            name:  <unnamed>
             log:  C:\Users\isyoo\OneDrive - Singapore Management University\Desktop\
      > Work\JAR AI Aanalysts\JAR Replication Package\Log flies\Second step analyses.
      > smcl
        log type:  smcl
       opened on:  19 Jul 2026, 07:58:53
      
     1 . do "C:\Users\isyoo\AppData\Local\Temp\STD523c_000000.tmp"
      
     2 . /*Analyses for the second step of the mechanism: Accuracy, boldness, new cove
      > rage, and call participation*/
     3 . 
     4 . /*Final sample construction and descriptive statistics: Table 1 Panel C*/
     5 . 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
      
     6 . use "analystfirmyear_sample", clear
      
     7 . rename *, lower 
      
     8 . keep if year>2012
      (54,912 observations deleted)
      
     9 . keep if year<2021
      (52,887 observations deleted)
      
    10 . egen firm=group(ticker)
      
    11 . egen broker=group(estimator)
      
    12 . egen firmbroker=group(ticker estimator)
      
    13 . gen averageaccu=(meanerror)*(-1)
      (16,646 missing values generated)
      
    14 . gen pastaverageaccu=(pasterror)*(-1)
      (38,195 missing values generated)
      
    15 . gen aihiringratio=(ai_hiring_l+ai_hiring_ll+ai_hiring_lll)/(total_jobs_l+tota
      > l_jobs_ll+total_jobs_lll)
      
    16 . gen rawaihiringratio=(ai_hiring_l+ai_hiring_ll+ai_hiring_lll)
      
    17 . gen totalj=log(1+total_jobs_l+total_jobs_ll+total_jobs_lll)
      
    18 . replace herd=. if pastherd==.
      (25,566 real changes made, 25,566 to missing)
      
    19 . replace bold=. if pastbold==.
      (25,566 real changes made, 25,566 to missing)
      
    20 . replace call=. if pastcall==.
      (4,107 real changes made, 4,107 to missing)
      
    21 . drop if averageaccu==. | pastaverageaccu==. | aihiringratio==. | totalj==. | 
      > logbrokersize==. | firmage==. | totalcover==. | logforecastage==. | numberana
      > l==.| logmve==. | lev==. | roa==. | mtb==. | car==. | roavol==.| intang==. | 
      > loss==. 
      (44,932 observations deleted)
      
    22 . winsor2 averageaccu pastaverageaccu logbrokersize firmage totalcover logforec
      > astage numberanal logmve lev roa mtb car roavol intang totalj herd bold pasth
      > erd pastbold, cuts(1 99) replace by (year)
      
    23 . tabstat aihiringratio rawaihiringratio averageaccu herd bold call totalj logb
      > rokersize firmage totalcover logforecastage numberanal logmve lev roa mtb car
      >  roavol intang loss, statistics(n mean sd p5 p25 median p75 p95) columns(stat
      > istics)
      
          Variable |         N      Mean        SD        p5       p25       p50     
      >   p75       p95
      -------------+-----------------------------------------------------------------
      ---------------
      aihiringra~o |     79067  .0100605  .0328971         0         0  .0010676  .00
      > 57893  .0449897
      rawaihirin~o |     79067  521.8252   2099.05         0         0         9     
      >    81      3509
       averageaccu |     79067 -.0512391   .247207 -.1405405 -.0150554 -.0050224 -.00
      > 18656 -.0004556
              herd |     69504  1.322125  1.336373         0         0         1     
      >     2         4
              bold |     69504  3.241497  1.897286         1         2         3     
      >     4         7
              call |     74188  2.092414  1.537821         0         1         2     
      >     4         4
            totalj |     79067  8.721471  2.058397  5.616771  7.155396   8.45808  9.8
      > 44533   12.0112
      logbrokers~e |     79067  4.693443  .5335067  3.828641  4.204693  4.736198  5.2
      > 04007  5.480639
           firmage |     79067  5.448708  4.754639         1         2         4     
      >     8        15
        totalcover |     79067  20.45258  9.096601         5        15        20     
      >    26        36
      logforecas~e |     79067  4.900763  1.309913  2.302585   3.78419  5.676754  5.8
      > 97154  5.916202
        numberanal |     79067  7.466781  3.826366         2         4         7     
      >    10        14
            logmve |     79067  8.691429  1.706551  5.805071   7.53465  8.708137   9.
      > 86746   11.5322
               lev |     79067   .338255  .2672472         0  .1414368  .2960302  .47
      > 66059   .838246
               roa |     79067  .0219581  .1419366 -.2382914   .003932  .0394096  .08
      > 62153  .1841138
               mtb |     79067   4.23358  9.819681  .2500529  1.425901  2.630434  4.9
      > 60738  15.80495
               car |     79067  .0028411  .3488466  -.579076 -.1702719  .0118291  .17
      > 91523  .5519555
            roavol |     79067  .0489791  .0770155  .0017554  .0096261  .0228648  .05
      > 28944  .1852624
            intang |     79067  .2390702  .2690106         0   .019977  .1433336   .3
      > 88724  .7356472
              loss |     79067  .2335108  .4230671         0         0         0     
      >     0         1
      -------------------------------------------------------------------------------
      ---------------
      
    24 . save "analystfirmyear_sample_final", replace
      file analystfirmyear_sample_final.dta saved
      
    25 . 
    26 . /*Final sample construction and descriptive statistics: Table 1 Panel D*/
    27 . use "coverage_sample", clear
      
    28 . rename *, lower 
      
    29 . keep if year>2012
      (5,690 observations deleted)
      
    30 . keep if year<2021
      (5,430 observations deleted)
      
    31 . egen broker=group(estimator)
      
    32 . gen aihiringratio=(ai_hiring_l+ai_hiring_ll+ai_hiring_lll)/(total_jobs_l+tota
      > l_jobs_ll+total_jobs_lll)
      
    33 . gen rawaihiring=(ai_hiring_l+ai_hiring_ll+ai_hiring_lll)
      
    34 . gen totalj=log(1+total_jobs_l+total_jobs_ll+total_jobs_lll)
      
    35 . replace newfirms=0 if newfirms==.
      (4,961 real changes made)
      
    36 . replace nonzero=0 if nonzero==.
      (6,562 real changes made)
      
    37 . replace zero=0 if zero==.
      (8,932 real changes made)
      
    38 . replace newind=0 if newind==.
      (2,905 real changes made)
      
    39 . keep if brokernumber==1
      (2,129 observations deleted)
      
    40 . collapse aihiringratio rawaihiring newfirms nonzero zero newind logbrokersize
      >  generalage totalj, by (broker year)
      
    41 . drop if newfirms==. | aihiringratio==. | logbrokersize==. | generalage==. | t
      > otalj==. 
      (0 observations deleted)
      
    42 . winsor2 logbrokersize generalage totalj, cuts(1 99) replace by (year)
      
    43 . tabstat aihiringratio rawaihiring newfirms newind totalj logbrokersize genera
      > lage, statistics(n mean sd p5 p25 median p75 p95) columns(statistics)
      
          Variable |         N      Mean        SD        p5       p25       p50     
      >   p75       p95
      -------------+-----------------------------------------------------------------
      ---------------
      aihiringra~o |       128  .0078368  .0279863         0         0  .0006222   .0
      > 05597  .0232252
       rawaihiring |       128  309.3203  1597.842         0         0         3     
      >  48.5       620
          newfirms |       128  2.118298  1.098977  .5454545  1.305162  2.082353  2.7
      > 48709  4.067797
            newind |       128  .6097036  .3177664  .2258065  .3980198  .5487034  .78
      > 04547  1.142857
            totalj |       128  8.075909  1.994877  5.298317  6.396761  7.948917  9.2
      > 61535  11.95819
      logbrokers~e |       128  4.419915  .7342285  3.610918  3.912023  4.521729  4.7
      > 99906  5.420535
        generalage |       128  9.270233  2.522019  5.675325  7.493577  8.715198  11.
      > 24608   13.7451
      -------------------------------------------------------------------------------
      ---------------
      
    44 . save "coverage_sample_final", replace
      file coverage_sample_final.dta saved
      
    45 . 
    46 . /*Average accuracy tests*/
    47 . /*Regression results: Table 4 Column 1*/
    48 . use "analystfirmyear_sample_final", clear
      
    49 . eststo clear
      
    50 . local controls "logbrokersize firmage totalcover logforecastage  numberanal l
      > ogmve lev roa mtb car roavol intang loss totalj pastaverageaccu"
      
    51 . eststo: reghdfe averageaccu aihiringratio `controls', absorb(firmbroker year)
      >  vce(cluster firm) keepsingleton
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 7 iterations)
      
      HDFE Linear regression                            Number of obs   =     79,067
      Absorbing 2 HDFE groups                           F(  16,   4166) =       9.36
      Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                        R-squared       =     0.7901
                                                        Adj R-squared   =     0.7205
                                                        Within R-sq.    =     0.0735
      Number of clusters (firm)    =      4,167         Root MSE        =     0.1307
      
                                        (Std. err. adjusted for 4,167 clusters in fir
      > m)
      -------------------------------------------------------------------------------
      --
                      |               Robust
          averageaccu | Coefficient  std. err.      t    P>|t|     [95% conf. interva
      > l]
      ----------------+--------------------------------------------------------------
      --
        aihiringratio |    .043872    .018278     2.40   0.016     .0080373    .07970
      > 67
        logbrokersize |   .0002602   .0039967     0.07   0.948    -.0075755     .0080
      > 96
              firmage |  -.0001965   .0001895    -1.04   0.300    -.0005679     .0001
      > 75
           totalcover |   .0000118    .000184     0.06   0.949     -.000349    .00037
      > 26
       logforecastage |  -.0022488   .0004784    -4.70   0.000    -.0031868   -.00131
      > 08
           numberanal |  -.0004528   .0008812    -0.51   0.607    -.0021803    .00127
      > 47
               logmve |    .068329   .0078603     8.69   0.000     .0529186    .08373
      > 94
                  lev |  -.0023829   .0080491    -0.30   0.767    -.0181634    .01339
      > 76
                  roa |   .0723751    .030436     2.38   0.017     .0127043    .13204
      > 59
                  mtb |  -.0001357   .0000828    -1.64   0.101     -.000298    .00002
      > 66
                  car |  -.0276721   .0052696    -5.25   0.000    -.0380033   -.01734
      > 09
               roavol |  -.0719445   .0421926    -1.71   0.088    -.1546644    .01077
      > 55
               intang |  -.0146226   .0090809    -1.61   0.107     -.032426    .00318
      > 08
                 loss |   .0067936   .0048456     1.40   0.161    -.0027063    .01629
      > 36
               totalj |  -.0003246   .0012461    -0.26   0.794    -.0027676    .00211
      > 84
      pastaverageaccu |   .3120968    .090521     3.45   0.001     .1346274    .48956
      > 62
                _cons |  -.6117584    .070714    -8.65   0.000    -.7503956   -.47312
      > 12
      -------------------------------------------------------------------------------
      --
      
      Absorbed degrees of freedom:
      -----------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
      -------------+---------------------------------------|
        firmbroker |     19671       19671           0    *|
              year |         8           1           7     |
      -----------------------------------------------------+
      * = FE nested within cluster; treated as redundant for DoF computation
      (est1 stored)
      
    52 . outreg2 using 1.doc, nolabel tstat tdec(2) dec(3) replace
      1.doc
      dir : seeout
      
    53 . noisily: esttab, r2 star(* 0.1 ** 0.05 *** 0.01)  nonote b(%9.3f) keep(aihiri
      > ngratio `controls') order(aihiringratio `controls')
      
      ----------------------------
                            (1)   
                    averageaccu   
      ----------------------------
      aihiringra~o        0.044** 
                         (2.40)   
      
      logbrokers~e        0.000   
                         (0.07)   
      
      firmage            -0.000   
                        (-1.04)   
      
      totalcover          0.000   
                         (0.06)   
      
      logforecas~e       -0.002***
                        (-4.70)   
      
      numberanal         -0.000   
                        (-0.51)   
      
      logmve              0.068***
                         (8.69)   
      
      lev                -0.002   
                        (-0.30)   
      
      roa                 0.072** 
                         (2.38)   
      
      mtb                -0.000   
                        (-1.64)   
      
      car                -0.028***
                        (-5.25)   
      
      roavol             -0.072*  
                        (-1.71)   
      
      intang             -0.015   
                        (-1.61)   
      
      loss                0.007   
                         (1.40)   
      
      totalj             -0.000   
                        (-0.26)   
      
      pastaverag~u        0.312***
                         (3.45)   
      ----------------------------
      N                   79067   
      R-sq                0.790   
      ----------------------------
      
    54 . /*Regression results: Table 5 Columns 1 through 4*/
    55 . egen highdispersion=xtile(dispersion), nq(2) by (broker year) 
      (190 missing values generated)
      
    56 . replace highdispersion=highdispersion-1
      (78,877 real changes made)
      
