           used  (Mb) gc trigger (Mb)  max used (Mb)
Ncells  3688918 197.1   11065837  591  11065837  591
Vcells 11827351  90.3   73396534  560 237498567 1812
           used  (Mb) gc trigger (Mb)  max used (Mb)
Ncells  3688918 197.1   11065837  591  11065837  591
Vcells 11827351  90.3   58717228  448 237498567 1812
    cik                cname                                                                                                    filename      rdate      cdate wordcount hits x10k x10k405 x10k405a x10ka x10ksb x10ksb40 x10ksb40a x10ksba x10kt x10kt405 x10kt405a x10kta x10q
1 99974 TJ INTERNATIONAL INC S:\\directEDGAR_ACCOUNTING\\10KMASTER\\Y1994-Y2004\\FILINGS\\99974\\R19990621-C19980103-F10\\filename-1.txt 06/21/1999 01/03/1998      2113   77   46       2        1    NA     NA       NA        NA      NA    NA       NA        NA     NA   20
2 99974 TJ INTERNATIONAL INC S:\\directEDGAR_ACCOUNTING\\10KMASTER\\Y1994-Y2004\\FILINGS\\99974\\R19990405-C19990102-F05\\filename-5.txt 04/05/1999 01/02/1999      2549   14   14      NA       NA    NA     NA       NA        NA      NA    NA       NA        NA     NA   NA
3 99974 TJ INTERNATIONAL INC S:\\directEDGAR_ACCOUNTING\\10KMASTER\\Y1994-Y2004\\FILINGS\\99974\\R19990405-C19990102-F05\\filename-4.txt 04/05/1999 01/02/1999       304    2    2      NA       NA    NA     NA       NA        NA      NA    NA       NA        NA     NA   NA
4 99974 TJ INTERNATIONAL INC S:\\directEDGAR_ACCOUNTING\\10KMASTER\\Y1994-Y2004\\FILINGS\\99974\\R19990405-C19990102-F05\\filename-1.txt 04/05/1999 01/02/1999     22415   75   46       1       NA    NA     NA       NA        NA      NA    NA       NA        NA     NA   20
5 99974 TJ INTERNATIONAL INC S:\\directEDGAR_ACCOUNTING\\10KMASTER\\Y1994-Y2004\\FILINGS\\99974\\R19980415-C19980103-F66\\filename-4.txt 04/15/1998 01/03/1998      3106   18   18      NA       NA    NA     NA       NA        NA      NA    NA       NA        NA     NA   NA
6 99974 TJ INTERNATIONAL INC S:\\directEDGAR_ACCOUNTING\\10KMASTER\\Y1994-Y2004\\FILINGS\\99974\\R19980415-C19980103-F66\\filename-3.txt 04/15/1998 01/03/1998       294    2    2      NA       NA    NA     NA       NA        NA      NA    NA       NA        NA     NA   NA
  x10qa x10qsb x10qsba x8k x8ka doctype fyend siccode item_1.01 item_1.02 item_1.03 item_1.04 item_2.01 item_2.02 item_2.03 item_2.04 item_2.05 item_2.06 item_3.01 item_3.02 item_3.03 item_4.01 item_4.02 item_5.01 item_5.02 item_5.03 item_5.04 item_5.05 item_5.06 item_5.07
1    NA     NA      NA   8   NA 10K405A  1231    2430                  NA                  NA                                      NA        NA        NA        NA        NA        NA                  NA                                      NA        NA        NA        NA
2    NA     NA      NA  NA   NA    EX25  1231    2430                  NA                  NA                                      NA        NA        NA        NA        NA        NA                  NA                                      NA        NA        NA        NA
3    NA     NA      NA  NA   NA    EX24  1231    2430                  NA                  NA                                      NA        NA        NA        NA        NA        NA                  NA                                      NA        NA        NA        NA
4    NA     NA      NA   8   NA  10K405  1231    2430                  NA                  NA                                      NA        NA        NA        NA        NA        NA                  NA                                      NA        NA        NA        NA
5    NA     NA      NA  NA   NA    EX25  1231    2430                  NA                  NA                                      NA        NA        NA        NA        NA        NA                  NA                                      NA        NA        NA        NA
6    NA     NA      NA  NA   NA    EX24  1231    2430                  NA                  NA                                      NA        NA        NA        NA        NA        NA                  NA                                      NA        NA        NA        NA
  item_5.08 item_6.01 item_6.02 item_6.03 item_6.04 item_6.05 item_6.06 item_7.01 item_8.01 item_9.01
1        NA        NA        NA        NA        NA        NA        NA                              
2        NA        NA        NA        NA        NA        NA        NA                              
3        NA        NA        NA        NA        NA        NA        NA                              
4        NA        NA        NA        NA        NA        NA        NA                              
5        NA        NA        NA        NA        NA        NA        NA                              
6        NA        NA        NA        NA        NA        NA        NA                              

             (the    1012B      10K   10K405  10K405A     10KA    10KSB  10KSB40 10KSB40A   10KSBA     10KT  10KT405 10KT405A    10KTA      10Q     10QA    10QSB   10QSBA     10QT    10QTA  10SB12G 10SB12GA      11K      18K       6K       8K   8K12G3      8KA      ARS 
     333        1        2    49127    21213     3324    14542    17327     3421      622     5118       92       82       17       26   212285    17249    65601     8543      113       20        1        1        2        2        1   217051        7    22152        1 
  DEF14A      EX1     EX10     EX11     EX12     EX13     EX14     EX15     EX16     EX17     EX18     EX19      EX2     EX20     EX21     EX22     EX23     EX24     EX25     EX26     EX27     EX28      EX3     EX31     EX32      EX4      EX5      EX6      EX7      EX8 
       1     5021    25074     1422      699     8652       45     4595     8161       81      794      184     8910     1402     1134      239    67574    11683      352        8    59695      142     1006     1202     1106     6709     1304       62      168      466 
     EX9     EX99    NT10K    NT10Q   NTN10Q 
      62    66866        1        3        2 
 [1] "cik"                    "cname"                  "filename"               "rdate"                  "cdate"                  "wordcount"              "hits"                   "confidential.request"   "confidential.treatment" "doctype"               
[11] "fyend"                  "siccode"                "item_1.01"              "item_1.02"              "item_1.03"              "item_1.04"              "item_2.01"              "item_2.02"              "item_2.03"              "item_2.04"             
[21] "item_2.05"              "item_2.06"              "item_3.01"              "item_3.02"              "item_3.03"              "item_4.01"              "item_4.02"              "item_5.01"              "item_5.02"              "item_5.03"             
[31] "item_5.04"              "item_5.05"              "item_5.06"              "item_5.07"              "item_5.08"              "item_6.01"              "item_6.02"              "item_6.03"              "item_6.04"              "item_6.05"             
[41] "item_6.06"              "item_7.01"              "item_8.01"              "item_9.01"             

     10K   10K405  10K405A     10KA    10KSB  10KSB40 10KSB40A   10KSBA     10KT  10KT405 10KT405A    10KTA      10Q     10QA    10QSB   10QSBA       8K      8KA      EX1     EX10     EX11     EX12     EX13     EX14     EX18     EX19      EX2     EX20     EX22     EX23 
    5204     2035      290     1386      595      116       25      191       15       10        2        5     3800      683      302       82      805      332      101    11841        5        4        2        1        1        8     1571        4        1        1 
    EX27     EX28      EX3      EX4      EX5      EX6      EX7      EX8      EX9     EX99 
       1        1       33     1074       17        6       10        4        4      705 

 10K 
4492 

 10Q 
3776 

=================================================================================
Filing_Year CTOs_of_10K Total_10Ks Pct_CTO_10K CTOs_of_10Q Total_10Qs Pct_CTO_10Q
---------------------------------------------------------------------------------
1994            58         1835      0.0316        23         2313      0.0099   
1995            87         2186      0.0398        50         5464      0.0092   
1996            235        4217      0.0557        233        9879      0.0236   
1997            561        6567      0.0854        322       10295      0.0313   
1998            601        6775      0.0887        316       10374      0.0305   
1999            587        6577      0.0893        347       10251      0.0339   
2000            679        6475      0.1049        387       10012      0.0387   
---------------------------------------------------------------------------------
           used  (Mb) gc trigger  (Mb)  max used (Mb)
Ncells  3688924 197.1   11065837 591.0  11065837  591
Vcells 11827361  90.3  117362062 895.5 237498567 1812

===========================================================================================================
Fiscal_year Redact.x Total_firm_year_filings.x Pct_Redact.x Redact.y Total_firm_year_filings.y Pct_Redact.y
-----------------------------------------------------------------------------------------------------------
1,993          6                200               0.030        2                124               0.016    
1,994          15               368               0.041        4                219               0.018    
1,995          30               624               0.048        12               338               0.035    
1,997         131              1,195              0.110        28               482               0.058    
1,998         122              1,287              0.095        28               512               0.055    
1,999         107              1,049              0.102        20               462               0.043    
2,000         107               905               0.118        21               408               0.052    
-----------------------------------------------------------------------------------------------------------
           used  (Mb) gc trigger  (Mb)  max used (Mb)
Ncells  3688927 197.1   11065837 591.0  11065837  591
Vcells 11827366  90.3   93889650 716.4 237498567 1812

Call:
lm(formula = port_ret ~ mkt_rf * treat + smb * treat + hml * 
    treat + late.june * treat, data = tmp1)

Residuals:
     Min       1Q   Median       3Q      Max 
-0.47909 -0.11668  0.00226  0.11148  0.39163 

Coefficients:
                 Estimate Std. Error t value Pr(>|t|)    
(Intercept)      0.036054   0.013377   2.695 0.007418 ** 
mkt_rf           0.816133   0.032102  25.423  < 2e-16 ***
treat            0.006744   0.018918   0.356 0.721713    
smb              0.562453   0.035741  15.737  < 2e-16 ***
hml              0.330063   0.047657   6.926 2.51e-11 ***
late.june        0.179515   0.083655   2.146 0.032658 *  
mkt_rf:treat     0.189000   0.045399   4.163 4.07e-05 ***
treat:smb        0.181739   0.050545   3.596 0.000376 ***
treat:hml       -0.152236   0.067397  -2.259 0.024590 *  
treat:late.june -0.303718   0.118306  -2.567 0.010721 *  
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 0.1636 on 310 degrees of freedom
Multiple R-squared:  0.8851,	Adjusted R-squared:  0.8817 
F-statistic: 265.3 on 9 and 310 DF,  p-value: < 2.2e-16


Call:
lm(formula = port_ret ~ mkt_rf * treat + smb * treat + hml * 
    treat + event.all * treat + late.june * treat, data = tmp2)

Residuals:
     Min       1Q   Median       3Q      Max 
-0.61098 -0.12243 -0.00138  0.11699  0.74795 

