
  ___  ____  ____  ____  ____ ®
 /__    /   ____/   /   ____/      17.0
___/   /   /___/   /   /___/       MP—Parallel Edition

 Statistics and Data Science       Copyright 1985-2021 StataCorp LLC
                                   StataCorp
                                   4905 Lakeway Drive
                                   College Station, Texas 77845 USA
                                   800-STATA-PC        https://www.stata.com
                                   979-696-4600        stata@stata.com

Stata license: Single-user 4-core  perpetual
Serial number: .
  Licensed to: .
               .

Notes:
      1. Unicode is supported; see help unicode_advice.
      2. More than 2 billion observations are allowed; see help obs_advice.
      3. Maximum number of variables is set to 5,000 but can be increased;
          see help set_maxvar.

. do "...\AppData\Local\Temp\STDa324_000000.tmp"

. global datapath "...\Data and code for publication_2025JAR"

. 
. cd "$datapath"
...\Data and code for publication_2025JAR

. 
. use "$datapath\complaints.dta", clear

. 
. gen month = month(_date)

. gen year = year(_date)

. 
. gen yearmonth=100*year+month

. 
. sort _date yearmonth zipcode

. 
. drop if state == "AA"
(10 observations deleted)

. drop if state == "AE"
(93 observations deleted)

. drop if state == "AS"
(5 observations deleted)

. drop if state == "AP"
(59 observations deleted)

. drop if state == "FM"
(0 observations deleted)

. drop if state == "GU"
(18 observations deleted)

. drop if state == "MH"
(0 observations deleted)

. drop if state == "MP"
(0 observations deleted)

. drop if state == "UNITED STATES MINOR OUTLYING ISLANDS"
(43 observations deleted)

. drop if state == "None"
(12,167 observations deleted)

. drop if state == "PR"
(680 observations deleted)

. drop if state == "PW"
(0 observations deleted)

. drop if state == "VI"
(56 observations deleted)

. drop if state == ""
(0 observations deleted)

. 
. drop if zipcode == "None"
(41,209 observations deleted)

. 
. gen _zip3 = real(substr(zipcode, 1,3)) if substr(zipcode,-1,.) == "X"
(192,795 missing values generated)

. gen _zip3b = real(substr(zipcode, 1,3)) if substr(zipcode,-1,.) == "-"
(375,746 missing values generated)

. gen _zip3c = int(real(zipcode)/100)
(182,951 missing values generated)

. su  _zip3 _zip3b  _zip3c

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
       _zip3 |    182,951    495.9281    290.2375         10        999
      _zip3b |          0
      _zip3c |    192,795    497.9181     297.319         10        999

. 
. replace _zip3 = 0 if _zip3 ==.
(192,795 real changes made)

. replace _zip3b = 0 if _zip3b ==.
(375,746 real changes made)

. replace _zip3c = 0 if _zip3c ==.
(182,951 real changes made)

. 
. gen zip3 = _zip3+_zip3b+ _zip3c

. 
. drop _zip3 _zip3b  _zip3c

. 
. sort zip3 yearmonth 

. 
. egen nb_totalcomplaints_mon = count(complaintid), by (zip3 yearmonth)

. 
. egen nb_bankaccount_mon = count(complaintid) if product == ///
> "Checking or savings account", ///
> by (zip3 yearmonth)
(352,743 missing values generated)

. sort zip3 yearmonth nb_bankaccount_mon

. bysort zip3 yearmonth: replace nb_bankaccount_mon = nb_bankaccount_mon[1]    
(314969 real changes made)

. replace nb_bankaccount_mon = 0 if nb_bankaccount_mon == .
(37,774 real changes made)

. 
. egen nb_creditcard_mon = count(complaintid) if product == ///
> "Credit card or prepaid card", ///
> by (zip3 yearmonth)
(345,587 missing values generated)

. sort zip3 yearmonth nb_creditcard_mon

. bysort zip3 yearmonth: replace nb_creditcard_mon = nb_creditcard_mon[1] 
(319520 real changes made)

. replace nb_creditcard_mon = 0 if nb_creditcard_mon == .
(26,067 real changes made)

. 
. keep  zip3 yearmonth nb_totalcomplaints_mon ///
>         nb_bankaccount_mon nb_creditcard_mon

.                 
. duplicates drop yearmonth zip3, force

Duplicates in terms of yearmonth zip3

(365,171 observations deleted)

. 
. *balance the sample
. set more off

. fillin zip3 yearmonth 

.         
. replace nb_totalcomplaints_mon = 0 if nb_totalcomplaints_mon == .
(1,983 real changes made)

. replace nb_bankaccount_mon = 0 if nb_bankaccount_mon == .
(1,983 real changes made)

. replace nb_creditcard_mon = 0 if nb_creditcard_mon == .
(1,983 real changes made)

. 
. // use standard zip3-state file
. merge n:1 zip3 using zip3_to_state.dta

    Result                      Number of obs
    -----------------------------------------
    Not matched                            38
        from master                         0  (_merge==1)
        from using                         38  (_merge==2)

    Matched                            12,558  (_merge==3)
    -----------------------------------------

. drop if _merge == 2
(38 observations deleted)

. gen state = State

. drop _fillin State Distribution_Center Cities_Towns_Served source _merge

. gen zip3_num = zip3

. 
. 
. merge n:1 zip3_num using census_zip3_covid.dta, force
(note: variable zip3 was str3 in the using data, but will be float now)

    Result                      Number of obs
    -----------------------------------------
    Not matched                           307
        from master                       294  (_merge==1)
        from using                         13  (_merge==2)

    Matched                            12,264  (_merge==3)
    -----------------------------------------

. keep if _merge == 3
(307 observations deleted)

. sort zip3 yearmonth

. drop _merge

. 
. gen complaints_percapita = nb_totalcomplaints_mon/population_zip3*100000

. gen nb_bankaccount_percapita = nb_bankaccount_mon/population_zip3*100000

. gen nb_creditcard_percapita = nb_creditcard_mon/population_zip3*100000

. replace percapitaincome_zip3 = percapitaincome_zip3/1000000
(12,264 real changes made)

. 
. label var elderly_pct_zip3 "Elderly"                                                    

. label var female_pct_zip3 "Female"

. label var percapitaincome_zip3 "Per capita income"

. label var bachlordegree_pct_zip3 "Bachelor"             

. label var nonwhite_pct_zip3 "Nonwhite"

. label var population_zip3 "Population"

. label var median_age_zip3 "Median age"

. label var complaints_percapita "Number of complaints per 100000 ppl"

. label var nb_bankaccount_percapita "Number of bank account complaints per 100000 ppl"

. label var nb_creditcard_percapita "Number of credit card complaints per 100000 ppl"  

. 
. /*match covid data*/
. merge 1:1 zip3 yearmonth using covid_jhu_zip3_month_casenumber.dta

    Result                      Number of obs
    -----------------------------------------
    Not matched                         7,404
        from master                     4,380  (_merge==1)
        from using                      3,024  (_merge==2)

    Matched                             7,884  (_merge==3)
    -----------------------------------------

. drop if _merge == 2
(3,024 observations deleted)

. drop _merge

. replace zip3_covid_mon = 0 if zip3_covid_mon == . & yearmonth <202001
(4,380 real changes made)

. replace zip3_covid_mon_lag1 = 0 if zip3_covid_mon_lag1 == . & yearmonth < 202001
(4,380 real changes made)

. gen positive_rate_zip3 =  zip3_covid_mon/population_zip3

. gen positive_rate_zip3_lag1 =  zip3_covid_mon_lag1/population_zip3

. 
. merge 1:1  zip3 yearmonth using unemployment_zip3.dta

    Result                      Number of obs
    -----------------------------------------
    Not matched                         9,552
        from master                         0  (_merge==1)
        from using                      9,552  (_merge==2)

    Matched                            12,264  (_merge==3)
    -----------------------------------------

. drop if _merge == 2
(9,552 observations deleted)

. drop _merge

. 
. merge n:1 zip3_num using deposit_zip3.dta

    Result                      Number of obs
    -----------------------------------------
    Not matched                            15
        from master                         0  (_merge==1)
        from using                         15  (_merge==2)

    Matched                            12,264  (_merge==3)
    -----------------------------------------

. drop if _merge == 2
(15 observations deleted)

. drop _merge

. 
. gen deposit2019_percapita_zip3 = deposit_2019_zip3/(population*1000)

. gen deposit2020_percapita_zip3 = deposit_2020_zip3/(population*1000)

. 
. gen deposit_percapita_zip3 = deposit2019_percapita_zip3 if yearmonth <= 202006
(2,628 missing values generated)

. replace deposit_percapita_zip3 = deposit2020_percapita_zip3 if yearmonth>= 202007
(2,628 real changes made)

. 
. drop if deposit_percapita_zip3 == .
(0 observations deleted)

. 
. winsor2 complaints_percapita ///
>         nb_bankaccount_percapita nb_creditcard_percapita ///
>         nonwhite_pct_zip3 africanamerican_pct1_zip3 /// 
>         elderly_pct_zip3 percapitaincome_zip3 bachlordegree_pct_zip3 population_zip3 ///
>         unemploymentrate2019h1_zip3 ///
>         deposit_percapita_zip3 positive_rate_zip3_lag1, suffix(_w) cuts(1 99)

.         
. **#T1
. su complaints_percapita_w ///
>         nonwhite_pct_zip3_w africanamerican_pct1_zip3_w /// 
>         elderly_pct_zip3_w percapitaincome_zip3_w bachlordegree_pct_zip3_w population_zip3_w ///
>         unemploymentrate2019h1_zip3_w ///
>         deposit_percapita_zip3_w positive_rate_zip3_lag1_w

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
complaints~w |     12,264    5.190923    5.976313          0   33.19686
nonwhite_p~w |     12,264    .2134491    .1600691   .0278091   .7317434
africaname~w |     12,264    .1000602    .1217975   .0029958   .5575691
elderly_pc~w |     12,264    .1649572    .0337917   .0936647   .2843978
percapitai~w |     12,264    .0303987    .0080522   .0175401   .0642731
-------------+---------------------------------------------------------
bachlordeg~w |     12,264    .2797884     .107881   .1185015   .6761081
population~w |     12,264    363518.9    374685.1      21814    1997441
unemployme~w |     12,264    .0400319    .0110156   .0228997   .0791553
deposit_pe~w |     12,264    .0297348    .0331289   .0083821   .2594325
positive_r~w |     12,264    .0029292    .0062247          0   .0308532

.         
. 
. egen state_month = group (state yearmonth)      

. gen constant = 0

. 
. gen d_post_ne = 1 if yearmonth >202002
(6,132 missing values generated)

. replace d_post_ne = 0 if d_post_ne ==.
(6,132 real changes made)

. 
. gen d_post_ne_nonwhite = d_post_ne*c.nonwhite_pct_zip3_w                                                        

. label var d_post_ne_nonwhite "COVID period * Nonwhite"  

. 
. gen d_post_ne_africanamerican_pct1 = d_post_ne*africanamerican_pct1_zip3_w

. label var d_post_ne_africanamerican_pct1 "COVID period * African American"

.                                                 
. gen d_post_ne_elderly = d_post_ne*elderly_pct_zip3_w                                                    

. label var d_post_ne_elderly "COVID period * Elderly"                                                            

.                                         
. gen d_post_ne_percapitaincome = d_post_ne*percapitaincome_zip3_w                                                        

. label var d_post_ne_percapitaincome "COVID period * Per capita income"                                                  

.                                                                                         
. gen d_post_ne_bachlor = d_post_ne*bachlordegree_pct_zip3_w                                                      

. label var d_post_ne_bachlor "COVID period * Bachelor"                                                   

. 
. gen d_post_ne_priunemployment2019h1 = d_post_ne*c.unemploymentrate2019h1_zip3_w         

. label var d_post_ne_priunemployment2019h1 "COVID period * Pre-COVID unemployment rate (2019H1)"

. 
. gen d_post_ne_deposit_percapita = d_post_ne*deposit_percapita_zip3_w

. label var d_post_ne_deposit_percapita "COVID period * Per capita deposit"

. 
. global baseline_vars d_post_ne_nonwhite d_post_ne_percapitaincome d_post_ne_bachlor d_post_ne_elderly /// unemployment_rate_zip3
> _w  d_post_ne_unemployment d_post_ne_deposit_percapita  deposit_percapita_zip3_w
> d_post_ne_priunemployment2019h1 positive_rate_zip3_lag1_w

. 
. global baseline_vars_aa d_post_ne_africanamerican_pct1 d_post_ne_percapitaincome d_post_ne_bachlor d_post_ne_elderly /// unemplo
> yment_rate_zip3_w  d_post_ne_unemployment d_post_ne_deposit_percapita  deposit_percapita_zip3_w
> d_post_ne_priunemployment2019h1 positive_rate_zip3_lag1_w

. 
. 
. **#T2, Panel A, Col 1, Col 2, zip3 main results*/
. reghdfe complaints_percapita_w $baseline_vars, absorb(zip3 state_month) cluster(state)
(dropped 14 singleton observations)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     12,250
Absorbing 2 HDFE groups                           F(   6,     49) =      12.75
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7919
                                                  Adj R-squared   =     0.7611
                                                  Within R-sq.    =     0.0436
Number of clusters (state)   =         50         Root MSE        =     2.9161

                                                    (Std. err. adjusted for 50 clusters in state)
-------------------------------------------------------------------------------------------------
                                |               Robust
         complaints_percapita_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------------+----------------------------------------------------------------
             d_post_ne_nonwhite |   7.932596   1.534976     5.17   0.000     4.847947    11.01725
      d_post_ne_percapitaincome |   53.27248   52.50119     1.01   0.315    -52.23261    158.7776
              d_post_ne_bachlor |  -2.158434    2.88551    -0.75   0.458    -7.957084    3.640216
              d_post_ne_elderly |  -9.746782   6.034213    -1.62   0.113    -21.87299    2.379422
d_post_ne_priunemployment2019h1 |   33.23727   21.68242     1.53   0.132    -10.33518    76.80972
      positive_rate_zip3_lag1_w |   31.15406   25.59445     1.22   0.229    -20.27991    82.58803
                          _cons |   3.873375   .7519543     5.15   0.000     2.362266    5.384484
-------------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        zip3 |       875         875           0    *|
 state_month |       700         700           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. reghdfe complaints_percapita_w $baseline_vars_aa, absorb(zip3 state_month) cluster(state)
(dropped 14 singleton observations)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     12,250
Absorbing 2 HDFE groups                           F(   6,     49) =      17.05
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7943
                                                  Adj R-squared   =     0.7639
                                                  Within R-sq.    =     0.0547
Number of clusters (state)   =         50         Root MSE        =     2.8991

                                                    (Std. err. adjusted for 50 clusters in state)
-------------------------------------------------------------------------------------------------
                                |               Robust
         complaints_percapita_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------------+----------------------------------------------------------------
 d_post_ne_africanamerican_pct1 |   12.87241   1.852189     6.95   0.000     9.150299    16.59452
      d_post_ne_percapitaincome |   72.99167   48.95932     1.49   0.142    -25.39578    171.3791
              d_post_ne_bachlor |  -2.706033   2.583141    -1.05   0.300    -7.897049    2.484982
              d_post_ne_elderly |  -11.56521   5.486216    -2.11   0.040    -22.59017   -.5402459
d_post_ne_priunemployment2019h1 |   31.04379   18.37665     1.69   0.098    -5.885473    67.97306
      positive_rate_zip3_lag1_w |   38.83352   22.33573     1.74   0.088    -6.051819    83.71886
                          _cons |    4.02547   .6274398     6.42   0.000     2.764583    5.286358
-------------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        zip3 |       875         875           0    *|
 state_month |       700         700           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. 
. *Gallup sample
. use "$datapath\complaints_gallup.dta", clear

. gen month = month(_date)

. gen year = year(_date)

. 
. gen yearmonth=100*year+month

. 
. sort _date yearmonth zipcode

. 
. tab yearmonth

  yearmonth |      Freq.     Percent        Cum.
------------+-----------------------------------
     201903 |     23,411        5.48        5.48
     201904 |     22,914        5.36       10.84
     201905 |     23,850        5.58       16.43
     201906 |     23,350        5.47       21.89
     201907 |     25,083        5.87       27.76
     201908 |     26,057        6.10       33.86
     201909 |     23,573        5.52       39.38
     202003 |     29,492        6.90       46.28
     202004 |     34,811        8.15       54.43
     202005 |     36,995        8.66       63.09
     202006 |     37,906        8.87       71.97
     202007 |     40,662        9.52       81.48
     202008 |     39,207        9.18       90.66
     202009 |     39,894        9.34      100.00
------------+-----------------------------------
      Total |    427,205      100.00

. 
. drop if state == "AA"
(9 observations deleted)

. drop if state == "AE"
(107 observations deleted)

. drop if state == "AS"
(0 observations deleted)

. drop if state == "AP"
(64 observations deleted)

. drop if state == "FM"
(0 observations deleted)

. drop if state == "GU"
(23 observations deleted)

. drop if state == "MH"
(1 observation deleted)

. drop if state == "MP"
(2 observations deleted)

. drop if state == "UNITED STATES MINOR OUTLYING ISLANDS"
(37 observations deleted)

. drop if state == "None"
(12,995 observations deleted)

. drop if state == "PR"
(755 observations deleted)

. drop if state == "PW"
(0 observations deleted)

. drop if state == "VI"
(60 observations deleted)

. drop if state == ""
(0 observations deleted)

. 
. drop if zipcode == "None"
(41,401 observations deleted)

. 
. gen _zip3 = real(substr(zipcode, 1,3)) if substr(zipcode,-1,.) == "X"
(189,657 missing values generated)

. gen _zip3b = real(substr(zipcode, 1,3)) if substr(zipcode,-1,.) == "-"
(371,750 missing values generated)

. gen _zip3c = int(real(zipcode)/100)
(182,095 missing values generated)

. su  _zip3 _zip3b  _zip3c

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
       _zip3 |    182,094    495.3715    289.0152         10        999
      _zip3b |          1         120           .        120        120
      _zip3c |    189,656    500.7314     297.636         10        999

. 
. replace _zip3 = 0 if _zip3 ==.
(189,657 real changes made)

. replace _zip3b = 0 if _zip3b ==.
(371,750 real changes made)

. replace _zip3c = 0 if _zip3c ==.
(182,095 real changes made)

. 
. gen zip3 = _zip3+_zip3b+ _zip3c

. 
. drop _zip3 _zip3b  _zip3c

. 
. sort zip3 yearmonth 

. 
. 
. egen nb_totalcomplaints_mon = count(complaintid), by (zip3 yearmonth)

. 
. keep  zip3 yearmonth nb_totalcomplaints_mon 

.                 
. duplicates drop yearmonth zip3, force

Duplicates in terms of yearmonth zip3

(361,142 observations deleted)

