |   1.878944   .0225123    83.46   0.000     1.834821    1.923068
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est9 stored)

. 
. * Column (10)
. eststo: reghdfe loan_default_100 treatment interaction, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank
> _id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   2,     11) =      10.40
Statistics robust to heteroskedasticity           Prob > F        =     0.0029
                                                  R-squared       =     0.2789
                                                  Adj R-squared   =     0.0044
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0000
Number of clusters (month)   =         12         Root MSE        =    13.4197

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_def~100 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.1312366   .1229346    -1.07   0.286    -.3721852    .1097119
 interaction |  -.4472287   .1835508    -2.44   0.015    -.8069835   -.0874739
       _cons |   1.896729   .0357807    53.01   0.000       1.8266    1.966859
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est10 stored)

. 
end of do-file

. // =======
. // Table 7
. // =======
. 
. use "loan_data_final.dta", clear

. 
. gen treatment = bank_treated*after

. 
. // Generate log variables
. foreach var in loan_amount loan_growth loan_spread firm_asset firm_loan firm_liability firm_sales {
  2.     gen log_`var' = log(`var')
  3. }
(9,456 missing values generated)

. 
. gen loan_default_100 = loan_default*100

. 
. ** Part (1): PSM **
. 
. * Step 1: First stage logit regression
. eststo: logit bank_treated firm_employee firm_year firm_multiple log_firm_asset log_firm_loan log_firm_liability l
> og_firm_sales i.t

Iteration 0:  Log likelihood = -374894.58  
Iteration 1:  Log likelihood = -366523.73  
Iteration 2:  Log likelihood = -366513.76  
Iteration 3:  Log likelihood = -366512.26  
Iteration 4:  Log likelihood = -366512.04  
Iteration 5:  Log likelihood = -366512.01  
Iteration 6:  Log likelihood = -366512.01  
Iteration 7:  Log likelihood = -366512.01  

Logistic regression                                   Number of obs =  542,592
                                                      LR chi2(54)   = 16765.15
                                                      Prob > chi2   =   0.0000
Log likelihood = -366512.01                           Pseudo R2     =   0.0224

------------------------------------------------------------------------------------
      bank_treated | Coefficient  Std. err.      z    P>|z|     [95% conf. interval]
-------------------+----------------------------------------------------------------
     firm_employee |   2.31e-06   2.29e-06     1.01   0.314    -2.18e-06    6.80e-06
         firm_year |  -.0015565    .000528    -2.95   0.003    -.0025914   -.0005216
     firm_multiple |  -.7124284   .0058135  -122.55   0.000    -.7238225   -.7010342
    log_firm_asset |   .0384687    .007491     5.14   0.000     .0237867    .0531508
     log_firm_loan |  -.0274987   .0036473    -7.54   0.000    -.0346473     -.02035
log_firm_liability |   .0411652   .0094273     4.37   0.000     .0226881    .0596423
    log_firm_sales |   .0286049   .0062525     4.57   0.000     .0163501    .0408596
                   |
                 t |
                2  |  -1.83e-17   .0270788    -0.00   1.000    -.0530735    .0530735
                3  |  -1.52e-17   .0270788    -0.00   1.000    -.0530735    .0530735
                4  |  -.0011526   .0270792    -0.04   0.966     -.054227    .0519217
                5  |  -.0011526   .0270792    -0.04   0.966     -.054227    .0519217
                6  |  -.0011526   .0270792    -0.04   0.966     -.054227    .0519217
                7  |  -.0013053   .0270785    -0.05   0.962    -.0543783    .0517676
                8  |  -.0013053   .0270785    -0.05   0.962    -.0543783    .0517676
                9  |  -.0013053   .0270785    -0.05   0.962    -.0543783    .0517676
               10  |  -.0005933   .0270789    -0.02   0.983    -.0536668    .0524803
               11  |  -.0005933   .0270789    -0.02   0.983    -.0536668    .0524803
               12  |  -.0005933   .0270789    -0.02   0.983    -.0536668    .0524803
               13  |  -.0020905   .0270782    -0.08   0.938    -.0551628    .0509819
               14  |  -.0020905   .0270782    -0.08   0.938    -.0551628    .0509819
               15  |  -.0020905   .0270782    -0.08   0.938    -.0551628    .0509819
               16  |  -.0027478   .0270792    -0.10   0.919    -.0558221    .0503265
               17  |  -.0027478   .0270792    -0.10   0.919    -.0558221    .0503265
               18  |  -.0027478   .0270792    -0.10   0.919    -.0558221    .0503265
               19  |  -.0024921   .0270788    -0.09   0.927    -.0555656    .0505814
               20  |  -.0024921   .0270788    -0.09   0.927    -.0555656    .0505814
               21  |  -.0024921   .0270788    -0.09   0.927    -.0555656    .0505814
               22  |  -.0025567   .0270787    -0.09   0.925    -.0556299    .0505166
               23  |  -.0025567   .0270787    -0.09   0.925    -.0556299    .0505166
               24  |  -.0025567   .0270787    -0.09   0.925    -.0556299    .0505166
               25  |  -.0021385   .0270793    -0.08   0.937     -.055213    .0509361
               26  |  -.0021385   .0270793    -0.08   0.937     -.055213    .0509361
               27  |  -.0021385   .0270793    -0.08   0.937     -.055213    .0509361
               28  |  -.0035168   .0270792    -0.13   0.897    -.0565911    .0495574
               29  |  -.0035168   .0270792    -0.13   0.897    -.0565911    .0495574
               30  |  -.0035168   .0270792    -0.13   0.897    -.0565911    .0495574
               31  |  -.0025436   .0270787    -0.09   0.925    -.0556169    .0505298
               32  |  -.0025436   .0270787    -0.09   0.925    -.0556169    .0505298
               33  |  -.0025436   .0270787    -0.09   0.925    -.0556169    .0505298
               34  |  -.0023844   .0270789    -0.09   0.930    -.0554582    .0506893
               35  |  -.0023844   .0270789    -0.09   0.930    -.0554582    .0506893
               36  |  -.0023844   .0270789    -0.09   0.930    -.0554582    .0506893
               37  |   -.003369    .027079    -0.12   0.901    -.0564428    .0497048
               38  |   -.003369    .027079    -0.12   0.901    -.0564428    .0497048
               39  |   -.003369    .027079    -0.12   0.901    -.0564428    .0497048
               40  |  -.0046624    .027079    -0.17   0.863    -.0577364    .0484115
               41  |  -.0046624    .027079    -0.17   0.863    -.0577364    .0484115
               42  |  -.0046624    .027079    -0.17   0.863    -.0577364    .0484115
               43  |  -.0039655   .0270791    -0.15   0.884    -.0570396    .0491086
               44  |  -.0039655   .0270791    -0.15   0.884    -.0570396    .0491086
               45  |  -.0039655   .0270791    -0.15   0.884    -.0570396    .0491086
               46  |  -.0039842   .0270792    -0.15   0.883    -.0570586    .0490901
               47  |  -.0039842   .0270792    -0.15   0.883    -.0570586    .0490901
               48  |  -.0039842   .0270792    -0.15   0.883    -.0570586    .0490901
                   |
             _cons |  -.8344738   .0491858   -16.97   0.000    -.9308763   -.7380713
------------------------------------------------------------------------------------
(est11 stored)

