{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\tillet\Dropbox\Dissertation - final code for JAR\Log files\STATA Code Log 1.txt
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}29 Mar 2026, 14:40:33
{txt}
{com}. 
. *Load data
. use "C:\Users\tillet\Dropbox\Dissertation - final data for JAR\h1h2_main_jar.dta", clear
{txt}
{com}. 
. *Begin data prep
. 
.         tabulate datadate_year, generate (year)

{txt}datadate_ye {c |}
         ar {c |}      Freq.     Percent        Cum.
{hline 12}{c +}{hline 35}
       2011 {c |}{res}     11,328        1.02        1.02
{txt}       2012 {c |}{res}     37,902        3.42        4.44
{txt}       2013 {c |}{res}     50,630        4.56        9.00
{txt}       2014 {c |}{res}     70,922        6.39       15.39
{txt}       2015 {c |}{res}     85,842        7.74       23.13
{txt}       2016 {c |}{res}    107,348        9.67       32.80
{txt}       2017 {c |}{res}    109,420        9.86       42.66
{txt}       2018 {c |}{res}    168,014       15.14       57.80
{txt}       2019 {c |}{res}    150,830       13.59       71.39
{txt}       2020 {c |}{res}    119,904       10.81       82.20
{txt}       2021 {c |}{res}    102,848        9.27       91.46
{txt}       2022 {c |}{res}     94,716        8.54      100.00
{txt}{hline 12}{c +}{hline 35}
      Total {c |}{res}  1,109,704      100.00
{txt}
{com}.         tabulate sic3_char, generate (sic3_) 

  {txt}sic3_char {c |}      Freq.     Percent        Cum.
{hline 12}{c +}{hline 35}
        010 {c |}{res}         35        0.00        0.00
{txt}        100 {c |}{res}        655        0.06        0.06
{txt}        104 {c |}{res}        386        0.04        0.10
{txt}        109 {c |}{res}        406        0.04        0.13
{txt}        122 {c |}{res}      6,619        0.60        0.74
{txt}        131 {c |}{res}     68,418        6.21        6.95
{txt}        138 {c |}{res}     13,277        1.21        8.15
{txt}        140 {c |}{res}      4,699        0.43        8.58
{txt}        152 {c |}{res}        344        0.03        8.61
{txt}        153 {c |}{res}        637        0.06        8.67
{txt}        154 {c |}{res}         13        0.00        8.67
{txt}        160 {c |}{res}        458        0.04        8.71
{txt}        162 {c |}{res}        462        0.04        8.75
{txt}        170 {c |}{res}         96        0.01        8.76
{txt}        173 {c |}{res}        263        0.02        8.79
{txt}        200 {c |}{res}         82        0.01        8.80
{txt}        202 {c |}{res}         82        0.01        8.80
{txt}        203 {c |}{res}         30        0.00        8.81
{txt}        204 {c |}{res}        124        0.01        8.82
{txt}        205 {c |}{res}         10        0.00        8.82
{txt}        206 {c |}{res}         15        0.00        8.82
{txt}        207 {c |}{res}        195        0.02        8.84
{txt}        208 {c |}{res}        990        0.09        8.93
{txt}        209 {c |}{res}         47        0.00        8.93
{txt}        210 {c |}{res}          9        0.00        8.93
{txt}        211 {c |}{res}        110        0.01        8.94
{txt}        221 {c |}{res}          7        0.00        8.94
{txt}        222 {c |}{res}          5        0.00        8.94
{txt}        225 {c |}{res}         10        0.00        8.94
{txt}        227 {c |}{res}         38        0.00        8.95
{txt}        230 {c |}{res}        902        0.08        9.03
{txt}        232 {c |}{res}         10        0.00        9.03
{txt}        233 {c |}{res}        238        0.02        9.05
{txt}        240 {c |}{res}        593        0.05        9.11
{txt}        242 {c |}{res}        130        0.01        9.12
{txt}        243 {c |}{res}         34        0.00        9.12
{txt}        245 {c |}{res}         49        0.00        9.12
{txt}        251 {c |}{res}         43        0.00        9.13
{txt}        252 {c |}{res}          8        0.00        9.13
{txt}        253 {c |}{res}        219        0.02        9.15
{txt}        261 {c |}{res}        132        0.01        9.16
{txt}        262 {c |}{res}        223        0.02        9.18
{txt}        263 {c |}{res}         83        0.01        9.19
{txt}        265 {c |}{res}         95        0.01        9.20
{txt}        267 {c |}{res}        237        0.02        9.22