Coefficients:
                Estimate Std. Error t value Pr(>|t|)    
(Intercept)      0.03454    0.01462   2.363   0.0183 *  
mkt_rf           0.84095    0.01824  46.115  < 2e-16 ***
treat            0.01363    0.02067   0.660   0.5096    
smb              0.63183    0.02167  29.151  < 2e-16 ***
hml              0.35461    0.02832  12.521  < 2e-16 ***
event.all        0.02009    0.01739   1.155   0.2482    
late.june        0.15622    0.09221   1.694   0.0905 .  
mkt_rf:treat     0.10862    0.02579   4.212 2.75e-05 ***
treat:smb        0.14790    0.03065   4.825 1.61e-06 ***
treat:hml       -0.22590    0.04005  -5.640 2.19e-08 ***
treat:event.all -0.02953    0.02459  -1.201   0.2300    
treat:late.june -0.29405    0.13041  -2.255   0.0244 *  
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 0.1816 on 1036 degrees of freedom
Multiple R-squared:  0.8881,	Adjusted R-squared:  0.8869 
F-statistic: 747.4 on 11 and 1036 DF,  p-value: < 2.2e-16


======================================================
                           Dependent variable:        
                    ----------------------------------
                                 port_ret             
                          (1)               (2)       
------------------------------------------------------
mkt_rf                  0.816***         0.841***     
                        [25.423]         [46.115]     
treat                    0.007             0.014      
                        [0.356]           [0.660]     
smb                     0.562***         0.632***     
                        [15.737]         [29.151]     
hml                     0.330***         0.355***     
                        [6.926]          [12.521]     
event.all                                  0.020      
                                          [1.155]     
late.june               0.180**           0.156*      
                        [2.146]           [1.694]     
mkt_rf:treat            0.189***         0.109***     
                        [4.163]           [4.212]     
treat:smb               0.182***         0.148***     
                        [3.596]           [4.825]     
treat:hml               -0.152**         -0.226***    
                        [-2.259]         [-5.640]     
treat:event.all                           -0.030      
                                         [-1.201]     
treat:late.june         -0.304**         -0.294**     
                        [-2.567]         [-2.255]     
Constant                0.036***          0.035**     
                        [2.695]           [2.363]     
------------------------------------------------------
Observations              320              1,048      
R2                       0.885             0.888      
Residual Std. Error 0.164 (df = 310) 0.182 (df = 1036)
======================================================
Note:                      *p<0.1; **p<0.05; ***p<0.01
           used  (Mb) gc trigger  (Mb)  max used (Mb)
Ncells  3688927 197.1   11065837 591.0  11065837  591
Vcells 11827366  90.3   75111720 573.1 237498567 1812

Descriptive statistics
=======================================================
Statistic   N   Mean  St. Dev. Pctl(25) Median Pctl(75)
-------------------------------------------------------
treat     8,173 0.689  0.463      0       1       1    
post      8,173 0.771  0.420      1       1       1    
-------------------------------------------------------

Descriptive statistics
==========================================================
Statistic     N    Mean  St. Dev. Pctl(25) Median Pctl(75)
----------------------------------------------------------
cash        8,173 0.112   0.150    0.015   0.047   0.147  
ebitda_adj  8,173 2.277   5.425    0.026   0.184   1.750  
entrycost   8,173 7.780   1.688    6.549   7.738   9.146  
leverage    8,173 0.558   0.253    0.381   0.559   0.702  
ln_asset    8,173 5.733   1.910    4.417   5.667   7.012  
marketshare 8,173 0.049   0.100    0.001   0.009   0.043  
marketsize  8,173 10.655  1.583    9.613   10.609  11.920 
missing_rd  8,173 0.489   0.500      0       0       1    
mtb         8,173 2.490   3.457    1.035   1.748   2.981  
rd_ratio    8,173 0.040   0.113    0.000   0.000   0.028  
substitute  8,173 1.125   0.107    1.069   1.109   1.150  
----------------------------------------------------------

Descriptive statistics
=======================================================
Statistic   N   Mean  St. Dev. Pctl(25) Median Pctl(75)
-------------------------------------------------------
redact    8,173 0.077  0.267      0       0       0    
-------------------------------------------------------

Descriptive statistics
============================================================
Statistic       N    Mean  St. Dev. Pctl(25) Median Pctl(75)
------------------------------------------------------------
rd_ratio       874  0.085   0.146    0.007   0.029   0.096  
ch_spread     1,751 1.853   16.310   0.015   0.094   0.305  
min_ros       1,751 -0.145  15.752   -0.049  0.084   0.895  
avgabnstd     1,381 0.035   0.563    -0.266  -0.014  0.320  
n              524  36.059 195.506     1       3       12   
marketsize_h2 1,125 10.124  1.768    9.239   10.323  11.282 
------------------------------------------------------------

Descriptive statistics
========================================================
Statistic   N    Mean  St. Dev. Pctl(25) Median Pctl(75)
--------------------------------------------------------
deviate   6,124 0.076   0.265      0       0       0    
ch_sale   6,124 -0.027  0.350    -0.121  0.003   0.105  
om        6,124 0.061   0.393    0.049   0.112   0.179  
--------------------------------------------------------
           used  (Mb) gc trigger  (Mb)  max used (Mb)
Ncells  3688966 197.1   11065837 591.0  11065837  591
Vcells 11827431  90.3   60089376 458.5 237498567 1812

==========================================================
Variables   Control Treat  Difference Significance P-Value
----------------------------------------------------------
cash         0.084  0.108    0.024       * * *      0.003 
ebitda_adj   0.736  1.033    0.297                  0.117 
entrycost    7.642  7.588    -0.054                 0.646 
leverage     0.567  0.530    -0.037       * *       0.018 
ln_asset     5.875  5.584    -0.291       * *       0.028 
marketshare  0.063  0.044    -0.019      * * *      0.006 
marketsize  10.360  10.497   0.137                  0.192 
missing_rd   0.562  0.436    -0.126      * * *      0.000 
mtb          1.993  2.733    0.740       * * *      0.000 
rd_ratio     0.013  0.031    0.018       * * *      0.000 
redact       0.036  0.048    0.012                  0.342 
substitute   1.129  1.139    0.010                  0.146 
----------------------------------------------------------

==========================================================
Variables   Control Treat  Difference Significance P-Value
----------------------------------------------------------
cash         0.098  0.144    0.046       * * *      0.000 
ebitda_adj   1.329  2.081    0.752       * * *      0.000 
entrycost    7.740  7.521    -0.219       * *       0.016 
leverage     0.557  0.512    -0.045      * * *      0.000 
ln_asset     5.829  5.397    -0.432      * * *      0.000 
marketshare  0.056  0.038    -0.018      * * *      0.001 
marketsize  10.552  10.604   0.052                  0.548 
missing_rd   0.579  0.449    -0.130      * * *      0.000 
mtb          2.719  3.056    0.337         *        0.084 
rd_ratio     0.022  0.052    0.030       * * *      0.000 
redact       0.058  0.110    0.052       * * *      0.000 
substitute   1.130  1.138    0.008                  0.162 
----------------------------------------------------------
           used  (Mb) gc trigger  (Mb)  max used (Mb)
Ncells  3689521 197.1   11065837 591.0  11065837  591
Vcells 11898703  90.8   48071501 366.8 237498567 1812

Call:
   felm(formula = redact ~ treat * post, data = base) 

Residuals:
     Min       1Q   Median       3Q      Max 
-0.10528 -0.10528 -0.05204 -0.04279  0.97357 

Coefficients:
            Estimate Std. Error t value Pr(>|t|)   
(Intercept)  0.02643    0.01018   2.597  0.00941 **
treat        0.01635    0.01276   1.282  0.19989   
post         0.02561    0.01189   2.153  0.03131 * 
treat:post   0.03688    0.01471   2.507  0.01220 * 
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 0.2656 on 8169 degrees of freedom
Multiple R-squared(full model): 0.01343   Adjusted R-squared: 0.01307 
Multiple R-squared(proj model): 0.01343   Adjusted R-squared: 0.01307 
F-statistic(full model):37.07 on 3 and 8169 DF, p-value: < 2.2e-16 
F-statistic(proj model): 37.07 on 3 and 8169 DF, p-value: < 2.2e-16 



Call:
   felm(formula = redact ~ treat * post + cash + leverage + mtb +      ln_asset + ebitda_adj + rd_ratio + missing_rd + marketsize +      entrycost + substitute + marketshare, data = base) 

Residuals:
     Min       1Q   Median       3Q      Max 
-0.79267 -0.08375 -0.05345 -0.02479  1.00851 

Coefficients:
              Estimate Std. Error t value Pr(>|t|)    
(Intercept) -0.0019767  0.0390279  -0.051 0.959608    
treat        0.0018110  0.0123437   0.147 0.883363    
post         0.0126752  0.0115284   1.099 0.271593    
cash         0.1709790  0.0230592   7.415 1.34e-13 ***
leverage     0.0063715  0.0123761   0.515 0.606690    
mtb          0.0017817  0.0008478   2.101 0.035633 *  
ln_asset     0.0020016  0.0018620   1.075 0.282422    
ebitda_adj   0.0020989  0.0005531   3.794 0.000149 ***
rd_ratio     0.4321984  0.0297500  14.528  < 2e-16 ***
missing_rd  -0.0134273  0.0062257  -2.157 0.031053 *  
marketsize  -0.0026107  0.0032879  -0.794 0.427193    
entrycost    0.0044813  0.0028053   1.597 0.110210    
substitute  -0.0012514  0.0273622  -0.046 0.963524    
marketshare -0.1155739  0.0370637  -3.118 0.001826 ** 
treat:post   0.0267358  0.0141972   1.883 0.059713 .  
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 0.2559 on 8158 degrees of freedom
Multiple R-squared(full model): 0.0851   Adjusted R-squared: 0.08353 
Multiple R-squared(proj model): 0.0851   Adjusted R-squared: 0.08353 
F-statistic(full model): 54.2 on 14 and 8158 DF, p-value: < 2.2e-16 
F-statistic(proj model):  54.2 on 14 and 8158 DF, p-value: < 2.2e-16 



Call:
   felm(formula = redact ~ treat * post + cash + leverage + mtb +      ln_asset + ebitda_adj + rd_ratio + missing_rd + marketsize +      entrycost + substitute + marketshare | gvkey + fyearsic |      0 | gvkey, data = base) 

Residuals:
     Min       1Q   Median       3Q      Max 
-0.83993 -0.01569  0.00000  0.01609  0.85436 

Coefficients:
             Estimate Cluster s.e. t value Pr(>|t|)    
treat             NaN     0.000000     NaN      NaN    
post              NaN     0.000000     NaN      NaN    
cash        -0.009276     0.040705  -0.228  0.81977    
leverage    -0.038083     0.026234  -1.452  0.14677    
mtb          0.001149     0.001070   1.075  0.28273    
ln_asset    -0.005037     0.009718  -0.518  0.60434    
ebitda_adj   0.010648     0.005882   1.810  0.07039 .  
rd_ratio     0.065172     0.064604   1.009  0.31321    
missing_rd  -0.012008     0.020304  -0.591  0.55431    
marketsize        NaN     0.000000     NaN      NaN    
entrycost         NaN     0.000000     NaN      NaN    
substitute        NaN     0.000000     NaN      NaN    
marketshare  0.005104     0.100264   0.051  0.95940    
treat:post   0.046031     0.012218   3.767  0.00017 ***
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 0.1703 on 4949 degrees of freedom
Multiple R-squared(full model): 0.7543   Adjusted R-squared: 0.5943 
Multiple R-squared(proj model): 0.004166   Adjusted R-squared: -0.6444 
F-statistic(full model, *iid*):4.715 on 3223 and 4949 DF, p-value: < 2.2e-16 
F-statistic(proj model): 1.342 on 14 and 1846 DF, p-value: 0.1749 