. 
. *balance the sample
. set more off

. fillin zip3 yearmonth 

. tab zip3

       zip3 |      Freq.     Percent        Cum.
------------+-----------------------------------
         10 |         14        0.11        0.11
         11 |         14        0.11        0.22
         12 |         14        0.11        0.33
         13 |         14        0.11        0.45
         14 |         14        0.11        0.56
         15 |         14        0.11        0.67
         16 |         14        0.11        0.78
         17 |         14        0.11        0.89
         18 |         14        0.11        1.00
         19 |         14        0.11        1.12
         20 |         14        0.11        1.23
         21 |         14        0.11        1.34
         22 |         14        0.11        1.45
         23 |         14        0.11        1.56
         24 |         14        0.11        1.67
         25 |         14        0.11        1.79
         26 |         14        0.11        1.90
         27 |         14        0.11        2.01
         28 |         14        0.11        2.12
         29 |         14        0.11        2.23
         30 |         14        0.11        2.34
         31 |         14        0.11        2.46
         32 |         14        0.11        2.57
         33 |         14        0.11        2.68
         34 |         14        0.11        2.79
         35 |         14        0.11        2.90
         36 |         14        0.11        3.01
         37 |         14        0.11        3.12
         38 |         14        0.11        3.24
         39 |         14        0.11        3.35
         40 |         14        0.11        3.46
         41 |         14        0.11        3.57
         42 |         14        0.11        3.68
         43 |         14        0.11        3.79
         44 |         14        0.11        3.91
         45 |         14        0.11        4.02
         46 |         14        0.11        4.13
         47 |         14        0.11        4.24
         48 |         14        0.11        4.35
         49 |         14        0.11        4.46
         50 |         14        0.11        4.58
         51 |         14        0.11        4.69
         52 |         14        0.11        4.80
         53 |         14        0.11        4.91
         54 |         14        0.11        5.02
         56 |         14        0.11        5.13
         57 |         14        0.11        5.25
         58 |         14        0.11        5.36
         60 |         14        0.11        5.47
         61 |         14        0.11        5.58
         62 |         14        0.11        5.69
         63 |         14        0.11        5.80
         64 |         14        0.11        5.92
         65 |         14        0.11        6.03
         66 |         14        0.11        6.14
         67 |         14        0.11        6.25
         68 |         14        0.11        6.36
         69 |         14        0.11        6.47
         70 |         14        0.11        6.58
         71 |         14        0.11        6.70
         72 |         14        0.11        6.81
         73 |         14        0.11        6.92
         74 |         14        0.11        7.03
         75 |         14        0.11        7.14
         76 |         14        0.11        7.25
         77 |         14        0.11        7.37
         78 |         14        0.11        7.48
         79 |         14        0.11        7.59
         80 |         14        0.11        7.70
         81 |         14        0.11        7.81
         82 |         14        0.11        7.92
         83 |         14        0.11        8.04
         84 |         14        0.11        8.15
         85 |         14        0.11        8.26
         86 |         14        0.11        8.37
         87 |         14        0.11        8.48
         88 |         14        0.11        8.59
         89 |         14        0.11        8.71
         97 |         14        0.11        8.82
        100 |         14        0.11        8.93
        101 |         14        0.11        9.04
        102 |         14        0.11        9.15
        103 |         14        0.11        9.26
        104 |         14        0.11        9.38
        105 |         14        0.11        9.49
        106 |         14        0.11        9.60
        107 |         14        0.11        9.71
        108 |         14        0.11        9.82
        109 |         14        0.11        9.93
        110 |         14        0.11       10.04
        111 |         14        0.11       10.16
        112 |         14        0.11       10.27
        113 |         14        0.11       10.38
        114 |         14        0.11       10.49
        115 |         14        0.11       10.60
        116 |         14        0.11       10.71
        117 |         14        0.11       10.83
        118 |         14        0.11       10.94
        119 |         14        0.11       11.05
        120 |         14        0.11       11.16
        121 |         14        0.11       11.27
        122 |         14        0.11       11.38
        123 |         14        0.11       11.50
        124 |         14        0.11       11.61
        125 |         14        0.11       11.72
        126 |         14        0.11       11.83
        127 |         14        0.11       11.94
        128 |         14        0.11       12.05
        129 |         14        0.11       12.17
        130 |         14        0.11       12.28
        131 |         14        0.11       12.39
        132 |         14        0.11       12.50
        133 |         14        0.11       12.61
        134 |         14        0.11       12.72
        135 |         14        0.11       12.83
        136 |         14        0.11       12.95
        137 |         14        0.11       13.06
        138 |         14        0.11       13.17
        139 |         14        0.11       13.28
        140 |         14        0.11       13.39
        141 |         14        0.11       13.50
        142 |         14        0.11       13.62
        143 |         14        0.11       13.73
        144 |         14        0.11       13.84
        145 |         14        0.11       13.95
        146 |         14        0.11       14.06
        147 |         14        0.11       14.17
        148 |         14        0.11       14.29
        149 |         14        0.11       14.40
        150 |         14        0.11       14.51
        151 |         14        0.11       14.62
        152 |         14        0.11       14.73
        153 |         14        0.11       14.84
        154 |         14        0.11       14.96
        155 |         14        0.11       15.07
        156 |         14        0.11       15.18
        157 |         14        0.11       15.29
        158 |         14        0.11       15.40
        159 |         14        0.11       15.51
        160 |         14        0.11       15.62
        161 |         14        0.11       15.74
        162 |         14        0.11       15.85
        163 |         14        0.11       15.96
        164 |         14        0.11       16.07
        165 |         14        0.11       16.18
        166 |         14        0.11       16.29
        167 |         14        0.11       16.41
        168 |         14        0.11       16.52
        169 |         14        0.11       16.63
        170 |         14        0.11       16.74
        171 |         14        0.11       16.85
        172 |         14        0.11       16.96
        173 |         14        0.11       17.08
        174 |         14        0.11       17.19
        175 |         14        0.11       17.30
        176 |         14        0.11       17.41
        177 |         14        0.11       17.52
        178 |         14        0.11       17.63
        179 |         14        0.11       17.75
        180 |         14        0.11       17.86
        181 |         14        0.11       17.97
        182 |         14        0.11       18.08
        183 |         14        0.11       18.19
        184 |         14        0.11       18.30
        185 |         14        0.11       18.42
        186 |         14        0.11       18.53
        187 |         14        0.11       18.64
        188 |         14        0.11       18.75
        189 |         14        0.11       18.86
        190 |         14        0.11       18.97
        191 |         14        0.11       19.08
        193 |         14        0.11       19.20
        194 |         14        0.11       19.31
        195 |         14        0.11       19.42
        196 |         14        0.11       19.53
        197 |         14        0.11       19.64
        198 |         14        0.11       19.75
        199 |         14        0.11       19.87
        200 |         14        0.11       19.98
        201 |         14        0.11       20.09
        203 |         14        0.11       20.20
        205 |         14        0.11       20.31
        206 |         14        0.11       20.42
        207 |         14        0.11       20.54
        208 |         14        0.11       20.65
        209 |         14        0.11       20.76
        210 |         14        0.11       20.87
        211 |         14        0.11       20.98
        212 |         14        0.11       21.09
        213 |         14        0.11       21.21
        214 |         14        0.11       21.32
        215 |         14        0.11       21.43
        216 |         14        0.11       21.54
        217 |         14        0.11       21.65
        218 |         14        0.11       21.76
        219 |         14        0.11       21.87
        220 |         14        0.11       21.99
        221 |         14        0.11       22.10
        222 |         14        0.11       22.21
        223 |         14        0.11       22.32
        224 |         14        0.11       22.43
        225 |         14        0.11       22.54
        226 |         14        0.11       22.66
        227 |         14        0.11       22.77
        228 |         14        0.11       22.88
        229 |         14        0.11       22.99
        230 |         14        0.11       23.10
        231 |         14        0.11       23.21
        232 |         14        0.11       23.33
        233 |         14        0.11       23.44
        234 |         14        0.11       23.55
        235 |         14        0.11       23.66
        236 |         14        0.11       23.77
        237 |         14        0.11       23.88
        238 |         14        0.11       24.00
        239 |         14        0.11       24.11
        240 |         14        0.11       24.22
        241 |         14        0.11       24.33
        242 |         14        0.11       24.44
        243 |         14        0.11       24.55
        244 |         14        0.11       24.67
        245 |         14        0.11       24.78
        246 |         14        0.11       24.89
        247 |         14        0.11       25.00
        248 |         14        0.11       25.11
        249 |         14        0.11       25.22
        250 |         14        0.11       25.33
        251 |         14        0.11       25.45
        252 |         14        0.11       25.56
        253 |         14        0.11       25.67
        254 |         14        0.11       25.78
        255 |         14        0.11       25.89
        256 |         14        0.11       26.00
        257 |         14        0.11       26.12
        258 |         14        0.11       26.23
        259 |         14        0.11       26.34
        260 |         14        0.11       26.45
        261 |         14        0.11       26.56
        262 |         14        0.11       26.67
        263 |         14        0.11       26.79
        264 |         14        0.11       26.90
        265 |         14        0.11       27.01
        266 |         14        0.11       27.12
        267 |         14        0.11       27.23
        268 |         14        0.11       27.34
        270 |         14        0.11       27.46
        271 |         14        0.11       27.57
        272 |         14        0.11       27.68
        273 |         14        0.11       27.79
        274 |         14        0.11       27.90
        275 |         14        0.11       28.01
        276 |         14        0.11       28.12
        277 |         14        0.11       28.24
        278 |         14        0.11       28.35
        279 |         14        0.11       28.46
        280 |         14        0.11       28.57
        281 |         14        0.11       28.68
        282 |         14        0.11       28.79
        283 |         14        0.11       28.91
        284 |         14        0.11       29.02
        285 |         14        0.11       29.13
        286 |         14        0.11       29.24
        287 |         14        0.11       29.35
        288 |         14        0.11       29.46
        289 |         14        0.11       29.58
        290 |         14        0.11       29.69
        291 |         14        0.11       29.80
        292 |         14        0.11       29.91
        293 |         14        0.11       30.02
        294 |         14        0.11       30.13
        295 |         14        0.11       30.25
        296 |         14        0.11       30.36
        297 |         14        0.11       30.47
        298 |         14        0.11       30.58
        299 |         14        0.11       30.69
        300 |         14        0.11       30.80
        301 |         14        0.11       30.92
        302 |         14        0.11       31.03
        303 |         14        0.11       31.14
        304 |         14        0.11       31.25
        305 |         14        0.11       31.36
        306 |         14        0.11       31.47
        307 |         14        0.11       31.58
        308 |         14        0.11       31.70
        309 |         14        0.11       31.81
        310 |         14        0.11       31.92
        311 |         14        0.11       32.03
        312 |         14        0.11       32.14
        313 |         14        0.11       32.25
        314 |         14        0.11       32.37
        315 |         14        0.11       32.48
        316 |         14        0.11       32.59
        317 |         14        0.11       32.70
        318 |         14        0.11       32.81
        319 |         14        0.11       32.92
        320 |         14        0.11       33.04
        321 |         14        0.11       33.15
        322 |         14        0.11       33.26
        323 |         14        0.11       33.37
        324 |         14        0.11       33.48
        325 |         14        0.11       33.59
        326 |         14        0.11       33.71
        327 |         14        0.11       33.82
        328 |         14        0.11       33.93
        329 |         14        0.11       34.04
        330 |         14        0.11       34.15
        331 |         14        0.11       34.26
        332 |         14        0.11       34.37
        333 |         14        0.11       34.49
        334 |         14        0.11       34.60
        335 |         14        0.11       34.71
        336 |         14        0.11       34.82
        337 |         14        0.11       34.93
        338 |         14        0.11       35.04
        339 |         14        0.11       35.16
        341 |         14        0.11       35.27
        342 |         14        0.11       35.38
        344 |         14        0.11       35.49
        346 |         14        0.11       35.60
        347 |         14        0.11       35.71
        349 |         14        0.11       35.83
        350 |         14        0.11       35.94
        351 |         14        0.11       36.05
        352 |         14        0.11       36.16
        353 |         14        0.11       36.27
        354 |         14        0.11       36.38
        355 |         14        0.11       36.50
        356 |         14        0.11       36.61
        357 |         14        0.11       36.72
        358 |         14        0.11       36.83
        359 |         14        0.11       36.94
        360 |         14        0.11       37.05
        361 |         14        0.11       37.17
        362 |         14        0.11       37.28
        363 |         14        0.11       37.39
        364 |         14        0.11       37.50
        365 |         14        0.11       37.61
        366 |         14        0.11       37.72
        367 |         14        0.11       37.83
        368 |         14        0.11       37.95
        369 |         14        0.11       38.06
        370 |         14        0.11       38.17
        371 |         14        0.11       38.28
        372 |         14        0.11       38.39
        373 |         14        0.11       38.50
        374 |         14        0.11       38.62
        376 |         14        0.11       38.73
        377 |         14        0.11       38.84
        378 |         14        0.11       38.95
        379 |         14        0.11       39.06
        380 |         14        0.11       39.17
        381 |         14        0.11       39.29
        382 |         14        0.11       39.40
        383 |         14        0.11       39.51
        384 |         14        0.11       39.62
        385 |         14        0.11       39.73
        386 |         14        0.11       39.84
        387 |         14        0.11       39.96
        388 |         14        0.11       40.07
        389 |         14        0.11       40.18
        390 |         14        0.11       40.29
        391 |         14        0.11       40.40
        392 |         14        0.11       40.51
        393 |         14        0.11       40.63
        394 |         14        0.11       40.74
        395 |         14        0.11       40.85
        396 |         14        0.11       40.96
        397 |         14        0.11       41.07
        398 |         14        0.11       41.18
        399 |         14        0.11       41.29
        400 |         14        0.11       41.41
        401 |         14        0.11       41.52
        402 |         14        0.11       41.63
        403 |         14        0.11       41.74
        404 |         14        0.11       41.85
        405 |         14        0.11       41.96
        406 |         14        0.11       42.08
        407 |         14        0.11       42.19
        408 |         14        0.11       42.30
        409 |         14        0.11       42.41
        410 |         14        0.11       42.52
        411 |         14        0.11       42.63
        412 |         14        0.11       42.75
        415 |         14        0.11       42.86
        416 |         14        0.11       42.97
        417 |         14        0.11       43.08
        420 |         14        0.11       43.19
        421 |         14        0.11       43.30
        422 |         14        0.11       43.42
        423 |         14        0.11       43.53
        424 |         14        0.11       43.64
        425 |         14        0.11       43.75
        426 |         14        0.11       43.86
        427 |         14        0.11       43.97
        430 |         14        0.11       44.08
        431 |         14        0.11       44.20
        432 |         14        0.11       44.31
        433 |         14        0.11       44.42
        434 |         14        0.11       44.53
        435 |         14        0.11       44.64
        436 |         14        0.11       44.75
        437 |         14        0.11       44.87
        438 |         14        0.11       44.98
        439 |         14        0.11       45.09
        440 |         14        0.11       45.20
        441 |         14        0.11       45.31
        442 |         14        0.11       45.42
        443 |         14        0.11       45.54
        444 |         14        0.11       45.65
        445 |         14        0.11       45.76
        446 |         14        0.11       45.87
        447 |         14        0.11       45.98
        448 |         14        0.11       46.09
        449 |         14        0.11       46.21
        450 |         14        0.11       46.32
        451 |         14        0.11       46.43
        452 |         14        0.11       46.54
        453 |         14        0.11       46.65
        454 |         14        0.11       46.76
        455 |         14        0.11       46.88
        456 |         14        0.11       46.99
        457 |         14        0.11       47.10
        458 |         14        0.11       47.21
        460 |         14        0.11       47.32
        461 |         14        0.11       47.43
        462 |         14        0.11       47.54
        463 |         14        0.11       47.66
        464 |         14        0.11       47.77
        465 |         14        0.11       47.88
        466 |         14        0.11       47.99
        467 |         14        0.11       48.10
        468 |         14        0.11       48.21
        469 |         14        0.11       48.33
        470 |         14        0.11       48.44
        471 |         14        0.11       48.55
        472 |         14        0.11       48.66
        473 |         14        0.11       48.77
        474 |         14        0.11       48.88
        475 |         14        0.11       49.00
        476 |         14        0.11       49.11
        477 |         14        0.11       49.22
        478 |         14        0.11       49.33
        479 |         14        0.11       49.44
        480 |         14        0.11       49.55
        481 |         14        0.11       49.67
        482 |         14        0.11       49.78
        483 |         14        0.11       49.89
        484 |         14        0.11       50.00
        485 |         14        0.11       50.11
        486 |         14        0.11       50.22
        487 |         14        0.11       50.33
        488 |         14        0.11       50.45
        489 |         14        0.11       50.56
        490 |         14        0.11       50.67
        491 |         14        0.11       50.78
        492 |         14        0.11       50.89
        493 |         14        0.11       51.00
        494 |         14        0.11       51.12
        495 |         14        0.11       51.23
        496 |         14        0.11       51.34
        497 |         14        0.11       51.45
        498 |         14        0.11       51.56
        499 |         14        0.11       51.67
        500 |         14        0.11       51.79
        501 |         14        0.11       51.90
        502 |         14        0.11       52.01
        503 |         14        0.11       52.12
        504 |         14        0.11       52.23
        505 |         14        0.11       52.34
        506 |         14        0.11       52.46
        507 |         14        0.11       52.57
        508 |         14        0.11       52.68
        510 |         14        0.11       52.79
        511 |         14        0.11       52.90
        512 |         14        0.11       53.01
        513 |         14        0.11       53.13
        515 |         14        0.11       53.24
        516 |         14        0.11       53.35
        517 |         14        0.11       53.46
        520 |         14        0.11       53.57
        521 |         14        0.11       53.68
        522 |         14        0.11       53.79
        523 |         14        0.11       53.91
        524 |         14        0.11       54.02
        525 |         14        0.11       54.13
        526 |         14        0.11       54.24
        527 |         14        0.11       54.35
        528 |         14        0.11       54.46
        530 |         14        0.11       54.58
        531 |         14        0.11       54.69
        532 |         14        0.11       54.80
        534 |         14        0.11       54.91
        535 |         14        0.11       55.02
        537 |         14        0.11       55.13
        538 |         14        0.11       55.25
        539 |         14        0.11       55.36
        540 |         14        0.11       55.47
        541 |         14        0.11       55.58
        542 |         14        0.11       55.69
        543 |         14        0.11       55.80
        544 |         14        0.11       55.92
        545 |         14        0.11       56.03
        546 |         14        0.11       56.14
        547 |         14        0.11       56.25
        548 |         14        0.11       56.36
        549 |         14        0.11       56.47
        550 |         14        0.11       56.58
        551 |         14        0.11       56.70
        553 |         14        0.11       56.81
        554 |         14        0.11       56.92
        557 |         14        0.11       57.03
        558 |         14        0.11       57.14
        559 |         14        0.11       57.25
        560 |         14        0.11       57.37
        561 |         14        0.11       57.48
        562 |         14        0.11       57.59
        563 |         14        0.11       57.70
        564 |         14        0.11       57.81
        565 |         14        0.11       57.92
        566 |         14        0.11       58.04
        567 |         14        0.11       58.15
        570 |         14        0.11       58.26
        571 |         14        0.11       58.37
        572 |         14        0.11       58.48
        573 |         14        0.11       58.59
        574 |         14        0.11       58.71
        575 |         14        0.11       58.82
        576 |         14        0.11       58.93
        577 |         14        0.11       59.04
        580 |         14        0.11       59.15
        581 |         14        0.11       59.26
        582 |         14        0.11       59.38
        583 |         14        0.11       59.49
        584 |         14        0.11       59.60
        585 |         14        0.11       59.71
        586 |         14        0.11       59.82
        587 |         14        0.11       59.93
        588 |         14        0.11       60.04
        590 |         14        0.11       60.16
        591 |         14        0.11       60.27
        592 |         14        0.11       60.38
        593 |         14        0.11       60.49
        594 |         14        0.11       60.60
        595 |         14        0.11       60.71
        596 |         14        0.11       60.83
        597 |         14        0.11       60.94
        598 |         14        0.11       61.05
        599 |         14        0.11       61.16
        600 |         14        0.11       61.27
        601 |         14        0.11       61.38
        602 |         14        0.11       61.50
        603 |         14        0.11       61.61
        604 |         14        0.11       61.72
        605 |         14        0.11       61.83
        606 |         14        0.11       61.94
        607 |         14        0.11       62.05
        608 |         14        0.11       62.17
        609 |         14        0.11       62.28
        610 |         14        0.11       62.39
        611 |         14        0.11       62.50
        612 |         14        0.11       62.61
        613 |         14        0.11       62.72
        614 |         14        0.11       62.83
        615 |         14        0.11       62.95
        616 |         14        0.11       63.06
        617 |         14        0.11       63.17
        618 |         14        0.11       63.28
        619 |         14        0.11       63.39
        620 |         14        0.11       63.50
        622 |         14        0.11       63.62
        623 |         14        0.11       63.73
        624 |         14        0.11       63.84
        625 |         14        0.11       63.95
        626 |         14        0.11       64.06
        627 |         14        0.11       64.17
        628 |         14        0.11       64.29
        629 |         14        0.11       64.40
        630 |         14        0.11       64.51
        631 |         14        0.11       64.62
        633 |         14        0.11       64.73
        634 |         14        0.11       64.84
        635 |         14        0.11       64.96
        636 |         14        0.11       65.07
        637 |         14        0.11       65.18
        638 |         14        0.11       65.29
        639 |         14        0.11       65.40
        640 |         14        0.11       65.51
        641 |         14        0.11       65.63
        644 |         14        0.11       65.74
        645 |         14        0.11       65.85
        646 |         14        0.11       65.96
        647 |         14        0.11       66.07
        648 |         14        0.11       66.18
        650 |         14        0.11       66.29
        651 |         14        0.11       66.41
        652 |         14        0.11       66.52
        653 |         14        0.11       66.63
        654 |         14        0.11       66.74
        655 |         14        0.11       66.85
        656 |         14        0.11       66.96
        657 |         14        0.11       67.08
        658 |         14        0.11       67.19
        660 |         14        0.11       67.30
        661 |         14        0.11       67.41
        662 |         14        0.11       67.52
        664 |         14        0.11       67.63
        665 |         14        0.11       67.75
        666 |         14        0.11       67.86
        667 |         14        0.11       67.97
        668 |         14        0.11       68.08
        669 |         14        0.11       68.19
        670 |         14        0.11       68.30
        671 |         14        0.11       68.42
        672 |         14        0.11       68.53
        673 |         14        0.11       68.64
        674 |         14        0.11       68.75
        675 |         14        0.11       68.86
        676 |         14        0.11       68.97
        677 |         14        0.11       69.08
        678 |         14        0.11       69.20
        679 |         14        0.11       69.31
        680 |         14        0.11       69.42
        681 |         14        0.11       69.53
        683 |         14        0.11       69.64
        684 |         14        0.11       69.75
        685 |         14        0.11       69.87
        686 |         14        0.11       69.98
        687 |         14        0.11       70.09
        688 |         14        0.11       70.20
        689 |         14        0.11       70.31
        691 |         14        0.11       70.42
        692 |         14        0.11       70.54
        693 |         14        0.11       70.65
        695 |         14        0.11       70.76
        700 |         14        0.11       70.87
        701 |         14        0.11       70.98
        703 |         14        0.11       71.09
        704 |         14        0.11       71.21
        705 |         14        0.11       71.32
        706 |         14        0.11       71.43
        707 |         14        0.11       71.54
        708 |         14        0.11       71.65
        709 |         14        0.11       71.76
        710 |         14        0.11       71.88
        711 |         14        0.11       71.99
        712 |         14        0.11       72.10
        713 |         14        0.11       72.21
        714 |         14        0.11       72.32
        716 |         14        0.11       72.43
        717 |         14        0.11       72.54
        718 |         14        0.11       72.66
        719 |         14        0.11       72.77
        720 |         14        0.11       72.88
        721 |         14        0.11       72.99
        722 |         14        0.11       73.10
        723 |         14        0.11       73.21
        724 |         14        0.11       73.33
        725 |         14        0.11       73.44
        726 |         14        0.11       73.55
        727 |         14        0.11       73.66
        728 |         14        0.11       73.77
        729 |         14        0.11       73.88
        730 |         14        0.11       74.00
        731 |         14        0.11       74.11
        732 |         14        0.11       74.22
        734 |         14        0.11       74.33
        735 |         14        0.11       74.44
        736 |         14        0.11       74.55
        737 |         14        0.11       74.67
        738 |         14        0.11       74.78
        740 |         14        0.11       74.89
        741 |         14        0.11       75.00
        743 |         14        0.11       75.11
        744 |         14        0.11       75.22
        745 |         14        0.11       75.33
        746 |         14        0.11       75.45
        747 |         14        0.11       75.56
        748 |         14        0.11       75.67
        749 |         14        0.11       75.78
        750 |         14        0.11       75.89
        751 |         14        0.11       76.00
        752 |         14        0.11       76.12
        753 |         14        0.11       76.23
        754 |         14        0.11       76.34
        755 |         14        0.11       76.45
        756 |         14        0.11       76.56
        757 |         14        0.11       76.67
        758 |         14        0.11       76.79
        759 |         14        0.11       76.90
        760 |         14        0.11       77.01
        761 |         14        0.11       77.12
        762 |         14        0.11       77.23
        763 |         14        0.11       77.34
        764 |         14        0.11       77.46
        765 |         14        0.11       77.57
        766 |         14        0.11       77.68
        767 |         14        0.11       77.79
        768 |         14        0.11       77.90
        769 |         14        0.11       78.01
        770 |         14        0.11       78.13
        772 |         14        0.11       78.24
        773 |         14        0.11       78.35
        774 |         14        0.11       78.46
        775 |         14        0.11       78.57
        776 |         14        0.11       78.68
        777 |         14        0.11       78.79
        778 |         14        0.11       78.91
        779 |         14        0.11       79.02
        780 |         14        0.11       79.13
        781 |         14        0.11       79.24
        782 |         14        0.11       79.35
        783 |         14        0.11       79.46
        784 |         14        0.11       79.58
        785 |         14        0.11       79.69
        786 |         14        0.11       79.80
        787 |         14        0.11       79.91
        788 |         14        0.11       80.02
        789 |         14        0.11       80.13
        790 |         14        0.11       80.25
        791 |         14        0.11       80.36
        792 |         14        0.11       80.47
        793 |         14        0.11       80.58
        794 |         14        0.11       80.69
        795 |         14        0.11       80.80
        796 |         14        0.11       80.92
        797 |         14        0.11       81.03
        798 |         14        0.11       81.14
        799 |         14        0.11       81.25
        800 |         14        0.11       81.36
        801 |         14        0.11       81.47
        802 |         14        0.11       81.58
        803 |         14        0.11       81.70
        804 |         14        0.11       81.81
        805 |         14        0.11       81.92
        806 |         14        0.11       82.03
        807 |         14        0.11       82.14
        808 |         14        0.11       82.25
        809 |         14        0.11       82.37
        810 |         14        0.11       82.48
        811 |         14        0.11       82.59
        812 |         14        0.11       82.70
        813 |         14        0.11       82.81
        814 |         14        0.11       82.92
        815 |         14        0.11       83.04
        816 |         14        0.11       83.15
        820 |         14        0.11       83.26
        823 |         14        0.11       83.37
        824 |         14        0.11       83.48
        825 |         14        0.11       83.59
        826 |         14        0.11       83.71
        827 |         14        0.11       83.82
        828 |         14        0.11       83.93
        829 |         14        0.11       84.04
        830 |         14        0.11       84.15
        831 |         14        0.11       84.26
        832 |         14        0.11       84.38
        833 |         14        0.11       84.49
        834 |         14        0.11       84.60
        835 |         14        0.11       84.71
        836 |         14        0.11       84.82
        837 |         14        0.11       84.93
        838 |         14        0.11       85.04
        840 |         14        0.11       85.16
        841 |         14        0.11       85.27
        843 |         14        0.11       85.38
        844 |         14        0.11       85.49
        845 |         14        0.11       85.60
        846 |         14        0.11       85.71
        847 |         14        0.11       85.83
        849 |         14        0.11       85.94
        850 |         14        0.11       86.05
        851 |         14        0.11       86.16
        852 |         14        0.11       86.27
        853 |         14        0.11       86.38
        855 |         14        0.11       86.50
        856 |         14        0.11       86.61
        857 |         14        0.11       86.72
        859 |         14        0.11       86.83
        860 |         14        0.11       86.94
        861 |         14        0.11       87.05
        862 |         14        0.11       87.17
        863 |         14        0.11       87.28
        864 |         14        0.11       87.39
        865 |         14        0.11       87.50
        870 |         14        0.11       87.61
        871 |         14        0.11       87.72
        873 |         14        0.11       87.83
        874 |         14        0.11       87.95
        875 |         14        0.11       88.06
        877 |         14        0.11       88.17
        878 |         14        0.11       88.28
        879 |         14        0.11       88.39
        880 |         14        0.11       88.50
        881 |         14        0.11       88.62
        882 |         14        0.11       88.73
        883 |         14        0.11       88.84
        884 |         14        0.11       88.95
        890 |         14        0.11       89.06
        891 |         14        0.11       89.17
        892 |         14        0.11       89.29
        893 |         14        0.11       89.40
        894 |         14        0.11       89.51
        895 |         14        0.11       89.62
        897 |         14        0.11       89.73
        898 |         14        0.11       89.84
        899 |         14        0.11       89.96
        900 |         14        0.11       90.07
        902 |         14        0.11       90.18
        903 |         14        0.11       90.29
        904 |         14        0.11       90.40
        905 |         14        0.11       90.51
        906 |         14        0.11       90.62
        907 |         14        0.11       90.74
        908 |         14        0.11       90.85
        910 |         14        0.11       90.96
        911 |         14        0.11       91.07
        912 |         14        0.11       91.18
        913 |         14        0.11       91.29
        914 |         14        0.11       91.41
        915 |         14        0.11       91.52
        916 |         14        0.11       91.63
        917 |         14        0.11       91.74
        918 |         14        0.11       91.85
        919 |         14        0.11       91.96
        920 |         14        0.11       92.08
        921 |         14        0.11       92.19
        922 |         14        0.11       92.30
        923 |         14        0.11       92.41
        924 |         14        0.11       92.52
        925 |         14        0.11       92.63
        926 |         14        0.11       92.75
        927 |         14        0.11       92.86
        928 |         14        0.11       92.97
        929 |         14        0.11       93.08
        930 |         14        0.11       93.19
        931 |         14        0.11       93.30
        932 |         14        0.11       93.42
        933 |         14        0.11       93.53
        934 |         14        0.11       93.64
        935 |         14        0.11       93.75
        936 |         14        0.11       93.86
        937 |         14        0.11       93.97
        939 |         14        0.11       94.08
        940 |         14        0.11       94.20
        941 |         14        0.11       94.31
        942 |         14        0.11       94.42
        943 |         14        0.11       94.53
        944 |         14        0.11       94.64
        945 |         14        0.11       94.75
        946 |         14        0.11       94.87
        947 |         14        0.11       94.98
        948 |         14        0.11       95.09
        949 |         14        0.11       95.20
        950 |         14        0.11       95.31
        951 |         14        0.11       95.42
        952 |         14        0.11       95.54
        953 |         14        0.11       95.65
        954 |         14        0.11       95.76
        955 |         14        0.11       95.87
        956 |         14        0.11       95.98
        957 |         14        0.11       96.09
        958 |         14        0.11       96.21
        959 |         14        0.11       96.32
        960 |         14        0.11       96.43
        961 |         14        0.11       96.54
        967 |         14        0.11       96.65
        968 |         14        0.11       96.76
        970 |         14        0.11       96.87
        971 |         14        0.11       96.99
        972 |         14        0.11       97.10
        973 |         14        0.11       97.21
        974 |         14        0.11       97.32
        975 |         14        0.11       97.43
        976 |         14        0.11       97.54
        977 |         14        0.11       97.66
        978 |         14        0.11       97.77
        979 |         14        0.11       97.88
        980 |         14        0.11       97.99
        981 |         14        0.11       98.10
        982 |         14        0.11       98.21
        983 |         14        0.11       98.33
        984 |         14        0.11       98.44
        985 |         14        0.11       98.55
        986 |         14        0.11       98.66
        988 |         14        0.11       98.77
        989 |         14        0.11       98.88
        990 |         14        0.11       99.00
        991 |         14        0.11       99.11
        992 |         14        0.11       99.22
        993 |         14        0.11       99.33
        994 |         14        0.11       99.44
        995 |         14        0.11       99.55
        996 |         14        0.11       99.67
        997 |         14        0.11       99.78
        998 |         14        0.11       99.89
        999 |         14        0.11      100.00
------------+-----------------------------------
      Total |     12,544      100.00

