
===== Compustat_compare.log =====


. use "H:\Project\ESG News and Customer\Submission\Stata Code and Output\comp_c

> ompare.dta" , clear



. 

. 

. tab datadate if sample == 1



   datadate |      Freq.     Percent        Cum.

------------+-----------------------------------

  31oct2017 |          7        0.48        0.48

  30nov2017 |          6        0.41        0.89

  31dec2017 |         90        6.16        7.05

  31jan2018 |         31        2.12        9.18

  28feb2018 |          9        0.62        9.79

  31mar2018 |         88        6.03       15.82

  30apr2018 |         28        1.92       17.74

  31may2018 |         10        0.68       18.42

  30jun2018 |         78        5.34       23.77

  31jul2018 |         21        1.44       25.21

  31aug2018 |          6        0.41       25.62

  30sep2018 |         86        5.89       31.51

  31oct2018 |         36        2.47       33.97

  30nov2018 |         10        0.68       34.66

  31dec2018 |        117        8.01       42.67

  31jan2019 |         22        1.51       44.18

  28feb2019 |          7        0.48       44.66

  31mar2019 |         86        5.89       50.55

  30apr2019 |         24        1.64       52.19

  31may2019 |          8        0.55       52.74

  30jun2019 |         81        5.55       58.29

  31jul2019 |         25        1.71       60.00

  31aug2019 |          8        0.55       60.55

  30sep2019 |         79        5.41       65.96

  31oct2019 |         28        1.92       67.88

  30nov2019 |          6        0.41       68.29

  31dec2019 |         86        5.89       74.18

  31jan2020 |         32        2.19       76.37

  29feb2020 |          8        0.55       76.92

  31mar2020 |         81        5.55       82.47

  30apr2020 |         33        2.26       84.73

  31may2020 |          9        0.62       85.34

  30jun2020 |         88        6.03       91.37

  31jul2020 |         28        1.92       93.29

  31aug2020 |          9        0.62       93.90

  30sep2020 |         72        4.93       98.84

  31oct2020 |         16        1.10       99.93

  30nov2020 |          1        0.07      100.00

------------+-----------------------------------

      Total |      1,460      100.00



. 

. drop if datadate > td(30nov2020)

(6,707 observations deleted)



. 

. winsor2 lnmveq leverageq btmq



. ttable2 lnmveq_w  leverageq_w btmq_w loss, by(sample)



--------------------------------------------------------------------------

Variables   G1(0)            Mean1     G2(1)          Mean2      MeanDiff

--------------------------------------------------------------------------

lnmveq_w      81917           5.761       1448         9.520     -3.760***

leverage~w    89036           1.236       1460         0.794      0.442***

btmq_w        81634           0.538       1439         0.496      0.042

loss          88721           0.482       1460         0.166      0.315***

--------------------------------------------------------------------------



. 

. ttable3 lnmveq_w  leverageq_w btmq_w loss, by(sample) median 



Nonparametric equality-of-medians test

--------------------------------------------------------------------------

Variables   G1(0)            Median1   G2(1)          Median2    Diff       

--------------------------------------------------------------------------

lnmveq_w      81917        5.828         1448       9.845    1330.727***

leverage~w    89036        0.579         1460       0.769     644.260***

btmq_w        81634        0.470         1439       0.405      19.718***

loss          88721        0.000         1460       0.000     572.496***

--------------------------------------------------------------------------



. 

end of do-file



. exit, clear



===== aggregate_esg_ft.log =====


. 

. 

. /*****A. Aggregate ESG and foot traffic***********/

. use "H:\Project\ESG News and Customer\Submission\Stata Code and Output\month_

> esg_ft.dta" , clear



. 

. keep if insample == 1

(66,336 observations deleted)



. 

. 

. winsor2 logesg logvisit logvisit_f1 lnmveq ibq_atq leverageq btmq capxq_at



. 

. /*year of next month*/

. gen yearf1 = year(date_f1)

(411,292 missing values generated)



. 

. destring gvkey, replace

gvkey: all characters numeric; replaced as long



. 

. global control lnmveq_w  loss leverageq_w btmq_w 



. 

. 

. 

. reghdfe logvisit_w logesg_w $control, absorb(gvkey##year date#nfips) cluster(

> gvkey)

(dropped 5523 singleton observations)

(MWFE estimator converged in 9 iterations)



HDFE Linear regression                            Number of obs   =  3,226,074

Absorbing 2 HDFE groups                           F(   5,    249) =       2.82

Statistics robust to heteroskedasticity           Prob > F        =     0.0170

                                                  R-squared       =     0.6722

                                                  Adj R-squared   =     0.6610

                                                  Within R-sq.    =     0.0003

Number of clusters (gvkey)   =        250         Root MSE        =     1.1073



                                (Std. err. adjusted for 250 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

  logvisit_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

    logesg_w |  -.0083441   .0056976    -1.46   0.144    -.0195657    .0028775

    lnmveq_w |   .0624314   .0501495     1.24   0.214      -.03634    .1612028

        loss |   .0189274   .0118576     1.60   0.112    -.0044265    .0422814

 leverageq_w |   .3247019   .1044614     3.11   0.002     .1189614    .5304424

      btmq_w |   .1435523   .0854547     1.68   0.094     -.024754    .3118586

       _cons |   4.759544   .5369852     8.86   0.000     3.701932    5.817156

------------------------------------------------------------------------------



Absorbed degrees of freedom:

------------------------------------------------------+

  Absorbed FE | Categories  - Redundant  = Num. Coefs |

--------------+---------------------------------------|

   gvkey#year |       741         741           0    *|

   date#nfips |    105918           1      105917     |

------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. reghdfe logvisit_f1_w logesg_w $control, absorb(gvkey##yearf1 date_f1#nfips) 

> cluster(gvkey)

(dropped 5400 singleton observations)

(MWFE estimator converged in 9 iterations)



HDFE Linear regression                            Number of obs   =  3,126,911

Absorbing 2 HDFE groups                           F(   5,    249) =       5.86

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6713

                                                  Adj R-squared   =     0.6600

                                                  Within R-sq.    =     0.0002

Number of clusters (gvkey)   =        250         Root MSE        =     1.1081



                                (Std. err. adjusted for 250 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

logvisit_f~w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

    logesg_w |  -.0068195   .0057158    -1.19   0.234    -.0180769     .004438

    lnmveq_w |  -.0086933   .0399897    -0.22   0.828    -.0874545     .070068

        loss |   .0389454   .0116979     3.33   0.001     .0159058    .0619849

 leverageq_w |   .2531401   .0685713     3.69   0.000     .1180863    .3881938

      btmq_w |   .0349584   .0644523     0.54   0.588    -.0919828    .1618996

       _cons |   5.548331     .41373    13.41   0.000     4.733475    6.363188

------------------------------------------------------------------------------



Absorbed degrees of freedom:

---------------------------------------------------------+

     Absorbed FE | Categories  - Redundant  = Num. Coefs |

-----------------+---------------------------------------|

    gvkey#yearf1 |       743         743           0    *|

   date_f1#nfips |    102921           1      102920     |

---------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. 

. 

. 

. 

. 

. /*************B. Aggregate ESG and sales: quarterly*******************/

. use "H:\Project\ESG News and Customer\Submission\Stata Code and Output\esg_qt

> r_sale.dta", clear



. 

. 

. keep if insample == 1

(86,272 observations deleted)



. 

. drop if year(datadate)<2018

(0 observations deleted)



. drop if year(datadate)>2020

(0 observations deleted)



. 

. 

. winsor2 logesg logsale logsale_f1



. winsor2 lnmveq ibq_atq leverageq btmq capxq_at



. 

. 

. global control lnmveq_w loss leverageq_w btmq_w 



. 

. 

. reghdfe logsale_w logesg_w $control, absorb(gvkey fyearq##fqtr) cluster(gvkey

> )

(MWFE estimator converged in 7 iterations)



HDFE Linear regression                            Number of obs   =      2,885

Absorbing 2 HDFE groups                           F(   5,    249) =      36.00

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.9882

                                                  Adj R-squared   =     0.9870

                                                  Within R-sq.    =     0.2718

Number of clusters (gvkey)   =        250         Root MSE        =     0.1941



                                (Std. err. adjusted for 250 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   logsale_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

    logesg_w |   .0043679   .0109884     0.40   0.691    -.0172742    .0260099

    lnmveq_w |   .2957905   .0474702     6.23   0.000     .2022962    .3892848

        loss |  -.2416302   .0286697    -8.43   0.000    -.2980963   -.1851642

 leverageq_w |  -.1268957   .1266344    -1.00   0.317    -.3763068    .1225154

      btmq_w |   .2630259   .0801124     3.28   0.001     .1052416    .4208101

       _cons |   4.818408   .4608107    10.46   0.000     3.910825    5.725992

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-------------------------------------------------------+

   Absorbed FE | Categories  - Redundant  = Num. Coefs |

---------------+---------------------------------------|

         gvkey |       250         250           0    *|

   fyearq#fqtr |        16           1          15     |

-------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. 

. reghdfe logsale_f1_w logesg_w $control, absorb(gvkey fyearq##fqtr) cluster(gv

> key)

(MWFE estimator converged in 6 iterations)



HDFE Linear regression                            Number of obs   =      2,090

Absorbing 2 HDFE groups                           F(   5,    179) =      20.89

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.9885

                                                  Adj R-squared   =     0.9873

                                                  Within R-sq.    =     0.2671

Number of clusters (gvkey)   =        180         Root MSE        =     0.1994



                                (Std. err. adjusted for 180 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

logsale_f1_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

    logesg_w |  -.0149543   .0132367    -1.13   0.260    -.0410744    .0111657

    lnmveq_w |   .4848849   .0885764     5.47   0.000     .3100965    .6596733

        loss |  -.0788394   .0233469    -3.38   0.001      -.12491   -.0327688

 leverageq_w |  -.0135458   .1251385    -0.11   0.914    -.2604822    .2333906

      btmq_w |   .3536986    .140758     2.51   0.013       .07594    .6314572

       _cons |   2.864807   .8485624     3.38   0.001     1.190335     4.53928

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-------------------------------------------------------+

   Absorbed FE | Categories  - Redundant  = Num. Coefs |

---------------+---------------------------------------|

         gvkey |       180         180           0    *|

   fyearq#fqtr |        15           1          14     |

-------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. 

. 

. 

. 

end of do-file





===== alternative_fe_cluster.log =====




. 

. 

. use "/scratch/NetID/Consumer/Data/sg_rep_10_20.dta", clear



. 

. 

. 

. 

. /********Destring gvkey and fips*********/

. destring fips, replace

fips: all characters numeric; replaced as long



. destring gvkey, replace

gvkey: all characters numeric; replaced as long



. 

. 

. /*****Merge with ESG preference, demographic, democratic, service industry***

> *******/

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/esgpref2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                         7,587

        from master                     7,416  (_merge==1)

        from using                        171  (_merge==2)



    Matched                        40,974,462  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(171 observations deleted)



. drop _merge



. 

. 

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/demo2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                         7,496

        from master                     7,416  (_merge==1)

        from using                         80  (_merge==2)



    Matched                        40,974,462  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(80 observations deleted)



. drop _merge



. 

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/house2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                       748,373

        from master                   748,317  (_merge==1)

        from using                         56  (_merge==2)



    Matched                        40,233,561  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(56 observations deleted)



. drop _merge



. 

. 

. merge m:1 gvkey datadate using "/scratch/NetID/Consumer/Data/naics_service.d

> ta"

(variable tic was str6, now str8 to accommodate using data's values)



    Result                      Number of obs

    -----------------------------------------

    Not matched                       550,969

        from master                         0  (_merge==1)

        from using                    550,969  (_merge==2)



    Matched                        40,981,878  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(550,969 observations deleted)



. drop _merge



. 

. 

. 

. /******Generate post dummy**********/

. gen post=1 if visitday>=news_date

(13,251,644 missing values generated)



. replace post=0 if post==.

(13,251,644 real changes made)



. 

. 

. 

. /*****Only keep news after 20180110 and before 20201212*********/

. keep if news_date > td(10jan2018)

(343,209 observations deleted)



. keep if news_date < td(12dec2020)

(306,461 observations deleted)



. 

. 

. gen visityear=year(visitday)



. gen visityyyymm=year(visitday)*100+month(visitday)



. gen visityyyymmdd=visityyyymm*100+day(visitday)



. 

. 

. gen yyyymm=year(news_date)*100+month(news_date)



. gen yyyymmdd=(yyyymm*100)+day(news_date)



. 

. 

. 

. gen dow = dow(visitday)



. gen doy= doy(visitday)



. 

. gen ea=0



. replace ea=1 if visitday-rdq>=0 & visitday-rdq<=3

(1,820,912 real changes made)



. 

. 

. 

. 

. /****winsorize*****/

. winsor2 totalvisits_day , cuts(1 99) 



. winsor2 lnmveq ibq_atq leverageq btmq capxq_at, cuts(1 99)



. 

. 

. 

. gen lnvisits2=log(1+totalvisits_day_w)



. 

. 

. /***scale union score card variable in 2018****/

. replace avg_aflcio_score2018 = avg_aflcio_score2018/100

(38,341,030 real changes made)



. replace avg_lcv_score2018 = avg_lcv_score2018/100

(31,298,620 real changes made)



. gen union2018 = (avg_aflcio_score2018 + avg_lcv_score2018)/2

(1,582,680 missing values generated)



. 

. /***decile****/

. egen de_inc2018 = xtile(incgroup3), nq(10)

(7,273 missing values generated)



. egen de_edu2018 = xtile(edugroup3), nq(10)

(7,273 missing values generated)



. egen de_dem2018 = xtile(house_dem2018), nq(10)

(735,169 missing values generated)



. egen de_union2018 = xtile(union2018), nq(10)

(1,582,680 missing values generated)



. egen de_yale2018 = xtile(corp_yale2018), nq(10)

(208,905 missing values generated)



. 

. 

. 

. 

. reghdfe lnvisits2 post##c.de_inc2018, absorb(dow gvkey##news_date fips##visit

> year) vce(cluster gvkey)

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   2,    250) =       5.01

Statistics robust to heteroskedasticity           Prob > F        =     0.0074

                                                  R-squared       =     0.6804

                                                  Adj R-squared   =     0.6803

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9273



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0061436   .0022521     2.73   0.007     .0017081    .0105791

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0008688   .0003138    -2.77   0.006    -.0014867   -.0002508

             |

       _cons |   2.664554   .0013682  1947.51   0.000     2.661859    2.667248

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9401           1        9400     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. keep if e(sample)

(7,273 observations deleted)



. 

. 

. 

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. foreach i of local cs {

  2.         

.         replace `i' = `i' - 1

  3. }

(40,123,303 real changes made)

(38,749,528 real changes made)

(40,324,935 real changes made)

(40,324,935 real changes made)

(39,597,039 real changes made)



. 

. 

. 

. 

. 

. 

. /********1. Table OA 2 Alternatiev cluster********/

. 

. 

. 

. /*1.1  Cluster by firm and county*/

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. 

. reghdfe lnvisits2 post ,  absorb(dow gvkey##news_date fips##visityear) cluste

> r(gvkey fips)

(MWFE estimator converged in 13 iterations)

Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Ge

> lbach & Miller applied.

warning: variance matrix is nonsymmetric or highly singular.



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   1,    250) =       0.44

Statistics robust to heteroskedasticity           Prob > F        =     0.5066

                                                  R-squared       =     0.6804

                                                  Adj R-squared   =     0.6803

Number of clusters (gvkey)   =        251         Within R-sq.    =     0.0000

Number of clusters (fips)    =      3,140         Root MSE        =     0.9273



                           (Std. err. adjusted for 251 clusters in gvkey fips)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0013676          .        .       .            .           .

       _cons |   2.664555          .        .       .            .           .

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9401        9401           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. // outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bdec(4) add

> text(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm and c

> ounty)        

. 

. foreach i of local cs {

  2.         

.         reghdfe lnvisits2 post##c.`i'  ,  absorb(dow gvkey##news_date fips##v

> isityear) cluster(gvkey fips)

  3. //      outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bde

> c(4) addtext(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, fi

> rm and county)   

.         }       

(MWFE estimator converged in 13 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)

Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Ge

> lbach & Miller applied.

warning: variance matrix is nonsymmetric or highly singular.



HDFE Linear regression                            Number of obs   = 40,123,303

Absorbing 3 HDFE groups                           F(   2,    250) =       5.14

Statistics robust to heteroskedasticity           Prob > F        =     0.0065

                                                  R-squared       =     0.6821

                                                  Adj R-squared   =     0.6820

Number of clusters (gvkey)   =        251         Within R-sq.    =     0.0000

Number of clusters (fips)    =      3,078         Root MSE        =     0.9254



                           (Std. err. adjusted for 251 clusters in gvkey fips)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0055252          .        .       .            .           .

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0008991          .        .       .            .           .

             |

       _cons |   2.665918          .        .       .            .           .

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9218        9218           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)

Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Ge

> lbach & Miller applied.

warning: variance matrix is nonsymmetric or highly singular.



HDFE Linear regression                            Number of obs   = 38,749,528

Absorbing 3 HDFE groups                           F(   2,    250) =       5.56

Statistics robust to heteroskedasticity           Prob > F        =     0.0044

                                                  R-squared       =     0.6827

                                                  Adj R-squared   =     0.6826

Number of clusters (gvkey)   =        251         Within R-sq.    =     0.0000

Number of clusters (fips)    =      2,879         Root MSE        =     0.9265



                           (Std. err. adjusted for 251 clusters in gvkey fips)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0043753          .        .       .            .           .

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0006873          .        .       .            .           .

             |

       _cons |   2.680579          .        .       .            .           .

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      8628        8628           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)

Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Ge

> lbach & Miller applied.



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   2,    250) =       4.98

Statistics robust to heteroskedasticity           Prob > F        =     0.0075

                                                  R-squared       =     0.6804

                                                  Adj R-squared   =     0.6803

Number of clusters (gvkey)   =        251         Within R-sq.    =     0.0000

Number of clusters (fips)    =      3,140         Root MSE        =     0.9273



                           (Std. err. adjusted for 251 clusters in gvkey fips)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0052748   .0021183     2.49   0.013     .0011029    .0094467

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0008688   .0003139    -2.77   0.006     -.001487   -.0002505

             |

       _cons |   2.664554   .0001376  1.9e+04   0.000     2.664283    2.664825

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9401        9401           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)

Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Ge

> lbach & Miller applied.



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   2,    250) =       3.39

Statistics robust to heteroskedasticity           Prob > F        =     0.0354

                                                  R-squared       =     0.6804

                                                  Adj R-squared   =     0.6803

Number of clusters (gvkey)   =        251         Within R-sq.    =     0.0000

Number of clusters (fips)    =      3,140         Root MSE        =     0.9273



                           (Std. err. adjusted for 251 clusters in gvkey fips)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0050987   .0021892     2.33   0.021     .0007869    .0094104

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0008293   .0003857    -2.15   0.033     -.001589   -.0000696

             |

       _cons |   2.664553   .0001275  2.1e+04   0.000     2.664302    2.664804

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9401        9401           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)

Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Ge

> lbach & Miller applied.

warning: variance matrix is nonsymmetric or highly singular.



HDFE Linear regression                            Number of obs   = 39,597,039

Absorbing 3 HDFE groups                           F(   2,    250) =       4.24

Statistics robust to heteroskedasticity           Prob > F        =     0.0154

                                                  R-squared       =     0.6821

                                                  Adj R-squared   =     0.6820

Number of clusters (gvkey)   =        251         Within R-sq.    =     0.0000

Number of clusters (fips)    =      3,030         Root MSE        =     0.9259



                           (Std. err. adjusted for 251 clusters in gvkey fips)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0050765          .        .       .            .           .

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0007947          .        .       .            .           .

             |

       _cons |   2.672206          .        .       .            .           .

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9076        9076           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



.         

.         

. /*demean and reg*/

. local cs2 de_yale2018 de_union2018 de_dem2018



. foreach i of local cs2 {

  2.     gen p_`i' = post*`i'

  3. }

(201,632 missing values generated)

(1,575,407 missing values generated)

(727,896 missing values generated)



. 

. 

. global partialvar lnvisits2 post p_de_yale2018 p_de_union2018 p_de_dem2018



. 

. hdfe $partialvar , absorb(dow gvkey##news_date fips##visityear) gen(r_)

(converged in 14 iterations)



. 

. reg r_lnvisits2 r_post, vce(cluster gvkey fips)

note: multiway-cluster variance–covariance matrix is not positive

      semidefinite.



Linear regression                                   Number of obs = 38,224,030

Clusters per comb.:                                 Cluster comb. =          3

  min =     251                                     F(1, 250)     =       0.46

  avg =  35,918                                     Prob > F      =     0.4975

  max = 104,672                                     R-squared     =     0.0000

                                                    Adj R-squared =     0.0000

                                                    Root MSE      =     0.9269



                                  (Std. err. adjusted for multiway clustering)

------------------------------------------------------------------------------

             |               Robust

 r_lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0014181   .0020874     0.68   0.498    -.0026931    .0055293

       _cons |   5.67e-15   6.63e-06     0.00   1.000    -.0000131    .0000131

------------------------------------------------------------------------------

Cluster combinations formed by gvkey and fips.



. 

. 

. foreach i of local cs2 {

  2.     reg r_lnvisits2 r_post r_p_`i', vce(cluster gvkey fips)

  3. }

note: multiway-cluster variance–covariance matrix is not positive

      semidefinite.



Linear regression                                   Number of obs = 38,224,030

Clusters per comb.:                                 Cluster comb. =          3

  min =     251                                     F(2, 250)     =       5.11

  avg =  35,918                                     Prob > F      =     0.0067

  max = 104,672                                     R-squared     =     0.0000

                                                    Adj R-squared =     0.0000

                                                    Root MSE      =     0.9269



                                  (Std. err. adjusted for multiway clustering)

------------------------------------------------------------------------------

             |               Robust

 r_lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0055708   .0022356     2.49   0.013     .0011678    .0099738

r_p_de_yal~8 |  -.0009259   .0003201    -2.89   0.004    -.0015565   -.0002954

       _cons |   5.72e-15   5.31e-06     0.00   1.000    -.0000104    .0000104

------------------------------------------------------------------------------

Cluster combinations formed by gvkey and fips.

note: multiway-cluster variance–covariance matrix is not positive

      semidefinite.



Linear regression                                   Number of obs = 38,224,030

Clusters per comb.:                                 Cluster comb. =          3

  min =     251                                     F(2, 250)     =       5.50

  avg =  35,918                                     Prob > F      =     0.0046

  max = 104,672                                     R-squared     =     0.0000

                                                    Adj R-squared =     0.0000

                                                    Root MSE      =     0.9269



                                  (Std. err. adjusted for multiway clustering)

------------------------------------------------------------------------------

             |               Robust

 r_lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0043591   .0021399     2.04   0.043     .0001446    .0085737

r_p_de_uni~8 |  -.0006821   .0002202    -3.10   0.002    -.0011157   -.0002484

       _cons |   5.71e-15   5.42e-06     0.00   1.000    -.0000107    .0000107

------------------------------------------------------------------------------

Cluster combinations formed by gvkey and fips.

note: multiway-cluster variance–covariance matrix is not positive

      semidefinite.



Linear regression                                   Number of obs = 38,224,030

Clusters per comb.:                                 Cluster comb. =          3

  min =     251                                     F(2, 250)     =       4.31

  avg =  35,918                                     Prob > F      =     0.0144

  max = 104,672                                     R-squared     =     0.0000

                                                    Adj R-squared =     0.0000

                                                    Root MSE      =     0.9269



                                  (Std. err. adjusted for multiway clustering)

------------------------------------------------------------------------------

             |               Robust

 r_lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0051381   .0022348     2.30   0.022     .0007366    .0095395

r_p_de_dem~8 |  -.0008242   .0003123    -2.64   0.009    -.0014394   -.0002091

       _cons |   5.71e-15   6.38e-06     0.00   1.000    -.0000126    .0000126

------------------------------------------------------------------------------

Cluster combinations formed by gvkey and fips.



. 

. 

. drop r_*



. 

. 

. /*1.2 Cluster by firm and county no DOW FE*/

. 

. reghdfe lnvisits2 post  ,  absorb(gvkey##news_date fips##visityear) cluster(g

> vkey fips)

(MWFE estimator converged in 13 iterations)

Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Ge

> lbach & Miller applied.

warning: variance matrix is nonsymmetric or highly singular.



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 2 HDFE groups                           F(   1,    250) =      15.96

Statistics robust to heteroskedasticity           Prob > F        =     0.0001

                                                  R-squared       =     0.6752

                                                  Adj R-squared   =     0.6751

Number of clusters (gvkey)   =        251         Within R-sq.    =     0.0000

Number of clusters (fips)    =      3,140         Root MSE        =     0.9348



                           (Std. err. adjusted for 251 clusters in gvkey fips)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0086461          .        .       .            .           .

       _cons |   2.659632          .        .       .            .           .

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9401        9401           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. // outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bdec(4) add

> text(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm and c

> ounty)        

. 

. foreach i of local cs {

  2.         

.         reghdfe lnvisits2 post##c.`i'  ,  absorb(gvkey##news_date fips##visit

> year) cluster(gvkey fips)

  3. //      outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bde

> c(4) addtext(Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm and coun

> ty)

. }

(MWFE estimator converged in 13 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)

Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Ge

> lbach & Miller applied.



HDFE Linear regression                            Number of obs   = 40,123,303

Absorbing 2 HDFE groups                           F(   2,    250) =      18.25

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6769

                                                  Adj R-squared   =     0.6768

Number of clusters (gvkey)   =        251         Within R-sq.    =     0.0000

Number of clusters (fips)    =      3,078         Root MSE        =     0.9329



                           (Std. err. adjusted for 251 clusters in gvkey fips)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0128701   .0021598     5.96   0.000     .0086165    .0171237

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0009131     .00031    -2.95   0.004    -.0015237   -.0003026

             |

       _cons |   2.660993   .0001634  1.6e+04   0.000     2.660671    2.661314

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9218        9218           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)

Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Ge

> lbach & Miller applied.

warning: variance matrix is nonsymmetric or highly singular.



HDFE Linear regression                            Number of obs   = 38,749,528

Absorbing 2 HDFE groups                           F(   2,    250) =      16.40

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6775

                                                  Adj R-squared   =     0.6774

Number of clusters (gvkey)   =        251         Within R-sq.    =     0.0000

Number of clusters (fips)    =      2,879         Root MSE        =     0.9341



                           (Std. err. adjusted for 251 clusters in gvkey fips)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0117015          .        .       .            .           .

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0006925          .        .       .            .           .

             |

       _cons |   2.675639          .        .       .            .           .

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      8628        8628           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)

Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Ge

> lbach & Miller applied.



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 2 HDFE groups                           F(   2,    250) =      18.85

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6752

                                                  Adj R-squared   =     0.6751

Number of clusters (gvkey)   =        251         Within R-sq.    =     0.0000

Number of clusters (fips)    =      3,140         Root MSE        =     0.9348



                           (Std. err. adjusted for 251 clusters in gvkey fips)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0126523    .002094     6.04   0.000     .0085282    .0167764

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0008908   .0003119    -2.86   0.005    -.0015051   -.0002764

             |

       _cons |   2.659631   .0001596  1.7e+04   0.000     2.659316    2.659945

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9401        9401           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)

Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Ge

> lbach & Miller applied.



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 2 HDFE groups                           F(   2,    250) =      17.31

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6752

                                                  Adj R-squared   =     0.6751

Number of clusters (gvkey)   =        251         Within R-sq.    =     0.0000

Number of clusters (fips)    =      3,140         Root MSE        =     0.9348



                           (Std. err. adjusted for 251 clusters in gvkey fips)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0124706     .00212     5.88   0.000     .0082953     .016646

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0008501   .0003828    -2.22   0.027    -.0016041   -.0000961

             |

       _cons |    2.65963   .0001548  1.7e+04   0.000     2.659326    2.659935

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9401        9401           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)

Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Ge

> lbach & Miller applied.



HDFE Linear regression                            Number of obs   = 39,597,039

Absorbing 2 HDFE groups                           F(   2,    250) =      16.83

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6769

                                                  Adj R-squared   =     0.6768

Number of clusters (gvkey)   =        251         Within R-sq.    =     0.0000

Number of clusters (fips)    =      3,030         Root MSE        =     0.9334



                           (Std. err. adjusted for 251 clusters in gvkey fips)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0124171   .0021628     5.74   0.000     .0081575    .0166768

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |   -.000805    .000304    -2.65   0.009    -.0014036   -.0002063

             |

       _cons |   2.667272   .0001646  1.6e+04   0.000     2.666948    2.667597

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9076        9076           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. /*demean and reg*/

. 

. global partialvar lnvisits2 post  p_de_union2018 



. 

. hdfe $partialvar , absorb(gvkey##news_date fips##visityear) gen(r_)

(converged in 14 iterations)



. 

. reg r_lnvisits2 r_post, vce(cluster gvkey fips)

note: multiway-cluster variance–covariance matrix is not positive

      semidefinite.



Linear regression                                   Number of obs = 38,749,528

Clusters per comb.:                                 Cluster comb. =          3

  min =     251                                     F(1, 250)     =      15.85

  avg =  36,405                                     Prob > F      =     0.0001

  max = 106,085                                     R-squared     =     0.0000

                                                    Adj R-squared =     0.0000

                                                    Root MSE      =     0.9339



                                  (Std. err. adjusted for multiway clustering)

------------------------------------------------------------------------------

             |               Robust

 r_lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0086992   .0021853     3.98   0.000     .0043952    .0130031

       _cons |   5.46e-15   5.33e-06     0.00   1.000    -.0000105    .0000105

------------------------------------------------------------------------------

Cluster combinations formed by gvkey and fips.



. 

. reg r_lnvisits2 r_post r_p_de_union2018, vce(cluster gvkey fips)

note: multiway-cluster variance–covariance matrix is not positive

      semidefinite.



Linear regression                                   Number of obs = 38,749,528

Clusters per comb.:                                 Cluster comb. =          3

  min =     251                                     F(2, 250)     =      16.40

  avg =  36,405                                     Prob > F      =     0.0000

  max = 106,085                                     R-squared     =     0.0000

                                                    Adj R-squared =     0.0000

                                                    Root MSE      =     0.9339



                                  (Std. err. adjusted for multiway clustering)

------------------------------------------------------------------------------

             |               Robust

 r_lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0117015   .0021798     5.37   0.000     .0074083    .0159947

r_p_de_~2018 |  -.0006925   .0002197    -3.15   0.002    -.0011252   -.0002599

       _cons |   5.50e-15   4.14e-06     0.00   1.000    -8.15e-06    8.15e-06

------------------------------------------------------------------------------

Cluster combinations formed by gvkey and fips.



. 

. 

. 

. /*1.3 All FEs cluster county*/

. reghdfe lnvisits2 post  ,  absorb(dow gvkey##news_date fips##visityear) vce(c

> luster fips)

(MWFE estimator converged in 13 iterations)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   1,   3139) =      16.11

Statistics robust to heteroskedasticity           Prob > F        =     0.0001

                                                  R-squared       =     0.6804

                                                  Adj R-squared   =     0.6803

                                                  Within R-sq.    =     0.0000

Number of clusters (fips)    =      3,140         Root MSE        =     0.9273



                               (Std. err. adjusted for 3,140 clusters in fips)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0013676   .0003407     4.01   0.000     .0006996    .0020357

       _cons |   2.664555   .0002305  1.2e+04   0.000     2.664103    2.665006

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735           1        2734     |

    fips#visityear |      9401        9401           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. // outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bdec(4) add

> text(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm and c

> ounty)        

. 

. foreach i of local cs {

  2.         

.         reghdfe lnvisits2 post##c.`i'  ,  absorb(dow gvkey##news_date fips##v

> isityear) vce(cluster fips)

  3. //      outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bde

> c(4) addtext(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, co

> unty)

. 

. }

(MWFE estimator converged in 13 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,123,303

Absorbing 3 HDFE groups                           F(   2,   3077) =      53.92

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6821

                                                  Adj R-squared   =     0.6820

                                                  Within R-sq.    =     0.0000

Number of clusters (fips)    =      3,078         Root MSE        =     0.9254



                               (Std. err. adjusted for 3,078 clusters in fips)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0055252   .0005411    10.21   0.000     .0044642    .0065862

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0008991   .0000958    -9.38   0.000     -.001087   -.0007112

             |

       _cons |   2.665918   .0002146  1.2e+04   0.000     2.665497    2.666339

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735           1        2734     |

    fips#visityear |      9218        9218           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 38,749,528

Absorbing 3 HDFE groups                           F(   2,   2878) =      34.47

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6827

                                                  Adj R-squared   =     0.6826

                                                  Within R-sq.    =     0.0000

Number of clusters (fips)    =      2,879         Root MSE        =     0.9265



                               (Std. err. adjusted for 2,879 clusters in fips)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0043753   .0005338     8.20   0.000     .0033285     .005422

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0006873   .0000952    -7.22   0.000     -.000874   -.0005005

             |

       _cons |   2.680579   .0002267  1.2e+04   0.000     2.680135    2.681024

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735           1        2734     |

    fips#visityear |      8628        8628           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   2,   3139) =      49.00

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6804

                                                  Adj R-squared   =     0.6803

                                                  Within R-sq.    =     0.0000

Number of clusters (fips)    =      3,140         Root MSE        =     0.9273



                               (Std. err. adjusted for 3,140 clusters in fips)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0052748    .000543     9.71   0.000     .0042101    .0063396

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0008688    .000097    -8.96   0.000    -.0010589   -.0006786

             |

       _cons |   2.664554   .0002175  1.2e+04   0.000     2.664127     2.66498

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735           1        2734     |

    fips#visityear |      9401        9401           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   2,   3139) =      45.94

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6804

                                                  Adj R-squared   =     0.6803

                                                  Within R-sq.    =     0.0000

Number of clusters (fips)    =      3,140         Root MSE        =     0.9273



                               (Std. err. adjusted for 3,140 clusters in fips)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0050987   .0005383     9.47   0.000     .0040431    .0061542

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0008293   .0000975    -8.51   0.000    -.0010204   -.0006382

             |

       _cons |   2.664553   .0002156  1.2e+04   0.000     2.664131    2.664976

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735           1        2734     |

    fips#visityear |      9401        9401           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 39,597,039

Absorbing 3 HDFE groups                           F(   2,   3029) =      44.91

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6821

                                                  Adj R-squared   =     0.6820

                                                  Within R-sq.    =     0.0000

Number of clusters (fips)    =      3,030         Root MSE        =     0.9259



                               (Std. err. adjusted for 3,030 clusters in fips)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0050765   .0005381     9.43   0.000     .0040214    .0061317

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0007947   .0000977    -8.13   0.000    -.0009863   -.0006031

             |

       _cons |   2.672206    .000216  1.2e+04   0.000     2.671783     2.67263

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735           1        2734     |

    fips#visityear |      9076        9076           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. 

. 

. /*1.4 All FEs cluster by county*year*/

. reghdfe lnvisits2 post  ,  absorb(dow gvkey##news_date fips##visityear) vce(c

> luster fips##gvkey)

(MWFE estimator converged in 13 iterations)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   1, 110324) =      23.38

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6804

                                                  Adj R-squared   =     0.6803

                                                  Within R-sq.    =     0.0000

Number of clusters (fips##gvkey) =    110,325     Root MSE        =     0.9273



                      (Std. err. adjusted for 110,325 clusters in fips##gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0013676   .0002828     4.84   0.000     .0008133     .001922

       _cons |   2.664555   .0029025   918.03   0.000     2.658866    2.670243

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           0           7     |

   gvkey#news_date |      2735           1        2734     |

    fips#visityear |      9401           1        9400    ?|

-----------------------------------------------------------+

? = number of redundant parameters may be higher



. // outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bdec(4) add

> text(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, county*fir

> m)

. 

. foreach i of local cs {

  2.         

.         reghdfe lnvisits2 post##c.`i'  ,  absorb(dow gvkey##news_date fips##v

> isityear) vce(cluster fips##gvkey)

  3. //      outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bde

> c(4) addtext(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, co

> unty*firm)

. 

. }

(MWFE estimator converged in 13 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,123,303

Absorbing 3 HDFE groups                           F(   2, 109831) =      58.72

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6821

                                                  Adj R-squared   =     0.6820

                                                  Within R-sq.    =     0.0000

Number of clusters (fips##gvkey) =    109,832     Root MSE        =     0.9254



                      (Std. err. adjusted for 109,832 clusters in fips##gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0055252   .0005106    10.82   0.000     .0045245    .0065259

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0008991   .0000963    -9.33   0.000    -.0010879   -.0007103

             |

       _cons |   2.665918   .0029018   918.72   0.000      2.66023    2.671605

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           0           7     |

   gvkey#news_date |      2735           1        2734     |

    fips#visityear |      9218           1        9217    ?|

-----------------------------------------------------------+

? = number of redundant parameters may be higher

(MWFE estimator converged in 13 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 38,749,528

Absorbing 3 HDFE groups                           F(   2, 106084) =      39.66

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6827

                                                  Adj R-squared   =     0.6826

                                                  Within R-sq.    =     0.0000

Number of clusters (fips##gvkey) =    106,085     Root MSE        =     0.9265



                      (Std. err. adjusted for 106,085 clusters in fips##gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0043753   .0004915     8.90   0.000     .0034119    .0053387

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0006873   .0000929    -7.40   0.000    -.0008693   -.0005052

             |

       _cons |   2.680579   .0029581   906.17   0.000     2.674781    2.686377

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           0           7     |

   gvkey#news_date |      2735           1        2734     |

    fips#visityear |      8628           1        8627    ?|

-----------------------------------------------------------+

? = number of redundant parameters may be higher

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   2, 110324) =      54.15

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6804

                                                  Adj R-squared   =     0.6803

                                                  Within R-sq.    =     0.0000

Number of clusters (fips##gvkey) =    110,325     Root MSE        =     0.9273



                      (Std. err. adjusted for 110,325 clusters in fips##gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0052748    .000508    10.38   0.000     .0042792    .0062704

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0008688   .0000964    -9.01   0.000    -.0010577   -.0006798

             |

       _cons |   2.664554   .0029022   918.11   0.000     2.658865    2.670242

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           0           7     |

   gvkey#news_date |      2735           1        2734     |

    fips#visityear |      9401           1        9400    ?|

-----------------------------------------------------------+

? = number of redundant parameters may be higher

(MWFE estimator converged in 13 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   2, 110324) =      51.98

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6804

                                                  Adj R-squared   =     0.6803

                                                  Within R-sq.    =     0.0000

Number of clusters (fips##gvkey) =    110,325     Root MSE        =     0.9273



                      (Std. err. adjusted for 110,325 clusters in fips##gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0050987   .0005005    10.19   0.000     .0041178    .0060796

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0008293   .0000959    -8.65   0.000    -.0010172   -.0006414

             |

       _cons |   2.664553   .0029022   918.10   0.000     2.658865    2.670242

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           0           7     |

   gvkey#news_date |      2735           1        2734     |

    fips#visityear |      9401           1        9400    ?|

-----------------------------------------------------------+

? = number of redundant parameters may be higher

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 39,597,039

Absorbing 3 HDFE groups                           F(   2, 108415) =      48.80

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6821

                                                  Adj R-squared   =     0.6820

                                                  Within R-sq.    =     0.0000

Number of clusters (fips##gvkey) =    108,416     Root MSE        =     0.9259



                      (Std. err. adjusted for 108,416 clusters in fips##gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0050765   .0005139     9.88   0.000     .0040694    .0060837

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0007947   .0000968    -8.21   0.000    -.0009845   -.0006049

             |

       _cons |   2.672206   .0029239   913.93   0.000     2.666475    2.677937

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           0           7     |

   gvkey#news_date |      2735           1        2734     |

    fips#visityear |      9076           1        9075    ?|

-----------------------------------------------------------+

? = number of redundant parameters may be higher



. 

. 

. 

. 

. 

. 

. /**************2. Table OA 4 Individual FEs**************/

. 

. /*2.1 DOW FE*/

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. reghdfe lnvisits2 post ,  absorb(dow) vce(cluster gvkey)

(MWFE estimator converged in 1 iterations)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 1 HDFE group                            F(   1,    250) =       5.79

Statistics robust to heteroskedasticity           Prob > F        =     0.0168

                                                  R-squared       =     0.0052

                                                  Adj R-squared   =     0.0052

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     1.6359



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0068261   .0028366     2.41   0.017     .0012395    .0124127

       _cons |   2.660863   .1364507    19.50   0.000     2.392123    2.929602

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------+

 Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------+---------------------------------------|

         dow |         7           0           7     |

-----------------------------------------------------+



. //      outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bdec(4

> ) addtext(dow, Y, cluster, firm)

. 

. 

. foreach i of local cs {

  2.         

.         reghdfe lnvisits2 post##c.`i' ,  absorb(dow) vce(cluster gvkey)

  3. //      outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bde

> c(4) addtext(dow, Y, cluster, firm)

.         