{txt}        271 {c |}{res}        994        0.09        9.31
{txt}        272 {c |}{res}         11        0.00        9.31
{txt}        273 {c |}{res}          6        0.00        9.31
{txt}        275 {c |}{res}         33        0.00        9.31
{txt}        278 {c |}{res}         24        0.00        9.32
{txt}        280 {c |}{res}         42        0.00        9.32
{txt}        281 {c |}{res}        758        0.07        9.39
{txt}        282 {c |}{res}        725        0.07        9.45
{txt}        283 {c |}{res}    377,728       34.30       43.76
{txt}        284 {c |}{res}        213        0.02       43.78
{txt}        285 {c |}{res}        170        0.02       43.79
{txt}        286 {c |}{res}      1,631        0.15       43.94
{txt}        287 {c |}{res}      1,249        0.11       44.05
{txt}        289 {c |}{res}        364        0.03       44.09
{txt}        291 {c |}{res}      8,338        0.76       44.84
{txt}        299 {c |}{res}        201        0.02       44.86
{txt}        301 {c |}{res}         50        0.00       44.87
{txt}        302 {c |}{res}        111        0.01       44.88
{txt}        305 {c |}{res}         21        0.00       44.88
{txt}        306 {c |}{res}         34        0.00       44.88
{txt}        308 {c |}{res}        336        0.03       44.91
{txt}        310 {c |}{res}        284        0.03       44.94
{txt}        314 {c |}{res}        465        0.04       44.98
{txt}        321 {c |}{res}         14        0.00       44.98
{txt}        322 {c |}{res}         29        0.00       44.98
{txt}        327 {c |}{res}        163        0.01       45.00
{txt}        329 {c |}{res}        129        0.01       45.01
{txt}        331 {c |}{res}      1,929        0.18       45.18
{txt}        333 {c |}{res}        114        0.01       45.20
{txt}        335 {c |}{res}        169        0.02       45.21
{txt}        336 {c |}{res}          2        0.00       45.21
{txt}        339 {c |}{res}         47        0.00       45.21
{txt}        341 {c |}{res}         80        0.01       45.22
{txt}        342 {c |}{res}         86        0.01       45.23
{txt}        343 {c |}{res}         22        0.00       45.23
{txt}        344 {c |}{res}        118        0.01       45.24
{txt}        346 {c |}{res}         24        0.00       45.24
{txt}        348 {c |}{res}          8        0.00       45.25
{txt}        349 {c |}{res}        365        0.03       45.28
{txt}        351 {c |}{res}        225        0.02       45.30
{txt}        352 {c |}{res}         58        0.01       45.30
{txt}        353 {c |}{res}      4,631        0.42       45.73
{txt}        354 {c |}{res}         97        0.01       45.73
{txt}        355 {c |}{res}      1,014        0.09       45.83
{txt}        356 {c |}{res}        976        0.09       45.91
{txt}        357 {c |}{res}      2,950        0.27       46.18
{txt}        358 {c |}{res}         98        0.01       46.19
{txt}        360 {c |}{res}         19        0.00       46.19
{txt}        361 {c |}{res}        154        0.01       46.21
{txt}        362 {c |}{res}        587        0.05       46.26
{txt}        363 {c |}{res}         48        0.00       46.26
{txt}        364 {c |}{res}         32        0.00       46.27
{txt}        365 {c |}{res}        216        0.02       46.29
{txt}        366 {c |}{res}      4,048        0.37       46.65
{txt}        367 {c |}{res}     10,889        0.99       47.64
{txt}        369 {c |}{res}        291        0.03       47.67
{txt}        371 {c |}{res}      2,274        0.21       47.88
{txt}        372 {c |}{res}        643        0.06       47.94
{txt}        373 {c |}{res}        172        0.02       47.95
{txt}        374 {c |}{res}        167        0.02       47.97
{txt}        375 {c |}{res}         36        0.00       47.97
{txt}        376 {c |}{res}         74        0.01       47.98
{txt}        379 {c |}{res}        171        0.02       47.99
{txt}        381 {c |}{res}      1,084        0.10       48.09
{txt}        382 {c |}{res}      4,725        0.43       48.52
{txt}        384 {c |}{res}     75,239        6.83       55.35
{txt}        385 {c |}{res}        624        0.06       55.41
{txt}        386 {c |}{res}        256        0.02       55.43
{txt}        387 {c |}{res}         95        0.01       55.44