. 
. * Predict propensity scores
. predict pscore, pr

. 
. * Step 2: Propensity score matching using psmatch2              
. psmatch2 bank_treated, pscore(pscore) neighbor(1) ties common caliper(0.05)

. 
. * Step 3: Checking the performance of matching
. 
. * Balance check
. pstest firm_employee firm_year firm_multiple log_firm_asset log_firm_loan log_firm_liability log_firm_sales, both 
> graph

----------------------------------------------------------------------------------------
                Unmatched |       Mean               %reduct |     t-test    |  V(T)/
Variable          Matched | Treated Control    %bias  |bias| |    t    p>|t| |  V(C)
--------------------------+----------------------------------+---------------+----------
firm_employee          U  | 553.97   53.491      1.8         |   6.52  0.000 | 1.2e+05*
                       M  | 56.216   56.694     -0.0    99.9 |  -1.65  0.100 |  0.96*
                          |                                  |               |
firm_year              U  | 12.231    12.37     -2.5         |  -9.29  0.000 |  0.99*
                       M  |  12.23   12.186      0.8    68.4 |   3.06  0.002 |  1.01*
                          |                                  |               |
firm_multiple          U  | .53633   .69598    -33.3         |-121.97  0.000 |     .
                       M  | .53651   .53788     -0.3    99.1 |  -1.04  0.296 |     .
                          |                                  |               |
log_firm_asset         U  | 17.763   17.652      8.2         |  30.04  0.000 |  1.03*
                       M  | 17.762   17.774     -0.9    89.6 |  -3.24  0.001 |  1.01*
                          |                                  |               |
log_firm_loan          U  | 14.798   14.771      2.7         |   9.98  0.000 |  1.00
                       M  | 14.798   14.811     -1.3    53.0 |  -4.85  0.000 |  1.00
                          |                                  |               |
log_firm_liability     U  | 16.743    16.63      8.2         |  30.12  0.000 |  1.03*
                       M  | 16.742   16.751     -0.7    91.6 |  -2.62  0.009 |  1.02*
                          |                                  |               |
log_firm_sales         U  | 16.413    16.31      7.6         |  27.84  0.000 |  1.03*
                       M  | 16.412   16.427     -1.1    85.4 |  -4.19  0.000 |  1.00
                          |                                  |               |
----------------------------------------------------------------------------------------
* if variance ratio outside [0.99; 1.01] for U and [0.99; 1.01] for M

-----------------------------------------------------------------------------------
 Sample    | Ps R2   LR chi2   p>chi2   MeanBias   MedBias      B      R     %Var
-----------+-----------------------------------------------------------------------
 Unmatched | 0.022  16776.19    0.000      9.2       7.6      35.5*   1.23     83
 Matched   | 0.000     80.90    0.000      0.7       0.8       2.4    1.01     67
-----------------------------------------------------------------------------------
* if B>25%, R outside [0.5; 2]

. 
. * Propensity score distribution graph
. psgraph

. 
. * Step 4: Creating a balanced sample
. 
. * Keep only matched observations
. keep if _weight == 1
(222,888 observations deleted)

. 
. 
. * Step 5: Analyzing the matched sample
. 
. eststo clear 

. 
. * Column (1)
. eststo: reghdfe loan_indicator treatment, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    319,704
Absorbing 1 HDFE group                            F(   1,     11) =       7.59
Statistics robust to heteroskedasticity           Prob > F        =     0.0187
                                                  R-squared       =     0.0649
                                                  Adj R-squared   =     0.0409
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0006
Number of clusters (month)   =         12         Root MSE        =     0.3323