    57 . egen highretvol=xtile(retvol), nq(2) by (broker year)
      (13 missing values generated)
      
    58 . replace highretvol=highretvol-1
      (79,054 real changes made)
      
    59 . egen highbidaskspread=xtile(bidaskspread), nq(2) by (broker year)  
      
    60 . replace highbidaskspread=highbidaskspread-1
      (79,067 real changes made)
      
    61 . replace epsmgmt=0 if epsmgmt==.
      (49,945 real changes made)
      
    62 . gen noepsmgmt=0
      
    63 . replace noepsmgmt=1 if epsmgmt==0
      (49,945 real changes made)
      
    64 . eststo clear
      
    65 . local controls "c.logbrokersize c.firmage c.totalcover c.logforecastage  c.nu
      > mberanal c.logmve c.lev c.roa c.mtb c.car c.roavol c.intang c.loss c.totalj c
      > .pastaverageaccu"
      
    66 . eststo: reghdfe averageaccu c.highdispersion##(c.aihiringratio `controls'), a
      > bsorb(c.highdispersion##firmbroker c.highdispersion##year) vce(cluster firm) 
      > keepsingleton
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 10 iterations)
      note: highdispersion 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   =     78,877
      Absorbing 2 HDFE groups                           F(  32,   4153) =       6.11
      Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                        R-squared       =     0.8079
                                                        Adj R-squared   =     0.7123
                                                        Within R-sq.    =     0.0886
      Number of clusters (firm)    =      4,154         Root MSE        =     0.1323
      
                                                           (Std. err. adjusted for 4,
      > 154 clusters in firm)
      -------------------------------------------------------------------------------
      ---------------------
                                         |               Robust
                             averageaccu | Coefficient  std. err.      t    P>|t|    
      >  [95% con                                                                    
      >          f. interval]
      -----------------------------------+-------------------------------------------
      ---------------------
                          highdispersion |          0  (omitted)
                           aihiringratio |   .0011274   .0049754     0.23   0.821    
      > -.0086269                                                                    
      >              .0108818
                           logbrokersize |   -.000123   .0004016    -0.31   0.759    
      > -.0009104                                                                    
      >              .0006644
                                 firmage |  -.0000296   .0000243    -1.22   0.224    
      > -.0000772                                                                    
      >              .0000181
                              totalcover |  -.0000148   .0000168    -0.88   0.378    
      > -.0000478                                                                    
      >              .0000182
                          logforecastage |  -.0002639   .0000864    -3.05   0.002    
      > -.0004332                                                                    
      >             -.0000945
                              numberanal |  -.0000819   .0001487    -0.55   0.582    
      > -.0003735                                                                    
      >              .0002096
                                  logmve |    .007052   .0016372     4.31   0.000    
      >  .0038422                                                                    
      >              .0102618
                                     lev |  -.0018506   .0028348    -0.65   0.514    
      > -.0074083                                                                    
      >              .0037071
                                     roa |  -.0232349   .0293778    -0.79   0.429    
      > -.0808311                                                                    
      >              .0343614
                                     mtb |   .0000326    .000023     1.42   0.156    
      > -.0000125                                                                    
      >              .0000777
                                     car |  -.0060939   .0011966    -5.09   0.000    
      > -.0084399                                                                    
      >              -.003748
                                  roavol |  -.0209144   .0228616    -0.91   0.360    
      > -.0657353                                                                    
      >              .0239065
                                  intang |  -.0002518   .0023568    -0.11   0.915    
      > -.0048724                                                                    
      >              .0043689
                                    loss |  -.0028971   .0025303    -1.14   0.252    
      > -.0078578                                                                    
      >              .0020636
                                  totalj |   .0001107   .0003366     0.33   0.742    
      > -.0005491                                                                    
      >              .0007705
                         pastaverageaccu |     .13175   .1404302     0.94   0.348    
      > -.1435683                                                                    
      >              .4070683
                                         |
        c.highdispersion#c.aihiringratio |   .1103466   .0465889     2.37   0.018    
      >  .0190075                                                                    
      >              .2016857
                                         |
        c.highdispersion#c.logbrokersize |  -.0058268   .0096044    -0.61   0.544    
      > -.0246565                                                                    
      >               .013003
                                         |
              c.highdispersion#c.firmage |  -.0002981   .0005644    -0.53   0.597    
      > -.0014047                                                                    
      >              .0008085
                                         |
           c.highdispersion#c.totalcover |  -.0001639    .000386    -0.42   0.671    
      > -.0009205                                                                    
      >              .0005928
                                         |
       c.highdispersion#c.logforecastage |  -.0022414    .001074    -2.09   0.037    
      >  -.004347                                                                    
      >             -.0001358
                                         |
           c.highdispersion#c.numberanal |   .0001961   .0017159     0.11   0.909    
      >  -.003168                                                                    
      >              .0035602
                                         |
               c.highdispersion#c.logmve |   .0913014   .0125328     7.28   0.000    
      >  .0667304                                                                    
      >              .1158724
                                         |
                  c.highdispersion#c.lev |  -.0158811   .0149557    -1.06   0.288    
      > -.0452021                                                                    
      >                .01344
                                         |
                  c.highdispersion#c.roa |   .1292816   .0488188     2.65   0.008    
      >  .0335706                                                                    
      >              .2249927
                                         |
                  c.highdispersion#c.mtb |  -.0003402   .0002254    -1.51   0.131    
      > -.0007822                                                                    
      >              .0001018
                                         |
                  c.highdispersion#c.car |  -.0331969   .0079673    -4.17   0.000    
      > -.0488171                                                                    
      >             -.0175768
                                         |
               c.highdispersion#c.roavol |  -.0895391   .0602772    -1.49   0.137    
      > -.2077146                                                                    
      >              .0286365
                                         |
               c.highdispersion#c.intang |  -.0153701   .0179745    -0.86   0.393    
      > -.0506097                                                                    
      >              .0198696
                                         |
                 c.highdispersion#c.loss |   .0180372   .0075056     2.40   0.016    
      >  .0033223                                                                    
      >              .0327521
                                         |
               c.highdispersion#c.totalj |  -.0002038   .0030395    -0.07   0.947    
      > -.0061628                                                                    
      >              .0057552
                                         |
      c.highdispersion#c.pastaverageaccu |   .1770041   .1646337     1.08   0.282    
      > -.1457661                                                                    
      >              .4997744
                                         |
                                   _cons |  -.4412502     .05656    -7.80   0.000    
      > -.5521381                                                                    
      >             -.3303622
      -------------------------------------------------------------------------------
      ---------------------
      
      Absorbed degrees of freedom:
      ---------------------------------------------------------------------+
                       Absorbed FE | Categories  - Redundant  = Num. Coefs |
      -----------------------------+---------------------------------------|
                        firmbroker |     19647       19647           0    *|
       firmbroker#c.highdispersion |     19647       13132        6515    ?|
                              year |         8           1           7     |
             year#c.highdispersion |         8           0           8    ?|
      ---------------------------------------------------------------------+
      ? = number of redundant parameters may be higher
      * = FE nested within cluster; treated as redundant for DoF computation
      (est1 stored)
      
    67 . outreg2 using 1.doc, nolabel tstat tdec(2) dec(3) replace
      1.doc
      dir : seeout
      
    68 . eststo: reghdfe averageaccu c.highretvol##(c.aihiringratio `controls'), absor
      > b(c.highretvol##firmbroker c.highretvol##year) vce(cluster firm) keepsingleto
      > n
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 10 iterations)
      note: highretvol is probably collinear with the fixed effects (all partialled-o
      > ut values are close to zero; tol = 1.0e-09)
      
      HDFE Linear regression                            Number of obs   =     79,054
      Absorbing 2 HDFE groups                           F(  32,   4166) =       5.90
      Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                        R-squared       =     0.8059
                                                        Adj R-squared   =     0.7032
                                                        Within R-sq.    =     0.0818
      Number of clusters (firm)    =      4,167         Root MSE        =     0.1346
      
                                                       (Std. err. adjusted for 4,167 
      > clusters in firm)
      -------------------------------------------------------------------------------
      -----------------
                                     |               Robust
                         averageaccu | Coefficient  std. err.      t    P>|t|     [95
      > % con                                                                        
      >      f. interval]
      -------------------------------+-----------------------------------------------
      -----------------
                          highretvol |          0  (omitted)
                       aihiringratio |   .0053188   .0068263     0.78   0.436    -.00
      > 80644                                                                        
      >          .0187021
                       logbrokersize |  -.0014275   .0016597    -0.86   0.390    -.00
      > 46814                                                                        
      >          .0018265
                             firmage |  -.0000276   .0000543    -0.51   0.612    -.00
      > 01341                                                                        
      >          .0000789
                          totalcover |  -.0000709   .0000323    -2.19   0.028    -.00
      > 01343                                                                        
      >         -7.51e-06
                      logforecastage |   .0001572   .0002424     0.65   0.517    -.00
      > 03181                                                                        
      >          .0006325
                          numberanal |   .0000788   .0001502     0.52   0.600    -.00
      > 02157                                                                        
      >          .0003733
                              logmve |   .0064785   .0012844     5.04   0.000     .00
      > 39603                                                                        
      >          .0089967
                                 lev |  -.0018026    .002764    -0.65   0.514    -.00
      > 72216                                                                        
      >          .0036164
                                 roa |  -.0129606   .0100064    -1.30   0.195    -.03
      > 25784                                                                        
      >          .0066573
                                 mtb |   .0000172   .0000188     0.92   0.360    -.00
      > 00196                                                                        
      >          .0000539
                                 car |  -.0022737   .0019076    -1.19   0.233    -.00
      > 60135                                                                        
      >          .0014661
                              roavol |  -.0093625   .0199601    -0.47   0.639     -.0
      > 48495                                                                        
      >            .02977
                              intang |  -.0011139   .0020031    -0.56   0.578     -.0
      > 05041                                                                        
      >          .0028133
                                loss |  -.0079176   .0026808    -2.95   0.003    -.01
      > 31734                                                                        
      >         -.0026617
                              totalj |  -.0007888   .0005766    -1.37   0.171    -.00
      > 19192                                                                        
      >          .0003416
                     pastaverageaccu |   .0892943   .1493245     0.60   0.550    -.20
      > 34615                                                                        
      >          .3820501
                                     |
        c.highretvol#c.aihiringratio |   .0795111   .0466407     1.70   0.088    -.01
      > 19296                                                                        
      >          .1709517
                                     |
        c.highretvol#c.logbrokersize |  -.0016582   .0097378    -0.17   0.865    -.02
      > 07496                                                                        
      >          .0174332
                                     |
              c.highretvol#c.firmage |  -.0000807   .0005941    -0.14   0.892    -.00
      > 12455                                                                        
      >          .0010841
                                     |
           c.highretvol#c.totalcover |   .0001949   .0003787     0.51   0.607    -.00
      > 05475                                                                        
      >          .0009373
                                     |
       c.highretvol#c.logforecastage |  -.0024768   .0012725    -1.95   0.052    -.00
      > 49716                                                                        
      >          .0000179
                                     |
           c.highretvol#c.numberanal |   -.001232   .0018857    -0.65   0.514    -.00
      > 49291                                                                        
      >           .002465
                                     |
               c.highretvol#c.logmve |    .083686   .0111707     7.49   0.000     .06
      > 17854                                                                        
      >          .1055865
                                     |
                  c.highretvol#c.lev |   -.003159   .0133411    -0.24   0.813    -.02
      > 93146                                                                        
      >          .0229967
                                     |
                  c.highretvol#c.roa |   .0992189   .0423279     2.34   0.019     .01
      > 62335                                                                        
      >          .1822042
                                     |
                  c.highretvol#c.mtb |  -.0003139   .0002054    -1.53   0.126    -.00
      > 07166                                                                        
      >          .0000887
                                     |
                  c.highretvol#c.car |  -.0362006     .00791    -4.58   0.000    -.05
      > 17084                                                                        
      >         -.0206928
                                     |
               c.highretvol#c.roavol |  -.0861563   .0602501    -1.43   0.153    -.20
      > 42787                                                                        
      >          .0319662
                                     |
               c.highretvol#c.intang |  -.0148053   .0160768    -0.92   0.357    -.04
      > 63245                                                                        
      >          .0167138
                                     |
                 c.highretvol#c.loss |    .025016   .0088714     2.82   0.005     .00
      > 76233                                                                        
      >          .0424088
                                     |
               c.highretvol#c.totalj |   .0007619   .0032363     0.24   0.814    -.00
      > 55831                                                                        
      >          .0071068
                                     |
      c.highretvol#c.pastaverageaccu |   .2462106   .1652563     1.49   0.136      -.
      > 07778                                                                        
      >          .5702011
                                     |
                               _cons |  -.4026091   .0526426    -7.65   0.000    -.50
      > 58166                                                                        
      >         -.2994016
      -------------------------------------------------------------------------------
      -----------------
      