{txt}        391 {c |}{res}         11        0.00       55.44
{txt}        394 {c |}{res}        162        0.01       55.46
{txt}        399 {c |}{res}         22        0.00       55.46
{txt}        401 {c |}{res}        970        0.09       55.55
{txt}        410 {c |}{res}        409        0.04       55.58
{txt}        421 {c |}{res}      2,648        0.24       55.82
{txt}        422 {c |}{res}         24        0.00       55.83
{txt}        440 {c |}{res}      1,367        0.12       55.95
{txt}        441 {c |}{res}      1,584        0.14       56.09
{txt}        451 {c |}{res}      1,193        0.11       56.20
{txt}        452 {c |}{res}        174        0.02       56.22
{txt}        458 {c |}{res}        347        0.03       56.25
{txt}        461 {c |}{res}      9,709        0.88       57.13
{txt}        470 {c |}{res}        214        0.02       57.15
{txt}        473 {c |}{res}      1,297        0.12       57.27
{txt}        481 {c |}{res}      4,036        0.37       57.63
{txt}        483 {c |}{res}      2,709        0.25       57.88
{txt}        484 {c |}{res}      1,509        0.14       58.02
{txt}        488 {c |}{res}        219        0.02       58.04
{txt}        489 {c |}{res}      2,148        0.20       58.23
{txt}        491 {c |}{res}      9,931        0.90       59.13
{txt}        492 {c |}{res}     12,330        1.12       60.25
{txt}        493 {c |}{res}     13,187        1.20       61.45
{txt}        494 {c |}{res}        791        0.07       61.52
{txt}        495 {c |}{res}      3,291        0.30       61.82
{txt}        499 {c |}{res}      2,082        0.19       62.01
{txt}        500 {c |}{res}         15        0.00       62.01
{txt}        501 {c |}{res}         96        0.01       62.02
{txt}        503 {c |}{res}        208        0.02       62.04
{txt}        504 {c |}{res}        891        0.08       62.12
{txt}        505 {c |}{res}        462        0.04       62.16
{txt}        506 {c |}{res}        181        0.02       62.18
{txt}        507 {c |}{res}        190        0.02       62.20
{txt}        508 {c |}{res}        206        0.02       62.22
{txt}        509 {c |}{res}        123        0.01       62.23
{txt}        512 {c |}{res}        323        0.03       62.26
{txt}        513 {c |}{res}         11        0.00       62.26
{txt}        514 {c |}{res}         56        0.01       62.26
{txt}        515 {c |}{res}         84        0.01       62.27
{txt}        516 {c |}{res}        158        0.01       62.28
{txt}        517 {c |}{res}      9,379        0.85       63.14
{txt}        519 {c |}{res}         25        0.00       63.14
{txt}        520 {c |}{res}         23        0.00       63.14
{txt}        521 {c |}{res}         75        0.01       63.15
{txt}        531 {c |}{res}        374        0.03       63.18
{txt}        533 {c |}{res}      1,175        0.11       63.29
{txt}        539 {c |}{res}          6        0.00       63.29
{txt}        540 {c |}{res}        147        0.01       63.30
{txt}        541 {c |}{res}        227        0.02       63.32
{txt}        550 {c |}{res}      1,013        0.09       63.41
{txt}        553 {c |}{res}        225        0.02       63.43
{txt}        560 {c |}{res}      1,815        0.16       63.60
{txt}        562 {c |}{res}      1,057        0.10       63.70
{txt}        565 {c |}{res}      3,110        0.28       63.98
{txt}        566 {c |}{res}        794        0.07       64.05
{txt}        570 {c |}{res}        881        0.08       64.13
{txt}        571 {c |}{res}        245        0.02       64.15
{txt}        573 {c |}{res}        153        0.01       64.17
{txt}        581 {c |}{res}      7,506        0.68       64.85
{txt}        590 {c |}{res}        110        0.01       64.86
{txt}        591 {c |}{res}      2,402        0.22       65.08
{txt}        594 {c |}{res}        722        0.07       65.14
{txt}        596 {c |}{res}        680        0.06       65.20
{txt}        599 {c |}{res}        700        0.06       65.27
{txt}        602 {c |}{res}    191,631       17.40       82.67
{txt}        603 {c |}{res}     29,794        2.71       85.37
{txt}        609 {c |}{res}      1,483        0.13       85.51
{txt}        611 {c |}{res}        939        0.09       85.59
{txt}        614 {c |}{res}      2,657        0.24       85.84