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_indic~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0168022   .0012356   -13.60   0.000    -.0192239   -.0143805
       _cons |    .140311    .000811   173.01   0.000     .1387215    .1419006
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      8012        8012           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. 
. * Column (2)
. eststo: reghdfe loan_indicator treatment, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_id month)
(dropped 169338 singleton observations)
(MWFE estimator converged in 10 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    150,366
Absorbing 2 HDFE groups                           F(   1,     11) =       3.87
Statistics robust to heteroskedasticity           Prob > F        =     0.0750
                                                  R-squared       =     0.3951
                                                  Adj R-squared   =     0.0401
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0001
Number of clusters (month)   =         12         Root MSE        =     0.3334

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_indic~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0255536   .0094291    -2.71   0.007    -.0440345   -.0070728
       _cons |   .1455323   .0044704    32.55   0.000     .1367704    .1542943
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      3354        3354           0    *|
         firm_id#t |     52254       52254           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. 
. * Column (3)
. eststo: reghdfe log_loan_amount treatment, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    319,704
Absorbing 1 HDFE group                            F(   1,     11) =      46.81
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7926
                                                  Adj R-squared   =     0.7873
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0003
Number of clusters (month)   =         12         Root MSE        =     0.5002

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_a~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0167308   .0024453    -6.84   0.000    -.0221128   -.0113488
       _cons |   14.07558   .0020502  6865.45   0.000     14.07107    14.08009
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      8012        8012           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. 
. * Column (4)
. eststo: reghdfe log_loan_amount treatment, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_id month)
(dropped 169338 singleton observations)
(MWFE estimator converged in 10 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    150,366
Absorbing 2 HDFE groups                           F(   1,     11) =      10.73
Statistics robust to heteroskedasticity           Prob > F        =     0.0074
                                                  R-squared       =     0.8591
                                                  Adj R-squared   =     0.7765
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0001
Number of clusters (month)   =         12         Root MSE        =     0.5031

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_a~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0460524   .0142309    -3.24   0.001    -.0739447     -.01816
       _cons |   14.20341    .006747  2105.16   0.000     14.19018    14.21663
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      3354        3354           0    *|
         firm_id#t |     52254       52254           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. 
. * Column (5)
. eststo: reghdfe log_loan_growth treatment, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    313,973
Absorbing 1 HDFE group                            F(   1,     11) =      52.49
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0650
                                                  Adj R-squared   =     0.0405
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0004
Number of clusters (month)   =         12         Root MSE        =     0.6219

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_g~h | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0250867   .0034627    -7.24   0.000    -.0327081   -.0174653
       _cons |   .6424497   .0015711   408.92   0.000     .6389917    .6459076
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      8012        8012           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est5 stored)

. 
. * Column (6)
. eststo: reghdfe log_loan_growth treatment, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_id month)
(dropped 167454 singleton observations)
(MWFE estimator converged in 13 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    146,519
Absorbing 2 HDFE groups                           F(   1,     11) =       5.33
Statistics robust to heteroskedasticity           Prob > F        =     0.0414
                                                  R-squared       =     0.3922
                                                  Adj R-squared   =     0.0319
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0000
Number of clusters (month)   =         12         Root MSE        =     0.6258

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_g~h | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0387332   .0180074    -2.15   0.031    -.0740275   -.0034389
       _cons |   .6438991    .008524    75.54   0.000     .6271921    .6606061
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      3354        3354           0    *|
         firm_id#t |     51177       51177           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est6 stored)

. 
. * Column (7)
. eststo: reghdfe log_loan_spread treatment, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    319,704
Absorbing 1 HDFE group                            F(   1,     11) =     192.73
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5997
                                                  Adj R-squared   =     0.5894
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0064
Number of clusters (month)   =         12         Root MSE        =     0.2004

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_s~d | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |   .0333937   .0024054    13.88   0.000     .0280995    .0386879
       _cons |   2.142415   .0014714  1456.08   0.000     2.139177    2.145654
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      8012        8012           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est7 stored)

. 
. * Column (8)
. eststo: reghdfe log_loan_spread treatment, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_id month)
(dropped 169338 singleton observations)
(MWFE estimator converged in 10 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    150,366
Absorbing 2 HDFE groups                           F(   1,     11) =      37.49
Statistics robust to heteroskedasticity           Prob > F        =     0.0001
                                                  R-squared       =     0.7394
                                                  Adj R-squared   =     0.5865
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0003
Number of clusters (month)   =         12         Root MSE        =     0.2015

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_s~d | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |   .0319506    .005218     6.12   0.000     .0204657    .0434354
       _cons |   2.131151   .0024298   877.08   0.000     2.125803    2.136499
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      3354        3354           0    *|
         firm_id#t |     52254       52254           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est8 stored)

. 
. * Column (9)
. eststo: reghdfe loan_default_100 treatment, absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    319,704
Absorbing 1 HDFE group                            F(   1,     11) =       1.52
Statistics robust to heteroskedasticity           Prob > F        =     0.2440
                                                  R-squared       =     0.0331
                                                  Adj R-squared   =     0.0082
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0000
Number of clusters (month)   =         12         Root MSE        =    13.1123

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_def~100 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.1410554   .0487613    -2.89   0.004    -.2366261   -.0454848
       _cons |   1.828566   .0320054    57.13   0.000     1.765837    1.891296
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      8012        8012           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est9 stored)

. 
. * Column (10)
. eststo: reghdfe loan_default_100 treatment, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_id month)
(dropped 169338 singleton observations)
(MWFE estimator converged in 10 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    150,366
Absorbing 2 HDFE groups                           F(   1,     11) =       1.28
Statistics robust to heteroskedasticity           Prob > F        =     0.2827
                                                  R-squared       =     0.3711
                                                  Adj R-squared   =     0.0020
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0000
Number of clusters (month)   =         12         Root MSE        =    13.0767