      Absorbed degrees of freedom:
      -----------------------------------------------------------------+
                   Absorbed FE | Categories  - Redundant  = Num. Coefs |
      -------------------------+---------------------------------------|
                    firmbroker |     19668       19668           0    *|
       firmbroker#c.highretvol |     19668       12029        7639    ?|
                          year |         8           1           7     |
             year#c.highretvol |         8           0           8    ?|
      -----------------------------------------------------------------+
      ? = number of redundant parameters may be higher
      * = FE nested within cluster; treated as redundant for DoF computation
      (est2 stored)
      
    69 . outreg2 using 1.doc, nolabel tstat tdec(2) dec(3) append
      1.doc
      dir : seeout
      
    70 . eststo: reghdfe averageaccu c.highbidaskspread##(c.aihiringratio `controls'),
      >  absorb(c.highbidaskspread##firmbroker c.highbidaskspread##year) vce(cluster 
      > firm) keepsingleton
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 10 iterations)
      note: highbidaskspread is probably collinear with the fixed effects (all partia
      > lled-out values are close to zero; tol = 1.0e-09)
      
      HDFE Linear regression                            Number of obs   =     79,067
      Absorbing 2 HDFE groups                           F(  32,   4166) =       8.91
      Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                        R-squared       =     0.8013
                                                        Adj R-squared   =     0.7176
                                                        Within R-sq.    =     0.0909
      Number of clusters (firm)    =      4,167         Root MSE        =     0.1314
      
                                                             (Std. err. adjusted for 
      > 4,167 clusters in firm)
      -------------------------------------------------------------------------------
      -----------------------
                                           |               Robust
                               averageaccu | Coefficient  std. err.      t    P>|t|  
      >    [95% con                                                                  
      >            f. interval]
      -------------------------------------+-----------------------------------------
      -----------------------
                          highbidaskspread |          0  (omitted)
                             aihiringratio |   .0064246   .0023962     2.68   0.007  
      >    .0017267                                                                  
      >                .0111225
                             logbrokersize |   .0009123   .0006718     1.36   0.175  
      >   -.0004047                                                                  
      >                .0022293
                                   firmage |  -.0000232    .000027    -0.86   0.392  
      >   -.0000762                                                                  
      >                .0000298
                                totalcover |   .0000141   .0000174     0.81   0.418  
      >     -.00002                                                                  
      >                .0000483
                            logforecastage |  -.0002957   .0000672    -4.40   0.000  
      >   -.0004274                                                                  
      >                -.000164
                                numberanal |   .0000724   .0001123     0.64   0.519  
      >   -.0001477                                                                  
      >                .0002926
                                    logmve |   .0044064    .000746     5.91   0.000  
      >    .0029439                                                                  
      >                .0058689
                                       lev |  -.0034965   .0017332    -2.02   0.044  
      >   -.0068945                                                                  
      >               -.0000985
                                       roa |   .0001388   .0052809     0.03   0.979  
      >   -.0102147                                                                  
      >                .0104922
                                       mtb |  -5.80e-06   .0000273    -0.21   0.832  
      >   -.0000594                                                                  
      >                .0000478
                                       car |  -.0027054   .0009969    -2.71   0.007  
      >   -.0046598                                                                  
      >                -.000751
                                    roavol |  -.0276786    .010151    -2.73   0.006  
      >     -.04758                                                                  
      >               -.0077771
                                    intang |  -.0014196   .0022993    -0.62   0.537  
      >   -.0059275                                                                  
      >                .0030883
                                      loss |  -.0030993   .0011659    -2.66   0.008  
      >    -.005385                                                                  
      >               -.0008136
                                    totalj |  -.0001129   .0002282    -0.49   0.621  
      >   -.0005602                                                                  
      >                .0003344
                           pastaverageaccu |   .0591016   .1179373     0.50   0.616  
      >   -.1721184                                                                  
      >                .2903216
                                           |
        c.highbidaskspread#c.aihiringratio |   .1011138   .0478452     2.11   0.035  
      >    .0073117                                                                  
      >                .1949159
                                           |
        c.highbidaskspread#c.logbrokersize |  -.0051972   .0098593    -0.53   0.598  
      >   -.0245267                                                                  
      >                .0141323
                                           |
              c.highbidaskspread#c.firmage |   .0003207   .0006673     0.48   0.631  
      >   -.0009875                                                                  
      >                 .001629
                                           |
           c.highbidaskspread#c.totalcover |  -.0001313   .0003799    -0.35   0.730  
      >    -.000876                                                                  
      >                .0006135
                                           |
       c.highbidaskspread#c.logforecastage |  -.0021929   .0010843    -2.02   0.043  
      >   -.0043186                                                                  
      >               -.0000672
                                           |
           c.highbidaskspread#c.numberanal |  -.0005031   .0021383    -0.24   0.814  
      >   -.0046953                                                                  
      >                .0036891
                                           |
               c.highbidaskspread#c.logmve |   .1024907   .0123574     8.29   0.000  
      >    .0782637                                                                  
      >                .1267178
                                           |
                  c.highbidaskspread#c.lev |  -.0048835   .0144103    -0.34   0.735  
      >   -.0331353                                                                  
      >                .0233682
                                           |
                  c.highbidaskspread#c.roa |   .1046553   .0422555     2.48   0.013  
      >     .021812                                                                  
      >                .1874986
                                           |
                  c.highbidaskspread#c.mtb |   -.000266   .0002628    -1.01   0.312  
      >   -.0007812                                                                  
      >                .0002493
                                           |
                  c.highbidaskspread#c.car |  -.0400447   .0079802    -5.02   0.000  
      >     -.05569                                                                  
      >               -.0243993
                                           |
               c.highbidaskspread#c.roavol |  -.0742759   .0567602    -1.31   0.191  
      >   -.1855561                                                                  
      >                .0370043
                                           |
               c.highbidaskspread#c.intang |  -.0161265   .0196198    -0.82   0.411  
      >   -.0545917                                                                  
      >                .0223388
                                           |
                 c.highbidaskspread#c.loss |   .0108591   .0076581     1.42   0.156  
      >   -.0041549                                                                  
      >                 .025873
                                           |
               c.highbidaskspread#c.totalj |   .0009099   .0032163     0.28   0.777  
      >   -.0053958                                                                  
      >                .0072156
                                           |
      c.highbidaskspread#c.pastaverageaccu |   .2341849   .1438469     1.63   0.104  
      >   -.0478317                                                                  
      >                .5162015
                                           |
                                     _cons |  -.4507921   .0559366    -8.06   0.000  
      >   -.5604577                                                                  
      >               -.3411264
      -------------------------------------------------------------------------------
      -----------------------
      
      Absorbed degrees of freedom:
      -----------------------------------------------------------------------+
                         Absorbed FE | Categories  - Redundant  = Num. Coefs |
      -------------------------------+---------------------------------------|
                          firmbroker |     19671       19671           0    *|
       firmbroker#c.highbidaskspread |     19671       15955        3716    ?|
                                year |         8           1           7     |
             year#c.highbidaskspread |         8           0           8    ?|
      -----------------------------------------------------------------------+
      ? = number of redundant parameters may be higher
      * = FE nested within cluster; treated as redundant for DoF computation
      (est3 stored)
      
    71 . outreg2 using 1.doc, nolabel tstat tdec(2) dec(3) append
      1.doc
      dir : seeout
      
    72 . eststo: reghdfe averageaccu c.noepsmgmt##(c.aihiringratio `controls'), absorb
      > (c.noepsmgmt##firmbroker c.noepsmgmt##year) vce(cluster firm) keepsingleton
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 9 iterations)
      note: noepsmgmt is probably collinear with the fixed effects (all partialled-ou
      > t values are close to zero; tol = 1.0e-09)
      
      HDFE Linear regression                            Number of obs   =     79,067
      Absorbing 2 HDFE groups                           F(  32,   4166) =       6.96
      Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                        R-squared       =     0.8001
                                                        Adj R-squared   =     0.7220
                                                        Within R-sq.    =     0.0787
      Number of clusters (firm)    =      4,167         Root MSE        =     0.1303
      
                                                      (Std. err. adjusted for 4,167 c
      > lusters in firm)
      -------------------------------------------------------------------------------
      ----------------
                                    |               Robust
                        averageaccu | Coefficient  std. err.      t    P>|t|     [95%
      >  con                                                                         
      >     f. interval]
      ------------------------------+------------------------------------------------
      ----------------
                          noepsmgmt |          0  (omitted)
                      aihiringratio |    .006804   .0050371     1.35   0.177    -.003
      > 0715                                                                         
      >         .0166794
                      logbrokersize |   .0009881   .0014206     0.70   0.487    -.001
      > 7971                                                                         
      >         .0037733
                            firmage |  -.0001747   .0001719    -1.02   0.310    -.000
      > 5117                                                                         
      >         .0001624
                         totalcover |   .0000275   .0000515     0.54   0.592    -.000
      > 0733                                                                         
      >         .0001284
                     logforecastage |  -.0006368   .0002518    -2.53   0.011    -.001
      > 1304                                                                         
      >        -.0001431
                         numberanal |     .00038   .0003353     1.13   0.257    -.000
      > 2774                                                                         
      >         .0010374
                             logmve |   .0158856   .0035933     4.42   0.000     .008
      > 8409                                                                         
      >         .0229303
                                lev |  -.0019876   .0029099    -0.68   0.495    -.007
      > 6925                                                                         
      >         .0037174
                                roa |   .0236153   .0135565     1.74   0.082    -.002
      > 9626                                                                         
      >         .0501932
                                mtb |  -7.34e-06   .0000442    -0.17   0.868    -.000
      > 0941                                                                         
      >         .0000794
                                car |  -.0098139   .0051939    -1.89   0.059    -.019
      > 9968                                                                         
      >         .0003691
                             roavol |  -.0351592   .0260932    -1.35   0.178    -.086
      > 3157                                                                         
      >         .0159974
                             intang |   -.000773   .0025214    -0.31   0.759    -.005
      > 7163                                                                         
      >         .0041703
                               loss |   -.004637   .0028643    -1.62   0.106    -.010
      > 2525                                                                         
      >         .0009785
                             totalj |    .000235   .0005778     0.41   0.684    -.000
      > 8978                                                                         
      >         .0013678
                    pastaverageaccu |   .3119594   .1821956     1.71   0.087    -.045
      > 2412                                                                         
      >         .6691601
                                    |
        c.noepsmgmt#c.aihiringratio |   .0570037   .0315605     1.81   0.071    -.004
      > 8718                                                                         
      >         .1188792
                                    |
        c.noepsmgmt#c.logbrokersize |  -.0033138   .0064704    -0.51   0.609    -.015
      > 9992                                                                         
      >         .0093717
                                    |
              c.noepsmgmt#c.firmage |  -.0001301   .0003874    -0.34   0.737    -.000
      > 8895                                                                         
      >         .0006293
                                    |
           c.noepsmgmt#c.totalcover |  -.0001637   .0002986    -0.55   0.584    -.000
      > 7491                                                                         
      >         .0004218
                                    |
       c.noepsmgmt#c.logforecastage |  -.0022092   .0007896    -2.80   0.005    -.003
      > 7573                                                                         
      >        -.0006611
                                    |
           c.noepsmgmt#c.numberanal |  -.0007599   .0014311    -0.53   0.595    -.003
      > 5657                                                                         
      >         .0020459
                                    |
               c.noepsmgmt#c.logmve |   .0712579   .0115665     6.16   0.000     .048
      > 5814                                                                         
      >         .0939344
                                    |
                  c.noepsmgmt#c.lev |  -.0130583   .0123268    -1.06   0.290    -.037
      > 2254                                                                         
      >         .0111089
                                    |
                  c.noepsmgmt#c.roa |   .0601235   .0413728     1.45   0.146    -.020
      > 9893                                                                         
      >         .1412363
                                    |
                  c.noepsmgmt#c.mtb |  -.0002029   .0002088    -0.97   0.331    -.000
      > 6123                                                                         
      >         .0002065
                                    |
                  c.noepsmgmt#c.car |    -.02667    .009018    -2.96   0.003      -.0
      > 4435                                                                         
      >        -.0089899
                                    |
               c.noepsmgmt#c.roavol |  -.0654961   .0603039    -1.09   0.277    -.183
      > 7238                                                                         
      >         .0527317
                                    |
               c.noepsmgmt#c.intang |  -.0127195    .014392    -0.88   0.377    -.040
      > 9355                                                                         
      >         .0154964
                                    |
                 c.noepsmgmt#c.loss |    .014515   .0072994     1.99   0.047     .000
      > 2043                                                                         
      >         .0288258
                                    |
               c.noepsmgmt#c.totalj |  -.0010966   .0022077    -0.50   0.619    -.005
      > 4248                                                                         
      >         .0032316
                                    |
      c.noepsmgmt#c.pastaverageaccu |  -.0178521   .2060296    -0.09   0.931    -.421
      > 7801                                                                         
      >         .3860759
                                    |
                              _cons |   -.528159   .0631841    -8.36   0.000    -.652
      > 0335                                                                         
      >        -.4042844
      -------------------------------------------------------------------------------
      ----------------
      