Call:
   felm(formula = redact ~ treat * post + cash + leverage + mtb +      ln_asset + ebitda_adj + rd_ratio + missing_rd + marketsize +      entrycost + substitute + marketshare | gvkey + fyearsic |      0 | sic, data = base) 

Residuals:
     Min       1Q   Median       3Q      Max 
-0.83993 -0.01569  0.00000  0.01609  0.85436 

Coefficients:
             Estimate Cluster s.e. t value Pr(>|t|)   
treat             NaN     0.000000     NaN      NaN   
post              NaN     0.000000     NaN      NaN   
cash        -0.009276     0.035440  -0.262   0.7938   
leverage    -0.038083     0.027919  -1.364   0.1738   
mtb          0.001149     0.001097   1.047   0.2960   
ln_asset    -0.005037     0.009067  -0.555   0.5791   
ebitda_adj   0.010648     0.004534   2.349   0.0196 * 
rd_ratio     0.065172     0.051611   1.263   0.2079   
missing_rd  -0.012008     0.023192  -0.518   0.6051   
marketsize        NaN     0.000000     NaN      NaN   
entrycost         NaN     0.000000     NaN      NaN   
substitute        NaN     0.000000     NaN      NaN   
marketshare  0.005104     0.115005   0.044   0.9646   
treat:post   0.046031     0.015968   2.883   0.0043 **
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 0.1703 on 4949 degrees of freedom
Multiple R-squared(full model): 0.7543   Adjusted R-squared: 0.5943 
Multiple R-squared(proj model): 0.004166   Adjusted R-squared: -0.6444 
F-statistic(full model, *iid*):4.715 on 3223 and 4949 DF, p-value: < 2.2e-16 
F-statistic(proj model): 1.416 on 14 and 243 DF, p-value: 0.1462 



1995 1993 1994 1997 1998 1999 2000 
 962  324  587 1677 1799 1511 1313 

Call:
   felm(formula = redact ~ treat * factor(FYear) + cash + leverage +      mtb + ln_asset + ebitda_adj + rd_ratio + missing_rd + marketsize +      entrycost + substitute + marketshare | gvkey + fyearsic |      0 | sic, data = base) 

Residuals:
     Min       1Q   Median       3Q      Max 
-0.83614 -0.01686  0.00000  0.01687  0.85490 

Coefficients:
                         Estimate Cluster s.e. t value Pr(>|t|)    
treat                         NaN     0.000000     NaN      NaN    
factor(FYear)1993             NaN     0.000000     NaN      NaN    
factor(FYear)1994             NaN     0.000000     NaN      NaN    
factor(FYear)1997             NaN     0.000000     NaN      NaN    
factor(FYear)1998             NaN     0.000000     NaN      NaN    
factor(FYear)1999             NaN     0.000000     NaN      NaN    
factor(FYear)2000             NaN     0.000000     NaN      NaN    
cash                    -0.007445     0.035554  -0.209  0.83430    
leverage                -0.039398     0.027691  -1.423  0.15608    
mtb                      0.001101     0.001088   1.012  0.31275    
ln_asset                -0.004882     0.009018  -0.541  0.58875    
ebitda_adj               0.010948     0.004549   2.407  0.01684 *  
rd_ratio                 0.066341     0.051597   1.286  0.19975    
missing_rd              -0.012478     0.023351  -0.534  0.59358    
marketsize                    NaN     0.000000     NaN      NaN    
entrycost                     NaN     0.000000     NaN      NaN    
substitute                    NaN     0.000000     NaN      NaN    
marketshare             -0.003781     0.113701  -0.033  0.97350    
treat:factor(FYear)1993  0.028749     0.025382   1.133  0.25848    
treat:factor(FYear)1994 -0.012201     0.017278  -0.706  0.48076    
treat:factor(FYear)1997  0.038441     0.014712   2.613  0.00954 ** 
treat:factor(FYear)1998  0.031779     0.015422   2.061  0.04040 *  
treat:factor(FYear)1999  0.052196     0.018756   2.783  0.00581 ** 
treat:factor(FYear)2000  0.073188     0.017269   4.238  3.2e-05 ***
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 0.1702 on 4944 degrees of freedom
Multiple R-squared(full model): 0.7548   Adjusted R-squared: 0.5946 
Multiple R-squared(proj model): 0.005954   Adjusted R-squared: -0.6431 
F-statistic(full model, *iid*):4.714 on 3228 and 4944 DF, p-value: < 2.2e-16 
F-statistic(proj model): 1.661 on 24 and 243 DF, p-value: 0.0305 



=================================================================================================================
                                                           Dependent variable:                                   
                        -----------------------------------------------------------------------------------------
                                                                 redact                                          
                               (1)               (2)               (3)               (4)               (5)       
-----------------------------------------------------------------------------------------------------------------
treat                         0.016             0.002                                                            
                             [1.282]           [0.147]                                                           
post                         0.026**            0.013                                                            
                             [2.153]           [1.099]                                                           
factor(FYear)1993                                                                                                
                                                                                                                 
factor(FYear)1994                                                                                                
                                                                                                                 
factor(FYear)1997                                                                                                
                                                                                                                 
factor(FYear)1998                                                                                                
                                                                                                                 
factor(FYear)1999                                                                                                
                                                                                                                 
factor(FYear)2000                                                                                                
                                                                                                                 
cash                                          0.171***           -0.009            -0.009            -0.007      
                                               [7.415]          [-0.228]          [-0.262]          [-0.209]     
leverage                                        0.006            -0.038            -0.038            -0.039      
                                               [0.515]          [-1.452]          [-1.364]          [-1.423]     
mtb                                            0.002**            0.001             0.001             0.001      
                                               [2.101]           [1.075]           [1.047]           [1.012]     
ln_asset                                        0.002            -0.005            -0.005            -0.005      
                                               [1.075]          [-0.518]          [-0.555]          [-0.541]     
ebitda_adj                                    0.002***           0.011*            0.011**           0.011**     
                                               [3.794]           [1.810]           [2.349]           [2.407]     
rd_ratio                                      0.432***            0.065             0.065             0.066      
                                              [14.528]           [1.009]           [1.263]           [1.286]     
missing_rd                                    -0.013**           -0.012            -0.012            -0.012      
                                              [-2.157]          [-0.591]          [-0.518]          [-0.534]     
marketsize                                     -0.003                                                            
                                              [-0.794]                                                           
entrycost                                       0.004                                                            
                                               [1.597]                                                           
substitute                                     -0.001                                                            
                                              [-0.046]                                                           
marketshare                                   -0.116***           0.005             0.005            -0.004      
                                              [-3.118]           [0.051]           [0.044]          [-0.033]     
treat:post                   0.037**           0.027*           0.046***          0.046***                       
                             [2.507]           [1.883]           [3.767]           [2.883]                       
treat:factor(FYear)1993                                                                               0.029      
                                                                                                     [1.133]     
treat:factor(FYear)1994                                                                              -0.012      
                                                                                                    [-0.706]     
treat:factor(FYear)1997                                                                             0.038***     
                                                                                                     [2.613]     
treat:factor(FYear)1998                                                                              0.032**     
                                                                                                     [2.061]     
treat:factor(FYear)1999                                                                             0.052***     
                                                                                                     [2.783]     
treat:factor(FYear)2000                                                                             0.073***     
                                                                                                     [4.238]     
Constant                    0.026***           -0.002                                                            
                             [2.597]          [-0.051]                                                           
-----------------------------------------------------------------------------------------------------------------
Observations                  8,173             8,173             8,173             8,173             8,173      
R2                            0.013             0.085             0.754             0.754             0.755      
Residual Std. Error     0.266 (df = 8169) 0.256 (df = 8158) 0.170 (df = 4949) 0.170 (df = 4949) 0.170 (df = 4944)
=================================================================================================================
Note:                                                                                 *p<0.1; **p<0.05; ***p<0.01
           used  (Mb) gc trigger  (Mb)  max used (Mb)
Ncells  3689152 197.1   11065837 591.0  11065837  591
Vcells 11898020  90.8   38457201 293.5 237498567 1812
 [1] "gvkey"                "fyear"                "cik"                  "datadate"             "treat"                "post"                 "redact"               "cname"                "rdate"                "cdate"                "doctype"             
[12] "#_material_contracts" "#_missing_contracts"  "#_existing_contracts" "availability"         "link"                 "Comments"            

Descriptive statistics
===================================================================
Statistic     N      Mean      St. Dev.     Min   Median     Max   
-------------------------------------------------------------------
gvkey       8,028 19,656.740  21,211.470   1,013  11,032   124,254 
cik         8,028 530,244.900 395,053.100  1,923  730,469 1,090,061
fyear       8,028  1,997.455     1.989     1,993   1,998    2,000  
sich        8,028  4,481.243   1,869.134    100    3,823    9,997  
treat       8,028    0.686       0.464       0       1        1    
redact      8,028    0.063       0.243       0       0        1    
ln_asset    8,028    5.735       1.909     1.269   5.667   10.752  
ebitda_adj  8,028    2.261       5.435    -0.656   0.182   53.364  
missing_rd  8,028    0.491       0.500       0       0        1    
rd_ratio    8,028    0.038       0.110     0.000   0.000    1.333  
mtb         8,028    2.473       3.412    -10.808  1.742   23.695  
cash        8,028    0.111       0.148     0.000   0.047    0.755  
leverage    8,028    0.558       0.253     0.075   0.560    1.851  
marketsize  8,028   10.642       1.579     6.424  10.598   13.850  
substitute  8,028    1.125       0.106     0.946   1.108    1.855  
marketshare 8,028    0.050       0.100    0.00001  0.009    0.691  
entrycost   8,028    7.769       1.687     3.579   7.712   11.199  
exchg       8,028   13.626       3.439       0      14       20    
prcc_f      8,028   20.720      25.504     0.010  14.875   616.875 
early       4,896    1.000       0.000       1       1        1    
post        8,028    0.769       0.421       0       1        1    
NTotalMC    8,028   19.161      15.841       0      16       166   
NRedactedMC 8,028    0.248       1.542       0       0       35    
RedactRatio 8,028    0.009       0.050     0.000   0.000    1.000  
-------------------------------------------------------------------
25% 75% 
  9  25 
25% 75% 
  0   0 
25% 75% 
  0   0 