.         
. replace nb_totalcomplaints_mon = 0 if nb_totalcomplaints_mon == .
(1,935 real changes made)

. 
. merge n:1 zip3 using zip3_to_state.dta

    Result                      Number of obs
    -----------------------------------------
    Not matched                            99
        from master                        56  (_merge==1)
        from using                         43  (_merge==2)

    Matched                            12,488  (_merge==3)
    -----------------------------------------

. drop if _merge == 2
(43 observations deleted)

. gen state = State
(56 missing values generated)

. drop _fillin State Distribution_Center Cities_Towns_Served source _merge

. gen zip3_num = zip3

. 
. merge n:1 zip3_num using census_zip3_covid.dta, force
(note: variable zip3 was str3 in the using data, but will be float now)

    Result                      Number of obs
    -----------------------------------------
    Not matched                           293
        from master                       280  (_merge==1)
        from using                         13  (_merge==2)

    Matched                            12,264  (_merge==3)
    -----------------------------------------

. drop if _merge == 2
(13 observations deleted)

. drop if _merge == 1
(280 observations deleted)

. drop _merge

. sort zip3 yearmonth

. 
. gen complaints_percapita = nb_totalcomplaints_mon/population_zip3*100000

. replace percapitaincome_zip3 = percapitaincome_zip3/1000000
(12,264 real changes made)

. 
. 
. /*match covid data*/
. merge 1:1 zip3 yearmonth using covid_jhu_zip3_month_casenumber.dta

    Result                      Number of obs
    -----------------------------------------
    Not matched                        10,908
        from master                     6,132  (_merge==1)
        from using                      4,776  (_merge==2)

    Matched                             6,132  (_merge==3)
    -----------------------------------------

. drop if _merge == 2
(4,776 observations deleted)

. drop _merge

. replace zip3_covid_mon = 0 if zip3_covid_mon == . & yearmonth <202001
(6,132 real changes made)

. replace zip3_covid_mon_lag1 = 0 if zip3_covid_mon_lag1 == . & yearmonth < 202001
(6,132 real changes made)

. gen positive_rate_zip3 =  zip3_covid_mon/population_zip3

. gen positive_rate_zip3_lag1 =  zip3_covid_mon_lag1/population_zip3

. 
. merge 1:1  zip3 yearmonth using unemployment_zip30601.dta

    Result                      Number of obs
    -----------------------------------------
    Not matched                         9,552
        from master                         0  (_merge==1)
        from using                      9,552  (_merge==2)

    Matched                            12,264  (_merge==3)
    -----------------------------------------

. drop if _merge == 2
(9,552 observations deleted)

. drop _merge

. 
. 
. merge n:1 zip3_num using deposit_zip3.dta

    Result                      Number of obs
    -----------------------------------------
    Not matched                            15
        from master                         0  (_merge==1)
        from using                         15  (_merge==2)

    Matched                            12,264  (_merge==3)
    -----------------------------------------

. drop if _merge == 2
(15 observations deleted)

. drop _merge

. 
. gen deposit2019_percapita_zip3 = deposit_2019_zip3/(population*1000)

. gen deposit2020_percapita_zip3 = deposit_2020_zip3/(population*1000)
(14 missing values generated)

. 
. gen deposit_percapita_zip3 = deposit2019_percapita_zip3 if yearmonth <= 202006
(2,628 missing values generated)

. replace deposit_percapita_zip3 = deposit2020_percapita_zip3 if yearmonth>= 202007
(2,625 real changes made)

. 
. drop if deposit_percapita_zip3 == .
(3 observations deleted)

. 
. // count balanced number
. sort zip3_num 

. by zip3_num: egen _count_nb = count(zip3_num)

. drop if _count_nb<14
(11 observations deleted)

. drop  _count_nb

. 
. egen state_month = group (state yearmonth)      

. gen constant = 0

. 
. gen d_post_ne = 1 if yearmonth >202002
(6,125 missing values generated)

. replace d_post_ne = 0 if d_post_ne ==.
(6,125 real changes made)

. 
. winsor2 nb_totalcomplaints_mon complaints_percapita ///
>         nonwhite_pct_zip3 africanamerican_pct1_zip3 elderly_pct_zip3 percapitaincome_zip3 bachlordegree_pct_zip3 population_zip3
>  ///
>         unemploymentrate2018_zip3 unemploymentrate2019h1_zip3 unemploymentrate_zip3 unemploymentrate_zip3_lag1 ///
>         deposit_percapita_zip3 positive_rate_zip3 positive_rate_zip3_lag1, suffix(_w) cuts(1 99)

.                 
. gen d_post_ne_nonwhite = d_post_ne*c.nonwhite_pct_zip3_w                                                        

. label var d_post_ne_nonwhite "COVID period * Nonwhite"  

. 
. gen d_post_ne_africanamerican_pct1 = d_post_ne*africanamerican_pct1_zip3_w

. label var d_post_ne_africanamerican_pct1 "COVID period * African American"

. 
. gen d_post_ne_elderly = d_post_ne*elderly_pct_zip3_w                                                    

. label var d_post_ne_elderly "COVID period * Elderly"                                                    

. 
. gen d_post_ne_percapitaincome = d_post_ne*percapitaincome_zip3_w                                                        

. label var d_post_ne_percapitaincome "COVID period * Per capita income"                                                  

.                                                                                         
. gen d_post_ne_bachlor = d_post_ne*bachlordegree_pct_zip3_w                                                      

. label var d_post_ne_bachlor "COVID period * Bachelor"                                                   

. 
. gen d_post_ne_positive = d_post_ne*c.positive_rate_zip3_w                       

. label var d_post_ne_positive "COVID period * COVID-19 positive rate (t)"                                                        
>                                                 

. 
. gen d_post_ne_positive_lag1 = d_post_ne*c.positive_rate_zip3_lag1_w                     

. label var d_post_ne_positive_lag1 "COVID period * COVID-19 positive rate (t-1)"                 

.                 
. gen d_post_ne_unemployment = d_post_ne*c.unemploymentrate_zip3_w                        

. label var d_post_ne_unemployment "COVID period * Unemployment rate (t)"

.                         
. gen d_post_ne_unemployment_lag1 = d_post_ne*c.unemploymentrate_zip3_lag1_w

. label var d_post_ne_unemployment_lag1 "COVID period * Unemployment rate (t-1)"                  

.                         
. gen d_post_ne_priunemployment2018 = d_post_ne*c.unemploymentrate2018_zip3_w                     

. label var d_post_ne_priunemployment2018 "COVID period * Pre-COVID unemployment rate (2018)"

. 
. gen d_post_ne_priunemployment2019h1 = d_post_ne*c.unemploymentrate2019h1_zip3_w         

. label var d_post_ne_priunemployment2019h1 "COVID period * Pre-COVID unemployment rate (2019H1)"

. 
. gen d_post_ne_deposit_percapita = d_post_ne*deposit_percapita_zip3_w

. label var d_post_ne_deposit_percapita "COVID period * Per capita deposit"

. 
. global baseline_vars d_post_ne_nonwhite d_post_ne_percapitaincome d_post_ne_bachlor d_post_ne_elderly d_post_ne_priunemployment2
> 019h1 positive_rate_zip3_lag1_w

. global baseline_vars_aa d_post_ne_africanamerican_pct1 d_post_ne_percapitaincome d_post_ne_bachlor d_post_ne_elderly d_post_ne_p
> riunemployment2019h1 positive_rate_zip3_lag1_w          

. 
. *matching gallup data
. merge n:1 zip3 d_post_ne using financialworryindex_zip3.dta     

    Result                      Number of obs
    -----------------------------------------
    Not matched                         5,537
        from master                     5,537  (_merge==1)
        from using                          0  (_merge==2)

    Matched                             6,713  (_merge==3)
    -----------------------------------------

. label var finworryind8_zip3 "Financial worry index (scale of 8)"

. drop _merge

. 
. ****pre-period ratio and variables
. sort zip3 yearmonth

. by zip3, sort: gen pre_finworryind8_zip3 = finworryind8_zip3[1]
(5,614 missing values generated)

. 
. winsor2 finworryind8_zip3 pre_finworryind8_zip3, suffix(_w) cuts(1 99)

. 
. gen d_post_pre_worryindex = d_post_ne*pre_finworryind8_zip3_w
(5,614 missing values generated)

. label var d_post_pre_worryindex "COVID period * Pre-COVID Financial worry index (scale of 8)"

. 
. **#T2, Panel A, Col 3, Col 4, zip3 main results*/
. reghdfe complaints_percapita_w $baseline_vars d_post_pre_worryindex, absorb(zip3 state_month) cluster(state)
(dropped 84 singleton observations)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =      6,552
Absorbing 2 HDFE groups                           F(   7,     44) =      11.14
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.8229
                                                  Adj R-squared   =     0.7870
                                                  Within R-sq.    =     0.0906
Number of clusters (state)   =         45         Root MSE        =     2.7473

                                                    (Std. err. adjusted for 45 clusters in state)
-------------------------------------------------------------------------------------------------
                                |               Robust
         complaints_percapita_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------------+----------------------------------------------------------------
             d_post_ne_nonwhite |   10.83714   2.392825     4.53   0.000     6.014718    15.65956
      d_post_ne_percapitaincome |    97.6368    57.3907     1.70   0.096    -18.02655    213.3002
              d_post_ne_bachlor |  -4.612642   3.963233    -1.16   0.251    -12.60001     3.37473
              d_post_ne_elderly |   -14.8852   7.797366    -1.91   0.063    -30.59975    .8293638
d_post_ne_priunemployment2019h1 |    62.2599   32.73402     1.90   0.064    -3.711189     128.231
      positive_rate_zip3_lag1_w |   50.20968    30.5798     1.64   0.108    -11.41986    111.8392
          d_post_pre_worryindex |  -.0760048   .0796534    -0.95   0.345    -.2365356     .084526
                          _cons |   3.888032   .9064718     4.29   0.000     2.061158    5.714906
-------------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        zip3 |       468         468           0    *|
 state_month |       630         630           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. reghdfe complaints_percapita_w $baseline_vars_aa d_post_pre_worryindex, absorb(zip3 state_month) cluster(state)
(dropped 84 singleton observations)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =      6,552
Absorbing 2 HDFE groups                           F(   7,     44) =      10.13
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.8239
                                                  Adj R-squared   =     0.7882
                                                  Within R-sq.    =     0.0957
Number of clusters (state)   =         45         Root MSE        =     2.7394

                                                    (Std. err. adjusted for 45 clusters in state)
-------------------------------------------------------------------------------------------------
                                |               Robust
         complaints_percapita_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------------+----------------------------------------------------------------
 d_post_ne_africanamerican_pct1 |   14.19082   2.603834     5.45   0.000     8.943138     19.4385
      d_post_ne_percapitaincome |   98.92495   52.94443     1.87   0.068    -7.777535    205.6274
              d_post_ne_bachlor |  -3.054703   3.438914    -0.89   0.379     -9.98538    3.875974
              d_post_ne_elderly |  -16.79992   7.351053    -2.29   0.027      -31.615   -1.984851
d_post_ne_priunemployment2019h1 |   54.53533   29.79435     1.83   0.074    -5.511248    114.5819
      positive_rate_zip3_lag1_w |   73.94426    29.8803     2.47   0.017     13.72446    134.1641
          d_post_pre_worryindex |  -.0815907   .0746978    -1.09   0.281    -.2321343    .0689529
                          _cons |   4.329247   .7524057     5.75   0.000     2.812873    5.845621
-------------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        zip3 |       468         468           0    *|
 state_month |       630         630           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. gen gallup_sample = e(sample)

. 
. **#T1, Panel A, last row
. su pre_finworryind8_zip3_w if gallup_sample == 1

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
pre_finwor~w |      6,552    2.334722    2.085893          0          7

. 
. **T2, Panel B, Col 3, Col 4, zip3 main results*/
. use "hhi_zip3.dta",replace

. sort zip3 year

. tempfile zip3

. save "`zip3'"
file ...\AppData\Local\Temp\ST_a324_000001.tmp saved as .dta format

. 
. use "complaints2012.dta"

. egen state_num=group(state)

. 
. sort zip3 year

. merge zip3 year using "`zip3'"
(you are using old merge syntax; see [D] merge for new syntax)
variables zip3 year do not uniquely identify observations in the master data
(variable zip3 was float, now double to accommodate using data's values)
(variable year was float, now double to accommodate using data's values)

. gen nonwhite_pct_zip3_wXhhi=nonwhite_pct_zip3_w*hhi
(260 missing values generated)

. gen hhi_low=(hhi<0.095)

. replace hhi_low=. if hhi==.
(198 real changes made, 198 to missing)

. gen nonwhite_pct_zip3_wXhhi_low=nonwhite_pct_zip3_w*hhi_low
(260 missing values generated)

. gen aaXhhi_low= africanamerican_pct1_zip3_w*hhi_low
(260 missing values generated)

. 
. **#T2, Panel B, Col 3, Col 4, zip3 main results*/
. reghdfe nb_bankaccount_percapita_w nonwhite_pct_zip3_w nonwhite_pct_zip3_wXhhi_low hhi_low bachelordegree_pct_zip3_w elderly_pct
> _zip3_w percapitaincome_zip3_w unemploymentrate_zip3_l1m_w,absorb(zip3 state_month) cluster(state_num)
(dropped 2 singleton observations)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     86,628
Absorbing 2 HDFE groups                           F(   7,     50) =      13.25
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3528
                                                  Adj R-squared   =     0.3056
                                                  Within R-sq.    =     0.0016
Number of clusters (state_num) =         51       Root MSE        =     0.3601

                                            (Std. err. adjusted for 51 clusters in state_num)
---------------------------------------------------------------------------------------------
                            |               Robust
 nb_bankaccount_percapita_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------------+----------------------------------------------------------------
        nonwhite_pct_zip3_w |   .8978457   .2510282     3.58   0.001     .3936408    1.402051
nonwhite_pct_zip3_wXhhi_low |  -.1466995    .085221    -1.72   0.091    -.3178709     .024472
                    hhi_low |   .0162456   .0145406     1.12   0.269      -.01296    .0454512
  bachelordegree_pct_zip3_w |   1.477947   .3671535     4.03   0.000     .7404978    2.215397
         elderly_pct_zip3_w |  -1.770197    .503406    -3.52   0.001    -2.781318   -.7590765
     percapitaincome_zip3_w |   .6443143   2.809844     0.23   0.820    -4.999424    6.288053
unemploymentrate_zip3_l1m_w |  -.2951793   .4679503    -0.63   0.531    -1.235085    .6447265
                      _cons |  -.0098088   .1087703    -0.09   0.929    -.2282803    .2086627
---------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        zip3 |       884         884           0    *|
 state_month |      4996        4996           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. reghdfe nb_bankaccount_percapita_w nonwhite_pct_zip3_w nonwhite_pct_zip3_wXhhi_low hhi_low bachelordegree_pct_zip3_w elderly_pct
> _zip3_w percapitaincome_zip3_w unemploymentrate_zip3_l1m_w deposit_percapita_zip3_w, absorb(zip3 state_month) cluster(state_num)
(dropped 2 singleton observations)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =     86,628
Absorbing 2 HDFE groups                           F(   8,     50) =      11.66
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3529
                                                  Adj R-squared   =     0.3057
                                                  Within R-sq.    =     0.0017
Number of clusters (state_num) =         51       Root MSE        =     0.3601

                                            (Std. err. adjusted for 51 clusters in state_num)
---------------------------------------------------------------------------------------------
                            |               Robust
 nb_bankaccount_percapita_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------------+----------------------------------------------------------------
        nonwhite_pct_zip3_w |   .8727329   .2549987     3.42   0.001     .3605529    1.384913
nonwhite_pct_zip3_wXhhi_low |  -.1450696   .0846017    -1.71   0.093     -.314997    .0248579
                    hhi_low |   .0160197   .0144483     1.11   0.273    -.0130006    .0450401
  bachelordegree_pct_zip3_w |   1.477962   .3588213     4.12   0.000     .7572478    2.198675
         elderly_pct_zip3_w |  -1.764572   .4958251    -3.56   0.001    -2.760466   -.7686779
     percapitaincome_zip3_w |   .4369779   2.700229     0.16   0.872    -4.986592    5.860547
unemploymentrate_zip3_l1m_w |  -.3119136   .4636009    -0.67   0.504    -1.243084    .6192563
   deposit_percapita_zip3_w |   .5575578   .2846765     1.96   0.056    -.0142318    1.129347
                      _cons |  -.0131609   .1092879    -0.12   0.905    -.2326721    .2063503
---------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        zip3 |       884         884           0    *|
 state_month |      4996        4996           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. gen used = e(sample)

. **#T1 Panel B
. su complaints_percapita_w nonwhite_pct_zip3_w percapitaincome_zip3_w bachelordegree_pct_zip3_w elderly_pct_zip3_w unemploymentra
> te_zip3_l1m_w deposit_percapita_zip3_w if used == 1

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
complaints~w |     86,628    3.077057    2.943716          0    15.0493
nonwhite_~_w |     86,628    .2056646    .1578658   .0247118   .7211679
percapitai~w |     86,628    .0276074    .0073126   .0158835   .0584864
bachelorde~w |     86,628    .2641339    .1047745   .1080629   .6672986
elderly_pc~w |     86,628    .1523385    .0332666    .081666   .2616547
-------------+---------------------------------------------------------
unemploy~m_w |     86,628    .0548413    .0212594   .0213925   .1200272
deposit_pe~3 |     86,628    .0415749    .3675193    .000551   15.62516

. 
. **firm level
. clear

. use "company_zip_month.dta",replace

. sort company_cfpb

. tempfile data

. save "`data'"
file ...\AppData\Local\Temp\ST_a324_000002.tmp saved as .dta format

. 
. use "cfpb_gvkey_kld.dta",replace

. replace minority_dummy=0 if minority_dummy==.
(25 real changes made)

. gen high=(board_diversity>=0.33)

. replace high=. if board_diversity==.
(10 real changes made, 10 to missing)

. 
. egen maxyr=max(year),by(company_cfpb)

. keep if year==maxyr
(0 observations deleted)

. drop if year<2016
(0 observations deleted)

. sort company_cfpb

. merge company_cfpb using "`data'"
(you are using old merge syntax; see [D] merge for new syntax)
(variable company_cfpb was str52, now str82 to accommodate using data's values)
variable company_cfpb does not uniquely identify observations in ...\AppData\Local\Temp\ST_a324_000002.tmp

. tab _merge

     _merge |      Freq.     Percent        Cum.
------------+-----------------------------------
          2 |    347,424       59.31       59.31
          3 |    238,364       40.69      100.00
------------+-----------------------------------
      Total |    585,788      100.00

. keep if _merge==3
(347,424 observations deleted)

. drop _merge

. 
. sort gvkey

. merge gvkey using firmsize
(you are using old merge syntax; see [D] merge for new syntax)
variable gvkey does not uniquely identify observations in the master data

. drop if _merge==2
(10,274 observations deleted)

. drop _merge

. gen lat=log(at)

. gen lsale=log(sale)

. replace mkvalt=csho*prcc_f if mkvalt==.
(17,164 real changes made)

. gen lmv=log(mkvalt)
(9,282 missing values generated)

. 
. egen stcode=group(state)

. 
. egen csr_std=std(csr_div)

. egen pro_std=std(pro_div_diff)

. 

. **#T3 Panel A
. reghdfe complaints_percapita_zip3_w i.state_month, noabsorb cluster(stcode gvkey)
(MWFE estimator converged in 1 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.
warning: missing F statistic; dropped variables due to collinearity or too few clusters
warning: variance matrix is nonsymmetric or highly singular.