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_def~100 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.4706525   .3698613    -1.27   0.203    -1.195577    .2542715
       _cons |    1.96277   .1753541    11.19   0.000     1.619078    2.306462
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      3354        3354           0    *|
         firm_id#t |     52254       52254           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est10 stored)

. 
. 
. ** Part (2): Entropy Balancing **
. 
. use "loan_data_final.dta", clear

. 
. gen treatment = bank_treated*after

. 
. // Generate log variables
. foreach var in loan_amount loan_growth loan_spread firm_asset firm_loan firm_liability firm_sales {
  2.     gen log_`var' = log(`var')
  3. }
(9,456 missing values generated)

. 
. gen loan_default_100 = loan_default*100

. 
. eststo clear

. 
. ebalance bank_treated firm_employee firm_year firm_multiple log_firm_asset log_firm_loan log_firm_liability log_fi
> rm_sales, keep(baltable) replace


Data Setup
Treatment variable:   bank_treated
Covariate adjustment: firm_employee firm_year firm_multiple log_firm_asset log_firm_loan log_firm_liability log_firm
> _sales 

Optimizing...
Iteration 1: Max Difference = 447025.611
Iteration 2: Max Difference = 164451.063
Iteration 3: Max Difference = 60497.6958
Iteration 4: Max Difference = 22255.3894
Iteration 5: Max Difference = 8186.8315
Iteration 6: Max Difference = 3011.29944
Iteration 7: Max Difference = 1107.33072
Iteration 8: Max Difference = 406.908128
Iteration 9: Max Difference = 149.258846
Iteration 10: Max Difference = 54.5270571
Iteration 11: Max Difference = 19.7661161
Iteration 12: Max Difference = 7.02569504
Iteration 13: Max Difference = 2.35460374
Iteration 14: Max Difference = .697551214
Iteration 15: Max Difference = .164788484
Iteration 16: Max Difference = .018838975
Iteration 17: Max Difference = .000282542
maximum difference smaller than the tolerance level; convergence achieved


Treated units: 289344  total of weights: 289344
Control units: 253248  total of weights: 289344


Before: without weighting

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
firm_emplo~e |     56.22      11969      7.678 |     44.59       6673      10.33 
   firm_year |     12.23       30.1      .7833 |     11.23      28.28      .8499 
firm_multi~e |     .5365      .2487     -.1464 |      .346      .2263      .6473 
log_firm_a~t |     17.76       1.88    -.06068 |     17.43      1.817      .1558 
log_firm_l~n |      14.8      .9923    .009896 |     14.63      .9807      .1607 
log_firm_l~y |     16.74      1.901    -.06552 |     16.39      1.843      .1394 
log_firm_s~s |     16.41      1.869     -.1841 |     16.05      1.845   -.007475 


After:  _webal as the weighting variable

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
firm_emplo~e |     56.22      11969      7.678 |      56.2      10748      9.329 
   firm_year |     12.23       30.1      .7833 |     12.23      31.84       .757 
firm_multi~e |     .5365      .2487     -.1464 |     .5362      .2487      -.145 
log_firm_a~t |     17.76       1.88    -.06068 |     17.76      1.855    .004587 
log_firm_l~n |      14.8      .9923    .009896 |      14.8      .9657     .04094 
log_firm_l~y |     16.74      1.901    -.06552 |     16.74      1.892   -.004005 
log_firm_s~s |     16.41      1.869     -.1841 |     16.41      1.832     -.1356 

. 
. * Column (1)
. eststo: reghdfe loan_indicator treatment [aw=_webal], absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    542,592
Absorbing 1 HDFE group                            F(   1,     11) =       7.57
Statistics robust to heteroskedasticity           Prob > F        =     0.0189
                                                  R-squared       =     0.0782
                                                  Adj R-squared   =     0.0545
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0003
Number of clusters (month)   =         12         Root MSE        =     0.3340

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_indic~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0168022   .0016707   -10.06   0.000    -.0200767   -.0135277
       _cons |   .1408377   .0007234   194.68   0.000     .1394198    .1422556
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. 
. * Column (2)
. eststo: reghdfe loan_indicator treatment [aw=_webal], absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_i
> d month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 5 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   1,     11) =     202.04
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6101
                                                  Adj R-squared   =     0.3934
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0001
Number of clusters (month)   =         12         Root MSE        =     0.2691

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_indic~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0252767   .0078623    -3.21   0.001    -.0406867   -.0098667
       _cons |   .1445827   .0019904    72.64   0.000     .1406815    .1484839
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. 
. * Column (3)
. eststo: reghdfe log_loan_amount treatment [aw=_webal], absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    542,592
Absorbing 1 HDFE group                            F(   1,     11) =      46.24
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7914
                                                  Adj R-squared   =     0.7862
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0001
Number of clusters (month)   =         12         Root MSE        =     0.4975

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_a~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0167308   .0024888    -6.72   0.000    -.0216089   -.0118528
       _cons |    14.0814   .0010777  1.3e+04   0.000     14.07929    14.08352
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. 
. * Column (4)
. eststo: reghdfe log_loan_amount treatment [aw=_webal], absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_
> id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 5 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   1,     11) =      64.15
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9083
                                                  Adj R-squared   =     0.8141
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0002
Number of clusters (month)   =         12         Root MSE        =     0.4881

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_a~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |   -.043521   .0117466    -3.70   0.000    -.0665443   -.0204977
       _cons |   14.16876   .0029738  4764.56   0.000     14.16294    14.17459
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. 
. * Column (5)
. eststo: reghdfe log_loan_growth treatment [aw=_webal], absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    533,136
Absorbing 1 HDFE group                            F(   1,     11) =      52.75
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.0819
                                                  Adj R-squared   =     0.0568
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0002
Number of clusters (month)   =         12         Root MSE        =     0.6158