=================================================================
                                       Dependent variable:       
                                ---------------------------------
                                NTotalMC  NRedactedMC RedactRatio
                                   (1)        (2)         (3)    
-----------------------------------------------------------------
treat                                                            
                                                                 
post                                                             
                                                                 
cash                            -4.981***   -0.335       0.001   
                                [-2.619]   [-0.627]     [0.118]  
leverage                         2.618*     -0.015      -0.002   
                                 [1.892]   [-0.231]    [-0.429]  
mtb                               0.036      0.006      0.0001   
                                 [1.140]    [1.357]     [0.981]  
ln_asset                         1.216**     0.002      -0.001   
                                 [2.468]    [0.044]    [-0.366]  
ebitda_adj                        0.137     -0.007      0.002*   
                                 [0.352]   [-0.146]     [1.854]  
rd_ratio                          0.267    0.784***    0.030***  
                                 [0.132]    [3.184]     [2.894]  
missing_rd                       -0.895     -0.053      -0.002   
                                [-0.845]   [-0.963]    [-1.407]  
marketshare                      -0.288     -0.082      -0.005   
                                [-0.060]   [-0.234]    [-0.280]  
treat:post                       -0.243     0.076*      0.006**  
                                [-0.292]    [1.908]     [2.563]  
-----------------------------------------------------------------
Observations                      8,028      8,028       8,028   
R2                                0.877      0.780       0.779   
Residual Std. Error (df = 4812)   7.181      0.934       0.030   
=================================================================
Note:                                 *p<0.1; **p<0.05; ***p<0.01
           used  (Mb) gc trigger  (Mb)  max used (Mb)
Ncells  3689383 197.1   11065837 591.0  11065837  591
Vcells 11898459  90.8   38457201 293.5 237498567 1812

===============================================
                        Dependent variable:    
                    ---------------------------
                              redact           
-----------------------------------------------
treat                                          
                                               
post                                           
                                               
cash                           0.036           
                              [0.734]          
leverage                       0.008           
                              [0.268]          
mtb                           0.004**          
                              [2.141]          
ln_asset                      -0.015           
                             [-1.493]          
ebitda_adj                    0.008*           
                              [1.749]          
rd_ratio                      -0.013           
                             [-0.228]          
missing_rd                    -0.011           
                             [-0.399]          
marketshare                   -0.023           
                             [-0.156]          
H                                              
                                               
treat:post                    0.032*           
                              [1.885]          
treat:H                                        
                                               
post:H                        -0.069*          
                             [-1.877]          
cash:H                        -0.067           
                             [-0.663]          
leverage:H                    -0.080           
                             [-1.443]          
mtb:H                        -0.005**          
                             [-2.246]          
ln_asset:H                     0.012           
                              [0.762]          
ebitda_adj:H                  -0.0002          
                             [-0.193]          
rd_ratio:H                     0.056           
                              [0.737]          
missing_rd:H                  -0.002           
                             [-0.030]          
marketshare:H                  0.258           
                              [0.805]          
treat:post:H                  0.086**          
                              [2.049]          
-----------------------------------------------
Observations                   7,773           
R2                             0.759           
Residual Std. Error      0.167 (df = 4647)     
===============================================
Note:               *p<0.1; **p<0.05; ***p<0.01
[1] 0.1183306
[1] 2.887481
           used  (Mb) gc trigger  (Mb)  max used (Mb)
Ncells  3689197 197.1   11065837 591.0  11065837  591
Vcells 11898149  90.8   38457201 293.5 237498567 1812

===============================================
                        Dependent variable:    
                    ---------------------------
                              redact           
-----------------------------------------------
treat                                          
                                               
post                                           
                                               
cash                           0.035           
                              [0.629]          
leverage                      -0.038           
                             [-1.310]          
mtb                            0.001           
                              [0.617]          
ln_asset                      -0.018*          
                             [-1.911]          
ebitda_adj                     0.006           
                              [1.268]          
rd_ratio                       0.020           
                              [0.393]          
missing_rd                    -0.026           
                             [-0.731]          
marketshare                    0.106           
                              [0.799]          
H                                              
                                               
treat:post                     0.027           
                              [1.565]          
treat:H                                        
                                               
post:H                        -0.027           
                             [-1.249]          
cash:H                        -0.065           
                             [-0.851]          
leverage:H                     0.010           
                              [0.184]          
mtb:H                         -0.0003          
                             [-0.131]          
ln_asset:H                     0.021           
                              [1.219]          
ebitda_adj:H                   0.003           
                              [1.623]          
rd_ratio:H                     0.020           
                              [0.259]          
missing_rd:H                   0.043           
                              [0.948]          
marketshare:H                 -0.290           
                             [-1.232]          
treat:post:H                  0.062*           
                              [1.740]          
-----------------------------------------------
Observations                   7,773           
R2                             0.759           
Residual Std. Error      0.167 (df = 4647)     
===============================================
Note:               *p<0.1; **p<0.05; ***p<0.01
[1] 0.08837138
[1] 2.847564
           used  (Mb) gc trigger  (Mb)  max used (Mb)
Ncells  3689197 197.1   11065837 591.0  11065837  591
Vcells 11898149  90.8   38457201 293.5 237498567 1812

===============================================
                        Dependent variable:    
                    ---------------------------
                              redact           
-----------------------------------------------
treat                                          
                                               
post                                           
                                               
cash                          -0.048           
                             [-0.626]          
leverage                      -0.015           
                             [-0.388]          
mtb                            0.001           
                              [0.672]          
ln_asset                       0.014           
                              [0.901]          
ebitda_adj                     0.001           
                              [0.156]          
rd_ratio                       0.039           
                              [0.573]          
missing_rd                    -0.027           
                             [-0.855]          
marketshare                    0.037           
                              [0.259]          
L                                              
                                               
treat:post                     0.027           
                              [1.410]          
treat:L                                        
                                               
post:L                        -0.003           
                             [-0.153]          
cash:L                         0.130           
                              [1.041]          
leverage:L                    -0.017           
                             [-0.339]          
mtb:L                         -0.002           
                             [-0.728]          
ln_asset:L                    -0.011           
                             [-0.473]          
ebitda_adj:L                  -0.002           
                             [-1.488]          
rd_ratio:L                    -0.042           
                             [-0.581]          
missing_rd:L                   0.048           
                              [1.002]          
marketshare:L                 -0.053           
                             [-0.329]          
treat:post:L                  0.052**          
                              [2.105]          
-----------------------------------------------
Observations                   6,609           
R2                             0.746           
Residual Std. Error      0.159 (df = 3918)     
===============================================
Note:               *p<0.1; **p<0.05; ***p<0.01
[1] 0.07954116
[1] 4.179218
           used  (Mb) gc trigger  (Mb)  max used (Mb)
Ncells  3689197 197.1   11065837 591.0  11065837  591
Vcells 11898149  90.8   38457201 293.5 237498567 1812
     gvkey            treat           datadate               cik              fyear           sich          redact          ln_asset        ebitda_adj        missing_rd    rd_ratio             mtb               cash            leverage         marketsize       substitute    
 Min.   :  1013   Min.   :0.0000   Min.   :1993-10-31   Min.   :   2070   Min.   :1993   Min.   : 100   Min.   :0.0000   Min.   : 1.269   Min.   :-0.6556   Min.   :0    Min.   :0.000000   Min.   :-10.808   Min.   :0.00000   Min.   :0.07534   Min.   : 6.424   Min.   :0.9465  
 1st Qu.:  5860   1st Qu.:0.0000   1st Qu.:1997-09-30   1st Qu.:  74818   1st Qu.:1997   1st Qu.:3490   1st Qu.:0.0000   1st Qu.: 4.195   1st Qu.: 0.0644   1st Qu.:0    1st Qu.:0.007935   1st Qu.:  1.142   1st Qu.:0.02026   1st Qu.:0.33308   1st Qu.: 9.858   1st Qu.:1.0712  
 Median : 10906   Median :1.0000   Median :1998-11-30   Median : 725282   Median :1998   Median :3674   Median :0.0000   Median : 5.442   Median : 0.4505   Median :0    Median :0.027868   Median :  2.025   Median :0.06716   Median :0.50225   Median :10.793   Median :1.1073  
 Mean   : 18979   Mean   :0.7403   Mean   :1998-05-28   Mean   : 522228   Mean   :1997   Mean   :4356   Mean   :0.1085   Mean   : 5.551   Mean   : 3.1021   Mean   :0    Mean   :0.077408   Mean   :  2.888   Mean   :0.13884   Mean   :0.51939   Mean   :10.834   Mean   :1.1122  
 3rd Qu.: 25631   3rd Qu.:1.0000   3rd Qu.:1999-12-31   3rd Qu.: 874716   3rd Qu.:1999   3rd Qu.:5090   3rd Qu.:0.0000   3rd Qu.: 6.844   3rd Qu.: 3.8732   3rd Qu.:0    3rd Qu.:0.087692   3rd Qu.:  3.459   3rd Qu.:0.19917   3rd Qu.:0.66202   3rd Qu.:12.148   3rd Qu.:1.1420  
 Max.   :111488   Max.   :1.0000   Max.   :2001-05-31   Max.   :1056874   Max.   :2000   Max.   :9997   Max.   :1.0000   Max.   :10.752   Max.   :53.3636   Max.   :0    Max.   :1.332574   Max.   : 23.695   Max.   :0.75534   Max.   :1.85053   Max.   :13.850   Max.   :1.8291  
                                                                                                                                                                                                                                                                                   
  marketshare          entrycost          fic                exchg           prcc_f           early           post            sic              fyearsic               H         
 Min.   :0.0000085   Min.   : 3.934   Length:3927        Min.   : 0.00   Min.   :  0.01   Min.   :1      Min.   :0.0000   Length:3927        Length:3927        Min.   :0.0000  
 1st Qu.:0.0007739   1st Qu.: 6.796   Class :character   1st Qu.:11.00   1st Qu.:  6.00   1st Qu.:1      1st Qu.:1.0000   Class :character   Class :character   1st Qu.:0.0000  
 Median :0.0062214   Median : 7.914   Mode  :character   Median :14.00   Median : 14.50   Median :1      Median :1.0000   Mode  :character   Mode  :character   Median :0.0000  
 Mean   :0.0501341   Mean   : 7.935                      Mean   :13.78   Mean   : 20.39   Mean   :1      Mean   :0.7751                                         Mean   :0.3165  
 3rd Qu.:0.0395143   3rd Qu.: 9.146                      3rd Qu.:14.00   3rd Qu.: 28.25   3rd Qu.:1      3rd Qu.:1.0000                                         3rd Qu.:1.0000  
 Max.   :0.6906814   Max.   :11.199                      Max.   :20.00   Max.   :218.00   Max.   :1      Max.   :1.0000                                         Max.   :1.0000  
                                                                                          NA's   :1538                                                                          

Call:
   felm(formula = redact ~ (treat * post + cash + leverage + mtb +      ln_asset + ebitda_adj + rd_ratio + missing_rd + marketshare) *      H | fyearsic + gvkey | 0 | sic, data = m2) 

Residuals:
     Min       1Q   Median       3Q      Max 
-0.85434 -0.01649  0.00000  0.01435  0.80579 