HDFE Linear regression                            Number of obs   =    238,364
Absorbing 1 HDFE group                            F( 713,     50) =          .
Statistics robust to heteroskedasticity           Prob > F        =          .
                                                  R-squared       =     0.0124
                                                  Adj R-squared   =     0.0094
Number of clusters (stcode)  =         51         Within R-sq.    =     0.0124
Number of clusters (gvkey)   =         55         Root MSE        =     0.3266

                          (Std. err. adjusted for 51 clusters in stcode gvkey)
------------------------------------------------------------------------------
             |               Robust
complaints~w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
 state_month |
          2  |  -.0248861          .        .       .            .           .
          3  |  -.0189606          .        .       .            .           .
          4  |   .0044762          .        .       .            .           .
          5  |   .0016176          .        .       .            .           .
          6  |   .0388426          .        .       .            .           .
          7  |   .0063591          .        .       .            .           .
          8  |   .0592551          .        .       .            .           .
          9  |   .0636886          .        .       .            .           .
         10  |   .0859956          .        .       .            .           .
         11  |   .1416532          .        .       .            .           .
         12  |   .0705355          .        .       .            .           .
         13  |    .024846          .        .       .            .           .
         14  |   .0980149          .        .       .            .           .
         15  |   .0632193          .        .       .            .           .
         16  |   .0700738          .        .       .            .           .
         17  |   .0705608          .        .       .            .           .
         18  |   .0351501          .        .       .            .           .
         19  |   .0475323          .        .       .            .           .
         20  |   .0466203          .        .       .            .           .
         21  |   .0438127          .        .       .            .           .
         22  |   .0294595          .        .       .            .           .
         23  |   .0918208          .        .       .            .           .
         24  |   .1021244          .        .       .            .           .
         25  |   .1314145          .        .       .            .           .
         26  |   .1203535          .        .       .            .           .
         27  |   .1089763          .        .       .            .           .
         28  |    .127002          .        .       .            .           .
         29  |   .0215499          .        .       .            .           .
         30  |   .0381531          .        .       .            .           .
         31  |   .0344195          .        .       .            .           .
         32  |   .0523673          .        .       .            .           .
         33  |    .018227          .        .       .            .           .
         34  |   .0751922          .        .       .            .           .
         35  |   .0944124          .        .       .            .           .
         36  |   .1103274          .        .       .            .           .
         37  |   .1280258          .        .       .            .           .
         38  |   .1697528          .        .       .            .           .
         39  |   .1709288          .        .       .            .           .
         40  |    .153687          .        .       .            .           .
         41  |   .1541195          .        .       .            .           .
         42  |   .0712287          .        .       .            .           .
         43  |  -.0075972          .        .       .            .           .
         44  |   .0099404          .        .       .            .           .
         45  |    .006709          .        .       .            .           .
         46  |  -.0103695          .        .       .            .           .
         47  |  -.0245445          .        .       .            .           .
         48  |   .0009684          .        .       .            .           .
         49  |    .004476          .        .       .            .           .
         50  |   .0117046          .        .       .            .           .
         51  |   .0159764          .        .       .            .           .
         52  |   .0330282          .        .       .            .           .
         53  |   .0354581          .        .       .            .           .
         54  |   .0370956          .        .       .            .           .
         55  |    .049434          .        .       .            .           .
         56  |   .0302867          .        .       .            .           .
         57  |   .0604146          .        .       .            .           .
         58  |     .04017          .        .       .            .           .
         59  |   .0479601          .        .       .            .           .
         60  |   .0379039          .        .       .            .           .
         61  |   .0434896          .        .       .            .           .
         62  |   .0729231          .        .       .            .           .
         63  |   .0505545          .        .       .            .           .
         64  |   .0751226          .        .       .            .           .
         65  |   .0970377          .        .       .            .           .
         66  |   .0967707          .        .       .            .           .
         67  |   .0930729          .        .       .            .           .
         68  |   .0921176          .        .       .            .           .
         69  |   .0875593          .        .       .            .           .
         70  |   .0664447          .        .       .            .           .
         71  |   .0457983          .        .       .            .           .
         72  |   .0085219          .        .       .            .           .
         73  |   .0289642          .        .       .            .           .
         74  |   .0008595          .        .       .            .           .
         75  |   .0181415          .        .       .            .           .
         76  |   .0292392          .        .       .            .           .
         77  |   .0018818          .        .       .            .           .
         78  |   .0240418          .        .       .            .           .
         79  |   .0315408          .        .       .            .           .
         80  |   .0289059          .        .       .            .           .
         81  |   .0514334          .        .       .            .           .
         82  |   .0442988          .        .       .            .           .
         83  |   .0445652          .        .       .            .           .
         84  |   .0290342          .        .       .            .           .
         85  |   .0329228          .        .       .            .           .
         86  |   .0495632          .        .       .            .           .
         87  |   .0609949          .        .       .            .           .
         88  |   .0584394          .        .       .            .           .
         89  |   .0699806          .        .       .            .           .
         90  |   .0875484          .        .       .            .           .
         91  |   .0625463          .        .       .            .           .
         92  |   .0757999          .        .       .            .           .
         93  |   .0855113          .        .       .            .           .
         94  |   .0657596          .        .       .            .           .
         95  |   .0830035          .        .       .            .           .
         96  |   .0559531          .        .       .            .           .
         97  |   .0682657          .        .       .            .           .
         98  |   .0471216          .        .       .            .           .
         99  |   .1337241          .        .       .            .           .
        100  |   .1217048          .        .       .            .           .
        101  |   .1546266          .        .       .            .           .
        102  |   .1008023          .        .       .            .           .
        103  |   .0751965          .        .       .            .           .
        104  |   .1352914          .        .       .            .           .
        105  |   .1264081          .        .       .            .           .
        106  |   .1133436          .        .       .            .           .
        107  |   .1316334          .        .       .            .           .
        108  |   .1352914          .        .       .            .           .
        109  |   .1755291          .        .       .            .           .
        110  |   .1671678          .        .       .            .           .
        111  |   .1389494          .        .       .            .           .
        112  |   .1206595          .        .       .            .           .
        113  |   .0497853          .        .       .            .           .
        114  |   .0927347          .        .       .            .           .
        115  |    .080198          .        .       .            .           .
        116  |   .0919638          .        .       .            .           .
        117  |   .0123833          .        .       .            .           .
        118  |   .1013296          .        .       .            .           .
        119  |   .0321688          .        .       .            .           .
        120  |   .0934714          .        .       .            .           .
        121  |   .1309362          .        .       .            .           .
        122  |    .127044          .        .       .            .           .
        123  |   .1398906          .        .       .            .           .
        124  |   .1396736          .        .       .            .           .
        125  |   .1485673          .        .       .            .           .
        126  |   .1073615          .        .       .            .           .
        127  |   .0509046          .        .       .            .           .
        128  |   .0537032          .        .       .            .           .
        129  |   .0489737          .        .       .            .           .
        130  |   .0328326          .        .       .            .           .
        131  |   .0277637          .        .       .            .           .
        132  |   .0527563          .        .       .            .           .
        133  |    .047821          .        .       .            .           .
        134  |   .0556312          .        .       .            .           .
        135  |   .0769821          .        .       .            .           .
        136  |    .075253          .        .       .            .           .
        137  |   .0856038          .        .       .            .           .
        138  |   .0954593          .        .       .            .           .
        139  |   .0758797          .        .       .            .           .
        140  |   .0693113          .        .       .            .           .
        141  |   .0612586          .        .       .            .           .
        142  |   .0415572          .        .       .            .           .
        143  |   .0505079          .        .       .            .           .
        144  |   .0476057          .        .       .            .           .
        145  |   .0492654          .        .       .            .           .
        146  |   .0493987          .        .       .            .           .
        147  |   .0495564          .        .       .            .           .
        148  |   .0712187          .        .       .            .           .
        149  |   .0830347          .        .       .            .           .
        150  |   .0936084          .        .       .            .           .
        151  |   .1079495          .        .       .            .           .
        152  |   .1091611          .        .       .            .           .
        153  |   .1052146          .        .       .            .           .
        154  |   .0942356          .        .       .            .           .
        155  |   .0271222          .        .       .            .           .
        156  |  -.0191808          .        .       .            .           .
        157  |  -.0039636          .        .       .            .           .
        158  |  -.0069246          .        .       .            .           .
        159  |  -.0171568          .        .       .            .           .
        160  |  -.0141958          .        .       .            .           .
        161  |  -.0012089          .        .       .            .           .
        162  |   .0314559          .        .       .            .           .
        163  |   .0398307          .        .       .            .           .
        164  |   -.002352          .        .       .            .           .
        165  |   .0010214          .        .       .            .           .
        166  |  -.0119096          .        .       .            .           .
        167  |    .022573          .        .       .            .           .
        168  |  -.0350728          .        .       .            .           .
        169  |   .0821625          .        .       .            .           .
        170  |   .0095541          .        .       .            .           .
        171  |   .0569481          .        .       .            .           .
        172  |   .0036635          .        .       .            .           .
        173  |   .0094697          .        .       .            .           .
        174  |   .0153187          .        .       .            .           .
        175  |   .0261866          .        .       .            .           .
        176  |   .0303693          .        .       .            .           .
        177  |   .0348795          .        .       .            .           .
        178  |   .0234709          .        .       .            .           .
        179  |   .0297288          .        .       .            .           .
        180  |   .0169513          .        .       .            .           .
        181  |   .0181785          .        .       .            .           .
        182  |     .01164          .        .       .            .           .
        183  |   .0481138          .        .       .            .           .
        184  |   .0222039          .        .       .            .           .
        185  |   .0377906          .        .       .            .           .
        186  |   .0025755          .        .       .            .           .
        187  |  -.0416599          .        .       .            .           .
        188  |  -.0028168          .        .       .            .           .
        189  |   .0072925          .        .       .            .           .
        190  |   .0381158          .        .       .            .           .
        191  |   .0137068          .        .       .            .           .
        192  |   .0264506          .        .       .            .           .
        193  |   .0167436          .        .       .            .           .
        194  |   .0692028          .        .       .            .           .
        195  |   .0486548          .        .       .            .           .
        196  |   .0050452          .        .       .            .           .
        197  |   .0310297          .        .       .            .           .
        198  |   .0228968          .        .       .            .           .
        199  |   .0198735          .        .       .            .           .
        200  |   .0205626          .        .       .            .           .
        201  |   .0229138          .        .       .            .           .
        202  |   .0236836          .        .       .            .           .
        203  |   .0065124          .        .       .            .           .
        204  |   .0341258          .        .       .            .           .
        205  |   .0528908          .        .       .            .           .
        206  |   .0521119          .        .       .            .           .
        207  |   .0628438          .        .       .            .           .
        208  |   .0755595          .        .       .            .           .
        209  |   .0704075          .        .       .            .           .
        210  |   .0485515          .        .       .            .           .
        211  |   .0049638          .        .       .            .           .
        212  |   .0024416          .        .       .            .           .
        213  |   .0029777          .        .       .            .           .
        214  |  -.0130548          .        .       .            .           .
        215  |   -.005188          .        .       .            .           .
        216  |  -.0144596          .        .       .            .           .
        217  |  -.0118212          .        .       .            .           .
        218  |  -.0091919          .        .       .            .           .
        219  |   .0215645          .        .       .            .           .
        220  |   .0002268          .        .       .            .           .
        221  |   .0496168          .        .       .            .           .
        222  |    .046872          .        .       .            .           .
        223  |   .0141596          .        .       .            .           .
        224  |    .033069          .        .       .            .           .
        225  |   .0523259          .        .       .            .           .
        226  |   .0311622          .        .       .            .           .
        227  |  -.0175118          .        .       .            .           .
        228  |   .0465769          .        .       .            .           .
        229  |   .0193564          .        .       .            .           .
        230  |   .0587158          .        .       .            .           .
        231  |   .0032476          .        .       .            .           .
        232  |   .0340435          .        .       .            .           .
        233  |   .0193379          .        .       .            .           .
        234  |   .0857391          .        .       .            .           .
        235  |  -.0065077          .        .       .            .           .
        236  |  -.0096401          .        .       .            .           .
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        625  |   .0862292          .        .       .            .           .
        626  |    .117497          .        .       .            .           .
        627  |   .0903591          .        .       .            .           .
        628  |   .0745098          .        .       .            .           .
        629  |   .0447914          .        .       .            .           .
        630  |   .0780161          .        .       .            .           .
        631  |   .0362811          .        .       .            .           .
        632  |   .0133896          .        .       .            .           .
        633  |   .0121794          .        .       .            .           .
        634  |   .0218835          .        .       .            .           .
        635  |   .0231332          .        .       .            .           .
        636  |   .0199401          .        .       .            .           .
        637  |   .0238447          .        .       .            .           .
        638  |   .0540213          .        .       .            .           .
        639  |   .0557355          .        .       .            .           .
        640  |   .0731081          .        .       .            .           .
        641  |   .0685472          .        .       .            .           .
        642  |   .0768284          .        .       .            .           .
        643  |   .0789901          .        .       .            .           .
        644  |    .083781          .        .       .            .           .
        645  |  -.0265499          .        .       .            .           .
        646  |   .0061251          .        .       .            .           .
        647  |  -.0206902          .        .       .            .           .
        648  |  -.0381385          .        .       .            .           .
        649  |   .0423973          .        .       .            .           .
        650  |   .0762627          .        .       .            .           .
        651  |   .1499608          .        .       .            .           .
        652  |   .0148226          .        .       .            .           .
        653  |   .0129375          .        .       .            .           .
        654  |   .0021329          .        .       .            .           .
        655  |   .0020232          .        .       .            .           .
        656  |   .0050733          .        .       .            .           .
        657  |   .0751711          .        .       .            .           .
        658  |   .1173884          .        .       .            .           .
        659  |   .0000952          .        .       .            .           .
        660  |  -.0190406          .        .       .            .           .
        661  |   .0001858          .        .       .            .           .
        662  |   -.007648          .        .       .            .           .
        663  |  -.0255765          .        .       .            .           .
        664  |  -.0184725          .        .       .            .           .
        665  |  -.0019274          .        .       .            .           .
        666  |  -.0081063          .        .       .            .           .
        667  |   -.010799          .        .       .            .           .
        668  |  -.0004477          .        .       .            .           .
        669  |   .0086751          .        .       .            .           .
        670  |   .0148479          .        .       .            .           .
        671  |   .0008822          .        .       .            .           .
        672  |   .0318115          .        .       .            .           .
        673  |   .0210948          .        .       .            .           .
        674  |  -.0125411          .        .       .            .           .
        675  |  -.0023482          .        .       .            .           .
        676  |   .0008781          .        .       .            .           .
        677  |  -.0063728          .        .       .            .           .
        678  |  -.0073307          .        .       .            .           .
        679  |   -.014919          .        .       .            .           .
        680  |  -.0110766          .        .       .            .           .
        681  |   .0278309          .        .       .            .           .
        682  |   .0036128          .        .       .            .           .
        683  |   .0214193          .        .       .            .           .
        684  |   .0232049          .        .       .            .           .
        685  |   .0092414          .        .       .            .           .
        686  |   .0048283          .        .       .            .           .
        687  |    .019922          .        .       .            .           .
        688  |   .0389444          .        .       .            .           .
        689  |   .0379896          .        .       .            .           .
        690  |   .0779482          .        .       .            .           .
        691  |   .0035255          .        .       .            .           .
        692  |  -.0089287          .        .       .            .           .
        693  |   .0065218          .        .       .            .           .
        694  |   .0569454          .        .       .            .           .
        695  |   .0490478          .        .       .            .           .
        696  |   .0668634          .        .       .            .           .
        697  |    .040045          .        .       .            .           .
        698  |   .1227314          .        .       .            .           .
        699  |   .1001774          .        .       .            .           .
        700  |   .0158712          .        .       .            .           .
        701  |   .1871772          .        .       .            .           .
        702  |   .1544313          .        .       .            .           .
        703  |   .0952107          .        .       .            .           .
        704  |   .1145472          .        .       .            .           .
        705  |   .1742409          .        .       .            .           .
        706  |   .2399154          .        .       .            .           .
        707  |   .0773406          .        .       .            .           .
        708  |   .0323665          .        .       .            .           .
        709  |   .1100125          .        .       .            .           .
        710  |   .1595213          .        .       .            .           .
        711  |   .0165966          .        .       .            .           .
        712  |   .0842928          .        .       .            .           .
        713  |   .0296151          .        .       .            .           .
        714  |   .0263084          .        .       .            .           .
             |
       _cons |   .0784382          .        .       .            .           .
------------------------------------------------------------------------------

. 

. reghdfe complaints_percapita_zip3_w i.state_month, absorb(zip3) cluster(stcode gvkey)
(MWFE estimator converged in 1 iterations)
note: 28.state_month omitted because of collinearity
note: 42.state_month omitted because of collinearity
note: 56.state_month omitted because of collinearity
note: 70.state_month omitted because of collinearity
note: 84.state_month omitted because of collinearity
note: 98.state_month omitted because of collinearity
note: 112.state_month omitted because of collinearity
note: 126.state_month omitted because of collinearity
note: 140.state_month omitted because of collinearity
note: 154.state_month omitted because of collinearity
note: 168.state_month omitted because of collinearity
note: 182.state_month omitted because of collinearity
note: 196.state_month omitted because of collinearity
note: 210.state_month omitted because of collinearity
note: 224.state_month omitted because of collinearity
note: 238.state_month omitted because of collinearity
note: 252.state_month omitted because of collinearity
note: 266.state_month omitted because of collinearity
note: 280.state_month omitted because of collinearity
note: 294.state_month omitted because of collinearity
note: 308.state_month omitted because of collinearity
note: 322.state_month omitted because of collinearity
note: 336.state_month omitted because of collinearity
note: 350.state_month omitted because of collinearity
note: 364.state_month omitted because of collinearity
note: 378.state_month omitted because of collinearity
note: 392.state_month omitted because of collinearity
note: 406.state_month omitted because of collinearity
note: 420.state_month omitted because of collinearity
note: 434.state_month omitted because of collinearity
note: 448.state_month omitted because of collinearity
note: 462.state_month omitted because of collinearity
note: 476.state_month omitted because of collinearity
note: 490.state_month omitted because of collinearity
note: 504.state_month omitted because of collinearity
note: 518.state_month omitted because of collinearity
note: 532.state_month omitted because of collinearity
note: 546.state_month omitted because of collinearity
note: 560.state_month omitted because of collinearity
note: 574.state_month omitted because of collinearity
note: 588.state_month omitted because of collinearity
note: 602.state_month omitted because of collinearity
note: 616.state_month omitted because of collinearity
note: 630.state_month omitted because of collinearity
note: 644.state_month omitted because of collinearity
note: 658.state_month omitted because of collinearity
note: 672.state_month omitted because of collinearity
note: 686.state_month omitted because of collinearity
note: 700.state_month omitted because of collinearity
note: 714.state_month omitted because of collinearity
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.
warning: missing F statistic; dropped variables due to collinearity or too few clusters
warning: variance matrix is nonsymmetric or highly singular.

HDFE Linear regression                            Number of obs   =    238,364
Absorbing 1 HDFE group                            F( 663,     50) =          .
Statistics robust to heteroskedasticity           Prob > F        =          .
                                                  R-squared       =     0.0331
                                                  Adj R-squared   =     0.0269
Number of clusters (stcode)  =         51         Within R-sq.    =     0.0065
Number of clusters (gvkey)   =         55         Root MSE        =     0.3237