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_g~h | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0250867   .0031108    -8.06   0.000    -.0311837   -.0189897
       _cons |   .6437281   .0013451   478.58   0.000     .6410918    .6463644
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est5 stored)

. 
. * Column (6)
. eststo: reghdfe log_loan_growth treatment [aw=_webal], absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_
> id month)
(dropped 208508 singleton observations)
(MWFE estimator converged in 6 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    324,628
Absorbing 2 HDFE groups                           F(   1,     11) =      12.23
Statistics robust to heteroskedasticity           Prob > F        =     0.0050
                                                  R-squared       =     0.5882
                                                  Adj R-squared   =     0.3553
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0001
Number of clusters (month)   =         12         Root MSE        =     0.5084

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_g~h | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0372141   .0166879    -2.23   0.013    -.0699225   -.0045057 
       _cons |   .6438977   .0038235   168.41   0.000     .6364037    .6513917
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     83560       83560           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est6 stored)

. 
. * Column (7)
. eststo: reghdfe log_loan_spread treatment [aw=_webal], absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    542,592
Absorbing 1 HDFE group                            F(   1,     11) =     191.87
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6051
                                                  Adj R-squared   =     0.5949
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0036
Number of clusters (month)   =         12         Root MSE        =     0.1992

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_s~d | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |   .0333937   .0009963    33.52   0.000      .031441    .0353464
       _cons |   2.144758   .0004314  4971.55   0.000     2.143913    2.145604
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est7 stored)

. 
. * Column (8)
. eststo: reghdfe log_loan_spread treatment [aw=_webal], absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_
> id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 5 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   1,     11) =     166.55
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.8284
                                                  Adj R-squared   =     0.7309
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0005
Number of clusters (month)   =         12         Root MSE        =     0.1611

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_s~d | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |   .0317521   .0047064     6.75   0.000     .0225277    .0409765
       _cons |   2.135133   .0011915  1792.02   0.000     2.132797    2.137468
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est8 stored)

. 
. * Column (9)
. eststo: reghdfe loan_default_100 treatment [aw=_webal], absorb(i.bank_id#i.firm_id) vce(cluster bank_id month)
(MWFE estimator converged in 1 iterations)

HDFE Linear regression                            Number of obs   =    542,592
Absorbing 1 HDFE group                            F(   1,     11) =       1.52
Statistics robust to heteroskedasticity           Prob > F        =     0.2440
                                                  R-squared       =     0.0485
                                                  Adj R-squared   =     0.0241
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0000
Number of clusters (month)   =         12         Root MSE        =    13.6436

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_def~100 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.1410554   .0682498    -2.07   0.038    -.2748231   -.0072878
       _cons |   1.980462    .029553    67.01   0.000     1.922539    2.038385
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |     11304       11304           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est9 stored)

. 
. * Column (10)
. eststo: reghdfe loan_default_100 treatment [aw=_webal], absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank
> _id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 5 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   1,     11) =       2.19
Statistics robust to heteroskedasticity           Prob > F        =     0.1673
                                                  R-squared       =     0.6084
                                                  Adj R-squared   =     0.3891
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0000
Number of clusters (month)   =         12         Root MSE        =    10.8423

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_def~100 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.4407853   .4452377     -.99   0.161    -1.313451    .4318806
       _cons |    2.07215   .0801933    25.84   0.000     1.914972    2.229328
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est10 stored)

. 
end of do-file

. // =======
. // Table 8
. // =======
. 
. use "loan_data_final.dta", clear

. 
. eststo clear

. 
. // Generate log variables
. foreach var in loan_amount loan_growth loan_spread {
  2.     gen log_`var' = log(`var')
  3. }
(9,456 missing values generated)

. 
. gen loan_default_100 = loan_default*100

. 
. gen treatment = bank_treated*after

. gen interaction1 = treatment*dummy_top5infected

. gen interaction2 = treatment*dummy_top5restricted

. 
. * Column (1)
. eststo: reghdfe loan_indicator treatment interaction1, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_
> id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   2,     11) =     126.46
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3043
                                                  Adj R-squared   =     0.0394
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0003
Number of clusters (month)   =         12         Root MSE        =     0.3383

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_indic~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0235281   .0029978    -7.85   0.000    -.0294037   -.0176524
interaction1 |  -.0040742   .0021219    -1.92   0.055    -.0082331    .0000847
       _cons |   .1435044   .0009021   159.09   0.000     .1417364    .1452724
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. 
. * Column (2)
. eststo: reghdfe loan_indicator treatment interaction2, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank_
> id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   2,     11) =      96.17
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3042
                                                  Adj R-squared   =     0.0394
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0002
Number of clusters (month)   =         12         Root MSE        =     0.3383

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_indic~r | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0228569   .0030159    -7.58   0.000    -.0287679   -.0169459
interaction2 |  -.0031105   .0041121    -0.76   0.449    -.0111702    .0049492 
       _cons |      .1435   .0009021   159.08   0.000      .141732     .145268
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. 
. * Column (3)
. eststo: reghdfe log_loan_amount treatment interaction1, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank
> _id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.
warning: variance matrix is nonsymmetric or highly singular.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   2,     11) =      30.98
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.8412
                                                  Adj R-squared   =     0.7807
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0002
Number of clusters (month)   =         12         Root MSE        =     0.5015