.         }       

(MWFE estimator converged in 1 iterations)



HDFE Linear regression                            Number of obs   = 40,123,303

Absorbing 1 HDFE group                            F(   3,    250) =      13.70

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.0112

                                                  Adj R-squared   =     0.0112

                                                  Within R-sq.    =     0.0060

Number of clusters (gvkey)   =        251         Root MSE        =     1.6319



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0139164    .003343     4.16   0.000     .0073323    .0205005

 de_yale2018 |   .0451815   .0135383     3.34   0.001     .0185178    .0718453

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0015783   .0003194    -4.94   0.000    -.0022072   -.0009493

             |

       _cons |   2.459127   .1481739    16.60   0.000     2.167299    2.750955

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------+

 Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------+---------------------------------------|

         dow |         7           0           7     |

-----------------------------------------------------+

(MWFE estimator converged in 1 iterations)



HDFE Linear regression                            Number of obs   = 38,749,528

Absorbing 1 HDFE group                            F(   3,    250) =      13.97

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.0090

                                                  Adj R-squared   =     0.0090

                                                  Within R-sq.    =     0.0038

Number of clusters (gvkey)   =        251         Root MSE        =     1.6372



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0115062   .0032248     3.57   0.000      .005155    .0178574

de_union2018 |   .0340736   .0094296     3.61   0.000      .015502    .0526452

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0011073   .0002243    -4.94   0.000    -.0015491   -.0006656

             |

       _cons |    2.52929   .1457107    17.36   0.000     2.242313    2.816267

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------+

 Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------+---------------------------------------|

         dow |         7           0           7     |

-----------------------------------------------------+

(MWFE estimator converged in 1 iterations)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 1 HDFE group                            F(   3,    250) =      19.64

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.0208

                                                  Adj R-squared   =     0.0208

                                                  Within R-sq.    =     0.0157

Number of clusters (gvkey)   =        251         Root MSE        =     1.6230



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0139814   .0034029     4.11   0.000     .0072793    .0206835

  de_inc2018 |    .072362   .0141996     5.10   0.000     .0443958    .1003282

             |

        post#|

c.de_inc2018 |

          1  |  -.0016151   .0003318    -4.87   0.000    -.0022687   -.0009616

             |

       _cons |   2.335636   .1414514    16.51   0.000     2.057048    2.614225

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------+

 Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------+---------------------------------------|

         dow |         7           0           7     |

-----------------------------------------------------+

(MWFE estimator converged in 1 iterations)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 1 HDFE group                            F(   3,    250) =      15.43

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.0232

                                                  Adj R-squared   =     0.0232

                                                  Within R-sq.    =     0.0181

Number of clusters (gvkey)   =        251         Root MSE        =     1.6210



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0138574   .0034541     4.01   0.000     .0070544    .0206603

  de_edu2018 |    .077656   .0166222     4.67   0.000     .0449185    .1103934

             |

        post#|

c.de_edu2018 |

          1  |  -.0015802   .0004014    -3.94   0.000    -.0023709   -.0007896

             |

       _cons |   2.311752    .149769    15.44   0.000     2.016782    2.606722

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------+

 Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------+---------------------------------------|

         dow |         7           0           7     |

-----------------------------------------------------+

(MWFE estimator converged in 1 iterations)



HDFE Linear regression                            Number of obs   = 39,597,039

Absorbing 1 HDFE group                            F(   3,    250) =      17.05

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.0148

                                                  Adj R-squared   =     0.0148

                                                  Within R-sq.    =     0.0097

Number of clusters (gvkey)   =        251         Root MSE        =     1.6296



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0134897    .003288     4.10   0.000     .0070141    .0199654

  de_dem2018 |     .05711   .0131767     4.33   0.000     .0311585    .0830614

             |

        post#|

c.de_dem2018 |

          1  |  -.0014853   .0002991    -4.97   0.000    -.0020743   -.0008963

             |

       _cons |   2.411934   .1484515    16.25   0.000     2.119559    2.704309

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------+

 Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------+---------------------------------------|

         dow |         7           0           7     |

-----------------------------------------------------+



. 

. 

. 

. /*2.2. county year FE*/

. reghdfe lnvisits2 post ,  absorb( fips##visityear) vce(cluster gvkey)

(MWFE estimator converged in 1 iterations)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 1 HDFE group                            F(   1,    250) =      19.97

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.1191

                                                  Adj R-squared   =     0.1189

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     1.5396



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0142532   .0031894     4.47   0.000     .0079717    .0205348

       _cons |   2.655839    .145498    18.25   0.000     2.369281    2.942397

------------------------------------------------------------------------------



Absorbed degrees of freedom:

----------------------------------------------------------+

      Absorbed FE | Categories  - Redundant  = Num. Coefs |

------------------+---------------------------------------|

   fips#visityear |      9401           0        9401     |

----------------------------------------------------------+



. //      outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bdec(4

> ) addtext(county*visity, Y, cluster, firm)

. 

. foreach i of local cs {

  2.         

.         reghdfe lnvisits2 post##c.`i' ,  absorb( fips##visityear) vce(cluster

>  gvkey)

  3. //      outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bde

> c(4) addtext(county*visity, Y, cluster, firm)

.         }               

(MWFE estimator converged in 1 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,123,303

Absorbing 1 HDFE group                            F(   2,    250) =      11.13

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.1185

                                                  Adj R-squared   =     0.1183

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     1.5409



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0170433   .0036695     4.64   0.000     .0098162    .0242703

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0006132   .0003804    -1.61   0.108    -.0013624    .0001361

             |

       _cons |   2.657257   .1457939    18.23   0.000     2.370117    2.944398

------------------------------------------------------------------------------



Absorbed degrees of freedom:

----------------------------------------------------------+

      Absorbed FE | Categories  - Redundant  = Num. Coefs |

------------------+---------------------------------------|

   fips#visityear |      9218           0        9218     |

----------------------------------------------------------+

(MWFE estimator converged in 1 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 38,749,528

Absorbing 1 HDFE group                            F(   2,    250) =      10.69

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.1168

                                                  Adj R-squared   =     0.1166

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     1.5458



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0162122   .0035126     4.62   0.000     .0092942    .0231301

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0004532   .0002627    -1.73   0.086    -.0009705    .0000641

             |

       _cons |   2.671887   .1462096    18.27   0.000     2.383927    2.959846

------------------------------------------------------------------------------



Absorbed degrees of freedom:

----------------------------------------------------------+

      Absorbed FE | Categories  - Redundant  = Num. Coefs |

------------------+---------------------------------------|

   fips#visityear |      8628           0        8628     |

----------------------------------------------------------+

(MWFE estimator converged in 1 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 1 HDFE group                            F(   2,    250) =      11.69

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.1191

                                                  Adj R-squared   =     0.1189

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     1.5396



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0174609   .0036326     4.81   0.000     .0103066    .0246153

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0007136   .0003779    -1.89   0.060    -.0014579    .0000308

             |

       _cons |    2.65584   .1455223    18.25   0.000     2.369234    2.942446

------------------------------------------------------------------------------



Absorbed degrees of freedom:

----------------------------------------------------------+

      Absorbed FE | Categories  - Redundant  = Num. Coefs |

------------------+---------------------------------------|

   fips#visityear |      9401           0        9401     |

----------------------------------------------------------+

(MWFE estimator converged in 1 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 1 HDFE group                            F(   2,    250) =      11.11

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.1191

                                                  Adj R-squared   =     0.1189

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     1.5396



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0169333   .0037325     4.54   0.000     .0095821    .0242846

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0005961   .0004553    -1.31   0.192    -.0014929    .0003007

             |

       _cons |   2.655839   .1455211    18.25   0.000     2.369236    2.942443

------------------------------------------------------------------------------



Absorbed degrees of freedom:

----------------------------------------------------------+

      Absorbed FE | Categories  - Redundant  = Num. Coefs |

------------------+---------------------------------------|

   fips#visityear |      9401           0        9401     |

----------------------------------------------------------+

(MWFE estimator converged in 1 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 39,597,039

Absorbing 1 HDFE group                            F(   2,    250) =      11.01

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.1180

                                                  Adj R-squared   =     0.1178

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     1.5421



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |    .016771   .0036325     4.62   0.000     .0096169    .0239252

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0005441   .0003678    -1.48   0.140    -.0012685    .0001803

             |

       _cons |   2.663535   .1458595    18.26   0.000     2.376265    2.950805

------------------------------------------------------------------------------



Absorbed degrees of freedom:

----------------------------------------------------------+

      Absorbed FE | Categories  - Redundant  = Num. Coefs |

------------------+---------------------------------------|

   fips#visityear |      9076           0        9076     |

----------------------------------------------------------+



. 

. 

. /*2.3 event FE*/ 

. reghdfe lnvisits2 post  ,  absorb( gvkey##news_date ) vce(cluster gvkey)

(MWFE estimator converged in 1 iterations)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 1 HDFE group                            F(   1,    250) =      33.91

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.4606

                                                  Adj R-squared   =     0.4605

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     1.2047



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0142077     .00244     5.82   0.000     .0094021    .0190132

       _cons |    2.65587   .0016503  1609.33   0.000      2.65262     2.65912

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2735        2735           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. //      outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bdec(4

> ) addtext( Firm*newsdate, Y, cluster, firm)

. 

. foreach i of local cs {

  2.         

.         reghdfe lnvisits2 post##c.`i'  ,  absorb( gvkey##news_date ) vce(clus

> ter gvkey)

  3. //      outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bde

> c(4) addtext( Firm*newsdate, Y, cluster, firm)

.         }

(MWFE estimator converged in 1 iterations)



HDFE Linear regression                            Number of obs   = 40,123,303

Absorbing 1 HDFE group                            F(   3,    250) =      58.60

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.4818

                                                  Adj R-squared   =     0.4818

                                                  Within R-sq.    =     0.0369

Number of clusters (gvkey)   =        251         Root MSE        =     1.1813



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0218555   .0025106     8.71   0.000     .0169109    .0268001

 de_yale2018 |   .0860772   .0073629    11.69   0.000     .0715759    .1005784

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0017357   .0002748    -6.32   0.000     -.002277   -.0011945

             |

       _cons |   2.270329   .0332636    68.25   0.000     2.204816    2.335841

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2735        2735           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 1 iterations)



HDFE Linear regression                            Number of obs   = 38,749,528

Absorbing 1 HDFE group                            F(   3,    250) =      71.94

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.4743

                                                  Adj R-squared   =     0.4742

                                                  Within R-sq.    =     0.0206

Number of clusters (gvkey)   =        251         Root MSE        =     1.1925



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0195836   .0025802     7.59   0.000     .0145019    .0246653

de_union2018 |   .0596263   .0044789    13.31   0.000     .0508052    .0684475

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0012824   .0001974    -6.50   0.000    -.0016711   -.0008936

             |

       _cons |   2.413578   .0195269   123.60   0.000      2.37512    2.452036

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2735        2735           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 1 iterations)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 1 HDFE group                            F(   3,    250) =      75.77

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.4982

                                                  Adj R-squared   =     0.4981

                                                  Within R-sq.    =     0.0697

Number of clusters (gvkey)   =        251         Root MSE        =     1.1619



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |    .021372   .0025677     8.32   0.000      .016315    .0264291

  de_inc2018 |   .1186546   .0084665    14.01   0.000     .1019798    .1353294

             |

        post#|

c.de_inc2018 |

          1  |   -.001694   .0002909    -5.82   0.000     -.002267    -.001121

             |

       _cons |   2.122772   .0381796    55.60   0.000     2.047578    2.197967

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2735        2735           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 1 iterations)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 1 HDFE group                            F(   3,    250) =      83.83

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.5071

                                                  Adj R-squared   =     0.5071

                                                  Within R-sq.    =     0.0864

Number of clusters (gvkey)   =        251         Root MSE        =     1.1515



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0214059   .0025487     8.40   0.000     .0163863    .0264256

  de_edu2018 |   .1345414   .0090028    14.94   0.000     .1168104    .1522723

             |

        post#|

c.de_edu2018 |

          1  |  -.0017077   .0003573    -4.78   0.000    -.0024114   -.0010041

             |

       _cons |   2.051263   .0405641    50.57   0.000     1.971372    2.131154

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2735        2735           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 1 iterations)



HDFE Linear regression                            Number of obs   = 39,597,039

Absorbing 1 HDFE group                            F(   3,    250) =      82.93

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.4883

                                                  Adj R-squared   =     0.4882

                                                  Within R-sq.    =     0.0493

Number of clusters (gvkey)   =        251         Root MSE        =     1.1745



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0212719   .0024678     8.62   0.000     .0164116    .0261323

  de_dem2018 |   .0989849   .0068905    14.37   0.000      .085414    .1125557

             |

        post#|

c.de_dem2018 |

          1  |  -.0016128   .0002554    -6.32   0.000    -.0021158   -.0011099

             |

       _cons |    2.21885   .0310432    71.48   0.000     2.157711     2.27999

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2735        2735           0    *|

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. 

. 

. 

. 

. /**************3. Alternative FEs**************/

. 

. 

. /*3.1 Event, County, Visityear, Dow*/

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. 

. reghdfe lnvisits2 post,  absorb(gvkey##news_date fips visityear dow) vce(clus

> ter gvkey)

(MWFE estimator converged in 11 iterations)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 4 HDFE groups                           F(   1,    250) =       0.34

Statistics robust to heteroskedasticity           Prob > F        =     0.5592

                                                  R-squared       =     0.6758

                                                  Adj R-squared   =     0.6758

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9339



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0012186   .0020838     0.58   0.559    -.0028853    .0053226

       _cons |   2.664655   .0014094  1890.67   0.000      2.66188    2.667431

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2735        2735           0    *|

              fips |      3140           1        3139     |

         visityear |         3           1           2     |

               dow |         7           1           6    ?|

-----------------------------------------------------------+

? = number of redundant parameters may be higher

* = FE nested within cluster; treated as redundant for DoF computation



. //      outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bdec(4

> ) addtext(firm*news_date, Y, county, Y, visityear, Y, DoW, Y,cluster, firm)

. 

. 

. foreach i of local cs {

  2.         

.         reghdfe lnvisits2 post##c.`i',  absorb(gvkey##news_date fips visityea

> r dow) vce(cluster gvkey)

  3. //      outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bde

> c(4) addtext(firm*news_date, Y, county, Y, visityear, Y, DoW, Y,cluster, firm

> )

.         

.         }       

(MWFE estimator converged in 12 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,123,303

Absorbing 4 HDFE groups                           F(   2,    250) =      22.00

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6776

                                                  Adj R-squared   =     0.6776

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9318



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0095263   .0021732     4.38   0.000     .0052463    .0138064

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0018211   .0002881    -6.32   0.000    -.0023885   -.0012537

             |

       _cons |   2.666016   .0013754  1938.41   0.000     2.663307    2.668725

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2735        2735           0    *|

              fips |      3078           1        3077     |

         visityear |         3           1           2     |

               dow |         7           1           6    ?|

-----------------------------------------------------------+

? = number of redundant parameters may be higher

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 12 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 38,749,528

Absorbing 4 HDFE groups                           F(   2,    250) =      22.21

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6783

                                                  Adj R-squared   =     0.6782

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9329



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0070173   .0021576     3.25   0.001     .0027679    .0112666

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0013314   .0002044    -6.51   0.000    -.0017341   -.0009288

             |

       _cons |   2.680681   .0014067  1905.67   0.000      2.67791    2.683451

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2735        2735           0    *|

              fips |      2879           1        2878     |

         visityear |         3           1           2     |

               dow |         7           1           6    ?|

-----------------------------------------------------------+

? = number of redundant parameters may be higher

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 12 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 4 HDFE groups                           F(   2,    250) =      19.07

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6758

                                                  Adj R-squared   =     0.6758

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9339



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0090067   .0021426     4.20   0.000     .0047869    .0132266

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0017317   .0002982    -5.81   0.000     -.002319   -.0011444

             |

       _cons |   2.664654   .0013769  1935.26   0.000     2.661942    2.667366

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2735        2735           0    *|

              fips |      3140           1        3139     |

         visityear |         3           1           2     |

               dow |         7           1           6    ?|

-----------------------------------------------------------+

? = number of redundant parameters may be higher

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 12 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 4 HDFE groups                           F(   2,    250) =      13.75

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6758

                                                  Adj R-squared   =     0.6758

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9339



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0091829   .0021907     4.19   0.000     .0048683    .0134974

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0017703   .0003715    -4.76   0.000    -.0025021   -.0010386

             |

       _cons |   2.664653   .0013711  1943.48   0.000     2.661952    2.667353

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2735        2735           0    *|

              fips |      3140           1        3139     |

         visityear |         3           1           2     |

               dow |         7           1           6    ?|

-----------------------------------------------------------+

? = number of redundant parameters may be higher

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 12 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 39,597,039

Absorbing 4 HDFE groups                           F(   2,    250) =      20.47

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6776

                                                  Adj R-squared   =     0.6775

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9324



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0089347   .0021617     4.13   0.000     .0046773    .0131922

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |   -.001686   .0002775    -6.08   0.000    -.0022325   -.0011394

             |

       _cons |   2.672306    .001388  1925.23   0.000     2.669573     2.67504

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2735        2735           0    *|

              fips |      3030           1        3029     |

         visityear |         3           1           2     |

               dow |         7           1           6    ?|

-----------------------------------------------------------+

? = number of redundant parameters may be higher

* = FE nested within cluster; treated as redundant for DoF computation



.         

.         

. /*3.2 FirmxCounty CountyxVisityear, Dow with control*/

. 

. reghdfe lnvisits2 post lnmveq_w loss leverageq_w btmq_w  ea,  absorb(gvkey##f

> ips fips##visityear dow) vce(cluster gvkey)

(dropped 24 singleton observations)

(MWFE estimator converged in 12 iterations)



HDFE Linear regression                            Number of obs   = 39,713,640

Absorbing 3 HDFE groups                           F(   6,    248) =      12.64

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.8663

                                                  Adj R-squared   =     0.8659

                                                  Within R-sq.    =     0.0095

Number of clusters (gvkey)   =        249         Root MSE        =     0.6016



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0067773   .0030342     2.23   0.026     .0008011    .0127534

    lnmveq_w |   .3195113   .0711657     4.49   0.000      .179345    .4596775

        loss |  -.0251454   .0264862    -0.95   0.343     -.077312    .0270213

 leverageq_w |   .2752364   .0642085     4.29   0.000      .148773    .4016998

      btmq_w |   .2013208   .1069752     1.88   0.061     -.009375    .4120166

          ea |   .0293756   .0090446     3.25   0.001     .0115616    .0471897

       _cons |  -.9482046   .7611444    -1.25   0.214    -2.447336    .5509269

------------------------------------------------------------------------------



Absorbed degrees of freedom:

----------------------------------------------------------+

      Absorbed FE | Categories  - Redundant  = Num. Coefs |

------------------+---------------------------------------|

       gvkey#fips |    109749      109749           0    *|

   fips#visityear |      9397           1        9396     |

              dow |         7           1           6     |

----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. //      outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bdec(4

> ) addtext(gvkey*county, Y, county*visityear, F, DoW, Y,cluster, firm)      

. 

. foreach i of local cs {

  2.         

.         reghdfe lnvisits2 post##c.`i' lnmveq_w loss leverageq_w btmq_w  ea,  

> absorb(gvkey##fips fips##visityear dow) vce(cluster gvkey)

  3. //      outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bde

> c(4) addtext(gvkey*county, Y, county*visityear, F, DoW, Y,cluster, firm)     

>  

.         }       

(dropped 24 singleton observations)

(MWFE estimator converged in 12 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 39,514,721

Absorbing 3 HDFE groups                           F(   7,    248) =      13.88

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.8668

                                                  Adj R-squared   =     0.8664

                                                  Within R-sq.    =     0.0095

Number of clusters (gvkey)   =        249         Root MSE        =     0.6009



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0113713   .0030644     3.71   0.000     .0053358    .0174068

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0010069   .0003107    -3.24   0.001    -.0016188    -.000395

             |

    lnmveq_w |   .3197657   .0714165     4.48   0.000     .1791055    .4604259

        loss |  -.0239773   .0264422    -0.91   0.365    -.0760571    .0281026

 leverageq_w |   .2766623   .0640776     4.32   0.000     .1504565     .402868

      btmq_w |   .2033149   .1070245     1.90   0.059     -.007478    .4141077

          ea |   .0292298   .0090765     3.22   0.001      .011353    .0471066

       _cons |  -.9507093    .763207    -1.25   0.214    -2.453903    .5524847

------------------------------------------------------------------------------



Absorbed degrees of freedom:

----------------------------------------------------------+

      Absorbed FE | Categories  - Redundant  = Num. Coefs |

------------------+---------------------------------------|

       gvkey#fips |    109256      109256           0    *|

   fips#visityear |      9214           1        9213     |

              dow |         7           1           6     |

----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 23 singleton observations)

(MWFE estimator converged in 11 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 38,158,458

Absorbing 3 HDFE groups                           F(   7,    248) =      12.91

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.8670

                                                  Adj R-squared   =     0.8666

                                                  Within R-sq.    =     0.0095

Number of clusters (gvkey)   =        249         Root MSE        =     0.6015



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0102492   .0030835     3.32   0.001     .0041759    .0163224

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0007922   .0002294    -3.45   0.001     -.001244   -.0003404

             |

    lnmveq_w |   .3192294   .0712263     4.48   0.000     .1789438    .4595149

        loss |  -.0246201   .0265969    -0.93   0.356    -.0770047    .0277645

 leverageq_w |   .2756342   .0644854     4.27   0.000     .1486253    .4026431

      btmq_w |   .2017648   .1069989     1.89   0.061    -.0089777    .4125074

          ea |   .0291891   .0091368     3.19   0.002     .0111934    .0471847

       _cons |  -.9286358   .7616181    -1.22   0.224      -2.4287    .5714287

------------------------------------------------------------------------------



Absorbed degrees of freedom:

----------------------------------------------------------+

      Absorbed FE | Categories  - Redundant  = Num. Coefs |

------------------+---------------------------------------|

       gvkey#fips |    105516      105516           0    *|

   fips#visityear |      8627           1        8626     |

              dow |         7           1           6     |

----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 24 singleton observations)

(MWFE estimator converged in 12 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 39,713,640

Absorbing 3 HDFE groups                           F(   7,    248) =      13.98

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.8663

                                                  Adj R-squared   =     0.8659

                                                  Within R-sq.    =     0.0095

Number of clusters (gvkey)   =        249         Root MSE        =     0.6016



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0112816   .0031543     3.58   0.000      .005069    .0174943

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0010004   .0003104    -3.22   0.001    -.0016119    -.000389

             |

    lnmveq_w |   .3195061   .0711659     4.49   0.000     .1793395    .4596726

        loss |  -.0251475   .0264861    -0.95   0.343    -.0773139     .027019

 leverageq_w |   .2752244   .0642061     4.29   0.000     .1487656    .4016832

      btmq_w |   .2013101   .1069756     1.88   0.061    -.0093864    .4120065

          ea |   .0293885   .0090466     3.25   0.001     .0115705    .0472065

       _cons |  -.9481367   .7611514    -1.25   0.214    -2.447282    .5510086

------------------------------------------------------------------------------



Absorbed degrees of freedom:

----------------------------------------------------------+

      Absorbed FE | Categories  - Redundant  = Num. Coefs |

------------------+---------------------------------------|

       gvkey#fips |    109749      109749           0    *|

   fips#visityear |      9397           1        9396     |

              dow |         7           1           6     |

----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 24 singleton observations)

(MWFE estimator converged in 12 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 39,713,640

Absorbing 3 HDFE groups                           F(   7,    248) =      13.49

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.8663

                                                  Adj R-squared   =     0.8659

                                                  Within R-sq.    =     0.0095

Number of clusters (gvkey)   =        249         Root MSE        =     0.6016



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0111008   .0031882     3.48   0.001     .0048215    .0173802

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0009594   .0003749    -2.56   0.011    -.0016978    -.000221

             |

    lnmveq_w |   .3195047   .0711662     4.49   0.000     .1793375    .4596719

        loss |  -.0251475   .0264862    -0.95   0.343    -.0773141    .0270192

 leverageq_w |   .2752207   .0642059     4.29   0.000     .1487624     .401679

      btmq_w |   .2013102   .1069759     1.88   0.061     -.009387    .4120074

          ea |   .0293886   .0090464     3.25   0.001     .0115711    .0472061

       _cons |  -.9481195    .761157    -1.25   0.214    -2.447276    .5510369

------------------------------------------------------------------------------



Absorbed degrees of freedom:

----------------------------------------------------------+

      Absorbed FE | Categories  - Redundant  = Num. Coefs |

------------------+---------------------------------------|

       gvkey#fips |    109749      109749           0    *|

   fips#visityear |      9397           1        9396     |

              dow |         7           1           6     |

----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 23 singleton observations)

(MWFE estimator converged in 12 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 38,992,260

Absorbing 3 HDFE groups                           F(   7,    248) =      12.72

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.8669

                                                  Adj R-squared   =     0.8665

                                                  Within R-sq.    =     0.0095

Number of clusters (gvkey)   =        249         Root MSE        =     0.6009



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0106859   .0030319     3.52   0.001     .0047143    .0166574

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0008471   .0003004    -2.82   0.005    -.0014387   -.0002554

             |

    lnmveq_w |   .3191918   .0711573     4.49   0.000     .1790422    .4593414

        loss |  -.0238503   .0264907    -0.90   0.369    -.0760257    .0283252

 leverageq_w |   .2778023    .064263     4.32   0.000     .1512315    .4043731

      btmq_w |   .2024055   .1068853     1.89   0.059    -.0081132    .4129241

          ea |   .0293426   .0090869     3.23   0.001     .0114453    .0472399

       _cons |  -.9391415   .7606983    -1.23   0.218    -2.437394    .5591113

------------------------------------------------------------------------------



Absorbed degrees of freedom:

----------------------------------------------------------+

      Absorbed FE | Categories  - Redundant  = Num. Coefs |

------------------+---------------------------------------|

       gvkey#fips |    107851      107851           0    *|

   fips#visityear |      9072           1        9071     |

              dow |         7           1           6     |

----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



.         

.         

. 

. 

. 

. /*3.3 Firm County Visityear Dow with controls */

. 

. reghdfe lnvisits2 post lnmveq_w loss leverageq_w btmq_w  ea,  absorb(gvkey fi

> ps visityear dow) vce(cluster gvkey)

(MWFE estimator converged in 7 iterations)



HDFE Linear regression                            Number of obs   = 39,713,664

Absorbing 4 HDFE groups                           F(   6,    248) =      11.80

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6621

                                                  Adj R-squared   =     0.6620

                                                  Within R-sq.    =     0.0036

Number of clusters (gvkey)   =        249         Root MSE        =     0.9550



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0071229   .0028802     2.47   0.014     .0014501    .0127958

    lnmveq_w |    .290126   .0706897     4.10   0.000     .1508973    .4293547

        loss |  -.0303544   .0270541    -1.12   0.263    -.0836394    .0229307

 leverageq_w |   .2282644   .0785554     2.91   0.004     .0735436    .3829852

      btmq_w |   .1206737   .1041914     1.16   0.248    -.0845393    .3258866

          ea |   .0284737   .0088176     3.23   0.001     .0111068    .0458406

       _cons |  -.5727874   .7488838    -0.76   0.445    -2.047771    .9021959

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------+

 Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------+---------------------------------------|

       gvkey |       249         249           0    *|

        fips |      3140           1        3139     |

   visityear |         3           1           2     |

         dow |         7           1           6    ?|

-----------------------------------------------------+

? = number of redundant parameters may be higher

* = FE nested within cluster; treated as redundant for DoF computation



. //      outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bdec(4

> ) addtext(firm, Y, county, Y, visityear, Y, DoW, Y,cluster, firm)

. 

. foreach i of local cs {

  2. 

.         reghdfe lnvisits2 post##c.`i' lnmveq_w loss leverageq_w btmq_w  ea,  

> absorb(gvkey fips visityear dow) vce(cluster gvkey)

  3. //      outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bde

> c(4) addtext(firm, Y, county, Y, visityear, Y, DoW, Y,cluster, firm)

. 

.                 

. }

(MWFE estimator converged in 8 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 39,514,745

Absorbing 4 HDFE groups                           F(   7,    248) =      19.62

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6639

                                                  Adj R-squared   =     0.6638

                                                  Within R-sq.    =     0.0036

Number of clusters (gvkey)   =        249         Root MSE        =     0.9530



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0158625   .0031432     5.05   0.000     .0096718    .0220533

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0019273   .0003081    -6.26   0.000    -.0025341   -.0013204

             |

    lnmveq_w |   .2915236   .0709563     4.11   0.000     .1517697    .4312774

        loss |  -.0292962   .0270715    -1.08   0.280    -.0826156    .0240231

 leverageq_w |   .2291828   .0788529     2.91   0.004      .073876    .3844896

      btmq_w |   .1236319    .104098     1.19   0.236     -.081397    .3286607

          ea |   .0283571   .0088368     3.21   0.002     .0109524    .0457619

       _cons |  -.5870386   .7512802    -0.78   0.435    -2.066742    .8926645

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------+

 Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------+---------------------------------------|

       gvkey |       249         249           0    *|

        fips |      3078           1        3077     |

   visityear |         3           1           2     |

         dow |         7           1           6    ?|

-----------------------------------------------------+

? = number of redundant parameters may be higher

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 8 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 38,158,481

Absorbing 4 HDFE groups                           F(   7,    248) =      17.22

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6644

                                                  Adj R-squared   =     0.6644

                                                  Within R-sq.    =     0.0036

Number of clusters (gvkey)   =        249         Root MSE        =     0.9543



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |    .013244   .0031054     4.26   0.000     .0071276    .0193603

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0014042   .0002285    -6.14   0.000    -.0018543    -.000954

             |

    lnmveq_w |   .2908053   .0709229     4.10   0.000     .1511172    .4304933

        loss |  -.0302669    .027145    -1.12   0.266     -.083731    .0231972

 leverageq_w |    .228583   .0792686     2.88   0.004     .0724575    .3847086

      btmq_w |   .1218597    .104175     1.17   0.243    -.0833209    .3270403

          ea |   .0284583   .0088965     3.20   0.002     .0109361    .0459806

       _cons |   -.563339   .7512442    -0.75   0.454    -2.042971    .9162933

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------+

 Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------+---------------------------------------|

       gvkey |       249         249           0    *|

        fips |      2879           1        2878     |

   visityear |         3           1           2     |

         dow |         7           1           6    ?|

-----------------------------------------------------+

? = number of redundant parameters may be higher

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 8 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 39,713,664

Absorbing 4 HDFE groups                           F(   7,    248) =      18.22

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6621

                                                  Adj R-squared   =     0.6620

                                                  Within R-sq.    =     0.0036

Number of clusters (gvkey)   =        249         Root MSE        =     0.9550



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0154273   .0032516     4.74   0.000      .009023    .0218316

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0018448   .0003145    -5.87   0.000    -.0024642   -.0012254

             |

    lnmveq_w |   .2901186   .0706891     4.10   0.000      .150891    .4293461

        loss |  -.0303545    .027054    -1.12   0.263    -.0836394    .0229305

 leverageq_w |   .2282625   .0785572     2.91   0.004     .0735381    .3829868

      btmq_w |   .1206709   .1041901     1.16   0.248    -.0845393    .3258811

          ea |    .028498   .0088216     3.23   0.001     .0111231    .0458729

       _cons |  -.5727086    .748886    -0.76   0.445    -2.047696    .9022791

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------+

 Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------+---------------------------------------|

       gvkey |       249         249           0    *|

        fips |      3140           1        3139     |

   visityear |         3           1           2     |

         dow |         7           1           6    ?|

-----------------------------------------------------+

? = number of redundant parameters may be higher

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 8 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 39,713,664

Absorbing 4 HDFE groups                           F(   7,    248) =      17.42

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6621

                                                  Adj R-squared   =     0.6620

                                                  Within R-sq.    =     0.0036

Number of clusters (gvkey)   =        249         Root MSE        =     0.9550



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0157523   .0032847     4.80   0.000     .0092828    .0222219

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0019152    .000389    -4.92   0.000    -.0026815    -.001149

             |

    lnmveq_w |   .2901153   .0706893     4.10   0.000     .1508873    .4293433

        loss |  -.0303546   .0270543    -1.12   0.263    -.0836401    .0229308

 leverageq_w |   .2282599    .078558     2.91   0.004     .0735339    .3829859

      btmq_w |    .120669     .10419     1.16   0.248    -.0845412    .3258791

          ea |   .0284999   .0088217     3.23   0.001      .011125    .0458749

       _cons |  -.5726727    .748892    -0.76   0.445    -2.047672    .9023266

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------+

 Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------+---------------------------------------|

       gvkey |       249         249           0    *|

        fips |      3140           1        3139     |

   visityear |         3           1           2     |

         dow |         7           1           6    ?|

-----------------------------------------------------+

? = number of redundant parameters may be higher

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 8 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 38,992,283

Absorbing 4 HDFE groups                           F(   7,    248) =      18.57

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6638

                                                  Adj R-squared   =     0.6638

                                                  Within R-sq.    =     0.0036

Number of clusters (gvkey)   =        249         Root MSE        =     0.9536



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0151355   .0030607     4.95   0.000     .0091073    .0211637

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0017569    .000289    -6.08   0.000    -.0023261   -.0011878

             |

    lnmveq_w |   .2909897   .0708417     4.11   0.000     .1514617    .4305178

        loss |  -.0290368   .0271552    -1.07   0.286    -.0825209    .0244474

 leverageq_w |   .2301147   .0790221     2.91   0.004     .0744748    .3857546

      btmq_w |   .1221353   .1040333     1.17   0.242    -.0827661    .3270367

          ea |   .0284937   .0088446     3.22   0.001     .0110736    .0459139

       _cons |  -.5754976   .7499833    -0.77   0.444    -2.052647    .9016514

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------+

 Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------+---------------------------------------|

       gvkey |       249         249           0    *|

        fips |      3030           1        3029     |

   visityear |         3           1           2     |

         dow |         7           1           6    ?|

-----------------------------------------------------+

? = number of redundant parameters may be higher

* = FE nested within cluster; treated as redundant for DoF computation



. 

. 

. /*****4. Table OA 5*****/

. /*4.1 event county-q dow FE*/

. 

. gen visitquarter=year(visitday)*10 + quarter(visitday)



. 

. 

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. reghdfe lnvisits2 post  ,  absorb(dow gvkey##news_date fips##visitquarter) vc

> e(cluster gvkey)

(dropped 4 singleton observations)

(MWFE estimator converged in 30 iterations)



HDFE Linear regression                            Number of obs   = 40,324,931

Absorbing 3 HDFE groups                           F(   1,    250) =       1.15

Statistics robust to heteroskedasticity           Prob > F        =     0.2846

                                                  R-squared       =     0.6849

                                                  Adj R-squared   =     0.6846

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9211



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0023448   .0021868     1.07   0.285     -.001962    .0066517

       _cons |   2.663894   .0014791  1801.08   0.000     2.660981    2.666807

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-------------------------------------------------------------+

         Absorbed FE | Categories  - Redundant  = Num. Coefs |

---------------------+---------------------------------------|

                 dow |         7           1           6     |

     gvkey#news_date |      2735        2735           0    *|

   fips#visitquarter |     37096           1       37095     |

-------------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. // outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bdec(4) add

> text(dow FE, Y, Firm*newsdate FE, Y, county*visitq FE, Y, cluster, firm)

. 

. foreach i of local cs {

  2.         

.         reghdfe lnvisits2 post##c.`i'  ,  absorb(dow gvkey##news_date fips##v

> isitquarter) vce(cluster gvkey)

  3. //      outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bde

> c(4) addtext(dow FE, Y, Firm*newsdate FE, Y, county*visitq FE, Y, cluster, fi

> rm)

. 

. }

(dropped 3 singleton observations)

(MWFE estimator converged in 31 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,123,300

Absorbing 3 HDFE groups                           F(   2,    250) =       3.36

Statistics robust to heteroskedasticity           Prob > F        =     0.0364

                                                  R-squared       =     0.6864

                                                  Adj R-squared   =     0.6861

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9194



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0056206    .002551     2.20   0.028     .0005964    .0106448

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0007205   .0003118    -2.31   0.022    -.0013346   -.0001063

             |

       _cons |    2.66531   .0014749  1807.08   0.000     2.662405    2.668215

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-------------------------------------------------------------+

         Absorbed FE | Categories  - Redundant  = Num. Coefs |

---------------------+---------------------------------------|

                 dow |         7           1           6     |

     gvkey#news_date |      2735        2735           0    *|

   fips#visitquarter |     36393           1       36392     |

-------------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 2 singleton observations)

(MWFE estimator converged in 31 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 38,749,526

Absorbing 3 HDFE groups                           F(   2,    250) =       3.53

Statistics robust to heteroskedasticity           Prob > F        =     0.0307

                                                  R-squared       =     0.6869

                                                  Adj R-squared   =     0.6866

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9206



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0046223   .0024525     1.88   0.061    -.0002078    .0094524

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0005528   .0002208    -2.50   0.013    -.0009877   -.0001179

             |

       _cons |   2.680018   .0014986  1788.40   0.000     2.677067    2.682969

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-------------------------------------------------------------+

         Absorbed FE | Categories  - Redundant  = Num. Coefs |

---------------------+---------------------------------------|

                 dow |         7           1           6     |

     gvkey#news_date |      2735        2735           0    *|

   fips#visitquarter |     34133           1       34132     |

-------------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 4 singleton observations)

(MWFE estimator converged in 31 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,931

Absorbing 3 HDFE groups                           F(   2,    250) =       3.06

Statistics robust to heteroskedasticity           Prob > F        =     0.0488

                                                  R-squared       =     0.6849

                                                  Adj R-squared   =     0.6846

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9211



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0054254   .0024933     2.18   0.030     .0005148    .0103361

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0006855    .000327    -2.10   0.037    -.0013294   -.0000415

             |

       _cons |   2.663895    .001475  1806.03   0.000      2.66099      2.6668

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-------------------------------------------------------------+

         Absorbed FE | Categories  - Redundant  = Num. Coefs |

---------------------+---------------------------------------|

                 dow |         7           1           6     |

     gvkey#news_date |      2735        2735           0    *|

   fips#visitquarter |     37096           1       37095     |

-------------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 4 singleton observations)

(MWFE estimator converged in 31 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,931

Absorbing 3 HDFE groups                           F(   2,    250) =       2.02

Statistics robust to heteroskedasticity           Prob > F        =     0.1354

                                                  R-squared       =     0.6849

                                                  Adj R-squared   =     0.6846

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9211



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0050604   .0026133     1.94   0.054    -.0000865    .0102074

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0006042    .000395    -1.53   0.127    -.0013823    .0001738

             |

       _cons |   2.663895    .001475  1806.07   0.000      2.66099      2.6668

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-------------------------------------------------------------+

         Absorbed FE | Categories  - Redundant  = Num. Coefs |

---------------------+---------------------------------------|

                 dow |         7           1           6     |

     gvkey#news_date |      2735        2735           0    *|

   fips#visitquarter |     37096           1       37095     |

-------------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 3 singleton observations)

(MWFE estimator converged in 31 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 39,597,036

Absorbing 3 HDFE groups                           F(   2,    250) =       2.66

Statistics robust to heteroskedasticity           Prob > F        =     0.0720

                                                  R-squared       =     0.6864

                                                  Adj R-squared   =     0.6861

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9199



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0051488   .0025703     2.00   0.046     .0000866     .010211

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0006089   .0003016    -2.02   0.045    -.0012029   -.0000148

             |

       _cons |   2.671592   .0014837  1800.59   0.000      2.66867    2.674515

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-------------------------------------------------------------+

         Absorbed FE | Categories  - Redundant  = Num. Coefs |

---------------------+---------------------------------------|

                 dow |         7           1           6     |

     gvkey#news_date |      2735        2735           0    *|

   fips#visitquarter |     35846           1       35845     |

-------------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. 

. 

. 

. 

. /***4.2 same quarter and county*quarter FE*******/

. gen yq = yq(year(news_date), quarter(news_date))



. format yq %tq



. 

. gen pre_2q = (yq != yq(year(news_date - 10), quarter(news_date - 10)))



. gen post_2q = (yq != yq(year(news_date + 20), quarter(news_date + 20)))



. 

. 

. keep if pre_2q == 0 & post_2q == 0

(12,210,043 observations deleted)



. 

. 

. gen visityq = visityear*100+quarter(visitday)



. 

. 

. reghdfe lnvisits2 post, absorb(dow gvkey##news_date fips##visityq) vce(cluste

> r gvkey)

(dropped 7 singleton observations)

(MWFE estimator converged in 9 iterations)



HDFE Linear regression                            Number of obs   = 28,114,885

Absorbing 3 HDFE groups                           F(   1,    238) =       2.36

Statistics robust to heteroskedasticity           Prob > F        =     0.1257

                                                  R-squared       =     0.6891

                                                  Adj R-squared   =     0.6887

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        239         Root MSE        =     0.9118



                                (Std. err. adjusted for 239 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0043164    .002809     1.54   0.126    -.0012172      .00985

       _cons |   2.639988    .001893  1394.62   0.000     2.636258    2.643717

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1894        1894           0    *|

      fips#visityq |     36474           1       36473     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. // outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bdec(4) add

> text(dow FE, Y, Firm*newsdate FE, Y, county*visityq FE, Y, cluster, firm, sam

> ple, pre/post_2q=0)

. 

. 

. /*****main cross sectional*****/

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. foreach i of local cs {

  2.         

.         reghdfe lnvisits2 post##c.`i'  ,  absorb(dow gvkey##news_date fips##v

> isityq) vce(cluster gvkey)

  3. //      outreg2 using "`output'alterEF_Cluster.dta", dta tstat tdec(2) bde

> c(4) addtext(dow FE, Y, Firm*newsdate FE, Y, county*visityq FE, Y, cluster, f

> irm, sample, pre/post_2q=0)

. 

. 

. }

(dropped 6 singleton observations)

(MWFE estimator converged in 10 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 27,973,189

Absorbing 3 HDFE groups                           F(   2,    238) =      16.17

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6904

                                                  Adj R-squared   =     0.6900

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        239         Root MSE        =     0.9103



                                (Std. err. adjusted for 239 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0138162   .0034418     4.01   0.000     .0070358    .0205965

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0020998   .0003741    -5.61   0.000    -.0028367   -.0013629

             |

       _cons |   2.641445   .0018971  1392.39   0.000     2.637708    2.645182

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1894        1894           0    *|

      fips#visityq |     35788           1       35787     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 4 singleton observations)

(MWFE estimator converged in 10 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 27,013,739

Absorbing 3 HDFE groups                           F(   2,    238) =      16.35

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6910

                                                  Adj R-squared   =     0.6906

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        239         Root MSE        =     0.9115



                                (Std. err. adjusted for 239 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0107203    .003258     3.29   0.001      .004302    .0171385

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0014908   .0002613    -5.71   0.000    -.0020055   -.0009761

             |

       _cons |   2.656362   .0019114  1389.74   0.000     2.652597    2.660128

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1894        1894           0    *|

      fips#visityq |     33629           1       33628     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 7 singleton observations)

(MWFE estimator converged in 10 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 28,114,885

Absorbing 3 HDFE groups                           F(   2,    238) =       6.99

Statistics robust to heteroskedasticity           Prob > F        =     0.0011

                                                  R-squared       =     0.6891

                                                  Adj R-squared   =     0.6887

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        239         Root MSE        =     0.9118



                                (Std. err. adjusted for 239 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0108083   .0035064     3.08   0.002     .0039009    .0177158

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0014464   .0004072    -3.55   0.000    -.0022486   -.0006442

             |

       _cons |    2.63999   .0018887  1397.76   0.000     2.636269    2.643711

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1894        1894           0    *|

      fips#visityq |     36474           1       36473     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 7 singleton observations)

(MWFE estimator converged in 10 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 28,114,885

Absorbing 3 HDFE groups                           F(   2,    238) =       5.60

Statistics robust to heteroskedasticity           Prob > F        =     0.0042

                                                  R-squared       =     0.6891

                                                  Adj R-squared   =     0.6887

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        239         Root MSE        =     0.9118



                                (Std. err. adjusted for 239 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0112251   .0037291     3.01   0.003     .0038789    .0185714

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0015394   .0004985    -3.09   0.002    -.0025215   -.0005573

             |

       _cons |    2.63999   .0018907  1396.31   0.000     2.636266    2.643715

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1894        1894           0    *|

      fips#visityq |     36474           1       36473     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 6 singleton observations)

(MWFE estimator converged in 10 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 27,607,403

Absorbing 3 HDFE groups                           F(   2,    238) =      13.03

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.6904

                                                  Adj R-squared   =     0.6900

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        239         Root MSE        =     0.9109



                                (Std. err. adjusted for 239 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0125493   .0033907     3.70   0.000     .0058697    .0192288

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0018084    .000363    -4.98   0.000    -.0025234   -.0010933

             |

       _cons |   2.647699   .0019057  1389.39   0.000     2.643945    2.651453

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1894        1894           0    *|

      fips#visityq |     35253           1       35252     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. 

end of do-file



===== extend_30d.log =====




. 