      Absorbed degrees of freedom:
      ----------------------------------------------------------------+
                  Absorbed FE | Categories  - Redundant  = Num. Coefs |
      ------------------------+---------------------------------------|
                   firmbroker |     19671       19671           0    *|
       firmbroker#c.noepsmgmt |     19671       17175        2496    ?|
                         year |         8           1           7     |
             year#c.noepsmgmt |         8           0           8    ?|
      ----------------------------------------------------------------+
      ? = number of redundant parameters may be higher
      * = FE nested within cluster; treated as redundant for DoF computation
      (est4 stored)
      
    73 . outreg2 using 1.doc, nolabel tstat tdec(2) dec(3) append
      1.doc
      dir : seeout
      
    74 . noisily: esttab, r2 star(* 0.1 ** 0.05 *** 0.01)  nonote b(%9.3f) keep(aihiri
      > ngratio c.highdispersion#c.aihiringratio c.highretvol#c.aihiringratio c.highb
      > idaskspread#c.aihiringratio c.noepsmgmt#c.aihiringratio) 
      
      ----------------------------------------------------------------------------
                            (1)             (2)             (3)             (4)   
                    averageaccu     averageaccu     averageaccu     averageaccu   
      ----------------------------------------------------------------------------
      aihiringra~o        0.001           0.005           0.006***        0.007   
                         (0.23)          (0.78)          (2.68)          (1.35)   
      
      c.highdisp~o        0.110**                                                 
                         (2.37)                                                   
      
      c.highretv~o                        0.080*                                  
                                         (1.70)                                   
      
      c.highbida~o                                        0.101**                 
                                                         (2.11)                   
      
      c.noepsmgm~o                                                        0.057*  
                                                                         (1.81)   
      ----------------------------------------------------------------------------
      N                   78877           79054           79067           79067   
      R-sq                0.808           0.806           0.801           0.800   
      ----------------------------------------------------------------------------
      
    75 . /*Regression results: Table 6 Column 1*/
    76 . merge m:1 brokergvkey year using "confer.dta"
      
          Result                      Number of obs
          -----------------------------------------
          Not matched                             0
          Matched                            79,067  (_merge==3)
          -----------------------------------------
      
    77 . keep if _merge == 3   
      (0 observations deleted)
      
    78 . drop _merge
      
    79 . egen highconfersize=xtile(confer_size), nq(2)
      
    80 . replace highconfersize=highconfersize-1
      (79,067 real changes made)
      
    81 . eststo clear
      
    82 . local controls "c.logbrokersize c.firmage c.totalcover c.logforecastage  c.nu
      > mberanal c.logmve c.lev c.roa c.mtb c.car c.roavol c.intang c.loss c.totalj c
      > .pastaverageaccu"
      
    83 . eststo: reghdfe averageaccu c.highconfersize##(c.aihiringratio `controls'), a
      > bsorb(c.highconfersize##firmbroker c.highconfersize##year) vce(cluster firm) 
      > keepsingleton
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 10 iterations)
      note: highconfersize 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   =     79,067
      Absorbing 2 HDFE groups                           F(  32,   4166) =       4.45
      Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                        R-squared       =     0.8230
                                                        Adj R-squared   =     0.7347
                                                        Within R-sq.    =     0.0651
      Number of clusters (firm)    =      4,167         Root MSE        =     0.1273
      
                                                           (Std. err. adjusted for 4,
      > 167 clusters in firm)
      -------------------------------------------------------------------------------
      ---------------------
                                         |               Robust
                             averageaccu | Coefficient  std. err.      t    P>|t|    
      >  [95% con                                                                    
      >          f. interval]
      -----------------------------------+-------------------------------------------
      ---------------------
                          highconfersize |          0  (omitted)
                           aihiringratio |  -.0113723   .0679584    -0.17   0.867    
      > -.1446069                                                                    
      >              .1218624
                           logbrokersize |  -.0004167   .0074946    -0.06   0.956    
      > -.0151101                                                                    
      >              .0142768
                                 firmage |  -.0001081   .0002519    -0.43   0.668    
      > -.0006019                                                                    
      >              .0003857
                              totalcover |   .0000352   .0002032     0.17   0.863    
      > -.0003631                                                                    
      >              .0004334
                          logforecastage |  -.0017059   .0006957    -2.45   0.014    
      > -.0030698                                                                    
      >             -.0003421
                              numberanal |   .0000325   .0009614     0.03   0.973    
      > -.0018523                                                                    
      >              .0019174
                                  logmve |   .0624877   .0089006     7.02   0.000    
      >  .0450377                                                                    
      >              .0799377
                                     lev |  -.0185131   .0117455    -1.58   0.115    
      > -.0415406                                                                    
      >              .0045143
                                     roa |   .1132016   .0408933     2.77   0.006    
      >  .0330288                                                                    
      >              .1933743
                                     mtb |  -.0001741   .0000981    -1.77   0.076    
      > -.0003665                                                                    
      >              .0000182
                                     car |  -.0229006   .0065959    -3.47   0.001    
      > -.0358321                                                                    
      >             -.0099691
                                  roavol |  -.0947824   .0590308    -1.61   0.108    
      > -.2105142                                                                    
      >              .0209494
                                  intang |   -.001895   .0121283    -0.16   0.876    
      > -.0256729                                                                    
      >              .0218829
                                    loss |   .0076953   .0060476     1.27   0.203    
      > -.0041613                                                                    
      >              .0195518
                                  totalj |  -.0006117    .002723    -0.22   0.822    
      > -.0059501                                                                    
      >              .0047268
                         pastaverageaccu |   .3336461   .1172187     2.85   0.004    
      >   .103835                                                                    
      >              .5634572
                                         |
        c.highconfersize#c.aihiringratio |    .351089   .1711806     2.05   0.040    
      >  .0154837                                                                    
      >              .6866942
                                         |
        c.highconfersize#c.logbrokersize |  -.0056267    .011272    -0.50   0.618    
      > -.0277258                                                                    
      >              .0164725
                                         |
              c.highconfersize#c.firmage |    .000168   .0004359     0.39   0.700    
      > -.0006867                                                                    
      >              .0010227
                                         |
           c.highconfersize#c.totalcover |  -.0001659   .0002827    -0.59   0.557    
      > -.0007202                                                                    
      >              .0003885
                                         |
       c.highconfersize#c.logforecastage |  -.0007695   .0009271    -0.83   0.407    
      >  -.002587                                                                    
      >               .001048
                                         |
           c.highconfersize#c.numberanal |  -.0014659   .0007864    -1.86   0.062    
      > -.0030077                                                                    
      >               .000076
                                         |
               c.highconfersize#c.logmve |   .0093059   .0077341     1.20   0.229    
      >  -.005857                                                                    
      >              .0244688
                                         |
                  c.highconfersize#c.lev |   .0290801   .0128651     2.26   0.024    
      >  .0038576                                                                    
      >              .0543025
                                         |
                  c.highconfersize#c.roa |  -.0472356   .0427521    -1.10   0.269    
      > -.1310526                                                                    
      >              .0365813
                                         |
                  c.highconfersize#c.mtb |   .0000154   .0001097     0.14   0.889    
      > -.0001996                                                                    
      >              .0002304
                                         |
                  c.highconfersize#c.car |   -.007447   .0072117    -1.03   0.302    
      > -.0215858                                                                    
      >              .0066919
                                         |
               c.highconfersize#c.roavol |   .0560615   .0596586     0.94   0.347    
      > -.0609012                                                                    
      >              .1730242
                                         |
               c.highconfersize#c.intang |  -.0257619   .0123436    -2.09   0.037    
      >  -.049962                                                                    
      >             -.0015619
                                         |
                 c.highconfersize#c.loss |   .0036711   .0070187     0.52   0.601    
      > -.0100893                                                                    
      >              .0174315
                                         |
               c.highconfersize#c.totalj |  -.0030863   .0034515    -0.89   0.371    
      >  -.009853                                                                    
      >              .0036804
                                         |
      c.highconfersize#c.pastaverageaccu |  -.0790982    .114221    -0.69   0.489    
      > -.3030324                                                                    
      >              .1448359
                                         |
                                   _cons |  -.5692968   .0749949    -7.59   0.000    
      > -.7163268                                                                    
      >             -.4222667
      -------------------------------------------------------------------------------
      ---------------------
      
      Absorbed degrees of freedom:
      ---------------------------------------------------------------------+
                       Absorbed FE | Categories  - Redundant  = Num. Coefs |
      -----------------------------+---------------------------------------|
                        firmbroker |     19671       19671           0    *|
       firmbroker#c.highconfersize |     19671       13071        6600    ?|
                              year |         8           1           7     |
             year#c.highconfersize |         8           0           8    ?|
      ---------------------------------------------------------------------+
      ? = number of redundant parameters may be higher
      * = FE nested within cluster; treated as redundant for DoF computation
      (est1 stored)
      
    84 . outreg2 using 1.doc, nolabel tstat tdec(2) dec(3) replace
      1.doc
      dir : seeout
      
    85 . noisily: esttab, r2 star(* 0.1 ** 0.05 *** 0.01)  nonote b(%9.3f) keep(aihiri
      > ngratio c.highconfersize#c.aihiringratio) 
      
      ----------------------------
                            (1)   
                    averageaccu   
      ----------------------------
      aihiringra~o       -0.011   
                        (-0.17)   
      
      c.highconf~o        0.351** 
                         (2.05)   
      ----------------------------
      N                   79067   
      R-sq                0.823   
      ----------------------------
      
    86 . 
    87 . /*Bolness vs herding tests*/
    88 . /*Regression results: Table 4 Columns 2 and 3*/
    89 . use "analystfirmyear_sample_final", clear
      
    90 . eststo clear
      
    91 . local controls "logbrokersize firmage totalcover logforecastage  numberanal l
      > ogmve lev roa mtb car roavol intang loss totalj"
      
    92 . eststo: reghdfe herd aihiringratio `controls' pastherd, absorb(firmbroker fye
      > ar) vce(cluster firm) keepsingleton
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 8 iterations)
      
      HDFE Linear regression                            Number of obs   =     69,504
      Absorbing 2 HDFE groups                           F(  16,   4029) =      36.10
      Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                        R-squared       =     0.5183
                                                        Adj R-squared   =     0.3447
                                                        Within R-sq.    =     0.0216
      Number of clusters (firm)    =      4,030         Root MSE        =     1.0818
      
                                       (Std. err. adjusted for 4,030 clusters in firm
      > )
      -------------------------------------------------------------------------------
      -
                     |               Robust
                herd | Coefficient  std. err.      t    P>|t|     [95% conf. interval
      > ]
      ---------------+---------------------------------------------------------------
      -
       aihiringratio |   .0030757   .2551059     0.01   0.990    -.4970729    .503224
      > 3
       logbrokersize |   -.022227   .0368295    -0.60   0.546    -.0944331    .049979
      > 1
             firmage |   -.004756   .0033926    -1.40   0.161    -.0114074    .001895
      > 4
          totalcover |   .0028972   .0013144     2.20   0.028     .0003204    .005474
      > 1
      logforecastage |  -.0307708   .0052924    -5.81   0.000    -.0411469   -.020394
      > 7
          numberanal |   -.005195   .0049243    -1.05   0.292    -.0148494    .004459
      > 4
              logmve |    .067792    .018928     3.58   0.000     .0306827    .104901
      > 3
                 lev |   .0299366   .0484877     0.62   0.537    -.0651261    .124999
      > 3
                 roa |  -.1319997   .0982295    -1.34   0.179    -.3245838    .060584
      > 4
                 mtb |  -.0003998   .0007263    -0.55   0.582    -.0018238    .001024
      > 2
                 car |  -.0531717   .0210638    -2.52   0.012    -.0944684    -.01187
      > 5
              roavol |  -.0093028   .1279526    -0.07   0.942    -.2601607     .24155
      > 5
              intang |   .1035929   .0535635     1.93   0.053    -.0014212     .20860
      > 7
                loss |  -.0394081   .0264392    -1.49   0.136    -.0912436    .012427
      > 4
              totalj |  -.0444671   .0142703    -3.12   0.002    -.0724448   -.016489
      > 4
            pastherd |  -.2310497   .0104685   -22.07   0.000    -.2515739   -.210525
      > 6
               _cons |   1.644181   .2836319     5.80   0.000     1.088106    2.20025
      > 7
      -------------------------------------------------------------------------------
      -
      
      Absorbed degrees of freedom:
      -----------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
      -------------+---------------------------------------|
        firmbroker |     18385       18385           0    *|
             fyear |        10           1           9     |
      -----------------------------------------------------+
      * = FE nested within cluster; treated as redundant for DoF computation
      (est1 stored)
      
    93 . outreg2 using 1.doc, nolabel tstat tdec(2) dec(3) replace
      1.doc
      dir : seeout
      