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_a~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0330631   .0044436    -7.44   0.000    -.0417724   -.0243538
interaction1 |  -.0049942   .0039017    -1.28   0.199    -.0126416    .0026532 
       _cons |   14.15228   .0013371  1.1e+04   0.000     14.14966     14.1549
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. 
. * Column (4)
. eststo: reghdfe log_loan_amount treatment interaction2, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank
> _id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   2,     11) =      91.64
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.8412
                                                  Adj R-squared   =     0.7807
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0002
Number of clusters (month)   =         12         Root MSE        =     0.5015

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_a~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0298695   .0044702    -6.68   0.000    -.0386311   -.0211079
interaction2 |  -.0115637   .0060952    -1.90   0.058    -.0235101    .0003827
       _cons |   14.15226   .0013371  1.1e+04   0.000     14.14964    14.15488
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. 
. * Column (5)
. eststo: reghdfe log_loan_growth treatment interaction1, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank
> _id month)
(dropped 208508 singleton observations)
(MWFE estimator converged in 5 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    324,628
Absorbing 2 HDFE groups                           F(   2,     11) =       8.87
Statistics robust to heteroskedasticity           Prob > F        =     0.0051
                                                  R-squared       =     0.3035
                                                  Adj R-squared   =     0.0344
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0001
Number of clusters (month)   =         12         Root MSE        =     0.6213

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_g~h | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0248544   .0055732    -4.46   0.000    -.0357777   -.0139311
interaction1 |  -.0067642   .0087917    -0.77   0.442    -.0239957    .0104674
       _cons |   .6391099   .0016733   381.95   0.000     .6358303    .6423896
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     83560       83560           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est5 stored)

. 
. * Column (6)
. eststo: reghdfe log_loan_growth treatment interaction2, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank
> _id month)
(dropped 208508 singleton observations)
(MWFE estimator converged in 5 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    324,628
Absorbing 2 HDFE groups                           F(   2,     11) =      11.19
Statistics robust to heteroskedasticity           Prob > F        =     0.0022
                                                  R-squared       =     0.3035
                                                  Adj R-squared   =     0.0344
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0001
Number of clusters (month)   =         12         Root MSE        =     0.6213

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_g~h | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0246747    .005607    -4.40   0.000    -.0356644   -.0136851
interaction2 |  -.0062522   .0076544    -0.82   0.414    -.0212547    .0087503
       _cons |     .63911   .0016733   381.95   0.000     .6358304    .6423896
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     83560       83560           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est6 stored)

. 
. * Column (7)
. eststo: reghdfe log_loan_spread treatment interaction1, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank
> _id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   2,     11) =     122.28
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7062
                                                  Adj R-squared   =     0.5944
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0014
Number of clusters (month)   =         12         Root MSE        =     0.2012

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_s~d | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |   .0328369   .0021452    15.31   0.000     .0281153    .0375584
interaction1 |   .0041221    .002604     1.58   0.142    -.0009817    .0092259 
       _cons |   2.134582   .0004319  4942.29   0.000     2.133631    2.135532
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est7 stored)

. 
. * Column (8)
. eststo: reghdfe log_loan_spread treatment interaction2, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster bank
> _id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   2,     11) =     136.25
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7062
                                                  Adj R-squared   =     0.5944
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0014
Number of clusters (month)   =         12         Root MSE        =     0.2012

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
log_loan_s~d | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |   .0333207   .0017938    18.58   0.000     .0298049    .0368364
interaction2 |   .0059818   .0024458     2.45   0.014     .0011880    .0107756
       _cons |    2.13458   .0005365  3978.52   0.000     2.133528    2.135632
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est8 stored)

. 
. * Column (9)
. eststo: reghdfe loan_default_100 treatment interaction1, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster ban
> k_id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   2,     11) =       3.48
Statistics robust to heteroskedasticity           Prob > F        =     0.0673
                                                  R-squared       =     0.2789
                                                  Adj R-squared   =     0.0044
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0000
Number of clusters (month)   =         12         Root MSE        =    13.4199

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_def~100 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.2481735   .1189129    -2.09   0.037    -.4812397   -.0151073
interaction1 |    .047343   .0599278     0.79   0.432    -.0701156    .1648016 
       _cons |   1.896485   .0357811    53.00   0.000     1.826355    1.966615
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est9 stored)

. 
. * Column (10)
. eststo: reghdfe loan_default_100 treatment interaction2, absorb(i.bank_id#i.firm_id i.firm_id#i.t) vce(cluster ban
> k_id month)
(dropped 211152 singleton observations)
(MWFE estimator converged in 2 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    331,440
Absorbing 2 HDFE groups                           F(   2,     11) =       3.84
Statistics robust to heteroskedasticity           Prob > F        =     0.0543
                                                  R-squared       =     0.2789
                                                  Adj R-squared   =     0.0044
Number of clusters (bank_id) =         45         Within R-sq.    =     0.0000
Number of clusters (month)   =         12         Root MSE        =    13.4199

                         (Std. err. adjusted for 12 clusters in bank_id month)
------------------------------------------------------------------------------
             |               Robust
loan_def~100 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.2555866   .1196271    -2.14   0.033    -.4900526   -.0211206
interaction2 |   .0565793   .0589368     0.96   0.337    -.0589368    .1720954
       _cons |   1.896494    .035781    53.00   0.000     1.826364    1.966623
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------------+---------------------------------------|
   bank_id#firm_id |      6905        6905           0    *|
         firm_id#t |     84480       84480           0    *|
-----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est10 stored)

