            name:  <unnamed>
             log:  C:\Users\isyoo\OneDrive - Singapore Management University\Desktop\
      > Work\JAR AI Aanalysts\JAR Replication Package\Log flies\First step analyses.s
      > mcl
        log type:  smcl
       opened on:  19 Jul 2026, 08:18:25
      
     1 . do "C:\Users\isyoo\AppData\Local\Temp\STD2a54_000000.tmp"
      
     2 . /*Analyses for the first step of the mechanism: Timeliness and iXBL*/
     3 . 
     4 . /*Timeliness tests*/
     5 . /*Table 1 Panel A using the main sample that is restricted to the first forec
      > ast issued by each analyst within 4 days after a firm's 10-K filing*/
     6 . cd "C:\Users\isyoo\OneDrive - Singapore Management University\Desktop\Work\JA
      > R AI Aanalysts"
      C:\Users\isyoo\OneDrive - Singapore Management University\Desktop\Work\JAR AI A
      > analysts
      
     7 . use "Timeliness_sample", clear
      
     8 . rename *, lower 
      
     9 . keep if year>2012
      (55,223 observations deleted)
      
    10 . keep if year<2021
      (27,633 observations deleted)
      
    11 . egen firm=group(ticker)
      
    12 . egen firmbroker=group(ticker estimator)
      
    13 . egen yearmonth=group(year month)
      
    14 . gen aihiringratio=(ai_hiring_l+ai_hiring_ll+ai_hiring_lll)/(total_jobs_l+tota
      > l_jobs_ll+total_jobs_lll)
      
    15 . gen rawaihiring=(ai_hiring_l+ai_hiring_ll+ai_hiring_lll)
      
    16 . gen totalj=log(1+total_jobs_l+total_jobs_ll+total_jobs_lll)
      
    17 . gen eagap=filing_date-anndats_act_l
      
    18 . drop if aihiringratio==. | pasterror==. | logbrokersize==. | firmage==. | tot
      > alcover==. | numberanal==. | logmve==. | lev==. | roa==. | mtb==. | car==. | 
      > roavol==. | intang==. | loss==. | eagap==. 
      (24,135 observations deleted)
      
    19 . save "timeliness_sample2", replace
      file timeliness_sample2.dta saved
      
    20 . keep if lag<5
      (50,409 observations deleted)
      
    21 . winsor2 logbrokersize firmage totalcover numberanal logmve lev roa mtb car ro
      > avol intang totalj eagap,  cuts(1 99) replace 
      
    22 . tabstat aihiringratio rawaihiring lag totalj logbrokersize firmage totalcover
      >  numberanal logmve lev roa mtb car roavol intang loss eagap, statistics(n mea
      > n sd p5 p25 median p75 p95) columns(statistics)
      
          Variable |         N      Mean        SD        p5       p25       p50     
      >   p75       p95
      -------------+-----------------------------------------------------------------
      ---------------
      aihiringra~o |     13602   .013291  .0393149         0         0  .0015625  .00
      > 79639  .0909493
       rawaihiring |     13602   649.244  2361.708         0         0         9     
      >   103      4845
               lag |     13602  .9191295  1.196736         0         0         1     
      >     1         4
            totalj |     13602  8.646169  2.006279  5.746203  7.069024  8.443116  9.8
      > 22603   12.0112
      logbrokers~e |     13602  4.648947  .5313983  3.828641  4.174387  4.718499  5.1
      > 41664  5.446737
           firmage |     13602  4.859727  4.170123         1         2         3     
      >     7        14
        totalcover |     13602  21.89847  8.737085         8        17        21     
      >    26        37
        numberanal |     13602  6.754668  3.782001         1         4         6     
      >     9        14
            logmve |     13602  8.197313  1.681601  5.370644  7.145627  8.166913  9.2
      > 67954  11.02363
               lev |     13602  .3909144   .307717         0   .169989  .3509121  .54
      > 39986  .9754033
               roa |     13602 -.0230324  .2095343 -.5054508 -.0304468  .0292791  .07
      > 60547  .1805231
               mtb |     13602  4.100974  8.691113 -2.456611  1.331756  2.568333  5.1
      > 07696   16.9342
               car |     13602  .0122893  .4233259 -.6844684 -.2039265  .0108088  .20
      > 48396  .7173535
            roavol |     13602  .0733393  .1310042    .00341  .0131801  .0303071  .07
      > 50214  .2744856
            intang |     13602  .2424502  .2800901         0  .0110839  .1352132  .40
      > 46214  .7554521
              loss |     13602  .3287752  .4697854         0         0         0     
      >     1         1
             eagap |     13602  2.319218  6.778708         0         0         0     
      >     1        19
      -------------------------------------------------------------------------------
      ---------------
      