                          (Std. err. adjusted for 51 clusters in stcode gvkey)
------------------------------------------------------------------------------
             |               Robust
complaints~w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
 state_month |
          2  |  -.0248861          .        .       .            .           .
          3  |  -.0189606          .        .       .            .           .
          4  |   .0044762          .        .       .            .           .
          5  |   .0016176          .        .       .            .           .
          6  |   .0388426          .        .       .            .           .
          7  |   .0063591          .        .       .            .           .
          8  |   .0592551          .        .       .            .           .
          9  |   .0636886          .        .       .            .           .
         10  |   .0859956          .        .       .            .           .
         11  |   .1416532          .        .       .            .           .
         12  |   .0705355          .        .       .            .           .
         13  |    .024846          .        .       .            .           .
         14  |   .0980149          .        .       .            .           .
         15  |  -.0637827          .        .       .            .           .
         16  |  -.0569283          .        .       .            .           .
         17  |  -.0564412          .        .       .            .           .
         18  |  -.0918519          .        .       .            .           .
         19  |  -.0794697          .        .       .            .           .
         20  |  -.0803817          .        .       .            .           .
         21  |  -.0831893          .        .       .            .           .
         22  |  -.0975425          .        .       .            .           .
         23  |  -.0351812          .        .       .            .           .
         24  |  -.0248776          .        .       .            .           .
         25  |   .0044125          .        .       .            .           .
         26  |  -.0066486          .        .       .            .           .
         27  |  -.0180258          .        .       .            .           .
         28  |          0  (omitted)
         29  |  -.0496789          .        .       .            .           .
         30  |  -.0330756          .        .       .            .           .
         31  |  -.0368093          .        .       .            .           .
         32  |  -.0188614          .        .       .            .           .
         33  |  -.0530017          .        .       .            .           .
         34  |   .0039635          .        .       .            .           .
         35  |   .0231837          .        .       .            .           .
         36  |   .0390987          .        .       .            .           .
         37  |   .0567971          .        .       .            .           .
         38  |   .0985241          .        .       .            .           .
         39  |   .0997001          .        .       .            .           .
         40  |   .0824583          .        .       .            .           .
         41  |   .0828908          .        .       .            .           .
         42  |          0  (omitted)
         43  |   -.037884          .        .       .            .           .
         44  |  -.0203463          .        .       .            .           .
         45  |  -.0235777          .        .       .            .           .
         46  |  -.0406562          .        .       .            .           .
         47  |  -.0548312          .        .       .            .           .
         48  |  -.0293183          .        .       .            .           .
         49  |  -.0258107          .        .       .            .           .
         50  |  -.0185821          .        .       .            .           .
         51  |  -.0143104          .        .       .            .           .
         52  |   .0027414          .        .       .            .           .
         53  |   .0051713          .        .       .            .           .
         54  |   .0068089          .        .       .            .           .
         55  |   .0191472          .        .       .            .           .
         56  |          0  (omitted)
         57  |  -.0060301          .        .       .            .           .
         58  |  -.0262747          .        .       .            .           .
         59  |  -.0184846          .        .       .            .           .
         60  |  -.0285408          .        .       .            .           .
         61  |  -.0229551          .        .       .            .           .
         62  |   .0064784          .        .       .            .           .
         63  |  -.0158902          .        .       .            .           .
         64  |   .0086779          .        .       .            .           .
         65  |    .030593          .        .       .            .           .
         66  |    .030326          .        .       .            .           .
         67  |   .0266282          .        .       .            .           .
         68  |   .0256729          .        .       .            .           .
         69  |   .0211146          .        .       .            .           .
         70  |          0  (omitted)
         71  |   .0167641          .        .       .            .           .
         72  |  -.0205123          .        .       .            .           .
         73  |    -.00007          .        .       .            .           .
         74  |  -.0281747          .        .       .            .           .
         75  |  -.0108927          .        .       .            .           .
         76  |    .000205          .        .       .            .           .
         77  |  -.0271524          .        .       .            .           .
         78  |  -.0049924          .        .       .            .           .
         79  |   .0025066          .        .       .            .           .
         80  |  -.0001283          .        .       .            .           .
         81  |   .0223992          .        .       .            .           .
         82  |   .0152646          .        .       .            .           .
         83  |    .015531          .        .       .            .           .
         84  |          0  (omitted)
         85  |  -.0141988          .        .       .            .           .
         86  |   .0024415          .        .       .            .           .
         87  |   .0138733          .        .       .            .           .
         88  |   .0113177          .        .       .            .           .
         89  |    .022859          .        .       .            .           .
         90  |   .0404267          .        .       .            .           .
         91  |   .0154247          .        .       .            .           .
         92  |   .0286783          .        .       .            .           .
         93  |   .0383897          .        .       .            .           .
         94  |    .018638          .        .       .            .           .
         95  |   .0358819          .        .       .            .           .
         96  |   .0088315          .        .       .            .           .
         97  |   .0211441          .        .       .            .           .
         98  |          0  (omitted)
         99  |   .0130645          .        .       .            .           .
        100  |   .0010453          .        .       .            .           .
        101  |    .033967          .        .       .            .           .
        102  |  -.0198572          .        .       .            .           .
        103  |   -.045463          .        .       .            .           .
        104  |   .0146319          .        .       .            .           .
        105  |   .0057486          .        .       .            .           .
        106  |  -.0073159          .        .       .            .           .
        107  |   .0109739          .        .       .            .           .
        108  |   .0146319          .        .       .            .           .
        109  |   .0548696          .        .       .            .           .
        110  |   .0465083          .        .       .            .           .
        111  |   .0182899          .        .       .            .           .
        112  |          0  (omitted)
        113  |  -.0575763          .        .       .            .           .
        114  |  -.0146268          .        .       .            .           .
        115  |  -.0271636          .        .       .            .           .
        116  |  -.0153978          .        .       .            .           .
        117  |  -.0949782          .        .       .            .           .
        118  |  -.0060319          .        .       .            .           .
        119  |  -.0751928          .        .       .            .           .
        120  |  -.0138902          .        .       .            .           .
        121  |   .0235747          .        .       .            .           .
        122  |   .0196825          .        .       .            .           .
        123  |   .0325291          .        .       .            .           .
        124  |    .032312          .        .       .            .           .
        125  |   .0412057          .        .       .            .           .
        126  |          0  (omitted)
        127  |  -.0184067          .        .       .            .           .
        128  |  -.0156081          .        .       .            .           .
        129  |  -.0203377          .        .       .            .           .
        130  |  -.0364787          .        .       .            .           .
        131  |  -.0415476          .        .       .            .           .
        132  |   -.016555          .        .       .            .           .
        133  |  -.0214903          .        .       .            .           .
        134  |  -.0136801          .        .       .            .           .
        135  |   .0076707          .        .       .            .           .
        136  |   .0059417          .        .       .            .           .
        137  |   .0162925          .        .       .            .           .
        138  |    .026148          .        .       .            .           .
        139  |   .0065684          .        .       .            .           .
        140  |          0  (omitted)
        141  |   -.032977          .        .       .            .           .
        142  |  -.0526784          .        .       .            .           .
        143  |  -.0437277          .        .       .            .           .
        144  |  -.0466299          .        .       .            .           .
        145  |  -.0449702          .        .       .            .           .
        146  |  -.0448369          .        .       .            .           .
        147  |  -.0446792          .        .       .            .           .
        148  |  -.0230168          .        .       .            .           .
        149  |  -.0112009          .        .       .            .           .
        150  |  -.0006272          .        .       .            .           .
        151  |   .0137139          .        .       .            .           .
        152  |   .0149255          .        .       .            .           .
        153  |    .010979          .        .       .            .           .
        154  |          0  (omitted)
        155  |    .062195          .        .       .            .           .
        156  |   .0158919          .        .       .            .           .
        157  |   .0311092          .        .       .            .           .
        158  |   .0281482          .        .       .            .           .
        159  |    .017916          .        .       .            .           .
        160  |   .0208769          .        .       .            .           .
        161  |   .0338639          .        .       .            .           .
        162  |   .0665287          .        .       .            .           .
        163  |   .0749034          .        .       .            .           .
        164  |   .0327208          .        .       .            .           .
        165  |   .0360942          .        .       .            .           .
        166  |   .0231632          .        .       .            .           .
        167  |   .0576458          .        .       .            .           .
        168  |          0  (omitted)
        169  |   .0705225          .        .       .            .           .
        170  |  -.0020859          .        .       .            .           .
        171  |   .0453081          .        .       .            .           .
        172  |  -.0079766          .        .       .            .           .
        173  |  -.0021703          .        .       .            .           .
        174  |   .0036787          .        .       .            .           .
        175  |   .0145466          .        .       .            .           .
        176  |   .0187293          .        .       .            .           .
        177  |   .0232395          .        .       .            .           .
        178  |   .0118309          .        .       .            .           .
        179  |   .0180888          .        .       .            .           .
        180  |   .0053113          .        .       .            .           .
        181  |   .0065385          .        .       .            .           .
        182  |          0  (omitted)
        183  |   .0430686          .        .       .            .           .
        184  |   .0171587          .        .       .            .           .
        185  |   .0327454          .        .       .            .           .
        186  |  -.0024698          .        .       .            .           .
        187  |  -.0467052          .        .       .            .           .
        188  |  -.0078621          .        .       .            .           .
        189  |   .0022472          .        .       .            .           .
        190  |   .0330706          .        .       .            .           .
        191  |   .0086616          .        .       .            .           .
        192  |   .0214054          .        .       .            .           .
        193  |   .0116984          .        .       .            .           .
        194  |   .0641575          .        .       .            .           .
        195  |   .0436096          .        .       .            .           .
        196  |          0  (omitted)
        197  |  -.0175218          .        .       .            .           .
        198  |  -.0256548          .        .       .            .           .
        199  |   -.028678          .        .       .            .           .
        200  |   -.027989          .        .       .            .           .
        201  |  -.0256377          .        .       .            .           .
        202  |  -.0248679          .        .       .            .           .
        203  |  -.0420391          .        .       .            .           .
        204  |  -.0144257          .        .       .            .           .
        205  |   .0043393          .        .       .            .           .
        206  |   .0035604          .        .       .            .           .
        207  |   .0142923          .        .       .            .           .
        208  |    .027008          .        .       .            .           .
        209  |    .021856          .        .       .            .           .
        210  |          0  (omitted)
        211  |  -.0281052          .        .       .            .           .
        212  |  -.0306274          .        .       .            .           .
        213  |  -.0300914          .        .       .            .           .
        214  |  -.0461239          .        .       .            .           .
        215  |  -.0382571          .        .       .            .           .
        216  |  -.0475286          .        .       .            .           .
        217  |  -.0448902          .        .       .            .           .
        218  |  -.0422609          .        .       .            .           .
        219  |  -.0115045          .        .       .            .           .
        220  |  -.0328422          .        .       .            .           .
        221  |   .0165478          .        .       .            .           .
        222  |    .013803          .        .       .            .           .
        223  |  -.0189094          .        .       .            .           .
        224  |          0  (omitted)
        225  |    -.01867          .        .       .            .           .
        226  |  -.0398336          .        .       .            .           .
        227  |  -.0885076          .        .       .            .           .
        228  |   -.024419          .        .       .            .           .
        229  |  -.0516395          .        .       .            .           .
        230  |    -.01228          .        .       .            .           .
        231  |  -.0677482          .        .       .            .           .
        232  |  -.0369523          .        .       .            .           .
        233  |   -.051658          .        .       .            .           .
        234  |   .0147433          .        .       .            .           .
        235  |  -.0775035          .        .       .            .           .
        236  |  -.0806359          .        .       .            .           .
        237  |  -.0393244          .        .       .            .           .
        238  |          0  (omitted)
        239  |  -.0185309          .        .       .            .           .
        240  |   -.039578          .        .       .            .           .
        241  |  -.0424857          .        .       .            .           .
        242  |   -.053787          .        .       .            .           .
        243  |   -.065308          .        .       .            .           .
        244  |  -.0438955          .        .       .            .           .
        245  |  -.0161867          .        .       .            .           .
        246  |  -.0441522          .        .       .            .           .
        247  |   .0441198          .        .       .            .           .
        248  |   .0434964          .        .       .            .           .
        249  |   .0616502          .        .       .            .           .
        250  |   .0481678          .        .       .            .           .
        251  |   .0123336          .        .       .            .           .
        252  |          0  (omitted)
        253  |  -.0314673          .        .       .            .           .
        254  |  -.0595221          .        .       .            .           .
        255  |  -.0406732          .        .       .            .           .
        256  |  -.0400264          .        .       .            .           .
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        654  |  -.1152554          .        .       .            .           .
        655  |  -.1153652          .        .       .            .           .
        656  |   -.112315          .        .       .            .           .
        657  |  -.0422173          .        .       .            .           .
        658  |          0  (omitted)
        659  |  -.0317163          .        .       .            .           .
        660  |  -.0508521          .        .       .            .           .
        661  |  -.0316257          .        .       .            .           .
        662  |  -.0394595          .        .       .            .           .
        663  |   -.057388          .        .       .            .           .
        664  |  -.0502839          .        .       .            .           .
        665  |  -.0337389          .        .       .            .           .
        666  |  -.0399178          .        .       .            .           .
        667  |  -.0426105          .        .       .            .           .
        668  |  -.0322592          .        .       .            .           .
        669  |  -.0231364          .        .       .            .           .
        670  |  -.0169636          .        .       .            .           .
        671  |  -.0309293          .        .       .            .           .
        672  |          0  (omitted)
        673  |   .0162665          .        .       .            .           .
        674  |  -.0173695          .        .       .            .           .
        675  |  -.0071765          .        .       .            .           .
        676  |  -.0039502          .        .       .            .           .
        677  |  -.0112011          .        .       .            .           .
        678  |   -.012159          .        .       .            .           .
        679  |  -.0197473          .        .       .            .           .
        680  |  -.0159049          .        .       .            .           .
        681  |   .0230025          .        .       .            .           .
        682  |  -.0012156          .        .       .            .           .
        683  |    .016591          .        .       .            .           .
        684  |   .0183766          .        .       .            .           .
        685  |   .0044131          .        .       .            .           .
        686  |          0  (omitted)
        687  |   .0040508          .        .       .            .           .
        688  |   .0230733          .        .       .            .           .
        689  |   .0221185          .        .       .            .           .
        690  |   .0620771          .        .       .            .           .
        691  |  -.0123456          .        .       .            .           .
        692  |  -.0247998          .        .       .            .           .
        693  |  -.0093493          .        .       .            .           .
        694  |   .0410743          .        .       .            .           .
        695  |   .0331766          .        .       .            .           .
        696  |   .0509922          .        .       .            .           .
        697  |   .0241738          .        .       .            .           .
        698  |   .1068602          .        .       .            .           .
        699  |   .0843063          .        .       .            .           .
        700  |          0  (omitted)
        701  |   .1608688          .        .       .            .           .
        702  |   .1281229          .        .       .            .           .
        703  |   .0689023          .        .       .            .           .
        704  |   .0882388          .        .       .            .           .
        705  |   .1479325          .        .       .            .           .
        706  |    .213607          .        .       .            .           .
        707  |   .0510322          .        .       .            .           .
        708  |   .0060581          .        .       .            .           .
        709  |   .0837041          .        .       .            .           .
        710  |   .1332129          .        .       .            .           .
        711  |  -.0097118          .        .       .            .           .
        712  |   .0579844          .        .       .            .           .
        713  |   .0033067          .        .       .            .           .
        714  |          0  (omitted)
             |
       _cons |    .138468          .        .       .            .           .
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        zip3 |       870         870           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. reghdfe complaints_percapita_zip3_w i.state_month, absorb(zip3 company_cfpb) cluster(stcode gvkey)
(MWFE estimator converged in 6 iterations)
note: 28.state_month omitted because of collinearity
note: 42.state_month omitted because of collinearity
note: 56.state_month omitted because of collinearity
note: 70.state_month omitted because of collinearity
note: 84.state_month omitted because of collinearity
note: 98.state_month omitted because of collinearity
note: 112.state_month omitted because of collinearity
note: 126.state_month omitted because of collinearity
note: 140.state_month omitted because of collinearity
note: 154.state_month omitted because of collinearity
note: 168.state_month omitted because of collinearity
note: 182.state_month omitted because of collinearity
note: 196.state_month omitted because of collinearity
note: 210.state_month omitted because of collinearity
note: 224.state_month omitted because of collinearity
note: 238.state_month omitted because of collinearity
note: 252.state_month omitted because of collinearity
note: 266.state_month omitted because of collinearity
note: 280.state_month omitted because of collinearity
note: 294.state_month omitted because of collinearity
note: 308.state_month omitted because of collinearity
note: 322.state_month omitted because of collinearity
note: 336.state_month omitted because of collinearity
note: 350.state_month omitted because of collinearity
note: 364.state_month omitted because of collinearity
note: 378.state_month omitted because of collinearity
note: 392.state_month omitted because of collinearity
note: 406.state_month omitted because of collinearity
note: 420.state_month omitted because of collinearity
note: 434.state_month omitted because of collinearity
note: 448.state_month omitted because of collinearity
note: 462.state_month omitted because of collinearity
note: 476.state_month omitted because of collinearity
note: 490.state_month omitted because of collinearity
note: 504.state_month omitted because of collinearity
note: 518.state_month omitted because of collinearity
note: 532.state_month omitted because of collinearity
note: 546.state_month omitted because of collinearity
note: 560.state_month omitted because of collinearity
note: 574.state_month omitted because of collinearity
note: 588.state_month omitted because of collinearity
note: 602.state_month omitted because of collinearity
note: 616.state_month omitted because of collinearity
note: 630.state_month omitted because of collinearity
note: 644.state_month omitted because of collinearity
note: 658.state_month omitted because of collinearity
note: 672.state_month omitted because of collinearity
note: 686.state_month omitted because of collinearity
note: 700.state_month omitted because of collinearity
note: 714.state_month omitted because of collinearity
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.
warning: missing F statistic; dropped variables due to collinearity or too few clusters

HDFE Linear regression                            Number of obs   =    238,364
Absorbing 2 HDFE groups                           F( 663,     50) =          .
Statistics robust to heteroskedasticity           Prob > F        =          .
                                                  R-squared       =     0.3372
                                                  Adj R-squared   =     0.3328
Number of clusters (stcode)  =         51         Within R-sq.    =     0.0094
Number of clusters (gvkey)   =         55         Root MSE        =     0.2681