. 
end of do-file

. // =======
. // Table 9
. // =======
. 
. use "firm_data_final.dta", clear

. 
. eststo clear

. 
. gen treatment = after*exposure

. gen interaction1 = treatment*dummy_lowcredit

. gen interaction2 = treatment*dummy_highrisk

. 
. // Generate log variables
. foreach var in firm_asset firm_loan firm_liability firm_sales {
  2.     gen log_`var' = log(`var')
  3. }

.  
. * Column (1)
. eststo: reghdfe log_firm_loan treatment, absorb(firm_id t) vce(cluster firm_id)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     98,544
Absorbing 2 HDFE groups                           F(   1,   6158) =      74.28
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9396
                                                  Adj R-squared   =     0.9355
                                                  Within R-sq.    =     0.0008
Number of clusters (firm_id) =      6,159         Root MSE        =     0.2545

                            (Std. err. adjusted for 6,159 clusters in firm_id)
------------------------------------------------------------------------------
             |               Robust
log_firm_l~n | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |   -.029582   .0034323    -8.62   0.000    -.0363104   -.0228535
       _cons |   14.70907   .0010906  1.3e+04   0.000     14.70694    14.71121
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     firm_id |      6159        6159           0    *|
           t |        16           1          15     |
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

. 
. * Column (2)
. eststo: reghdfe log_firm_loan treatment interaction1, absorb(firm_id t) vce(cluster firm_id)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     98,544
Absorbing 2 HDFE groups                           F(   2,   6158) =      47.36
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9396
                                                  Adj R-squared   =     0.9356
                                                  Within R-sq.    =     0.0010
Number of clusters (firm_id) =      6,159         Root MSE        =     0.2544

                            (Std. err. adjusted for 6,159 clusters in firm_id)
------------------------------------------------------------------------------
             |               Robust
log_firm_l~n | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0210179   .0039839    -5.28   0.000    -.0288277   -.0132081
interaction1 |  -.0181187   .0041634    -4.35   0.000    -.0262804    -.009957
       _cons |   14.70907   .0010896  1.3e+04   0.000     14.70694    14.71121
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     firm_id |      6159        6159           0    *|
           t |        16           1          15     |
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

. 
. * Column (3)
. eststo: reghdfe log_firm_loan treatment interaction2, absorb(firm_id t) vce(cluster firm_id)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     98,544
Absorbing 2 HDFE groups                           F(   2,   6158) =      38.87
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9396
                                                  Adj R-squared   =     0.9355
                                                  Within R-sq.    =     0.0009
Number of clusters (firm_id) =      6,159         Root MSE        =     0.2545

                            (Std. err. adjusted for 6,159 clusters in firm_id)
------------------------------------------------------------------------------
             |               Robust
log_firm_l~n | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0284436   .0035282    -8.06   0.000    -.0353601   -.0215271
interaction2 |  -.0075907   .0047925    -1.58   0.113    -.0169857    .0018044
       _cons |   14.70907   .0010904  1.3e+04   0.000     14.70694    14.71121
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     firm_id |      6159        6159           0    *|
           t |        16           1          15     |
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

. 
. * Column (4)
. eststo: reghdfe log_firm_asset treatment, absorb(firm_id t) vce(cluster firm_id)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     98,544
Absorbing 2 HDFE groups                           F(   1,   6158) =      79.94
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9688
                                                  Adj R-squared   =     0.9667
                                                  Within R-sq.    =     0.0009
Number of clusters (firm_id) =      6,159         Root MSE        =     0.2504

                            (Std. err. adjusted for 6,159 clusters in firm_id)
------------------------------------------------------------------------------
             |               Robust
log_firm_a~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0302465   .0033828    -8.94   0.000     -.036878    -.023615
       _cons |   17.57902   .0010749  1.6e+04   0.000     17.57691    17.58113
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     firm_id |      6159        6159           0    *|
           t |        16           1          15     |
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

. 
. * Column (5)
. eststo: reghdfe log_firm_asset treatment interaction1, absorb(firm_id t) vce(cluster firm_id)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     98,544
Absorbing 2 HDFE groups                           F(   2,   6158) =      45.99
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9688
                                                  Adj R-squared   =     0.9667
                                                  Within R-sq.    =     0.0010
Number of clusters (firm_id) =      6,159         Root MSE        =     0.2504

                            (Std. err. adjusted for 6,159 clusters in firm_id)
------------------------------------------------------------------------------
             |               Robust
log_firm_a~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0234669   .0038728    -6.06   0.000    -.0310589   -.0158749
interaction1 |  -.0143434    .004059    -3.53   0.000    -.0223004   -.0063864
       _cons |   17.57902   .0010743  1.6e+04   0.000     17.57691    17.58113
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     firm_id |      6159        6159           0    *|
           t |        16           1          15     |
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est5 stored)

. 
. * Column (6)
. eststo: reghdfe log_firm_asset treatment interaction2, absorb(firm_id t) vce(cluster firm_id)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     98,544
Absorbing 2 HDFE groups                           F(   2,   6158) =      50.71
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9688
                                                  Adj R-squared   =     0.9667
                                                  Within R-sq.    =     0.0016
Number of clusters (firm_id) =      6,159         Root MSE        =     0.2503

                            (Std. err. adjusted for 6,159 clusters in firm_id)
------------------------------------------------------------------------------
             |               Robust
log_firm_a~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0247213   .0036196    -6.83   0.000     -.031817   -.0176256
interaction2 |   -.036841    .008227    -4.48   0.000    -.0529688   -.0207132
       _cons |   17.57902   .0010746  1.6e+04   0.000     17.57691    17.58113
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     firm_id |      6159        6159           0    *|
           t |        16           1          15     |
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est6 stored)