. 

. use "/scratch/NetID/Consumer/Data/sg_rep_10_20.dta", clear



. 

. 

. 

. /***append data****/

. 

. append using "/scratch/NetID/Consumer/Data/graph_ext_day.dta"



. 

. 

. 

. gen gap = visitday - news_date



. tab gap



        gap |      Freq.     Percent        Cum.

------------+-----------------------------------

        -21 |  1,302,831        1.23        1.23

        -20 |  1,304,471        1.23        2.46

        -19 |  1,305,875        1.23        3.69

        -18 |  1,308,615        1.24        4.93

        -17 |  1,309,626        1.24        6.17

        -16 |  1,312,018        1.24        7.41

        -15 |  1,312,394        1.24        8.64

        -14 |  1,312,998        1.24        9.88

        -13 |  1,314,707        1.24       11.13

        -12 |  1,316,382        1.24       12.37

        -11 |  1,317,665        1.24       13.61

        -10 |  1,321,996        1.25       14.86

         -9 |  1,320,927        1.25       16.11

         -8 |  1,320,471        1.25       17.36

         -7 |  1,322,619        1.25       18.60

         -6 |  1,324,591        1.25       19.85

         -5 |  1,325,896        1.25       21.11

         -4 |  1,327,421        1.25       22.36

         -3 |  1,327,993        1.25       23.61

         -2 |  1,328,942        1.25       24.87

         -1 |  1,330,788        1.26       26.13

          0 |  1,332,664        1.26       27.38

          1 |  1,330,815        1.26       28.64

          2 |  1,330,965        1.26       29.90

          3 |  1,329,278        1.26       31.15

          4 |  1,326,454        1.25       32.40

          5 |  1,325,211        1.25       33.66

          6 |  1,324,155        1.25       34.91

          7 |  1,324,108        1.25       36.16

          8 |  1,324,251        1.25       37.41

          9 |  1,323,710        1.25       38.66

         10 |  1,318,214        1.24       39.90

         11 |  1,316,173        1.24       41.14

         12 |  1,314,456        1.24       42.38

         13 |  1,314,579        1.24       43.63

         14 |  1,316,467        1.24       44.87

         15 |  1,315,114        1.24       46.11

         16 |  1,314,171        1.24       47.35

         17 |  1,314,984        1.24       48.59

         18 |  1,313,346        1.24       49.83

         19 |  1,311,284        1.24       51.07

         20 |  1,309,835        1.24       52.31

         21 |  1,307,476        1.23       53.54

         22 |  1,306,498        1.23       54.78

         23 |  1,304,873        1.23       56.01

         24 |  1,302,850        1.23       57.24

         25 |  1,296,218        1.22       58.46

         26 |  1,293,199        1.22       59.68

         27 |  1,291,599        1.22       60.90

         28 |  1,287,715        1.22       62.12

         29 |  1,283,997        1.21       63.33

         30 |  1,279,565        1.21       64.54

         31 |  1,277,666        1.21       65.75

         32 |  1,276,810        1.21       66.95

         33 |  1,274,642        1.20       68.15

         34 |  1,273,803        1.20       69.36

         35 |  1,272,052        1.20       70.56

         36 |  1,270,887        1.20       71.76

         37 |  1,270,267        1.20       72.96

         38 |  1,267,725        1.20       74.16

         39 |  1,263,947        1.19       75.35

         40 |  1,262,632        1.19       76.54

         41 |  1,260,716        1.19       77.73

         42 |  1,259,714        1.19       78.92

         43 |  1,258,287        1.19       80.11

         44 |  1,252,990        1.18       81.29

         45 |  1,250,049        1.18       82.47

         46 |  1,247,621        1.18       83.65

         47 |  1,245,483        1.18       84.83

         48 |  1,243,952        1.17       86.00

         49 |  1,241,748        1.17       87.17

         50 |  1,239,919        1.17       88.34

         51 |  1,238,624        1.17       89.51

         52 |  1,236,184        1.17       90.68

         53 |  1,235,152        1.17       91.85

         54 |  1,234,427        1.17       93.01

         55 |  1,233,810        1.16       94.18

         56 |  1,234,057        1.17       95.34

         57 |  1,234,256        1.17       96.51

         58 |  1,234,349        1.17       97.67

         59 |  1,234,090        1.17       98.84

         60 |  1,230,280        1.16      100.00

------------+-----------------------------------

      Total |105,909,589      100.00



. 

. 

. drop if gap > 30

(37,556,139 observations deleted)



. drop if gap <-10

(14,417,582 observations deleted)



. 

. duplicates drop tic fips news_date visitday, force



Duplicates in terms of tic fips news_date visitday



(0 observations are duplicates)



. 

. 

. 

. /********Destring gvkey and fips*********/

. destring fips, replace

fips: all characters numeric; replaced as long



. destring gvkey, replace

gvkey: all characters numeric; replaced as long



. 

. 

. /*****Merge with ESG preference, demographic, democratic, service industry***

> *******/

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/esgpref2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                         9,917

        from master                     9,746  (_merge==1)

        from using                        171  (_merge==2)



    Matched                        53,926,122  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(171 observations deleted)



. drop _merge



. 

. 

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/demo2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                         9,826

        from master                     9,746  (_merge==1)

        from using                         80  (_merge==2)



    Matched                        53,926,122  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(80 observations deleted)



. drop _merge



. 

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/house2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                       984,012

        from master                   983,956  (_merge==1)

        from using                         56  (_merge==2)



    Matched                        52,951,912  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(56 observations deleted)



. drop _merge



. 

. 

. merge m:1 gvkey datadate using "/scratch/NetID/Consumer/Data/naics_service.d

> ta"

(variable tic was str6, now str8 to accommodate using data's values)



    Result                      Number of obs

    -----------------------------------------

    Not matched                       550,969

        from master                         0  (_merge==1)

        from using                    550,969  (_merge==2)



    Matched                        53,935,868  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(550,969 observations deleted)



. drop _merge



. 

. 

. 

. /*****Only keep news after 20180110 and before 20201202*********/

. gen visityear=year(visitday)



. gen visityyyymm=year(visitday)*100+month(visitday)



. gen visityyyymmdd=visityyyymm*100+day(visitday)



. 

. 

. gen yyyymm=year(news_date)*100+month(news_date)



. gen yyyymmdd=(yyyymm*100)+day(news_date)



. gen dow = dow(visitday)



. gen doy= doy(visitday)



. gen visityyyy=year(visitday)



. 

. 

. keep if news_date > td(10jan2018)

(481,197 observations deleted)



. keep if news_date < td(2dec2020)

(712,739 observations deleted)



. 

. 

. 

. /****winsorize*****/

. winsor2 totalvisits_day , cuts(1 99)



. gen lnvisits2=log(1+totalvisits_day_w)



. 

. 

. 

. /***scale union score card variable in 2018****/

. replace avg_aflcio_score2018 = avg_aflcio_score2018/100

(50,140,622 real changes made)



. replace avg_lcv_score2018 = avg_lcv_score2018/100

(40,927,504 real changes made)



. gen union2018 = (avg_aflcio_score2018 + avg_lcv_score2018)/2

(2,067,251 missing values generated)



. 

. /***decile****/

. egen de_inc2018 = xtile(incgroup3), nq(10)

(9,552 missing values generated)



. egen de_edu2018 = xtile(edugroup3), nq(10)

(9,552 missing values generated)



. egen de_dem2018 = xtile(house_dem2018), nq(10)

(960,088 missing values generated)



. egen de_union2018 = xtile(union2018), nq(10)

(2,067,251 missing values generated)



. egen de_yale2018 = xtile(corp_yale2018), nq(10)

(271,747 missing values generated)



. 

. 

. 

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. foreach i of local cs {

  2.         

.         replace `i' = `i' - 1

  3. }

(52,470,185 real changes made)

(50,674,681 real changes made)

(52,732,380 real changes made)

(52,732,380 real changes made)

(51,781,844 real changes made)



. 

. 

. 

. gen post=1 if visitday>=news_date

(12,944,598 missing values generated)



. replace post=0 if post==.

(12,944,598 real changes made)



. 

. reghdfe lnvisits2 post##c.de_inc2018, absorb(dow gvkey##news_date fips##visit

> year) vce(cluster gvkey)

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 52,732,380

Absorbing 3 HDFE groups                           F(   2,    250) =       4.13

Statistics robust to heteroskedasticity           Prob > F        =     0.0171

                                                  R-squared       =     0.6792

                                                  Adj R-squared   =     0.6792

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9284



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0047767   .0025437     1.88   0.062    -.0002332    .0097866

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0009762   .0003577    -2.73   0.007    -.0016807   -.0002717

             |

       _cons |   2.672329   .0018389  1453.25   0.000     2.668708    2.675951

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2702        2702           0    *|

    fips#visityear |      9401           1        9400     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. keep if e(sample)

(9,552 observations deleted)



. 

. 

. 

. /*************Extended window main results****************/

. reghdfe lnvisits2 post ,  absorb(dow gvkey##news_date fips##visityear) vce(cl

> uster gvkey)

(MWFE estimator converged in 12 iterations)



HDFE Linear regression                            Number of obs   = 52,732,380

Absorbing 3 HDFE groups                           F(   1,    250) =       0.02

Statistics robust to heteroskedasticity           Prob > F        =     0.8757

                                                  R-squared       =     0.6792

                                                  Adj R-squared   =     0.6792

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9284



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0003857   .0024631     0.16   0.876    -.0044654    .0052368

       _cons |    2.67233   .0018586  1437.83   0.000      2.66867    2.675991

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2702        2702           0    *|

    fips#visityear |      9401           1        9400     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. outreg2 using "`output'extend_30d.dta", dta tstat tdec(2) bdec(4) addtext(dow

>  FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm)

dir : seeout



. 

. 

. 

. /*****main cross sectional******/

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

.  foreach i of local cs {

  2.         

.         reghdfe lnvisits2 post##c.`i'  ,  absorb(dow gvkey##news_date fips##v

> isityear) vce(cluster gvkey)

  3.         outreg2 using "`output'extend_30d.dta", dta tstat tdec(2) bdec(4) 

> addtext(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm)

  4.  }

(MWFE estimator converged in 13 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 52,470,185

Absorbing 3 HDFE groups                           F(   2,    250) =       4.18

Statistics robust to heteroskedasticity           Prob > F        =     0.0164

                                                  R-squared       =     0.6809

                                                  Adj R-squared   =     0.6808

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9264



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0049789    .002677     1.86   0.064    -.0002934    .0102512

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0009909   .0003528    -2.81   0.005    -.0016857    -.000296

             |

       _cons |   2.673621   .0018359  1456.27   0.000     2.670005    2.677237

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2702        2702           0    *|

    fips#visityear |      9218           1        9217     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 13 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 50,674,681

Absorbing 3 HDFE groups                           F(   2,    250) =       4.57

Statistics robust to heteroskedasticity           Prob > F        =     0.0112

                                                  R-squared       =     0.6815

                                                  Adj R-squared   =     0.6814

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9276



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0036749   .0026666     1.38   0.169     -.001577    .0089268

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0007503   .0002493    -3.01   0.003    -.0012412   -.0002594

             |

       _cons |   2.688317   .0018692  1438.25   0.000     2.684635    2.691998

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2702        2702           0    *|

    fips#visityear |      8628           1        8627     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 52,732,380

Absorbing 3 HDFE groups                           F(   2,    250) =       4.13

Statistics robust to heteroskedasticity           Prob > F        =     0.0171

                                                  R-squared       =     0.6792

                                                  Adj R-squared   =     0.6792

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9284



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0047767   .0025437     1.88   0.062    -.0002332    .0097866

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0009762   .0003577    -2.73   0.007    -.0016807   -.0002717

             |

       _cons |   2.672329   .0018389  1453.25   0.000     2.668708    2.675951

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2702        2702           0    *|

    fips#visityear |      9401           1        9400     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 13 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 52,732,380

Absorbing 3 HDFE groups                           F(   2,    250) =       2.53

Statistics robust to heteroskedasticity           Prob > F        =     0.0820

                                                  R-squared       =     0.6792

                                                  Adj R-squared   =     0.6792

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9284



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0045268    .002586     1.75   0.081    -.0005662    .0096199

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0009206    .000447    -2.06   0.041     -.001801   -.0000401

             |

       _cons |   2.672329    .001836  1455.55   0.000     2.668713    2.675945

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2702        2702           0    *|

    fips#visityear |      9401           1        9400     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 51,781,844

Absorbing 3 HDFE groups                           F(   2,    250) =       3.57

Statistics robust to heteroskedasticity           Prob > F        =     0.0297

                                                  R-squared       =     0.6809

                                                  Adj R-squared   =     0.6808

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9269



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0045564   .0026868     1.70   0.091    -.0007352     .009848

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0008982    .000346    -2.60   0.010    -.0015798   -.0002167

             |

       _cons |   2.679916   .0018476  1450.51   0.000     2.676277    2.683555

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2702        2702           0    *|

    fips#visityear |      9076           1        9075     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout



. 

.  

. 

.  

.  

. 

end of do-file



===== extend_service_45_60d.log =====


. 

. 

. use "/scratch/NetID/Consumer/Data/sg_rep_10_20.dta", clear



. 

. 

. 

. /***append data****/

. 

. append using "/scratch/NetID/Consumer/Data/graph_ext_day.dta"



. 

. 

. 

. gen gap = visitday - news_date



. tab gap



        gap |      Freq.     Percent        Cum.

------------+-----------------------------------

        -21 |  1,302,831        1.23        1.23

        -20 |  1,304,471        1.23        2.46

        -19 |  1,305,875        1.23        3.69

        -18 |  1,308,615        1.24        4.93

        -17 |  1,309,626        1.24        6.17

        -16 |  1,312,018        1.24        7.41

        -15 |  1,312,394        1.24        8.64

        -14 |  1,312,998        1.24        9.88

        -13 |  1,314,707        1.24       11.13

        -12 |  1,316,382        1.24       12.37

        -11 |  1,317,665        1.24       13.61

        -10 |  1,321,996        1.25       14.86

         -9 |  1,320,927        1.25       16.11

         -8 |  1,320,471        1.25       17.36

         -7 |  1,322,619        1.25       18.60

         -6 |  1,324,591        1.25       19.85

         -5 |  1,325,896        1.25       21.11

         -4 |  1,327,421        1.25       22.36

         -3 |  1,327,993        1.25       23.61

         -2 |  1,328,942        1.25       24.87

         -1 |  1,330,788        1.26       26.13

          0 |  1,332,664        1.26       27.38

          1 |  1,330,815        1.26       28.64

          2 |  1,330,965        1.26       29.90

          3 |  1,329,278        1.26       31.15

          4 |  1,326,454        1.25       32.40

          5 |  1,325,211        1.25       33.66

          6 |  1,324,155        1.25       34.91

          7 |  1,324,108        1.25       36.16

          8 |  1,324,251        1.25       37.41

          9 |  1,323,710        1.25       38.66

         10 |  1,318,214        1.24       39.90

         11 |  1,316,173        1.24       41.14

         12 |  1,314,456        1.24       42.38

         13 |  1,314,579        1.24       43.63

         14 |  1,316,467        1.24       44.87

         15 |  1,315,114        1.24       46.11

         16 |  1,314,171        1.24       47.35

         17 |  1,314,984        1.24       48.59

         18 |  1,313,346        1.24       49.83

         19 |  1,311,284        1.24       51.07

         20 |  1,309,835        1.24       52.31

         21 |  1,307,476        1.23       53.54

         22 |  1,306,498        1.23       54.78

         23 |  1,304,873        1.23       56.01

         24 |  1,302,850        1.23       57.24

         25 |  1,296,218        1.22       58.46

         26 |  1,293,199        1.22       59.68

         27 |  1,291,599        1.22       60.90

         28 |  1,287,715        1.22       62.12

         29 |  1,283,997        1.21       63.33

         30 |  1,279,565        1.21       64.54

         31 |  1,277,666        1.21       65.75

         32 |  1,276,810        1.21       66.95

         33 |  1,274,642        1.20       68.15

         34 |  1,273,803        1.20       69.36

         35 |  1,272,052        1.20       70.56

         36 |  1,270,887        1.20       71.76

         37 |  1,270,267        1.20       72.96

         38 |  1,267,725        1.20       74.16

         39 |  1,263,947        1.19       75.35

         40 |  1,262,632        1.19       76.54

         41 |  1,260,716        1.19       77.73

         42 |  1,259,714        1.19       78.92

         43 |  1,258,287        1.19       80.11

         44 |  1,252,990        1.18       81.29

         45 |  1,250,049        1.18       82.47

         46 |  1,247,621        1.18       83.65

         47 |  1,245,483        1.18       84.83

         48 |  1,243,952        1.17       86.00

         49 |  1,241,748        1.17       87.17

         50 |  1,239,919        1.17       88.34

         51 |  1,238,624        1.17       89.51

         52 |  1,236,184        1.17       90.68

         53 |  1,235,152        1.17       91.85

         54 |  1,234,427        1.17       93.01

         55 |  1,233,810        1.16       94.18

         56 |  1,234,057        1.17       95.34

         57 |  1,234,256        1.17       96.51

         58 |  1,234,349        1.17       97.67

         59 |  1,234,090        1.17       98.84

         60 |  1,230,280        1.16      100.00

------------+-----------------------------------

      Total |105,909,589      100.00



. 

. drop if gap < -10

(14,417,582 observations deleted)



. 

. duplicates drop tic fips news_date visitday, force



Duplicates in terms of tic fips news_date visitday



(0 observations are duplicates)



. 

. 

. 

. /********Destring gvkey and fips*********/

. destring fips, replace

fips: all characters numeric; replaced as long



. destring gvkey, replace

gvkey: all characters numeric; replaced as long



. 

. 

. /*****Merge with ESG preference, demographic, democratic, service industry***

> *******/

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/esgpref2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                        16,486

        from master                    16,315  (_merge==1)

        from using                        171  (_merge==2)



    Matched                        91,475,692  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(171 observations deleted)



. drop _merge



. 

. 

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/demo2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                        16,395

        from master                    16,315  (_merge==1)

        from using                         80  (_merge==2)



    Matched                        91,475,692  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(80 observations deleted)



. drop _merge



. 

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/house2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                     1,664,492

        from master                 1,664,436  (_merge==1)

        from using                         56  (_merge==2)



    Matched                        89,827,571  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(56 observations deleted)



. drop _merge



. 

. 

. merge m:1 gvkey datadate using "/scratch/NetID/Consumer/Data/naics_service.d

> ta"

(variable tic was str6, now str8 to accommodate using data's values)



    Result                      Number of obs

    -----------------------------------------

    Not matched                       550,969

        from master                         0  (_merge==1)

        from using                    550,969  (_merge==2)



    Matched                        91,492,007  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(550,969 observations deleted)



. drop _merge



. 

. 

. 

. /*****Only keep news after 20180110 and before 20201117*********/

. gen visityear=year(visitday)



. gen visityyyymm=year(visitday)*100+month(visitday)



. gen visityyyymmdd=visityyyymm*100+day(visitday)



. 

. 

. gen yyyymm=year(news_date)*100+month(news_date)



. gen yyyymmdd=(yyyymm*100)+day(news_date)



. gen dow = dow(visitday)



. gen doy= doy(visitday)



. gen visityyyy=year(visitday)



. 

. 

. keep if news_date > td(10jan2018)

(890,447 observations deleted)



. keep if news_date < td(17nov2020)

(1,141,819 observations deleted)



. 

. 

. 

. /****winsorize*****/

. winsor2 totalvisits_day , cuts(1 99)



. gen lnvisits2=log(1+totalvisits_day_w)



. 

. 

. 

. /***scale union score card variable in 2018****/

. replace avg_aflcio_score2018 = avg_aflcio_score2018/100

(85,053,232 real changes made)



. replace avg_lcv_score2018 = avg_lcv_score2018/100

(69,468,467 real changes made)



. gen union2018 = (avg_aflcio_score2018 + avg_lcv_score2018)/2

(3,500,961 missing values generated)



. 

. /***decile****/

. egen de_inc2018 = xtile(incgroup3), nq(10)

(16,012 missing values generated)



. egen de_edu2018 = xtile(edugroup3), nq(10)

(16,012 missing values generated)



. egen de_dem2018 = xtile(house_dem2018), nq(10)

(1,626,693 missing values generated)



. egen de_union2018 = xtile(union2018), nq(10)

(3,500,961 missing values generated)



. egen de_yale2018 = xtile(corp_yale2018), nq(10)

(460,900 missing values generated)



. 

. 

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. foreach i of local cs {

  2.         

.         replace `i' = `i' - 1

  3. }

(88,998,841 real changes made)

(85,958,780 real changes made)

(89,443,729 real changes made)

(89,443,729 real changes made)

(87,833,048 real changes made)



. 

. 

. 

. 

. 

. gen post=1 if visitday>=news_date

(12,864,378 missing values generated)



. replace post=0 if post==.

(12,864,378 real changes made)



. 

. reghdfe lnvisits2 post##c.de_inc2018, absorb(dow gvkey##news_date fips##visit

> year) vce(cluster gvkey)

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 89,443,729

Absorbing 3 HDFE groups                           F(   2,    249) =       0.58

Statistics robust to heteroskedasticity           Prob > F        =     0.5610

                                                  R-squared       =     0.6764

                                                  Adj R-squared   =     0.6764

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        250         Root MSE        =     0.9323



                                (Std. err. adjusted for 250 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0047818   .0044631     1.07   0.285    -.0040084     .013572

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0003966   .0005161    -0.77   0.443    -.0014132    .0006199

             |

       _cons |   2.685426   .0029646   905.83   0.000     2.679587    2.691265

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2683        2683           0    *|

    fips#visityear |      9400           1        9399     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. keep if e(sample)

(16,012 observations deleted)



. 

. 

.  /**************service vs. nonservice*******************/

. merge m:1 gvkey datadate using "/scratch/NetID/Consumer/Data/naics_service.d

> ta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                       551,023

        from master                         0  (_merge==1)

        from using                    551,023  (_merge==2)



    Matched                        89,443,729  (_merge==3)

    -----------------------------------------



. drop if _merge == 2     

(551,023 observations deleted)



. drop _merge



. 

. local cs de_yale2 de_union2 de_inc2018 de_edu2018 de_dem2018



. 

. 

. 

. /****45 day*********/

. forvalues i = 0/1{

  2.         

.         reghdfe lnvisits2 post if  service == `i' & gap <=45 ,  absorb(dow gv

> key##news_date fips##visityear) vce(cluster gvkey)

  3.         outreg2 using "`output'service_ext.dta", dta tstat tdec(2) bdec(4)

>  addtext(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm, 

> group, service = `i' , window, 45days)

  4. 

.         

.         foreach j of local cs {

  5.         

.         reghdfe lnvisits2 post##c.`j' if  service == `i' & gap <=45 ,  absorb

> (dow gvkey##news_date fips##visityear) vce(cluster gvkey)

  6.         outreg2 using "`output'service_ext.dta", dta tstat tdec(2) bdec(4)

>  addtext(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm, 

> group, service = `i' , window, 45days)

  7. 

.         }

  8.         }

(MWFE estimator converged in 13 iterations)



HDFE Linear regression                            Number of obs   = 37,301,434

Absorbing 3 HDFE groups                           F(   1,    135) =       0.00

Statistics robust to heteroskedasticity           Prob > F        =     0.9862

                                                  R-squared       =     0.6509

                                                  Adj R-squared   =     0.6508

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        136         Root MSE        =     0.9244



                                (Std. err. adjusted for 136 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   -.000073   .0042007    -0.02   0.986    -.0083807    .0082347

       _cons |   2.923368     .00344   849.83   0.000     2.916565    2.930171

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1453        1453           0    *|

    fips#visityear |      9358           1        9357     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 13 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 37,089,369

Absorbing 3 HDFE groups                           F(   2,    135) =       1.97

Statistics robust to heteroskedasticity           Prob > F        =     0.1433

                                                  R-squared       =     0.6521

                                                  Adj R-squared   =     0.6520

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        136         Root MSE        =     0.9234



                                (Std. err. adjusted for 136 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0055376   .0051332     1.08   0.283    -.0046143    .0156895

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0011955   .0006026    -1.98   0.049    -.0023873   -3.81e-06

             |

       _cons |   2.924571   .0034479   848.21   0.000     2.917752     2.93139

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1453        1453           0    *|

    fips#visityear |      9177           1        9176     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 13 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 35,849,017

Absorbing 3 HDFE groups                           F(   2,    135) =       3.26

Statistics robust to heteroskedasticity           Prob > F        =     0.0414

                                                  R-squared       =     0.6523

                                                  Adj R-squared   =     0.6522

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        136         Root MSE        =     0.9241



                                (Std. err. adjusted for 136 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0045136   .0049508     0.91   0.364    -.0052774    .0143047

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0010332   .0004129    -2.50   0.014    -.0018498   -.0002167

             |

       _cons |   2.941287   .0034924   842.20   0.000      2.93438    2.948194

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1453        1453           0    *|

    fips#visityear |      8594           1        8593     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 37,301,434

Absorbing 3 HDFE groups                           F(   2,    135) =       1.26

Statistics robust to heteroskedasticity           Prob > F        =     0.2861

                                                  R-squared       =     0.6509

                                                  Adj R-squared   =     0.6508

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        136         Root MSE        =     0.9244



                                (Std. err. adjusted for 136 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |    .004598   .0049074     0.94   0.350    -.0051072    .0143033

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0010414   .0006576    -1.58   0.116    -.0023419    .0002591

             |

       _cons |   2.923366   .0034507   847.17   0.000     2.916542    2.930191

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1453        1453           0    *|

    fips#visityear |      9358           1        9357     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 13 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 37,301,434

Absorbing 3 HDFE groups                           F(   2,    135) =       0.98

Statistics robust to heteroskedasticity           Prob > F        =     0.3768

                                                  R-squared       =     0.6509

                                                  Adj R-squared   =     0.6508

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        136         Root MSE        =     0.9244



                                (Std. err. adjusted for 136 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0048599   .0051492     0.94   0.347    -.0053236    .0150434

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0011065   .0007943    -1.39   0.166    -.0026774    .0004645

             |

       _cons |   2.923366   .0034525   846.74   0.000     2.916538    2.930194

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1453        1453           0    *|

    fips#visityear |      9358           1        9357     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 36,596,421

Absorbing 3 HDFE groups                           F(   2,    135) =       1.98

Statistics robust to heteroskedasticity           Prob > F        =     0.1418

                                                  R-squared       =     0.6517

                                                  Adj R-squared   =     0.6516

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        136         Root MSE        =     0.9242



                                (Std. err. adjusted for 136 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0052127   .0050602     1.03   0.305    -.0047948    .0152201

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0011168   .0005613    -1.99   0.049    -.0022269   -6.72e-06

             |

       _cons |   2.931773   .0034712   844.59   0.000     2.924908    2.938638

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1453        1453           0    *|

    fips#visityear |      9058           1        9057     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 12 iterations)



HDFE Linear regression                            Number of obs   = 33,784,905

Absorbing 3 HDFE groups                           F(   1,    113) =       0.30

Statistics robust to heteroskedasticity           Prob > F        =     0.5821

                                                  R-squared       =     0.7083

                                                  Adj R-squared   =     0.7082

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        114         Root MSE        =     0.9063



                                (Std. err. adjusted for 114 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0024477   .0044347     0.55   0.582    -.0063383    .0112337

       _cons |   2.407996   .0036331   662.79   0.000     2.400798    2.415193

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1230        1230           0    *|

    fips#visityear |      8181           1        8180     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 12 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 33,642,856

Absorbing 3 HDFE groups                           F(   2,    113) =       0.66

Statistics robust to heteroskedasticity           Prob > F        =     0.5189

                                                  R-squared       =     0.7096

                                                  Adj R-squared   =     0.7096

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        114         Root MSE        =     0.9047



                                (Std. err. adjusted for 114 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0052855    .005258     1.01   0.317    -.0051315    .0157025

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0005831   .0005738    -1.02   0.312    -.0017199    .0005537

             |

       _cons |   2.409618   .0036099   667.50   0.000     2.402466     2.41677

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1230        1230           0    *|

    fips#visityear |      8057           1        8056     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 12 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 32,464,319

Absorbing 3 HDFE groups                           F(   2,    113) =       0.54

Statistics robust to heteroskedasticity           Prob > F        =     0.5826

                                                  R-squared       =     0.7103

                                                  Adj R-squared   =     0.7102

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        114         Root MSE        =     0.9063



                                (Std. err. adjusted for 114 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0042936   .0050846     0.84   0.400      -.00578    .0143672

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0003856   .0004009    -0.96   0.338    -.0011798    .0004086

             |

       _cons |   2.421781   .0036322   666.76   0.000     2.414585    2.428977

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1230        1230           0    *|

    fips#visityear |      7635           1        7634     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 12 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 33,784,905

Absorbing 3 HDFE groups                           F(   2,    113) =       0.31

Statistics robust to heteroskedasticity           Prob > F        =     0.7331

                                                  R-squared       =     0.7083

                                                  Adj R-squared   =     0.7082

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        114         Root MSE        =     0.9063



                                (Std. err. adjusted for 114 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0040192   .0053904     0.75   0.457    -.0066601    .0146985

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0003491   .0005379    -0.65   0.518    -.0014148    .0007167

             |

       _cons |   2.407997    .003617   665.75   0.000     2.400831    2.415163

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1230        1230           0    *|

    fips#visityear |      8181           1        8180     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 12 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 33,784,905

Absorbing 3 HDFE groups                           F(   2,    113) =       0.27

Statistics robust to heteroskedasticity           Prob > F        =     0.7666

                                                  R-squared       =     0.7083

                                                  Adj R-squared   =     0.7082

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        114         Root MSE        =     0.9063



                                (Std. err. adjusted for 114 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0038843   .0053378     0.73   0.468    -.0066909    .0144595

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0003172   .0006939    -0.46   0.648     -.001692    .0010576

             |

       _cons |   2.407997   .0036162   665.89   0.000     2.400833    2.415162

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1230        1230           0    *|

    fips#visityear |      8181           1        8180     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 12 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 33,208,207

Absorbing 3 HDFE groups                           F(   2,    113) =       0.50

Statistics robust to heteroskedasticity           Prob > F        =     0.6074

                                                  R-squared       =     0.7099

                                                  Adj R-squared   =     0.7098

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        114         Root MSE        =     0.9048



                                (Std. err. adjusted for 114 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0048188   .0053185     0.91   0.367    -.0057182    .0153557

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0005035   .0005848    -0.86   0.391    -.0016621    .0006551

             |

       _cons |   2.415018   .0036146   668.12   0.000     2.407857    2.422179

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1230        1230           0    *|

    fips#visityear |      7928           1        7927     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout



.         

. 

. 

. /****60 days*******/

. forvalues i = 0/1{

  2.         

.         reghdfe lnvisits2 post if  service == `i' & news_date < td(02nov2020)

>  ,  absorb(dow gvkey##news_date fips##visityear) vce(cluster gvkey)

  3.         outreg2 using "`output'service_ext.dta", dta tstat tdec(2) bdec(4)

>  addtext(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm, 

> group, service = `i' , window, 60days)

  4. 

.         foreach j of local cs {

  5.         

.         reghdfe lnvisits2 post##c.`j' if  service == `i' & news_date < td(02n

> ov2020) ,  absorb(dow gvkey##news_date fips##visityear) vce(cluster gvkey)

  6.         outreg2 using "`output'service_ext.dta", dta tstat tdec(2) bdec(4)

>  addtext(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm, 

> group, service = `i' , window, 60days)

  7. 

.         }

  8.         }

(MWFE estimator converged in 13 iterations)



HDFE Linear regression                            Number of obs   = 46,587,441

Absorbing 3 HDFE groups                           F(   1,    135) =       0.76

Statistics robust to heteroskedasticity           Prob > F        =     0.3834

                                                  R-squared       =     0.6503

                                                  Adj R-squared   =     0.6503

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        136         Root MSE        =     0.9249



                                (Std. err. adjusted for 136 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |    .004066   .0046498     0.87   0.383    -.0051299    .0132619

       _cons |   2.931837   .0039817   736.33   0.000     2.923962    2.939711

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1435        1435           0    *|

    fips#visityear |      9358           1        9357     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 13 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 46,322,193

Absorbing 3 HDFE groups                           F(   2,    135) =       0.93

Statistics robust to heteroskedasticity           Prob > F        =     0.3977

                                                  R-squared       =     0.6516

                                                  Adj R-squared   =     0.6515

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        136         Root MSE        =     0.9238



                                (Std. err. adjusted for 136 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0080064   .0061153     1.31   0.193    -.0040878    .0201007

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0007994    .000695    -1.15   0.252    -.0021739     .000575

             |

       _cons |   2.932951    .004004   732.51   0.000     2.925032     2.94087

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1435        1435           0    *|

    fips#visityear |      9177           1        9176     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 13 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 44,775,513

Absorbing 3 HDFE groups                           F(   2,    135) =       1.39

Statistics robust to heteroskedasticity           Prob > F        =     0.2529

                                                  R-squared       =     0.6517

                                                  Adj R-squared   =     0.6516

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        136         Root MSE        =     0.9246



                                (Std. err. adjusted for 136 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |    .007597   .0057093     1.33   0.186    -.0036943    .0188883

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0007631   .0004739    -1.61   0.110    -.0017003    .0001741

             |

       _cons |   2.949745   .0040475   728.78   0.000     2.941741     2.95775

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1435        1435           0    *|

    fips#visityear |      8594           1        8593     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 46,587,441

Absorbing 3 HDFE groups                           F(   2,    135) =       0.55

Statistics robust to heteroskedasticity           Prob > F        =     0.5811

                                                  R-squared       =     0.6503

                                                  Adj R-squared   =     0.6503

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        136         Root MSE        =     0.9249



                                (Std. err. adjusted for 136 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0062402    .005978     1.04   0.298    -.0055825    .0180628

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0004849   .0007571    -0.64   0.523    -.0019822    .0010124

             |

       _cons |   2.931837   .0039954   733.80   0.000     2.923935    2.939738

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1435        1435           0    *|

    fips#visityear |      9358           1        9357     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 13 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 46,587,441

Absorbing 3 HDFE groups                           F(   2,    135) =       0.53

Statistics robust to heteroskedasticity           Prob > F        =     0.5881

                                                  R-squared       =     0.6503

                                                  Adj R-squared   =     0.6503

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        136         Root MSE        =     0.9249



                                (Std. err. adjusted for 136 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0064384    .006282     1.02   0.307    -.0059855    .0188622

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0005322   .0008966    -0.59   0.554    -.0023055     .001241

             |

       _cons |   2.931836   .0039986   733.22   0.000     2.923929    2.939744

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1435        1435           0    *|

    fips#visityear |      9358           1        9357     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 45,706,496

Absorbing 3 HDFE groups                           F(   2,    135) =       0.96

Statistics robust to heteroskedasticity           Prob > F        =     0.3842

                                                  R-squared       =     0.6511

                                                  Adj R-squared   =     0.6510

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        136         Root MSE        =     0.9247



                                (Std. err. adjusted for 136 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0077943   .0059374     1.31   0.191     -.003948    .0195366

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0007486   .0006359    -1.18   0.241    -.0020062    .0005089

             |

       _cons |   2.940172   .0040229   730.86   0.000     2.932216    2.948129

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1435        1435           0    *|

    fips#visityear |      9058           1        9057     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 12 iterations)



HDFE Linear regression                            Number of obs   = 42,156,764

Absorbing 3 HDFE groups                           F(   1,    113) =       0.18

Statistics robust to heteroskedasticity           Prob > F        =     0.6709

                                                  R-squared       =     0.7071

                                                  Adj R-squared   =     0.7070

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        114         Root MSE        =     0.9082



                                (Std. err. adjusted for 114 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0021956   .0051531     0.43   0.671    -.0080137    .0124048

       _cons |   2.417245   .0044132   547.74   0.000     2.408502    2.425988

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1217        1217           0    *|

    fips#visityear |      8181           1        8180     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 12 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 41,980,818

Absorbing 3 HDFE groups                           F(   2,    113) =       0.70

Statistics robust to heteroskedasticity           Prob > F        =     0.4967

                                                  R-squared       =     0.7084

                                                  Adj R-squared   =     0.7083

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        114         Root MSE        =     0.9066



                                (Std. err. adjusted for 114 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0058882   .0064569     0.91   0.364     -.006904    .0186805

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |   -.000766   .0006572    -1.17   0.246    -.0020681    .0005361

             |

       _cons |    2.41881   .0043839   551.75   0.000     2.410125    2.427496

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1217        1217           0    *|

    fips#visityear |      8057           1        8056     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 12 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,511,420

Absorbing 3 HDFE groups                           F(   2,    113) =       0.66

Statistics robust to heteroskedasticity           Prob > F        =     0.5196

                                                  R-squared       =     0.7091

                                                  Adj R-squared   =     0.7090

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        114         Root MSE        =     0.9082



                                (Std. err. adjusted for 114 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0046389   .0060714     0.76   0.446    -.0073896    .0166674

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0005145   .0004497    -1.14   0.255    -.0014055    .0003764

             |

       _cons |    2.43097   .0043965   552.93   0.000     2.422259     2.43968

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1217        1217           0    *|

    fips#visityear |      7635           1        7634     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 12 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 42,156,764

Absorbing 3 HDFE groups                           F(   2,    113) =       0.20

Statistics robust to heteroskedasticity           Prob > F        =     0.8227

                                                  R-squared       =     0.7071

                                                  Adj R-squared   =     0.7070

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        114         Root MSE        =     0.9082



                                (Std. err. adjusted for 114 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0038747   .0066998     0.58   0.564    -.0093988    .0171482

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0003733   .0006534    -0.57   0.569    -.0016679    .0009212

             |

       _cons |   2.417249   .0043929   550.26   0.000     2.408546    2.425952

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1217        1217           0    *|

    fips#visityear |      8181           1        8180     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 12 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 42,156,764

Absorbing 3 HDFE groups                           F(   2,    113) =       0.19

Statistics robust to heteroskedasticity           Prob > F        =     0.8263

                                                  R-squared       =     0.7071

                                                  Adj R-squared   =     0.7070

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        114         Root MSE        =     0.9082



                                (Std. err. adjusted for 114 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0040615    .006769     0.60   0.550    -.0093491     .017472

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0004125    .000808    -0.51   0.611    -.0020133    .0011883

             |

       _cons |   2.417249   .0043877   550.91   0.000     2.408557    2.425942

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1217        1217           0    *|

    fips#visityear |      8181           1        8180     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout

(MWFE estimator converged in 12 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 41,439,755

Absorbing 3 HDFE groups                           F(   2,    113) =       0.55

Statistics robust to heteroskedasticity           Prob > F        =     0.5780

                                                  R-squared       =     0.7087

                                                  Adj R-squared   =     0.7086

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        114         Root MSE        =     0.9066



                                (Std. err. adjusted for 114 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0054265   .0065511     0.83   0.409    -.0075525    .0184054

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0006941   .0006752    -1.03   0.306    -.0020319    .0006437

             |

       _cons |    2.42416    .004392   551.95   0.000     2.415458    2.432861

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1217        1217           0    *|

    fips#visityear |      7928           1        7927     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

dir : seeout



. 

. 

end of do-file



===== graph.log =====


. 

. 

. use "/scratch/NetID/Consumer/Data/sg_rep_10_20.dta", clear



. 

. 

. 

. /***append data****/

. 

. append using "/scratch/NetID/Consumer/Data/graph_ext_day.dta"



. 

. 

. gen gap = visitday - news_date



. tab gap



        gap |      Freq.     Percent        Cum.