                          (Std. err. adjusted for 51 clusters in stcode gvkey)
------------------------------------------------------------------------------
             |               Robust
complaints~w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
 state_month |
          2  |  -.0248861   .0430817    -0.58   0.566    -.1114181     .061646
          3  |  -.0189606   .0451269    -0.42   0.676    -.1096007    .0716795
          4  |   .0044762   .0551794     0.08   0.936    -.1063549    .1153072
          5  |   .0016176    .045698     0.04   0.972    -.0901695    .0934047
          6  |   .0388426   .0490427     0.79   0.432    -.0596626    .1373477
          7  |   .0063591   .0436874     0.15   0.885    -.0813897    .0941078
          8  |   .0592551   .0476983     1.24   0.220    -.0365498      .15506
          9  |   .0636886   .0477673     1.33   0.188    -.0322548     .159632
         10  |   .0859956   .0954746     0.90   0.372    -.1057708     .277762
         11  |   .1416532   .1050757     1.35   0.184    -.0693975    .3527039
         12  |   .0705355   .0545165     1.29   0.202    -.0389641    .1800351
         13  |    .024846   .0602788     0.41   0.682    -.0962275    .1459195
         14  |   .0980149   .0753552     1.30   0.199    -.0533405    .2493702
         15  |  -.0637827   .0385518    -1.65   0.104    -.1412163    .0136508
         16  |  -.0569283   .0226893    -2.51   0.015    -.1025011   -.0113555
         17  |  -.0564412   .0334491    -1.69   0.098    -.1236257    .0107432
         18  |  -.0918519   .0555372    -1.65   0.104    -.2034017     .019698
         19  |  -.0794697   .0384151    -2.07   0.044    -.1566286   -.0023108
         20  |  -.0803817   .0331342    -2.43   0.019    -.1469338   -.0138297
         21  |  -.0831893   .0474331    -1.75   0.086    -.1784616     .012083
         22  |  -.0975425   .0489335    -1.99   0.052    -.1958284    .0007433
         23  |  -.0351812   .0272957    -1.29   0.203    -.0900063    .0196439
         24  |  -.0248776   .0161119    -1.54   0.129    -.0572393    .0074841
         25  |   .0044125   .0155562     0.28   0.778    -.0268331     .035658
         26  |  -.0066486   .0101624    -0.65   0.516    -.0270603    .0137632
         27  |  -.0180258   .0174722    -1.03   0.307    -.0531196    .0170681
         28  |          0  (omitted)
         29  |  -.0496789    .025474    -1.95   0.057    -.1008449    .0014872
         30  |  -.0330756   .0205289    -1.61   0.113    -.0743091    .0081578
         31  |  -.0368093   .0212452    -1.73   0.089    -.0794816    .0058631
         32  |  -.0188614   .0305996    -0.62   0.540    -.0803224    .0425996
         33  |  -.0530017   .0269829    -1.96   0.055    -.1071984     .001195
         34  |   .0039635   .0147348     0.27   0.789    -.0256321    .0335591
         35  |   .0231837   .0321528     0.72   0.474    -.0413972    .0877645
         36  |   .0390987   .0346767     1.13   0.265    -.0305515    .1087489
         37  |   .0567971   .0344511     1.65   0.105    -.0123999     .125994
         38  |   .0985241   .0413004     2.39   0.021     .0155698    .1814784
         39  |   .0997001    .047175     2.11   0.040     .0049462    .1944539
         40  |   .0824583   .0458403     1.80   0.078    -.0096148    .1745313
         41  |   .0828908    .053379     1.55   0.127    -.0243242    .1901057
         42  |          0  (omitted)
         43  |   -.037884    .016613    -2.28   0.027    -.0712521   -.0045158
         44  |  -.0203463   .0175601    -1.16   0.252    -.0556169    .0149243
         45  |  -.0235777   .0189066    -1.25   0.218    -.0615527    .0143972
         46  |  -.0406562   .0210808    -1.93   0.059    -.0829982    .0016857
         47  |  -.0548312   .0224164    -2.45   0.018    -.0998558   -.0098066
         48  |  -.0293183   .0216561    -1.35   0.182    -.0728158    .0141792
         49  |  -.0258107   .0148346    -1.74   0.088    -.0556069    .0039856
         50  |  -.0185821   .0142637    -1.30   0.199    -.0472315    .0100674
         51  |  -.0143104   .0090248    -1.59   0.119    -.0324373    .0038166
         52  |   .0027414   .0190714     0.14   0.886    -.0355646    .0410475
         53  |   .0051713   .0092813     0.56   0.580    -.0134708    .0238134
         54  |   .0068089   .0145776     0.47   0.642    -.0224711    .0360888
         55  |   .0191472   .0155434     1.23   0.224    -.0120727    .0503672
         56  |          0  (omitted)
         57  |  -.0060301   .0141529    -0.43   0.672     -.034457    .0223968
         58  |  -.0262747   .0171168    -1.54   0.131    -.0606549    .0081055
         59  |  -.0184846   .0181315    -1.02   0.313    -.0549027    .0179335
         60  |  -.0285408   .0167336    -1.71   0.094    -.0621512    .0050697
         61  |  -.0229551   .0131712    -1.74   0.088    -.0494103    .0035001
         62  |   .0064784   .0086488     0.75   0.457    -.0108932    .0238501
         63  |  -.0158902   .0103461    -1.54   0.131    -.0366709    .0048905
         64  |   .0086779   .0053025     1.64   0.108    -.0019724    .0193283
         65  |    .030593   .0071161     4.30   0.000        .0163     .044886
         66  |    .030326   .0122273     2.48   0.017     .0057667    .0548854
         67  |   .0266282   .0071715     3.71   0.001     .0122238    .0410326
         68  |   .0256729   .0070504     3.64   0.001     .0115118    .0398339
         69  |   .0211146   .0044576     4.74   0.000     .0121612     .030068
         70  |          0  (omitted)
         71  |   .0167641   .0207466     0.81   0.423    -.0249066    .0584348
         72  |  -.0205123   .0119264    -1.72   0.092    -.0444672    .0034426
         73  |    -.00007   .0177053    -0.00   0.997     -.035632    .0354921
         74  |  -.0281747   .0175659    -1.60   0.115    -.0634569    .0071074
         75  |  -.0108927   .0146312    -0.74   0.460    -.0402803    .0184949
         76  |    .000205   .0183962     0.01   0.991    -.0367448    .0371549
         77  |  -.0271524   .0188843    -1.44   0.157    -.0650827    .0107779
         78  |  -.0049924   .0166433    -0.30   0.765    -.0384214    .0284366
         79  |   .0025066   .0100189     0.25   0.803     -.017617    .0226302
         80  |  -.0001283   .0172835    -0.01   0.994    -.0348432    .0345866
         81  |   .0223992   .0155756     1.44   0.157    -.0088853    .0536837
         82  |   .0152646   .0161381     0.95   0.349    -.0171496    .0476789
         83  |    .015531   .0130936     1.19   0.241    -.0107683    .0418302
         84  |          0  (omitted)
         85  |  -.0141988   .0153703    -0.92   0.360    -.0450709    .0166732
         86  |   .0024415   .0156516     0.16   0.877    -.0289956    .0338787
         87  |   .0138733   .0194588     0.71   0.479    -.0252108    .0529574
         88  |   .0113177   .0183896     0.62   0.541    -.0256189    .0482544
         89  |    .022859   .0253826     0.90   0.372    -.0281234    .0738414
         90  |   .0404267   .0211653     1.91   0.062     -.002085    .0829385
         91  |   .0154247   .0177242     0.87   0.388    -.0201754    .0510248
         92  |   .0286783   .0148303     1.93   0.059    -.0011092    .0584658
         93  |   .0383897   .0214982     1.79   0.080    -.0047906    .0815701
         94  |    .018638   .0161854     1.15   0.255    -.0138714    .0511474
         95  |   .0358819   .0232897     1.54   0.130    -.0108968    .0826605
         96  |   .0088315   .0162751     0.54   0.590    -.0238579    .0415209
         97  |   .0211441   .0151248     1.40   0.168    -.0092349    .0515231
         98  |          0  (omitted)
         99  |   .0130645   .0347265     0.38   0.708    -.0566856    .0828147
        100  |   .0010453   .0294603     0.04   0.972    -.0581275    .0602182
        101  |    .033967   .0403002     0.84   0.403    -.0469782    .1149123
        102  |  -.0198572   .0411555    -0.48   0.632    -.1025204     .062806
        103  |   -.045463   .0414547    -1.10   0.278    -.1287272    .0378012
        104  |   .0146319   .0283361     0.52   0.608    -.0422829    .0715466
        105  |   .0057486   .0359174     0.16   0.873    -.0663936    .0778907
        106  |  -.0073159   .0324701    -0.23   0.823    -.0725341    .0579022
        107  |   .0109739   .0334785     0.33   0.744    -.0562697    .0782175
        108  |   .0146319   .0293095     0.50   0.620    -.0442379    .0735017
        109  |   .0548696   .0502727     1.09   0.280    -.0461062    .1558453
        110  |   .0465083   .0505236     0.92   0.362    -.0549714     .147988
        111  |   .0182899   .0247227     0.74   0.463    -.0313672     .067947
        112  |          0  (omitted)
        113  |  -.0575763   .0378893    -1.52   0.135    -.1336791    .0185266
        114  |  -.0146268   .0440388    -0.33   0.741    -.1030814    .0738277
        115  |  -.0271636   .0307557    -0.88   0.381    -.0889383    .0346111
        116  |  -.0153978   .0250172    -0.62   0.541    -.0656464    .0348508
        117  |  -.0949782   .0438828    -2.16   0.035    -.1831194   -.0068371
        118  |  -.0060319   .0284773    -0.21   0.833    -.0632304    .0511665
        119  |  -.0751928   .0438903    -1.71   0.093    -.1633491    .0129636
        120  |  -.0138902   .0227125    -0.61   0.544    -.0595095    .0317292
        121  |   .0235747   .0253726     0.93   0.357    -.0273877     .074537
        122  |   .0196825    .025203     0.78   0.439    -.0309393    .0703043
        123  |   .0325291   .0358683     0.91   0.369    -.0395145    .1045727
        124  |    .032312   .0476887     0.68   0.501    -.0634736    .1280977
        125  |   .0412057   .0315576     1.31   0.198    -.0221795     .104591
        126  |          0  (omitted)
        127  |  -.0184067   .0160004    -1.15   0.255    -.0505444     .013731
        128  |  -.0156081   .0101616    -1.54   0.131    -.0360182    .0048021
        129  |  -.0203377   .0113222    -1.80   0.078    -.0430789    .0024036
        130  |  -.0364787   .0154482    -2.36   0.022    -.0675074     -.00545
        131  |  -.0415476   .0172985    -2.40   0.020    -.0762927   -.0068025
        132  |   -.016555   .0088887    -1.86   0.068    -.0344086    .0012986
        133  |  -.0214903   .0138604    -1.55   0.127    -.0493298    .0063491
        134  |  -.0136801   .0082406    -1.66   0.103    -.0302319    .0028716
        135  |   .0076707   .0069352     1.11   0.274    -.0062591    .0216005
        136  |   .0059417     .00529     1.12   0.267    -.0046837     .016567
        137  |   .0162925    .009102     1.79   0.080    -.0019894    .0345744
        138  |    .026148   .0078664     3.32   0.002     .0103479    .0419481
        139  |   .0065684   .0047659     1.38   0.174    -.0030041    .0161409
        140  |          0  (omitted)
        141  |   -.032977   .0242742    -1.36   0.180    -.0817331    .0157792
        142  |  -.0526784   .0267051    -1.97   0.054    -.1063173    .0009604
        143  |  -.0437277   .0272719    -1.60   0.115    -.0985049    .0110496
        144  |  -.0466299   .0296737    -1.57   0.122    -.1062312    .0129714
        145  |  -.0449702    .033601    -1.34   0.187    -.1124598    .0225193
        146  |  -.0448369   .0279046    -1.61   0.114     -.100885    .0112112
        147  |  -.0446792   .0261456    -1.71   0.094    -.0971941    .0078357
        148  |  -.0230168   .0157227    -1.46   0.149    -.0545969    .0085632
        149  |  -.0112009   .0149524    -0.75   0.457    -.0412336    .0188319
        150  |  -.0006272   .0119447    -0.05   0.958    -.0246188    .0233644
        151  |   .0137139   .0177139     0.77   0.442    -.0218655    .0492933
        152  |   .0149255    .013277     1.12   0.266    -.0117422    .0415933
        153  |    .010979   .0112121     0.98   0.332    -.0115412    .0334992
        154  |          0  (omitted)
        155  |    .062195   .0411704     1.51   0.137    -.0204981    .1448881
        156  |   .0158919   .0231088     0.69   0.495    -.0305235    .0623074
        157  |   .0311092   .0240215     1.30   0.201    -.0171394    .0793578
        158  |   .0281482    .027169     1.04   0.305    -.0264224    .0827188
        159  |    .017916     .01812     0.99   0.328    -.0184792    .0543111
        160  |   .0208769   .0226833     0.92   0.362    -.0246839    .0664377
        161  |   .0338639    .023986     1.41   0.164    -.0143135    .0820413
        162  |   .0665287    .034181     1.95   0.057    -.0021258    .1351832
        163  |   .0749034   .0422952     1.77   0.083    -.0100489    .1598558
        164  |   .0327208   .0258461     1.27   0.211    -.0191927    .0846342
        165  |   .0360942    .020453     1.76   0.084    -.0049868    .0771752
        166  |   .0231632   .0188888     1.23   0.226     -.014776    .0611024
        167  |   .0576458   .0234128     2.46   0.017     .0106198    .1046719
        168  |          0  (omitted)
        169  |   .0705225   .0447603     1.58   0.121    -.0193812    .1604263
        170  |  -.0020859    .017658    -0.12   0.906    -.0375531    .0333814
        171  |   .0453081   .0241334     1.88   0.066    -.0031653    .0937814
        172  |  -.0079766   .0132982    -0.60   0.551    -.0346868    .0187337
        173  |  -.0021703   .0168739    -0.13   0.898    -.0360625    .0317218
        174  |   .0036787    .025362     0.15   0.885    -.0472623    .0546197
        175  |   .0145466   .0189819     0.77   0.447    -.0235796    .0526729
        176  |   .0187293   .0299674     0.62   0.535    -.0414619    .0789205
        177  |   .0232395   .0214974     1.08   0.285    -.0199394    .0664184
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        181  |   .0065385   .0170701     0.38   0.703    -.0277478    .0408247
        182  |          0  (omitted)
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        184  |   .0171587   .0204769     0.84   0.406    -.0239704    .0582878
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        195  |   .0436096   .0394623     1.11   0.274    -.0356528    .1228719
        196  |          0  (omitted)
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        209  |    .021856   .0138185     1.58   0.120    -.0058993    .0496113
        210  |          0  (omitted)
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        212  |  -.0306274   .0252395    -1.21   0.231    -.0813225    .0200676
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        223  |  -.0189094   .0229642    -0.82   0.414    -.0650344    .0272155
        224  |          0  (omitted)
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        238  |          0  (omitted)
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        251  |   .0123336   .0149363     0.83   0.413    -.0176668     .042334
        252  |          0  (omitted)
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        262  |   .0077244   .0130474     0.59   0.556     -.018482    .0339309
        263  |   .0389243   .0117308     3.32   0.002     .0153623    .0624862
        264  |   .0348634   .0145655     2.39   0.020     .0056078    .0641191
        265  |   .0161442   .0182823     0.88   0.381    -.0205768    .0528653
        266  |          0  (omitted)
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        276  |   .0342326   .0165707     2.07   0.044     .0009493    .0675159
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        279  |   .0175325   .0147356     1.19   0.240    -.0120648    .0471297
        280  |          0  (omitted)
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        282  |  -.0279811   .0236727    -1.18   0.243    -.0755292     .019567
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        290  |   .0241793   .0171742     1.41   0.165     -.010316    .0586747
        291  |   .0014256   .0246385     0.06   0.954    -.0480624    .0509135
        292  |   .0298817   .0302176     0.99   0.327    -.0308122    .0905756
        293  |   .0115201   .0132556     0.87   0.389    -.0151046    .0381448
        294  |          0  (omitted)
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        296  |  -.0659735   .0325484    -2.03   0.048     -.131349    -.000598
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        301  |   .0195483   .0380717     0.51   0.610     -.056921    .0960175
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        303  |    .061879   .0610348     1.01   0.316     -.060713    .1844711
        304  |   .0095358   .0513801     0.19   0.854    -.0936641    .1127357
        305  |  -.0019204   .0334069    -0.06   0.954    -.0690202    .0651793
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        307  |   -.062512   .0345429    -1.81   0.076    -.1318933    .0068694
        308  |          0  (omitted)
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        310  |  -.0064428   .0131147    -0.49   0.625    -.0327846    .0198989
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        315  |  -.0378646   .0193152    -1.96   0.056    -.0766603     .000931
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        317  |   .0046418   .0089373     0.52   0.606    -.0133093    .0225929
        318  |   .0127589   .0128372     0.99   0.325    -.0130254    .0385432
        319  |   .0180089   .0162854     1.11   0.274    -.0147012    .0507191
        320  |  -.0023477   .0146244    -0.16   0.873    -.0317216    .0270263
        321  |  -.0024729   .0107071    -0.23   0.818    -.0239787    .0190329
        322  |          0  (omitted)
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        324  |  -.0438157   .0198856    -2.20   0.032    -.0837571   -.0038742
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        330  |  -.0334985   .0178571    -1.88   0.067    -.0693654    .0023685
        331  |  -.0323537   .0185644    -1.74   0.088    -.0696414    .0049339
        332  |  -.0317621   .0152483    -2.08   0.042    -.0623892   -.0011351
        333  |  -.0208273   .0163652    -1.27   0.209    -.0536977    .0120431
        334  |    .004256   .0176997     0.24   0.811    -.0312949     .039807
        335  |   .0030019   .0125355     0.24   0.812    -.0221764    .0281802
        336  |          0  (omitted)
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        338  |   -.010929   .0224643    -0.49   0.629    -.0560499    .0341919
        339  |   .0062099   .0210379     0.30   0.769    -.0360461    .0484658
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        344  |  -.0037667   .0166616    -0.23   0.822    -.0372325    .0296992
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        346  |  -.0006362   .0185697    -0.03   0.973    -.0379344    .0366621
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        348  |   .0269431   .0259575     1.04   0.304    -.0251941    .0790802
        349  |   .0070526   .0187487     0.38   0.708    -.0306052    .0447104
        350  |          0  (omitted)
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        352  |  -.0515511   .0307793    -1.67   0.100    -.1133731     .010271
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        358  |  -.0243583   .0290421    -0.84   0.406    -.0826912    .0339746
        359  |   .0641616   .0452623     1.42   0.163    -.0267503    .1550735
        360  |   .0363798   .0244438     1.49   0.143     -.012717    .0854765
        361  |   .0581126   .0253278     2.29   0.026     .0072402    .1089851
        362  |   .0366893   .0189617     1.93   0.059    -.0013964    .0747751
        363  |   .0568302    .021201     2.68   0.010     .0142467    .0994137
        364  |          0  (omitted)
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        366  |   .0188433   .0440119     0.43   0.670    -.0695573    .1072438
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        371  |   .0886909   .0501672     1.77   0.083    -.0120728    .1894547
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        377  |  -.0418175   .0383202    -1.09   0.280    -.1187859    .0351508
        378  |          0  (omitted)
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        380  |  -.0369663   .0208688    -1.77   0.083    -.0788825    .0049499
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        389  |  -.0000132   .0165074    -0.00   0.999    -.0331694    .0331429
        390  |   .0433095   .0171906     2.52   0.015     .0087812    .0778378
        391  |   .0227073   .0095816     2.37   0.022      .003462    .0419526
        392  |          0  (omitted)
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        394  |  -.1861979    .068976    -2.70   0.009    -.3247403   -.0476555
        395  |   -.091666   .0516111    -1.78   0.082      -.19533    .0119979
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        400  |  -.1971174   .0641593    -3.07   0.003    -.3259853   -.0682496
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        405  |  -.1983579   .0919819    -2.16   0.036    -.3831089   -.0136068
        406  |          0  (omitted)
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        408  |  -.0003139   .0373847    -0.01   0.993    -.0754033    .0747755
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        410  |  -.0538477    .022504    -2.39   0.021    -.0990483   -.0086471
        411  |   .0185103   .0356402     0.52   0.606    -.0530753    .0900958
        412  |  -.0460173   .0300683    -1.53   0.132    -.1064112    .0143766
        413  |  -.0640332   .0218653    -2.93   0.005    -.1079511   -.0201154
        414  |  -.0487626   .0284713    -1.71   0.093    -.1059489    .0084237
        415  |  -.0034766   .0266597    -0.13   0.897    -.0570243     .050071
        416  |  -.0571841   .0311756    -1.83   0.073    -.1198021     .005434
        417  |  -.0772661   .0207912    -3.72   0.001    -.1190264   -.0355058
        418  |  -.0599422   .0266285    -2.25   0.029    -.1134271   -.0064573
        419  |  -.0440079   .0295153    -1.49   0.142     -.103291    .0152753
        420  |          0  (omitted)
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        422  |  -.0301224   .0284814    -1.06   0.295    -.0873289    .0270842
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        433  |   .0551035   .0360381     1.53   0.133    -.0172812    .1274882
        434  |          0  (omitted)
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        436  |  -.0413638   .0254749    -1.62   0.111    -.0925316     .009804
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        441  |  -.0499408   .0287721    -1.74   0.089    -.1077312    .0078496
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        446  |   .0547932   .0245989     2.23   0.030     .0053849    .1042015
        447  |   .0376729   .0129269     2.91   0.005     .0117085    .0636372
        448  |          0  (omitted)
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        450  |  -.0223622   .0381422    -0.59   0.560    -.0989731    .0542487
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        461  |   .0094188   .0197409     0.48   0.635    -.0302319    .0490696
        462  |          0  (omitted)
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        464  |   .0495815    .031241     1.59   0.119    -.0131678    .1123308
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        470  |   .0550328   .0247696     2.22   0.031     .0052815     .104784
        471  |   .0792816    .031038     2.55   0.014     .0169399    .1416233
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        474  |   .0077299   .0149771     0.52   0.608    -.0223525    .0378123
        475  |   .0247099   .0236727     1.04   0.302     -.022838    .0722578
        476  |          0  (omitted)
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        489  |   -.001821   .0099565    -0.18   0.856    -.0218192    .0181772
        490  |          0  (omitted)
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        492  |  -.0243541   .0220739    -1.10   0.275    -.0686909    .0199827
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        500  |   .0054988   .0112571     0.49   0.627    -.0171118    .0281094
        501  |   .0080011   .0238067     0.34   0.738     -.039816    .0558182
        502  |   .0381575   .0316901     1.20   0.234     -.025494    .1018089
        503  |   .0382398   .0196072     1.95   0.057    -.0011423    .0776219
        504  |          0  (omitted)
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        506  |  -.0584123   .0267894    -2.18   0.034    -.1122205   -.0046042
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        513  |   -.039886   .0191752    -2.08   0.043    -.0784005   -.0013715
        514  |   -.030048     .01757    -1.71   0.093    -.0653384    .0052423
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        517  |  -.0253805   .0244787    -1.04   0.305    -.0745474    .0237864
        518  |          0  (omitted)
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        520  |   -.011039   .0136541    -0.81   0.423     -.038464    .0163861
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        524  |   .0017007   .0189078     0.09   0.929    -.0362767    .0396781
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        526  |  -.0000376   .0173554    -0.00   0.998     -.034897    .0348218
        527  |   .0073098   .0206809     0.35   0.725     -.034229    .0488485
        528  |    .022876   .0174717     1.31   0.196     -.012217     .057969
        529  |   .0040193   .0151068     0.27   0.791    -.0263237    .0343622
        530  |   .0340348    .025462     1.34   0.187    -.0171071    .0851768
        531  |   .0359972   .0207154     1.74   0.088    -.0056109    .0776052
        532  |          0  (omitted)
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        534  |  -.0464078   .0187904    -2.47   0.017    -.0841494   -.0086663
        535  |  -.0281219   .0180403    -1.56   0.125    -.0643569    .0081132
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        537  |  -.0535058   .0203176    -2.63   0.011    -.0943149   -.0126966
        538  |  -.0234369   .0159184    -1.47   0.147      -.05541    .0085363
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        540  |  -.0240352   .0137958    -1.74   0.088    -.0517449    .0036745
        541  |  -.0230977   .0186541    -1.24   0.221    -.0605655    .0143702
        542  |  -.0164032   .0143073    -1.15   0.257    -.0451402    .0123338
        543  |   .0285154   .0315981     0.90   0.371    -.0349512    .0919819
        544  |   .0466432   .0335678     1.39   0.171    -.0207797     .114066
        545  |   .0020893   .0107654     0.19   0.847    -.0195337    .0237123
        546  |          0  (omitted)
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        548  |  -.0129196   .0192664    -0.67   0.506    -.0516173    .0257781
        549  |   .0324217   .0308845     1.05   0.299    -.0296115     .094455
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        551  |  -.0384355   .0286554    -1.34   0.186    -.0959916    .0191206
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        553  |  -.0278723   .0204789    -1.36   0.180    -.0690055    .0132608
        554  |   .0236463   .0221433     1.07   0.291    -.0208298    .0681225
        555  |   .0064189   .0283867     0.23   0.822    -.0505975    .0634353
        556  |  -.0201525   .0199787    -1.01   0.318     -.060281    .0199759
        557  |   -.011864    .025567    -0.46   0.645     -.063217    .0394889
        558  |   .0058503   .0243053     0.24   0.811    -.0429683    .0546689
        559  |   .0520056   .0279799     1.86   0.069    -.0041938    .1082049
        560  |          0  (omitted)
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        562  |  -.0251277   .0167647    -1.50   0.140    -.0588005    .0085451
        563  |  -.0150906   .0165523    -0.91   0.366    -.0483368    .0181557
        564  |  -.0035962   .0170728    -0.21   0.834    -.0378879    .0306955
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        568  |  -.0044725   .0148591    -0.30   0.765    -.0343178    .0253728
        569  |   .0022588   .0188076     0.12   0.905    -.0355174     .040035
        570  |   .0324659   .0244814     1.33   0.191    -.0167064    .0816382
        571  |   .0073295   .0152218     0.48   0.632    -.0232444    .0379034
        572  |   .0009174   .0197675     0.05   0.963    -.0387867    .0406215
        573  |   .0035553    .015201     0.23   0.816    -.0269769    .0340875
        574  |          0  (omitted)
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        576  |  -.0317811   .0389438    -0.82   0.418     -.110002    .0464398
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        580  |  -.0697708   .0468557    -1.49   0.143    -.1638832    .0243416
        581  |   .0474725   .0580439     0.82   0.417    -.0691122    .1640571
        582  |   .0523692   .0614889     0.85   0.398     -.071135    .1758734
        583  |   .0133994   .0513704     0.26   0.795    -.0897811    .1165799
        584  |  -.0245989   .0380829    -0.65   0.521    -.1010906    .0518928
        585  |   .0111349   .0373645     0.30   0.767    -.0639138    .0861837
        586  |  -.0256709   .0437904    -0.59   0.560    -.1136265    .0622847
        587  |   .0145231   .0390295     0.37   0.711      -.06387    .0929162
        588  |          0  (omitted)
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        590  |  -.0041999   .0091444    -0.46   0.648     -.022567    .0141672
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        595  |  -.0068272    .005761    -1.19   0.242    -.0183986    .0047442
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        598  |   .0241555   .0113937     2.12   0.039     .0012706    .0470404
        599  |   .0420463   .0128244     3.28   0.002     .0162877    .0678048
        600  |   .0231825   .0104104     2.23   0.030     .0022727    .0440924
        601  |   .0045814   .0098508     0.47   0.644    -.0152046    .0243674
        602  |          0  (omitted)
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        604  |  -.0606922   .0310256    -1.96   0.056     -.123009    .0016245
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        615  |   .0100276   .0067405     1.49   0.143    -.0035111    .0235662
        616  |          0  (omitted)
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        618  |   .0176936   .0300734     0.59   0.559    -.0427106    .0780978
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        624  |    .030176   .0268925     1.12   0.267    -.0238391    .0841911
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        626  |    .039481   .0282504     1.40   0.168    -.0172617    .0962236
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        629  |  -.0332246   .0207224    -1.60   0.115    -.0748468    .0083975
        630  |          0  (omitted)
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        632  |  -.0703914   .0306688    -2.30   0.026    -.1319915   -.0087913
        633  |  -.0716016   .0333621    -2.15   0.037    -.1386114   -.0045917
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        638  |  -.0297597   .0236338    -1.26   0.214    -.0772295    .0177102
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        640  |  -.0106729   .0115782    -0.92   0.361    -.0339284    .0125826
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        643  |  -.0047909    .014959    -0.32   0.750     -.034837    .0252552
        644  |          0  (omitted)
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        646  |  -.1112633   .0416349    -2.67   0.010    -.1948895    -.027637
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        655  |  -.1153652     .05085    -2.27   0.028    -.2175004     -.01323
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        657  |  -.0422173   .0644508    -0.66   0.515    -.1716705     .087236
        658  |          0  (omitted)
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        660  |  -.0508521   .0268602    -1.89   0.064    -.1048024    .0030981
        661  |  -.0316257   .0161138    -1.96   0.055    -.0639912    .0007399
        662  |  -.0394595   .0300597    -1.31   0.195    -.0998361    .0209171
        663  |   -.057388    .024401    -2.35   0.023    -.1063987   -.0083772
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        665  |  -.0337389   .0146836    -2.30   0.026    -.0632318    -.004246
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        667  |  -.0426105   .0213821    -1.99   0.052    -.0855577    .0003366
        668  |  -.0322592   .0158024    -2.04   0.047    -.0639993   -.0005191
        669  |  -.0231364   .0120922    -1.91   0.061    -.0474243    .0011515
        670  |  -.0169636   .0154231    -1.10   0.277    -.0479418    .0140146
        671  |  -.0309293    .014512    -2.13   0.038    -.0600774   -.0017812
        672  |          0  (omitted)
        673  |   .0162665   .0138945     1.17   0.247    -.0116415    .0441745
        674  |  -.0173695   .0103968    -1.67   0.101    -.0382521    .0035131
        675  |  -.0071765   .0122756    -0.58   0.561    -.0318327    .0174797
        676  |  -.0039502   .0107513    -0.37   0.715    -.0255447    .0176443
        677  |  -.0112011   .0115504    -0.97   0.337    -.0344007    .0119985
        678  |   -.012159   .0137313    -0.89   0.380    -.0397391    .0154211
        679  |  -.0197473   .0113775    -1.74   0.089    -.0425998    .0031052
        680  |  -.0159049   .0135431    -1.17   0.246    -.0431071    .0112972
        681  |   .0230025   .0172238     1.34   0.188    -.0115924    .0575975
        682  |  -.0012156   .0148661    -0.08   0.935     -.031075    .0286439
        683  |    .016591   .0158806     1.04   0.301    -.0153062    .0484882
        684  |   .0183766   .0205528     0.89   0.376    -.0229049    .0596581
        685  |   .0044131   .0143257     0.31   0.759    -.0243609     .033187
        686  |          0  (omitted)
        687  |   .0040508   .0269474     0.15   0.881    -.0500745    .0581762
        688  |   .0230733   .0323004     0.71   0.478     -.041804    .0879505
        689  |   .0221185   .0277212     0.80   0.429    -.0335612    .0777982
        690  |   .0620771   .0334895     1.85   0.070    -.0051886    .1293428
        691  |  -.0123456    .028871    -0.43   0.671    -.0703348    .0456436
        692  |  -.0247998   .0365445    -0.68   0.501    -.0982017     .048602
        693  |  -.0093493   .0295828    -0.32   0.753    -.0687681    .0500695
        694  |   .0410743   .0327032     1.26   0.215     -.024612    .1067605
        695  |   .0331766   .0380876     0.87   0.388    -.0433246    .1096779
        696  |   .0509922   .0373695     1.36   0.179    -.0240667    .1260512
        697  |   .0241738   .0210232     1.15   0.256    -.0180525    .0664002
        698  |   .1068602   .0417451     2.56   0.014     .0230128    .1907076
        699  |   .0843063   .0274385     3.07   0.003     .0291944    .1394182
        700  |          0  (omitted)
        701  |   .1608688   .1182992     1.36   0.180    -.0767421    .3984798
        702  |   .1281229   .0796877     1.61   0.114    -.0319346    .2881804
        703  |   .0689023   .0618062     1.11   0.270    -.0552392    .1930438
        704  |   .0882388   .0850637     1.04   0.305    -.0826167    .2590944
        705  |   .1479325   .0690721     2.14   0.037     .0091971    .2866679
        706  |    .213607   .0856709     2.49   0.016      .041532     .385682
        707  |   .0510322   .0663391     0.77   0.445    -.0822138    .1842782
        708  |   .0060581   .0554576     0.11   0.913    -.1053318    .1174481
        709  |   .0837041    .082996     1.01   0.318    -.0829984    .2504065
        710  |   .1332129   .1159032     1.15   0.256    -.0995855    .3660112
        711  |  -.0097118   .0573591    -0.17   0.866     -.124921    .1054974
        712  |   .0579844   .0627989     0.92   0.360    -.0681508    .1841197
        713  |   .0033067   .0665005     0.05   0.961    -.1302635    .1368769
        714  |          0  (omitted)
             |
       _cons |    .138468   .0078708    17.59   0.000     .1226591    .1542769
------------------------------------------------------------------------------

Absorbed degrees of freedom:
------------------------------------------------------+
  Absorbed FE | Categories  - Redundant  = Num. Coefs |
--------------+---------------------------------------|
         zip3 |       870         870           0    *|
 company_cfpb |        55          55           0    *|
------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. 