. 
. * Column (7)
. eststo: reghdfe log_firm_liability treatment, absorb(firm_id t) vce(cluster firm_id)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     98,544
Absorbing 2 HDFE groups                           F(   1,   6158) =      54.44
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9681
                                                  Adj R-squared   =     0.9660
                                                  Within R-sq.    =     0.0006
Number of clusters (firm_id) =      6,159         Root MSE        =     0.2544

                            (Std. err. adjusted for 6,159 clusters in firm_id)
------------------------------------------------------------------------------
             |               Robust
log_firm_l~y | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0253132   .0034309    -7.38   0.000    -.0320388   -.0185875
       _cons |   16.55511   .0010901  1.5e+04   0.000     16.55297    16.55724
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     firm_id |      6159        6159           0    *|
           t |        16           1          15     |
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est7 stored)

. 
. * Column (8)
. eststo: reghdfe log_firm_liability treatment interaction1, absorb(firm_id t) vce(cluster firm_id)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     98,544
Absorbing 2 HDFE groups                           F(   2,   6158) =      33.25
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9681
                                                  Adj R-squared   =     0.9660
                                                  Within R-sq.    =     0.0007
Number of clusters (firm_id) =      6,159         Root MSE        =     0.2544

                            (Std. err. adjusted for 6,159 clusters in firm_id)
------------------------------------------------------------------------------
             |               Robust
log_firm_l~y | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0187574   .0039838    -4.71   0.000     -.026567   -.0109477
interaction1 |  -.0138699   .0041628    -3.33   0.001    -.0220305   -.0057093
       _cons |   16.55511   .0010896  1.5e+04   0.000     16.55297    16.55724
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     firm_id |      6159        6159           0    *|
           t |        16           1          15     |
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est8 stored)

. 
. * Column (9)
. eststo: reghdfe log_firm_liability treatment interaction2, absorb(firm_id t) vce(cluster firm_id)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     98,544
Absorbing 2 HDFE groups                           F(   2,   6158) =      28.27
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9681
                                                  Adj R-squared   =     0.9660
                                                  Within R-sq.    =     0.0006
Number of clusters (firm_id) =      6,159         Root MSE        =     0.2544

                            (Std. err. adjusted for 6,159 clusters in firm_id)
------------------------------------------------------------------------------
             |               Robust
log_firm_l~y | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0244402   .0035269    -6.93   0.000    -.0313542   -.0175262
interaction2 |  -.0058207   .0047893    -1.22   0.224    -.0152094    .0035681
       _cons |   16.55511   .0010901  1.5e+04   0.000     16.55297    16.55724
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     firm_id |      6159        6159           0    *|
           t |        16           1          15     |
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est9 stored)

. 
. * Column (10)
. eststo: reghdfe log_firm_sales treatment, absorb(firm_id t) vce(cluster firm_id)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     98,544
Absorbing 2 HDFE groups                           F(   1,   6158) =      83.16
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9651
                                                  Adj R-squared   =     0.9628
                                                  Within R-sq.    =     0.0009
Number of clusters (firm_id) =      6,159         Root MSE        =     0.2644

                            (Std. err. adjusted for 6,159 clusters in firm_id)
------------------------------------------------------------------------------
             |               Robust
log_firm_s~s | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0325642    .003571    -9.12   0.000    -.0395646   -.0255639
       _cons |   16.22063   .0011347  1.4e+04   0.000      16.2184    16.22285
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     firm_id |      6159        6159           0    *|
           t |        16           1          15     |
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est10 stored)

. 
. * Column (11)
. eststo: reghdfe log_firm_sales treatment interaction1, absorb(firm_id t) vce(cluster firm_id)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     98,544
Absorbing 2 HDFE groups                           F(   2,   6158) =      63.89
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9651
                                                  Adj R-squared   =     0.9628
                                                  Within R-sq.    =     0.0014
Number of clusters (firm_id) =      6,159         Root MSE        =     0.2643

                            (Std. err. adjusted for 6,159 clusters in firm_id)
------------------------------------------------------------------------------
             |               Robust
log_firm_s~s | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0191742   .0041336    -4.64   0.000    -.0272775    -.011071
interaction1 |  -.0283289   .0043339    -6.54   0.000    -.0368248   -.0198329
       _cons |   16.22063   .0011324  1.4e+04   0.000     16.21841    16.22285
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     firm_id |      6159        6159           0    *|
           t |        16           1          15     |
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est11 stored)

. 
. * Column (12)
. eststo: reghdfe log_firm_sales treatment interaction2, absorb(firm_id t) vce(cluster firm_id)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     98,544
Absorbing 2 HDFE groups                           F(   2,   6158) =      44.93
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9651
                                                  Adj R-squared   =     0.9628
                                                  Within R-sq.    =     0.0010
Number of clusters (firm_id) =      6,159         Root MSE        =     0.2644

                            (Std. err. adjusted for 6,159 clusters in firm_id)
------------------------------------------------------------------------------
             |               Robust
log_firm_s~s | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
   treatment |  -.0308592     .00367    -8.41   0.000    -.0380537   -.0236647
interaction2 |  -.0113688   .0049772    -2.28   0.022    -.0211258   -.0016118
       _cons |   16.22063   .0011342  1.4e+04   0.000      16.2184    16.22285
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     firm_id |      6159        6159           0    *|
           t |        16           1          15     |
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est12 stored)

. 
end of do-file

. 
. 
. log close
      name:  <unnamed>
       log:  C:\Users\ECL\ecl_logs.txt
  log type:  text
 closed on:   24 July 2025, 15:22:12
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