------------+-----------------------------------

        -21 |  1,302,831        1.23        1.23

        -20 |  1,304,471        1.23        2.46

        -19 |  1,305,875        1.23        3.69

        -18 |  1,308,615        1.24        4.93

        -17 |  1,309,626        1.24        6.17

        -16 |  1,312,018        1.24        7.41

        -15 |  1,312,394        1.24        8.64

        -14 |  1,312,998        1.24        9.88

        -13 |  1,314,707        1.24       11.13

        -12 |  1,316,382        1.24       12.37

        -11 |  1,317,665        1.24       13.61

        -10 |  1,321,996        1.25       14.86

         -9 |  1,320,927        1.25       16.11

         -8 |  1,320,471        1.25       17.36

         -7 |  1,322,619        1.25       18.60

         -6 |  1,324,591        1.25       19.85

         -5 |  1,325,896        1.25       21.11

         -4 |  1,327,421        1.25       22.36

         -3 |  1,327,993        1.25       23.61

         -2 |  1,328,942        1.25       24.87

         -1 |  1,330,788        1.26       26.13

          0 |  1,332,664        1.26       27.38

          1 |  1,330,815        1.26       28.64

          2 |  1,330,965        1.26       29.90

          3 |  1,329,278        1.26       31.15

          4 |  1,326,454        1.25       32.40

          5 |  1,325,211        1.25       33.66

          6 |  1,324,155        1.25       34.91

          7 |  1,324,108        1.25       36.16

          8 |  1,324,251        1.25       37.41

          9 |  1,323,710        1.25       38.66

         10 |  1,318,214        1.24       39.90

         11 |  1,316,173        1.24       41.14

         12 |  1,314,456        1.24       42.38

         13 |  1,314,579        1.24       43.63

         14 |  1,316,467        1.24       44.87

         15 |  1,315,114        1.24       46.11

         16 |  1,314,171        1.24       47.35

         17 |  1,314,984        1.24       48.59

         18 |  1,313,346        1.24       49.83

         19 |  1,311,284        1.24       51.07

         20 |  1,309,835        1.24       52.31

         21 |  1,307,476        1.23       53.54

         22 |  1,306,498        1.23       54.78

         23 |  1,304,873        1.23       56.01

         24 |  1,302,850        1.23       57.24

         25 |  1,296,218        1.22       58.46

         26 |  1,293,199        1.22       59.68

         27 |  1,291,599        1.22       60.90

         28 |  1,287,715        1.22       62.12

         29 |  1,283,997        1.21       63.33

         30 |  1,279,565        1.21       64.54

         31 |  1,277,666        1.21       65.75

         32 |  1,276,810        1.21       66.95

         33 |  1,274,642        1.20       68.15

         34 |  1,273,803        1.20       69.36

         35 |  1,272,052        1.20       70.56

         36 |  1,270,887        1.20       71.76

         37 |  1,270,267        1.20       72.96

         38 |  1,267,725        1.20       74.16

         39 |  1,263,947        1.19       75.35

         40 |  1,262,632        1.19       76.54

         41 |  1,260,716        1.19       77.73

         42 |  1,259,714        1.19       78.92

         43 |  1,258,287        1.19       80.11

         44 |  1,252,990        1.18       81.29

         45 |  1,250,049        1.18       82.47

         46 |  1,247,621        1.18       83.65

         47 |  1,245,483        1.18       84.83

         48 |  1,243,952        1.17       86.00

         49 |  1,241,748        1.17       87.17

         50 |  1,239,919        1.17       88.34

         51 |  1,238,624        1.17       89.51

         52 |  1,236,184        1.17       90.68

         53 |  1,235,152        1.17       91.85

         54 |  1,234,427        1.17       93.01

         55 |  1,233,810        1.16       94.18

         56 |  1,234,057        1.17       95.34

         57 |  1,234,256        1.17       96.51

         58 |  1,234,349        1.17       97.67

         59 |  1,234,090        1.17       98.84

         60 |  1,230,280        1.16      100.00

------------+-----------------------------------

      Total |105,909,589      100.00



. 

. 

. drop if gap > 48

(14,826,896 observations deleted)



. 

. duplicates drop tic fips news_date visitday, force



Duplicates in terms of tic fips news_date visitday



(0 observations are duplicates)



. 

. 

. 

. /********Destring gvkey and fips*********/

. destring fips, replace

fips: all characters numeric; replaced as long



. destring gvkey, replace

gvkey: all characters numeric; replaced as long



. 

. 

. /*****Merge with ESG preference, demographic, democratic, service industry***

> *******/

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/esgpref2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                        16,457

        from master                    16,286  (_merge==1)

        from using                        171  (_merge==2)



    Matched                        91,066,407  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(171 observations deleted)



. drop _merge



. 

. 

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/demo2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                        16,366

        from master                    16,286  (_merge==1)

        from using                         80  (_merge==2)



    Matched                        91,066,407  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(80 observations deleted)



. drop _merge



. 

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/house2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                     1,659,477

        from master                 1,659,421  (_merge==1)

        from using                         56  (_merge==2)



    Matched                        89,423,272  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(56 observations deleted)



. drop _merge



. 

. 

. merge m:1 gvkey datadate using "/scratch/NetID/Consumer/Data/naics_service.d

> ta"

(variable tic was str6, now str8 to accommodate using data's values)



    Result                      Number of obs

    -----------------------------------------

    Not matched                       550,969

        from master                         0  (_merge==1)

        from using                    550,969  (_merge==2)



    Matched                        91,082,693  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(550,969 observations deleted)



. drop _merge



. 

. 

. 

. /*****Only keep news after 20180110 and before 20201212*********/

. gen visityear=year(visitday)



. gen visityyyymm=year(visitday)*100+month(visitday)



. gen visityyyymmdd=visityyyymm*100+day(visitday)



. 

. 

. gen yyyymm=year(news_date)*100+month(news_date)



. gen yyyymmdd=(yyyymm*100)+day(news_date)



. gen dow = dow(visitday)



. gen doy= doy(visitday)



. gen visityyyy=year(visitday)



. 

. 

. keep if news_date > td(21jan2018)

(1,256,403 observations deleted)



. keep if news_date < td(14nov2020)

(1,522,389 observations deleted)



. 

. 

. 

. /****winsorize*****/

. winsor2 totalvisits_day , cuts(1 99)



. gen lnvisits2=log(1+totalvisits_day_w)



. 

. 

. 

. /***scale union score card variable in 2018****/

. replace avg_aflcio_score2018 = avg_aflcio_score2018/100

(83,944,584 real changes made)



. replace avg_lcv_score2018 = avg_lcv_score2018/100

(68,558,858 real changes made)



. gen union2018 = (avg_aflcio_score2018 + avg_lcv_score2018)/2

(3,465,443 missing values generated)



. 

. 

. 

. /***decile****/

. egen de_inc2018 = xtile(incgroup3), nq(10)

(15,962 missing values generated)



. egen de_edu2018 = xtile(edugroup3), nq(10)

(15,962 missing values generated)



. egen de_dem2018 = xtile(house_dem2018), nq(10)

(1,610,472 missing values generated)



. egen de_union2018 = xtile(union2018), nq(10)

(3,465,443 missing values generated)



. egen de_yale2018 = xtile(corp_yale2018), nq(10)

(458,899 missing values generated)



. 

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. foreach i of local cs {

  2.         

.         replace `i' = `i' - 1

  3. }

(87,845,002 real changes made)

(84,838,458 real changes made)

(88,287,939 real changes made)

(88,287,939 real changes made)

(86,693,429 real changes made)



. 

. 

. 

. 

. gen post=1 if visitday>=news_date

(26,794,312 missing values generated)



. replace post=0 if post==.

(26,794,312 real changes made)



. 

. reghdfe lnvisits2 post##c.de_inc2018, absorb(dow gvkey##news_date fips##visit

> year) vce(cluster gvkey)

(MWFE estimator converged in 12 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 88,287,939

Absorbing 3 HDFE groups                           F(   2,    248) =       1.04

Statistics robust to heteroskedasticity           Prob > F        =     0.3563

                                                  R-squared       =     0.6768

                                                  Adj R-squared   =     0.6768

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        249         Root MSE        =     0.9328



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0046274   .0034976     1.32   0.187    -.0022613    .0115162

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0005088   .0004362    -1.17   0.245     -.001368    .0003504

             |

       _cons |   2.678338   .0020943  1278.86   0.000     2.674213    2.682463

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2662        2662           0    *|

    fips#visityear |      9404           1        9403     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. keep if e(sample)

(15,962 observations deleted)



. 

. drop post



. 

. 

. 

. 

. 

. * Step 2: Create indicators for the specified intervals

. * Pre-period intervals

. generate pre21_15 = (gap >= -21 & gap <= -15)



. generate pre14_8 = (gap >= -14 & gap <= -8)



. 

. * Baseline interval (not used in regression)

. generate benchmark = (gap >= -7 & gap <= -1)



. 

. * Post-period intervals

. generate post0_6 = (gap >= 0 & gap <= 6)



. generate post7_13 = (gap >= 7 & gap <= 13)



. generate post14_20 = (gap >= 14 & gap <= 20)



. generate post21_27 = (gap >= 21 & gap <= 27)



. generate post28_34 = (gap >= 28 & gap <= 34)



. generate post35_41 = (gap >= 35 & gap <= 41)



. generate post42_48 = (gap >= 42 & gap <= 48)



. 

. * Step 3: Define the local containing the cross-sectional variables

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. 

. 

. 

. 

. 

. * Step 4: Generate interaction terms for pre and post variables with each cro

> ss-sectional variable

. foreach var of local cs {

  2.    generate `var'_pre21_15 = pre21_15 * `var'

  3.    generate `var'_pre14_8 = pre14_8 * `var'

  4.    generate `var'_post0_6 = post0_6 * `var'

  5.    generate `var'_post7_13 = post7_13 * `var'

  6.    generate `var'_post14_20 = post14_20 * `var'

  7.         generate `var'_post21_27 = post21_27 * `var'

  8.    generate `var'_post28_34 = post28_34 * `var'

  9.         generate `var'_post35_41 = post35_41 * `var'

 10.         generate `var'_post42_48 = post42_48 * `var'

 11. }

(442,937 missing values generated)

(442,937 missing values generated)

(442,937 missing values generated)

(442,937 missing values generated)

(442,937 missing values generated)

(442,937 missing values generated)

(442,937 missing values generated)

(442,937 missing values generated)

(442,937 missing values generated)

(3,449,481 missing values generated)

(3,449,481 missing values generated)

(3,449,481 missing values generated)

(3,449,481 missing values generated)

(3,449,481 missing values generated)

(3,449,481 missing values generated)

(3,449,481 missing values generated)

(3,449,481 missing values generated)

(3,449,481 missing values generated)

(1,594,510 missing values generated)

(1,594,510 missing values generated)

(1,594,510 missing values generated)

(1,594,510 missing values generated)

(1,594,510 missing values generated)

(1,594,510 missing values generated)

(1,594,510 missing values generated)

(1,594,510 missing values generated)

(1,594,510 missing values generated)



. 

. 

. foreach var of local cs {

  2.    generate `var'_benchmark = benchmark * `var'

  3. }

(442,937 missing values generated)

(3,449,481 missing values generated)

(1,594,510 missing values generated)



. 

. * Step 5: Run the regression and plot the coefficients

. 

. 

. reghdfe lnvisits2  pre* post* benchmark , absorb(dow gvkey##news_date fips##v

> isityear) vce(cluster gvkey)

(MWFE estimator converged in 12 iterations)

note: benchmark omitted because of collinearity



HDFE Linear regression                            Number of obs   = 88,287,939

Absorbing 3 HDFE groups                           F(   9,    248) =       2.01

Statistics robust to heteroskedasticity           Prob > F        =     0.0389

                                                  R-squared       =     0.6768

                                                  Adj R-squared   =     0.6768

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        249         Root MSE        =     0.9328



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

    pre21_15 |  -.0049233   .0032399    -1.52   0.130    -.0113045    .0014579

     pre14_8 |  -.0018221   .0024152    -0.75   0.451     -.006579    .0029348

     post0_6 |   .0007618   .0018577     0.41   0.682    -.0028972    .0044208

    post7_13 |   -.000682   .0023736    -0.29   0.774    -.0053571     .003993

   post14_20 |  -.0030828   .0032378    -0.95   0.342    -.0094599    .0032944

   post21_27 |  -.0051646   .0038062    -1.36   0.176    -.0126613     .002332

   post28_34 |   .0023259    .004461     0.52   0.603    -.0064604    .0111121

   post35_41 |   .0036431   .0050331     0.72   0.470      -.00627    .0135562

   post42_48 |   .0042767   .0054061     0.79   0.430     -.006371    .0149244

   benchmark |          0  (omitted)

       _cons |   2.680462   .0024447  1096.42   0.000     2.675647    2.685277

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2662        2662           0    *|

    fips#visityear |      9404           1        9403     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. // coefplot, omitted keep(pre* benchmark post*  ) yline(0) vertical addplot(l

> ine @b @at) msymbol(s) mfcolor(white) levels(95 90) legend(order(1 "95" 2 "90

> ") rows(1)) ciopts(lwidth(*1 *6)) order(pre* benchmark post*)

. // graph save "`output'graph/w7_7d"

. 

. 

. foreach j of local cs {

  2.    reghdfe lnvisits2 `j'_pre* `j'_post*  pre* post* benchmark `j'_benchmar

> k,  absorb(dow gvkey##news_date fips##visityear) vce(cluster gvkey)

  3. //    coefplot, omitted keep(`j'_pre* `j'_benchmark `j'_post*) yline(0) ve

> rtical addplot(line @b @at) msymbol(s) mfcolor(white) levels(95 90) legend(or

> der(1 "95" 2 "90") rows(1)) ciopts(lwidth(*1 *6)) order(`j'_pre* `j'_benchmar

> k `j'_post*)

. //    graph save "`output'graph/w7_`j'_7d"

. }

(MWFE estimator converged in 12 iterations)

note: benchmark omitted because of collinearity

note: de_yale2018_benchmark omitted because of collinearity



HDFE Linear regression                            Number of obs   = 87,845,002

Absorbing 3 HDFE groups                           F(  18,    248) =       2.38

Statistics robust to heteroskedasticity           Prob > F        =     0.0017

                                                  R-squared       =     0.6785

                                                  Adj R-squared   =     0.6785

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        249         Root MSE        =     0.9308



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

de_yale20~15 |  -.0001337   .0003997    -0.33   0.738    -.0009208    .0006535

de_yale20~_8 |   .0000403   .0002765     0.15   0.884    -.0005043    .0005849

de_yale201~6 |  -.0006201   .0002459    -2.52   0.012    -.0011044   -.0001358

de_yale20~13 |  -.0007909    .000322    -2.46   0.015     -.001425   -.0001568

de_yale20~20 |   -.000972    .000418    -2.33   0.021    -.0017953   -.0001487

de_yale20~27 |  -.0009325   .0004612    -2.02   0.044    -.0018408   -.0000242

de_yale20~34 |   -.001198   .0005041    -2.38   0.018    -.0021908   -.0002052

de_yale20~41 |  -.0007496   .0006667    -1.12   0.262    -.0020626    .0005634

de_yale20~48 |  -.0004544    .000745    -0.61   0.542    -.0019217    .0010129

    pre21_15 |   -.004477   .0037289    -1.20   0.231    -.0118213    .0028673

     pre14_8 |  -.0020959    .002813    -0.75   0.457    -.0076363    .0034444

     post0_6 |   .0036341   .0018763     1.94   0.054    -.0000615    .0073297

    post7_13 |    .003013   .0027375     1.10   0.272    -.0023786    .0084047

   post14_20 |     .00148   .0040198     0.37   0.713    -.0064373    .0093974

   post21_27 |   -.000742   .0042962    -0.17   0.863    -.0092038    .0077197

   post28_34 |   .0079909   .0052116     1.53   0.126    -.0022738    .0182555

   post35_41 |   .0073841   .0068077     1.08   0.279    -.0060242    .0207924

   post42_48 |   .0067107   .0069504     0.97   0.335    -.0069787    .0204001

   benchmark |          0  (omitted)

de_yale201~k |          0  (omitted)

       _cons |   2.681741   .0024461  1096.35   0.000     2.676924    2.686559

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2662        2662           0    *|

    fips#visityear |      9221           1        9220     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 12 iterations)

note: benchmark omitted because of collinearity

note: de_union2018_benchmark omitted because of collinearity



HDFE Linear regression                            Number of obs   = 84,838,458

Absorbing 3 HDFE groups                           F(  18,    248) =       2.16

Statistics robust to heteroskedasticity           Prob > F        =     0.0048

                                                  R-squared       =     0.6791

                                                  Adj R-squared   =     0.6790

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        249         Root MSE        =     0.9320



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

de_union2~15 |   .0000308   .0002743     0.11   0.911    -.0005095     .000571

de_union2~_8 |  -.0000341   .0001849    -0.18   0.854    -.0003983    .0003301

de_union20~6 |  -.0004692   .0001773    -2.65   0.009    -.0008184   -.0001201

de_union2~13 |  -.0005943   .0002292    -2.59   0.010    -.0010457   -.0001429

de_union2~20 |  -.0006921   .0002964    -2.33   0.020     -.001276   -.0001082

de_union2~27 |  -.0006765   .0003291    -2.06   0.041    -.0013247   -.0000282

de_union2~34 |  -.0008922   .0003646    -2.45   0.015    -.0016103   -.0001741

de_union2~41 |  -.0006926   .0004506    -1.54   0.126    -.0015801    .0001948

de_union2~48 |  -.0004172    .000488    -0.86   0.393    -.0013783    .0005438

    pre21_15 |  -.0051269   .0035427    -1.45   0.149    -.0121046    .0018507

     pre14_8 |  -.0017002    .002636    -0.64   0.520     -.006892    .0034917

     post0_6 |   .0028242   .0018646     1.51   0.131    -.0008482    .0064966

    post7_13 |    .001992   .0026113     0.76   0.446    -.0031512    .0071352

   post14_20 |   1.82e-06   .0038004     0.00   1.000    -.0074834     .007487

   post21_27 |  -.0021213   .0043068    -0.49   0.623    -.0106039    .0063614

   post28_34 |   .0063118   .0052423     1.20   0.230    -.0040133    .0166369

   post35_41 |   .0069424   .0062941     1.10   0.271    -.0054544    .0193392

   post42_48 |   .0063994   .0064646     0.99   0.323    -.0063331    .0191319

   benchmark |          0  (omitted)

de_union20~k |          0  (omitted)

       _cons |   2.696528   .0024669  1093.06   0.000     2.691669    2.701386

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2662        2662           0    *|

    fips#visityear |      8630           1        8629     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 12 iterations)

note: benchmark omitted because of collinearity

note: de_inc2018_benchmark omitted because of collinearity



HDFE Linear regression                            Number of obs   = 88,287,939

Absorbing 3 HDFE groups                           F(  18,    248) =       2.76

Statistics robust to heteroskedasticity           Prob > F        =     0.0002

                                                  R-squared       =     0.6768

                                                  Adj R-squared   =     0.6768

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        249         Root MSE        =     0.9328



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

de_inc201~15 |  -.0000169   .0003773    -0.04   0.964      -.00076    .0007261

de_inc201~_8 |   -.000012   .0003176    -0.04   0.970    -.0006375    .0006136

de_inc2018~6 |  -.0005301   .0002397    -2.21   0.028    -.0010022   -.0000581

de_inc201~13 |  -.0008242   .0003331    -2.47   0.014    -.0014802   -.0001681

de_inc201~20 |  -.0009005   .0004568    -1.97   0.050    -.0018002   -7.71e-07

de_inc201~27 |   -.000777   .0004942    -1.57   0.117    -.0017503    .0001964

de_inc201~34 |  -.0008458   .0005453    -1.55   0.122    -.0019199    .0002282

de_inc201~41 |  -.0000635   .0007043    -0.09   0.928    -.0014507    .0013236

de_inc201~48 |    .000323    .000821     0.39   0.694    -.0012939      .00194

    pre21_15 |   -.004848   .0035522    -1.36   0.174    -.0118443    .0021484

     pre14_8 |  -.0017683   .0027922    -0.63   0.527    -.0072677    .0037311

     post0_6 |   .0031438   .0018326     1.72   0.088    -.0004656    .0067533

    post7_13 |    .003022   .0026765     1.13   0.260    -.0022496    .0082936

   post14_20 |    .000964   .0039447     0.24   0.807    -.0068053    .0087333

   post21_27 |  -.0016715   .0041607    -0.40   0.688    -.0098664    .0065234

   post28_34 |   .0061313   .0053088     1.15   0.249    -.0043249    .0165874

   post35_41 |   .0039259    .006967     0.56   0.574    -.0097961    .0176479

   post42_48 |   .0028144   .0072548     0.39   0.698    -.0114745    .0171033

   benchmark |          0  (omitted)

de_inc2018~k |          0  (omitted)

       _cons |   2.680463   .0024445  1096.51   0.000     2.675649    2.685278

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2662        2662           0    *|

    fips#visityear |      9404           1        9403     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 12 iterations)

note: benchmark omitted because of collinearity

note: de_edu2018_benchmark omitted because of collinearity



HDFE Linear regression                            Number of obs   = 88,287,939

Absorbing 3 HDFE groups                           F(  18,    248) =       2.49

Statistics robust to heteroskedasticity           Prob > F        =     0.0009

                                                  R-squared       =     0.6768

                                                  Adj R-squared   =     0.6768

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        249         Root MSE        =     0.9328



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

de_edu201~15 |  -.0002345   .0004708    -0.50   0.619    -.0011617    .0006927

de_edu201~_8 |   .0000602   .0003587     0.17   0.867    -.0006463    .0007668

de_edu2018~6 |  -.0005153   .0002753    -1.87   0.062    -.0010575    .0000269

de_edu201~13 |   -.000933    .000391    -2.39   0.018    -.0017032   -.0001629

de_edu201~20 |   -.001099   .0005572    -1.97   0.050    -.0021964   -1.62e-06

de_edu201~27 |  -.0009649    .000608    -1.59   0.114    -.0021624    .0002325

de_edu201~34 |  -.0011866   .0006337    -1.87   0.062    -.0024348    .0000616

de_edu201~41 |  -.0002867   .0008322    -0.34   0.731    -.0019257    .0013523

de_edu201~48 |    .000182   .0009648     0.19   0.850    -.0017183    .0020824

    pre21_15 |  -.0038719   .0037397    -1.04   0.302    -.0112375    .0034938

     pre14_8 |  -.0020926   .0029209    -0.72   0.474    -.0078456    .0036603

     post0_6 |   .0030765   .0018076     1.70   0.090    -.0004837    .0066366

    post7_13 |   .0035097   .0027599     1.27   0.205    -.0019261    .0089455

   post14_20 |   .0018544   .0041227     0.45   0.653    -.0062656    .0099744

   post21_27 |  -.0008273   .0041008    -0.20   0.840    -.0089042    .0072495

   post28_34 |   .0076637   .0052089     1.47   0.142    -.0025956    .0179229

   post35_41 |   .0049303   .0072521     0.68   0.497    -.0093533    .0192139

   post42_48 |   .0034487     .00747     0.46   0.645     -.011264    .0181614

   benchmark |          0  (omitted)

de_edu2018~k |          0  (omitted)

       _cons |   2.680463   .0024433  1097.06   0.000     2.675651    2.685276

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2662        2662           0    *|

    fips#visityear |      9404           1        9403     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 12 iterations)

note: benchmark omitted because of collinearity

note: de_dem2018_benchmark omitted because of collinearity



HDFE Linear regression                            Number of obs   = 86,693,429

Absorbing 3 HDFE groups                           F(  18,    248) =       2.41

Statistics robust to heteroskedasticity           Prob > F        =     0.0014

                                                  R-squared       =     0.6785

                                                  Adj R-squared   =     0.6784

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        249         Root MSE        =     0.9314



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

de_dem201~15 |  -.0002322   .0004003    -0.58   0.562    -.0010207    .0005563

de_dem201~_8 |  -.0001318   .0002698    -0.49   0.625    -.0006631    .0003995

de_dem2018~6 |  -.0005412   .0002304    -2.35   0.020     -.000995   -.0000875

de_dem201~13 |  -.0008476   .0003113    -2.72   0.007    -.0014607   -.0002346

de_dem201~20 |  -.0009926   .0004208    -2.36   0.019    -.0018214   -.0001638

de_dem201~27 |  -.0009912   .0004421    -2.24   0.026    -.0018618   -.0001205

de_dem201~34 |  -.0011796   .0004893    -2.41   0.017    -.0021433    -.000216

de_dem201~41 |   -.000783   .0006268    -1.25   0.213    -.0020175    .0004515

de_dem201~48 |  -.0004575   .0006878    -0.67   0.507    -.0018121    .0008972

    pre21_15 |  -.0040891   .0037425    -1.09   0.276    -.0114603    .0032821

     pre14_8 |  -.0013794    .002787    -0.49   0.621    -.0068685    .0041098

     post0_6 |   .0033067   .0018594     1.78   0.077    -.0003555     .006969

    post7_13 |   .0032344   .0027134     1.19   0.234    -.0021099    .0085786

   post14_20 |   .0015735   .0040172     0.39   0.696    -.0063387    .0094857

   post21_27 |   -.000558   .0042186    -0.13   0.895    -.0088668    .0077509

   post28_34 |   .0078201   .0051657     1.51   0.131    -.0023541    .0179943

   post35_41 |   .0074372   .0066676     1.12   0.266    -.0056951    .0205696

   post42_48 |   .0066364   .0067727     0.98   0.328     -.006703    .0199758

   benchmark |          0  (omitted)

de_dem2018~k |          0  (omitted)

       _cons |   2.688038   .0024514  1096.51   0.000      2.68321    2.692867

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2662        2662           0    *|

    fips#visityear |      9079           1        9078     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. 

. 

. 

. 

. 

. 

. 

end of do-file



===== main.log =====


. use "/scratch/NetID/Consumer/Data/sg_rep_10_20.dta", clear



. 

. 

. 

. /********Destring gvkey and fips*********/

. destring fips, replace

fips: all characters numeric; replaced as long



. destring gvkey, replace

gvkey: all characters numeric; replaced as long



. 

. 

. /***Merge with ESG preference, demographic, democratic, service industry***/

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/esgpref2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                         7,587

        from master                     7,416  (_merge==1)

        from using                        171  (_merge==2)



    Matched                        40,974,462  (_merge==3)

    -----------------------------------------



. 

. drop if _merge == 2

(171 observations deleted)



. drop _merge



. 

. 

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/demo2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                         7,496

        from master                     7,416  (_merge==1)

        from using                         80  (_merge==2)



    Matched                        40,974,462  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(80 observations deleted)



. drop _merge



. 

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/house2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                       748,373

        from master                   748,317  (_merge==1)

        from using                         56  (_merge==2)



    Matched                        40,233,561  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(56 observations deleted)



. drop _merge



. 

. 

. merge m:1 gvkey datadate using "/scratch/NetID/Consumer/Data/naics_service.d

> ta"

(variable tic was str6, now str8 to accommodate using data's values)



    Result                      Number of obs

    -----------------------------------------

    Not matched                       550,969

        from master                         0  (_merge==1)

        from using                    550,969  (_merge==2)



    Matched                        40,981,878  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(550,969 observations deleted)



. drop _merge



. 

. 

. unique gvkey news_date

Number of unique values of gvkey news_date is  2811

Number of records is  40981878



. 

. /******Generate post dummy*******/

. gen post=1 if visitday>=news_date

(13,251,644 missing values generated)



. replace post=0 if post==.

(13,251,644 real changes made)



. 

. 

. 

. /*****Only keep news after 20180110 and before 20201212*********/

. keep if news_date > td(10jan2018)

(343,209 observations deleted)



. keep if news_date < td(12dec2020)

(306,461 observations deleted)



. 

. 

. gen visityear=year(visitday)



. gen visityyyymm=year(visitday)*100+month(visitday)



. gen visityyyymmdd=visityyyymm*100+day(visitday)



. 

. gen dow = dow(visitday)



. gen doy= doy(visitday)



. 

. gen yyyymm=year(news_date)*100+month(news_date)



. gen yyyymmdd=(yyyymm*100)+day(news_date)



. 

. 

. 

. gen ea=0



. replace ea=1 if visitday-rdq>=0 & visitday-rdq<=3

(1,820,912 real changes made)



. 

. 

. 

. 

. unique gvkey news_date

Number of unique values of gvkey news_date is  2735

Number of records is  40332208



. unique gvkey

Number of unique values of gvkey is  251

Number of records is  40332208



. unique gvkey news_date if md_issue1 == 1

Number of unique values of gvkey news_date is  542

Number of records is  8189849



. unique gvkey news_date if md_issue2 == 1

Number of unique values of gvkey news_date is  1482

Number of records is  21827735



. unique gvkey news_date if md_issue3 == 1

Number of unique values of gvkey news_date is  847

Number of records is  11215162



. 

. 

. 

. /****winsorize*****/

. winsor2 totalvisits_day , cuts(1 99) 



. winsor2 lnmveq ibq_atq leverageq btmq capxq_at, cuts(1 99)



. 

. 

. 

. gen lnvisits2=log(1+totalvisits_day_w)



. 

. 

. /***scale union score card variable in 2018***/

. replace avg_aflcio_score2018 = avg_aflcio_score2018/100

(38,341,030 real changes made)



. replace avg_lcv_score2018 = avg_lcv_score2018/100

(31,298,620 real changes made)



. gen union2018 = (avg_aflcio_score2018 + avg_lcv_score2018)/2

(1,582,680 missing values generated)



. 

. /***decile***/

. egen de_inc2018 = xtile(incgroup3), nq(10)

(7,273 missing values generated)



. egen de_edu2018 = xtile(edugroup3), nq(10)

(7,273 missing values generated)



. egen de_dem2018 = xtile(house_dem2018), nq(10)

(735,169 missing values generated)



. egen de_union2018 = xtile(union2018), nq(10)

(1,582,680 missing values generated)



. egen de_yale2018 = xtile(corp_yale2018), nq(10)

(208,905 missing values generated)



. 

. 

. 

. 

. 

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. foreach i of local cs {

  2.         

.         replace `i' = `i' - 1

  3. }

(40,123,303 real changes made)

(38,749,528 real changes made)

(40,324,935 real changes made)

(40,324,935 real changes made)

(39,597,039 real changes made)



. 

. 

. 

. 

. reghdfe lnvisits2 post##c.de_inc2018, absorb(dow gvkey##news_date fips##visit

> year) vce(cluster gvkey)

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   2,    250) =       5.01

Statistics robust to heteroskedasticity           Prob > F        =     0.0074

                                                  R-squared       =     0.6804

                                                  Adj R-squared   =     0.6803

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9273



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0052748   .0021098     2.50   0.013     .0011197      .00943

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0008688   .0003138    -2.77   0.006    -.0014867   -.0002508

             |

       _cons |   2.664554   .0013682  1947.51   0.000     2.661859    2.667248

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9401           1        9400     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. keep if e(sample)

(7,273 observations deleted)



. 

. unique gvkey news_date

Number of unique values of gvkey news_date is  2735

Number of records is  40324935



. unique gvkey

Number of unique values of gvkey is  251

Number of records is  40324935



. unique gvkey news_date if md_issue1 == 1

Number of unique values of gvkey news_date is  542

Number of records is  8188602



. unique gvkey news_date if md_issue2 == 1

Number of unique values of gvkey news_date is  1482

Number of records is  21823868



. unique gvkey news_date if md_issue3 == 1

Number of unique values of gvkey news_date is  847

Number of records is  11213226



. 

. 

. 

. 

. /***Table 3 Panel A***/

. reghdfe lnvisits2 post  , absorb(dow gvkey##news_date fips##visityear) vce(cl

> uster gvkey)

(MWFE estimator converged in 13 iterations)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   1,    250) =       0.45

Statistics robust to heteroskedasticity           Prob > F        =     0.5048

                                                  R-squared       =     0.6804

                                                  Adj R-squared   =     0.6803

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9273



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0013676   .0020478     0.67   0.505    -.0026655    .0054008

       _cons |   2.664555   .0013851  1923.79   0.000     2.661827    2.667282

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9401           1        9400     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. // outreg2 using "`output'Main.dta", dta tstat tdec(2) bdec(4) addtext(dow FE

> , Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm )

. 

. reghdfe lnvisits2 post  if md_issue1 == 1 , absorb(dow gvkey##news_date fips#

> #visityear) vce(cluster gvkey)

(dropped 124 singleton observations)

(MWFE estimator converged in 14 iterations)



HDFE Linear regression                            Number of obs   =  8,188,478

Absorbing 3 HDFE groups                           F(   1,    130) =       0.90

Statistics robust to heteroskedasticity           Prob > F        =     0.3449

                                                  R-squared       =     0.6465

                                                  Adj R-squared   =     0.6461

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        131         Root MSE        =     0.9526



                                (Std. err. adjusted for 131 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |  -.0059019   .0062259    -0.95   0.345    -.0182191    .0064152

       _cons |     2.8732   .0042163   681.45   0.000     2.864859    2.881542

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |       542         542           0    *|

    fips#visityear |      9153           1        9152     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. // outreg2 using "`output'Main.dta", dta tstat tdec(2) bdec(4) addtext(dow FE

> , Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm, issue, E )

. 

. reghdfe lnvisits2 post  if md_issue2 == 1 , absorb(dow gvkey##news_date fips#

> #visityear) vce(cluster gvkey)

(MWFE estimator converged in 13 iterations)



HDFE Linear regression                            Number of obs   = 21,823,868

Absorbing 3 HDFE groups                           F(   1,    212) =       0.34

Statistics robust to heteroskedasticity           Prob > F        =     0.5587

                                                  R-squared       =     0.6733

                                                  Adj R-squared   =     0.6731

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        213         Root MSE        =     0.9388



                                (Std. err. adjusted for 213 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0018076   .0030863     0.59   0.559    -.0042762    .0078913

       _cons |   2.626288   .0020875  1258.12   0.000     2.622173    2.630403

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1482        1482           0    *|

    fips#visityear |      9270           1        9269     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. // outreg2 using "`output'Main.dta", dta tstat tdec(2) bdec(4) addtext(dow FE

> , Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm, issue, S )

. 

. reghdfe lnvisits2 post  if md_issue3 == 1 , absorb(dow gvkey##news_date fips#

> #visityear) vce(cluster gvkey)

(dropped 10 singleton observations)

(MWFE estimator converged in 13 iterations)



HDFE Linear regression                            Number of obs   = 11,213,216

Absorbing 3 HDFE groups                           F(   1,    172) =       0.73

Statistics robust to heteroskedasticity           Prob > F        =     0.3940

                                                  R-squared       =     0.7189

                                                  Adj R-squared   =     0.7187

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        173         Root MSE        =     0.9150



                                (Std. err. adjusted for 173 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |  -.0043067   .0050397    -0.85   0.394    -.0142543    .0056409

       _cons |   2.523869   .0034114   739.82   0.000     2.517135    2.530603

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |       847         847           0    *|

    fips#visityear |      8930           1        8929     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. // outreg2 using "`output'Main.dta", dta tstat tdec(2) bdec(4) addtext(dow FE

> , Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm, issue, G )

. 

. 

. 

. 

. 

. /***Table 4***/

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. foreach i of local cs {

  2. 

. reghdfe lnvisits2 post##c.`i'  ,  absorb(dow gvkey##news_date fips##visityear

> ) vce(cluster gvkey)

  3. //      outreg2 using "`output'Main.dta", dta tstat tdec(2) bdec(4) addtex

> t(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm)

. 

. }

(MWFE estimator converged in 13 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,123,303

Absorbing 3 HDFE groups                           F(   2,    250) =       5.15

Statistics robust to heteroskedasticity           Prob > F        =     0.0064

                                                  R-squared       =     0.6821

                                                  Adj R-squared   =     0.6820

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9254



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0055252   .0021837     2.53   0.012     .0012243    .0098261

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0008991   .0003124    -2.88   0.004    -.0015143   -.0002839

             |

       _cons |   2.665918   .0013659  1951.71   0.000     2.663228    2.668608

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9218           1        9217     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 38,749,528

Absorbing 3 HDFE groups                           F(   2,    250) =       5.62

Statistics robust to heteroskedasticity           Prob > F        =     0.0041

                                                  R-squared       =     0.6827

                                                  Adj R-squared   =     0.6826

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9265



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0043753   .0021244     2.06   0.040     .0001912    .0085594

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0006873   .0002193    -3.13   0.002    -.0011191   -.0002554

             |

       _cons |   2.680579   .0013902  1928.18   0.000     2.677841    2.683317

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      8628           1        8627     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   2,    250) =       5.01

Statistics robust to heteroskedasticity           Prob > F        =     0.0074

                                                  R-squared       =     0.6804

                                                  Adj R-squared   =     0.6803

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9273



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0052748   .0021098     2.50   0.013     .0011197      .00943

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0008688   .0003138    -2.77   0.006    -.0014867   -.0002508

             |

       _cons |   2.664554   .0013682  1947.51   0.000     2.661859    2.667248

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9401           1        9400     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   2,    250) =       3.41

Statistics robust to heteroskedasticity           Prob > F        =     0.0347

                                                  R-squared       =     0.6804

                                                  Adj R-squared   =     0.6803

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9273



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0050987   .0021805     2.34   0.020     .0008042    .0093931

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0008293   .0003854    -2.15   0.032    -.0015883   -.0000703

             |

       _cons |   2.664553   .0013659  1950.74   0.000     2.661863    2.667243

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9401           1        9400     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 39,597,039

Absorbing 3 HDFE groups                           F(   2,    250) =       4.26

Statistics robust to heteroskedasticity           Prob > F        =     0.0152

                                                  R-squared       =     0.6821

                                                  Adj R-squared   =     0.6820

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9259



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0050765   .0021874     2.32   0.021     .0007684    .0093847

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0007947   .0003075    -2.58   0.010    -.0014004    -.000189

             |

       _cons |   2.672206   .0013758  1942.24   0.000     2.669496    2.674916

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9076           1        9075     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. 

. /******************Table 2. Descriptive stats*********************/

. tabstat totalvisits_day_w lnvisits2 post incgroup3 edugroup3, stat(n mean p25

>  median p75 sd) col(stat)



    Variable |         N      Mean       p25       p50       p75        SD

-------------+------------------------------------------------------------

totalvisit~w |  4.03e+07   51.1654         3        13        44  110.9751

   lnvisits2 |  4.03e+07   2.66548  1.386294  2.639057  3.806663  1.640145

        post |  4.03e+07    .67636         0         1         1  .4678645

   incgroup3 |  4.03e+07  .2560374  .1794689  .2325971  .3114704  .1068338

   edugroup3 |  4.03e+07  .2783565  .1891122  .2587735  .3444387   .112652

--------------------------------------------------------------------------



. 

. /*yale2018*/

. reghdfe lnvisits2 post##c.de_yale2018 ,  absorb(dow gvkey##news_date fips##vi

> sityear) vce(cluster gvkey)

(MWFE estimator converged in 13 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,123,303

Absorbing 3 HDFE groups                           F(   2,    250) =       5.15

Statistics robust to heteroskedasticity           Prob > F        =     0.0064

                                                  R-squared       =     0.6821

                                                  Adj R-squared   =     0.6820

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9254



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0055252   .0021837     2.53   0.012     .0012243    .0098261

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0008991   .0003124    -2.88   0.004    -.0015143   -.0002839

             |

       _cons |   2.665918   .0013659  1951.71   0.000     2.663228    2.668608

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9218           1        9217     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. tabstat corp_yale2018 if e(sample), stat(n mean p25 median p75 sd) col(stat)



    Variable |         N      Mean       p25       p50       p75        SD

-------------+------------------------------------------------------------

corp_ya~2018 |  4.01e+07  66.10432    62.605    65.718    69.285  4.617457

--------------------------------------------------------------------------



. 

. 

. /*union*/

. reghdfe lnvisits2 post##c.de_union2018 ,  absorb(dow gvkey##news_date fips##v

> isityear) vce(cluster gvkey)

(MWFE estimator converged in 13 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 38,749,528

Absorbing 3 HDFE groups                           F(   2,    250) =       5.62

Statistics robust to heteroskedasticity           Prob > F        =     0.0041

                                                  R-squared       =     0.6827

                                                  Adj R-squared   =     0.6826

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9265



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0043753   .0021244     2.06   0.040     .0001912    .0085594

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0006873   .0002193    -3.13   0.002    -.0011191   -.0002554

             |

       _cons |   2.680579   .0013902  1928.18   0.000     2.677841    2.683317

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      8628           1        8627     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. tabstat union2018 if e(sample), stat(n mean p25 median p75 sd) col(stat)



    Variable |         N      Mean       p25       p50       p75        SD

-------------+------------------------------------------------------------

   union2018 |  3.87e+07  .3304287       .08       .13       .54  .3245352

--------------------------------------------------------------------------



. 

. /*democratic*/

. reghdfe lnvisits2 post##c.de_dem2018 ,  absorb(dow gvkey##news_date fips##vis

> ityear) vce(cluster gvkey)

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 39,597,039

Absorbing 3 HDFE groups                           F(   2,    250) =       4.26

Statistics robust to heteroskedasticity           Prob > F        =     0.0152

                                                  R-squared       =     0.6821

                                                  Adj R-squared   =     0.6820

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9259



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0050765   .0021874     2.32   0.021     .0007684    .0093847

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0007947   .0003075    -2.58   0.010    -.0014004    -.000189

             |

       _cons |   2.672206   .0013758  1942.24   0.000     2.669496    2.674916

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9076           1        9075     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. tabstat house_dem2018 if e(sample), stat(n mean p25 median p75 sd) col(stat)



    Variable |         N      Mean       p25       p50       p75        SD

-------------+------------------------------------------------------------

house_d~2018 |  3.96e+07   .437125  .3001201  .4197232  .5632418  .1800385

--------------------------------------------------------------------------



. 

. 

. 

. /***Table 3 Panel B and Table OA 11: by news characteristics***/

. 

. 

. /*reach severeity novelty*/

. /***reachness****/

. gen reach=mreach



. replace reach=1 if reach==0

(54,906 real changes made)



. replace reach=2 if reach==3

(9,105,388 real changes made)



. replace reach = reach-1

(40,324,935 real changes made)



. 

. 

. /***severity***/

. gen sev=0 if mseverity==1

(9,952,158 missing values generated)



. replace sev=1 if mseverity==2

(9,121,264 real changes made)



. replace sev=1 if mseverity==3

(830,894 real changes made)



. 

. 

. 

. 

. /*Table 3 Panel B*/

. reghdfe lnvisits2 post##reach ,  absorb(dow gvkey##news_date fips##visityear)

>  vce(cluster gvkey)

(MWFE estimator converged in 13 iterations)

note: 1bn.reach is probably collinear with the fixed effects (all partialled-ou

> t values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   2,    250) =       2.60

Statistics robust to heteroskedasticity           Prob > F        =     0.0762

                                                  R-squared       =     0.6804

                                                  Adj R-squared   =     0.6803

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9273



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0103743   .0047447     2.19   0.030     .0010297     .019719

     1.reach |          0  (omitted)

             |

  post#reach |

        1 1  |  -.0140989   .0062632    -2.25   0.025    -.0264342   -.0017637

             |

       _cons |   2.664553   .0014081  1892.33   0.000      2.66178    2.667327

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9401           1        9400     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. //      outreg2 using "`output'Main.dta", dta tstat tdec(2) bdec(4) addtext(d

> ow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm)

. 

. reghdfe lnvisits2 post##sev ,  absorb(dow gvkey##news_date fips##visityear) v

> ce(cluster gvkey)

(MWFE estimator converged in 13 iterations)

note: 1bn.sev is probably collinear with the fixed effects (all partialled-out 

> values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   2,    250) =       0.38

Statistics robust to heteroskedasticity           Prob > F        =     0.6857

                                                  R-squared       =     0.6804

                                                  Adj R-squared   =     0.6803

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9273



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0006735   .0025194     0.27   0.789    -.0042885    .0056355

       1.sev |          0  (omitted)

             |

    post#sev |

        1 1  |   .0028182   .0055232     0.51   0.610    -.0080597    .0136961

             |

       _cons |   2.664553   .0013784  1933.09   0.000     2.661839    2.667268

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9401           1        9400     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. //      outreg2 using "`output'Main.dta", dta tstat tdec(2) bdec(4) addtext(d

> ow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm)

. 