Coefficients:
                Estimate Cluster s.e. t value Pr(>|t|)  
treat                NaN    0.0000000     NaN      NaN  
post                 NaN    0.0000000     NaN      NaN  
cash           0.0118278    0.0776496   0.152   0.8791  
leverage      -0.0445670    0.0404235  -1.103   0.2718  
mtb            0.0006415    0.0018999   0.338   0.7360  
ln_asset      -0.0189310    0.0179104  -1.057   0.2920  
ebitda_adj     0.0072987    0.0117283   0.622   0.5346  
rd_ratio       0.2655278    0.1997799   1.329   0.1856  
missing_rd           NaN    0.0000000     NaN      NaN  
marketshare   -0.0717315    0.1206595  -0.594   0.5530  
H                    NaN    0.0000000     NaN      NaN  
treat:post     0.0178451    0.0200803   0.889   0.3755  
treat:H              NaN    0.0000000     NaN      NaN  
post:H        -0.0518549    0.0398944  -1.300   0.1955  
cash:H        -0.0235627    0.0923467  -0.255   0.7989  
leverage:H    -0.0408433    0.0780113  -0.524   0.6013  
mtb:H          0.0032450    0.0024914   1.302   0.1945  
ln_asset:H     0.0574586    0.0242898   2.366   0.0192 *
ebitda_adj:H   0.0008834    0.0011942   0.740   0.4605  
rd_ratio:H    -0.2062350    0.1752392  -1.177   0.2409  
missing_rd:H         NaN    0.0000000     NaN      NaN  
marketshare:H -0.7887182    0.4314821  -1.828   0.0693 .
treat:post:H   0.1190941    0.0462160   2.577   0.0108 *
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 0.1872 on 2223 degrees of freedom
Multiple R-squared(full model): 0.795   Adjusted R-squared: 0.6379 
Multiple R-squared(proj model): 0.01847   Adjusted R-squared: -0.7335 
F-statistic(full model, *iid*):5.062 on 1703 and 2223 DF, p-value: < 2.2e-16 
F-statistic(proj model): 5.281 on 23 and 167 DF, p-value: 5.219e-11 



===============================================
                        Dependent variable:    
                    ---------------------------
                              redact           
-----------------------------------------------
treat                                          
                                               
post                                           
                                               
cash                           0.012           
                              [0.152]          
leverage                      -0.045           
                             [-1.103]          
mtb                            0.001           
                              [0.338]          
ln_asset                      -0.019           
                             [-1.057]          
ebitda_adj                     0.007           
                              [0.622]          
rd_ratio                       0.266           
                              [1.329]          
missing_rd                                     
                                               
marketshare                   -0.072           
                             [-0.594]          
H                                              
                                               
treat:post                     0.018           
                              [0.889]          
treat:H                                        
                                               
post:H                        -0.052           
                             [-1.300]          
cash:H                        -0.024           
                             [-0.255]          
leverage:H                    -0.041           
                             [-0.524]          
mtb:H                          0.003           
                              [1.302]          
ln_asset:H                    0.057**          
                              [2.366]          
ebitda_adj:H                   0.001           
                              [0.740]          
rd_ratio:H                    -0.206           
                             [-1.177]          
missing_rd:H                                   
                                               
marketshare:H                 -0.789*          
                             [-1.828]          
treat:post:H                  0.119**          
                              [2.577]          
-----------------------------------------------
Observations                   3,927           
R2                             0.795           
Residual Std. Error      0.187 (df = 2223)     
===============================================
Note:               *p<0.1; **p<0.05; ***p<0.01
[1] 0.1369392
[1] 2.810049
           used  (Mb) gc trigger  (Mb)  max used (Mb)
Ncells  3689194 197.1   11065837 591.0  11065837  591
Vcells 11898144  90.8   38457201 293.5 237498567 1812

Call:
   felm(formula = redact ~ (treat * post + cash + leverage + mtb +      ln_asset + ebitda_adj + rd_ratio + missing_rd + marketshare) *      H | fyearsic + gvkey | 0 | sic, data = m2) 

Residuals:
     Min       1Q   Median       3Q      Max 
-0.80722 -0.01599  0.00000  0.01575  0.91611 

Coefficients:
               Estimate Cluster s.e. t value Pr(>|t|)    
treat               NaN     0.000000     NaN      NaN    
post                NaN     0.000000     NaN      NaN    
cash          -0.049298     0.120786  -0.408 0.683771    
leverage      -0.091954     0.088522  -1.039 0.300642    
mtb            0.006392     0.003369   1.898 0.059748 .  
ln_asset      -0.031464     0.028186  -1.116 0.266130    
ebitda_adj     0.014642     0.011477   1.276 0.204048    
rd_ratio       0.165511     0.095511   1.733 0.085240 .  
missing_rd     0.086488     0.047894   1.806 0.073021 .  
marketshare    0.108523     0.262607   0.413 0.680031    
H                   NaN     0.000000     NaN      NaN    
treat:post     0.014519     0.027492   0.528 0.598224    
treat:H             NaN     0.000000     NaN      NaN    
post:H        -0.046046     0.037467  -1.229 0.221076    
cash:H         0.088271     0.134068   0.658 0.511321    
leverage:H    -0.057394     0.184320  -0.311 0.755957    
mtb:H         -0.004231     0.004496  -0.941 0.348233    
ln_asset:H     0.076998     0.033409   2.305 0.022601 *  
ebitda_adj:H   0.001079     0.004101   0.263 0.792908    
rd_ratio:H    -0.003613     0.236673  -0.015 0.987842    
missing_rd:H  -0.140267     0.049545  -2.831 0.005298 ** 
marketshare:H -0.378661     0.256819  -1.474 0.142535    
treat:post:H   0.079693     0.023687   3.364 0.000982 ***
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 0.1869 on 1317 degrees of freedom
Multiple R-squared(full model): 0.8142   Adjusted R-squared: 0.6318 
Multiple R-squared(proj model): 0.02475   Adjusted R-squared: -0.9327 
F-statistic(full model, *iid*):4.463 on 1293 and 1317 DF, p-value: < 2.2e-16 
F-statistic(proj model): 8.741 on 23 and 145 DF, p-value: < 2.2e-16 



===============================================
                        Dependent variable:    
                    ---------------------------
                              redact           
-----------------------------------------------
treat                                          
                                               
post                                           
                                               
cash                          -0.049           
                             [-0.408]          
leverage                      -0.092           
                             [-1.039]          
mtb                           0.006*           
                              [1.898]          
ln_asset                      -0.031           
                             [-1.116]          
ebitda_adj                     0.015           
                              [1.276]          
rd_ratio                      0.166*           
                              [1.733]          
missing_rd                    0.086*           
                              [1.806]          
marketshare                    0.109           
                              [0.413]          
H                                              
                                               
treat:post                     0.015           
                              [0.528]          
treat:H                                        
                                               
post:H                        -0.046           
                             [-1.229]          
cash:H                         0.088           
                              [0.658]          
leverage:H                    -0.057           
                             [-0.311]          
mtb:H                         -0.004           
                             [-0.941]          
ln_asset:H                    0.077**          
                              [2.305]          
ebitda_adj:H                   0.001           
                              [0.263]          
rd_ratio:H                    -0.004           
                             [-0.015]          
missing_rd:H                 -0.140***         
                             [-2.831]          
marketshare:H                 -0.379           
                             [-1.474]          
treat:post:H                 0.080***          
                              [3.364]          
-----------------------------------------------
Observations                   2,611           
R2                             0.814           
Residual Std. Error      0.187 (df = 1317)     
===============================================
Note:               *p<0.1; **p<0.05; ***p<0.01
[1] 0.09421188
[1] 2.408732
           used  (Mb) gc trigger  (Mb)  max used (Mb)
Ncells  3689239 197.1   11065837 591.0  11065837  591
Vcells 11898213  90.8   38457201 293.5 237498567 1812

Call:
   felm(formula = redact ~ (treat * post + cash + leverage + mtb +      ln_asset + ebitda_adj + rd_ratio + missing_rd + marketshare) *      H | fyearsic + gvkey | 0 | sic, data = m2) 

Residuals:
     Min       1Q   Median       3Q      Max 
-0.80886 -0.01412  0.00000  0.01398  0.83978 

Coefficients:
                Estimate Cluster s.e. t value Pr(>|t|)  
treat                NaN    0.0000000     NaN      NaN  
post                 NaN    0.0000000     NaN      NaN  
cash           0.1069395    0.0830521   1.288   0.1992  
leverage       0.0274020    0.0403999   0.678   0.4983  
mtb            0.0009917    0.0024226   0.409   0.6827  
ln_asset      -0.0353176    0.0176430  -2.002   0.0465 *
ebitda_adj     0.0086018    0.0042435   2.027   0.0438 *
rd_ratio       0.0813094    0.0582221   1.397   0.1639  
missing_rd    -0.0505974    0.0335968  -1.506   0.1334  
marketshare    0.2838195    0.1650609   1.719   0.0869 .
H                    NaN    0.0000000     NaN      NaN  
treat:post    -0.0061559    0.0214454  -0.287   0.7743  
treat:H              NaN    0.0000000     NaN      NaN  
post:H        -0.0008564    0.0218999  -0.039   0.9688  
cash:H        -0.1464096    0.1362022  -1.075   0.2835  
leverage:H    -0.1122013    0.0827334  -1.356   0.1764  
mtb:H         -0.0004141    0.0030841  -0.134   0.8933  
ln_asset:H     0.0227307    0.0249918   0.910   0.3640  
ebitda_adj:H  -0.0015775    0.0023986  -0.658   0.5114  
rd_ratio:H    -0.0337201    0.0665187  -0.507   0.6127  
missing_rd:H   0.0617290    0.0500884   1.232   0.2190  
marketshare:H -0.0363182    0.1917447  -0.189   0.8499  
treat:post:H   0.0802356    0.0426172   1.883   0.0610 .
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 0.1556 on 2903 degrees of freedom
Multiple R-squared(full model): 0.7454   Adjusted R-squared: 0.5343 
Multiple R-squared(proj model): 0.01478   Adjusted R-squared: -0.8018 
F-statistic(full model, *iid*):3.532 on 2406 and 2903 DF, p-value: < 2.2e-16 
F-statistic(proj model): 1.679 on 23 and 233 DF, p-value: 0.03012 



===============================================
                        Dependent variable:    
                    ---------------------------
                              redact           
-----------------------------------------------
treat                                          
                                               
post                                           
                                               
cash                           0.107           
                              [1.288]          
leverage                       0.027           
                              [0.678]          
mtb                            0.001           
                              [0.409]          
ln_asset                     -0.035**          
                             [-2.002]          
ebitda_adj                    0.009**          
                              [2.027]          
rd_ratio                       0.081           
                              [1.397]          
missing_rd                    -0.051           
                             [-1.506]          
marketshare                   0.284*           
                              [1.719]          
H                                              
                                               
treat:post                    -0.006           
                             [-0.287]          
treat:H                                        
                                               
post:H                        -0.001           
                             [-0.039]          
cash:H                        -0.146           
                             [-1.075]          
leverage:H                    -0.112           
                             [-1.356]          
mtb:H                         -0.0004          
                             [-0.134]          
ln_asset:H                     0.023           
                              [0.910]          
ebitda_adj:H                  -0.002           
                             [-0.658]          
rd_ratio:H                    -0.034           
                             [-0.507]          
missing_rd:H                   0.062           
                              [1.232]          
marketshare:H                 -0.036           
                             [-0.189]          
treat:post:H                  0.080*           
                              [1.883]          
-----------------------------------------------
Observations                   5,310           
R2                             0.745           
Residual Std. Error      0.156 (df = 2903)     
===============================================
Note:               *p<0.1; **p<0.05; ***p<0.01
[1] 0.07407969
[1] 2.265834
           used  (Mb) gc trigger  (Mb)  max used (Mb)
Ncells  3689245 197.1   11065837 591.0  11065837  591
Vcells 11898217  90.8   38457201 293.5 237498567 1812