    94 . eststo: reghdfe bold aihiringratio `controls' pastbold, absorb(firmbroker fye
      > ar) vce(cluster firm) keepsingleton
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 8 iterations)
      
      HDFE Linear regression                            Number of obs   =     69,504
      Absorbing 2 HDFE groups                           F(  16,   4029) =      42.54
      Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                        R-squared       =     0.5422
                                                        Adj R-squared   =     0.3772
                                                        Within R-sq.    =     0.0214
      Number of clusters (firm)    =      4,030         Root MSE        =     1.4973
      
                                       (Std. err. adjusted for 4,030 clusters in firm
      > )
      -------------------------------------------------------------------------------
      -
                     |               Robust
                bold | Coefficient  std. err.      t    P>|t|     [95% conf. interval
      > ]
      ---------------+---------------------------------------------------------------
      -
       aihiringratio |   1.361223   .3550428     3.83   0.000     .6651423    2.05730
      > 3
       logbrokersize |  -.0507132   .0479011    -1.06   0.290    -.1446258    .043199
      > 4
             firmage |  -.0350538   .0042792    -8.19   0.000    -.0434435   -.026664
      > 1
          totalcover |    .006756   .0018417     3.67   0.000     .0031452    .010366
      > 7
      logforecastage |  -.0579456   .0072663    -7.97   0.000    -.0721916   -.043699
      > 7
          numberanal |  -.0229684   .0080149    -2.87   0.004    -.0386821   -.007254
      > 7
              logmve |   .2400894    .030058     7.99   0.000     .1811591    .299019
      > 7
                 lev |   .1629697   .0789871     2.06   0.039     .0081113    .317828
      > 2
                 roa |   .0308973   .1485256     0.21   0.835     -.260295    .322089
      > 7
                 mtb |   .0028802   .0010045     2.87   0.004     .0009109    .004849
      > 5
                 car |  -.2492071   .0298114    -8.36   0.000    -.3076539   -.190760
      > 2
              roavol |   .3800762    .186311     2.04   0.041     .0148035    .745348
      > 9
              intang |   .0166672   .0780792     0.21   0.831    -.1364112    .169745
      > 5
                loss |   .0402121   .0404366     0.99   0.320    -.0390661    .119490
      > 3
              totalj |  -.1171879   .0205778    -5.69   0.000    -.1575318   -.076844
      > 1
            pastbold |  -.1527193   .0103256   -14.79   0.000    -.1729632   -.132475
      > 4
               _cons |   3.271142   .4065459     8.05   0.000     2.474087    4.06819
      > 7
      -------------------------------------------------------------------------------
      -
      
      Absorbed degrees of freedom:
      -----------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
      -------------+---------------------------------------|
        firmbroker |     18385       18385           0    *|
             fyear |        10           1           9     |
      -----------------------------------------------------+
      * = FE nested within cluster; treated as redundant for DoF computation
      (est2 stored)
      
    95 . outreg2 using 1.doc, nolabel tstat tdec(2) dec(3) append
      1.doc
      dir : seeout
      
    96 . noisily: esttab, r2 star(* 0.1 ** 0.05 *** 0.01)  nonote b(%9.3f) keep(aihiri
      > ngratio `controls' pastherd pastbold) order(aihiringratio `controls' pastherd
      >  pastbold)
      
      --------------------------------------------
                            (1)             (2)   
                           herd            bold   
      --------------------------------------------
      aihiringra~o        0.003           1.361***
                         (0.01)          (3.83)   
      
      logbrokers~e       -0.022          -0.051   
                        (-0.60)         (-1.06)   
      
      firmage            -0.005          -0.035***
                        (-1.40)         (-8.19)   
      
      totalcover          0.003**         0.007***
                         (2.20)          (3.67)   
      
      logforecas~e       -0.031***       -0.058***
                        (-5.81)         (-7.97)   
      
      numberanal         -0.005          -0.023***
                        (-1.05)         (-2.87)   
      
      logmve              0.068***        0.240***
                         (3.58)          (7.99)   
      
      lev                 0.030           0.163** 
                         (0.62)          (2.06)   
      
      roa                -0.132           0.031   
                        (-1.34)          (0.21)   
      
      mtb                -0.000           0.003***
                        (-0.55)          (2.87)   
      
      car                -0.053**        -0.249***
                        (-2.52)         (-8.36)   
      
      roavol             -0.009           0.380** 
                        (-0.07)          (2.04)   
      
      intang              0.104*          0.017   
                         (1.93)          (0.21)   
      
      loss               -0.039           0.040   
                        (-1.49)          (0.99)   
      
      totalj             -0.044***       -0.117***
                        (-3.12)         (-5.69)   
      
      pastherd           -0.231***                
                       (-22.07)                   
      
      pastbold                           -0.153***
                                       (-14.79)   
      --------------------------------------------
      N                   69504           69504   
      R-sq                0.518           0.542   
      --------------------------------------------
      
    97 . /*Regression results: Table 5 Columns 5 through 8*/
    98 . egen highdispersion=xtile(dispersion), nq(2) by (broker year) 
      (190 missing values generated)
      
    99 . replace highdispersion=highdispersion-1
      (78,877 real changes made)
      
   100 . egen highretvol=xtile(retvol), nq(2) by (broker year)
      (13 missing values generated)
      
   101 . replace highretvol=highretvol-1
      (79,054 real changes made)
      
   102 . egen highbidaskspread=xtile(bidaskspread), nq(2) by (broker year)  
      
   103 . replace highbidaskspread=highbidaskspread-1
      (79,067 real changes made)
      
   104 . replace epsmgmt=0 if epsmgmt==.
      (49,945 real changes made)
      
   105 . gen noepsmgmt=0
      
   106 . replace noepsmgmt=1 if epsmgmt==0
      (49,945 real changes made)
      
   107 . eststo clear
      
   108 . local controls "c.logbrokersize c.firmage c.totalcover c.logforecastage  c.nu
      > mberanal c.logmve c.lev c.roa c.mtb c.car c.roavol c.intang c.loss c.totalj c
      > .pastbold"
      
   109 . eststo: reghdfe bold c.highdispersion##(c.aihiringratio `controls'), absorb(c
      > .highdispersion##firmbroker c.highdispersion##fyear) vce(cluster firm) keepsi
      > ngleton
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 10 iterations)
      note: highdispersion 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   =     69,420
      Absorbing 2 HDFE groups                           F(  32,   4028) =      20.56
      Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                        R-squared       =     0.6011
                                                        Adj R-squared   =     0.3865
                                                        Within R-sq.    =     0.0251
      Number of clusters (firm)    =      4,029         Root MSE        =     1.4861
      
                                                          (Std. err. adjusted for 4,0
      > 29 clusters in firm)
      -------------------------------------------------------------------------------
      --------------------
                                        |               Robust
                                   bold | Coefficient  std. err.      t    P>|t|     
      > [95% con                                                                     
      >         f. interval]
      ----------------------------------+--------------------------------------------
      --------------------
                         highdispersion |          0  (omitted)
                          aihiringratio |  -.6773311   .4905233    -1.38   0.167    -
      > 1.639028                                                                     
      >             .2843658
                          logbrokersize |   .0467382   .0653534     0.72   0.475    -
      > .0813907                                                                     
      >             .1748671
                                firmage |  -.0291259   .0054028    -5.39   0.000    -
      > .0397184                                                                     
      >            -.0185334
                             totalcover |   .0102427   .0027486     3.73   0.000     
      > .0048539                                                                     
      >             .0156315
                         logforecastage |  -.0492995     .00998    -4.94   0.000    -
      > .0688658                                                                     
      >            -.0297333
                             numberanal |  -.0086707   .0118574    -0.73   0.465    -
      > .0319178                                                                     
      >             .0145764
                                 logmve |   .1653808   .0552023     3.00   0.003     
      > .0571537                                                                     
      >             .2736079
                                    lev |  -.0583811   .1469985    -0.40   0.691    -
      > .3465795                                                                     
      >             .2298172
                                    roa |   .0979657   .3600225     0.27   0.786    -
      > .6078776                                                                     
      >              .803809
                                    mtb |   .0038614    .001408     2.74   0.006     
      >  .001101                                                                     
      >             .0066218
                                    car |  -.1983505    .064835    -3.06   0.002     
      > -.325463                                                                     
      >             -.071238
                                 roavol |   .6018427   .4622331     1.30   0.193    -
      > .3043899                                                                     
      >             1.508075
                                 intang |   .2561641   .1376663     1.86   0.063    -
      > .0137381                                                                     
      >             .5260663
                                   loss |   -.042695   .0839686    -0.51   0.611     
      >  -.20732                                                                     
      >               .12193
                                 totalj |  -.1252502   .0282621    -4.43   0.000    -
      > .1806595                                                                     
      >            -.0698409
                               pastbold |  -.1407991   .0168142    -8.37   0.000    -
      > .1737642                                                                     
      >             -.107834
                                        |
       c.highdispersion#c.aihiringratio |   4.227328   .7738628     5.46   0.000     
      > 2.710129                                                                     
      >             5.744527
                                        |
       c.highdispersion#c.logbrokersize |  -.1692465   .1095171    -1.55   0.122    -
      > .3839606                                                                     
      >             .0454676
                                        |
             c.highdispersion#c.firmage |  -.0153914    .010231    -1.50   0.133    -
      > .0354497                                                                     
      >              .004667
                                        |
          c.highdispersion#c.totalcover |  -.0060276   .0041589    -1.45   0.147    -
      > .0141813                                                                     
      >             .0021261
                                        |
      c.highdispersion#c.logforecastage |  -.0142615    .016006    -0.89   0.373    -
      > .0456421                                                                     
      >              .017119
                                        |
          c.highdispersion#c.numberanal |   -.021629   .0171428    -1.26   0.207    -
      > .0552384                                                                     
      >             .0119804
                                        |
              c.highdispersion#c.logmve |   .1326059   .0673712     1.97   0.049     
      > .0005212                                                                     
      >             .2646907
                                        |
                 c.highdispersion#c.lev |   .2457012   .1738695     1.41   0.158    -
      > .0951791                                                                     
      >             .5865815
                                        |
                 c.highdispersion#c.roa |     .05222   .4049392     0.13   0.897    -
      > .7416848                                                                     
      >             .8461248
                                        |
                 c.highdispersion#c.mtb |  -.0028674    .002158    -1.33   0.184    -
      > .0070983                                                                     
      >             .0013635
                                        |
                 c.highdispersion#c.car |  -.0712346   .0731556    -0.97   0.330    -
      > .2146601                                                                     
      >              .072191
                                        |
              c.highdispersion#c.roavol |  -.4729773   .5230057    -0.90   0.366    -
      > 1.498358                                                                     
      >             .5524032
                                        |
              c.highdispersion#c.intang |  -.3782574   .1760825    -2.15   0.032    -
      > .7234765                                                                     
      >            -.0330383
                                        |
                c.highdispersion#c.loss |   .0481164   .0973618     0.49   0.621    -
      > .1427666                                                                     
      >             .2389995
                                        |
              c.highdispersion#c.totalj |    .009246   .0465593     0.20   0.843     
      > -.082036                                                                     
      >              .100528
                                        |
            c.highdispersion#c.pastbold |  -.0392748   .0228139    -1.72   0.085    -
      > .0840026                                                                     
      >             .0054531
                                        |
                                  _cons |   3.352599   .4764213     7.04   0.000     
      > 2.418549                                                                     
      >             4.286648
      -------------------------------------------------------------------------------
      --------------------
      
      Absorbed degrees of freedom:
      ---------------------------------------------------------------------+
                       Absorbed FE | Categories  - Redundant  = Num. Coefs |
      -----------------------------+---------------------------------------|
                        firmbroker |     18377       18377           0    *|
       firmbroker#c.highdispersion |     18377       12526        5851    ?|
                             fyear |        10           1           9     |
            fyear#c.highdispersion |        10           0          10    ?|
      ---------------------------------------------------------------------+
      ? = number of redundant parameters may be higher
      * = FE nested within cluster; treated as redundant for DoF computation
      (est1 stored)
      
   110 . outreg2 using 1.doc, nolabel tstat tdec(2) dec(3) replace
      1.doc
      dir : seeout
      
   111 . eststo: reghdfe bold c.highretvol##(c.aihiringratio `controls'), absorb(c.hig
      > hretvol##firmbroker c.highretvol##fyear) vce(cluster firm) keepsingleton
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 10 iterations)
      note: highretvol is probably collinear with the fixed effects (all partialled-o
      > ut values are close to zero; tol = 1.0e-09)
      
      HDFE Linear regression                            Number of obs   =     69,494
      Absorbing 2 HDFE groups                           F(  32,   4029) =      18.50
      Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                        R-squared       =     0.6064
                                                        Adj R-squared   =     0.3803
                                                        Within R-sq.    =     0.0233
      Number of clusters (firm)    =      4,030         Root MSE        =     1.4935
      