. 

. local newsvar reach sev 



. 

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. 

. 

. /***Table OA 11***/

. foreach i of local newsvar {

  2.         foreach j of local cs {

  3.                 forvalues m = 0/1{

  4. 

.                 display as error "`i' = `m'"

  5. 

.                 reghdfe lnvisits2 post##c.`j' if  `i' == `m'  ,  absorb(dow g

> vkey##news_date fips##visityear) vce(cluster gvkey)

  6. //      outreg2 using "`output'Main.dta", dta tstat tdec(2) bdec(4) addtex

> t(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm, group, 

> `i' = `m')

. 

. 

.                 }

  7.         }

  8. }       

reach = 0

(MWFE estimator converged in 13 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 14,496,848

Absorbing 3 HDFE groups                           F(   2,    214) =       2.81

Statistics robust to heteroskedasticity           Prob > F        =     0.0624

                                                  R-squared       =     0.6783

                                                  Adj R-squared   =     0.6780

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        215         Root MSE        =     0.9279



                                (Std. err. adjusted for 215 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0138705    .005922     2.34   0.020     .0021975    .0255435

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0007794   .0006431    -1.21   0.227     -.002047    .0004882

             |

       _cons |   2.596604   .0031434   826.04   0.000     2.590408      2.6028

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1009        1009           0    *|

    fips#visityear |      9189           1        9188     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

reach = 1

(MWFE estimator converged in 13 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 25,626,455

Absorbing 3 HDFE groups                           F(   2,    216) =       3.41

Statistics robust to heteroskedasticity           Prob > F        =     0.0348

                                                  R-squared       =     0.6869

                                                  Adj R-squared   =     0.6867

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        217         Root MSE        =     0.9197



                                (Std. err. adjusted for 217 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0005675   .0024913     0.23   0.820    -.0043428    .0054779

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0009939   .0003814    -2.61   0.010    -.0017457   -.0002421

             |

       _cons |   2.705372   .0018911  1430.57   0.000     2.701645      2.7091

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1726        1726           0    *|

    fips#visityear |      9211           1        9210     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

reach = 0

(MWFE estimator converged in 14 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 13,994,328

Absorbing 3 HDFE groups                           F(   2,    214) =       3.27

Statistics robust to heteroskedasticity           Prob > F        =     0.0400

                                                  R-squared       =     0.6789

                                                  Adj R-squared   =     0.6786

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        215         Root MSE        =     0.9292



                                (Std. err. adjusted for 215 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0135054   .0053523     2.52   0.012     .0029555    .0240554

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0007223   .0004335    -1.67   0.097    -.0015768    .0001323

             |

       _cons |   2.610805   .0031524   828.20   0.000     2.604592    2.617019

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1009        1009           0    *|

    fips#visityear |      8610           1        8609     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

reach = 1

(MWFE estimator converged in 13 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 24,755,200

Absorbing 3 HDFE groups                           F(   2,    216) =       3.60

Statistics robust to heteroskedasticity           Prob > F        =     0.0289

                                                  R-squared       =     0.6874

                                                  Adj R-squared   =     0.6873

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        217         Root MSE        =     0.9208



                                (Std. err. adjusted for 217 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |  -.0010063   .0026348    -0.38   0.703    -.0061995     .004187

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0007018    .000267    -2.63   0.009    -.0012281   -.0001755

             |

       _cons |   2.720271   .0019024  1429.94   0.000     2.716522    2.724021

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1726        1726           0    *|

    fips#visityear |      8625           1        8624     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

reach = 0

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 14,567,942

Absorbing 3 HDFE groups                           F(   2,    214) =       3.07

Statistics robust to heteroskedasticity           Prob > F        =     0.0486

                                                  R-squared       =     0.6766

                                                  Adj R-squared   =     0.6764

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        215         Root MSE        =     0.9298



                                (Std. err. adjusted for 215 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0142979   .0057735     2.48   0.014     .0029176    .0256782

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0009215   .0006128    -1.50   0.134    -.0021294    .0002864

             |

       _cons |   2.595515   .0031345   828.06   0.000     2.589337    2.601694

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1009        1009           0    *|

    fips#visityear |      9366           1        9365     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

reach = 1

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 25,756,993

Absorbing 3 HDFE groups                           F(   2,    216) =       2.14

Statistics robust to heteroskedasticity           Prob > F        =     0.1201

                                                  R-squared       =     0.6852

                                                  Adj R-squared   =     0.6851

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        217         Root MSE        =     0.9216



                                (Std. err. adjusted for 217 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |  -.0001445   .0024057    -0.06   0.952    -.0048861    .0045971

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0008486   .0004184    -2.03   0.044    -.0016734   -.0000238

             |

       _cons |   2.703843   .0018904  1430.31   0.000     2.700117    2.707569

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1726        1726           0    *|

    fips#visityear |      9390           1        9389     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

reach = 0

(MWFE estimator converged in 13 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 14,567,942

Absorbing 3 HDFE groups                           F(   2,    214) =       2.47

Statistics robust to heteroskedasticity           Prob > F        =     0.0873

                                                  R-squared       =     0.6766

                                                  Adj R-squared   =     0.6764

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        215         Root MSE        =     0.9298



                                (Std. err. adjusted for 215 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0123565   .0060707     2.04   0.043     .0003906    .0243225

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0004878   .0007381    -0.66   0.509    -.0019426    .0009671

             |

       _cons |   2.595515   .0031384   827.02   0.000     2.589329    2.601701

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1009        1009           0    *|

    fips#visityear |      9366           1        9365     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

reach = 1

(MWFE estimator converged in 13 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 25,756,993

Absorbing 3 HDFE groups                           F(   2,    216) =       2.41

Statistics robust to heteroskedasticity           Prob > F        =     0.0925

                                                  R-squared       =     0.6852

                                                  Adj R-squared   =     0.6851

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        217         Root MSE        =     0.9216



                                (Std. err. adjusted for 217 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0007675    .002291     0.34   0.738     -.003748     .005283

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0010486    .000479    -2.19   0.030    -.0019928   -.0001045

             |

       _cons |   2.703841   .0018843  1434.89   0.000     2.700127    2.707555

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1726        1726           0    *|

    fips#visityear |      9390           1        9389     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

reach = 0

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 14,308,720

Absorbing 3 HDFE groups                           F(   2,    214) =       2.61

Statistics robust to heteroskedasticity           Prob > F        =     0.0762

                                                  R-squared       =     0.6781

                                                  Adj R-squared   =     0.6779

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        215         Root MSE        =     0.9285



                                (Std. err. adjusted for 215 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |     .01306   .0059216     2.21   0.028      .001388     .024732

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0005979   .0006255    -0.96   0.340    -.0018308    .0006351

             |

       _cons |   2.603021   .0031531   825.55   0.000     2.596806    2.609236

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1009        1009           0    *|

    fips#visityear |      9050           1        9049     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

reach = 1

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 25,288,319

Absorbing 3 HDFE groups                           F(   2,    216) =       3.14

Statistics robust to heteroskedasticity           Prob > F        =     0.0452

                                                  R-squared       =     0.6869

                                                  Adj R-squared   =     0.6867

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        217         Root MSE        =     0.9202



                                (Std. err. adjusted for 217 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0002867   .0025537     0.11   0.911    -.0047466    .0053199

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0009244   .0003716    -2.49   0.014    -.0016569   -.0001919

             |

       _cons |   2.711595   .0019008  1426.53   0.000     2.707848    2.715342

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1726        1726           0    *|

    fips#visityear |      9069           1        9068     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

sev = 0

(MWFE estimator converged in 13 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 30,216,550

Absorbing 3 HDFE groups                           F(   2,    236) =       1.92

Statistics robust to heteroskedasticity           Prob > F        =     0.1490

                                                  R-squared       =     0.6851

                                                  Adj R-squared   =     0.6850

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        237         Root MSE        =     0.9210



                                (Std. err. adjusted for 237 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0040699   .0028472     1.43   0.154    -.0015393     .009679

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0006416   .0003428    -1.87   0.062    -.0013169    .0000338

             |

       _cons |   2.688552   .0016761  1604.02   0.000      2.68525    2.691854

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2026        2026           0    *|

    fips#visityear |      9211           1        9210     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

sev = 1

(MWFE estimator converged in 13 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   =  9,906,753

Absorbing 3 HDFE groups                           F(   2,    192) =       3.46

Statistics robust to heteroskedasticity           Prob > F        =     0.0333

                                                  R-squared       =     0.6787

                                                  Adj R-squared   =     0.6784

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        193         Root MSE        =     0.9299



                                (Std. err. adjusted for 193 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0094208   .0048707     1.93   0.055    -.0001861    .0190277

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0017567   .0006902    -2.55   0.012    -.0031181   -.0003954

             |

       _cons |   2.597432   .0027938   929.70   0.000     2.591921    2.602942

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |       709         709           0    *|

    fips#visityear |      9071           1        9070     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

sev = 0

(MWFE estimator converged in 13 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 29,191,734

Absorbing 3 HDFE groups                           F(   2,    236) =       1.75

Statistics robust to heteroskedasticity           Prob > F        =     0.1762

                                                  R-squared       =     0.6857

                                                  Adj R-squared   =     0.6856

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        237         Root MSE        =     0.9221



                                (Std. err. adjusted for 237 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0030406   .0027541     1.10   0.271    -.0023851    .0084664

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0004552   .0002491    -1.83   0.069     -.000946    .0000355

             |

       _cons |    2.70321   .0017026  1587.66   0.000     2.699856    2.706565

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2026        2026           0    *|

    fips#visityear |      8626           1        8625     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

sev = 1

(MWFE estimator converged in 13 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   =  9,557,794

Absorbing 3 HDFE groups                           F(   2,    192) =       4.67

Statistics robust to heteroskedasticity           Prob > F        =     0.0104

                                                  R-squared       =     0.6790

                                                  Adj R-squared   =     0.6786

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        193         Root MSE        =     0.9313



                                (Std. err. adjusted for 193 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0078593   .0044626     1.76   0.080    -.0009427    .0166614

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0014573   .0004891    -2.98   0.003    -.0024219   -.0004927

             |

       _cons |   2.612017   .0028101   929.51   0.000     2.606474    2.617559

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |       709         709           0    *|

    fips#visityear |      8507           1        8506     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

sev = 0

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 30,372,777

Absorbing 3 HDFE groups                           F(   2,    236) =       2.13

Statistics robust to heteroskedasticity           Prob > F        =     0.1217

                                                  R-squared       =     0.6834

                                                  Adj R-squared   =     0.6833

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        237         Root MSE        =     0.9230



                                (Std. err. adjusted for 237 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0040036   .0027528     1.45   0.147    -.0014195    .0094267

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0006594   .0003364    -1.96   0.051     -.001322    3.24e-06

             |

       _cons |   2.686936   .0016713  1607.67   0.000     2.683643    2.690228

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2026        2026           0    *|

    fips#visityear |      9391           1        9390     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

sev = 1

(MWFE estimator converged in 14 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   =  9,952,158

Absorbing 3 HDFE groups                           F(   2,    192) =       3.29

Statistics robust to heteroskedasticity           Prob > F        =     0.0393

                                                  R-squared       =     0.6771

                                                  Adj R-squared   =     0.6768

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        193         Root MSE        =     0.9316



                                (Std. err. adjusted for 193 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0083802   .0044471     1.88   0.061    -.0003911    .0171516

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0015312   .0006445    -2.38   0.018    -.0028024   -.0002601

             |

       _cons |   2.596799   .0028023   926.65   0.000     2.591272    2.602326

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |       709         709           0    *|

    fips#visityear |      9248           1        9247     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

sev = 0

(MWFE estimator converged in 13 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 30,372,777

Absorbing 3 HDFE groups                           F(   2,    236) =       1.30

Statistics robust to heteroskedasticity           Prob > F        =     0.2751

                                                  R-squared       =     0.6834

                                                  Adj R-squared   =     0.6833

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        237         Root MSE        =     0.9230



                                (Std. err. adjusted for 237 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0037837   .0028614     1.32   0.187    -.0018534    .0094208

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0006099   .0004134    -1.48   0.141    -.0014244    .0002045

             |

       _cons |   2.686936   .0016697  1609.19   0.000     2.683646    2.690225

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2026        2026           0    *|

    fips#visityear |      9391           1        9390     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

sev = 1

(MWFE estimator converged in 13 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   =  9,952,158

Absorbing 3 HDFE groups                           F(   2,    192) =       2.31

Statistics robust to heteroskedasticity           Prob > F        =     0.1017

                                                  R-squared       =     0.6771

                                                  Adj R-squared   =     0.6768

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        193         Root MSE        =     0.9316



                                (Std. err. adjusted for 193 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0082138    .004761     1.73   0.086    -.0011768    .0176044

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |   -.001498   .0007503    -2.00   0.047     -.002978    -.000018

             |

       _cons |   2.596797   .0028029   926.46   0.000     2.591269    2.602326

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |       709         709           0    *|

    fips#visityear |      9248           1        9247     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

sev = 0

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 29,820,372

Absorbing 3 HDFE groups                           F(   2,    236) =       1.51

Statistics robust to heteroskedasticity           Prob > F        =     0.2233

                                                  R-squared       =     0.6851

                                                  Adj R-squared   =     0.6850

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        237         Root MSE        =     0.9215



                                (Std. err. adjusted for 237 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0036513   .0027918     1.31   0.192    -.0018487    .0091513

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0005418   .0003353    -1.62   0.108    -.0012024    .0001189

             |

       _cons |   2.694766   .0016851  1599.16   0.000     2.691446    2.698086

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2026        2026           0    *|

    fips#visityear |      9069           1        9068     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

sev = 1

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   =  9,776,667

Absorbing 3 HDFE groups                           F(   2,    192) =       3.28

Statistics robust to heteroskedasticity           Prob > F        =     0.0396

                                                  R-squared       =     0.6785

                                                  Adj R-squared   =     0.6782

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        193         Root MSE        =     0.9305



                                (Std. err. adjusted for 193 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0088463   .0048146     1.84   0.068    -.0006501    .0183426

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0016321   .0006576    -2.48   0.014    -.0029293    -.000335

             |

       _cons |   2.603954   .0027973   930.88   0.000     2.598436    2.609471

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |       709         709           0    *|

    fips#visityear |      8933           1        8932     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. 

. /*Test coefficient difference*/

. *gen interactied variable

. 

.  foreach i of local cs {

  2.         

.         gen p_`i' = post*`i'

  3.  }

(201,632 missing values generated)

(1,575,407 missing values generated)

(727,896 missing values generated)



. 

.  

.  

. global partialvar post lnvisits2 p_de_yale2018 p_de_union2018 p_de_inc2018 p_

> de_edu2018 p_de_dem2018



. hdfe $partialvar, absorb(dow gvkey##news_date fips##visityear) gen(r_)

(converged in 14 iterations)



. 

. 

. *reach

. 

. foreach i of local cs{

  2.         

.         reg r_lnvisits2 r_post r_p_`i' if reach == 0

  3.         est store reach0

  4. 

.         reg r_lnvisits2 r_post r_p_`i' if reach == 1

  5.         est store reach1

  6. 

.         suest reach0 reach1, vce(cluster gvkey)

  7. 

.         test [reach0_mean]r_p_`i'= [reach1_mean]r_p_`i'

  8. 

.         discard

  9. }



      Source |       SS           df       MS      Number of obs   =  13806477

-------------+----------------------------------   F(2, 13806474)  =    204.92

       Model |  357.751694         2  178.875847   Prob > F        =    0.0000

    Residual |  12051635.5  13806474  .872897421   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  12051993.3  13806476  .872923206   Root MSE        =    .93429



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0140949   .0009922    14.21   0.000     .0121502    .0160396

r_p_de_yal~8 |  -.0007423   .0001863    -3.98   0.000    -.0011075    -.000377

       _cons |   5.31e-15   .0002514     0.00   1.000    -.0004928    .0004928

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   =  24417553

-------------+----------------------------------   F(2, 24417550)  =     72.27

       Model |  123.044642         2   61.522321   Prob > F        =    0.0000

    Residual |  20786142.2  24417550  .851278781   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  20786265.3  24417552  .851283751   Root MSE        =    .92265



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0006259    .000743     0.84   0.400    -.0008303    .0020822

r_p_de_yal~8 |  -.0010007   .0001386    -7.22   0.000    -.0012723   -.0007291

       _cons |   5.95e-15   .0001867     0.00   1.000     -.000366     .000366

------------------------------------------------------------------------------



Simultaneous results for reach0, reach1             Number of obs = 38,224,030



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

reach0_mean  |

      r_post |   .0140949   .0056746     2.48   0.013     .0029728     .025217

r_p_de_yal~8 |  -.0007423   .0006603    -1.12   0.261    -.0020364    .0005519

       _cons |   5.31e-15   1.28e-15     4.15   0.000     2.80e-15    7.82e-15

-------------+----------------------------------------------------------------

reach0_lnvar |

       _cons |  -.1359372   .0443704    -3.06   0.002    -.2229016   -.0489729

-------------+----------------------------------------------------------------

reach1_mean  |

      r_post |   .0006259   .0025444     0.25   0.806    -.0043611    .0056129

r_p_de_yal~8 |  -.0010007   .0003912    -2.56   0.011    -.0017675   -.0002339

       _cons |   5.95e-15   9.10e-16     6.54   0.000     4.17e-15    7.74e-15

-------------+----------------------------------------------------------------

reach1_lnvar |

       _cons |  -.1610156   .0450706    -3.57   0.000    -.2493523    -.072679

------------------------------------------------------------------------------



 ( 1)  [reach0_mean]r_p_de_yale2018 - [reach1_mean]r_p_de_yale2018 = 0



           chi2(  1) =    0.10

         Prob > chi2 =    0.7498



      Source |       SS           df       MS      Number of obs   =  13806477

-------------+----------------------------------   F(2, 13806474)  =    204.07

       Model |  356.259604         2  178.129802   Prob > F        =    0.0000

    Residual |    12051637  13806474  .872897529   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  12051993.3  13806476  .872923206   Root MSE        =    .93429



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0136604   .0009371    14.58   0.000     .0118238     .015497

r_p_de_uni~8 |  -.0006685   .0001777    -3.76   0.000    -.0010167   -.0003203

       _cons |   5.31e-15   .0002514     0.00   1.000    -.0004928    .0004928

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   =  24417553

-------------+----------------------------------   F(2, 24417550)  =     59.37

       Model |  101.076992         2  50.5384958   Prob > F        =    0.0000

    Residual |  20786164.2  24417550  .851279681   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  20786265.3  24417552  .851283751   Root MSE        =    .92265



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |  -.0009584   .0006976    -1.37   0.169    -.0023258    .0004089

r_p_de_uni~8 |   -.000676   .0001317    -5.13   0.000    -.0009341   -.0004178

       _cons |   5.94e-15   .0001867     0.00   1.000     -.000366     .000366

------------------------------------------------------------------------------



Simultaneous results for reach0, reach1             Number of obs = 38,224,030



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

reach0_mean  |

      r_post |   .0136604   .0051458     2.65   0.008     .0035748    .0237459

r_p_de_uni~8 |  -.0006685   .0004349    -1.54   0.124    -.0015208    .0001839

       _cons |   5.31e-15   1.28e-15     4.16   0.000     2.81e-15    7.81e-15

-------------+----------------------------------------------------------------

reach0_lnvar |

       _cons |  -.1359371   .0443702    -3.06   0.002    -.2229011   -.0489731

-------------+----------------------------------------------------------------

reach1_mean  |

      r_post |  -.0009584   .0026694    -0.36   0.720    -.0061904    .0042735

r_p_de_uni~8 |   -.000676   .0002676    -2.53   0.012    -.0012005   -.0001515

       _cons |   5.94e-15   9.08e-16     6.54   0.000     4.16e-15    7.72e-15

-------------+----------------------------------------------------------------

reach1_lnvar |

       _cons |  -.1610146   .0450706    -3.57   0.000    -.2493513   -.0726778

------------------------------------------------------------------------------



 ( 1)  [reach0_mean]r_p_de_union2018 - [reach1_mean]r_p_de_union2018 = 0



           chi2(  1) =    0.00

         Prob > chi2 =    0.9887



      Source |       SS           df       MS      Number of obs   =  13806477

-------------+----------------------------------   F(2, 13806474)  =    212.33

       Model |  370.689058         2  185.344529   Prob > F        =    0.0000

    Residual |  12051622.6  13806474  .872896484   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  12051993.3  13806476  .872923206   Root MSE        =    .93429



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0154508   .0010019    15.42   0.000     .0134871    .0174145

r_p_de_inc~8 |  -.0010376   .0001873    -5.54   0.000    -.0014047   -.0006705

       _cons |   5.32e-15   .0002514     0.00   1.000    -.0004928    .0004928

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   =  24417553

-------------+----------------------------------   F(2, 24417550)  =     63.49

       Model |  108.090239         2  54.0451197   Prob > F        =    0.0000

    Residual |  20786157.2  24417550  .851279394   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  20786265.3  24417552  .851283751   Root MSE        =    .92265



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |  -.0001589   .0007504    -0.21   0.832    -.0016297    .0013118

r_p_de_inc~8 |  -.0008186   .0001392    -5.88   0.000    -.0010914   -.0005458

       _cons |   5.93e-15   .0001867     0.00   1.000     -.000366     .000366

------------------------------------------------------------------------------



Simultaneous results for reach0, reach1             Number of obs = 38,224,030



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

reach0_mean  |

      r_post |   .0154508   .0055531     2.78   0.005      .004567    .0263346

r_p_de_inc~8 |  -.0010376   .0006205    -1.67   0.094    -.0022536    .0001785

       _cons |   5.32e-15   1.28e-15     4.16   0.000     2.81e-15    7.82e-15

-------------+----------------------------------------------------------------

reach0_lnvar |

       _cons |  -.1359383   .0443706    -3.06   0.002    -.2229031   -.0489735

-------------+----------------------------------------------------------------

reach1_mean  |

      r_post |  -.0001589   .0024709    -0.06   0.949    -.0050019     .004684

r_p_de_inc~8 |  -.0008186   .0004235    -1.93   0.053    -.0016486    .0000114

       _cons |   5.93e-15   9.08e-16     6.53   0.000     4.15e-15    7.71e-15

-------------+----------------------------------------------------------------

reach1_lnvar |

       _cons |  -.1610149   .0450707    -3.57   0.000    -.2493518   -.0726779

------------------------------------------------------------------------------



 ( 1)  [reach0_mean]r_p_de_inc2018 - [reach1_mean]r_p_de_inc2018 = 0



           chi2(  1) =    0.07

         Prob > chi2 =    0.7849



      Source |       SS           df       MS      Number of obs   =  13806477

-------------+----------------------------------   F(2, 13806474)  =    200.64

       Model |  350.270128         2  175.135064   Prob > F        =    0.0000

    Residual |    12051643  13806474  .872897963   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  12051993.3  13806476  .872923206   Root MSE        =    .93429



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0130256   .0009907    13.15   0.000     .0110838    .0149674

r_p_de_edu~8 |   -.000502   .0001859    -2.70   0.007    -.0008663   -.0001377

       _cons |   5.29e-15   .0002514     0.00   1.000    -.0004928    .0004928

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   =  24417553

-------------+----------------------------------   F(2, 24417550)  =     72.21

       Model |  122.944062         2  61.4720309   Prob > F        =    0.0000

    Residual |  20786142.3  24417550  .851278786   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  20786265.3  24417552  .851283751   Root MSE        =    .92265



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0006412   .0007454     0.86   0.390    -.0008197    .0021022

r_p_de_edu~8 |  -.0009988   .0001385    -7.21   0.000    -.0012701   -.0007274

       _cons |   5.94e-15   .0001867     0.00   1.000     -.000366     .000366

------------------------------------------------------------------------------



Simultaneous results for reach0, reach1             Number of obs = 38,224,030



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

reach0_mean  |

      r_post |   .0130256   .0057402     2.27   0.023     .0017749    .0242763

r_p_de_edu~8 |   -.000502   .0007352    -0.68   0.495    -.0019429    .0009389

       _cons |   5.29e-15   1.28e-15     4.14   0.000     2.78e-15    7.80e-15

-------------+----------------------------------------------------------------

reach0_lnvar |

       _cons |  -.1359366   .0443703    -3.06   0.002    -.2229007   -.0489725

-------------+----------------------------------------------------------------

reach1_mean  |

      r_post |   .0006412   .0023615     0.27   0.786    -.0039872    .0052697

r_p_de_edu~8 |  -.0009988   .0004814    -2.07   0.038    -.0019424   -.0000552

       _cons |   5.94e-15   9.09e-16     6.53   0.000     4.16e-15    7.72e-15

-------------+----------------------------------------------------------------

reach1_lnvar |

       _cons |  -.1610156   .0450706    -3.57   0.000    -.2493524   -.0726789

------------------------------------------------------------------------------



 ( 1)  [reach0_mean]r_p_de_edu2018 - [reach1_mean]r_p_de_edu2018 = 0



           chi2(  1) =    0.30

         Prob > chi2 =    0.5864



      Source |       SS           df       MS      Number of obs   =  13806477

-------------+----------------------------------   F(2, 13806474)  =    201.72

       Model |   352.17015         2  176.085075   Prob > F        =    0.0000

    Residual |  12051641.1  13806474  .872897825   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  12051993.3  13806476  .872923206   Root MSE        =    .93429



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0133641   .0009979    13.39   0.000     .0114082      .01532

r_p_de_dem~8 |  -.0005741   .0001865    -3.08   0.002    -.0009397   -.0002085

       _cons |   5.30e-15   .0002514     0.00   1.000    -.0004928    .0004928

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   =  24417553

-------------+----------------------------------   F(2, 24417550)  =     69.12

       Model |  117.683951         2  58.8419755   Prob > F        =    0.0000

    Residual |  20786147.6  24417550  .851279001   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  20786265.3  24417552  .851283751   Root MSE        =    .92265



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0003779   .0007471     0.51   0.613    -.0010863    .0018421

r_p_de_dem~8 |  -.0009401   .0001388    -6.77   0.000    -.0012122    -.000668

       _cons |   5.95e-15   .0001867     0.00   1.000     -.000366     .000366

------------------------------------------------------------------------------



Simultaneous results for reach0, reach1             Number of obs = 38,224,030



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

reach0_mean  |

      r_post |   .0133641   .0056699     2.36   0.018     .0022513    .0244769

r_p_de_dem~8 |  -.0005741   .0006403    -0.90   0.370    -.0018291    .0006809

       _cons |   5.30e-15   1.28e-15     4.15   0.000     2.79e-15    7.80e-15

-------------+----------------------------------------------------------------

reach0_lnvar |

       _cons |  -.1359368   .0443704    -3.06   0.002    -.2229011   -.0489725

-------------+----------------------------------------------------------------

reach1_mean  |

      r_post |   .0003779   .0025954     0.15   0.884    -.0047091    .0054648

r_p_de_dem~8 |  -.0009401   .0003747    -2.51   0.012    -.0016745   -.0002056

       _cons |   5.95e-15   9.08e-16     6.55   0.000     4.17e-15    7.73e-15

-------------+----------------------------------------------------------------

reach1_lnvar |

       _cons |  -.1610154   .0450705    -3.57   0.000    -.2493519   -.0726788

------------------------------------------------------------------------------



 ( 1)  [reach0_mean]r_p_de_dem2018 - [reach1_mean]r_p_de_dem2018 = 0



           chi2(  1) =    0.22

         Prob > chi2 =    0.6385



. 

. 

. * severe

. foreach i of local cs{

  2.         

.         reg r_lnvisits2 r_post r_p_`i' if sev == 0

  3.         est store sev_0

  4. 

.         reg r_lnvisits2 r_post r_p_`i' if sev == 1

  5.         est store sev_1

  6. 

.         suest sev_0 sev_1, vce(cluster gvkey)

  7. 

.         test [sev_0_mean]r_p_`i'= [sev_1_mean]r_p_`i'

  8. 

.         discard

  9. }



      Source |       SS           df       MS      Number of obs   =  28795985

-------------+----------------------------------   F(2, 28795982)  =     17.87

       Model |  30.4671287         2  15.2335644   Prob > F        =    0.0000

    Residual |  24542517.8  28795982  .852289662   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  24542548.2  28795984   .85229066   Root MSE        =     .9232



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0040876   .0006838     5.98   0.000     .0027473    .0054279

r_p_de_yal~8 |  -.0006489   .0001275    -5.09   0.000    -.0008989   -.0003989

       _cons |   4.83e-15    .000172     0.00   1.000    -.0003372    .0003372

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   = 9,428,045

-------------+----------------------------------   F(2, 9428042)   =     35.89

       Model |  63.1609744         2  31.5804872   Prob > F        =    0.0000

    Residual |  8295647.17 9,428,042  .879890774   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  8295710.33 9,428,044  .879897286   Root MSE        =    .93802



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0100452    .001205     8.34   0.000     .0076835    .0124069

r_p_de_yal~8 |  -.0017711    .000227    -7.80   0.000    -.0022161   -.0013261

       _cons |   8.44e-15   .0003055     0.00   1.000    -.0005988    .0005988

------------------------------------------------------------------------------



Simultaneous results for sev_0, sev_1               Number of obs = 38,224,030



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

sev_0_mean   |

      r_post |   .0040876   .0029424     1.39   0.165    -.0016795    .0098547

r_p_de_yal~8 |  -.0006489   .0003525    -1.84   0.066    -.0013398     .000042

       _cons |   4.83e-15   7.70e-16     6.26   0.000     3.32e-15    6.34e-15

-------------+----------------------------------------------------------------

sev_0_lnvar  |

       _cons |  -.1598288   .0443884    -3.60   0.000    -.2468284   -.0728292

-------------+----------------------------------------------------------------

sev_1_mean   |

      r_post |   .0100452   .0050155     2.00   0.045     .0002149    .0198754

r_p_de_yal~8 |  -.0017711   .0007394    -2.40   0.017    -.0032203   -.0003219

       _cons |   8.44e-15   1.65e-15     5.12   0.000     5.21e-15    1.17e-14

-------------+----------------------------------------------------------------

sev_1_lnvar  |

       _cons |  -.1279575    .046112    -2.77   0.006    -.2183354   -.0375796

------------------------------------------------------------------------------



 ( 1)  [sev_0_mean]r_p_de_yale2018 - [sev_1_mean]r_p_de_yale2018 = 0



           chi2(  1) =    1.87

         Prob > chi2 =    0.1718



      Source |       SS           df       MS      Number of obs   =  28795985

-------------+----------------------------------   F(2, 28795982)  =     11.59

       Model |  19.7540709         2  9.87703543   Prob > F        =    0.0000

    Residual |  24542528.5  28795982  .852290034   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  24542548.2  28795984   .85229066   Root MSE        =     .9232



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0030819    .000643     4.79   0.000     .0018216    .0043421

r_p_de_uni~8 |  -.0004429   .0001214    -3.65   0.000    -.0006808    -.000205

       _cons |   4.82e-15    .000172     0.00   1.000    -.0003372    .0003372

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   = 9,428,045

-------------+----------------------------------   F(2, 9428042)   =     26.85

       Model |  47.2472256         2  23.6236128   Prob > F        =    0.0000

    Residual |  8295663.08 9,428,042  .879892462   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  8295710.33 9,428,044  .879897286   Root MSE        =    .93803



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0082287   .0011361     7.24   0.000     .0060019    .0104554

r_p_de_uni~8 |  -.0014121   .0002159    -6.54   0.000    -.0018354   -.0009889

       _cons |   8.43e-15   .0003055     0.00   1.000    -.0005988    .0005988

------------------------------------------------------------------------------



Simultaneous results for sev_0, sev_1               Number of obs = 38,224,030



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

sev_0_mean   |

      r_post |   .0030819   .0028016     1.10   0.271    -.0024092     .008573

r_p_de_uni~8 |  -.0004429   .0002523    -1.76   0.079    -.0009374    .0000516

       _cons |   4.82e-15   7.69e-16     6.26   0.000     3.31e-15    6.32e-15

-------------+----------------------------------------------------------------

sev_0_lnvar  |

       _cons |  -.1598284   .0443884    -3.60   0.000     -.246828   -.0728288

-------------+----------------------------------------------------------------

sev_1_mean   |

      r_post |   .0082287   .0045566     1.81   0.071    -.0007021    .0171594

r_p_de_uni~8 |  -.0014121   .0005068    -2.79   0.005    -.0024055   -.0004188

       _cons |   8.43e-15   1.65e-15     5.11   0.000     5.20e-15    1.17e-14

-------------+----------------------------------------------------------------

sev_1_lnvar  |

       _cons |  -.1279556   .0461113    -2.77   0.006     -.218332   -.0375791

------------------------------------------------------------------------------



 ( 1)  [sev_0_mean]r_p_de_union2018 - [sev_1_mean]r_p_de_union2018 = 0



           chi2(  1) =    2.78

         Prob > chi2 =    0.0957



      Source |       SS           df       MS      Number of obs   =  28795985

-------------+----------------------------------   F(2, 28795982)  =     20.20

       Model |  34.4284692         2  17.2142346   Prob > F        =    0.0000

    Residual |  24542513.8  28795982  .852289524   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  24542548.2  28795984   .85229066   Root MSE        =     .9232



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0043941   .0006922     6.35   0.000     .0030374    .0057509

r_p_de_inc~8 |  -.0007092   .0001283    -5.53   0.000    -.0009607   -.0004576

       _cons |   4.82e-15    .000172     0.00   1.000    -.0003372    .0003372

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   = 9,428,045

-------------+----------------------------------   F(2, 9428042)   =     28.59

       Model |  50.3104332         2  25.1552166   Prob > F        =    0.0000

    Residual |  8295660.02 9,428,042  .879892137   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  8295710.33 9,428,044  .879897286   Root MSE        =    .93803



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0090636   .0012082     7.50   0.000     .0066955    .0114316

r_p_de_inc~8 |  -.0015444   .0002271    -6.80   0.000    -.0019895   -.0010993

       _cons |   8.41e-15   .0003055     0.00   1.000    -.0005988    .0005988

------------------------------------------------------------------------------



Simultaneous results for sev_0, sev_1               Number of obs = 38,224,030



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

sev_0_mean   |

      r_post |   .0043941   .0028474     1.54   0.123    -.0011867    .0099749

r_p_de_inc~8 |  -.0007092    .000343    -2.07   0.039    -.0013813    -.000037

       _cons |   4.82e-15   7.71e-16     6.25   0.000     3.31e-15    6.33e-15

-------------+----------------------------------------------------------------

sev_0_lnvar  |

       _cons |   -.159829   .0443885    -3.60   0.000    -.2468288   -.0728292

-------------+----------------------------------------------------------------

sev_1_mean   |

      r_post |   .0090636   .0046662     1.94   0.052    -.0000821    .0182092

r_p_de_inc~8 |  -.0015444   .0006908    -2.24   0.025    -.0028984   -.0001904

       _cons |   8.41e-15   1.65e-15     5.10   0.000     5.18e-15    1.16e-14

-------------+----------------------------------------------------------------

sev_1_lnvar  |

       _cons |   -.127956   .0461116    -2.77   0.006     -.218333   -.0375789

------------------------------------------------------------------------------



 ( 1)  [sev_0_mean]r_p_de_inc2018 - [sev_1_mean]r_p_de_inc2018 = 0



           chi2(  1) =    1.26

         Prob > chi2 =    0.2609



      Source |       SS           df       MS      Number of obs   =  28795985

-------------+----------------------------------   F(2, 28795982)  =     17.02

       Model |  29.0116507         2  14.5058253   Prob > F        =    0.0000

    Residual |  24542519.2  28795982  .852289712   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  24542548.2  28795984   .85229066   Root MSE        =     .9232



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0040092   .0006872     5.83   0.000     .0026624    .0053561

r_p_de_edu~8 |  -.0006275   .0001276    -4.92   0.000    -.0008776   -.0003774

       _cons |   4.82e-15    .000172     0.00   1.000    -.0003372    .0003372

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   = 9,428,045

-------------+----------------------------------   F(2, 9428042)   =     27.53

       Model |  48.4484581         2   24.224229   Prob > F        =    0.0000

    Residual |  8295661.88 9,428,042  .879892334   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  8295710.33 9,428,044  .879897286   Root MSE        =    .93803



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0087957   .0011946     7.36   0.000     .0064544     .011137

r_p_de_edu~8 |  -.0014969   .0002253    -6.64   0.000    -.0019386   -.0010553

       _cons |   8.41e-15   .0003055     0.00   1.000    -.0005988    .0005988

------------------------------------------------------------------------------



Simultaneous results for sev_0, sev_1               Number of obs = 38,224,030



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

sev_0_mean   |

      r_post |   .0040092   .0029628     1.35   0.176    -.0017977    .0098161

r_p_de_edu~8 |  -.0006275   .0004185    -1.50   0.134    -.0014477    .0001928

       _cons |   4.82e-15   7.71e-16     6.25   0.000     3.31e-15    6.33e-15

-------------+----------------------------------------------------------------

sev_0_lnvar  |

       _cons |  -.1598288   .0443884    -3.60   0.000    -.2468284   -.0728291

-------------+----------------------------------------------------------------

sev_1_mean   |

      r_post |   .0087957    .004948     1.78   0.075    -.0009021    .0184936

r_p_de_edu~8 |  -.0014969   .0007913    -1.89   0.059    -.0030478     .000054

       _cons |   8.41e-15   1.65e-15     5.10   0.000     5.18e-15    1.16e-14

-------------+----------------------------------------------------------------

sev_1_lnvar  |

       _cons |  -.1279557   .0461115    -2.77   0.006    -.2183326   -.0375789

------------------------------------------------------------------------------



 ( 1)  [sev_0_mean]r_p_de_edu2018 - [sev_1_mean]r_p_de_edu2018 = 0



           chi2(  1) =    1.05

         Prob > chi2 =    0.3058



      Source |       SS           df       MS      Number of obs   =  28795985

-------------+----------------------------------   F(2, 28795982)  =     14.13

       Model |  24.0796282         2  12.0398141   Prob > F        =    0.0000

    Residual |  24542524.1  28795982  .852289883   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  24542548.2  28795984   .85229066   Root MSE        =     .9232



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0036506   .0006881     5.31   0.000      .002302    .0049992

r_p_de_dem~8 |  -.0005484   .0001279    -4.29   0.000     -.000799   -.0002978

       _cons |   4.82e-15    .000172     0.00   1.000    -.0003372    .0003372

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   = 9,428,045

-------------+----------------------------------   F(2, 9428042)   =     32.24

       Model |  56.7314441         2  28.3657221   Prob > F        =    0.0000

    Residual |   8295653.6 9,428,042  .879891456   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  8295710.33 9,428,044  .879897286   Root MSE        =    .93803



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0095957   .0012093     7.94   0.000     .0072256    .0119658

r_p_de_dem~8 |  -.0016584   .0002266    -7.32   0.000    -.0021026   -.0012142

       _cons |   8.43e-15   .0003055     0.00   1.000    -.0005988    .0005988

------------------------------------------------------------------------------



Simultaneous results for sev_0, sev_1               Number of obs = 38,224,030



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

sev_0_mean   |

      r_post |   .0036506   .0028841     1.27   0.206    -.0020021    .0093033

r_p_de_dem~8 |  -.0005484   .0003402    -1.61   0.107    -.0012152    .0001184

       _cons |   4.82e-15   7.70e-16     6.25   0.000     3.31e-15    6.33e-15

-------------+----------------------------------------------------------------

sev_0_lnvar  |

       _cons |  -.1598286   .0443883    -3.60   0.000    -.2468281   -.0728291

-------------+----------------------------------------------------------------

sev_1_mean   |

      r_post |   .0095957   .0049774     1.93   0.054    -.0001599    .0193513

r_p_de_dem~8 |  -.0016584   .0007058    -2.35   0.019    -.0030417   -.0002751

       _cons |   8.43e-15   1.65e-15     5.10   0.000     5.19e-15    1.17e-14

-------------+----------------------------------------------------------------

sev_1_lnvar  |

       _cons |  -.1279567    .046112    -2.77   0.006    -.2183346   -.0375789

------------------------------------------------------------------------------



 ( 1)  [sev_0_mean]r_p_de_dem2018 - [sev_1_mean]r_p_de_dem2018 = 0



           chi2(  1) =    2.03

         Prob > chi2 =    0.1543



. 

. 

. 

. 

. 

. /******Table 6 and Table OA 12******/

. 

. 

. /**min visit day of the window**/

. bys tic gvkey fips news_date: egen visitday2 = min(visitday)



. 

. 

. * Ensure visitday is in Stata date format

. format visitday2 %td



. 

. * Extract the year and quarter from visitday

. gen visit_year = year(visitday2)



. gen visit_quarter = quarter(visitday2)



. 

. * Calculate the previous quarter and adjust the year if needed

. gen prev_quarter = visit_quarter - 1



. gen prev_year = visit_year



. replace prev_quarter = 4 if prev_quarter < 1

(11,769,894 real changes made)



. replace prev_year = prev_year - 1 if prev_quarter == 4

(11,769,894 real changes made)



. 

. * Determine the end date of the previous quarter

. gen prev_quarter_end = .

(40,324,935 missing values generated)



. replace prev_quarter_end = mdy(3, 31, prev_year) if prev_quarter == 1

(10,236,239 real changes made)



. replace prev_quarter_end = mdy(6, 30, prev_year) if prev_quarter == 2

(9,742,097 real changes made)



. replace prev_quarter_end = mdy(9, 30, prev_year) if prev_quarter == 3

(8,576,705 real changes made)



. replace prev_quarter_end = mdy(12, 31, prev_year) if prev_quarter == 4

(11,769,894 real changes made)



. 

. * Format the new variable

. format prev_quarter_end %td



. rename prev_quarter_end yearq



. 

. 

. 

. merge m:1 stock_symbol fips yearq using "/scratch/NetID/Consumer/Data/loyalt

> y_qtr_new.dta"

(variable fips was long, now double to accommodate using data's values)

(variable yearq was float, now double to accommodate using data's values)



    Result                      Number of obs

    -----------------------------------------

    Not matched                     6,345,440

        from master                 4,413,097  (_merge==1)

        from using                  1,932,343  (_merge==2)



    Matched                        35,911,838  (_merge==3)

    -----------------------------------------



. 

. drop if _merge == 2

(1,932,343 observations deleted)



. 

. 

. 

. local loyal  wdvisit_q repeat2_q



. 

. 

. foreach i of local loyal{

  2. 