Call:
   felm(formula = max_ros ~ group1, data = sample1) 

Residuals:
   Min     1Q Median     3Q    Max 
-3.986 -2.912 -1.849  1.856 25.831 

Coefficients:
            Estimate Std. Error t value Pr(>|t|)    
(Intercept)  3.08230    0.23592   13.06   <2e-16 ***
group1       0.03429    0.28512    0.12    0.904    
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 4.937 on 1387 degrees of freedom
Multiple R-squared(full model): 1.043e-05   Adjusted R-squared: -0.0007105 
Multiple R-squared(proj model): 1.043e-05   Adjusted R-squared: -0.0007105 
F-statistic(full model):0.01447 on 1 and 1387 DF, p-value: 0.9043 
F-statistic(proj model): 0.01447 on 1 and 1387 DF, p-value: 0.9043 



Call:
   felm(formula = max_ros ~ group2, data = sample2) 

Residuals:
   Min     1Q Median     3Q    Max 
-5.510 -2.885 -1.650  1.609 25.831 

Coefficients:
            Estimate Std. Error t value Pr(>|t|)    
(Intercept)   3.0823     0.2504  12.308   <2e-16 ***
group2        1.5578     0.7323   2.127   0.0339 *  
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 5.241 on 494 degrees of freedom
Multiple R-squared(full model): 0.009076   Adjusted R-squared: 0.00707 
Multiple R-squared(proj model): 0.009076   Adjusted R-squared: 0.00707 
F-statistic(full model):4.525 on 1 and 494 DF, p-value: 0.0339 
F-statistic(proj model): 4.525 on 1 and 494 DF, p-value: 0.0339 



Call:
   felm(formula = max_ros ~ group3, data = sample3) 

Residuals:
   Min     1Q Median     3Q    Max 
-3.954 -2.871 -1.861  1.615 25.831 

Coefficients:
            Estimate Std. Error t value Pr(>|t|)    
(Intercept) 3.082304   0.244714  12.596   <2e-16 ***
group3      0.002283   0.771481   0.003    0.998    
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 5.121 on 485 degrees of freedom
Multiple R-squared(full model): 1.806e-08   Adjusted R-squared: -0.002062 
Multiple R-squared(proj model): 1.806e-08   Adjusted R-squared: -0.002062 
F-statistic(full model):8.76e-06 on 1 and 485 DF, p-value: 0.9976 
F-statistic(proj model): 8.76e-06 on 1 and 485 DF, p-value: 0.9976 



Call:
   felm(formula = max_ros ~ group4, data = sample4) 

Residuals:
   Min     1Q Median     3Q    Max 
-5.349 -2.847 -1.468  1.505 25.831 

Coefficients:
            Estimate Std. Error t value Pr(>|t|)    
(Intercept)   3.0823     0.2437  12.646   <2e-16 ***
group4        1.3970     0.5904   2.366   0.0183 *  
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 5.101 on 526 degrees of freedom
Multiple R-squared(full model): 0.01053   Adjusted R-squared: 0.008652 
Multiple R-squared(proj model): 0.01053   Adjusted R-squared: 0.008652 
F-statistic(full model):  5.6 on 1 and 526 DF, p-value: 0.01833 
F-statistic(proj model):   5.6 on 1 and 526 DF, p-value: 0.01833 



========================================================================================
                                            Dependent variable:                         
                    --------------------------------------------------------------------
                                                  max_ros                               
                           (1)              (2)              (3)              (4)       
----------------------------------------------------------------------------------------
group1                    0.034                                                         
                         [0.120]                                                        
group2                                    1.558**                                       
                                          [2.127]                                       
group3                                                      0.002                       
                                                           [0.003]                      
group4                                                                      1.397**     
                                                                            [2.366]     
Constant                3.082***          3.082***         3.082***         3.082***    
                        [13.065]          [12.308]         [12.596]         [12.646]    
----------------------------------------------------------------------------------------
Observations              1,389             496              487              528       
R2                       0.00001           0.009           0.00000           0.011      
Residual Std. Error 4.937 (df = 1387) 5.241 (df = 494) 5.121 (df = 485) 5.101 (df = 526)
========================================================================================
Note:                                                        *p<0.1; **p<0.05; ***p<0.01

Call:
   felm(formula = min_ros ~ group1, data = sample1) 

Residuals:
    Min      1Q  Median      3Q     Max 
-32.738  -0.925  -0.460   0.079  24.711 

Coefficients:
            Estimate Std. Error t value Pr(>|t|)  
(Intercept)   0.3252     0.2088   1.557   0.1196  
group1        0.6026     0.2523   2.388   0.0171 *
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 4.37 on 1387 degrees of freedom
Multiple R-squared(full model): 0.004095   Adjusted R-squared: 0.003377 
Multiple R-squared(proj model): 0.004095   Adjusted R-squared: 0.003377 
F-statistic(full model):5.703 on 1 and 1387 DF, p-value: 0.01707 
F-statistic(proj model): 5.703 on 1 and 1387 DF, p-value: 0.01707 



Call:
   felm(formula = min_ros ~ group2, data = sample2) 

Residuals:
    Min      1Q  Median      3Q     Max 
-32.136  -0.371  -0.272   0.006  24.861 

Coefficients:
            Estimate Std. Error t value Pr(>|t|)
(Intercept)   0.3252     0.2106   1.544    0.123
group2       -0.1504     0.6158  -0.244    0.807

Residual standard error: 4.407 on 494 degrees of freedom
Multiple R-squared(full model): 0.0001208   Adjusted R-squared: -0.001903 
Multiple R-squared(proj model): 0.0001208   Adjusted R-squared: -0.001903 
F-statistic(full model):0.05967 on 1 and 494 DF, p-value: 0.8071 
F-statistic(proj model): 0.05967 on 1 and 494 DF, p-value: 0.8071 



Call:
   felm(formula = min_ros ~ group3, data = sample3) 

Residuals:
    Min      1Q  Median      3Q     Max 
-32.479  -0.413  -0.287  -0.062  24.711 

Coefficients:
            Estimate Std. Error t value Pr(>|t|)  
(Intercept)   0.3252     0.1942   1.675   0.0947 .
group3        0.3433     0.6122   0.561   0.5752  
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 4.064 on 485 degrees of freedom
Multiple R-squared(full model): 0.000648   Adjusted R-squared: -0.001413 
Multiple R-squared(proj model): 0.000648   Adjusted R-squared: -0.001413 
F-statistic(full model):0.3145 on 1 and 485 DF, p-value: 0.5752 
F-statistic(proj model): 0.3145 on 1 and 485 DF, p-value: 0.5752 



Call:
   felm(formula = min_ros ~ group4, data = sample4) 

Residuals:
    Min      1Q  Median      3Q     Max 
-33.549  -0.413  -0.281   0.112  24.711 

Coefficients:
            Estimate Std. Error t value Pr(>|t|)   
(Intercept)   0.3252     0.1963   1.657  0.09817 . 
group4        1.4138     0.4754   2.974  0.00307 **
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 4.108 on 526 degrees of freedom
Multiple R-squared(full model): 0.01654   Adjusted R-squared: 0.01467 
Multiple R-squared(proj model): 0.01654   Adjusted R-squared: 0.01467 
F-statistic(full model):8.844 on 1 and 526 DF, p-value: 0.003075 
F-statistic(proj model): 8.844 on 1 and 526 DF, p-value: 0.003075 



========================================================================================
                                            Dependent variable:                         
                    --------------------------------------------------------------------
                                                  min_ros                               
                           (1)              (2)              (3)              (4)       
----------------------------------------------------------------------------------------
group1                   0.603**                                                        
                         [2.388]                                                        
group2                                     -0.150                                       
                                          [-0.244]                                      
group3                                                      0.343                       
                                                           [0.561]                      
group4                                                                      1.414***    
                                                                            [2.974]     
Constant                  0.325            0.325            0.325*           0.325*     
                         [1.557]          [1.544]          [1.675]          [1.657]     
----------------------------------------------------------------------------------------
Observations              1,389             496              487              528       
R2                        0.004            0.0001           0.001            0.017      
Residual Std. Error 4.370 (df = 1387) 4.407 (df = 494) 4.064 (df = 485) 4.108 (df = 526)
========================================================================================
Note:                                                        *p<0.1; **p<0.05; ***p<0.01
           used  (Mb) gc trigger  (Mb)  max used (Mb)
Ncells  3689212 197.1   11065837 591.0  11065837  591
Vcells 11898162  90.8   38457201 293.5 237498567 1812

Call:
   felm(formula = SUR ~ group1 | sic | 0 | sic, data = sample1) 

Residuals:
     Min       1Q   Median       3Q      Max 
-0.35781 -0.00614  0.00000  0.00609  2.70851 

Coefficients:
       Estimate Cluster s.e. t value Pr(>|t|)
group1 -0.01844      0.01726  -1.069    0.287

Residual standard error: 0.1278 on 512 degrees of freedom
Multiple R-squared(full model): 0.1144   Adjusted R-squared: -0.2178 
Multiple R-squared(proj model): 0.003941   Adjusted R-squared: -0.3696 
F-statistic(full model, *iid*):0.3443 on 192 and 512 DF, p-value: 1 
F-statistic(proj model): 1.142 on 1 and 191 DF, p-value: 0.2865 



Call:
   felm(formula = SUR ~ group2 | sic | 0 | sic, data = sample1) 

Residuals:
     Min       1Q   Median       3Q      Max 
-0.62627 -0.00303  0.00000  0.00050  2.44006 

Coefficients:
       Estimate Cluster s.e. t value Pr(>|t|)
group2 -0.03731      0.03981  -0.937     0.35

Residual standard error: 0.2475 on 122 degrees of freedom
Multiple R-squared(full model): 0.199   Adjusted R-squared: -0.6151 
Multiple R-squared(proj model): 0.002824   Adjusted R-squared: -1.011 
F-statistic(full model, *iid*):0.2445 on 124 and 122 DF, p-value: 1 
F-statistic(proj model): 0.8785 on 1 and 122 DF, p-value: 0.3505 



Call:
   felm(formula = SUR ~ group3 | sic | 0 | sic, data = sample1) 

Residuals:
     Min       1Q   Median       3Q      Max 
-0.77126 -0.00079  0.00000  0.00068  2.29507 

Coefficients:
       Estimate Cluster s.e. t value Pr(>|t|)
group3 0.003422     0.003104   1.102    0.273