. reghdfe complaints_percapita_zip3_w csr_std, absorb(state_month zip3) cluster(gvkey)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =    238,364
Absorbing 2 HDFE groups                           F(   1,     54) =       1.72
Statistics robust to heteroskedasticity           Prob > F        =     0.1957
                                                  R-squared       =     0.0596
                                                  Adj R-squared   =     0.0535
                                                  Within R-sq.    =     0.0274
Number of clusters (gvkey)   =         55         Root MSE        =     0.3193

                                 (Std. err. adjusted for 55 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
complaints~w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
     csr_std |   -.054143   .0413272    -1.31   0.196    -.1369991    .0287131
       _cons |   .1253273   .0329468     3.80   0.000      .059273    .1913817
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
 state_month |       714           0         714     |
        zip3 |       870          51         819     |
-----------------------------------------------------+

. reghdfe complaints_percapita_zip3_w pro_std, absorb(state_month zip3) cluster(gvkey)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =    238,364
Absorbing 2 HDFE groups                           F(   1,     54) =       6.02
Statistics robust to heteroskedasticity           Prob > F        =     0.0174
                                                  R-squared       =     0.1494
                                                  Adj R-squared   =     0.1439
                                                  Within R-sq.    =     0.1203
Number of clusters (gvkey)   =         55         Root MSE        =     0.3036

                                 (Std. err. adjusted for 55 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
complaints~w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
     pro_std |  -.1152176   .0469404    -2.45   0.017    -.2093274   -.0211079
       _cons |   .1253273   .0277113     4.52   0.000     .0697695    .1808851
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
 state_month |       714           0         714     |
        zip3 |       870          51         819     |
-----------------------------------------------------+

. reghdfe complaints_percapita_zip3_w csr_std pro_std, absorb(state_month zip3) cluster(gvkey)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =    238,364
Absorbing 2 HDFE groups                           F(   2,     54) =       3.64
Statistics robust to heteroskedasticity           Prob > F        =     0.0329
                                                  R-squared       =     0.1514
                                                  Adj R-squared   =     0.1459
                                                  Within R-sq.    =     0.1223
Number of clusters (gvkey)   =         55         Root MSE        =     0.3033

                                 (Std. err. adjusted for 55 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
complaints~w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
     csr_std |  -.0157995   .0212363    -0.74   0.460    -.0583756    .0267767
     pro_std |  -.1095177   .0414562    -2.64   0.011    -.1926325    -.026403
       _cons |   .1253273   .0272698     4.60   0.000     .0706547         .18
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
 state_month |       714           0         714     |
        zip3 |       870          51         819     |
-----------------------------------------------------+

. 
. **#T3 Panel B
. use "company_zip_month.dta",replace

. egen sum=sum(complaints_percapita_zip3_w),by(company_cfpb ym)

. keep company_cfpb sum ym d_post_ne

. duplicates drop

Duplicates in terms of all variables

(582,848 observations deleted)

. sort company_cfpb 

. tempfile data

. save "`data'"
file ...\AppData\Local\Temp\ST_a324_000001.tmp saved as .dta format

.  
. use "cfpb_gvkey_kld.dta",replace

. egen maxyr=max(year),by(company_cfpb)

. keep if year==maxyr
(0 observations deleted)

. drop if year<2016
(0 observations deleted)

. sort company_cfpb

. merge company_cfpb using "`data'"
(you are using old merge syntax; see [D] merge for new syntax)
(variable company_cfpb was str52, now str82 to accommodate using data's values)
variable company_cfpb does not uniquely identify observations in ...\AppData\Local\Temp\ST_a324_000001.tmp

. tab _merge

     _merge |      Freq.     Percent        Cum.
------------+-----------------------------------
          2 |      2,170       73.81       73.81
          3 |        770       26.19      100.00
------------+-----------------------------------
      Total |      2,940      100.00

. keep if _merge==3
(2,170 observations deleted)

. 
. drop _merge

. sort company_cfpb

. 
. egen csr_std=std(csr_div)

. egen pro_std=std(pro_div_diff)

. egen proh_std=std(pro_str_h)

. 
. 
. gen d_post_csr = d_post_ne*csr_std

. gen d_post_pro  = d_post_ne*pro_std

. gen d_post_proh = d_post_ne*proh_std

. 
. **#T1 Panel C uppper panel
. su sum csr_div pro_div_diff pro_str_h

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
         sum |        770    38.79678    98.56928          0   663.6039
     csr_div |        770    .0511478    .0470908  -.0267677   .1527778
pro_div_diff |        770    2.71e-10    .0885351       -.25   .1666667
   pro_str_h |        770    .3272727    .4695227          0          1

. 
. **#T3 Panel B
. reghdfe sum  d_post_csr, absorb(ym gvkey) cluster(gvkey)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =        770
Absorbing 2 HDFE groups                           F(   1,     54) =       0.05
Statistics robust to heteroskedasticity           Prob > F        =     0.8242
                                                  R-squared       =     0.9606
                                                  Adj R-squared   =     0.9568
                                                  Within R-sq.    =     0.0009
Number of clusters (gvkey)   =         55         Root MSE        =    20.4930

                                 (Std. err. adjusted for 55 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
         sum | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  d_post_csr |  -1.205183   5.399579    -0.22   0.824    -12.03069    9.620321
       _cons |   38.79678   6.22e-09  6.2e+09   0.000     38.79678    38.79678
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
          ym |        14           1          13     |
       gvkey |        55          55           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. reghdfe sum  d_post_pro, absorb(ym gvkey) cluster(gvkey)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =        770
Absorbing 2 HDFE groups                           F(   1,     54) =       2.91
Statistics robust to heteroskedasticity           Prob > F        =     0.0939
                                                  R-squared       =     0.9658
                                                  Adj R-squared   =     0.9625
                                                  Within R-sq.    =     0.1325
Number of clusters (gvkey)   =         55         Root MSE        =    19.0963

                                 (Std. err. adjusted for 55 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
         sum | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  d_post_pro |  -14.25025   8.358099    -1.70   0.094    -31.00723    2.506726
       _cons |   38.79678   7.28e-08  5.3e+08   0.000     38.79678    38.79678
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
          ym |        14           1          13     |
       gvkey |        55          55           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. reghdfe sum d_post_proh, absorb(ym gvkey) cluster(gvkey)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =        770
Absorbing 2 HDFE groups                           F(   1,     54) =       3.09
Statistics robust to heteroskedasticity           Prob > F        =     0.0845
                                                  R-squared       =     0.9614
                                                  Adj R-squared   =     0.9577
                                                  Within R-sq.    =     0.0213
Number of clusters (gvkey)   =         55         Root MSE        =    20.2837

                                 (Std. err. adjusted for 55 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
         sum | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
 d_post_proh |  -5.707192   3.247206    -1.76   0.084    -12.21745    .8030649
       _cons |   38.79678   1.23e-08  3.1e+09   0.000     38.79678    38.79678
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
          ym |        14           1          13     |
       gvkey |        55          55           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. reghdfe sum d_post_csr d_post_pro d_post_proh , absorb(ym gvkey) cluster(gvkey)
(MWFE estimator converged in 2 iterations)

HDFE Linear regression                            Number of obs   =        770
Absorbing 2 HDFE groups                           F(   3,     54) =       1.78
Statistics robust to heteroskedasticity           Prob > F        =     0.1619
                                                  R-squared       =     0.9661
                                                  Adj R-squared   =     0.9628
                                                  Within R-sq.    =     0.1416
Number of clusters (gvkey)   =         55         Root MSE        =    19.0233

                                 (Std. err. adjusted for 55 clusters in gvkey)
------------------------------------------------------------------------------
             |               Robust
         sum | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  d_post_csr |   .7172527   4.108781     0.17   0.862    -7.520358    8.954863
  d_post_pro |   -13.8728    7.61143    -1.82   0.074     -29.1328    1.387194
 d_post_proh |  -3.530474   2.628586    -1.34   0.185     -8.80047    1.739523
       _cons |   38.79678   6.30e-08  6.2e+08   0.000     38.79678    38.79678
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
          ym |        14           1          13     |
       gvkey |        55          55           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. 
. **T4 
. import excel "Gender Equality.xlsx", sheet("Overall Gender Index") firstrow clear
(52 vars, 50 obs)

. drop E-AZ

. replace State=strtrim(State)
(1 real change made)

. statastates, name(State)
(50 real changes made)
(variable state_name was str14, now str20 to accommodate using data's values)

    Result                      Number of obs
    -----------------------------------------
    Not matched                             1
        from master                         0  (_merge==1)
        from using                          1  (_merge==2)

    Matched                                50  (_merge==3)
    -----------------------------------------

. keep if _merge==3
(1 observation deleted)

. drop Region State _merge state_fips

. sort state_abbrev 

. tempfile gender

. save "`gender'"
file ...\AppData\Local\Temp\ST_a324_000002.tmp saved as .dta format

. 
. use "company_zip_month.dta",replace

. sort company_cfpb

. tempfile data

. save "`data'"
file ...\AppData\Local\Temp\ST_a324_000003.tmp saved as .dta format

. 
. use "cfpb_gvkey_kld_hq_dir3.dta",replace

. replace board_diversity=pct_femaleminoritydir0614 if board_diversity==. & source0614=="ISS"
(3 real changes made)

. replace female_dir_handcollect=pct_femaledir0614 if female_dir_handcollect==. & board_diversity!=.
(15 real changes made)

. 
. gen high=(board_diversity>=0.33)

. replace high=. if board_diversity==.
(7 real changes made, 7 to missing)

. gen high50=(board_diversity>0.5)

. replace high50=. if board_diversity==.
(7 real changes made, 7 to missing)

. gen high60=(board_diversity>=0.6)

. replace high60=. if board_diversity==.
(7 real changes made, 7 to missing)

. gen highfemale=(female_dir_handcollect>=0.33)

. replace highfemale=. if female_dir_handcollect==.
(7 real changes made, 7 to missing)

. 
. gen highminority=(pct_minoritydir0614>=0.33)

. replace highminority=. if pct_minoritydir0614==. | board_diversity==.
(7 real changes made, 7 to missing)

. 
. sum board_diversity female_dir_handcollect pct_minoritydir0614 high highfemale highminority if board_diversity!=.

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
board_dive~y |         48    .3421317    .1507382          0         .6
female_dir~t |         48    .2666895    .1019059          0         .5
pct_min~0614 |         48    .1527474    .1029563          0   .3333333
        high |         48       .5625     .501328          0          1
  highfemale |         48       .3125    .4684174          0          1
-------------+---------------------------------------------------------
highminority |         48    .0416667    .2019409          0          1

. 
. rename hq_state_handcollect state_abbrev

. sort state_abbrev

. merge state_abbrev using "`gender'"
(you are using old merge syntax; see [D] merge for new syntax)
variable state_abbrev does not uniquely identify observations in the master data

. drop if _merge==2
(27 observations deleted)

. drop _merge

. 
. sort company_cfpb

. merge company_cfpb using "`data'"
(you are using old merge syntax; see [D] merge for new syntax)
(variable company_cfpb was str52, now str82 to accommodate using data's values)
variable company_cfpb does not uniquely identify observations in ...\AppData\Local\Temp\ST_a324_000003.tmp

. tab _merge

     _merge |      Freq.     Percent        Cum.
------------+-----------------------------------
          2 |    347,424       59.31       59.31
          3 |    238,364       40.69      100.00
------------+-----------------------------------
      Total |    585,788      100.00

. keep if _merge==3
(347,424 observations deleted)

. drop _merge

. 
. merge 1:1 zip3 ym company_cfpb using company_zip_month_unemploy20220601.dta

    Result                      Number of obs
    -----------------------------------------
    Not matched                       347,424
        from master                         0  (_merge==1)
        from using                    347,424  (_merge==2)

    Matched                           238,364  (_merge==3)
    -----------------------------------------

. rename d_post_ne_priunemploy2019h1_0601 d_post_ne_unemp

. 
. gen d_post_ne_nonwhite_csr = d_post_ne*nonwhite_pct_zip3_w*csr_div
(347,424 missing values generated)

. gen nonwhite_csr = nonwhite_pct_zip3_w*csr_div
(347,424 missing values generated)

. 
. gen d_post_ne_nonwhite_high = d_post_ne*nonwhite_pct_zip3_w*high
(373,772 missing values generated)

. gen d_post_ne_high = d_post_ne*high
(373,772 missing values generated)

. gen nonwhite_high = nonwhite_pct_zip3_w*high
(373,772 missing values generated)

. 
. gen d_post_ne_nonwhite_div_div_diff = d_post_ne*nonwhite_pct_zip3_w*div_div_diff        
(347,424 missing values generated)

. gen d_post_ne_div_div_diff = d_post_ne*div_div_diff
(347,424 missing values generated)

. gen nonwhite_div_div_diff = nonwhite_pct_zip3_w*div_div_diff
(347,424 missing values generated)

. 
. gen d_post_ne_nonwhite_div_str_b = d_post_ne*nonwhite_pct_zip3_w*div_str_b
(347,424 missing values generated)

. gen d_post_ne_div_str_b = d_post_ne*div_str_b
(347,424 missing values generated)

. gen nonwhite_div_str_b = nonwhite_pct_zip3_w*div_str_b  
(347,424 missing values generated)

. 
. gen d_post_ne_nonwhite_high50 = d_post_ne*nonwhite_pct_zip3_w*high50
(373,772 missing values generated)

. gen d_post_ne_high50 = d_post_ne*high50
(373,772 missing values generated)

. gen nonwhite_high50 = nonwhite_pct_zip3_w*high50
(373,772 missing values generated)

. 
. gen d_post_ne_nonwhite_GI = d_post_ne*nonwhite_pct_zip3_w*OverallGenderIndex1988
(347,424 missing values generated)

. gen d_post_ne_GI = d_post_ne*OverallGenderIndex1988
(347,424 missing values generated)

. gen nonwhite_GI = nonwhite_pct_zip3_w*OverallGenderIndex1988
(347,424 missing values generated)

. 
. gen d_post_ne_nonwhite_female = d_post_ne*nonwhite_pct_zip3_w*pct_female_dir_brdx
(362,418 missing values generated)

. gen nonwhite_female = nonwhite_pct_zip3_w*pct_female_dir_brdx
(362,418 missing values generated)

. 
. gen d_post_ne_nonwhite_highfemale = d_post_ne*nonwhite_pct_zip3_w*highfemale
(373,772 missing values generated)

. gen d_post_ne_highfemale = d_post_ne*highfemale
(373,772 missing values generated)

. gen nonwhite_highfemale = nonwhite_pct_zip3_w*highfemale
(373,772 missing values generated)

. 
. gen d_post_ne_nonwhite_highminority = d_post_ne*nonwhite_pct_zip3_w*highminority
(373,772 missing values generated)

. gen d_post_ne_highminority = d_post_ne*highminority
(373,772 missing values generated)

. gen nonwhite_highminority = nonwhite_pct_zip3_w*highminority
(373,772 missing values generated)

. 
. egen stcode=group(state)
(347,424 missing values generated)

. egen frstmo=group(gvkey state_month)
(347,424 missing values generated)

. egen zipmo=group(zip3 yearmonth)
(347,424 missing values generated)

. egen stfirm=group(stcode gvkey)
(347,424 missing values generated)

. 
. egen csr_div_std = std(csr_div)
(347,424 missing values generated)

. egen div_div_diff_std =std(div_div_diff)
(347,424 missing values generated)

. egen div_str_b_std = std(div_str_b)
(347,424 missing values generated)

. 
. **#T1 Panel C lower panel
. su complaints_percapita_zip3_w div_div_diff div_str_b

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
complaints~w |    238,364    .1253273    .3281713          0   1.860332
div_div_diff |    238,364    .0706919    .1065494        -.2   .2222222
   div_str_b |    238,364    .4085516    .4915671          0          1

. 
. **#T4 Panel A
. reghdfe complaints_percapita_zip3_w d_post_ne##c.nonwhite_pct_zip3_w##c.csr_div_std d_post_ne_elderly d_post_ne_percapitaincome 
> d_post_ne_bachlor d_post_ne_unemp positive_rate_zip3_lag1_w, absorb(zip3 frstmo) cluster(gvkey)
(dropped 5838 singleton observations)
(MWFE estimator converged in 12 iterations)
note: 1bn.d_post_ne is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: nonwhite_pct_zip3_w is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09
> )
note: csr_div_std is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: 1bn.d_post_ne#c.csr_div_std is probably collinear with the fixed effects (all partialled-out values are close to zero; tol =
>  1.0e-09)

HDFE Linear regression                            Number of obs   =    232,526
Absorbing 2 HDFE groups                           F(   8,     54) =       2.10
Statistics robust to heteroskedasticity           Prob > F        =     0.0518
                                                  R-squared       =     0.4902
                                                  Adj R-squared   =     0.4238
                                                  Within R-sq.    =     0.0129
Number of clusters (gvkey)   =         55         Root MSE        =     0.2508

                                                                  (Std. err. adjusted for 55 clusters in gvkey)
---------------------------------------------------------------------------------------------------------------
                                              |               Robust
                  complaints_percapita_zip3_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------------------------------+----------------------------------------------------------------
                                  1.d_post_ne |          0  (omitted)
                          nonwhite_pct_zip3_w |          0  (omitted)
                                              |
              d_post_ne#c.nonwhite_pct_zip3_w |
                                           1  |   .0462778   .0144224     3.21   0.002     .0173627    .0751929
                                              |
                                  csr_div_std |          0  (omitted)
                                              |
                      d_post_ne#c.csr_div_std |
                                           1  |          0  (omitted)
                                              |
          c.nonwhite_pct_zip3_w#c.csr_div_std |  -.2051576   .1323049    -1.55   0.127     -.470413    .0600978
                                              |
d_post_ne#c.nonwhite_pct_zip3_w#c.csr_div_std |
                                           1  |  -.0177817   .0177912    -1.00   0.322    -.0534509    .0178875
                                              |
                            d_post_ne_elderly |  -.0821144   .0738082    -1.11   0.271    -.2300909    .0658622
                    d_post_ne_percapitaincome |   .4014251    .578624     0.69   0.491    -.7586463    1.561496
                            d_post_ne_bachlor |  -.0203555    .053928    -0.38   0.707    -.1284746    .0877637
                              d_post_ne_unemp |  -.0878305   .1849974    -0.47   0.637     -.458728     .283067
                    positive_rate_zip3_lag1_w |   .3315782   .2196856     1.51   0.137    -.1088648    .7720213
                                        _cons |   .1242346   .0087235    14.24   0.000      .106745    .1417241
---------------------------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        zip3 |       868           1         867     |
      frstmo |     25914       25914           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. reghdfe complaints_percapita_zip3_w d_post_ne##c.nonwhite_pct_zip3_w##c.div_div_diff_std d_post_ne_elderly d_post_ne_percapitain
> come d_post_ne_bachlor d_post_ne_unemp positive_rate_zip3_lag1_w, absorb(zip3 frstmo) cluster(gvkey)
(dropped 5838 singleton observations)
(MWFE estimator converged in 12 iterations)
note: 1bn.d_post_ne is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: nonwhite_pct_zip3_w is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09
> )
note: div_div_diff_std is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: 1bn.d_post_ne#c.div_div_diff_std is probably collinear with the fixed effects (all partialled-out values are close to zero; 
> tol = 1.0e-09)

HDFE Linear regression                            Number of obs   =    232,526
Absorbing 2 HDFE groups                           F(   8,     54) =       2.66
Statistics robust to heteroskedasticity           Prob > F        =     0.0155
                                                  R-squared       =     0.4868
                                                  Adj R-squared   =     0.4200
                                                  Within R-sq.    =     0.0065
Number of clusters (gvkey)   =         55         Root MSE        =     0.2517

                                                                       (Std. err. adjusted for 55 clusters in gvkey)
--------------------------------------------------------------------------------------------------------------------
                                                   |               Robust
                       complaints_percapita_zip3_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------------------------------------+----------------------------------------------------------------
                                       1.d_post_ne |          0  (omitted)
                               nonwhite_pct_zip3_w |          0  (omitted)
                                                   |
                   d_post_ne#c.nonwhite_pct_zip3_w |
                                                1  |   .0464292   .0134392     3.45   0.001     .0194852    .0733732
                                                   |
                                  div_div_diff_std |          0  (omitted)
                                                   |
                      d_post_ne#c.div_div_diff_std |
                                                1  |          0  (omitted)
                                                   |
          c.nonwhite_pct_zip3_w#c.div_div_diff_std |  -.1334415   .0838075    -1.59   0.117    -.3014654    .0345824
                                                   |
d_post_ne#c.nonwhite_pct_zip3_w#c.div_div_diff_std |
                                                1  |  -.0316854   .0134444    -2.36   0.022    -.0586397   -.0047311
                                                   |
                                 d_post_ne_elderly |  -.0816455   .0732245    -1.12   0.270    -.2284518    .0651609
                         d_post_ne_percapitaincome |   .3937876   .5780123     0.68   0.499    -.7650573    1.552633
                                 d_post_ne_bachlor |  -.0199638   .0536834    -0.37   0.711    -.1275927     .087665
                                   d_post_ne_unemp |  -.0906481   .1848983    -0.49   0.626     -.461347    .2800507
                         positive_rate_zip3_lag1_w |   .3278228   .2203472     1.49   0.143    -.1139466    .7695923
                                             _cons |   .1247626   .0086326    14.45   0.000     .1074552      .14207
--------------------------------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        zip3 |       868           1         867     |
      frstmo |     25914       25914           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. reghdfe complaints_percapita_zip3_w d_post_ne##c.nonwhite_pct_zip3_w##c.div_str_b_std d_post_ne_elderly d_post_ne_percapitaincom
> e d_post_ne_bachlor d_post_ne_unemp positive_rate_zip3_lag1_w, absorb(zip3 frstmo) cluster(gvkey)
(dropped 5838 singleton observations)
(MWFE estimator converged in 12 iterations)
note: 1bn.d_post_ne is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: nonwhite_pct_zip3_w is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09
> )
note: div_str_b_std is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: 1bn.d_post_ne#c.div_str_b_std is probably collinear with the fixed effects (all partialled-out values are close to zero; tol
>  = 1.0e-09)

HDFE Linear regression                            Number of obs   =    232,526
Absorbing 2 HDFE groups                           F(   8,     54) =       2.68
Statistics robust to heteroskedasticity           Prob > F        =     0.0148
                                                  R-squared       =     0.4878
                                                  Adj R-squared   =     0.4211
                                                  Within R-sq.    =     0.0084
Number of clusters (gvkey)   =         55         Root MSE        =     0.2514

                                                                    (Std. err. adjusted for 55 clusters in gvkey)
-----------------------------------------------------------------------------------------------------------------
                                                |               Robust
                    complaints_percapita_zip3_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------------------------------------+----------------------------------------------------------------
                                    1.d_post_ne |          0  (omitted)
                            nonwhite_pct_zip3_w |          0  (omitted)
                                                |
                d_post_ne#c.nonwhite_pct_zip3_w |
                                             1  |   .0461465   .0147154     3.14   0.003     .0166439     .075649
                                                |
                                  div_str_b_std |          0  (omitted)
                                                |
                      d_post_ne#c.div_str_b_std |
                                             1  |          0  (omitted)
                                                |
          c.nonwhite_pct_zip3_w#c.div_str_b_std |  -.1564834   .0913468    -1.71   0.092    -.3396226    .0266559
                                                |
d_post_ne#c.nonwhite_pct_zip3_w#c.div_str_b_std |
                                             1  |   -.029667   .0143619    -2.07   0.044    -.0584609   -.0008732
                                                |
                              d_post_ne_elderly |  -.0814061   .0731835    -1.11   0.271    -.2281302    .0653181
                      d_post_ne_percapitaincome |   .3944653   .5780538     0.68   0.498    -.7644627    1.553393
                              d_post_ne_bachlor |   -.020138    .053721    -0.37   0.709    -.1278421    .0875661
                                d_post_ne_unemp |  -.0914374   .1843859    -0.50   0.622    -.4611088    .2782341
                      positive_rate_zip3_lag1_w |   .3281081    .219309     1.50   0.140    -.1115799    .7677961
                                          _cons |   .1251638   .0089174    14.04   0.000     .1072856    .1430421
-----------------------------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        zip3 |       868           1         867     |
      frstmo |     25914       25914           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. 
. **#T1 Panel C lower panel
. su high

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
        high |    212,016    .5944268    .4910038          0          1

. su board_diversity highfemale high if highfemale!=.