. egen group_`i' = xtile(`i'), nq(2)

  3. replace group_`i' = group_`i' - 1

  4. 

. }

(4,646,650 missing values generated)

(35,678,285 real changes made)

(4,801,172 missing values generated)

(35,523,763 real changes made)



.         

. 

. 

. foreach i of local loyal{

  2.                 foreach j of local cs {

  3.                                 forvalues m = 0/1{

  4.                                 

.                                 display as error "group_`i' = `m'"

  5.                                 reghdfe lnvisits2 post##c.`j'  if group_`i

> ' == `m', absorb(dow gvkey##news_date fips##visityear) vce(cluster gvkey)

  6. //                              outreg2 using "`output'Main.dta", dta tsta

> t tdec(2) bdec(4) addtext(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y

> , cluster, firm, group, `i' = `m')

.                 }

  7.                 }

  8. }

group_wdvisit_q = 0

(dropped 3 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,770,156

Absorbing 3 HDFE groups                           F(   2,    227) =      10.08

Statistics robust to heteroskedasticity           Prob > F        =     0.0001

                                                  R-squared       =     0.7070

                                                  Adj R-squared   =     0.7068

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        228         Root MSE        =     0.8785



                                (Std. err. adjusted for 228 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0038658   .0032263     1.20   0.232    -.0024916    .0102232

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0017892   .0004007    -4.47   0.000    -.0025787   -.0009996

             |

       _cons |   3.204794   .0023257  1378.00   0.000     3.200211    3.209377

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2292        2292           0    *|

    fips#visityear |      9042           1        9041     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_wdvisit_q = 1

(dropped 6 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,727,359

Absorbing 3 HDFE groups                           F(   2,    232) =       0.12

Statistics robust to heteroskedasticity           Prob > F        =     0.8885

                                                  R-squared       =     0.6390

                                                  Adj R-squared   =     0.6388

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        233         Root MSE        =     0.9141



                                (Std. err. adjusted for 233 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0010163   .0022217     0.46   0.648     -.003361    .0053935

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0000338   .0003943    -0.09   0.932    -.0008106    .0007431

             |

       _cons |   2.252241    .001366  1648.73   0.000     2.249549    2.254932

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2338        2338           0    *|

    fips#visityear |      8965           1        8964     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_wdvisit_q = 0

(dropped 2 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,171,928

Absorbing 3 HDFE groups                           F(   2,    227) =       9.40

Statistics robust to heteroskedasticity           Prob > F        =     0.0001

                                                  R-squared       =     0.7076

                                                  Adj R-squared   =     0.7074

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        228         Root MSE        =     0.8801



                                (Std. err. adjusted for 228 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0009399   .0034139     0.28   0.783    -.0057871    .0076669

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |   -.001231   .0002844    -4.33   0.000    -.0017914   -.0006707

             |

       _cons |   3.218644   .0023604  1363.60   0.000     3.213992    3.223295

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2292        2292           0    *|

    fips#visityear |      8497           1        8496     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_wdvisit_q = 1

(dropped 6 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,099,332

Absorbing 3 HDFE groups                           F(   2,    232) =       0.28

Statistics robust to heteroskedasticity           Prob > F        =     0.7589

                                                  R-squared       =     0.6396

                                                  Adj R-squared   =     0.6394

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        233         Root MSE        =     0.9153



                                (Std. err. adjusted for 233 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0015271   .0021628     0.71   0.481    -.0027341    .0057884

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0001551   .0003137    -0.49   0.621    -.0007731    .0004629

             |

       _cons |   2.268103   .0013801  1643.46   0.000     2.265384    2.270822

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2338        2338           0    *|

    fips#visityear |      8409           1        8408     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_wdvisit_q = 0

(dropped 3 singleton observations)

(MWFE estimator converged in 15 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,839,154

Absorbing 3 HDFE groups                           F(   2,    227) =       5.27

Statistics robust to heteroskedasticity           Prob > F        =     0.0058

                                                  R-squared       =     0.7060

                                                  Adj R-squared   =     0.7058

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        228         Root MSE        =     0.8799



                                (Std. err. adjusted for 228 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0024989   .0030359     0.82   0.411    -.0034832     .008481

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0014709    .000456    -3.23   0.001    -.0023694   -.0005724

             |

       _cons |   3.201926   .0023206  1379.77   0.000     3.197353    3.206499

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2293        2293           0    *|

    fips#visityear |      9208           1        9207     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_wdvisit_q = 1

(dropped 6 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,839,122

Absorbing 3 HDFE groups                           F(   2,    232) =       0.12

Statistics robust to heteroskedasticity           Prob > F        =     0.8910

                                                  R-squared       =     0.6371

                                                  Adj R-squared   =     0.6368

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        233         Root MSE        =     0.9162



                                (Std. err. adjusted for 233 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |  -3.57e-06   .0022114    -0.00   0.999    -.0043605    .0043534

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |   .0001493   .0003497     0.43   0.670    -.0005398    .0008384

             |

       _cons |   2.252865   .0013674  1647.57   0.000     2.250171    2.255559

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2345        2345           0    *|

    fips#visityear |      9134           1        9133     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_wdvisit_q = 0

(dropped 3 singleton observations)

(MWFE estimator converged in 15 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,839,154

Absorbing 3 HDFE groups                           F(   2,    227) =       4.02

Statistics robust to heteroskedasticity           Prob > F        =     0.0192

                                                  R-squared       =     0.7060

                                                  Adj R-squared   =     0.7058

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        228         Root MSE        =     0.8799



                                (Std. err. adjusted for 228 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0030789   .0030055     1.02   0.307    -.0028433    .0090011

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0016096   .0005704    -2.82   0.005    -.0027334   -.0004857

             |

       _cons |   3.201925    .002314  1383.74   0.000     3.197366    3.206485

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2293        2293           0    *|

    fips#visityear |      9208           1        9207     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_wdvisit_q = 1

(dropped 6 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,839,122

Absorbing 3 HDFE groups                           F(   2,    232) =       0.14

Statistics robust to heteroskedasticity           Prob > F        =     0.8687

                                                  R-squared       =     0.6371

                                                  Adj R-squared   =     0.6368

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        233         Root MSE        =     0.9162



                                (Std. err. adjusted for 233 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |  -.0002364   .0021933    -0.11   0.914    -.0045576    .0040849

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |   .0002021   .0003993     0.51   0.613    -.0005847    .0009888

             |

       _cons |   2.252865   .0013699  1644.58   0.000     2.250167    2.255564

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2345        2345           0    *|

    fips#visityear |      9134           1        9133     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_wdvisit_q = 0

(dropped 3 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,538,752

Absorbing 3 HDFE groups                           F(   2,    227) =       7.63

Statistics robust to heteroskedasticity           Prob > F        =     0.0006

                                                  R-squared       =     0.7071

                                                  Adj R-squared   =     0.7069

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        228         Root MSE        =     0.8786



                                (Std. err. adjusted for 228 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0029914   .0032501     0.92   0.358    -.0034127    .0093955

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0015952   .0004094    -3.90   0.000    -.0024019   -.0007885

             |

       _cons |   3.211293   .0023413  1371.59   0.000      3.20668    3.215907

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2292        2292           0    *|

    fips#visityear |      8922           1        8921     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_wdvisit_q = 1

(dropped 6 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,502,490

Absorbing 3 HDFE groups                           F(   2,    232) =       0.16

Statistics robust to heteroskedasticity           Prob > F        =     0.8545

                                                  R-squared       =     0.6389

                                                  Adj R-squared   =     0.6387

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        233         Root MSE        =     0.9147



                                (Std. err. adjusted for 233 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0012149   .0021805     0.56   0.578    -.0030813    .0055111

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |   -.000075   .0003724    -0.20   0.841    -.0008087    .0006587

             |

       _cons |   2.258002   .0013731  1644.42   0.000     2.255297    2.260708

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2338        2338           0    *|

    fips#visityear |      8829           1        8828     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_repeat2_q = 0

(dropped 12 singleton observations)

(MWFE estimator converged in 15 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,689,882

Absorbing 3 HDFE groups                           F(   2,    228) =       8.41

Statistics robust to heteroskedasticity           Prob > F        =     0.0003

                                                  R-squared       =     0.7322

                                                  Adj R-squared   =     0.7320

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        229         Root MSE        =     0.9136



                                (Std. err. adjusted for 229 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0062355   .0028812     2.16   0.031     .0005583    .0119127

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0013226   .0003504    -3.77   0.000     -.002013   -.0006322

             |

       _cons |   2.622646   .0020917  1253.81   0.000     2.618524    2.626768

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2304        2304           0    *|

    fips#visityear |      8588           1        8587     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_repeat2_q = 1

(dropped 3 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,658,900

Absorbing 3 HDFE groups                           F(   2,    229) =       2.89

Statistics robust to heteroskedasticity           Prob > F        =     0.0574

                                                  R-squared       =     0.6635

                                                  Adj R-squared   =     0.6633

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        230         Root MSE        =     0.8703



                                (Std. err. adjusted for 230 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |  -.0034225   .0021082    -1.62   0.106    -.0075764    .0007314

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0004836     .00046    -1.05   0.294      -.00139    .0004227

             |

       _cons |   2.850741   .0015411  1849.77   0.000     2.847704    2.853778

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2367        2367           0    *|

    fips#visityear |      9130           1        9129     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_repeat2_q = 0

(dropped 10 singleton observations)

(MWFE estimator converged in 15 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,134,133

Absorbing 3 HDFE groups                           F(   2,    228) =       7.28

Statistics robust to heteroskedasticity           Prob > F        =     0.0009

                                                  R-squared       =     0.7326

                                                  Adj R-squared   =     0.7325

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        229         Root MSE        =     0.9148



                                (Std. err. adjusted for 229 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0043085    .003084     1.40   0.164    -.0017682    .0103852

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0009988   .0002682    -3.72   0.000    -.0015273   -.0004704

             |

       _cons |   2.639143   .0021192  1245.36   0.000     2.634967    2.643319

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2304        2304           0    *|

    fips#visityear |      8073           1        8072     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_repeat2_q = 1

(dropped 3 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 16,989,316

Absorbing 3 HDFE groups                           F(   2,    229) =       2.84

Statistics robust to heteroskedasticity           Prob > F        =     0.0606

                                                  R-squared       =     0.6636

                                                  Adj R-squared   =     0.6634

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        230         Root MSE        =     0.8716



                                (Std. err. adjusted for 230 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |  -.0041241   .0021049    -1.96   0.051    -.0082715    .0000234

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0003369   .0003221    -1.05   0.297    -.0009715    .0002978

             |

       _cons |   2.865874   .0015673  1828.52   0.000     2.862786    2.868962

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2367        2367           0    *|

    fips#visityear |      8564           1        8563     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_repeat2_q = 0

(dropped 12 singleton observations)

(MWFE estimator converged in 15 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,761,878

Absorbing 3 HDFE groups                           F(   2,    228) =       6.35

Statistics robust to heteroskedasticity           Prob > F        =     0.0021

                                                  R-squared       =     0.7310

                                                  Adj R-squared   =     0.7309

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        229         Root MSE        =     0.9152



                                (Std. err. adjusted for 229 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0047576   .0024421     1.95   0.053    -.0000545    .0095696

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0010263    .000361    -2.84   0.005    -.0017377   -.0003149

             |

       _cons |     2.6211   .0020951  1251.06   0.000     2.616972    2.625228

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2304        2304           0    *|

    fips#visityear |      8743           1        8742     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_repeat2_q = 1

(dropped 3 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,761,870

Absorbing 3 HDFE groups                           F(   2,    229) =       3.00

Statistics robust to heteroskedasticity           Prob > F        =     0.0517

                                                  R-squared       =     0.6620

                                                  Adj R-squared   =     0.6617

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        230         Root MSE        =     0.8719



                                (Std. err. adjusted for 230 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |  -.0039598   .0022272    -1.78   0.077    -.0083482    .0004285

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0003852   .0004724    -0.82   0.416     -.001316    .0005456

             |

       _cons |   2.849112   .0015429  1846.58   0.000     2.846072    2.852152

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2367        2367           0    *|

    fips#visityear |      9302           1        9301     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_repeat2_q = 0

(dropped 12 singleton observations)

(MWFE estimator converged in 15 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,761,878

Absorbing 3 HDFE groups                           F(   2,    228) =       4.53

Statistics robust to heteroskedasticity           Prob > F        =     0.0117

                                                  R-squared       =     0.7310

                                                  Adj R-squared   =     0.7309

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        229         Root MSE        =     0.9152



                                (Std. err. adjusted for 229 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0048935   .0022737     2.15   0.032     .0004134    .0093736

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0010585   .0004703    -2.25   0.025    -.0019852   -.0001319

             |

       _cons |     2.6211    .002093  1252.33   0.000     2.616976    2.625224

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2304        2304           0    *|

    fips#visityear |      8743           1        8742     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_repeat2_q = 1

(dropped 3 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,761,870

Absorbing 3 HDFE groups                           F(   2,    229) =       3.10

Statistics robust to heteroskedasticity           Prob > F        =     0.0470

                                                  R-squared       =     0.6620

                                                  Adj R-squared   =     0.6617

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        230         Root MSE        =     0.8719



                                (Std. err. adjusted for 230 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |    -.00395   .0022738    -1.74   0.084    -.0084302    .0005303

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0003868   .0005372    -0.72   0.472    -.0014453    .0006718

             |

       _cons |   2.849111   .0015405  1849.48   0.000     2.846076    2.852147

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2367        2367           0    *|

    fips#visityear |      9302           1        9301     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_repeat2_q = 0

(dropped 12 singleton observations)

(MWFE estimator converged in 15 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,475,104

Absorbing 3 HDFE groups                           F(   2,    228) =       8.33

Statistics robust to heteroskedasticity           Prob > F        =     0.0003

                                                  R-squared       =     0.7321

                                                  Adj R-squared   =     0.7320

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        229         Root MSE        =     0.9142



                                (Std. err. adjusted for 229 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0058415   .0027784     2.10   0.037     .0003668    .0113161

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0012358   .0003397    -3.64   0.000    -.0019053   -.0005664

             |

       _cons |   2.630521   .0021007  1252.21   0.000     2.626382    2.634661

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2304        2304           0    *|

    fips#visityear |      8458           1        8457     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

group_repeat2_q = 1

(dropped 3 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 17,420,331

Absorbing 3 HDFE groups                           F(   2,    229) =       2.83

Statistics robust to heteroskedasticity           Prob > F        =     0.0611

                                                  R-squared       =     0.6635

                                                  Adj R-squared   =     0.6633

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        230         Root MSE        =     0.8707



                                (Std. err. adjusted for 230 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |  -.0037695   .0021657    -1.74   0.083    -.0080368    .0004977

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |   -.000387   .0004451    -0.87   0.386    -.0012639      .00049

             |

       _cons |   2.854933   .0015485  1843.65   0.000     2.851882    2.857984

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2366        2366           0    *|

    fips#visityear |      9001           1        9000     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. 

. /*Test coefficient difference*/

. foreach i of local cs{

  2.         

.         reg r_lnvisits2 r_post r_p_`i' if group_wdvisit_q == 0

  3.         est store wd0

  4. 

.         reg r_lnvisits2 r_post r_p_`i' if group_wdvisit_q == 1

  5.         est store wd1

  6. 

.         suest wd0 wd1, vce(cluster gvkey)

  7. 

.         test [wd0_mean]r_p_`i'= [wd1_mean]r_p_`i'

  8. 

.         discard

  9. }



      Source |       SS           df       MS      Number of obs   =  16940662

-------------+----------------------------------   F(2, 16940659)  =    135.68

       Model |  221.989635         2  110.994818   Prob > F        =    0.0000

    Residual |    13858791  16940659  .818078624   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |    13859013  16940661  .818091632   Root MSE        =    .90448



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0020494   .0008871     2.31   0.021     .0003108     .003788

r_p_de_yal~8 |  -.0017574   .0001645   -10.69   0.000    -.0020797    -.001435

       _cons |    .027115   .0002198   123.39   0.000     .0266843    .0275457

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   =  16875061

-------------+----------------------------------   F(2, 16875058)  =      0.15

       Model |   .26788489         2  .133942445   Prob > F        =    0.8610

    Residual |  15101039.5  16875058  .894873342   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =   -0.0000

       Total |  15101039.8  16875060  .894873252   Root MSE        =    .94598



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0003321   .0008908     0.37   0.709    -.0014138     .002078

r_p_de_yal~8 |  -.0000144   .0001699    -0.09   0.932    -.0003474    .0003185

       _cons |  -.0216425   .0002303   -93.98   0.000    -.0220938   -.0211912

------------------------------------------------------------------------------



Simultaneous results for wd0, wd1                   Number of obs = 33,815,723



                                (Std. err. adjusted for 235 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

wd0_mean     |

      r_post |   .0020494   .0030737     0.67   0.505     -.003975    .0080738

r_p_de_yal~8 |  -.0017574   .0004216    -4.17   0.000    -.0025838    -.000931

       _cons |    .027115   .0065186     4.16   0.000     .0143388    .0398912

-------------+----------------------------------------------------------------

wd0_lnvar    |

       _cons |  -.2007968   .0583638    -3.44   0.001    -.3151878   -.0864059

-------------+----------------------------------------------------------------

wd1_mean     |

      r_post |   .0003321   .0021079     0.16   0.875    -.0037993    .0044635

r_p_de_yal~8 |  -.0000144   .0004188    -0.03   0.972    -.0008354    .0008065

       _cons |  -.0216425   .0093439    -2.32   0.021    -.0399562   -.0033288

-------------+----------------------------------------------------------------

wd1_lnvar    |

       _cons |  -.1110731   .0504553    -2.20   0.028    -.2099636   -.0121825

------------------------------------------------------------------------------



 ( 1)  [wd0_mean]r_p_de_yale2018 - [wd1_mean]r_p_de_yale2018 = 0



           chi2(  1) =   10.63

         Prob > chi2 =    0.0011



      Source |       SS           df       MS      Number of obs   =  16940662

-------------+----------------------------------   F(2, 16940659)  =    106.26

       Model |  173.860133         2  86.9300667   Prob > F        =    0.0000

    Residual |  13858839.1  16940659  .818081466   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |    13859013  16940661  .818091632   Root MSE        =    .90448



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |  -.0009464    .000824    -1.15   0.251    -.0025615    .0006687

r_p_de_uni~8 |   -.001152   .0001548    -7.44   0.000    -.0014555   -.0008485

       _cons |   .0271147   .0002198   123.39   0.000      .026684    .0275454

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   =  16875061

-------------+----------------------------------   F(2, 16875058)  =      0.35

       Model |  .623540379         2   .31177019   Prob > F        =    0.7058

    Residual |  15101039.2  16875058  .894873321   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =   -0.0000

       Total |  15101039.8  16875060  .894873252   Root MSE        =    .94598



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0007079   .0008507     0.83   0.405    -.0009594    .0023751

r_p_de_uni~8 |  -.0001038   .0001631    -0.64   0.525    -.0004234    .0002159

       _cons |  -.0216425   .0002303   -93.98   0.000    -.0220939   -.0211912

------------------------------------------------------------------------------



Simultaneous results for wd0, wd1                   Number of obs = 33,815,723



                                (Std. err. adjusted for 235 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

wd0_mean     |

      r_post |  -.0009464   .0032189    -0.29   0.769    -.0072553    .0053625

r_p_de_uni~8 |   -.001152    .000281    -4.10   0.000    -.0017028   -.0006013

       _cons |   .0271147   .0065186     4.16   0.000     .0143384    .0398909

-------------+----------------------------------------------------------------

wd0_lnvar    |

       _cons |  -.2007934   .0583639    -3.44   0.001    -.3151844   -.0864023

-------------+----------------------------------------------------------------

wd1_mean     |

      r_post |   .0007079   .0020136     0.35   0.725    -.0032387    .0046544

r_p_de_uni~8 |  -.0001038   .0003308    -0.31   0.754     -.000752    .0005445

       _cons |  -.0216425   .0093439    -2.32   0.021    -.0399562   -.0033289

-------------+----------------------------------------------------------------

wd1_lnvar    |

       _cons |  -.1110731   .0504553    -2.20   0.028    -.2099638   -.0121825

------------------------------------------------------------------------------



 ( 1)  [wd0_mean]r_p_de_union2018 - [wd1_mean]r_p_de_union2018 = 0



           chi2(  1) =    6.65

         Prob > chi2 =    0.0099



      Source |       SS           df       MS      Number of obs   =  16940662

-------------+----------------------------------   F(2, 16940659)  =    117.95

       Model |  192.984115         2  96.4920575   Prob > F        =    0.0000

    Residual |    13858820  16940659  .818080337   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |    13859013  16940661  .818091632   Root MSE        =    .90448



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0008236   .0008997     0.92   0.360    -.0009397     .002587

r_p_de_inc~8 |  -.0014549    .000164    -8.87   0.000    -.0017763   -.0011335

       _cons |   .0271147   .0002198   123.39   0.000      .026684    .0275454

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   =  16875061

-------------+----------------------------------   F(2, 16875058)  =      0.23

       Model |  .417303106         2  .208651553   Prob > F        =    0.7920

    Residual |  15101039.4  16875058  .894873333   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =   -0.0000

       Total |  15101039.8  16875060  .894873252   Root MSE        =    .94598



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |  -.0000411   .0008954    -0.05   0.963     -.001796    .0017137

r_p_de_inc~8 |   .0000717   .0001718     0.42   0.676    -.0002651    .0004085

       _cons |  -.0216425   .0002303   -93.98   0.000    -.0220938   -.0211911

------------------------------------------------------------------------------



Simultaneous results for wd0, wd1                   Number of obs = 33,815,723



                                (Std. err. adjusted for 235 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

wd0_mean     |

      r_post |   .0008236   .0027635     0.30   0.766    -.0045927    .0062399

r_p_de_inc~8 |  -.0014549     .00046    -3.16   0.002    -.0023565   -.0005533

       _cons |   .0271147   .0065186     4.16   0.000     .0143385    .0398908

-------------+----------------------------------------------------------------

wd0_lnvar    |

       _cons |  -.2007947    .058364    -3.44   0.001    -.3151862   -.0864033

-------------+----------------------------------------------------------------

wd1_mean     |

      r_post |  -.0000411   .0020343    -0.02   0.984    -.0040283    .0039461

r_p_de_inc~8 |   .0000717    .000366     0.20   0.845    -.0006455     .000789

       _cons |  -.0216425   .0093439    -2.32   0.021    -.0399562   -.0033288

-------------+----------------------------------------------------------------

wd1_lnvar    |

       _cons |  -.1110731   .0504553    -2.20   0.028    -.2099636   -.0121826

------------------------------------------------------------------------------



 ( 1)  [wd0_mean]r_p_de_inc2018 - [wd1_mean]r_p_de_inc2018 = 0



           chi2(  1) =    7.71

         Prob > chi2 =    0.0055



      Source |       SS           df       MS      Number of obs   =  16940662

-------------+----------------------------------   F(2, 16940659)  =    126.02

       Model |  206.184492         2  103.092246   Prob > F        =    0.0000

    Residual |  13858806.8  16940659  .818079557   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |    13859013  16940661  .818091632   Root MSE        =    .90448



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0013753   .0008901     1.55   0.122    -.0003692    .0031197

r_p_de_edu~8 |  -.0015952   .0001638    -9.74   0.000    -.0019162   -.0012742

       _cons |   .0271147   .0002198   123.39   0.000      .026684    .0275454

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   =  16875061

-------------+----------------------------------   F(2, 16875058)  =      0.83

       Model |  1.48803046         2  .744015228   Prob > F        =    0.4354

    Residual |  15101038.3  16875058   .89487327   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =   -0.0000

       Total |  15101039.8  16875060  .894873252   Root MSE        =    .94598



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |  -.0005905   .0008875    -0.67   0.506    -.0023299     .001149

r_p_de_edu~8 |   .0001987   .0001697     1.17   0.242    -.0001339    .0005312

       _cons |  -.0216425   .0002303   -93.98   0.000    -.0220938   -.0211911

------------------------------------------------------------------------------



Simultaneous results for wd0, wd1                   Number of obs = 33,815,723



                                (Std. err. adjusted for 235 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

wd0_mean     |

      r_post |   .0013753   .0027606     0.50   0.618    -.0040354    .0067859

r_p_de_edu~8 |  -.0015952   .0005869    -2.72   0.007    -.0027455    -.000445

       _cons |   .0271147   .0065186     4.16   0.000     .0143385    .0398909

-------------+----------------------------------------------------------------

wd0_lnvar    |

       _cons |  -.2007957   .0583638    -3.44   0.001    -.3151867   -.0864047

-------------+----------------------------------------------------------------

wd1_mean     |

      r_post |  -.0005905   .0020778    -0.28   0.776    -.0046629     .003482

r_p_de_edu~8 |   .0001987   .0004321     0.46   0.646    -.0006483    .0010456

       _cons |  -.0216425   .0093439    -2.32   0.021    -.0399561   -.0033288

-------------+----------------------------------------------------------------

wd1_lnvar    |

       _cons |  -.1110732   .0504552    -2.20   0.028    -.2099635   -.0121828

------------------------------------------------------------------------------



 ( 1)  [wd0_mean]r_p_de_edu2018 - [wd1_mean]r_p_de_edu2018 = 0



           chi2(  1) =    7.28

         Prob > chi2 =    0.0070



      Source |       SS           df       MS      Number of obs   =  16940662

-------------+----------------------------------   F(2, 16940659)  =    123.57

       Model |   202.18503         2  101.092515   Prob > F        =    0.0000

    Residual |  13858810.8  16940659  .818079794   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |    13859013  16940661  .818091632   Root MSE        =    .90448



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0011361   .0008858     1.28   0.200    -.0006001    .0028722

r_p_de_dem~8 |  -.0015593   .0001644    -9.49   0.000    -.0018815   -.0012371

       _cons |    .027115   .0002198   123.39   0.000     .0266843    .0275457

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   =  16875061

-------------+----------------------------------   F(2, 16875058)  =      0.22

       Model |  .401238503         2  .200619251   Prob > F        =    0.7992

    Residual |  15101039.4  16875058  .894873334   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =   -0.0000

       Total |  15101039.8  16875060  .894873252   Root MSE        =    .94598



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0005658   .0009004     0.63   0.530     -.001199    .0023306

r_p_de_dem~8 |  -.0000671   .0001699    -0.40   0.693    -.0004001    .0002658

       _cons |  -.0216425   .0002303   -93.98   0.000    -.0220939   -.0211912

------------------------------------------------------------------------------



Simultaneous results for wd0, wd1                   Number of obs = 33,815,723



                                (Std. err. adjusted for 235 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

wd0_mean     |

      r_post |   .0011361   .0030941     0.37   0.713    -.0049283    .0072004

r_p_de_dem~8 |  -.0015593   .0004238    -3.68   0.000      -.00239   -.0007286

       _cons |    .027115   .0065186     4.16   0.000     .0143388    .0398911

-------------+----------------------------------------------------------------

wd0_lnvar    |

       _cons |  -.2007954   .0583639    -3.44   0.001    -.3151865   -.0864043

-------------+----------------------------------------------------------------

wd1_mean     |

      r_post |   .0005658   .0020623     0.27   0.784    -.0034763    .0046078

r_p_de_dem~8 |  -.0000671   .0003942    -0.17   0.865    -.0008398    .0007055

       _cons |  -.0216425   .0093439    -2.32   0.021    -.0399562   -.0033289

-------------+----------------------------------------------------------------

wd1_lnvar    |

       _cons |  -.1110731   .0504553    -2.20   0.028    -.2099637   -.0121825

------------------------------------------------------------------------------



 ( 1)  [wd0_mean]r_p_de_dem2018 - [wd1_mean]r_p_de_dem2018 = 0



           chi2(  1) =    8.26

         Prob > chi2 =    0.0041



. 

. 

. 

. /******Table 7 Exclude covid******/

. gen covid = 1 if news_date >= td(01mar2020)

(31,424,032 missing values generated)



. 

. reghdfe lnvisits2 post if covid != 1 ,  absorb(dow gvkey##news_date fips##vis

> ityear) vce(cluster gvkey)

(dropped 1 singleton observations)

(MWFE estimator converged in 12 iterations)



HDFE Linear regression                            Number of obs   = 31,424,031

Absorbing 3 HDFE groups                           F(   1,    235) =       4.99

Statistics robust to heteroskedasticity           Prob > F        =     0.0265

                                                  R-squared       =     0.6870

                                                  Adj R-squared   =     0.6869

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        236         Root MSE        =     0.9268



                                (Std. err. adjusted for 236 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |    .005356   .0023981     2.23   0.026     .0006315    .0100805

       _cons |   2.700832    .001623  1664.15   0.000     2.697634    2.704029

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1985        1985           0    *|

    fips#visityear |      9379           1        9378     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. //      outreg2 using  "`output'Main.dta", dta tstat tdec(2) bdec(4) addtext(

> dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm, sample, e

> xcl covid)

. 

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. foreach i of local cs {

  2. 

.         reghdfe lnvisits2 post##c.`i' if covid != 1 ,  absorb(dow gvkey##news

> _date fips##visityear) vce(cluster gvkey)

  3. //      outreg2 using  "`output'Main.dta", dta tstat tdec(2) bdec(4) addte

> xt(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm, sample

> , excl covid)

. }

(dropped 1 singleton observations)

(MWFE estimator converged in 13 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 31,260,608

Absorbing 3 HDFE groups                           F(   2,    235) =       3.51

Statistics robust to heteroskedasticity           Prob > F        =     0.0314

                                                  R-squared       =     0.6888

                                                  Adj R-squared   =     0.6887

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        236         Root MSE        =     0.9247



                                (Std. err. adjusted for 236 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0100047   .0037909     2.64   0.009     .0025362    .0174731

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0010466   .0004463    -2.34   0.020    -.0019259   -.0001672

             |

       _cons |   2.702132   .0016137  1674.46   0.000     2.698953    2.705312

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1985        1985           0    *|

    fips#visityear |      9200           1        9199     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 1 singleton observations)

(MWFE estimator converged in 13 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 30,182,105

Absorbing 3 HDFE groups                           F(   2,    235) =       3.86

Statistics robust to heteroskedasticity           Prob > F        =     0.0225

                                                  R-squared       =     0.6893

                                                  Adj R-squared   =     0.6892

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        236         Root MSE        =     0.9258



                                (Std. err. adjusted for 236 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0085182   .0032234     2.64   0.009     .0021678    .0148686

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |    -.00075   .0002929    -2.56   0.011     -.001327    -.000173

             |

       _cons |    2.71731   .0016328  1664.17   0.000     2.714093    2.720527

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1985        1985           0    *|

    fips#visityear |      8618           1        8617     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 1 singleton observations)

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 31,424,031

Absorbing 3 HDFE groups                           F(   2,    235) =       3.94

Statistics robust to heteroskedasticity           Prob > F        =     0.0207

                                                  R-squared       =     0.6870

                                                  Adj R-squared   =     0.6869

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        236         Root MSE        =     0.9268



                                (Std. err. adjusted for 236 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |    .010393   .0037533     2.77   0.006     .0029987    .0177873

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0011316   .0004396    -2.57   0.011    -.0019977   -.0002655

             |

       _cons |   2.700831   .0016043  1683.50   0.000      2.69767    2.703991

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1985        1985           0    *|

    fips#visityear |      9379           1        9378     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 1 singleton observations)

(MWFE estimator converged in 13 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 31,424,031

Absorbing 3 HDFE groups                           F(   2,    235) =       3.49

Statistics robust to heteroskedasticity           Prob > F        =     0.0320

                                                  R-squared       =     0.6870

                                                  Adj R-squared   =     0.6869

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        236         Root MSE        =     0.9268



                                (Std. err. adjusted for 236 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0106765   .0040392     2.64   0.009     .0027188    .0186342

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0011953   .0005233    -2.28   0.023    -.0022262   -.0001644

             |

       _cons |    2.70083      .0016  1688.02   0.000     2.697678    2.703982

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1985        1985           0    *|

    fips#visityear |      9379           1        9378     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 1 singleton observations)

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 30,851,151

Absorbing 3 HDFE groups                           F(   2,    235) =       3.99

Statistics robust to heteroskedasticity           Prob > F        =     0.0199

                                                  R-squared       =     0.6888

                                                  Adj R-squared   =     0.6887

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        236         Root MSE        =     0.9252



                                (Std. err. adjusted for 236 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |     .01012   .0036598     2.77   0.006     .0029098    .0173303

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0010787   .0004151    -2.60   0.010    -.0018965   -.0002609

             |

       _cons |   2.708314   .0016133  1678.77   0.000     2.705136    2.711492

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1985        1985           0    *|

    fips#visityear |      9058           1        9057     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. 

. 

. 

. /******Table 9 service vs. nonservice******/

. forvalues i = 0/1{

  2.         foreach j of local cs {

  3. 

.         reghdfe lnvisits2 post##c.`j' if  service == `i' ,  absorb(dow gvkey#

> #news_date fips##visityear) vce(cluster gvkey)

  4. //      outreg2 using "`output'Main.dta", dta tstat tdec(2) bdec(4) addtex

> t(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm, group, 

> service = `i' )

. 

.         }

  5.         }

(MWFE estimator converged in 14 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 21,063,929

Absorbing 3 HDFE groups                           F(   2,    136) =       5.32

Statistics robust to heteroskedasticity           Prob > F        =     0.0060

                                                  R-squared       =     0.6545

                                                  Adj R-squared   =     0.6543

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        137         Root MSE        =     0.9199



                                (Std. err. adjusted for 137 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0057059   .0033773     1.69   0.093    -.0009729    .0123847

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0013302   .0004121    -3.23   0.002    -.0021451   -.0005153

             |

       _cons |   2.914425   .0021342  1365.55   0.000     2.910204    2.918645

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1478        1478           0    *|

    fips#visityear |      9178           1        9177     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 14 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 20,357,432

Absorbing 3 HDFE groups                           F(   2,    136) =       6.72

Statistics robust to heteroskedasticity           Prob > F        =     0.0016

                                                  R-squared       =     0.6547

                                                  Adj R-squared   =     0.6546

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        137         Root MSE        =     0.9206



                                (Std. err. adjusted for 137 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0042455   .0033918     1.25   0.213     -.002462     .010953

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0010785   .0002942    -3.67   0.000    -.0016604   -.0004966

             |

       _cons |   2.931042   .0021705  1350.42   0.000      2.92675    2.935334

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1478        1478           0    *|

    fips#visityear |      8594           1        8593     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 14 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 21,184,787

Absorbing 3 HDFE groups                           F(   2,    136) =       3.89

Statistics robust to heteroskedasticity           Prob > F        =     0.0227

                                                  R-squared       =     0.6533

                                                  Adj R-squared   =     0.6531

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        137         Root MSE        =     0.9211



                                (Std. err. adjusted for 137 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0052567    .003224     1.63   0.105     -.001119    .0116324

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0012555   .0004662    -2.69   0.008    -.0021775   -.0003336

             |

       _cons |   2.913026   .0021389  1361.95   0.000     2.908796    2.917256

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1478        1478           0    *|

    fips#visityear |      9359           1        9358     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 14 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 21,184,787

Absorbing 3 HDFE groups                           F(   2,    136) =       2.77

Statistics robust to heteroskedasticity           Prob > F        =     0.0665

                                                  R-squared       =     0.6533

                                                  Adj R-squared   =     0.6531

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        137         Root MSE        =     0.9211



                                (Std. err. adjusted for 137 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0053478   .0033641     1.59   0.114    -.0013049    .0120005

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0012829   .0005661    -2.27   0.025    -.0024024   -.0001634

             |

       _cons |   2.913026   .0021345  1364.72   0.000     2.908805    2.917247

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1478        1478           0    *|

    fips#visityear |      9359           1        9358     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 14 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 20,784,096

Absorbing 3 HDFE groups                           F(   2,    136) =       4.81

Statistics robust to heteroskedasticity           Prob > F        =     0.0096

                                                  R-squared       =     0.6541

                                                  Adj R-squared   =     0.6539

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        137         Root MSE        =     0.9208



                                (Std. err. adjusted for 137 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0052874   .0033753     1.57   0.120    -.0013875    .0119623

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0012277   .0004004    -3.07   0.003    -.0020194   -.0004359

             |

       _cons |   2.921607   .0021544  1356.12   0.000     2.917346    2.925867

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1478        1478           0    *|

    fips#visityear |      9059           1        9058     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 1 singleton observations)

(MWFE estimator converged in 13 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 19,059,373

Absorbing 3 HDFE groups                           F(   2,    113) =       2.23

Statistics robust to heteroskedasticity           Prob > F        =     0.1118

                                                  R-squared       =     0.7124

                                                  Adj R-squared   =     0.7123

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        114         Root MSE        =     0.9010



                                (Std. err. adjusted for 114 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0052696   .0024942     2.11   0.037     .0003281     .010211

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |   -.000496   .0004597    -1.08   0.283    -.0014067    .0004147

             |

       _cons |   2.391521   .0015878  1506.19   0.000     2.388375    2.394666

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1257        1257           0    *|

    fips#visityear |      8057           1        8056     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 18,392,096

Absorbing 3 HDFE groups                           F(   2,    113) =       1.75

Statistics robust to heteroskedasticity           Prob > F        =     0.1781

                                                  R-squared       =     0.7131

                                                  Adj R-squared   =     0.7129

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        114         Root MSE        =     0.9025



                                (Std. err. adjusted for 114 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0042732   .0023399     1.83   0.070    -.0003626    .0089091

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0002797   .0003218    -0.87   0.387    -.0009172    .0003578

             |

       _cons |   2.403604   .0016191  1484.51   0.000     2.400396    2.406812

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1257        1257           0    *|

    fips#visityear |      7636           1        7635     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 1 singleton observations)

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 19,140,147

Absorbing 3 HDFE groups                           F(   2,    113) =       2.27

Statistics robust to heteroskedasticity           Prob > F        =     0.1079

                                                  R-squared       =     0.7111

                                                  Adj R-squared   =     0.7110

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        114         Root MSE        =     0.9025



                                (Std. err. adjusted for 114 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |    .005228   .0024825     2.11   0.037     .0003097    .0101462

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0005104   .0004127    -1.24   0.219    -.0013281    .0003073

             |

       _cons |   2.389786   .0015852  1507.56   0.000     2.386645    2.392926

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1257        1257           0    *|

    fips#visityear |      8182           1        8181     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 1 singleton observations)

(MWFE estimator converged in 13 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 19,140,147

Absorbing 3 HDFE groups                           F(   2,    113) =       2.21

Statistics robust to heteroskedasticity           Prob > F        =     0.1142

                                                  R-squared       =     0.7111

                                                  Adj R-squared   =     0.7110

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        114         Root MSE        =     0.9025



                                (Std. err. adjusted for 114 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0050337   .0023991     2.10   0.038     .0002805    .0097868

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0004643   .0005024    -0.92   0.357    -.0014595     .000531

             |

       _cons |   2.389785   .0015829  1509.72   0.000     2.386649    2.392922

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1257        1257           0    *|

    fips#visityear |      8182           1        8181     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 1 singleton observations)

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 18,812,942

Absorbing 3 HDFE groups                           F(   2,    113) =       1.94

Statistics robust to heteroskedasticity           Prob > F        =     0.1489

                                                  R-squared       =     0.7127

                                                  Adj R-squared   =     0.7125

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        114         Root MSE        =     0.9010



                                (Std. err. adjusted for 114 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0048584   .0024685     1.97   0.052    -.0000322    .0097489

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0004057   .0004525    -0.90   0.372    -.0013021    .0004907

             |

       _cons |    2.39692   .0015934  1504.30   0.000     2.393763    2.400076

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1257        1257           0    *|

    fips#visityear |      7928           1        7927     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



.         

.         

. foreach i of local cs{

  2.         

.         reg r_lnvisits2 r_post r_p_`i' if service == 0

  3.         est store service0

  4. 

.         reg r_lnvisits2 r_post r_p_`i' if service == 1

  5.         est store service1

  6. 

.         suest service0 service1, vce(cluster gvkey)

  7. 

.         test [service0_mean]r_p_`i'= [service1_mean]r_p_`i'

  8. 