    23 . /*Regression results: Table 2 using the samples that are restricted to the fi
      > rst forecast issued by each analyst within 4 days or 30 days after a firm's 1
      > 0-K filing*/
    24 . use "timeliness_sample2", clear
      
    25 . keep if lag<31
      (40,516 observations deleted)
      
    26 . winsor2 logbrokersize firmage totalcover numberanal logmve lev roa mtb car ro
      > avol intang totalj eagap,  cuts(1 99) replace 
      
    27 . eststo clear
      
    28 . local controls "logbrokersize firmage totalcover numberanal logmve lev roa mt
      > b car roavol intang loss totalj eagap"
      
    29 . eststo: reghdfe lag aihiringratio `controls', absorb(firmbroker yearmonth) vc
      > e(cluster firm) keepsingleton, if lag<5
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 42 iterations)
      
      HDFE Linear regression                            Number of obs   =     13,602
      Absorbing 2 HDFE groups                           F(  15,   2087) =       0.70
      Statistics robust to heteroskedasticity           Prob > F        =     0.7905
                                                        R-squared       =     0.7121
                                                        Adj R-squared   =     0.4442
                                                        Within R-sq.    =     0.0017
      Number of clusters (firm)    =      2,088         Root MSE        =     0.8922
      
                                      (Std. err. adjusted for 2,088 clusters in firm)
      -------------------------------------------------------------------------------
                    |               Robust
                lag | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
      --------------+----------------------------------------------------------------
      aihiringratio |  -.6826675   .3850301    -1.77   0.076     -1.43775    .0724155
      logbrokersize |   .0004306   .0874987     0.00   0.996    -.1711633    .1720245
            firmage |  -.0067503   .0067294    -1.00   0.316    -.0199474    .0064468
         totalcover |    .000404   .0027421     0.15   0.883    -.0049735    .0057815
         numberanal |   -.005327   .0110075    -0.48   0.628    -.0269138    .0162598
             logmve |  -.0045634   .0328522    -0.14   0.890    -.0689898    .0598631
                lev |   .0433653   .0839428     0.52   0.605    -.1212551    .2079857
                roa |  -.0841997   .1385177    -0.61   0.543    -.3558469    .1874475
                mtb |  -.0021422   .0021241    -1.01   0.313    -.0063078    .0020233
                car |   .0117898   .0352405     0.33   0.738    -.0573204    .0808999
             roavol |   .2110616   .1717438     1.23   0.219    -.1257453    .5478686
             intang |  -.0206931   .1410226    -0.15   0.883    -.2972527    .2558665
               loss |   .0051761   .0496665     0.10   0.917    -.0922249    .1025771
             totalj |   .0465335    .036314     1.28   0.200     -.024682     .117749
              eagap |    .006243   .0083813     0.74   0.456    -.0101935    .0226795
              _cons |   .5850286   .5984226     0.98   0.328    -.5885388    1.758596
      -------------------------------------------------------------------------------
      
      Absorbed degrees of freedom:
      -----------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
      -------------+---------------------------------------|
        firmbroker |      6446        6446           0    *|
         yearmonth |        96           1          95     |
      -----------------------------------------------------+
      * = FE nested within cluster; treated as redundant for DoF computation
      (est1 stored)
      
    30 . outreg2 using 1.doc, nolabel tstat tdec(2) dec(3) replace
      1.doc
      dir : seeout
      
    31 . eststo: reghdfe lag aihiringratio `controls', absorb(firmbroker yearmonth) vc
      > e(cluster firm) keepsingleton, if lag<31
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 30 iterations)
      