                                                      (Std. err. adjusted for 4,030 c
      > lusters in firm)
      -------------------------------------------------------------------------------
      ----------------
                                    |               Robust
                               bold | Coefficient  std. err.      t    P>|t|     [95%
      >  con                                                                         
      >     f. interval]
      ------------------------------+------------------------------------------------
      ----------------
                         highretvol |          0  (omitted)
                      aihiringratio |   .5739931   .5415343     1.06   0.289    -.487
      > 7136                                                                         
      >           1.6357
                      logbrokersize |   .0892748   .0737357     1.21   0.226     -.05
      > 5288                                                                         
      >         .2338376
                            firmage |  -.0348515   .0059792    -5.83   0.000    -.046
      > 5741                                                                         
      >         -.023129
                         totalcover |   .0087197   .0028507     3.06   0.002     .003
      > 1307                                                                         
      >         .0143087
                     logforecastage |  -.0642048    .009789    -6.56   0.000    -.083
      > 3966                                                                         
      >         -.045013
                         numberanal |  -.0252816   .0130726    -1.93   0.053    -.050
      > 9111                                                                         
      >         .0003478
                             logmve |   .0805442   .0625082     1.29   0.198    -.042
      > 0064                                                                         
      >         .2030947
                                lev |   .0119679   .1671327     0.07   0.943    -.315
      > 7046                                                                         
      >         .3396403
                                roa |  -.2927623   .4322918    -0.68   0.498    -1.14
      > 0293                                                                         
      >         .5547686
                                mtb |   .0049073   .0015798     3.11   0.002       .0
      > 0181                                                                         
      >         .0080046
                                car |  -.2683421   .0841378    -3.19   0.001    -.433
      > 2987                                                                         
      >        -.1033854
                             roavol |  -.0281305   .5526946    -0.05   0.959    -1.11
      > 1718                                                                         
      >         1.055456
                             intang |    .201938   .1534604     1.32   0.188    -.098
      > 9293                                                                         
      >         .5028052
                               loss |   .0194022    .086904     0.22   0.823    -.150
      > 9777                                                                         
      >         .1897821
                             totalj |   -.112009   .0290389    -3.86   0.000    -.168
      > 9412                                                                         
      >        -.0550767
                           pastbold |  -.1324588   .0167421    -7.91   0.000    -.165
      > 2826                                                                         
      >        -.0996351
                                    |
       c.highretvol#c.aihiringratio |   2.075371   .7927911     2.62   0.009     .521
      > 0618                                                                         
      >          3.62968
                                    |
       c.highretvol#c.logbrokersize |  -.2914946   .1133954    -2.57   0.010    -.513
      > 8122                                                                         
      >        -.0691769
                                    |
             c.highretvol#c.firmage |    .004309   .0098274     0.44   0.661    -.014
      > 9581                                                                         
      >          .023576
                                    |
          c.highretvol#c.totalcover |  -.0041861    .004137    -1.01   0.312     -.01
      > 2297                                                                         
      >         .0039248
                                    |
      c.highretvol#c.logforecastage |   .0241871    .016005     1.51   0.131    -.007
      > 1914                                                                         
      >         .0555657
                                    |
          c.highretvol#c.numberanal |   .0181653   .0168258     1.08   0.280    -.014
      > 8225                                                                         
      >         .0511532
                                    |
              c.highretvol#c.logmve |   .1888836   .0731364     2.58   0.010     .045
      > 4959                                                                         
      >         .3322713
                                    |
                 c.highretvol#c.lev |   .1902504   .1884377     1.01   0.313    -.179
      > 1916                                                                         
      >         .5596924
                                    |
                 c.highretvol#c.roa |   .3642698   .4636762     0.79   0.432     -.54
      > 4792                                                                         
      >         1.273332
                                    |
                 c.highretvol#c.mtb |  -.0029175   .0022034    -1.32   0.186    -.007
      > 2374                                                                         
      >         .0014024
                                    |
                 c.highretvol#c.car |   .0313607   .0911691     0.34   0.731    -.147
      > 3811                                                                         
      >         .2101025
                                    |
              c.highretvol#c.roavol |   .3536566   .5904181     0.60   0.549    -.803
      > 8893                                                                         
      >         1.511203
                                    |
              c.highretvol#c.intang |   -.265813   .1854655    -1.43   0.152     -.62
      > 9428                                                                         
      >          .097802
                                    |
                c.highretvol#c.loss |   .0118227   .0995643     0.12   0.905    -.183
      > 3783                                                                         
      >         .2070238
                                    |
              c.highretvol#c.totalj |  -.0117588   .0451564    -0.26   0.795    -.100
      > 2903                                                                         
      >         .0767726
                                    |
            c.highretvol#c.pastbold |  -.0649767   .0236471    -2.75   0.006    -.111
      > 3382                                                                         
      >        -.0186153
                                    |
                              _cons |   3.908446   .4966265     7.87   0.000     2.93
      > 4783                                                                         
      >         4.882108
      -------------------------------------------------------------------------------
      ----------------
      
      Absorbed degrees of freedom:
      -----------------------------------------------------------------+
                   Absorbed FE | Categories  - Redundant  = Num. Coefs |
      -------------------------+---------------------------------------|
                    firmbroker |     18383       18383           0    *|
       firmbroker#c.highretvol |     18383       11463        6920    ?|
                         fyear |        10           1           9     |
            fyear#c.highretvol |        10           0          10    ?|
      -----------------------------------------------------------------+
      ? = number of redundant parameters may be higher
      * = FE nested within cluster; treated as redundant for DoF computation
      (est2 stored)
      
   112 . outreg2 using 1.doc, nolabel tstat tdec(2) dec(3) append
      1.doc
      dir : seeout
      
   113 . eststo: reghdfe bold c.highbidaskspread##(c.aihiringratio `controls'), absorb
      > (c.highbidaskspread##firmbroker c.highbidaskspread##fyear) vce(cluster firm) 
      > keepsingleton
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 10 iterations)
      note: highbidaskspread is probably collinear with the fixed effects (all partia
      > lled-out values are close to zero; tol = 1.0e-09)
      
      HDFE Linear regression                            Number of obs   =     69,504
      Absorbing 2 HDFE groups                           F(  32,   4029) =      21.90
      Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                        R-squared       =     0.5786
                                                        Adj R-squared   =     0.3864
                                                        Within R-sq.    =     0.0247
      Number of clusters (firm)    =      4,030         Root MSE        =     1.4863
      
                                                            (Std. err. adjusted for 4
      > ,030 clusters in firm)
      -------------------------------------------------------------------------------
      ----------------------
                                          |               Robust
                                     bold | Coefficient  std. err.      t    P>|t|   
      >   [95% con                                                                   
      >           f. interval]
      ------------------------------------+------------------------------------------
      ----------------------
                         highbidaskspread |          0  (omitted)
                            aihiringratio |   .5118503   .5032384     1.02   0.309   
      >  -.4747752                                                                   
      >               1.498476
                            logbrokersize |   .0447596   .0725611     0.62   0.537   
      >  -.0975002                                                                   
      >               .1870195
                                  firmage |  -.0335643   .0057851    -5.80   0.000   
      >  -.0449063                                                                   
      >              -.0222224
                               totalcover |   .0099504   .0028877     3.45   0.001   
      >   .0042889                                                                   
      >               .0156119
                           logforecastage |  -.0558283   .0100316    -5.57   0.000   
      >  -.0754957                                                                   
      >              -.0361609
                               numberanal |  -.0222187   .0114279    -1.94   0.052   
      >  -.0446238                                                                   
      >               .0001863
                                   logmve |   .0887974   .0572156     1.55   0.121   
      >  -.0233768                                                                   
      >               .2009716
                                      lev |   .1311588   .1443566     0.91   0.364   
      >  -.1518599                                                                   
      >               .4141775
                                      roa |  -.2486899   .3499252    -0.71   0.477   
      >  -.9347367                                                                   
      >                .437357
                                      mtb |   .0036308   .0012593     2.88   0.004   
      >   .0011619                                                                   
      >               .0060998
                                      car |  -.2449536    .066541    -3.68   0.000   
      >  -.3754108                                                                   
      >              -.1144964
                                   roavol |   .3060065   .4624234     0.66   0.508   
      >  -.6005991                                                                   
      >               1.212612
                                   intang |   .1154973   .1218869     0.95   0.343   
      >  -.1234684                                                                   
      >               .3544631
                                     loss |  -.0162541   .0811359    -0.20   0.841   
      >  -.1753254                                                                   
      >               .1428171
                                   totalj |  -.1362933    .029213    -4.67   0.000   
      >  -.1935669                                                                   
      >              -.0790197
                                 pastbold |  -.1447742   .0149211    -9.70   0.000   
      >  -.1740278                                                                   
      >              -.1155206
                                          |
       c.highbidaskspread#c.aihiringratio |   1.727919   .7961091     2.17   0.030   
      >   .1671053                                                                   
      >               3.288734
                                          |
       c.highbidaskspread#c.logbrokersize |  -.2304427   .1042289    -2.21   0.027   
      >   -.434789                                                                   
      >              -.0260964
                                          |
             c.highbidaskspread#c.firmage |  -.0035207   .0090028    -0.39   0.696   
      >  -.0211712                                                                   
      >               .0141298
                                          |
          c.highbidaskspread#c.totalcover |  -.0070069   .0040913    -1.71   0.087   
      >  -.0150281                                                                   
      >               .0010144
                                          |
      c.highbidaskspread#c.logforecastage |   .0073732   .0150583     0.49   0.624   
      >  -.0221494                                                                   
      >               .0368959
                                          |
          c.highbidaskspread#c.numberanal |   .0047078   .0170261     0.28   0.782   
      >  -.0286728                                                                   
      >               .0380884
                                          |
              c.highbidaskspread#c.logmve |   .2098826   .0675719     3.11   0.002   
      >   .0774044                                                                   
      >               .3423609
                                          |
                 c.highbidaskspread#c.lev |  -.0222556   .1721938    -0.13   0.897   
      >  -.3598507                                                                   
      >               .3153396
                                          |
                 c.highbidaskspread#c.roa |   .3976533   .3877949     1.03   0.305   
      >   -.362639                                                                   
      >               1.157946
                                          |
                 c.highbidaskspread#c.mtb |  -.0020005   .0020536    -0.97   0.330   
      >  -.0060267                                                                   
      >               .0020256
                                          |
                 c.highbidaskspread#c.car |  -.0144358   .0740209    -0.20   0.845   
      >  -.1595576                                                                   
      >               .1306861
                                          |
              c.highbidaskspread#c.roavol |   .0086478    .519563     0.02   0.987   
      >  -1.009983                                                                   
      >               1.027279
                                          |
              c.highbidaskspread#c.intang |   -.154029   .1590187    -0.97   0.333   
      >  -.4657935                                                                   
      >               .1577356
                                          |
                c.highbidaskspread#c.loss |   .0745523   .0930799     0.80   0.423   
      >  -.1079357                                                                   
      >               .2570403
                                          |
              c.highbidaskspread#c.totalj |   .0537837   .0449484     1.20   0.232   
      >  -.0343399                                                                   
      >               .1419074
                                          |
            c.highbidaskspread#c.pastbold |  -.0702799   .0227895    -3.08   0.002   
      >  -.1149599                                                                   
      >              -.0255999
                                          |
                                    _cons |   3.871293   .4742617     8.16   0.000   
      >   2.941478                                                                   
      >               4.801109
      -------------------------------------------------------------------------------
      ----------------------
      
      Absorbed degrees of freedom:
      -----------------------------------------------------------------------+
                         Absorbed FE | Categories  - Redundant  = Num. Coefs |
      -------------------------------+---------------------------------------|
                          firmbroker |     18385       18385           0    *|
       firmbroker#c.highbidaskspread |     18385       15048        3337    ?|
                               fyear |        10           1           9     |
            fyear#c.highbidaskspread |        10           0          10    ?|
      -----------------------------------------------------------------------+
      ? = number of redundant parameters may be higher
      * = FE nested within cluster; treated as redundant for DoF computation
      (est3 stored)
      
   114 . outreg2 using 1.doc, nolabel tstat tdec(2) dec(3) append
      1.doc
      dir : seeout
      
   115 . eststo: reghdfe bold c.noepsmgmt##(c.aihiringratio `controls'), absorb(c.noep
      > smgmt##firmbroker c.noepsmgmt##fyear) vce(cluster firm) keepsingleton
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 9 iterations)
      note: noepsmgmt is probably collinear with the fixed effects (all partialled-ou
      > t values are close to zero; tol = 1.0e-09)
      
      HDFE Linear regression                            Number of obs   =     69,504
      Absorbing 2 HDFE groups                           F(  32,   4029) =      24.94
      Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                        R-squared       =     0.5652
                                                        Adj R-squared   =     0.3812
                                                        Within R-sq.    =     0.0259
      Number of clusters (firm)    =      4,030         Root MSE        =     1.4925
      