.         discard

  9. }



      Source |       SS           df       MS      Number of obs   =  20077634

-------------+----------------------------------   F(2, 20077631)  =     36.89

       Model |  64.3576114         2  32.1788057   Prob > F        =    0.0000

    Residual |  17511212.9  20077631  .872175255   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  17511277.3  20077633  .872178373   Root MSE        =     .9339



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0056292   .0008211     6.86   0.000     .0040199    .0072385

r_p_de_yal~8 |  -.0013176   .0001537    -8.57   0.000    -.0016188   -.0010163

       _cons |   5.27e-15   .0002084     0.00   1.000    -.0004085    .0004085

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   =  18146396

-------------+----------------------------------   F(2, 18146393)  =     29.12

       Model |  49.1972274         2  24.5986137   Prob > F        =    0.0000

    Residual |  15326932.1  18146393  .844626922   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  15326981.3  18146395   .84462954   Root MSE        =    .91904



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0054743   .0008627     6.35   0.000     .0037835    .0071651

r_p_de_yal~8 |  -.0004916   .0001611    -3.05   0.002    -.0008073   -.0001759

       _cons |   6.22e-15   .0002157     0.00   1.000    -.0004228    .0004228

------------------------------------------------------------------------------



Simultaneous results for service0, service1         Number of obs = 38,224,030



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

service0_m~n |

      r_post |   .0056292   .0034964     1.61   0.107    -.0012235    .0124819

r_p_de_yal~8 |  -.0013176   .0004359    -3.02   0.003    -.0021718   -.0004633

       _cons |   5.27e-15   9.90e-16     5.32   0.000     3.33e-15    7.21e-15

-------------+----------------------------------------------------------------

service0_l~r |

       _cons |  -.1367649   .0620487    -2.20   0.028    -.2583781   -.0151517

-------------+----------------------------------------------------------------

service1_m~n |

      r_post |   .0054743   .0025963     2.11   0.035     .0003856     .010563

r_p_de_yal~8 |  -.0004916   .0004736    -1.04   0.299    -.0014197    .0004366

       _cons |   6.22e-15   9.69e-16     6.41   0.000     4.32e-15    8.12e-15

-------------+----------------------------------------------------------------

service1_l~r |

       _cons |  -.1688603   .0600722    -2.81   0.005    -.2865996   -.0511209

------------------------------------------------------------------------------



 ( 1)  [service0_mean]r_p_de_yale2018 - [service1_mean]r_p_de_yale2018 = 0



           chi2(  1) =    1.65

         Prob > chi2 =    0.1994



      Source |       SS           df       MS      Number of obs   =  20077634

-------------+----------------------------------   F(2, 20077631)  =     25.75

       Model |  44.9187446         2  22.4593723   Prob > F        =    0.0000

    Residual |  17511232.4  20077631  .872176223   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  17511277.3  20077633  .872178373   Root MSE        =     .9339



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0043238   .0007826     5.52   0.000     .0027899    .0058578

r_p_de_uni~8 |  -.0010562   .0001476    -7.15   0.000    -.0013456   -.0007669

       _cons |   5.26e-15   .0002084     0.00   1.000    -.0004085    .0004085

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   =  18146396

-------------+----------------------------------   F(2, 18146393)  =     26.00

       Model |  43.9235832         2  21.9617916   Prob > F        =    0.0000

    Residual |  15326937.3  18146393  .844627213   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  15326981.3  18146395   .84462954   Root MSE        =    .91904



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0043982   .0008001     5.50   0.000       .00283    .0059665

r_p_de_uni~8 |  -.0002658   .0001517    -1.75   0.080    -.0005631    .0000315

       _cons |   6.21e-15   .0002157     0.00   1.000    -.0004228    .0004228

------------------------------------------------------------------------------



Simultaneous results for service0, service1         Number of obs = 38,224,030



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

service0_m~n |

      r_post |   .0043238   .0034241     1.26   0.207    -.0023873     .011035

r_p_de_uni~8 |  -.0010562   .0002944    -3.59   0.000    -.0016332   -.0004792

       _cons |   5.26e-15   9.91e-16     5.31   0.000     3.32e-15    7.20e-15

-------------+----------------------------------------------------------------

service0_l~r |

       _cons |  -.1367638   .0620487    -2.20   0.028     -.258377   -.0151505

-------------+----------------------------------------------------------------

service1_m~n |

      r_post |   .0043982   .0024277     1.81   0.070    -.0003599    .0091564

r_p_de_uni~8 |  -.0002658   .0003313    -0.80   0.422    -.0009151    .0003836

       _cons |   6.21e-15   9.78e-16     6.34   0.000     4.29e-15    8.12e-15

-------------+----------------------------------------------------------------

service1_l~r |

       _cons |  -.1688599   .0600721    -2.81   0.005     -.286599   -.0511208

------------------------------------------------------------------------------



 ( 1)  [service0_mean]r_p_de_union2018 - [service1_mean]r_p_de_union2018 = 0



           chi2(  1) =    3.18

         Prob > chi2 =    0.0745



      Source |       SS           df       MS      Number of obs   =  20077634

-------------+----------------------------------   F(2, 20077631)  =     33.77

       Model |  58.9138445         2  29.4569223   Prob > F        =    0.0000

    Residual |  17511218.4  20077631  .872175526   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  17511277.3  20077633  .872178373   Root MSE        =     .9339



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0054764   .0008316     6.59   0.000     .0038465    .0071062

r_p_de_inc~8 |   -.001268   .0001546    -8.20   0.000    -.0015711   -.0009649

       _cons |   5.25e-15   .0002084     0.00   1.000    -.0004085    .0004085

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   =  18146396

-------------+----------------------------------   F(2, 18146393)  =     29.80

       Model |  50.3428696         2  25.1714348   Prob > F        =    0.0000

    Residual |  15326930.9  18146393  .844626859   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  15326981.3  18146395   .84462954   Root MSE        =    .91904



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0056522   .0008684     6.51   0.000     .0039503    .0073542

r_p_de_inc~8 |  -.0005278   .0001616    -3.27   0.001    -.0008445   -.0002111

       _cons |   6.21e-15   .0002157     0.00   1.000    -.0004228    .0004228

------------------------------------------------------------------------------



Simultaneous results for service0, service1         Number of obs = 38,224,030



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

service0_m~n |

      r_post |   .0054764   .0033315     1.64   0.100    -.0010533     .012006

r_p_de_inc~8 |   -.001268    .000483    -2.63   0.009    -.0022148   -.0003213

       _cons |   5.25e-15   1.00e-15     5.24   0.000     3.29e-15    7.21e-15

-------------+----------------------------------------------------------------

service0_l~r |

       _cons |  -.1367646   .0620489    -2.20   0.028    -.2583783   -.0151509

-------------+----------------------------------------------------------------

service1_m~n |

      r_post |   .0056522   .0025783     2.19   0.028     .0005989    .0107056

r_p_de_inc~8 |  -.0005278     .00042    -1.26   0.209     -.001351    .0002954

       _cons |   6.21e-15   9.75e-16     6.37   0.000     4.30e-15    8.12e-15

-------------+----------------------------------------------------------------

service1_l~r |

       _cons |  -.1688603   .0600723    -2.81   0.005    -.2865998   -.0511209

------------------------------------------------------------------------------



 ( 1)  [service0_mean]r_p_de_inc2018 - [service1_mean]r_p_de_inc2018 = 0



           chi2(  1) =    1.34

         Prob > chi2 =    0.2475



      Source |       SS           df       MS      Number of obs   =  20077634

-------------+----------------------------------   F(2, 20077631)  =     34.57

       Model |  60.2997655         2  30.1498828   Prob > F        =    0.0000

    Residual |    17511217  20077631  .872175457   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  17511277.3  20077633  .872178373   Root MSE        =     .9339



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0054196    .000819     6.62   0.000     .0038143    .0070249

r_p_de_edu~8 |   -.001271   .0001532    -8.30   0.000    -.0015713   -.0009707

       _cons |   5.25e-15   .0002084     0.00   1.000    -.0004085    .0004085

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   =  18146396

-------------+----------------------------------   F(2, 18146393)  =     27.22

       Model |  45.9850648         2  22.9925324   Prob > F        =    0.0000

    Residual |  15326935.3  18146393  .844627099   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  15326981.3  18146395   .84462954   Root MSE        =    .91904



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0049773   .0008679     5.74   0.000     .0032763    .0066783

r_p_de_edu~8 |  -.0003784   .0001612    -2.35   0.019    -.0006943   -.0000625

       _cons |   6.21e-15   .0002157     0.00   1.000    -.0004228    .0004228

------------------------------------------------------------------------------



Simultaneous results for service0, service1         Number of obs = 38,224,030



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

service0_m~n |

      r_post |   .0054196   .0034923     1.55   0.121    -.0014252    .0122644

r_p_de_edu~8 |   -.001271   .0005831    -2.18   0.029    -.0024139    -.000128

       _cons |   5.25e-15   9.88e-16     5.31   0.000     3.31e-15    7.19e-15

-------------+----------------------------------------------------------------

service0_l~r |

       _cons |  -.1367647   .0620488    -2.20   0.028     -.258378   -.0151513

-------------+----------------------------------------------------------------

service1_m~n |

      r_post |   .0049773    .002534     1.96   0.050     .0000108    .0099439

r_p_de_edu~8 |  -.0003784   .0005098    -0.74   0.458    -.0013776    .0006209

       _cons |   6.21e-15   9.77e-16     6.35   0.000     4.29e-15    8.12e-15

-------------+----------------------------------------------------------------

service1_l~r |

       _cons |  -.1688601   .0600722    -2.81   0.005    -.2865993   -.0511208

------------------------------------------------------------------------------



 ( 1)  [service0_mean]r_p_de_edu2018 - [service1_mean]r_p_de_edu2018 = 0



           chi2(  1) =    1.33

         Prob > chi2 =    0.2492



      Source |       SS           df       MS      Number of obs   =  20077634

-------------+----------------------------------   F(2, 20077631)  =     30.54

       Model |  53.2725436         2  26.6362718   Prob > F        =    0.0000

    Residual |    17511224  20077631  .872175807   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  17511277.3  20077633  .872178373   Root MSE        =     .9339



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0051292   .0008246     6.22   0.000      .003513    .0067454

r_p_de_dem~8 |  -.0011985   .0001537    -7.80   0.000    -.0014998   -.0008971

       _cons |   5.26e-15   .0002084     0.00   1.000    -.0004085    .0004085

------------------------------------------------------------------------------



      Source |       SS           df       MS      Number of obs   =  18146396

-------------+----------------------------------   F(2, 18146393)  =     27.66

       Model |  46.7196375         2  23.3598187   Prob > F        =    0.0000

    Residual |  15326934.5  18146393  .844627058   R-squared       =    0.0000

-------------+----------------------------------   Adj R-squared   =    0.0000

       Total |  15326981.3  18146395   .84462954   Root MSE        =    .91904



------------------------------------------------------------------------------

 r_lnvisits2 | Coefficient  Std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      r_post |   .0051106   .0008687     5.88   0.000     .0034079    .0068133

r_p_de_dem~8 |  -.0004081   .0001616    -2.53   0.012    -.0007248   -.0000914

       _cons |   6.21e-15   .0002157     0.00   1.000    -.0004228    .0004228

------------------------------------------------------------------------------



Simultaneous results for service0, service1         Number of obs = 38,224,030



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

             | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

service0_m~n |

      r_post |   .0051292   .0035183     1.46   0.145    -.0017666     .012025

r_p_de_dem~8 |  -.0011985   .0004241    -2.83   0.005    -.0020296   -.0003673

       _cons |   5.26e-15   9.98e-16     5.27   0.000     3.30e-15    7.21e-15

-------------+----------------------------------------------------------------

service0_l~r |

       _cons |  -.1367643   .0620486    -2.20   0.028    -.2583774   -.0151512

-------------+----------------------------------------------------------------

service1_m~n |

      r_post |   .0051106   .0025607     2.00   0.046     .0000917    .0101296

r_p_de_dem~8 |  -.0004081   .0004638    -0.88   0.379    -.0013172    .0005009

       _cons |   6.21e-15   9.70e-16     6.40   0.000     4.31e-15    8.11e-15

-------------+----------------------------------------------------------------

service1_l~r |

       _cons |  -.1688601   .0600721    -2.81   0.005    -.2865993   -.0511209

------------------------------------------------------------------------------



 ( 1)  [service0_mean]r_p_de_dem2018 - [service1_mean]r_p_de_dem2018 = 0



           chi2(  1) =    1.58

         Prob > chi2 =    0.2085



.         

. 

. 

. 

. 

. 

. 

. /***Table OA 3 alternative transformation*/

. 

. /*poisson*/

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. ppmlhdfe totalvisits_day_w post,  absorb(dow gvkey##news_date fips##visityear

> ) vce(cluster gvkey)

(dropped 8 observations that are either singletons or separated by a fixed effe

> ct)

Iteration 1:   deviance = 1.2740e+09  eps = .         iters = 7    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -5.10  P   

Iteration 2:   deviance = 1.0434e+09  eps = 2.21e-01  iters = 8    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -6.30      

Iteration 3:   deviance = 1.0226e+09  eps = 2.03e-02  iters = 5    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -7.62      

Iteration 4:   deviance = 1.0214e+09  eps = 1.19e-03  iters = 3    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -9.06      

Iteration 5:   deviance = 1.0214e+09  eps = 4.25e-05  iters = 2    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -9.95      

Iteration 6:   deviance = 1.0214e+09  eps = 1.81e-06  iters = 4    tol = 1.0e-0

> 5                                                                            

>    min(eta) = -10.30      

Iteration 7:   deviance = 1.0214e+09  eps = 7.17e-08  iters = 6    tol = 1.0e-0

> 6                                                                            

>    min(eta) = -10.36   S  

Iteration 8:   deviance = 1.0214e+09  eps = 3.72e-09  iters = 4    tol = 1.0e-0

> 7                                                                            

>    min(eta) = -10.36   S  

Iteration 9:   deviance = 1.0214e+09  eps = 1.07e-10  iters = 3    tol = 1.0e-0

> 9                                                                            

>    min(eta) = -10.36   S O

-------------------------------------------------------------------------------

-----------------------------

(legend: p: exact partial-out   s: exact solver   h: step-halving   o: epsilon 

> below tolerance)

Converged in 9 iterations and 42 HDFE sub-iterations (tol = 1.0e-08)



HDFE PPML regression                              No. of obs      =   40324927

Absorbing 3 HDFE groups                           Residual df     =        250

Statistics robust to heteroskedasticity           Wald chi2(1)    =       0.11

Deviance             =   1021362371               Prob > chi2     =     0.7426

Log pseudolikelihood = -595459206.5               Pseudo R2       =     0.7589



Number of clusters (gvkey)  =        251

                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

totalvisit~w | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0011591   .0035298     0.33   0.743    -.0057593    .0080774

       _cons |   4.842829   .0023951  2021.96   0.000     4.838135    4.847524

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9399           1        9398     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. //      outreg2 using "`output'Main.dta", dta tstat tdec(2) bdec(4) addtext(d

> ow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm, reg, poiss

> on)

. 

. 

. foreach i of local cs {

  2.         

.         ppmlhdfe totalvisits_day_w post##c.`i' ,  absorb(dow gvkey##news_date

>  fips##visityear) vce(cluster gvkey)

  3. //      outreg2 using "`output'Main.dta", dta tstat tdec(2) bdec(4) addtex

> t(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm, reg, po

> isson)

. 

. }

(dropped 4 observations that are either singletons or separated by a fixed effe

> ct)

note: 1 variable omitted because of collinearity: de_yale2018

Iteration 1:   deviance = 1.2663e+09  eps = .         iters = 9    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -5.10  P   

Iteration 2:   deviance = 1.0364e+09  eps = 2.22e-01  iters = 8    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -6.30      

Iteration 3:   deviance = 1.0155e+09  eps = 2.05e-02  iters = 6    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -7.62      

Iteration 4:   deviance = 1.0143e+09  eps = 1.22e-03  iters = 3    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -9.06      

Iteration 5:   deviance = 1.0142e+09  eps = 4.49e-05  iters = 2    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -9.96      

Iteration 6:   deviance = 1.0142e+09  eps = 1.48e-06  iters = 5    tol = 1.0e-0

> 5                                                                            

>    min(eta) = -10.30      

Iteration 7:   deviance = 1.0142e+09  eps = 7.14e-08  iters = 6    tol = 1.0e-0

> 6                                                                            

>    min(eta) = -10.36   S  

Iteration 8:   deviance = 1.0142e+09  eps = 3.76e-09  iters = 2    tol = 1.0e-0

> 7                                                                            

>    min(eta) = -10.36   S  

Iteration 9:   deviance = 1.0142e+09  eps = 1.08e-10  iters = 2    tol = 1.0e-0

> 9                                                                            

>    min(eta) = -10.36   S O

-------------------------------------------------------------------------------

-----------------------------

(legend: p: exact partial-out   s: exact solver   h: step-halving   o: epsilon 

> below tolerance)

Converged in 9 iterations and 43 HDFE sub-iterations (tol = 1.0e-08)



HDFE PPML regression                              No. of obs      =   40123299

Absorbing 3 HDFE groups                           Residual df     =        250

Statistics robust to heteroskedasticity           Wald chi2(2)    =      12.50

Deviance             =   1014235394               Prob > chi2     =     0.0019

Log pseudolikelihood = -591501994.5               Pseudo R2       =     0.7598



Number of clusters (gvkey)  =        251

                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

totalvisit~w | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0089745   .0047635     1.88   0.060    -.0003618    .0183109

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0014351   .0004217    -3.40   0.001    -.0022617   -.0006085

             |

       _cons |   4.845894   .0023314  2078.56   0.000     4.841325    4.850463

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9217           1        9216     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

note: 1 variable omitted because of collinearity: de_union2018

Iteration 1:   deviance = 1.2374e+09  eps = .         iters = 9    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -5.10  P   

Iteration 2:   deviance = 1.0130e+09  eps = 2.22e-01  iters = 8    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -6.30      

Iteration 3:   deviance = 9.9272e+08  eps = 2.04e-02  iters = 5    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -7.64      

Iteration 4:   deviance = 9.9152e+08  eps = 1.21e-03  iters = 3    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -9.08      

Iteration 5:   deviance = 9.9148e+08  eps = 4.41e-05  iters = 2    tol = 1.0e-0

> 4                                                                            

>    min(eta) = -10.00      

Iteration 6:   deviance = 9.9148e+08  eps = 1.83e-06  iters = 4    tol = 1.0e-0

> 5                                                                            

>    min(eta) = -10.35      

Iteration 7:   deviance = 9.9148e+08  eps = 5.93e-08  iters = 7    tol = 1.0e-0

> 6                                                                            

>    min(eta) = -10.41   S  

Iteration 8:   deviance = 9.9148e+08  eps = 2.62e-09  iters = 4    tol = 1.0e-0

> 7                                                                            

>    min(eta) = -10.42   S  

Iteration 9:   deviance = 9.9148e+08  eps = 5.69e-11  iters = 4    tol = 1.0e-0

> 9                                                                            

>    min(eta) = -10.42   S O

-------------------------------------------------------------------------------

-----------------------------

(legend: p: exact partial-out   s: exact solver   h: step-halving   o: epsilon 

> below tolerance)

Converged in 9 iterations and 46 HDFE sub-iterations (tol = 1.0e-08)



HDFE PPML regression                              No. of obs      =   38749528

Absorbing 3 HDFE groups                           Residual df     =        250

Statistics robust to heteroskedasticity           Wald chi2(2)    =      13.63

Deviance             =  991476301.8               Prob > chi2     =     0.0011

Log pseudolikelihood = -577568564.8               Pseudo R2       =     0.7604



Number of clusters (gvkey)  =        251

                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

totalvisit~w | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0071015   .0045116     1.57   0.115     -.001741     .015944

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0011667   .0003403    -3.43   0.001    -.0018336   -.0004997

             |

       _cons |   4.860572   .0023452  2072.54   0.000     4.855975    4.865168

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      8628           1        8627     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 8 observations that are either singletons or separated by a fixed effe

> ct)

note: 1 variable omitted because of collinearity: de_inc2018

Iteration 1:   deviance = 1.2740e+09  eps = .         iters = 9    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -5.11  P   

Iteration 2:   deviance = 1.0434e+09  eps = 2.21e-01  iters = 8    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -6.30      

Iteration 3:   deviance = 1.0226e+09  eps = 2.03e-02  iters = 6    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -7.62      

Iteration 4:   deviance = 1.0214e+09  eps = 1.19e-03  iters = 3    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -9.06      

Iteration 5:   deviance = 1.0214e+09  eps = 4.25e-05  iters = 2    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -9.95      

Iteration 6:   deviance = 1.0214e+09  eps = 1.41e-06  iters = 6    tol = 1.0e-0

> 5                                                                            

>    min(eta) = -10.30      

Iteration 7:   deviance = 1.0214e+09  eps = 7.12e-08  iters = 6    tol = 1.0e-0

> 6                                                                            

>    min(eta) = -10.36   S  

Iteration 8:   deviance = 1.0214e+09  eps = 3.71e-09  iters = 2    tol = 1.0e-0

> 7                                                                            

>    min(eta) = -10.36   S  

Iteration 9:   deviance = 1.0214e+09  eps = 1.06e-10  iters = 2    tol = 1.0e-0

> 9                                                                            

>    min(eta) = -10.36   S O

-------------------------------------------------------------------------------

-----------------------------

(legend: p: exact partial-out   s: exact solver   h: step-halving   o: epsilon 

> below tolerance)

Converged in 9 iterations and 44 HDFE sub-iterations (tol = 1.0e-08)



HDFE PPML regression                              No. of obs      =   40324927

Absorbing 3 HDFE groups                           Residual df     =        250

Statistics robust to heteroskedasticity           Wald chi2(2)    =       9.99

Deviance             =   1021355907               Prob > chi2     =     0.0068

Log pseudolikelihood = -595455974.5               Pseudo R2       =     0.7589



Number of clusters (gvkey)  =        251

                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

totalvisit~w | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0091574   .0049307     1.86   0.063    -.0005065    .0188213

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0014407    .000467    -3.09   0.002     -.002356   -.0005255

             |

       _cons |   4.842819    .002339  2070.43   0.000     4.838234    4.847403

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9399           1        9398     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 8 observations that are either singletons or separated by a fixed effe

> ct)

note: 1 variable omitted because of collinearity: de_edu2018

Iteration 1:   deviance = 1.2740e+09  eps = .         iters = 9    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -5.10  P   

Iteration 2:   deviance = 1.0434e+09  eps = 2.21e-01  iters = 8    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -6.30      

Iteration 3:   deviance = 1.0226e+09  eps = 2.03e-02  iters = 6    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -7.62      

Iteration 4:   deviance = 1.0214e+09  eps = 1.19e-03  iters = 3    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -9.06      

Iteration 5:   deviance = 1.0214e+09  eps = 4.25e-05  iters = 2    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -9.96      

Iteration 6:   deviance = 1.0214e+09  eps = 1.41e-06  iters = 5    tol = 1.0e-0

> 5                                                                            

>    min(eta) = -10.30      

Iteration 7:   deviance = 1.0214e+09  eps = 7.12e-08  iters = 4    tol = 1.0e-0

> 6                                                                            

>    min(eta) = -10.36   S  

Iteration 8:   deviance = 1.0214e+09  eps = 3.71e-09  iters = 6    tol = 1.0e-0

> 7                                                                            

>    min(eta) = -10.36   S  

Iteration 9:   deviance = 1.0214e+09  eps = 1.06e-10  iters = 2    tol = 1.0e-0

> 9                                                                            

>    min(eta) = -10.36   S O

-------------------------------------------------------------------------------

-----------------------------

(legend: p: exact partial-out   s: exact solver   h: step-halving   o: epsilon 

> below tolerance)

Converged in 9 iterations and 45 HDFE sub-iterations (tol = 1.0e-08)



HDFE PPML regression                              No. of obs      =   40324927

Absorbing 3 HDFE groups                           Residual df     =        250

Statistics robust to heteroskedasticity           Wald chi2(2)    =       8.55

Deviance             =   1021354707               Prob > chi2     =     0.0139

Log pseudolikelihood = -595455374.5               Pseudo R2       =     0.7589



Number of clusters (gvkey)  =        251

                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

totalvisit~w | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0100748   .0053472     1.88   0.060    -.0004055    .0205551

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0015775   .0005529    -2.85   0.004    -.0026612   -.0004938

             |

       _cons |   4.842817   .0023267  2081.43   0.000     4.838257    4.847377

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9399           1        9398     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 4 observations that are either singletons or separated by a fixed effe

> ct)

note: 1 variable omitted because of collinearity: de_dem2018

Iteration 1:   deviance = 1.2558e+09  eps = .         iters = 9    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -4.77  P   

Iteration 2:   deviance = 1.0281e+09  eps = 2.21e-01  iters = 8    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -6.05      

Iteration 3:   deviance = 1.0075e+09  eps = 2.04e-02  iters = 6    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -7.62      

Iteration 4:   deviance = 1.0063e+09  eps = 1.21e-03  iters = 3    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -9.05      

Iteration 5:   deviance = 1.0063e+09  eps = 4.32e-05  iters = 2    tol = 1.0e-0

> 4                                                                            

>    min(eta) =  -9.96      

Iteration 6:   deviance = 1.0063e+09  eps = 1.25e-06  iters = 5    tol = 1.0e-0

> 5                                                                            

>    min(eta) = -10.31      

Iteration 7:   deviance = 1.0063e+09  eps = 4.45e-08  iters = 6    tol = 1.0e-0

> 6                                                                            

>    min(eta) = -10.36   S  

Iteration 8:   deviance = 1.0063e+09  eps = 1.73e-09  iters = 2    tol = 1.0e-0

> 7                                                                            

>    min(eta) = -10.36   S  

Iteration 9:   deviance = 1.0063e+09  eps = 5.97e-11  iters = 3    tol = 1.0e-0

> 9                                                                            

>    min(eta) = -10.36   S O

-------------------------------------------------------------------------------

-----------------------------

(legend: p: exact partial-out   s: exact solver   h: step-halving   o: epsilon 

> below tolerance)

Converged in 9 iterations and 44 HDFE sub-iterations (tol = 1.0e-08)



HDFE PPML regression                              No. of obs      =   39597035

Absorbing 3 HDFE groups                           Residual df     =        250

Statistics robust to heteroskedasticity           Wald chi2(2)    =      11.97

Deviance             =   1006280386               Prob > chi2     =     0.0025

Log pseudolikelihood = -586573665.2               Pseudo R2       =     0.7600



Number of clusters (gvkey)  =        251

                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

totalvisit~w | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0096614   .0051662     1.87   0.061    -.0004642    .0197869

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0015253   .0004726    -3.23   0.001    -.0024517    -.000599

             |

       _cons |    4.85179   .0023273  2084.69   0.000     4.847229    4.856352

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9075           1        9074     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. 

. 

. /*Extensive margin*/

. gen pos_visit = 1 if lnvisits2 > 0 

(4,482,779 missing values generated)



. replace pos_visit = 0 if pos_visit == .

(4,482,779 real changes made)



. 

. 

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. reghdfe pos_visit post ,  absorb(dow gvkey##news_date fips##visityear) vce(cl

> uster gvkey)

(MWFE estimator converged in 12 iterations)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   1,    250) =       0.02

Statistics robust to heteroskedasticity           Prob > F        =     0.8815

                                                  R-squared       =     0.2568

                                                  Adj R-squared   =     0.2566

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.2710



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   pos_visit | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0000506   .0003387     0.15   0.881    -.0006165    .0007176

       _cons |   .8887994   .0002291  3879.75   0.000     .8883482    .8892506

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9401           1        9400     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. //      outreg2 using "`output'Main.dta", dta tstat tdec(2) bdec(4) addtext(d

> ow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm)

. 

. 

. foreach i of local cs {

  2.         

.         reghdfe pos_visit post##c.`i'  ,  absorb(dow gvkey##news_date fips##v

> isityear) vce(cluster gvkey)

  3. //      outreg2 using "`output'Main.dta", dta tstat tdec(2) bdec(4) addtex

> t(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm)

. 

. }

(MWFE estimator converged in 13 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,123,303

Absorbing 3 HDFE groups                           F(   2,    250) =       0.11

Statistics robust to heteroskedasticity           Prob > F        =     0.8920

                                                  R-squared       =     0.2579

                                                  Adj R-squared   =     0.2577

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.2708



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   pos_visit | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0001628   .0003978     0.41   0.683    -.0006207    .0009463

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |   -.000024    .000056    -0.43   0.669    -.0001342    .0000863

             |

       _cons |   .8887928   .0002288  3883.98   0.000     .8883421    .8892435

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9218           1        9217     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 38,749,528

Absorbing 3 HDFE groups                           F(   2,    250) =       0.04

Statistics robust to heteroskedasticity           Prob > F        =     0.9575

                                                  R-squared       =     0.2564

                                                  Adj R-squared   =     0.2562

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.2699



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   pos_visit | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0000925   .0003759     0.25   0.806    -.0006479    .0008329

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0000108   .0000428    -0.25   0.802    -.0000951    .0000736

             |

       _cons |   .8899275   .0002311  3850.46   0.000     .8894723    .8903827

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      8628           1        8627     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   2,    250) =       0.33

Statistics robust to heteroskedasticity           Prob > F        =     0.7161

                                                  R-squared       =     0.2568

                                                  Adj R-squared   =     0.2566

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.2710



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   pos_visit | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0002614   .0004171     0.63   0.531    -.0005601     .001083

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0000469   .0000592    -0.79   0.429    -.0001634    .0000696

             |

       _cons |   .8887993   .0002293  3875.34   0.000     .8883476     .889251

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9401           1        9400     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   2,    250) =       0.02

Statistics robust to heteroskedasticity           Prob > F        =     0.9815

                                                  R-squared       =     0.2568

                                                  Adj R-squared   =     0.2566

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.2710



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   pos_visit | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0000815    .000424     0.19   0.848    -.0007536    .0009165

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -6.87e-06   .0000681    -0.10   0.920    -.0001409    .0001272

             |

       _cons |   .8887994   .0002291  3879.42   0.000     .8883481    .8892506

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9401           1        9400     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 39,597,039

Absorbing 3 HDFE groups                           F(   2,    250) =       0.07

Statistics robust to heteroskedasticity           Prob > F        =     0.9292

                                                  R-squared       =     0.2566

                                                  Adj R-squared   =     0.2564

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.2703



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   pos_visit | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0001344   .0003925     0.34   0.732    -.0006386    .0009073

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0000174   .0000538    -0.32   0.746    -.0001234    .0000885

             |

       _cons |   .8895328   .0002289  3886.20   0.000      .889082    .8899836

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9076           1        9075     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. 

. /*intensive margin*/

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. reghdfe lnvisits2 post if  lnvisits2 > 0,  absorb(dow gvkey##news_date fips##

> visityear) vce(cluster gvkey)

(dropped 5 singleton observations)

(MWFE estimator converged in 13 iterations)



HDFE Linear regression                            Number of obs   = 35,842,151

Absorbing 3 HDFE groups                           F(   1,    250) =       1.57

Statistics robust to heteroskedasticity           Prob > F        =     0.2110

                                                  R-squared       =     0.6606

                                                  Adj R-squared   =     0.6604

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.8296



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0024925   .0019874     1.25   0.211    -.0014217    .0064067

       _cons |   2.997164   .0013453  2227.91   0.000     2.994515    2.999814

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9394           1        9393     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. //      outreg2 using "`output'Main.dta", dta tstat tdec(2) bdec(4) addtext(d

> ow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm, sample, >0

> )

. 

. 

. foreach i of local cs {

  2.         

.         reghdfe lnvisits2 post##c.`i'  if  lnvisits2 > 0,  absorb(dow gvkey##

> news_date fips##visityear) vce(cluster gvkey)

  3. //      outreg2 using "`output'Main.dta", dta tstat tdec(2) bdec(4) addtex

> t(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm, sample,

>  >0)

. 

. }

(dropped 5 singleton observations)

(MWFE estimator converged in 13 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 35,662,792

Absorbing 3 HDFE groups                           F(   2,    250) =       8.20

Statistics robust to heteroskedasticity           Prob > F        =     0.0004

                                                  R-squared       =     0.6622

                                                  Adj R-squared   =     0.6621

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.8280



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0073453   .0021618     3.40   0.001     .0030876     .011603

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0010549   .0002999    -3.52   0.001    -.0016456   -.0004643

             |

       _cons |   2.998717   .0013207  2270.49   0.000     2.996116    3.001318

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9212           1        9211     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 3 singleton observations)

(MWFE estimator converged in 13 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 34,485,471

Absorbing 3 HDFE groups                           F(   2,    250) =       9.16

Statistics robust to heteroskedasticity           Prob > F        =     0.0001

                                                  R-squared       =     0.6630

                                                  Adj R-squared   =     0.6629

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.8293



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0060066   .0020719     2.90   0.004      .001926    .0100872

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0008065   .0002071    -3.89   0.000    -.0012143   -.0003987

             |

       _cons |   3.011389   .0013436  2241.26   0.000     3.008742    3.014035

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      8625           1        8624     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 5 singleton observations)

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 35,842,151

Absorbing 3 HDFE groups                           F(   2,    250) =       8.44

Statistics robust to heteroskedasticity           Prob > F        =     0.0003

                                                  R-squared       =     0.6606

                                                  Adj R-squared   =     0.6604

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.8296



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0072076   .0021054     3.42   0.001     .0030611    .0113541

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0010477   .0002974    -3.52   0.001    -.0016335   -.0004619

             |

       _cons |   2.997163   .0013189  2272.46   0.000     2.994565     2.99976

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9394           1        9393     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 5 singleton observations)

(MWFE estimator converged in 13 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 35,842,151

Absorbing 3 HDFE groups                           F(   2,    250) =       6.64

Statistics robust to heteroskedasticity           Prob > F        =     0.0016

                                                  R-squared       =     0.6606

                                                  Adj R-squared   =     0.6604

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.8296



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0073986   .0022216     3.33   0.001     .0030231    .0117741

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0010897   .0003615    -3.01   0.003    -.0018016   -.0003778

             |

       _cons |   2.997162   .0013133  2282.14   0.000     2.994576    2.999749

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9394           1        9393     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(dropped 2 singleton observations)

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 35,224,363

Absorbing 3 HDFE groups                           F(   2,    250) =       7.28

Statistics robust to heteroskedasticity           Prob > F        =     0.0008

                                                  R-squared       =     0.6624

                                                  Adj R-squared   =     0.6623

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.8286



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |    .006945   .0021475     3.23   0.001     .0027155    .0111746

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |    -.00096   .0002958    -3.25   0.001    -.0015426   -.0003773

             |

       _cons |   3.003293   .0013294  2259.12   0.000     3.000674    3.005911

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9073           1        9072     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. 

. /***Table OA 8 Continous ESC Consciousness*/

.         

. local cs_con corp_yale2 union2 incgroup3 edugroup3 house_dem2018



. 

. 

. foreach i of local cs_con {

  2. 

.         reghdfe lnvisits2 post##c.`i'  ,  absorb(dow gvkey##news_date fips##v

> isityear) vce(cluster gvkey)

  3. //      outreg2 using "/scratch/NetID/Consumer/Code_and_Output/result1013

> .dta.dta", dta tstat tdec(2) bdec(4) addtext(dow FE, Y, Firm*newsdate FE, Y, 

> county*visity FE, Y, cluster, firm)

. }

(MWFE estimator converged in 13 iterations)

note: corp_yale2018 is probably collinear with the fixed effects (all partialle

> d-out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,123,303

Absorbing 3 HDFE groups                           F(   2,    250) =       4.99

Statistics robust to heteroskedasticity           Prob > F        =     0.0075

                                                  R-squared       =     0.6821

                                                  Adj R-squared   =     0.6820

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9254



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0384179   .0126687     3.03   0.003     .0134668     .063369

corp_ya~2018 |          0  (omitted)

             |

        post#|

          c. |

corp_ya~2018 |

          1  |  -.0005588   .0001956    -2.86   0.005     -.000944   -.0001735

             |

       _cons |   2.665918   .0013664  1951.09   0.000     2.663227    2.668609

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9218           1        9217     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: union2018 is probably collinear with the fixed effects (all partialled-ou

> t values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 38,749,528

Absorbing 3 HDFE groups                           F(   2,    250) =       5.28

Statistics robust to heteroskedasticity           Prob > F        =     0.0057

                                                  R-squared       =     0.6827

                                                  Adj R-squared   =     0.6826

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9265



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0034809   .0020783     1.67   0.095    -.0006122    .0075741

   union2018 |          0  (omitted)

             |

        post#|

 c.union2018 |

          1  |  -.0063093   .0020636    -3.06   0.002    -.0103736   -.0022451

             |

       _cons |   2.680579   .0013912  1926.75   0.000     2.677839    2.683319

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      8628           1        8627     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: incgroup3 is probably collinear with the fixed effects (all partialled-ou

> t values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   2,    250) =       4.95

Statistics robust to heteroskedasticity           Prob > F        =     0.0078

                                                  R-squared       =     0.6804

                                                  Adj R-squared   =     0.6803

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9273



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0070852    .002469     2.87   0.004     .0022225    .0119479

   incgroup3 |          0  (omitted)

             |

        post#|

 c.incgroup3 |

          1  |  -.0223254   .0080413    -2.78   0.006    -.0381628    -.006488

             |

       _cons |   2.664554   .0013706  1944.09   0.000     2.661855    2.667253

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9401           1        9400     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: edugroup3 is probably collinear with the fixed effects (all partialled-ou

> t values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 40,324,935

Absorbing 3 HDFE groups                           F(   2,    250) =       3.42

Statistics robust to heteroskedasticity           Prob > F        =     0.0342

                                                  R-squared       =     0.6804

                                                  Adj R-squared   =     0.6803

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9273



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |    .006949   .0027141     2.56   0.011     .0016036    .0122944

   edugroup3 |          0  (omitted)

             |

        post#|

 c.edugroup3 |

          1  |  -.0200446   .0091678    -2.19   0.030    -.0381006   -.0019887

             |

       _cons |   2.664554   .0013689  1946.49   0.000     2.661858     2.66725

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9401           1        9400     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: house_dem2018 is probably collinear with the fixed effects (all partialle

> d-out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 39,597,039

Absorbing 3 HDFE groups                           F(   2,    250) =       4.04

Statistics robust to heteroskedasticity           Prob > F        =     0.0187

                                                  R-squared       =     0.6821

                                                  Adj R-squared   =     0.6820

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        251         Root MSE        =     0.9259



                                (Std. err. adjusted for 251 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0067341   .0025893     2.60   0.010     .0016345    .0118337

house_d~2018 |          0  (omitted)

             |

        post#|

          c. |

house_d~2018 |

          1  |  -.0119634   .0047045    -2.54   0.012     -.021229   -.0026978

             |

       _cons |   2.672206   .0013773  1940.14   0.000     2.669494    2.674919

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      2735        2735           0    *|

    fips#visityear |      9076           1        9075     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



.         

. 

. 

. /****Table OA 10***/

. /*By E, S, G*/

. 

. 

. local cs de_yale2 de_union2 de_inc2018 de_edu2018 de_dem2018



. 

. 

. foreach j of local cs {

  2.         forvalues m = 1/3{

  3. 

.                 display as error  "md_issue`m'"

  4.         

.                 reghdfe lnvisits2 post##c.`j' if  md_issue`m' == 1   ,  absor

> b(dow gvkey##news_date fips##visityear) vce(cluster gvkey)

  5. //              outreg2 using "`output'Main.dta", dta tstat tdec(2) bdec(4

> ) addtext(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm,

>  group, md_issue`m'')

.         

.         }

  6. }

md_issue1

(dropped 119 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   =  8,160,125

Absorbing 3 HDFE groups                           F(   2,    130) =       0.51

Statistics robust to heteroskedasticity           Prob > F        =     0.6001

                                                  R-squared       =     0.6474

                                                  Adj R-squared   =     0.6469

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        131         Root MSE        =     0.9517



                                (Std. err. adjusted for 131 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |  -.0026556   .0052572    -0.51   0.614    -.0130563    .0077451

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0007405   .0008939    -0.83   0.409    -.0025089    .0010279

             |

       _cons |   2.875032   .0042041   683.86   0.000     2.866714    2.883349

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |       542         542           0    *|

    fips#visityear |      8985           1        8984     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

md_issue2

(MWFE estimator converged in 14 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 21,724,907

Absorbing 3 HDFE groups                           F(   2,    212) =       3.31

Statistics robust to heteroskedasticity           Prob > F        =     0.0385

                                                  R-squared       =     0.6750

                                                  Adj R-squared   =     0.6748

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        213         Root MSE        =     0.9369



                                (Std. err. adjusted for 213 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0070086   .0038531     1.82   0.070    -.0005867    .0146039

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0011284   .0004425    -2.55   0.011    -.0020007   -.0002561

             |

       _cons |   2.627495   .0020836  1261.07   0.000     2.623388    2.631602

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1482        1482           0    *|

    fips#visityear |      9093           1        9092     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

md_issue3

(dropped 10 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 11,136,515

Absorbing 3 HDFE groups                           F(   2,    172) =       0.54

Statistics robust to heteroskedasticity           Prob > F        =     0.5862

                                                  R-squared       =     0.7211

                                                  Adj R-squared   =     0.7209

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        173         Root MSE        =     0.9121



                                (Std. err. adjusted for 173 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |  -.0021136   .0061053    -0.35   0.730    -.0141646    .0099373

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |   -.000463   .0007483    -0.62   0.537      -.00194     .001014

             |

       _cons |   2.525388   .0034363   734.92   0.000     2.518605    2.532171

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |       847         847           0    *|

    fips#visityear |      8755           1        8754     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

md_issue1

(dropped 105 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   =  7,860,480

Absorbing 3 HDFE groups                           F(   2,    130) =       0.73

Statistics robust to heteroskedasticity           Prob > F        =     0.4838

                                                  R-squared       =     0.6476

                                                  Adj R-squared   =     0.6472

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        131         Root MSE        =     0.9539



                                (Std. err. adjusted for 131 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |  -.0031101    .005472    -0.57   0.571    -.0139358    .0077155

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0006618   .0005877    -1.13   0.262    -.0018245    .0005009

             |

       _cons |   2.890498   .0042404   681.66   0.000     2.882109    2.898887

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |       542         542           0    *|

    fips#visityear |      8439           1        8438     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

md_issue2

(MWFE estimator converged in 14 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 20,968,782

Absorbing 3 HDFE groups                           F(   2,    212) =       2.60

Statistics robust to heteroskedasticity           Prob > F        =     0.0769

                                                  R-squared       =     0.6756

                                                  Adj R-squared   =     0.6754

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        213         Root MSE        =     0.9383



                                (Std. err. adjusted for 213 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0049017   .0035742     1.37   0.172    -.0021437    .0119472

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0006974   .0003074    -2.27   0.024    -.0013034   -.0000915

             |

       _cons |    2.64149   .0020918  1262.81   0.000     2.637367    2.645614

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1482        1482           0    *|

    fips#visityear |      8519           1        8518     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

md_issue3

(dropped 5 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 10,768,990

Absorbing 3 HDFE groups                           F(   2,    172) =       0.33

Statistics robust to heteroskedasticity           Prob > F        =     0.7199

                                                  R-squared       =     0.7212

                                                  Adj R-squared   =     0.7210

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        173         Root MSE        =     0.9137



                                (Std. err. adjusted for 173 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |  -.0041811   .0056232    -0.74   0.458    -.0152804    .0069183

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |   .0000113   .0004807     0.02   0.981    -.0009375    .0009601

             |

       _cons |   2.538246   .0034479   736.17   0.000      2.53144    2.545051

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |       847         847           0    *|

    fips#visityear |      8238           1        8237     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

md_issue1

(dropped 124 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   =  8,188,478

Absorbing 3 HDFE groups                           F(   2,    130) =       0.51

Statistics robust to heteroskedasticity           Prob > F        =     0.6044

                                                  R-squared       =     0.6465

                                                  Adj R-squared   =     0.6461

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        131         Root MSE        =     0.9526



                                (Std. err. adjusted for 131 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |  -.0053912   .0055753    -0.97   0.335    -.0164213     .005639

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |   -.000119   .0008486    -0.14   0.889    -.0017978    .0015597

             |

       _cons |     2.8732   .0042145   681.74   0.000     2.864862    2.881538

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |       542         542           0    *|

    fips#visityear |      9153           1        9152     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

md_issue2

(MWFE estimator converged in 14 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 21,823,868

Absorbing 3 HDFE groups                           F(   2,    212) =       2.15

Statistics robust to heteroskedasticity           Prob > F        =     0.1195

                                                  R-squared       =     0.6733

                                                  Adj R-squared   =     0.6731

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        213         Root MSE        =     0.9388



                                (Std. err. adjusted for 213 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0059414   .0039086     1.52   0.130    -.0017633    .0136461

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0009206   .0004492    -2.05   0.042    -.0018062   -.0000351

             |

       _cons |   2.626288   .0020809  1262.09   0.000     2.622186     2.63039

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1482        1482           0    *|

    fips#visityear |      9270           1        9269     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

md_issue3

(dropped 10 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 11,213,216

Absorbing 3 HDFE groups                           F(   2,    172) =       0.71

Statistics robust to heteroskedasticity           Prob > F        =     0.4929

                                                  R-squared       =     0.7189

                                                  Adj R-squared   =     0.7187

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        173         Root MSE        =     0.9150



                                (Std. err. adjusted for 173 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |  -.0022098      .0064    -0.35   0.730    -.0148423    .0104228

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0004636    .000694    -0.67   0.505    -.0018335    .0009063

             |

       _cons |   2.523871   .0034167   738.69   0.000     2.517127    2.530615

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |       847         847           0    *|

    fips#visityear |      8930           1        8929     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

md_issue1

(dropped 124 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   =  8,188,478

Absorbing 3 HDFE groups                           F(   2,    130) =       0.55

Statistics robust to heteroskedasticity           Prob > F        =     0.5793

                                                  R-squared       =     0.6465

                                                  Adj R-squared   =     0.6461

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        131         Root MSE        =     0.9526



                                (Std. err. adjusted for 131 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |  -.0054794   .0055107    -0.99   0.322    -.0163818     .005423

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0001005   .0010446    -0.10   0.923     -.002167     .001966

             |

       _cons |     2.8732   .0042128   682.02   0.000     2.864865    2.881534

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |       542         542           0    *|

    fips#visityear |      9153           1        9152     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

md_issue2

(MWFE estimator converged in 13 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 21,823,868

Absorbing 3 HDFE groups                           F(   2,    212) =       2.15

Statistics robust to heteroskedasticity           Prob > F        =     0.1193

                                                  R-squared       =     0.6733

                                                  Adj R-squared   =     0.6731

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        213         Root MSE        =     0.9388



                                (Std. err. adjusted for 213 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |    .006568    .003991     1.65   0.101    -.0012992    .0144351

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0010586   .0005237    -2.02   0.044    -.0020909   -.0000263

             |

       _cons |   2.626287   .0020776  1264.09   0.000     2.622192    2.630383

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1482        1482           0    *|

    fips#visityear |      9270           1        9269     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

md_issue3

(dropped 10 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 11,213,216

Absorbing 3 HDFE groups                           F(   2,    172) =       0.67

Statistics robust to heteroskedasticity           Prob > F        =     0.5125

                                                  R-squared       =     0.7189

                                                  Adj R-squared   =     0.7187

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        173         Root MSE        =     0.9150



                                (Std. err. adjusted for 173 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |  -.0016809   .0065934    -0.25   0.799    -.0146953    .0113336

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0005806   .0008333    -0.70   0.487    -.0022255    .0010642

             |

       _cons |   2.523871   .0034196   738.06   0.000     2.517121    2.530621

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |       847         847           0    *|

    fips#visityear |      8930           1        8929     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

md_issue1

(dropped 119 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   =  8,060,003

Absorbing 3 HDFE groups                           F(   2,    130) =       0.44

Statistics robust to heteroskedasticity           Prob > F        =     0.6458

                                                  R-squared       =     0.6471

                                                  Adj R-squared   =     0.6467

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        131         Root MSE        =     0.9521



                                (Std. err. adjusted for 131 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   -.003577   .0052991    -0.68   0.501    -.0140606    .0069066

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0005088   .0008429    -0.60   0.547    -.0021763    .0011587

             |

       _cons |   2.882065   .0041947   687.08   0.000     2.873767    2.890364

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |       542         542           0    *|

    fips#visityear |      8849           1        8848     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

md_issue2

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 21,447,044

Absorbing 3 HDFE groups                           F(   2,    212) =       2.60

Statistics robust to heteroskedasticity           Prob > F        =     0.0765

                                                  R-squared       =     0.6749

                                                  Adj R-squared   =     0.6747

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        213         Root MSE        =     0.9374



                                (Std. err. adjusted for 213 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0064082   .0038823     1.65   0.100    -.0012447    .0140612

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0009837   .0004359    -2.26   0.025    -.0018429   -.0001244

             |

       _cons |   2.633404   .0020922  1258.66   0.000      2.62928    2.637528

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1482        1482           0    *|

    fips#visityear |      8959           1        8958     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

md_issue3

(dropped 10 singleton observations)

(MWFE estimator converged in 14 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 10,989,910

Absorbing 3 HDFE groups                           F(   2,    172) =       0.47

Statistics robust to heteroskedasticity           Prob > F        =     0.6242

                                                  R-squared       =     0.7212

                                                  Adj R-squared   =     0.7209

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        173         Root MSE        =     0.9125



                                (Std. err. adjusted for 173 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |  -.0025034   .0061114    -0.41   0.683    -.0145664    .0095595

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0003718   .0007346    -0.51   0.613    -.0018218    .0010781

             |

       _cons |   2.531268   .0034417   735.46   0.000     2.524474    2.538061

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |       847         847           0    *|

    fips#visityear |      8618           1        8617     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. 