      HDFE Linear regression                            Number of obs   =     23,495
      Absorbing 2 HDFE groups                           F(  15,   2829) =       4.77
      Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                        R-squared       =     0.8123
                                                        Adj R-squared   =     0.6582
                                                        Within R-sq.    =     0.0103
      Number of clusters (firm)    =      2,830         Root MSE        =     5.2429
      
                                      (Std. err. adjusted for 2,830 clusters in firm)
      -------------------------------------------------------------------------------
                    |               Robust
                lag | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
      --------------+----------------------------------------------------------------
      aihiringratio |  -7.520686   1.749052    -4.30   0.000    -10.95023   -4.091141
      logbrokersize |   .5073632      .3611     1.41   0.160    -.2006826    1.215409
            firmage |  -.0501559    .024948    -2.01   0.044    -.0990741   -.0012377
         totalcover |   .0030914   .0106697     0.29   0.772    -.0178297    .0240126
         numberanal |   .0233834   .0436768     0.54   0.592    -.0622582    .1090249
             logmve |   .7049609    .170704     4.13   0.000      .370244    1.039678
                lev |   .6676475   .4238742     1.58   0.115    -.1634863    1.498781
                roa |  -1.587858   .7907294    -2.01   0.045    -3.138322   -.0373934
                mtb |  -.0095522   .0097602    -0.98   0.328    -.0286901    .0095857
                car |  -.3876561   .1650713    -2.35   0.019    -.7113284   -.0639837
             roavol |   .4919362   .9293111     0.53   0.597     -1.33026    2.314132
             intang |  -.2490345   .6207014    -0.40   0.688    -1.466108    .9680387
               loss |  -.1736195   .2040197    -0.85   0.395     -.573662    .2264229
             totalj |  -.0569496   .1337794    -0.43   0.670    -.3192646    .2053654
              eagap |    .108452   .0283213     3.83   0.000     .0529195    .1639844
              _cons |  -1.452979   2.469673    -0.59   0.556    -6.295522    3.389564
      -------------------------------------------------------------------------------
      
      Absorbed degrees of freedom:
      -----------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
      -------------+---------------------------------------|
        firmbroker |     10485       10485           0    *|
         yearmonth |        96           1          95     |
      -----------------------------------------------------+
      * = FE nested within cluster; treated as redundant for DoF computation
      (est2 stored)
      
    32 . outreg2 using 1.doc, nolabel tstat tdec(2) dec(3) replace
      1.doc
      dir : seeout
      
    33 . noisily: esttab, r2 star(* 0.1 ** 0.05 *** 0.01)  nonote b(%9.3f) keep(aihiri
      > ngratio `controls') 
      
      --------------------------------------------
                            (1)             (2)   
                            lag             lag   
      --------------------------------------------
      aihiringra~o       -0.683*         -7.521***
                        (-1.77)         (-4.30)   
      
      logbrokers~e        0.000           0.507   
                         (0.00)          (1.41)   
      
      firmage            -0.007          -0.050** 
                        (-1.00)         (-2.01)   
      
      totalcover          0.000           0.003   
                         (0.15)          (0.29)   
      
      numberanal         -0.005           0.023   
                        (-0.48)          (0.54)   
      
      logmve             -0.005           0.705***
                        (-0.14)          (4.13)   
      
      lev                 0.043           0.668   
                         (0.52)          (1.58)   
      
      roa                -0.084          -1.588** 
                        (-0.61)         (-2.01)   
      
      mtb                -0.002          -0.010   
                        (-1.01)         (-0.98)   
      
      car                 0.012          -0.388** 
                         (0.33)         (-2.35)   
      
      roavol              0.211           0.492   
                         (1.23)          (0.53)   
      
      intang             -0.021          -0.249   
                        (-0.15)         (-0.40)   
      
      loss                0.005          -0.174   
                         (0.10)         (-0.85)   
      
      totalj              0.047          -0.057   
                         (1.28)         (-0.43)   
      
      eagap               0.006           0.108***
                         (0.74)          (3.83)   
      --------------------------------------------
      N                   13602           23495   
      R-sq                0.712           0.812   
      --------------------------------------------
      
    34 . 
    35 . /*iXBRL tests*/
    36 . /*Table 1 Panel B using the main sample that is restricted to the first forec
      > ast issued by each analyst within 4 days after a firm's 10-K filing*/
    37 . use "Timeliness_sample", clear
      