Residual standard error: 0.2505 on 112 degrees of freedom
Multiple R-squared(full model): 0.2463   Adjusted R-squared: -0.568 
Multiple R-squared(proj model): 1.361e-05   Adjusted R-squared: -1.08 
F-statistic(full model, *iid*):0.3025 on 121 and 112 DF, p-value: 1 
F-statistic(proj model): 1.215 on 1 and 112 DF, p-value: 0.2727 



Call:
   felm(formula = SUR ~ group4 | sic | 0 | sic, data = sample1) 

Residuals:
     Min       1Q   Median       3Q      Max 
-0.62826 -0.00133  0.00000  0.00115  2.43807 

Coefficients:
       Estimate Cluster s.e. t value Pr(>|t|)
group4 -0.04726      0.04549  -1.039    0.301

Residual standard error: 0.2369 on 133 degrees of freedom
Multiple R-squared(full model): 0.2001   Adjusted R-squared: -0.5457 
Multiple R-squared(proj model): 0.003985   Adjusted R-squared: -0.9246 
F-statistic(full model, *iid*):0.2683 on 124 and 133 DF, p-value: 1 
F-statistic(proj model): 1.079 on 1 and 123 DF, p-value: 0.3009 



=======================================================================================
                                            Dependent variable:                        
                    -------------------------------------------------------------------
                                                    SUR                                
                          (1)              (2)              (3)              (4)       
---------------------------------------------------------------------------------------
group1                   -0.018                                                        
                        [-1.069]                                                       
group2                                    -0.037                                       
                                         [-0.937]                                      
group3                                                     0.003                       
                                                          [1.102]                      
group4                                                                      -0.047     
                                                                           [-1.039]    
---------------------------------------------------------------------------------------
Observations              705              247              234              258       
R2                       0.114            0.199            0.246            0.200      
Residual Std. Error 0.128 (df = 512) 0.248 (df = 122) 0.251 (df = 112) 0.237 (df = 133)
=======================================================================================
Note:                                                       *p<0.1; **p<0.05; ***p<0.01

Call:
   felm(formula = SUR ~ group1 | sic | 0 | sic, data = sample1) 

Residuals:
     Min       1Q   Median       3Q      Max 
-0.49255 -0.00187  0.00036  0.00421  0.49255 

Coefficients:
        Estimate Cluster s.e. t value Pr(>|t|)
group1 -0.007118     0.005991  -1.188    0.236

Residual standard error: 0.03692 on 463 degrees of freedom
Multiple R-squared(full model): 0.4552   Adjusted R-squared: 0.2328 
Multiple R-squared(proj model): 0.007075   Adjusted R-squared: -0.3982 
F-statistic(full model, *iid*):2.047 on 189 and 463 DF, p-value: 4.44e-10 
F-statistic(proj model): 1.411 on 1 and 188 DF, p-value: 0.2363 



Call:
   felm(formula = SUR ~ group2 | sic | 0 | sic, data = sample1) 

Residuals:
      Min        1Q    Median        3Q       Max 
-0.157285 -0.000471  0.000000  0.001088  0.028638 

Coefficients:
       Estimate Cluster s.e. t value Pr(>|t|)
group2 0.002933     0.002329   1.259    0.211

Residual standard error: 0.01951 on 112 degrees of freedom
Multiple R-squared(full model): 0.8156   Adjusted R-squared: 0.6196 
Multiple R-squared(proj model): 0.00291   Adjusted R-squared: -1.056 
F-statistic(full model, *iid*):4.162 on 119 and 112 DF, p-value: 1.408e-13 
F-statistic(proj model): 1.586 on 1 and 112 DF, p-value: 0.2105 



Call:
   felm(formula = SUR ~ group3 | sic | 0 | sic, data = sample1) 

Residuals:
      Min        1Q    Median        3Q       Max 
-0.157285 -0.000468  0.000000  0.000974  0.028638 

Coefficients:
        Estimate Cluster s.e. t value Pr(>|t|)
group3 -0.001916     0.002419  -0.792     0.43

Residual standard error: 0.02013 on 101 degrees of freedom
Multiple R-squared(full model): 0.2353   Adjusted R-squared: -0.6354 
Multiple R-squared(proj model): 0.0006169   Adjusted R-squared: -1.137 
F-statistic(full model, *iid*):0.2703 on 115 and 101 DF, p-value: 1 
F-statistic(proj model): 0.6275 on 1 and 101 DF, p-value: 0.4301 



Call:
   felm(formula = SUR ~ group4 | sic | 0 | sic, data = sample1) 

Residuals:
      Min        1Q    Median        3Q       Max 
-0.157285 -0.000477  0.000000  0.000853  0.028638 

Coefficients:
       Estimate Cluster s.e. t value Pr(>|t|)
group4 0.002594     0.002054   1.263    0.209

Residual standard error: 0.01845 on 122 degrees of freedom
Multiple R-squared(full model): 0.2214   Adjusted R-squared: -0.5445 
Multiple R-squared(proj model): 0.001865   Adjusted R-squared: -0.9799 
F-statistic(full model, *iid*):0.289 on 120 and 122 DF, p-value: 1 
F-statistic(proj model): 1.595 on 1 and 119 DF, p-value: 0.2091 



=======================================================================================
                                            Dependent variable:                        
                    -------------------------------------------------------------------
                                                    SUR                                
                          (1)              (2)              (3)              (4)       
---------------------------------------------------------------------------------------
group1                   -0.007                                                        
                        [-1.188]                                                       
group2                                    0.003                                        
                                         [1.259]                                       
group3                                                     -0.002                      
                                                          [-0.792]                     
group4                                                                      0.003      
                                                                           [1.263]     
---------------------------------------------------------------------------------------
Observations              653              232              217              243       
R2                       0.455            0.816            0.235            0.221      
Residual Std. Error 0.037 (df = 463) 0.020 (df = 112) 0.020 (df = 101) 0.018 (df = 122)
=======================================================================================
Note:                                                       *p<0.1; **p<0.05; ***p<0.01

Call:
   felm(formula = SUR ~ group1 | sic | 0 | sic, data = sample1) 

Residuals:
      Min        1Q    Median        3Q       Max 
-0.137910 -0.001032  0.000219  0.002918  0.078775 

Coefficients:
        Estimate Cluster s.e. t value Pr(>|t|)
group1 -0.002066     0.001851  -1.116    0.266

Residual standard error: 0.01632 on 390 degrees of freedom
Multiple R-squared(full model): 0.3539   Adjusted R-squared: 0.05073 
Multiple R-squared(proj model): 0.003036   Adjusted R-squared: -0.4648 
F-statistic(full model, *iid*):1.167 on 183 and 390 DF, p-value: 0.1064 
F-statistic(proj model): 1.246 on 1 and 182 DF, p-value: 0.2658 



Call:
   felm(formula = SUR ~ group2 | sic | 0 | sic, data = sample1) 

Residuals:
      Min        1Q    Median        3Q       Max 
-0.077375 -0.000554  0.000000  0.000836  0.038012 

Coefficients:
        Estimate Cluster s.e. t value Pr(>|t|)
group2 -0.001458     0.005643  -0.258    0.797

Residual standard error: 0.01386 on 92 degrees of freedom
Multiple R-squared(full model): 0.5984   Adjusted R-squared: 0.1182 
Multiple R-squared(proj model): 0.001403   Adjusted R-squared: -1.193 
F-statistic(full model, *iid*):1.246 on 110 and 92 DF, p-value: 0.1382 
F-statistic(proj model): 0.06678 on 1 and 92 DF, p-value: 0.7967 



Call:
   felm(formula = SUR ~ group3 | sic | 0 | sic, data = sample1) 

Residuals:
      Min        1Q    Median        3Q       Max 
-0.067487 -0.000265  0.000000  0.000754  0.035513 

Coefficients:
       Estimate Cluster s.e. t value Pr(>|t|)
group3 0.003948     0.003279   1.204    0.232

Residual standard error: 0.01185 on 83 degrees of freedom
Multiple R-squared(full model): 0.5835   Adjusted R-squared: 0.05167 
Multiple R-squared(proj model): 0.00813   Adjusted R-squared: -1.259 
F-statistic(full model, *iid*):1.097 on 106 and 83 DF, p-value: 0.3311 
F-statistic(proj model):  1.45 on 1 and 83 DF, p-value: 0.232 



Call:
   felm(formula = SUR ~ group4 | sic | 0 | sic, data = sample1) 

Residuals:
      Min        1Q    Median        3Q       Max 
-0.076827 -0.000408  0.000000  0.001459  0.028019 

Coefficients:
       Estimate Cluster s.e. t value Pr(>|t|)
group4 0.004453     0.003051   1.459    0.148

Residual standard error: 0.01128 on 102 degrees of freedom
Multiple R-squared(full model): 0.552   Adjusted R-squared: 0.06438 
Multiple R-squared(proj model): 0.01636   Adjusted R-squared: -1.054 
F-statistic(full model, *iid*):1.132 on 111 and 102 DF, p-value: 0.2629 
F-statistic(proj model):  2.13 on 1 and 102 DF, p-value: 0.1475 



=====================================================================================
                                           Dependent variable:                       
                    -----------------------------------------------------------------
                                                   SUR                               
                          (1)              (2)             (3)             (4)       
-------------------------------------------------------------------------------------
group1                   -0.002                                                      
                        [-1.116]                                                     
group2                                   -0.001                                      
                                        [-0.258]                                     
group3                                                    0.004                      
                                                         [1.204]                     
group4                                                                    0.004      
                                                                         [1.459]     
-------------------------------------------------------------------------------------
Observations              574              203             190             214       
R2                       0.354            0.598           0.584           0.552      
Residual Std. Error 0.016 (df = 390) 0.014 (df = 92) 0.012 (df = 83) 0.011 (df = 102)
=====================================================================================
Note:                                                     *p<0.1; **p<0.05; ***p<0.01

Call:
   felm(formula = SUR ~ group1 | sic | 0 | sic, data = sample1) 

Residuals:
    Min      1Q  Median      3Q     Max 
-34.470  -0.077   0.000   0.054   5.272 

Coefficients:
       Estimate Cluster s.e. t value Pr(>|t|)
group1   0.4633       0.4672   0.992    0.323

Residual standard error: 2.135 on 301 degrees of freedom
Multiple R-squared(full model): 0.1311   Adjusted R-squared: -0.3626 
Multiple R-squared(proj model): 0.008093   Adjusted R-squared: -0.5554 
F-statistic(full model, *iid*):0.2655 on 171 and 301 DF, p-value: 1 
F-statistic(proj model): 0.9834 on 1 and 170 DF, p-value: 0.3228 



Call:
   felm(formula = SUR ~ group2 | sic | 0 | sic, data = sample1) 

Residuals:
     Min       1Q   Median       3Q      Max 
-26.4929  -0.0007   0.0000   0.0018  13.2492 

Coefficients:
       Estimate Cluster s.e. t value Pr(>|t|)
group2 -0.00617      0.02778  -0.222    0.825

Residual standard error: 3.878 on 70 degrees of freedom
Multiple R-squared(full model): 0.3294   Adjusted R-squared: -0.5616 
Multiple R-squared(proj model): 3.452e-07   Adjusted R-squared: -1.329 
F-statistic(full model, *iid*):0.3696 on 93 and 70 DF, p-value: 1 
F-statistic(proj model): 0.04933 on 1 and 70 DF, p-value: 0.8249 