                                                     (Std. err. adjusted for 4,030 cl
      > usters in firm)
      -------------------------------------------------------------------------------
      ---------------
                                   |               Robust
                              bold | Coefficient  std. err.      t    P>|t|     [95% 
      > con                                                                          
      >    f. interval]
      -----------------------------+-------------------------------------------------
      ---------------
                         noepsmgmt |          0  (omitted)
                     aihiringratio |  -1.845732   .5038582    -3.66   0.000    -2.833
      > 573                                                                          
      >       -.8578913
                     logbrokersize |   .0449155   .0703208     0.64   0.523    -.0929
      > 521                                                                          
      >        .1827831
                           firmage |  -.0325085   .0059867    -5.43   0.000    -.0442
      > 457                                                                          
      >       -.0207713
                        totalcover |   .0116069   .0028274     4.11   0.000     .0060
      > 635                                                                          
      >        .0171502
                    logforecastage |  -.0475449    .011669    -4.07   0.000    -.0704
      > 226                                                                          
      >       -.0246672
                        numberanal |     .02006   .0138171     1.45   0.147    -.0070
      > 292                                                                          
      >        .0471491
                            logmve |   .1001534   .0528361     1.90   0.058    -.0034
      > 346                                                                          
      >        .2037414
                               lev |   .1115256   .1647566     0.68   0.499    -.2114
      > 885                                                                          
      >        .4345397
                               roa |  -.2899609   .3382625    -0.86   0.391    -.9531
      > 425                                                                          
      >        .3732207
                               mtb |   .0037955   .0012504     3.04   0.002     .0013
      > 441                                                                          
      >         .006247
                               car |  -.2718899   .0600828    -4.53   0.000    -.3896
      > 854                                                                          
      >       -.1540944
                            roavol |     1.5734   .4042913     3.89   0.000     .7807
      > 652                                                                          
      >        2.366034
                            intang |   .0702151   .1411034     0.50   0.619    -.2064
      > 256                                                                          
      >        .3468558
                              loss |   .0842842   .0677833     1.24   0.214    -.0486
      > 086                                                                          
      >         .217177
                            totalj |  -.1141404   .0305142    -3.74   0.000    -.1739
      > 651                                                                          
      >       -.0543157
                          pastbold |  -.1769982    .019365    -9.14   0.000    -.2149
      > 642                                                                          
      >       -.1390322
                                   |
       c.noepsmgmt#c.aihiringratio |   4.901674   .6942415     7.06   0.000     3.540
      > 577                                                                          
      >        6.262771
                                   |
       c.noepsmgmt#c.logbrokersize |  -.1584119   .0968699    -1.64   0.102    -.3483
      > 304                                                                          
      >        .0315067
                                   |
             c.noepsmgmt#c.firmage |   -.004456   .0087724    -0.51   0.612    -.0216
      > 547                                                                          
      >        .0127428
                                   |
          c.noepsmgmt#c.totalcover |  -.0073288   .0038124    -1.92   0.055    -.0148
      > 032                                                                          
      >        .0001455
                                   |
      c.noepsmgmt#c.logforecastage |  -.0130401   .0152426    -0.86   0.392    -.0429
      > 239                                                                          
      >        .0168438
                                   |
          c.noepsmgmt#c.numberanal |   -.067021   .0174481    -3.84   0.000    -.1012
      > 288                                                                          
      >       -.0328131
                                   |
              c.noepsmgmt#c.logmve |   .1964302   .0651296     3.02   0.003     .0687
      > 401                                                                          
      >        .3241202
                                   |
                 c.noepsmgmt#c.lev |   .0681707   .1932081     0.35   0.724    -.3106
      > 241                                                                          
      >        .4469655
                                   |
                 c.noepsmgmt#c.roa |   .4083606   .3762049     1.09   0.278    -.3292
      > 091                                                                          
      >         1.14593
                                   |
                 c.noepsmgmt#c.mtb |  -.0005207   .0022122    -0.24   0.814    -.0048
      > 579                                                                          
      >        .0038164
                                   |
                 c.noepsmgmt#c.car |   .0318848   .0705168     0.45   0.651    -.1063
      > 671                                                                          
      >        .1701367
                                   |
              c.noepsmgmt#c.roavol |  -1.479956   .4658387    -3.18   0.001    -2.393
      > 258                                                                          
      >       -.5666545
                                   |
              c.noepsmgmt#c.intang |   .0238813   .1787171     0.13   0.894    -.3265
      > 029                                                                          
      >        .3742656
                                   |
                c.noepsmgmt#c.loss |  -.0668204   .0858361    -0.78   0.436    -.2351
      > 066                                                                          
      >        .1014657
                                   |
              c.noepsmgmt#c.totalj |  -.0118188   .0418892    -0.28   0.778    -.0939
      > 448                                                                          
      >        .0703072
                                   |
            c.noepsmgmt#c.pastbold |   .0205516   .0232809     0.88   0.377    -.0250
      > 919                                                                          
      >        .0661951
                                   |
                             _cons |    3.48818   .4187813     8.33   0.000     2.667
      > 137                                                                          
      >        4.309223
      -------------------------------------------------------------------------------
      ---------------
      
      Absorbed degrees of freedom:
      ----------------------------------------------------------------+
                  Absorbed FE | Categories  - Redundant  = Num. Coefs |
      ------------------------+---------------------------------------|
                   firmbroker |     18385       18385           0    *|
       firmbroker#c.noepsmgmt |     18385       16154        2231    ?|
                        fyear |        10           1           9     |
            fyear#c.noepsmgmt |        10           0          10    ?|
      ----------------------------------------------------------------+
      ? = number of redundant parameters may be higher
      * = FE nested within cluster; treated as redundant for DoF computation
      (est4 stored)
      
   116 . outreg2 using 1.doc, nolabel tstat tdec(2) dec(3) append
      1.doc
      dir : seeout
      
   117 . noisily: esttab, r2 star(* 0.1 ** 0.05 *** 0.01)  nonote b(%9.3f) keep(aihiri
      > ngratio c.highdispersion#c.aihiringratio c.highretvol#c.aihiringratio c.highb
      > idaskspread#c.aihiringratio c.noepsmgmt#c.aihiringratio) 
      
      ----------------------------------------------------------------------------
                            (1)             (2)             (3)             (4)   
                           bold            bold            bold            bold   
      ----------------------------------------------------------------------------
      aihiringra~o       -0.677           0.574           0.512          -1.846***
                        (-1.38)          (1.06)          (1.02)         (-3.66)   
      
      c.highdisp~o        4.227***                                                
                         (5.46)                                                   
      
      c.highretv~o                        2.075***                                
                                         (2.62)                                   
      
      c.highbida~o                                        1.728**                 
                                                         (2.17)                   
      
      c.noepsmgm~o                                                        4.902***
                                                                         (7.06)   
      ----------------------------------------------------------------------------
      N                   69420           69494           69504           69504   
      R-sq                0.601           0.606           0.579           0.565   
      ----------------------------------------------------------------------------
      
   118 . /*Regression results: Table 6 Column 2*/
   119 . merge m:1 brokergvkey year using "confer.dta"
      
          Result                      Number of obs
          -----------------------------------------
          Not matched                             0
          Matched                            79,067  (_merge==3)
          -----------------------------------------
      
   120 . keep if _merge == 3   
      (0 observations deleted)
      
   121 . drop _merge
      
   122 . egen highconfersize=xtile(confer_size), nq(2)
      
   123 . replace highconfersize=highconfersize-1
      (79,067 real changes made)
      
   124 . eststo clear
      
   125 . local controls "c.logbrokersize c.firmage c.totalcover c.logforecastage  c.nu
      > mberanal c.logmve c.lev c.roa c.mtb c.car c.roavol c.intang c.loss c.totalj c
      > .pastbold"
      
   126 . eststo: reghdfe bold c.highconfersize##(c.aihiringratio `controls'), absorb(c
      > .highconfersize##firmbroker c.highconfersize##fyear) vce(cluster firm) keepsi
      > ngleton
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 12 iterations)
      note: highconfersize 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   =     69,504
      Absorbing 2 HDFE groups                           F(  32,   4029) =      23.06
      Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                        R-squared       =     0.6144
                                                        Adj R-squared   =     0.3980
                                                        Within R-sq.    =     0.0305
      Number of clusters (firm)    =      4,030         Root MSE        =     1.4721
      
                                                          (Std. err. adjusted for 4,0
      > 30 clusters in firm)
      -------------------------------------------------------------------------------
      --------------------
                                        |               Robust
                                   bold | Coefficient  std. err.      t    P>|t|     
      > [95% con                                                                     
      >         f. interval]
      ----------------------------------+--------------------------------------------
      --------------------
                         highconfersize |          0  (omitted)
                          aihiringratio |   1.013509   1.038145     0.98   0.329     
      > -1.02183                                                                     
      >             3.048848
                          logbrokersize |   .0686992   .0804953     0.85   0.393     
      > -.089116                                                                     
      >             .2265144
                                firmage |  -.0415383   .0070159    -5.92   0.000    -
      > .0552935                                                                     
      >            -.0277832
                             totalcover |   .0090635   .0030517     2.97   0.003     
      > .0030804                                                                     
      >             .0150466
                         logforecastage |  -.0550776   .0114098    -4.83   0.000    -
      > .0774472                                                                     
      >             -.032708
                             numberanal |   -.020611   .0113371    -1.82   0.069     
      > -.042838                                                                     
      >              .001616
                                 logmve |   .2195054   .0438968     5.00   0.000     
      > .1334434                                                                     
      >             .3055674
                                    lev |   .0247194   .1179531     0.21   0.834     
      > -.206534                                                                     
      >             .2559727
                                    roa |   .0623799   .2423935     0.26   0.797    -
      > .4128455                                                                     
      >             .5376052
                                    mtb |   .0030158   .0015232     1.98   0.048     
      > .0000294                                                                     
      >             .0060021
                                    car |  -.2590865   .0449856    -5.76   0.000    -
      > .3472832                                                                     
      >            -.1708898
                                 roavol |   .5815483    .308451     1.89   0.059    -
      > .0231861                                                                     
      >             1.186283
                                 intang |   .1314685   .1151041     1.14   0.253    -
      > .0941991                                                                     
      >             .3571362
                                   loss |  -.0017545   .0577347    -0.03   0.976    -
      > .1149464                                                                     
      >             .1114373
                                 totalj |  -.1280494   .0482258    -2.66   0.008    -
      > .2225986                                                                     
      >            -.0335002
                               pastbold |  -.1835295   .0153344   -11.97   0.000    -
      > .2135933                                                                     
      >            -.1534656
                                        |
       c.highconfersize#c.aihiringratio |    3.61156   1.863057     1.94   0.053    -
      > .0410619                                                                     
      >             7.264181
                                        |
       c.highconfersize#c.logbrokersize |  -.1249984   .1269314    -0.98   0.325     
      > -.373854                                                                     
      >             .1238573
                                        |
             c.highconfersize#c.firmage |  -.0018565   .0103105    -0.18   0.857    -
      > .0220708                                                                     
      >             .0183578
                                        |
          c.highconfersize#c.totalcover |  -.0004437   .0042477    -0.10   0.917    -
      > .0087715                                                                     
      >             .0078841
                                        |
      c.highconfersize#c.logforecastage |   .0247974   .0146486     1.69   0.091     
      > -.003922                                                                     
      >             .0535168
                                        |
          c.highconfersize#c.numberanal |   .0102926   .0138788     0.74   0.458    -
      > .0169175                                                                     
      >             .0375026
                                        |
              c.highconfersize#c.logmve |   .0504359   .0508411     0.99   0.321    -
      > .0492408                                                                     
      >             .1501126
                                        |
                 c.highconfersize#c.lev |   .2884439   .1267565     2.28   0.023     
      >  .039931                                                                     
      >             .5369567
                                        |
                 c.highconfersize#c.roa |  -.0319204   .2750005    -0.12   0.908    -
      > .5710734                                                                     
      >             .5072326
                                        |
                 c.highconfersize#c.mtb |   .0003294   .0018096     0.18   0.856    -
      > .0032185                                                                     
      >             .0038773
                                        |
                 c.highconfersize#c.car |  -.0241527   .0537534    -0.45   0.653    -
      > .1295392                                                                     
      >             .0812337
                                        |
              c.highconfersize#c.roavol |  -.1815408     .36825    -0.49   0.622    -
      > .9035144                                                                     
      >             .5404328
                                        |
              c.highconfersize#c.intang |  -.2220179   .1283183    -1.73   0.084    -
      > .4735928                                                                     
      >             .0295569
                                        |
                c.highconfersize#c.loss |   .0932916   .0666591     1.40   0.162     
      > -.037397                                                                     
      >             .2239802
                                        |
              c.highconfersize#c.totalj |   .1113788   .0643949     1.73   0.084    -
      > .0148708                                                                     
      >             .2376283
                                        |
            c.highconfersize#c.pastbold |  -.0519054   .0211485    -2.45   0.014    -
      > .0933681                                                                     
      >            -.0104427
                                        |
                                  _cons |    2.59844   .5282168     4.92   0.000     
      > 1.562843                                                                     
      >             3.634037
      -------------------------------------------------------------------------------
      --------------------
      