    38 . rename *, lower 
      
    39 . gen fileyear=year(filing_date)
      
    40 . gen filemonth=month(filing_date)
      
    41 . keep if fileyear==2018 | fileyear==2019 | fileyear==2020
      (139,363 observations deleted)
      
    42 . drop if fileyear==2020 & filemonth>6
      (1,227 observations deleted)
      
    43 . gen post=0
      
    44 . replace post=1 if fileyear==2019 & filemonth>5
      (1,268 real changes made)
      
    45 . replace post=1 if fileyear==2020
      (9,245 real changes made)
      
    46 . gen treat=0
      
    47 . replace treat=1 if publicfloat_mil>700 
      (27,029 real changes made)
      
    48 . replace treat=1 if publicfloat_mil==700 
      (10 real changes made)
      
    49 . drop if publicfloat_mil==.
      (2,419 observations deleted)
      
    50 . egen firm=group(ticker)
      
    51 . egen firmbroker=group(ticker estimator)
      
    52 . egen yearmonth=group(fileyear filemonth)
      
    53 . gen totalj=log(1+total_jobs_l+total_jobs_ll+total_jobs_lll)
      (127 missing values generated)
      
    54 . gen techhiring=ai_hiring_total/total_jobs_total
      
    55 . egen rank=xtile(techhiring), nq(2) 
      
    56 . replace rank=rank-1
      (27,993 real changes made)
      
    57 . gen eagap=filing_date-anndats_act_l
      
    58 . drop if post==. | treat==. | logbrokersize==. | firmage==. | totalcover==. | 
      > numberanal==. | logmve==. | lev==. | roa==. | mtb==. | car==. | roavol==. | i
      > ntang==. | loss==. | totalj==. | eagap==.
      (1,549 observations deleted)
      
    59 . save "timeliness_sample3", replace
      file timeliness_sample3.dta saved
      
    60 . keep if lag<5
      (20,401 observations deleted)
      
    61 . winsor2 logbrokersize firmage totalcover numberanal logmve lev roa mtb car ro
      > avol intang eagap,  cuts(1 99) replace 
      
    62 . tabstat post treat rank lag, statistics(n mean sd p5 p25 median p75 p95) colu
      > mns(statistics)
      
          Variable |         N      Mean        SD        p5       p25       p50     
      >   p75       p95
      -------------+-----------------------------------------------------------------
      ---------------
              post |      6043  .3493298  .4767978         0         0         0     
      >     1         1
             treat |      6043  .8143306  .3888718         0         1         1     
      >     1         1
              rank |      6043   .437531  .4961233         0         0         0     
      >     1         1
               lag |      6043  .8944233  1.184323         0         0         1     
      >     1         4
      -------------------------------------------------------------------------------
      ---------------
      
    63 . /*Regression results: Table 3 using the samples that are restricted to the fi
      > rst forecast issued by each analyst within 4 days or 30 days after a firm's 1
      > 0-K filing*/
    64 . use "timeliness_sample3", clear
      
    65 . keep if lag<31
      (16,074 observations deleted)
      
    66 . winsor2 logbrokersize firmage totalcover numberanal logmve lev roa mtb car ro
      > avol intang eagap,  cuts(1 99) replace 
      
    67 . eststo clear
      
    68 . local controls "logbrokersize firmage totalcover numberanal logmve lev roa mt
      > b car roavol intang loss totalj eagap"
      
    69 . eststo: reghdfe lag c.post##c.treat##c.rank `controls', absorb(firmbroker yea
      > rmonth)  vce(cluster firm) keepsingleton, if lag<5
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 27 iterations)
      note: post is probably collinear with the fixed effects (all partialled-out val
      > ues are close to zero; tol = 1.0e-09)
      note: treat is probably collinear with the fixed effects (all partialled-out va
      > lues are close to zero; tol = 1.0e-09)
      note: rank is probably collinear with the fixed effects (all partialled-out val
      > ues are close to zero; tol = 1.0e-09)
      note: c.treat#c.rank is probably collinear with the fixed effects (all partiall
      > ed-out values are close to zero; tol = 1.0e-09)
      