Call:
   felm(formula = SUR ~ group3 | sic | 0 | sic, data = sample1) 

Residuals:
     Min       1Q   Median       3Q      Max 
-26.4929  -0.0002   0.0000   0.0016  13.2492 

Coefficients:
        Estimate Cluster s.e. t value Pr(>|t|)
group3 -0.005959     0.007454  -0.799    0.427

Residual standard error: 4.121 on 62 degrees of freedom
Multiple R-squared(full model): 0.3291   Adjusted R-squared: -0.6124 
Multiple R-squared(proj model): 1.608e-07   Adjusted R-squared: -1.403 
F-statistic(full model, *iid*):0.3496 on 87 and 62 DF, p-value: 1 
F-statistic(proj model): 0.639 on 1 and 62 DF, p-value: 0.4271 



Call:
   felm(formula = SUR ~ group4 | sic | 0 | sic, data = sample1) 

Residuals:
     Min       1Q   Median       3Q      Max 
-26.4929  -0.0002   0.0000   0.0013  13.2492 

Coefficients:
        Estimate Cluster s.e. t value Pr(>|t|)
group4 0.0014074    0.0009103   1.546    0.127

Residual standard error: 3.879 on 70 degrees of freedom
Multiple R-squared(full model): 0.3295   Adjusted R-squared: -0.5327 
Multiple R-squared(proj model): 1.259e-08   Adjusted R-squared: -1.286 
F-statistic(full model, *iid*):0.3821 on 90 and 70 DF, p-value: 1 
F-statistic(proj model):  2.39 on 1 and 70 DF, p-value: 0.1266 



====================================================================================
                                          Dependent variable:                       
                    ----------------------------------------------------------------
                                                  SUR                               
                          (1)              (2)             (3)             (4)      
------------------------------------------------------------------------------------
group1                   0.463                                                      
                        [0.992]                                                     
group2                                   -0.006                                     
                                        [-0.222]                                    
group3                                                   -0.006                     
                                                        [-0.799]                    
group4                                                                    0.001     
                                                                         [1.546]    
------------------------------------------------------------------------------------
Observations              473              164             150             161      
R2                       0.131            0.329           0.329           0.329     
Residual Std. Error 2.135 (df = 301) 3.878 (df = 70) 4.121 (df = 62) 3.879 (df = 70)
====================================================================================
Note:                                                    *p<0.1; **p<0.05; ***p<0.01
           used  (Mb) gc trigger  (Mb)  max used (Mb)
Ncells  3689227 197.1   11065837 591.0  11065837  591
Vcells 11898187  90.8   38457201 293.5 237498567 1812

Call:
   felm(formula = ch_sale ~ deviate * post131 + cash + leverage +      mtb + ln_asset + marketshare | fyearsic + gvkey | 0 | sic,      data = base) 

Residuals:
    Min      1Q  Median      3Q     Max 
-2.1042 -0.1033  0.0000  0.1138  1.5575 

Coefficients:
                 Estimate Cluster s.e. t value Pr(>|t|)    
deviate               NaN     0.000000     NaN      NaN    
post131          0.067207     0.031242   2.151 0.032502 *  
cash            -0.719825     0.097844  -7.357 3.30e-12 ***
leverage         0.119190     0.059005   2.020 0.044544 *  
mtb             -0.002583     0.003106  -0.831 0.406625    
ln_asset        -0.133525     0.024381  -5.477 1.13e-07 ***
marketshare      1.322844     0.379304   3.488 0.000584 ***
deviate:post131 -0.092440     0.036360  -2.542 0.011668 *  
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 0.3521 on 3667 degrees of freedom
Multiple R-squared(full model): 0.3927   Adjusted R-squared: -0.01405 
Multiple R-squared(proj model): 0.05905   Adjusted R-squared: -0.5712 
F-statistic(full model, *iid*):0.9655 on 2456 and 3667 DF, p-value: 0.8288 
F-statistic(proj model): 16.99 on 8 and 230 DF, p-value: < 2.2e-16 



Call:
   felm(formula = om ~ deviate * post131 + cash + leverage + mtb +      ln_asset + marketshare | fyearsic + gvkey | 0 | sic, data = base) 

Residuals:
    Min      1Q  Median      3Q     Max 
-3.3231 -0.0302  0.0000  0.0281  1.4877 

Coefficients:
                 Estimate Cluster s.e. t value Pr(>|t|)    
deviate               NaN     0.000000     NaN      NaN    
post131         -0.007791     0.013893  -0.561 0.575517    
cash            -0.271841     0.080163  -3.391 0.000819 ***
leverage        -0.160356     0.067898  -2.362 0.019025 *  
mtb              0.003435     0.002120   1.620 0.106543    
ln_asset         0.070701     0.016581   4.264 2.93e-05 ***
marketshare     -0.228505     0.160579  -1.423 0.156090    
deviate:post131 -0.075740     0.041082  -1.844 0.066526 .  
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 0.2371 on 3667 degrees of freedom
Multiple R-squared(full model): 0.7822   Adjusted R-squared: 0.6363 
Multiple R-squared(proj model): 0.03196   Adjusted R-squared: -0.6164 
F-statistic(full model, *iid*):5.362 on 2456 and 3667 DF, p-value: < 2.2e-16 
F-statistic(proj model): 4.812 on 8 and 230 DF, p-value: 1.717e-05 



Call:
   felm(formula = ch_sale ~ deviate * factor(period) + cash + leverage +      mtb + ln_asset + marketshare | fyearsic + gvkey | 0 | sic,      data = base) 

Residuals:
    Min      1Q  Median      3Q     Max 
-2.1078 -0.1040  0.0000  0.1133  1.5556 

Coefficients:
                                 Estimate Cluster s.e. t value Pr(>|t|)    
deviate                               NaN     0.000000     NaN      NaN    
factor(period)t1observe          0.068173     0.033105   2.059 0.040591 *  
factor(period)t2post             0.079085     0.055520   1.424 0.155673    
cash                            -0.719271     0.098010  -7.339 3.68e-12 ***
leverage                         0.120099     0.058600   2.049 0.041548 *  
mtb                             -0.002583     0.003149  -0.820 0.412955    
ln_asset                        -0.133437     0.024417  -5.465 1.20e-07 ***
marketshare                      1.319952     0.381043   3.464 0.000635 ***
deviate:factor(period)t1observe -0.079536     0.062583  -1.271 0.205051    
deviate:factor(period)t2post    -0.104664     0.031450  -3.328 0.001019 ** 
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 0.3522 on 3665 degrees of freedom
Multiple R-squared(full model): 0.3927   Adjusted R-squared: -0.01452 
Multiple R-squared(proj model): 0.05912   Adjusted R-squared: -0.5719 
F-statistic(full model, *iid*):0.9643 on 2458 and 3665 DF, p-value: 0.8367 
F-statistic(proj model): 15.11 on 10 and 230 DF, p-value: < 2.2e-16 



Call:
   felm(formula = om ~ deviate * factor(period) + cash + leverage +      mtb + ln_asset + marketshare | fyearsic + gvkey | 0 | sic,      data = base) 

Residuals:
    Min      1Q  Median      3Q     Max 
-3.3277 -0.0305  0.0000  0.0278  1.4891 

Coefficients:
                                 Estimate Cluster s.e. t value Pr(>|t|)    
deviate                               NaN     0.000000     NaN      NaN    
factor(period)t1observe         -0.014688     0.013754  -1.068 0.286658    
factor(period)t2post            -0.011133     0.026260  -0.424 0.672005    
cash                            -0.269582     0.079138  -3.406 0.000777 ***
leverage                        -0.156036     0.067846  -2.300 0.022353 *  
mtb                              0.003551     0.002066   1.719 0.087044 .  
ln_asset                         0.070946     0.016427   4.319 2.33e-05 ***
marketshare                     -0.236162     0.163420  -1.445 0.149785    
deviate:factor(period)t1observe -0.018273     0.019465  -0.939 0.348829    
deviate:factor(period)t2post    -0.128846     0.065594  -1.964 0.050700 .  
---
Signif. codes:  0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Residual standard error: 0.2369 on 3665 degrees of freedom
Multiple R-squared(full model): 0.7827   Adjusted R-squared: 0.637 
Multiple R-squared(proj model): 0.0343   Adjusted R-squared: -0.6134 
F-statistic(full model, *iid*):5.371 on 2458 and 3665 DF, p-value: < 2.2e-16 
F-statistic(proj model): 4.225 on 10 and 230 DF, p-value: 2.12e-05 



=======================================================================================================
                                                          Dependent variable:                          
                                -----------------------------------------------------------------------
                                              ch_sale                               om                 
                                       (1)               (2)               (3)               (4)       
-------------------------------------------------------------------------------------------------------
deviate                                                                                                
                                                                                                       
post131                              0.067**                             -0.008                        
                                     [2.151]                            [-0.561]                       
factor(period)t1observe                                0.068**                             -0.015      
                                                       [2.059]                            [-1.068]     
factor(period)t2post                                    0.079                              -0.011      
                                                       [1.424]                            [-0.424]     
cash                                -0.720***         -0.719***         -0.272***         -0.270***    
                                    [-7.357]          [-7.339]          [-3.391]          [-3.406]     
leverage                             0.119**           0.120**          -0.160**          -0.156**     
                                     [2.020]           [2.049]          [-2.362]          [-2.300]     
mtb                                  -0.003            -0.003             0.003            0.004*      
                                    [-0.831]          [-0.820]           [1.620]           [1.719]     
ln_asset                            -0.134***         -0.133***         0.071***          0.071***     
                                    [-5.477]          [-5.465]           [4.264]           [4.319]     
marketshare                         1.323***          1.320***           -0.229            -0.236      
                                     [3.488]           [3.464]          [-1.423]          [-1.445]     
deviate:post131                     -0.092**                             -0.076*                       
                                    [-2.542]                            [-1.844]                       
deviate:factor(period)t1observe                        -0.080                              -0.018      
                                                      [-1.271]                            [-0.939]     
deviate:factor(period)t2post                          -0.105***                            -0.129*     
                                                      [-3.328]                            [-1.964]     
-------------------------------------------------------------------------------------------------------
Observations                          6,124             6,124             6,124             6,124      
R2                                    0.393             0.393             0.782             0.783      
Residual Std. Error             0.352 (df = 3667) 0.352 (df = 3665) 0.237 (df = 3667) 0.237 (df = 3665)
=======================================================================================================
Note:                                                                       *p<0.1; **p<0.05; ***p<0.01
           used  (Mb) gc trigger  (Mb)  max used (Mb)
Ncells  3689206 197.1   11065837 591.0  11065837  591
Vcells 11898152  90.8   38457201 293.5 237498567 1812
           used  (Mb) gc trigger  (Mb)  max used (Mb)
Ncells  3685237 196.9   11065837 591.0  11065837  591
Vcells 12098426  92.4   38457201 293.5 237498567 1812

1995 1993 1994 1997 1998 1999 2000 
 962  324  587 1677 1799 1511 1313 