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
board_dive~y |    212,016    .3752236    .1319821          0         .6
  highfemale |    212,016    .3272583    .4692135          0          1
        high |    212,016    .5944268    .4910038          0          1

. **#T4 Panel B
. reghdfe complaints_percapita_zip3_w d_post_ne##c.nonwhite_pct_zip3_w##high d_post_ne_elderly d_post_ne_percapitaincome d_post_ne
> _bachlor d_post_ne_unemp positive_rate_zip3_lag1_w, absorb(zip3 frstmo) cluster(gvkey)
(dropped 4928 singleton observations)
(MWFE estimator converged in 12 iterations)
note: 1bn.d_post_ne is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: nonwhite_pct_zip3_w is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09
> )
note: 1bn.high is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: 1bn.d_post_ne#1bn.high is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e
> -09)

HDFE Linear regression                            Number of obs   =    207,088
Absorbing 2 HDFE groups                           F(   8,     47) =       2.43
Statistics robust to heteroskedasticity           Prob > F        =     0.0274
                                                  R-squared       =     0.4978
                                                  Adj R-squared   =     0.4335
                                                  Within R-sq.    =     0.0170
Number of clusters (gvkey)   =         48         Root MSE        =     0.2596

                                                         (Std. err. adjusted for 48 clusters in gvkey)
------------------------------------------------------------------------------------------------------
                                     |               Robust
         complaints_percapita_zip3_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------------------------+----------------------------------------------------------------
                         1.d_post_ne |          0  (omitted)
                 nonwhite_pct_zip3_w |          0  (omitted)
                                     |
     d_post_ne#c.nonwhite_pct_zip3_w |
                                  1  |   .1016166   .0324414     3.13   0.003     .0363529    .1668803
                                     |
                              1.high |          0  (omitted)
                                     |
                      d_post_ne#high |
                                1 1  |          0  (omitted)
                                     |
          high#c.nonwhite_pct_zip3_w |
                                  1  |  -.4766566   .2847413    -1.67   0.101    -1.049482    .0961691
                                     |
d_post_ne#high#c.nonwhite_pct_zip3_w |
                                1 1  |  -.0837482   .0360887    -2.32   0.025    -.1563493    -.011147
                                     |
                   d_post_ne_elderly |  -.0925334   .0805608    -1.15   0.257    -.2546009     .069534
           d_post_ne_percapitaincome |    .494552    .638225     0.77   0.442     -.789391    1.778495
                   d_post_ne_bachlor |   -.029915   .0594086    -0.50   0.617    -.1494297    .0895997
                     d_post_ne_unemp |  -.0980348   .2023728    -0.48   0.630    -.5051565    .3090868
           positive_rate_zip3_lag1_w |   .2348028   .2257288     1.04   0.304     -.219305    .6889105
                               _cons |   .2083116   .0482808     4.31   0.000     .1111832    .3054399
------------------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        zip3 |       868           1         867     |
      frstmo |     22624       22624           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. reghdfe complaints_percapita_zip3_w d_post_ne##c.nonwhite_pct_zip3_w##highfemale d_post_ne_nonwhite d_post_ne_elderly d_post_ne_
> percapitaincome d_post_ne_bachlor d_post_ne_unemp positive_rate_zip3_lag1_w, absorb(zip3 frstmo) cluster(gvkey)
(dropped 4928 singleton observations)
(MWFE estimator converged in 12 iterations)
note: 1bn.d_post_ne is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: nonwhite_pct_zip3_w is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09
> )
note: 1bn.highfemale is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: 1bn.d_post_ne#1bn.highfemale is probably collinear with the fixed effects (all partialled-out values are close to zero; tol 
> = 1.0e-09)
note: d_post_ne_nonwhite omitted because of collinearity

HDFE Linear regression                            Number of obs   =    207,088
Absorbing 2 HDFE groups                           F(   8,     47) =       2.22
Statistics robust to heteroskedasticity           Prob > F        =     0.0423
                                                  R-squared       =     0.4930
                                                  Adj R-squared   =     0.4281
                                                  Within R-sq.    =     0.0076
Number of clusters (gvkey)   =         48         Root MSE        =     0.2609

                                                               (Std. err. adjusted for 48 clusters in gvkey)
------------------------------------------------------------------------------------------------------------
                                           |               Robust
               complaints_percapita_zip3_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------------------------------+----------------------------------------------------------------
                               1.d_post_ne |          0  (omitted)
                       nonwhite_pct_zip3_w |          0  (omitted)
                                           |
           d_post_ne#c.nonwhite_pct_zip3_w |
                                        1  |   .0760109   .0227845     3.34   0.002     .0301744    .1218474
                                           |
                              1.highfemale |          0  (omitted)
                                           |
                      d_post_ne#highfemale |
                                      1 1  |          0  (omitted)
                                           |
          highfemale#c.nonwhite_pct_zip3_w |
                                        1  |  -.3230485   .1857956    -1.74   0.089     -.696821     .050724
                                           |
d_post_ne#highfemale#c.nonwhite_pct_zip3_w |
                                      1 1  |  -.0742188   .0257862    -2.88   0.006     -.126094   -.0223436
                                           |
                        d_post_ne_nonwhite |          0  (omitted)
                         d_post_ne_elderly |  -.0917015   .0808643    -1.13   0.263    -.2543795    .0709765
                 d_post_ne_percapitaincome |   .5010514   .6432025     0.78   0.440    -.7929051    1.795008
                         d_post_ne_bachlor |  -.0302816   .0595709    -0.51   0.614    -.1501229    .0895597
                           d_post_ne_unemp |    -.09666    .201811    -0.48   0.634    -.5026514    .3093314
                 positive_rate_zip3_lag1_w |   .2352867   .2261128     1.04   0.303    -.2195936     .690167
                                     _cons |   .1620008   .0214304     7.56   0.000     .1188884    .2051132
------------------------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        zip3 |       868           1         867     |
      frstmo |     22624       22624           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. reghdfe complaints_percapita_zip3_w d_post_ne##c.nonwhite_pct_zip3_w##highminority nonwhite_highminority d_post_ne_nonwhite d_po
> st_ne_elderly d_post_ne_percapitaincome d_post_ne_bachlor d_post_ne_unemp positive_rate_zip3_lag1_w, absorb(zip3 frstmo) cluster
> (gvkey)
(dropped 4928 singleton observations)
(MWFE estimator converged in 11 iterations)
note: 1bn.d_post_ne is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: nonwhite_pct_zip3_w is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09
> )
note: 1bn.highminority is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: 1bn.d_post_ne#1bn.highminority is probably collinear with the fixed effects (all partialled-out values are close to zero; to
> l = 1.0e-09)
note: nonwhite_highminority omitted because of collinearity
note: d_post_ne_nonwhite omitted because of collinearity

HDFE Linear regression                            Number of obs   =    207,088
Absorbing 2 HDFE groups                           F(   8,     47) =       1.95
Statistics robust to heteroskedasticity           Prob > F        =     0.0743
                                                  R-squared       =     0.4896
                                                  Adj R-squared   =     0.4242
                                                  Within R-sq.    =     0.0010
Number of clusters (gvkey)   =         48         Root MSE        =     0.2617

                                                                 (Std. err. adjusted for 48 clusters in gvkey)
--------------------------------------------------------------------------------------------------------------
                                             |               Robust
                 complaints_percapita_zip3_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------------------------------+----------------------------------------------------------------
                                 1.d_post_ne |          0  (omitted)
                         nonwhite_pct_zip3_w |          0  (omitted)
                                             |
             d_post_ne#c.nonwhite_pct_zip3_w |
                                          1  |   .0540406   .0173772     3.11   0.003     .0190821     .088999
                                             |
                              1.highminority |          0  (omitted)
                                             |
                      d_post_ne#highminority |
                                        1 1  |          0  (omitted)
                                             |
          highminority#c.nonwhite_pct_zip3_w |
                                          1  |  -.2331008   .1382002    -1.69   0.098    -.5111237    .0449221
                                             |
d_post_ne#highminority#c.nonwhite_pct_zip3_w |
                                        1 1  |  -.0416962   .0258079    -1.62   0.113    -.0936149    .0102225
                                             |
                       nonwhite_highminority |          0  (omitted)
                          d_post_ne_nonwhite |          0  (omitted)
                           d_post_ne_elderly |  -.0922309   .0813016    -1.13   0.262    -.2557886    .0713267
                   d_post_ne_percapitaincome |   .5055038   .6443767     0.78   0.437     -.790815    1.801823
                           d_post_ne_bachlor |   -.030153   .0595914    -0.51   0.615    -.1500354    .0897293
                             d_post_ne_unemp |  -.0915991   .2023456    -0.45   0.653     -.498666    .3154678
                   positive_rate_zip3_lag1_w |    .224424    .224939     1.00   0.324    -.2280949    .6769429
                                       _cons |   .1377182   .0103632    13.29   0.000     .1168701    .1585664
--------------------------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        zip3 |       868           1         867     |
      frstmo |     22624       22624           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. 
. **#T1 Panel C lower panel
. su OverallGenderIndex1988  if highfemale!=.

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
Overall~1988 |    212,016    44.00246      7.6976       20.1       56.1

. **#T5 Col 1
. egen gei_std=std(OverallGenderIndex1988)
(347,424 missing values generated)

. reghdfe complaints_percapita_zip3_w d_post_ne##c.nonwhite_pct_zip3_w##c.gei_std d_post_ne_elderly d_post_ne_percapitaincome d_po
> st_ne_bachlor d_post_ne_unemp positive_rate_zip3_lag1_w  if board_diversity!=., absorb(zip3 frstmo) cluster(gvkey)
(dropped 4928 singleton observations)
(MWFE estimator converged in 12 iterations)
note: 1bn.d_post_ne is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: nonwhite_pct_zip3_w is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09
> )
note: gei_std is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: 1bn.d_post_ne#c.gei_std is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0
> e-09)

HDFE Linear regression                            Number of obs   =    207,088
Absorbing 2 HDFE groups                           F(   8,     47) =       2.05
Statistics robust to heteroskedasticity           Prob > F        =     0.0608
                                                  R-squared       =     0.4931
                                                  Adj R-squared   =     0.4282
                                                  Within R-sq.    =     0.0078
Number of clusters (gvkey)   =         48         Root MSE        =     0.2608

                                                              (Std. err. adjusted for 48 clusters in gvkey)
-----------------------------------------------------------------------------------------------------------
                                          |               Robust
              complaints_percapita_zip3_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------------------------------+----------------------------------------------------------------
                              1.d_post_ne |          0  (omitted)
                      nonwhite_pct_zip3_w |          0  (omitted)
                                          |
          d_post_ne#c.nonwhite_pct_zip3_w |
                                       1  |   .0540211   .0164339     3.29   0.002     .0209603    .0870818
                                          |
                                  gei_std |          0  (omitted)
                                          |
                      d_post_ne#c.gei_std |
                                       1  |          0  (omitted)
                                          |
          c.nonwhite_pct_zip3_w#c.gei_std |  -.1605538   .0979889    -1.64   0.108     -.357682    .0365744
                                          |
d_post_ne#c.nonwhite_pct_zip3_w#c.gei_std |
                                       1  |  -.0304181   .0149594    -2.03   0.048    -.0605125   -.0003237
                                          |
                        d_post_ne_elderly |  -.0905728   .0807047    -1.12   0.267    -.2529296    .0717841
                d_post_ne_percapitaincome |   .4911615   .6411467     0.77   0.447    -.7986592    1.780982
                        d_post_ne_bachlor |  -.0307907   .0596657    -0.52   0.608    -.1508226    .0892412
                          d_post_ne_unemp |  -.1069804   .2031221    -0.53   0.601    -.5156093    .3016485
                positive_rate_zip3_lag1_w |   .2331798   .2252218     1.04   0.306    -.2199081    .6862676
                                    _cons |   .1370118   .0103385    13.25   0.000     .1162134    .1578101
-----------------------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        zip3 |       868           1         867     |
      frstmo |     22624       22624           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. 
. 
. use "IDVdata.dta", clear

. 
. egen idv_std=std(idv_board_av)

. **#T5 Col 2
. reghdfe complaints_percapita_zip3_w ib0.d_post_ne##c.idv_std##c.nonwhite_pct_zip3_w d_post_ne_elderly d_post_ne_percapitaincome 
> d_post_ne_bachlor d_post_ne_unemp positive_rate_zip3_lag1_w, absorb(zip3 frstmo) cluster(gvkey)
(dropped 4116 singleton observations)
(MWFE estimator converged in 13 iterations)
note: 1bn.d_post_ne is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: idv_std is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: 1bn.d_post_ne#c.idv_std is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0
> e-09)
note: nonwhite_pct_zip3_w is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09
> )

HDFE Linear regression                            Number of obs   =    146,006
Absorbing 2 HDFE groups                           F(   8,     37) =       2.21
Statistics robust to heteroskedasticity           Prob > F        =     0.0490
                                                  R-squared       =     0.4677
                                                  Adj R-squared   =     0.3942
                                                  Within R-sq.    =     0.0040
Number of clusters (gvkey)   =         38         Root MSE        =     0.2412

                                                              (Std. err. adjusted for 38 clusters in gvkey)
-----------------------------------------------------------------------------------------------------------
                                          |               Robust
              complaints_percapita_zip3_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------------------------------+----------------------------------------------------------------
                              1.d_post_ne |          0  (omitted)
                                  idv_std |          0  (omitted)
                                          |
                      d_post_ne#c.idv_std |
                                       1  |          0  (omitted)
                                          |
                      nonwhite_pct_zip3_w |          0  (omitted)
                                          |
          d_post_ne#c.nonwhite_pct_zip3_w |
                                       1  |   .0460832   .0167793     2.75   0.009     .0120851    .0800813
                                          |
          c.idv_std#c.nonwhite_pct_zip3_w |   .0978764   .0796692     1.23   0.227    -.0635487    .2593016
                                          |
d_post_ne#c.idv_std#c.nonwhite_pct_zip3_w |
                                       1  |   .0246162   .0123939     1.99   0.054    -.0004962    .0497286
                                          |
                        d_post_ne_elderly |  -.0249841   .0939067    -0.27   0.792    -.2152572     .165289
                d_post_ne_percapitaincome |   .2354049   .9282688     0.25   0.801    -1.645446    2.116256
                        d_post_ne_bachlor |   .0223825   .1211435     0.18   0.854    -.2230776    .2678425
                          d_post_ne_unemp |   .1271345    .264419     0.48   0.633    -.4086293    .6628984
                positive_rate_zip3_lag1_w |  -.0689626   .1989188    -0.35   0.731    -.4720104    .3340851
                                    _cons |   .1045754     .01152     9.08   0.000     .0812336    .1279171
-----------------------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
        zip3 |       860           1         859     |
      frstmo |     16828       16828           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. gen used = e(sample)

. **#T1 Panel C lower panel
. su idv_board_av if used == 1

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
idv_board_av |    146,006      .79726    .0466521   .6676933    .894093

. 

. **T6
. use "firm_complaint_long_panel_treat_control.dta", clear

. winsor2 complaints_percapita nonwhite_pct_zip3 percapitaincome_zip3 elderly_pct_zip3 bachelordegree_pct_zip3 unemploymentrate_zi
> p3_l1yr, cuts(1 99)

. 
. gen change = 1 if d_treat72  >0
(159,024 missing values generated)

. replace change = 0 if d_treat72 == 0
(122,916 real changes made)

. replace change = -1 if d_treat72 < 0
(36,108 real changes made)

. 
. gen delta_div_size = d_treat72/boardsize
(122,916 missing values generated)

. replace delta_div_size = 0 if delta_div_size == . 
(122,916 real changes made)

. 
. capture drop eventyear eventtime

. gen eventyear = int(yearmonth/100)

. gen eventtime = int(yearmonth_U/100) - eventyear

.         
. gen d_pre1 = (eventtime == -1)

. gen d_post1 = (eventtime == 1)

. 
. egen firm_id = group(yearmonth company_alternative)

. tab firm_id

group(yearm |
       onth |
company_alt |
  ernative) |      Freq.     Percent        Cum.
------------+-----------------------------------
          1 |     28,656       12.64       12.64
          2 |      6,888        3.04       15.67
          3 |     30,816       13.59       29.26
          4 |      6,048        2.67       31.93
          5 |      5,832        2.57       34.50
          6 |     18,180        8.02       42.52
          7 |     15,012        6.62       49.14
          8 |     30,816       13.59       62.73
          9 |     19,584        8.64       71.36
         10 |     28,980       12.78       84.14
         11 |      5,904        2.60       86.74
         12 |     30,060       13.26      100.00
------------+-----------------------------------
      Total |    226,776      100.00

. egen firm_month_state = group(firm_id state yearmonth_U)

. 
. **#T6
. reghdfe complaints_percapita_w c.change##ib0.d_pre1##c.nonwhite_pct_zip3_w c.change##ib0.d_post1##c.nonwhite_pct_zip3_w percapit
> aincome_zip3_w elderly_pct_zip3_w bachelordegree_pct_zip3_w nonwhite_pct_zip3_w unemploymentrate_zip3_l1yr_w, absorb(zip3 firm_m
> onth_state) cluster(firm_id)
(MWFE estimator converged in 9 iterations)
note: change is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: 1bn.d_pre1 is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: 1bn.d_pre1#c.change is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09
> )
note: change is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: 1bn.d_post1 is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: 1bn.d_post1#c.change is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-0
> 9)
note: change omitted because of collinearity
note: nonwhite_pct_zip3_w omitted because of collinearity

HDFE Linear regression                            Number of obs   =    226,776
Absorbing 2 HDFE groups                           F(  10,     11) =      28.76
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4116
                                                  Adj R-squared   =     0.3595
                                                  Within R-sq.    =     0.0034
Number of clusters (firm_id) =         12         Root MSE        =     0.6398

                                                         (Std. err. adjusted for 12 clusters in firm_id)
--------------------------------------------------------------------------------------------------------
                                       |               Robust
                complaints_percapita_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------------------------+----------------------------------------------------------------
                                change |          0  (omitted)
                              1.d_pre1 |          0  (omitted)
                                       |
                       d_pre1#c.change |
                                    1  |          0  (omitted)
                                       |
                   nonwhite_pct_zip3_w |   .1218557   .7361357     0.17   0.872    -1.498368     1.74208
                                       |
        c.change#c.nonwhite_pct_zip3_w |  -.3134595    .279527    -1.12   0.286    -.9286944    .3017753
                                       |
          d_pre1#c.nonwhite_pct_zip3_w |
                                    1  |  -.0469745   .0489672    -0.96   0.358    -.1547505    .0608015
                                       |
 d_pre1#c.change#c.nonwhite_pct_zip3_w |
                                    1  |  -.0589913   .1311849    -0.45   0.662    -.3477274    .2297448
                                       |
                                change |          0  (omitted)
                             1.d_post1 |          0  (omitted)
                                       |
                      d_post1#c.change |
                                    1  |          0  (omitted)
                                       |
                   nonwhite_pct_zip3_w |          0  (omitted)
                                       |
         d_post1#c.nonwhite_pct_zip3_w |
                                    1  |   .1273892   .0730404     1.74   0.109    -.0333716    .2881501
                                       |
d_post1#c.change#c.nonwhite_pct_zip3_w |
                                    1  |  -.1198147   .0497848    -2.41   0.035    -.2293902   -.0102392
                                       |
                percapitaincome_zip3_w |  -17.89959   27.41326    -0.65   0.527    -78.23576    42.43658
                    elderly_pct_zip3_w |  -1.039614   1.942907    -0.54   0.603    -5.315924    3.236695
             bachelordegree_pct_zip3_w |   .3924407   1.198538     0.33   0.749    -2.245524    3.030406
                   nonwhite_pct_zip3_w |          0  (omitted)
          unemploymentrate_zip3_l1yr_w |  -4.701364   2.594693    -1.81   0.097    -10.41225    1.009518
                                 _cons |   1.053496   1.115448     0.94   0.365    -1.401588     3.50858
--------------------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
             zip3 |       873           1         872     |
 firm_month_state |     17580       17580           0    *|
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. reghdfe complaints_percapita_w c.delta_div_size##ib0.d_pre1##c.nonwhite_pct_zip3_w c.delta_div_size##ib0.d_post1##c.nonwhite_pct
> _zip3_w percapitaincome_zip3_w elderly_pct_zip3_w bachelordegree_pct_zip3_w nonwhite_pct_zip3_w unemploymentrate_zip3_l1yr_w, ab
> sorb(zip3 firm_month_state) cluster(firm_id)
(MWFE estimator converged in 9 iterations)
note: delta_div_size is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: 1bn.d_pre1 is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: 1bn.d_pre1#c.delta_div_size is probably collinear with the fixed effects (all partialled-out values are close to zero; tol =
>  1.0e-09)
note: delta_div_size is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: 1bn.d_post1 is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)
note: 1bn.d_post1#c.delta_div_size is probably collinear with the fixed effects (all partialled-out values are close to zero; tol 
> = 1.0e-09)
note: delta_div_size omitted because of collinearity
note: nonwhite_pct_zip3_w omitted because of collinearity

HDFE Linear regression                            Number of obs   =    226,776
Absorbing 2 HDFE groups                           F(  10,     11) =      66.11
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4120
                                                  Adj R-squared   =     0.3599
                                                  Within R-sq.    =     0.0040
Number of clusters (firm_id) =         12         Root MSE        =     0.6396

                                                                 (Std. err. adjusted for 12 clusters in firm_id)
----------------------------------------------------------------------------------------------------------------
                                               |               Robust
                        complaints_percapita_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------------------------------------+----------------------------------------------------------------
                                delta_div_size |          0  (omitted)
                                      1.d_pre1 |          0  (omitted)
                                               |
                       d_pre1#c.delta_div_size |
                                            1  |          0  (omitted)
                                               |
                           nonwhite_pct_zip3_w |   .1064039   .7422933     0.14   0.889    -1.527373    1.740181
                                               |
        c.delta_div_size#c.nonwhite_pct_zip3_w |  -3.000273   2.337646    -1.28   0.226    -8.145397    2.144851
                                               |
                  d_pre1#c.nonwhite_pct_zip3_w |
                                            1  |    -.05092   .0459999    -1.11   0.292     -.152165     .050325
                                               |
 d_pre1#c.delta_div_size#c.nonwhite_pct_zip3_w |
                                            1  |  -.2437882   1.197634    -0.20   0.842    -2.879763    2.392187
                                               |
                                delta_div_size |          0  (omitted)
                                     1.d_post1 |          0  (omitted)
                                               |
                      d_post1#c.delta_div_size |
                                            1  |          0  (omitted)
                                               |
                           nonwhite_pct_zip3_w |          0  (omitted)
                                               |
                 d_post1#c.nonwhite_pct_zip3_w |
                                            1  |   .1321508   .0744453     1.78   0.104    -.0317022    .2960037
                                               |
d_post1#c.delta_div_size#c.nonwhite_pct_zip3_w |
                                            1  |  -.9930231   .4256501    -2.33   0.040    -1.929873   -.0561735
                                               |
                        percapitaincome_zip3_w |  -17.96778   27.44115    -0.65   0.526    -78.36534    42.42978
                            elderly_pct_zip3_w |  -.9036526   1.928055    -0.47   0.648    -5.147272    3.339967
                     bachelordegree_pct_zip3_w |   .3744797   1.203689     0.31   0.762    -2.274822    3.023782
                           nonwhite_pct_zip3_w |          0  (omitted)
                  unemploymentrate_zip3_l1yr_w |  -4.629288   2.592305    -1.79   0.102    -10.33491    1.076337
                                         _cons |   1.044122   1.119672     0.93   0.371     -1.42026    3.508505
----------------------------------------------------------------------------------------------------------------

Absorbed degrees of freedom:
----------------------------------------------------------+
      Absorbed FE | Categories  - Redundant  = Num. Coefs |
------------------+---------------------------------------|
             zip3 |       873           1         872     |
 firm_month_state |     17580       17580           0    *|
----------------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation

. 
end of do-file

. 