      Absorbed degrees of freedom:
      ---------------------------------------------------------------------+
                       Absorbed FE | Categories  - Redundant  = Num. Coefs |
      -----------------------------+---------------------------------------|
                        firmbroker |     18385       18385           0    *|
       firmbroker#c.highconfersize |     18385       11833        6552    ?|
                             fyear |        10           1           9     |
            fyear#c.highconfersize |        10           0          10    ?|
      ---------------------------------------------------------------------+
      ? = number of redundant parameters may be higher
      * = FE nested within cluster; treated as redundant for DoF computation
      (est1 stored)
      
   127 . outreg2 using 1.doc, nolabel tstat tdec(2) dec(3) replace
      1.doc
      dir : seeout
      
   128 . noisily: esttab, r2 star(* 0.1 ** 0.05 *** 0.01)  nonote b(%9.3f) keep(aihiri
      > ngratio c.highconfersize#c.aihiringratio) 
      
      ----------------------------
                            (1)   
                           bold   
      ----------------------------
      aihiringra~o        1.014   
                         (0.98)   
      
      c.highconf~o        3.612*  
                         (1.94)   
      ----------------------------
      N                   69504   
      R-sq                0.614   
      ----------------------------
      
   129 . 
   130 . /*New coverage tests*/
   131 . /*Regression results: Table 7*/
   132 . use "coverage_sample_final", clear
      
   133 . eststo clear
      
   134 . local controls "logbrokersize generalage totalj"
      
   135 . eststo: reghdfe newfirms aihiringratio `controls', noabsorb vce(robust) keeps
      > ingleton
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 1 iterations)
      
      HDFE Linear regression                            Number of obs   =        128
      Absorbing 1 HDFE group                            F(   4,    123) =      17.68
                                                        Prob > F        =     0.0000
                                                        R-squared       =     0.3877
                                                        Adj R-squared   =     0.3677
                                                        Within R-sq.    =     0.3877
                                                        Root MSE        =     0.8738
      
      -------------------------------------------------------------------------------
                    |               Robust
           newfirms | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
      --------------+----------------------------------------------------------------
      aihiringratio |   3.385386   1.193456     2.84   0.005     1.023014    5.747758
      logbrokersize |   .1797329   .2207349     0.81   0.417    -.2571984    .6166641
         generalage |   .2381008   .0380153     6.26   0.000     .1628517    .3133498
             totalj |  -.1854943   .0572885    -3.24   0.002    -.2988934   -.0720952
              _cons |   .5881494   .9424142     0.62   0.534    -1.277302      2.4536
      -------------------------------------------------------------------------------
      (est1 stored)
      
   136 . outreg2 using 2.doc, nolabel tstat tdec(2) dec(3) replace
      2.doc
      dir : seeout
      
   137 . eststo: reghdfe nonzero aihiringratio `controls', noabsorb vce(robust) keepsi
      > ngleton
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 1 iterations)
      
      HDFE Linear regression                            Number of obs   =        128
      Absorbing 1 HDFE group                            F(   4,    123) =      14.50
                                                        Prob > F        =     0.0000
                                                        R-squared       =     0.3478
                                                        Adj R-squared   =     0.3266
                                                        Within R-sq.    =     0.3478
                                                        Root MSE        =     0.6811
      
      -------------------------------------------------------------------------------
                    |               Robust
            nonzero | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
      --------------+----------------------------------------------------------------
      aihiringratio |   1.926878   .9261065     2.08   0.040     .0937067    3.760049
      logbrokersize |   .0816312   .2038348     0.40   0.689    -.3218472    .4851097
         generalage |   .1679641    .032099     5.23   0.000     .1044262    .2315021
             totalj |  -.1310616   .0438416    -2.99   0.003    -.2178434   -.0442798
              _cons |   .6587417    .880124     0.75   0.456     -1.08341    2.400893
      -------------------------------------------------------------------------------
      (est2 stored)
      
   138 . outreg2 using 2.doc, nolabel tstat tdec(2) dec(3) append
      2.doc
      dir : seeout
      
   139 . eststo: reghdfe zero aihiringratio `controls', noabsorb vce(robust) keepsingl
      > eton
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 1 iterations)
      
      HDFE Linear regression                            Number of obs   =        128
      Absorbing 1 HDFE group                            F(   4,    123) =      24.12
                                                        Prob > F        =     0.0000
                                                        R-squared       =     0.2645
                                                        Adj R-squared   =     0.2406
                                                        Within R-sq.    =     0.2645
                                                        Root MSE        =     0.3381
      
      -------------------------------------------------------------------------------
                    |               Robust
               zero | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
      --------------+----------------------------------------------------------------
      aihiringratio |   1.458508    .517913     2.82   0.006     .4333309    2.483685
      logbrokersize |   .0981017   .0393326     2.49   0.014     .0202452    .1759581
         generalage |   .0701366   .0113705     6.17   0.000     .0476295    .0926437
             totalj |  -.0544327   .0212404    -2.56   0.012    -.0964768   -.0123885
              _cons |  -.0705923   .1614815    -0.44   0.663    -.3902349    .2490504
      -------------------------------------------------------------------------------
      (est3 stored)
      
   140 . outreg2 using 2.doc, nolabel tstat tdec(2) dec(3) append
      2.doc
      dir : seeout
      
   141 . eststo: reghdfe newind aihiringratio `controls', noabsorb vce(robust) keepsin
      > gleton
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 1 iterations)
      
      HDFE Linear regression                            Number of obs   =        128
      Absorbing 1 HDFE group                            F(   4,    123) =      11.19
                                                        Prob > F        =     0.0000
                                                        R-squared       =     0.2369
                                                        Adj R-squared   =     0.2121
                                                        Within R-sq.    =     0.2369
                                                        Root MSE        =     0.2821
      
      -------------------------------------------------------------------------------
                    |               Robust
             newind | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
      --------------+----------------------------------------------------------------
      aihiringratio |   .7121599   .3427982     2.08   0.040      .033612    1.390708
      logbrokersize |  -.0523203   .1173991    -0.45   0.657    -.2847045     .180064
         generalage |   .0448583    .015388     2.92   0.004     .0143987     .075318
             totalj |  -.0371775   .0212348    -1.75   0.082    -.0792106    .0048555
              _cons |   .7197689   .5084263     1.42   0.159    -.2866298    1.726168
      -------------------------------------------------------------------------------
      (est4 stored)
      
   142 . outreg2 using 2.doc, nolabel tstat tdec(2) dec(3) append
      2.doc
      dir : seeout
      
   143 . noisily: esttab, r2 star(* 0.1 ** 0.05 *** 0.01)  nonote b(%9.3f) keep(aihiri
      > ngratio `controls') order(aihiringratio `controls')
      
      ----------------------------------------------------------------------------
                            (1)             (2)             (3)             (4)   
                       newfirms         nonzero            zero          newind   
      ----------------------------------------------------------------------------
      aihiringra~o        3.385***        1.927**         1.459***        0.712** 
                         (2.84)          (2.08)          (2.82)          (2.08)   
      
      logbrokers~e        0.180           0.082           0.098**        -0.052   
                         (0.81)          (0.40)          (2.49)         (-0.45)   
      
      generalage          0.238***        0.168***        0.070***        0.045***
                         (6.26)          (5.23)          (6.17)          (2.92)   
      
      totalj             -0.185***       -0.131***       -0.054**        -0.037*  
                        (-3.24)         (-2.99)         (-2.56)         (-1.75)   
      ----------------------------------------------------------------------------
      N                     128             128             128             128   
      R-sq                0.388           0.348           0.265           0.237   
      ----------------------------------------------------------------------------
      
   144 . 
   145 . /*Call participation tests*/
   146 . /*Regression results: Table 8*/
   147 . use "analystfirmyear_sample_final", clear
      
   148 . eststo clear
      
   149 . local controls "logbrokersize firmage totalcover logforecastage  numberanal l
      > ogmve lev roa mtb car roavol intang loss totalj pastcall"
      
   150 . eststo: reghdfe call aihiringratio `controls', absorb(firmbroker year) vce(cl
      > uster firm) keepsingleton
      WARNING: Singleton observations not dropped; statistical significance is biased
      >  (link)
      (MWFE estimator converged in 7 iterations)
      
      HDFE Linear regression                            Number of obs   =     74,188
      Absorbing 2 HDFE groups                           F(  16,   3731) =       8.11
      Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                        R-squared       =     0.6568
                                                        Adj R-squared   =     0.5419
                                                        Within R-sq.    =     0.0042
      Number of clusters (firm)    =      3,732         Root MSE        =     1.0408
      
                                       (Std. err. adjusted for 3,732 clusters in firm
      > )
      -------------------------------------------------------------------------------
      -
                     |               Robust
                call | Coefficient  std. err.      t    P>|t|     [95% conf. interval
      > ]
      ---------------+---------------------------------------------------------------
      -
       aihiringratio |   .6747419   .2135779     3.16   0.002     .2560011    1.09348
      > 3
       logbrokersize |  -.1473657   .0375965    -3.92   0.000    -.2210774   -.073653
      > 9
             firmage |  -.0099034   .0027323    -3.62   0.000    -.0152604   -.004546
      > 5
          totalcover |    .004224    .001256     3.36   0.001     .0017614    .006686
      > 6
      logforecastage |   .0013028   .0042852     0.30   0.761    -.0070988    .009704
      > 4
          numberanal |  -.0058575   .0052965    -1.11   0.269    -.0162419    .004526
      > 9
              logmve |   .0907219   .0201323     4.51   0.000     .0512504    .130193
      > 4
                 lev |  -.0849009   .0478587    -1.77   0.076    -.1787327    .008930
      > 8
                 roa |   .1059375   .1082566     0.98   0.328    -.1063104    .318185
      > 4
                 mtb |   .0009582   .0006933     1.38   0.167     -.000401    .002317
      > 5
                 car |  -.0273438   .0192191    -1.42   0.155    -.0650246    .010337
      > 1
              roavol |     .23406   .1481761     1.58   0.114    -.0564541    .524574
      > 1
              intang |  -.0010389   .0541272    -0.02   0.985    -.1071606    .105082
      > 8
                loss |    .002411   .0246882     0.10   0.922    -.0459926    .050814
      > 6
              totalj |  -.0968055   .0135451    -7.15   0.000    -.1233621   -.070248
      > 9
            pastcall |  -.0125066   .0096516    -1.30   0.195    -.0314295    .006416
      > 3
               _cons |   2.871754   .2792353    10.28   0.000     2.324285    3.41922
      > 3
      -------------------------------------------------------------------------------
      -
      
      Absorbed degrees of freedom:
      -----------------------------------------------------+
       Absorbed FE | Categories  - Redundant  = Num. Coefs |
      -------------+---------------------------------------|
        firmbroker |     18585       18585           0    *|
              year |         8           1           7     |
      -----------------------------------------------------+
      * = FE nested within cluster; treated as redundant for DoF computation
      (est1 stored)
      
   151 . outreg2 using 1.doc, nolabel tstat tdec(2) dec(3) replace
      1.doc
      dir : seeout
      
   152 . noisily: esttab, r2 star(* 0.1 ** 0.05 *** 0.01)  nonote b(%9.3f) keep(aihiri
      > ngratio `controls')  order(aihiringratio `controls')
      
      ----------------------------
                            (1)   
                           call   
      ----------------------------
      aihiringra~o        0.675***
                         (3.16)   
      
      logbrokers~e       -0.147***
                        (-3.92)   
      
      firmage            -0.010***
                        (-3.62)   
      
      totalcover          0.004***
                         (3.36)   
      
      logforecas~e        0.001   
                         (0.30)   
      
      numberanal         -0.006   
                        (-1.11)   
      
      logmve              0.091***
                         (4.51)   
      
      lev                -0.085*  
                        (-1.77)   
      
      roa                 0.106   
                         (0.98)   
      
      mtb                 0.001   
                         (1.38)   
      
      car                -0.027   
                        (-1.42)   
      
      roavol              0.234   
                         (1.58)   
      
      intang             -0.001   
                        (-0.02)   
      
      loss                0.002   
                         (0.10)   
      
      totalj             -0.097***
                        (-7.15)   
      
      pastcall           -0.013   
                        (-1.30)   
      ----------------------------
      N                   74188   
      R-sq                0.657   
      ----------------------------
      
   153 . 
   154 . 
   155 . 
   156 . 
   157 . 
   158 . 
      end of do-file
      
   159 . log close
            name:  <unnamed>
             log:  C:\Users\isyoo\OneDrive - Singapore Management University\Desktop\
      > Work\JAR AI Aanalysts\JAR Replication Package\Log flies\Second step analyses.
      > smcl
        log type:  smcl
       closed on:  19 Jul 2026, 08:07:02
      -------------------------------------------------------------------------------