      HDFE Linear regression                            Number of obs   =      6,043
      Absorbing 2 HDFE groups                           F(  17,   1349) =       1.03
      Statistics robust to heteroskedasticity           Prob > F        =     0.4260
                                                        R-squared       =     0.8280
                                                        Adj R-squared   =     0.5288
                                                        Within R-sq.    =     0.0085
      Number of clusters (firm)    =      1,350         Root MSE        =     0.8130
      
                                              (Std. err. adjusted for 1,350 clusters 
      > in firm)
      -------------------------------------------------------------------------------
      --------
                            |               Robust
                        lag | Coefficient  std. err.      t    P>|t|     [95% conf. i
      > nterval]
      ----------------------+--------------------------------------------------------
      --------
                       post |          0  (omitted)
                      treat |          0  (omitted)
                            |
             c.post#c.treat |   .0797098   .1279886     0.62   0.534    -.1713685    
      > .3307881
                            |
                       rank |          0  (omitted)
                            |
              c.post#c.rank |   .2537331   .1602778     1.58   0.114    -.0606877    
      > .5681538
                            |
             c.treat#c.rank |          0  (omitted)
                            |
      c.post#c.treat#c.rank |  -.3134404   .1699647    -1.84   0.065    -.6468642    
      > .0199834
                            |
              logbrokersize |  -.0225064   .2008141    -0.11   0.911    -.4164483    
      > .3714355
                    firmage |  -.0114333   .0160041    -0.71   0.475    -.0428289    
      > .0199622
                 totalcover |   .0035475   .0050327     0.70   0.481    -.0063252    
      > .0134201
                 numberanal |   .0161487   .0235386     0.69   0.493    -.0300275    
      > .0623249
                     logmve |  -.0441316   .0621727    -0.71   0.478    -.1660973    
      > .0778341
                        lev |   .0450328   .1473274     0.31   0.760    -.2439829    
      > .3340484
                        roa |  -.0458855   .1791209    -0.26   0.798    -.3972713    
      > .3055004
                        mtb |  -.0045446   .0021957    -2.07   0.039    -.0088519   -
      > .0002372
                        car |  -.0186941   .0566434    -0.33   0.741    -.1298128    
      > .0924245
                     roavol |   .3421041   .1905403     1.80   0.073    -.0316833    
      > .7158915
                     intang |   .1318091   .2626155     0.50   0.616      -.38337    
      > .6469882
                       loss |   .0184246   .0653089     0.28   0.778    -.1096934    
      > .1465426
                     totalj |   .0233292   .0978399     0.24   0.812    -.1686057    
      > .2152641
                      eagap |   .0114501   .0248541     0.46   0.645    -.0373068    
      >  .060207
                      _cons |   .9114543   1.328563     0.69   0.493     -1.69482    
      > 3.517729
      -------------------------------------------------------------------------------
      --------
      
      Absorbed degrees of freedom:
      -----------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
      -------------+---------------------------------------|
        firmbroker |      3792        3792           0    *|
         yearmonth |        30           1          29     |
      -----------------------------------------------------+
      * = FE nested within cluster; treated as redundant for DoF computation
      (est1 stored)
      
    70 . outreg2 using 1.doc, nolabel tstat tdec(2) dec(3) replace
      1.doc
      dir : seeout
      
    71 . eststo: reghdfe lag c.post##c.treat##c.rank `controls', absorb(firmbroker yea
      > rmonth)  vce(cluster firm) keepsingleton, if lag<31
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 31 iterations)
      note: post is probably collinear with the fixed effects (all partialled-out val
      > ues are close to zero; tol = 1.0e-09)
      note: treat is probably collinear with the fixed effects (all partialled-out va
      > lues are close to zero; tol = 1.0e-09)
      note: rank is probably collinear with the fixed effects (all partialled-out val
      > ues are close to zero; tol = 1.0e-09)
      note: c.treat#c.rank is probably collinear with the fixed effects (all partiall
      > ed-out values are close to zero; tol = 1.0e-09)
      
      HDFE Linear regression                            Number of obs   =     10,370
      Absorbing 2 HDFE groups                           F(  17,   1950) =       2.40
      Statistics robust to heteroskedasticity           Prob > F        =     0.0011
                                                        R-squared       =     0.8516
                                                        Adj R-squared   =     0.5975
                                                        Within R-sq.    =     0.0214
      Number of clusters (firm)    =      1,951         Root MSE        =     5.7962
      