. 

. 

. 

end of do-file



===== rep_car_google.log =====


. /***********CAR in our sample************/

. use "H:\Project\ESG News and Customer\Submission\Stata Code and Output\rep_ca

> r.dta", clear



. 

. 

. 

. /***partition by severity, reach and novelty*****/

. gen sev=0 if mseverity==1

(709 missing values generated)



. replace sev =1 if mseverity==2 | mseverity ==3

(709 real changes made)



. 

. 

. gen reach=mreach



. replace reach=1 if reach==0

(3 real changes made)



. replace reach=2 if reach==3

(551 real changes made)



. replace reach = reach-1

(2,735 real changes made)



. 

. gen novelty = mnovelty - 1



. 

. winsor2 car1 car2 car3



. 

. 

. /*************For all sample***********/

. 

. asdoc ttest car1_w==0 ,  title(all sample) format(%20.5f) save(CAR.doc) 



                    all sample



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car1_w |      2577          0      .0005      -.237      .8125 

------------------------------------------------------------------------

(file CAR.doc not found)

Click to Open File:  CAR.doc



. asdoc ttest car2_w==0 , rowappend 

(File CAR.doc already exists, option append was assumed)



                    One-sample t test for car2_w



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car2_w |      2577     -.0005      .0005     -1.386       .166 

------------------------------------------------------------------------

Click to Open File:  CAR.doc



. asdoc ttest car3_w==0 , rowappend 

(File CAR.doc already exists, option append was assumed)



                    One-sample t test for car3_w



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car3_w |      2577      -.001      .0005     -1.609       .108 

------------------------------------------------------------------------

Click to Open File:  CAR.doc



. 

. 

. asdoc sum car1_w car2_w car3_w,  stat(N mean tstat) fs(7) dec(5) append save(

> CAR.doc)



             |         N       Mean    t-value 

-------------+--------------------------------

      car1_w |      2577  -.0001536  -.2370857 

      car2_w |      2577  -.0007443  -1.385864 

      car3_w |      2577  -.0010647  -1.608942 

Click to Open File:  CAR.doc



. 

. local cross sev reach novelty 



. 

. foreach  i of local cross {

  2.         forvalues s = 0/1       {

  3.         asdoc ttest car1_w==0 if `i'==`s' ,  title(all sample `i' = `s') s

> ave(CAR.doc)

  4.         asdoc ttest car2_w==0 if `i'==`s', rowappend 

  5.         asdoc ttest car3_w==0 if `i'==`s', rowappend 

  6.         asdoc sum car1_w car2_w car3_w if `i'==`s',  stat(N mean tstat) fs

> (7) dec(5) append save(CAR.doc)

  7.         }

  8. }

(File CAR.doc already exists, option append was assumed)



                    all sample sev = 0



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car1_w |      1906          0       .001      -.094       .925 

------------------------------------------------------------------------

Click to Open File:  CAR.doc

(File CAR.doc already exists, option append was assumed)



                    One-sample t test for car2_w



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car2_w |      1906     -.0005      .0005     -.5145       .607 

------------------------------------------------------------------------

Click to Open File:  CAR.doc

(File CAR.doc already exists, option append was assumed)



                    One-sample t test for car3_w



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car3_w |      1906     -.0005       .001     -.9145      .3605 

------------------------------------------------------------------------

Click to Open File:  CAR.doc



             |         N       Mean    t-value 

-------------+--------------------------------

      car1_w |      1906   -.000073  -.0939665 

      car2_w |      1906  -.0003285  -.5146073 

      car3_w |      1906  -.0007323   -.914692 

Click to Open File:  CAR.doc

(File CAR.doc already exists, option append was assumed)



                    all sample sev = 1



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car1_w |       671     -.0005       .001     -.3325      .7395 

------------------------------------------------------------------------

Click to Open File:  CAR.doc

(File CAR.doc already exists, option append was assumed)



                    One-sample t test for car2_w



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car2_w |       671      -.002       .001      -1.96      .0505 

------------------------------------------------------------------------

Click to Open File:  CAR.doc

(File CAR.doc already exists, option append was assumed)



                    One-sample t test for car3_w



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car3_w |       671      -.002       .001    -1.7705       .077 

------------------------------------------------------------------------

Click to Open File:  CAR.doc



             |         N       Mean    t-value 

-------------+--------------------------------

      car1_w |       671  -.0003825  -.3324829 

      car2_w |       671  -.0019254  -1.959777 

      car3_w |       671  -.0020088  -1.770303 

Click to Open File:  CAR.doc

(File CAR.doc already exists, option append was assumed)



                    all sample reach = 0



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car1_w |       944      .0025       .001      2.072      .0385 

------------------------------------------------------------------------

Click to Open File:  CAR.doc

(File CAR.doc already exists, option append was assumed)



                    One-sample t test for car2_w



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car2_w |       944          0       .001      .2065      .8365 

------------------------------------------------------------------------

Click to Open File:  CAR.doc

(File CAR.doc already exists, option append was assumed)



                    One-sample t test for car3_w



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car3_w |       944      .0005       .001      .3445      .7305 

------------------------------------------------------------------------

Click to Open File:  CAR.doc



             |         N       Mean    t-value 

-------------+--------------------------------

      car1_w |       944    .002289    2.07222 

      car2_w |       944   .0001878   .2065394 

      car3_w |       944   .0003743   .3446905 

Click to Open File:  CAR.doc

(File CAR.doc already exists, option append was assumed)



                    all sample reach = 1



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car1_w |      1633     -.0015       .001     -1.966      .0495 

------------------------------------------------------------------------

Click to Open File:  CAR.doc

(File CAR.doc already exists, option append was assumed)



                    One-sample t test for car2_w



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car2_w |      1633     -.0015      .0005    -1.9305      .0535 

------------------------------------------------------------------------

Click to Open File:  CAR.doc

(File CAR.doc already exists, option append was assumed)



                    One-sample t test for car3_w



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car3_w |      1633      -.002       .001     -2.274       .023 

------------------------------------------------------------------------

Click to Open File:  CAR.doc



             |         N       Mean    t-value 

-------------+--------------------------------

      car1_w |      1633  -.0015655  -1.966035 

      car2_w |      1633  -.0012831  -1.930565 

      car3_w |      1633  -.0018965  -2.273859 

Click to Open File:  CAR.doc

(File CAR.doc already exists, option append was assumed)



                    all sample novelty = 0



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car1_w |      1611     -.0005       .001     -.6635       .507 

------------------------------------------------------------------------

Click to Open File:  CAR.doc

(File CAR.doc already exists, option append was assumed)



                    One-sample t test for car2_w



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car2_w |      1611      -.001      .0005     -1.126      .2605 

------------------------------------------------------------------------

Click to Open File:  CAR.doc

(File CAR.doc already exists, option append was assumed)



                    One-sample t test for car3_w



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car3_w |      1611      -.001       .001    -1.2165       .224 

------------------------------------------------------------------------

Click to Open File:  CAR.doc



             |         N       Mean    t-value 

-------------+--------------------------------

      car1_w |      1611   -.000557  -.6634652 

      car2_w |      1611  -.0007726  -1.126064 

      car3_w |      1611  -.0010099  -1.216486 

Click to Open File:  CAR.doc

(File CAR.doc already exists, option append was assumed)



                    all sample novelty = 1



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car1_w |       966      .0005       .001       .513       .608 

------------------------------------------------------------------------

Click to Open File:  CAR.doc

(File CAR.doc already exists, option append was assumed)



                    One-sample t test for car2_w



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car2_w |       966     -.0005       .001      -.808      .4195 

------------------------------------------------------------------------

Click to Open File:  CAR.doc

(File CAR.doc already exists, option append was assumed)



                    One-sample t test for car3_w



------------------------------------------------------------------------

                 |       obs       Mean     St_Err    t_value    p_value 

-----------------+------------------------------------------------------

          car3_w |       966      -.001       .001     -1.055      .2915 

------------------------------------------------------------------------

Click to Open File:  CAR.doc



             |         N       Mean    t-value 

-------------+--------------------------------

      car1_w |       966   .0005193   .5128558 

      car2_w |       966  -.0006971  -.8080462 

      car3_w |       966  -.0011559  -1.055039 

Click to Open File:  CAR.doc



. 

. 

. 

. 

. 

. use "H:\project\ESG News and Customer\Stata\google.dta" , clear



. 

. gen logname=log(1+goog_name)

(2 missing values generated)



. gen logtic=log(1+goog_tic)

(2 missing values generated)



. winsor2 lnmveq ibq_atq leverageq btmq , cuts(1 99)



. gen year=year(date)

(2 missing values generated)



. gen month=month(date)

(2 missing values generated)



. gen dow=dow(date)

(2 missing values generated)



. 

. reghdfe logname post , absorb(gvkey##news_date year dow) cluster(gvkey)

(MWFE estimator converged in 7 iterations)



HDFE Linear regression                            Number of obs   =     84,723

Absorbing 3 HDFE groups                           F(   1,    248) =       8.36

Statistics robust to heteroskedasticity           Prob > F        =     0.0042

                                                  R-squared       =     0.7595

                                                  Adj R-squared   =     0.7515

                                                  Within R-sq.    =     0.0001

Number of clusters (gvkey)   =        249         Root MSE        =     0.4390



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

     logname | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0106188   .0036727     2.89   0.004     .0033852    .0178523

       _cons |   3.338024   .0023695  1408.77   0.000     3.333357    3.342691

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2733        2733           0    *|

              year |         3           1           2     |

               dow |         7           1           6     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

. reghdfe logtic post , absorb(gvkey##news_date year dow) cluster(gvkey)

(MWFE estimator converged in 7 iterations)



HDFE Linear regression                            Number of obs   =     84,723

Absorbing 3 HDFE groups                           F(   1,    248) =       0.64

Statistics robust to heteroskedasticity           Prob > F        =     0.4239

                                                  R-squared       =     0.8511

                                                  Adj R-squared   =     0.8461

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        249         Root MSE        =     0.4746



                                (Std. err. adjusted for 249 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

      logtic | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0027971   .0034917     0.80   0.424      -.00408    .0096742

       _cons |   3.201999   .0022527  1421.42   0.000     3.197563    3.206436

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

   gvkey#news_date |      2733        2733           0    *|

              year |         3           1           2     |

               dow |         7           1           6     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

end of do-file



. exit, clear



===== spend.log =====


. 

. use "/scratch/NetID/Consumer/Data/spend_rep_10_20.dta", clear



. 

. 

. 

. 

. /*Destring gvkey and fips*/

. destring fips, replace

fips: all characters numeric; replaced as long



. destring gvkey, replace

gvkey: all characters numeric; replaced as long



. 

. 

. /*Merge with ESG preference, demographic, democratic, service industry*/

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/esgpref2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                         3,899

        from master                     3,691  (_merge==1)

        from using                        208  (_merge==2)



    Matched                        23,888,520  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(208 observations deleted)



. drop _merge



. 

. 

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/demo2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                         3,808

        from master                     3,691  (_merge==1)

        from using                        117  (_merge==2)



    Matched                        23,888,520  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(117 observations deleted)



. drop _merge



. 

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/house2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                       395,411

        from master                   395,337  (_merge==1)

        from using                         74  (_merge==2)



    Matched                        23,496,874  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(74 observations deleted)



. drop _merge



. 

. 

. merge m:1 gvkey datadate using "/scratch/NetID/Consumer/Data/naics_service.d

> ta"

(variable tic was str6, now str8 to accommodate using data's values)



    Result                      Number of obs

    -----------------------------------------

    Not matched                       551,574

        from master                         0  (_merge==1)

        from using                    551,574  (_merge==2)



    Matched                        23,892,211  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(551,574 observations deleted)



. drop _merge



. 

. 

. unique gvkey news_date

Number of unique values of gvkey news_date is  1645

Number of records is  23892211



. 

. /*Generate post dummy*/

. gen post=1 if visitday>=news_date

(7,674,873 missing values generated)



. replace post=0 if post==.

(7,674,873 real changes made)



. 

. 

. 

. /*****Only keep news after 20180110 and before 20201212*********/

. gen visityear=year(visitday)



. gen visityyyymm=year(visitday)*100+month(visitday)



. gen visityyyymmdd=visityyyymm*100+day(visitday)



. 

. 

. gen yyyymm=year(news_date)*100+month(news_date)



. gen yyyymmdd=(yyyymm*100)+day(news_date)



. 

. replace yyyymmdd = 20201211 if tic == "LL" & news_date == d(11dec2020)   

(0 real changes made)



. 

. 

. gen dow = dow(visitday)



. gen doy= doy(visitday)



. gen visityyyy=year(visitday)



. 

. gen ea=0



. replace ea=1 if visitday-rdq>=0 & visitday-rdq<=3

(1,084,347 real changes made)



. 

. 

. 

. keep if news_date > td(10jan2018)

(0 observations deleted)



. keep if news_date < td(12dec2020)

(343,609 observations deleted)



. 

. 

. /****winsorize*****/

. winsor2 lnmveq ibq_atq leverageq btmq capxq_at, cuts(1 99)



. winsor2 spend, cuts(1 99) 



. 

. 

. gen lnspend2 = log(1+spend_w)

(112,079 missing values generated)



. 

. 

. 

. /*scale union score card variable in 2018*/

. replace avg_aflcio_score2018 = avg_aflcio_score2018/100

(22,407,871 real changes made)



. replace avg_lcv_score2018 = avg_lcv_score2018/100

(18,149,931 real changes made)



. gen union2018 = (avg_aflcio_score2018 + avg_lcv_score2018)/2

(899,884 missing values generated)



. 

. /*decile*/

. egen de_inc2018 = xtile(incgroup3), nq(10)

(3,621 missing values generated)



. egen de_edu2018 = xtile(edugroup3), nq(10)

(3,621 missing values generated)



. egen de_dem2018 = xtile(house_dem2018), nq(10)

(389,200 missing values generated)



. egen de_union2018 = xtile(union2018), nq(10)

(899,884 missing values generated)



. egen de_yale2018 = xtile(corp_yale2018), nq(10)

(77,854 missing values generated)



. 

. 

. 

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. foreach i of local cs {

  2.         

.         replace `i' = `i' - 1

  3. }

(23,470,748 real changes made)

(22,648,718 real changes made)

(23,544,981 real changes made)

(23,544,981 real changes made)

(23,159,402 real changes made)



. 

. 

. unique gvkey news_date

Number of unique values of gvkey news_date is  1611

Number of records is  23548602



. 

. 

. reghdfe lnspend2 post##c.de_inc2018, absorb(dow gvkey##news_date fips##visity

> ear) vce(cluster gvkey)

(dropped 1 singleton observations)

(MWFE estimator converged in 11 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 23,432,995

Absorbing 3 HDFE groups                           F(   2,    196) =       7.71

Statistics robust to heteroskedasticity           Prob > F        =     0.0006

                                                  R-squared       =     0.6056

                                                  Adj R-squared   =     0.6055

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        197         Root MSE        =     1.9231



                                (Std. err. adjusted for 197 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

    lnspend2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0306365   .0084539     3.62   0.000     .0139643    .0473088

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0027326   .0010439    -2.62   0.010    -.0047913   -.0006738

             |

       _cons |   4.042749   .0055903   723.18   0.000     4.031724    4.053774

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1610        1610           0    *|

    fips#visityear |      6190           1        6189     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. keep if e(sample)

(115,607 observations deleted)



. 

. tabstat lnspend2 spend_w, col(stat) stat(n mean sd p25 p50 p75)



    Variable |         N      Mean        SD       p25       p50       p75

-------------+------------------------------------------------------------

    lnspend2 |  2.34e+07  4.055252  3.061774         0  4.612047  6.395696

     spend_w |  2.34e+07  1258.644  3919.835         0     99.69    598.26

--------------------------------------------------------------------------



. 

. 

. unique gvkey news_date

Number of unique values of gvkey news_date is  1610

Number of records is  23432995



. 

. 

. reghdfe lnspend2 post ,  absorb(dow gvkey##news_date fips##visityear) vce(clu

> ster gvkey)

(MWFE estimator converged in 10 iterations)



HDFE Linear regression                            Number of obs   = 23,432,995

Absorbing 3 HDFE groups                           F(   1,    196) =       4.79

Statistics robust to heteroskedasticity           Prob > F        =     0.0298

                                                  R-squared       =     0.6056

                                                  Adj R-squared   =     0.6055

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        197         Root MSE        =     1.9231



                                (Std. err. adjusted for 197 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

    lnspend2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0183655   .0083907     2.19   0.030     .0018179     .034913

       _cons |   4.042747    .005713   707.64   0.000      4.03148    4.054014

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1610        1610           0    *|

    fips#visityear |      6190           1        6189     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. // outreg2 using "`output'spend.dta", dta tstat tdec(2) bdec(4) addtext(dow F

> E, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm)

. 

. 

. /*main cross sectional*/

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. foreach i of local cs {

  2.         

.         reghdfe lnspend2 post##c.`i'  ,  absorb(dow gvkey##news_date fips##vi

> sityear) vce(cluster gvkey)

  3. //      outreg2 using "`output'spend.dta", dta tstat tdec(2) bdec(4) addte

> xt(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm)

. }

(MWFE estimator converged in 11 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 23,358,943

Absorbing 3 HDFE groups                           F(   2,    196) =       6.85

Statistics robust to heteroskedasticity           Prob > F        =     0.0013

                                                  R-squared       =     0.6058

                                                  Adj R-squared   =     0.6057

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        197         Root MSE        =     1.9226



                                (Std. err. adjusted for 197 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

    lnspend2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0297046   .0089706     3.31   0.001     .0120134    .0473958

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0025189   .0008932    -2.82   0.005    -.0042803   -.0007574

             |

       _cons |   4.046914   .0056256   719.38   0.000      4.03582    4.058009

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1610        1610           0    *|

    fips#visityear |      6084           1        6083     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 11 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 22,540,860

Absorbing 3 HDFE groups                           F(   2,    196) =       7.54

Statistics robust to heteroskedasticity           Prob > F        =     0.0007

                                                  R-squared       =     0.6066

                                                  Adj R-squared   =     0.6064

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        197         Root MSE        =     1.9230



                                (Std. err. adjusted for 197 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

    lnspend2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0268759   .0087931     3.06   0.003     .0095348    .0442171

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0019383   .0006001    -3.23   0.001    -.0031217   -.0007548

             |

       _cons |   4.063314   .0056879   714.38   0.000     4.052097    4.074531

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1610        1610           0    *|

    fips#visityear |      5704           1        5703     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 11 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 23,432,995

Absorbing 3 HDFE groups                           F(   2,    196) =       7.71

Statistics robust to heteroskedasticity           Prob > F        =     0.0006

                                                  R-squared       =     0.6056

                                                  Adj R-squared   =     0.6055

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        197         Root MSE        =     1.9231



                                (Std. err. adjusted for 197 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

    lnspend2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0306365   .0084539     3.62   0.000     .0139643    .0473088

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0027326   .0010439    -2.62   0.010    -.0047913   -.0006738

             |

       _cons |   4.042749   .0055903   723.18   0.000     4.031724    4.053774

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1610        1610           0    *|

    fips#visityear |      6190           1        6189     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 11 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 23,432,995

Absorbing 3 HDFE groups                           F(   2,    196) =       9.19

Statistics robust to heteroskedasticity           Prob > F        =     0.0002

                                                  R-squared       =     0.6056

                                                  Adj R-squared   =     0.6055

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        197         Root MSE        =     1.9231



                                (Std. err. adjusted for 197 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

    lnspend2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0334111   .0084001     3.98   0.000      .016845    .0499772

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0033513     .00115    -2.91   0.004    -.0056191   -.0010834

             |

       _cons |   4.042749   .0055405   729.67   0.000     4.031822    4.053676

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1610        1610           0    *|

    fips#visityear |      6190           1        6189     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 11 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   = 23,050,354

Absorbing 3 HDFE groups                           F(   2,    196) =       7.70

Statistics robust to heteroskedasticity           Prob > F        =     0.0006

                                                  R-squared       =     0.6060

                                                  Adj R-squared   =     0.6059

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        197         Root MSE        =     1.9218



                                (Std. err. adjusted for 197 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

    lnspend2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0296639   .0087889     3.38   0.001     .0123309    .0469969

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0025268   .0008252    -3.06   0.003    -.0041541   -.0008994

             |

       _cons |   4.043695   .0056189   719.67   0.000     4.032614    4.054776

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      1610        1610           0    *|

    fips#visityear |      6010           1        6009     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

end of do-file



===== stacked.log =====


. 

. use "/scratch/NetID/Consumer/Data/stacked_rep_10_20.dta", clear



. 

. 

. 

. 

. /********Destring gvkey and fips*********/

. destring fips, replace

fips: all characters numeric; replaced as long



. destring gvkey, replace

gvkey: all characters numeric; replaced as long



. 

. 

. /*Merge with ESG preference, demographic, democratic, service industry*/

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/esgpref2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                        19,855

        from master                    19,686  (_merge==1)

        from using                        169  (_merge==2)



    Matched                       184,863,001  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(169 observations deleted)



. drop _merge



. 

. 

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/demo2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                        19,764

        from master                    19,686  (_merge==1)

        from using                         78  (_merge==2)



    Matched                       184,863,001  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(78 observations deleted)



. drop _merge



. 

. merge m:1 nfips  using "/scratch/NetID/Consumer/Data/house2018.dta"



    Result                      Number of obs

    -----------------------------------------

    Not matched                     2,997,568

        from master                 2,997,513  (_merge==1)

        from using                         55  (_merge==2)



    Matched                       181,885,174  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(55 observations deleted)



. drop _merge



. 

. 

. merge m:1 gvkey datadate using "/scratch/NetID/Consumer/Data/naics_service.d

> ta"

(variable tic was str6, now str8 to accommodate using data's values)



    Result                      Number of obs

    -----------------------------------------

    Not matched                       550,908

        from master                         0  (_merge==1)

        from using                    550,908  (_merge==2)



    Matched                       184,882,687  (_merge==3)

    -----------------------------------------



. drop if _merge == 2

(550,908 observations deleted)



. drop _merge



. 

. 

. unique gvkey news_date

Number of unique values of gvkey news_date is  9795

Number of records is  184882687



. 

. /*Generate post dummy*/

. gen post=1 if visitday>=news_date

(59,711,866 missing values generated)



. replace post=0 if post==.

(59,711,866 real changes made)



. 

. 

. 

. /*Only keep news after 20180110 and before 20201212*/

. 

. keep if news_date > td(10jan2018)

(1,672,388 observations deleted)



. keep if news_date < td(12dec2020)

(1,404,286 observations deleted)



. 

. gen visityear=year(visitday)



. gen visityyyymm=year(visitday)*100+month(visitday)



. gen visityyyymmdd=visityyyymm*100+day(visitday)



. 

. 

. gen yyyymm=year(news_date)*100+month(news_date)



. gen yyyymmdd=(yyyymm*100)+day(news_date)



. 

. 

. 

. gen dow = dow(visitday)



. gen doy= doy(visitday)



. 

. 

. gen ea=0



. replace ea=1 if visitday-rdq>=0 & visitday-rdq<=3

(8,035,781 real changes made)



. 

. 

. 

. 

. /*winsorize*****/

. winsor2 totalvisits_day , cuts(1 99) 



. winsor2 lnmveq ibq_atq leverageq btmq capxq_at, cuts(1 99)



. 

. 

. 

. gen lnvisits2=log(1+totalvisits_day_w)



. 

. 

. /*scale union score card variable in 2018*/

. replace avg_aflcio_score2018 = avg_aflcio_score2018/100

(173,268,636 real changes made)



. replace avg_lcv_score2018 = avg_lcv_score2018/100

(138,791,198 real changes made)



. gen union2018 = (avg_aflcio_score2018 + avg_lcv_score2018)/2

(6,766,603 missing values generated)



. 

. /*decile*/

. egen de_inc2018 = xtile(incgroup3), nq(10)

(19,306 missing values generated)



. egen de_edu2018 = xtile(edugroup3), nq(10)

(19,306 missing values generated)



. egen de_dem2018 = xtile(house_dem2018), nq(10)

(2,949,867 missing values generated)



. egen de_union2018 = xtile(union2018), nq(10)

(6,766,603 missing values generated)



. egen de_yale2018 = xtile(corp_yale2018), nq(10)

(727,530 missing values generated)



. 

. 

. 

. 

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. foreach i of local cs {

  2.         

.         replace `i' = `i' - 1

  3. }

(181,078,483 real changes made)

(175,039,410 real changes made)

(181,786,707 real changes made)

(181,786,707 real changes made)

(178,856,146 real changes made)



. 

. unique gvkey news_date

Number of unique values of gvkey news_date is  9569

Number of records is  181806013



. 

. 

. reghdfe lnvisits2 post##c.de_inc2018, absorb(dow gvkey##news_date fips##visit

> year) vce(cluster gvkey)

(dropped 2 singleton observations)

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   =  181786705

Absorbing 3 HDFE groups                           F(   2,    251) =      34.79

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.7117

                                                  Adj R-squared   =     0.7116

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        252         Root MSE        =     0.9168



                                (Std. err. adjusted for 252 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0051575   .0007741     6.66   0.000     .0036329    .0066821

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0008384   .0001208    -6.94   0.000    -.0010764   -.0006005

             |

       _cons |   3.180089   .0005311  5987.21   0.000     3.179043    3.181135

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      9567        9567           0    *|

    fips#visityear |      9409           1        9408     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. keep if e(sample)

(19,308 observations deleted)



. 

. 

. reghdfe lnvisits2 post, absorb(dow gvkey##news_date fips##visityear) vce(clus

> ter gvkey)

(MWFE estimator converged in 12 iterations)



HDFE Linear regression                            Number of obs   =  181786705

Absorbing 3 HDFE groups                           F(   1,    251) =       2.54

Statistics robust to heteroskedasticity           Prob > F        =     0.1122

                                                  R-squared       =     0.7117

                                                  Adj R-squared   =     0.7116

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        252         Root MSE        =     0.9168



                                (Std. err. adjusted for 252 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

        post |   .0013865   .0008699     1.59   0.112    -.0003267    .0030998

       _cons |   3.180088   .0005886  5403.05   0.000     3.178929    3.181247

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      9567        9567           0    *|

    fips#visityear |      9409           1        9408     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. //      outreg2 using "`output'stacked.dta", dta tstat tdec(2) bdec(4) addtex

> t(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm)

. 

. 

. 

. 

. /*main cross sectional*/

. local cs de_yale2018 de_union2018 de_inc2018 de_edu2018 de_dem2018



. 

. foreach i of local cs {

  2.         

.         reghdfe lnvisits2 post##c.`i'  ,  absorb(dow gvkey##news_date fips##v

> isityear) vce(cluster gvkey)

  3. //      outreg2 using "`output'stacked.dta", dta tstat tdec(2) bdec(4) add

> text(dow FE, Y, Firm*newsdate FE, Y, county*visity FE, Y, cluster, firm)

. }

(MWFE estimator converged in 13 iterations)

note: de_yale2018 is probably collinear with the fixed effects (all partialled-

> out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   =  181078481

Absorbing 3 HDFE groups                           F(   2,    251) =      39.16

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.7130

                                                  Adj R-squared   =     0.7130

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        252         Root MSE        =     0.9149



                                (Std. err. adjusted for 252 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0054818   .0007326     7.48   0.000     .0040391    .0069246

 de_yale2018 |          0  (omitted)

             |

        post#|

          c. |

 de_yale2018 |

          1  |  -.0008825   .0001318    -6.70   0.000     -.001142    -.000623

             |

       _cons |   3.181318   .0005393  5899.49   0.000     3.180256     3.18238

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      9567        9567           0    *|

    fips#visityear |      9226           1        9225     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_union2018 is probably collinear with the fixed effects (all partialled

> -out values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   =  175039408

Absorbing 3 HDFE groups                           F(   2,    251) =      39.34

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.7133

                                                  Adj R-squared   =     0.7133

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        252         Root MSE        =     0.9147



                                (Std. err. adjusted for 252 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0042055   .0007594     5.54   0.000     .0027099     .005701

de_union2018 |          0  (omitted)

             |

        post#|

          c. |

de_union2018 |

          1  |  -.0006272    .000089    -7.05   0.000    -.0008026   -.0004519

             |

       _cons |   3.197791   .0005714  5596.06   0.000     3.196666    3.198916

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      9567        9567           0    *|

    fips#visityear |      8636           1        8635     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_inc2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   =  181786705

Absorbing 3 HDFE groups                           F(   2,    251) =      34.79

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.7117

                                                  Adj R-squared   =     0.7116

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        252         Root MSE        =     0.9168



                                (Std. err. adjusted for 252 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0051575   .0007741     6.66   0.000     .0036329    .0066821

  de_inc2018 |          0  (omitted)

             |

        post#|

c.de_inc2018 |

          1  |  -.0008384   .0001208    -6.94   0.000    -.0010764   -.0006005

             |

       _cons |   3.180089   .0005311  5987.21   0.000     3.179043    3.181135

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      9567        9567           0    *|

    fips#visityear |      9409           1        9408     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_edu2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   =  181786705

Absorbing 3 HDFE groups                           F(   2,    251) =      26.14

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.7117

                                                  Adj R-squared   =     0.7116

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        252         Root MSE        =     0.9168



                                (Std. err. adjusted for 252 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0051859   .0008033     6.46   0.000     .0036039    .0067679

  de_edu2018 |          0  (omitted)

             |

        post#|

c.de_edu2018 |

          1  |  -.0008449   .0001455    -5.81   0.000    -.0011316   -.0005583

             |

       _cons |   3.180089   .0005249  6058.96   0.000     3.179055    3.181122

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      9567        9567           0    *|

    fips#visityear |      9409           1        9408     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation

(MWFE estimator converged in 13 iterations)

note: de_dem2018 is probably collinear with the fixed effects (all partialled-o

> ut values are close to zero; tol = 1.0e-09)



HDFE Linear regression                            Number of obs   =  178856144

Absorbing 3 HDFE groups                           F(   2,    251) =      34.82

Statistics robust to heteroskedasticity           Prob > F        =     0.0000

                                                  R-squared       =     0.7130

                                                  Adj R-squared   =     0.7130

                                                  Within R-sq.    =     0.0000

Number of clusters (gvkey)   =        252         Root MSE        =     0.9149



                                (Std. err. adjusted for 252 clusters in gvkey)

------------------------------------------------------------------------------

             |               Robust

   lnvisits2 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]

-------------+----------------------------------------------------------------

      1.post |   .0053013   .0007441     7.12   0.000     .0038357    .0067668

  de_dem2018 |          0  (omitted)

             |

        post#|

c.de_dem2018 |

          1  |  -.0008317   .0001333    -6.24   0.000    -.0010942   -.0005691

             |

       _cons |   3.187883   .0005465  5832.96   0.000     3.186807    3.188959

------------------------------------------------------------------------------



Absorbed degrees of freedom:

-----------------------------------------------------------+

       Absorbed FE | Categories  - Redundant  = Num. Coefs |

-------------------+---------------------------------------|

               dow |         7           1           6     |

   gvkey#news_date |      9567        9567           0    *|

    fips#visityear |      9081           1        9080     |

-----------------------------------------------------------+

* = FE nested within cluster; treated as redundant for DoF computation



. 

.  

. 

. 

. 

end of do-file



===== survey.log =====
-------------------------------------------------------------------------------

      name:  <unnamed>

       log:  H:\Project\ESG News and Customer\Submission\Stata Code and Output\

> Log Files\Survey.smcl

  log type:  smcl

 opened on:  11 Oct 2025, 14:01:02



. 

. use "C:\Users\dwang\Dropbox\Consumers and ESG news\02_Data\GSS\GSS2021.dta", 

> clear



. 

. gen lnage=ln(age)

(333 missing values generated)



. 

. gen relpers2=-1*relpers

(78 missing values generated)



. 

. 

. gen buygreen=-1*nobuygrn

(2,211 missing values generated)



. gen buygreen2=1 if buygreen==-4

(3,651 missing values generated)



. replace buygreen2=2 if buygreen==-3

(769 real changes made)



. replace buygreen2=3 if buygreen==-2

(525 real changes made)



. replace buygreen2=4 if buygreen==-1

(146 real changes made)



. 

. gen buygreen_dummy=0 if !missing(nobuygrn)

(2,211 missing values generated)



. replace buygreen_dummy=1 if !missing(nobuygrn) & (nobuygrn==1 | nobuygrn==2)

(671 real changes made)



. 

. 

. rename partyid republican



. gen newsfreq=-1*news

(1,336 missing values generated)



. 

. 

. 

. gen catinc=0 if coninc<10920

(3,620 missing values generated)



. replace catinc=1 if coninc>=10920 & coninc<21840

(420 real changes made)



. replace catinc=2 if coninc>=21840 & coninc<30240

(291 real changes made)



. replace catinc=3 if coninc>=30240 & coninc<45360

(519 real changes made)



. replace catinc=4 if coninc>=45360 & coninc<55440

(367 real changes made)



. replace catinc=5 if coninc>=55440 & coninc<80640

(640 real changes made)



. replace catinc=6 if coninc>=80640 & coninc<107520

(348 real changes made)



. replace catinc=7 if coninc>=107520

(1,035 real changes made)



. replace catinc=. if missing(coninc)

(523 real changes made, 523 to missing)



. 

. gen high100=0



. replace high100=1 if catinc==7

(512 real changes made)



. replace high100=. if missing(catinc)

(523 real changes made, 523 to missing)



. *running interacted model catinc is significant for the squared term.

. 

. gen bachelor=1 if degree>=3 & !missing(degree)

(2,236 missing values generated)



. replace bachelor=0 if missing(bachelor) & !missing(degree)

(2,213 real changes made)



. gen married=0



. replace married=1 if marital==1

(1,999 real changes made)



. 

. 

. *Equal to one if the financial situation has been getting better

. gen fin_better=0



. replace fin_better=1 if finalter==1

(1,623 real changes made)



. 

. 

. 

. 

. 

. 

. 

. ologit buygreen2 lnage relpers2 married republican bachelor fin_better high10

> 0 newsfreq, vce(robust)



Iteration 0:  Log pseudolikelihood = -1932.6553  

Iteration 1:  Log pseudolikelihood =  -1861.328  

Iteration 2:  Log pseudolikelihood = -1860.7325  

Iteration 3:  Log pseudolikelihood = -1860.7321  

Iteration 4:  Log pseudolikelihood = -1860.7321  



Ordered logistic regression                             Number of obs =  1,547

                                                        Wald chi2(8)  = 134.65

                                                        Prob > chi2   = 0.0000

Log pseudolikelihood = -1860.7321                       Pseudo R2     = 0.0372



------------------------------------------------------------------------------

             |               Robust

   buygreen2 | Coefficient  std. err.      z    P>|z|     [95% conf. interval]

-------------+----------------------------------------------------------------

       lnage |  -.0629926   .1503715    -0.42   0.675    -.3577154    .2317302

    relpers2 |   .0084328   .0491804     0.17   0.864    -.0879591    .1048247

     married |  -.1024368     .09918    -1.03   0.302    -.2968259    .0919524

  republican |  -.1552033   .0230018    -6.75   0.000    -.2002859   -.1101206

    bachelor |   .3554137   .1060112     3.35   0.001     .1476355    .5631919

  fin_better |  -.1219436    .099419    -1.23   0.220    -.3168014    .0729141

     high100 |   .2325887   .1341159     1.73   0.083    -.0302736    .4954509

    newsfreq |   .2028319   .0320535     6.33   0.000     .1400082    .2656555

-------------+----------------------------------------------------------------

       /cut1 |  -2.723409   .6890718                     -4.073965   -1.372853

       /cut2 |  -.6689745   .6856905                     -2.012903    .6749542

       /cut3 |   1.320415   .6898737                     -.0317128    2.672542

------------------------------------------------------------------------------



. 

. logit buygreen_dummy lnage relpers2 married republican bachelor fin_better hi

> gh100 newsfreq, vce(robust)



Iteration 0:  Log pseudolikelihood = -1023.8842  

Iteration 1:  Log pseudolikelihood = -972.84166  

Iteration 2:  Log pseudolikelihood =  -972.5422  

Iteration 3:  Log pseudolikelihood = -972.54213  



Logistic regression                                     Number of obs =  1,547

                                                        Wald chi2(8)  =  92.29

                                                        Prob > chi2   = 0.0000

Log pseudolikelihood = -972.54213                       Pseudo R2     = 0.0501



-------------------------------------------------------------------------------

-

               |               Robust

buygreen_dummy | Coefficient  std. err.      z    P>|z|     [95% conf. interval

> ]

---------------+---------------------------------------------------------------

-

         lnage |  -.0666051   .1748233    -0.38   0.703    -.4092524    .276042

> 2

      relpers2 |   .0010119   .0563499     0.02   0.986    -.1094318    .111455

> 6

       married |  -.1566855   .1161023    -1.35   0.177    -.3842419    .070870

> 9

    republican |  -.1494418    .026406    -5.66   0.000    -.2011966    -.09768

> 7

      bachelor |   .3144718   .1170355     2.69   0.007     .0850864    .543857

> 3

    fin_better |  -.1324397   .1165478    -1.14   0.256    -.3608691    .095989

> 7

       high100 |     .24226   .1582789     1.53   0.126     -.067961     .55248

> 1

      newsfreq |   .1911182   .0353247     5.41   0.000     .1218831    .260353

> 2

         _cons |   .6758821   .7910548     0.85   0.393    -.8745569    2.22632

> 1

-------------------------------------------------------------------------------

-



. 

. 

end of do-file