                                              (Std. err. adjusted for 1,951 clusters 
      > in firm)
      -------------------------------------------------------------------------------
      --------
                            |               Robust
                        lag | Coefficient  std. err.      t    P>|t|     [95% conf. i
      > nterval]
      ----------------------+--------------------------------------------------------
      --------
                       post |          0  (omitted)
                      treat |          0  (omitted)
                            |
             c.post#c.treat |   .6339174   .6477606     0.98   0.328    -.6364586    
      > 1.904293
                            |
                       rank |          0  (omitted)
                            |
              c.post#c.rank |   1.285585   .7954832     1.62   0.106    -.2745015    
      > 2.845672
                            |
             c.treat#c.rank |          0  (omitted)
                            |
      c.post#c.treat#c.rank |  -1.714075   .8648178    -1.98   0.048     -3.41014   -
      > .0180107
                            |
              logbrokersize |   .4544967   1.159058     0.39   0.695    -1.818626    
      > 2.727619
                    firmage |  -.1036479   .0819737    -1.26   0.206    -.2644133    
      > .0571174
                 totalcover |  -.0162895   .0275015    -0.59   0.554    -.0702248    
      > .0376459
                 numberanal |  -.0792018   .1071045    -0.74   0.460    -.2892532    
      > .1308496
                     logmve |  -.3080546   .3121271    -0.99   0.324    -.9201924    
      > .3040832
                        lev |  -.1226129   .7262032    -0.17   0.866    -1.546829    
      > 1.301603
                        roa |  -1.214113   .8881021    -1.37   0.172    -2.955842    
      > .5276167
                        mtb |  -.0131107   .0115621    -1.13   0.257    -.0357861    
      > .0095648
                        car |   .4617743   .3091942     1.49   0.135    -.1446116    
      >  1.06816
                     roavol |   .9543083   .8342795     1.14   0.253     -.681865    
      > 2.590482
                     intang |  -.5652099   1.529697    -0.37   0.712    -3.565223    
      > 2.434803
                       loss |   -.408128   .3533472    -1.16   0.248    -1.101106    
      > .2848499
                     totalj |   .3015281   .4914209     0.61   0.540    -.6622375    
      > 1.265294
                      eagap |   .2962813   .0616731     4.80   0.000     .1753292    
      > .4172333
                      _cons |   4.571919   7.684631     0.59   0.552    -10.49904    
      > 19.64287
      -------------------------------------------------------------------------------
      --------
      
      Absorbed degrees of freedom:
      -----------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
      -------------+---------------------------------------|
        firmbroker |      6502        6502           0    *|
         yearmonth |        30           1          29     |
      -----------------------------------------------------+
      * = FE nested within cluster; treated as redundant for DoF computation
      (est2 stored)
      
    72 . outreg2 using 1.doc, nolabel tstat tdec(2) dec(3) append
      1.doc
      dir : seeout
      
    73 . noisily: esttab, r2 star(* 0.1 ** 0.05 *** 0.01)  nonote b(%9.3f) keep(c.post
      > #c.treat c.post#c.rank c.post#c.treat#c.rank) 
      
      --------------------------------------------
                            (1)             (2)   
                            lag             lag   
      --------------------------------------------
      c.post#c.t~t        0.080           0.634   
                         (0.62)          (0.98)   
      
      c.post#c.r~k        0.254           1.286   
                         (1.58)          (1.62)   
      
      c.post#c.t~k       -0.313*         -1.714** 
                        (-1.84)         (-1.98)   
      --------------------------------------------
      N                    6043           10370   
      R-sq                0.828           0.852   
      --------------------------------------------
      
    74 . 
    75 . 
      end of do-file
      
    76 . log close
            name:  <unnamed>
             log:  C:\Users\isyoo\OneDrive - Singapore Management University\Desktop\
      > Work\JAR AI Aanalysts\JAR Replication Package\Log flies\First step analyses.s
      > mcl
        log type:  smcl
       closed on:  19 Jul 2026, 08:18:56
      -------------------------------------------------------------------------------