{txt}        615 {c |}{res}        573        0.05       85.89
{txt}        616 {c |}{res}      1,733        0.16       86.05
{txt}        617 {c |}{res}      3,173        0.29       86.33
{txt}        619 {c |}{res}        120        0.01       86.34
{txt}        620 {c |}{res}      1,783        0.16       86.51
{txt}        621 {c |}{res}      6,955        0.63       87.14
{txt}        628 {c |}{res}      8,905        0.81       87.95
{txt}        631 {c |}{res}      3,798        0.34       88.29
{txt}        632 {c |}{res}      2,541        0.23       88.52
{txt}        633 {c |}{res}      3,647        0.33       88.85
{txt}        635 {c |}{res}      2,728        0.25       89.10
{txt}        636 {c |}{res}      1,091        0.10       89.20
{txt}        641 {c |}{res}        744        0.07       89.27
{txt}        650 {c |}{res}        482        0.04       89.31
{txt}        651 {c |}{res}        930        0.08       89.40
{txt}        653 {c |}{res}        500        0.05       89.44
{txt}        655 {c |}{res}        149        0.01       89.45
{txt}        679 {c |}{res}     36,310        3.30       92.75
{txt}        701 {c |}{res}      2,411        0.22       92.97
{txt}        720 {c |}{res}        149        0.01       92.98
{txt}        731 {c |}{res}        914        0.08       93.07
{txt}        732 {c |}{res}        407        0.04       93.10
{txt}        733 {c |}{res}         32        0.00       93.11
{txt}        734 {c |}{res}         28        0.00       93.11
{txt}        735 {c |}{res}        431        0.04       93.15
{txt}        736 {c |}{res}      1,000        0.09       93.24
{txt}        737 {c |}{res}     34,200        3.11       96.35
{txt}        738 {c |}{res}      2,812        0.26       96.60
{txt}        750 {c |}{res}          2        0.00       96.60
{txt}        751 {c |}{res}        212        0.02       96.62
{txt}        781 {c |}{res}         86        0.01       96.63
{txt}        782 {c |}{res}         86        0.01       96.64
{txt}        783 {c |}{res}        187        0.02       96.65
{txt}        784 {c |}{res}         37        0.00       96.66
{txt}        790 {c |}{res}          9        0.00       96.66
{txt}        794 {c |}{res}        165        0.01       96.67
{txt}        799 {c |}{res}      1,225        0.11       96.78
{txt}        800 {c |}{res}        586        0.05       96.84
{txt}        801 {c |}{res}        785        0.07       96.91
{txt}        805 {c |}{res}      2,722        0.25       97.16
{txt}        806 {c |}{res}      4,070        0.37       97.52
{txt}        807 {c |}{res}     10,140        0.92       98.45
{txt}        808 {c |}{res}      2,401        0.22       98.66
{txt}        809 {c |}{res}      3,882        0.35       99.02
{txt}        820 {c |}{res}      1,295        0.12       99.13
{txt}        830 {c |}{res}         47        0.00       99.14
{txt}        835 {c |}{res}         10        0.00       99.14
{txt}        870 {c |}{res}        275        0.02       99.16
{txt}        871 {c |}{res}         81        0.01       99.17
{txt}        872 {c |}{res}         82        0.01       99.18
{txt}        873 {c |}{res}      5,282        0.48       99.66
{txt}        874 {c |}{res}      3,497        0.32       99.98
{txt}        999 {c |}{res}        265        0.02      100.00
{txt}{hline 12}{c +}{hline 35}
      Total {c |}{res}  1,101,189      100.00
{txt}
{com}.         drop if datadate_year == 2011 
{txt}(11,328 observations deleted)

{com}.         
.         *create unique (order invariant) indicators for each industry firm-pair
. 
.         destring sic3_char, generate(sic3_num)
{txt}sic3_char: all characters numeric; sic3_num {res}generated {txt}as {res}int
{txt}(8495 missing values generated)
{res}{txt}
{com}.         destring sic3_char_j, generate(sic3_num_j)
{txt}sic3_char_j: all characters numeric; sic3_num_j {res}generated {txt}as {res}int
{txt}(8495 missing values generated)
{res}{txt}
{com}.         gen sic3_min = min(sic3_num, sic3_num_j)
{txt}(374 missing values generated)

{com}.         gen sic3_max = max(sic3_num, sic3_num_j)
{txt}(374 missing values generated)

{com}.         egen uniquefirmpair3 = group(sic3_min sic3_max)
{res}{txt}(374 missing values generated)

{com}.         drop sic3_min sic3_max
{txt}
{com}.         
.         *repeat for unique firm-pairs:
.         destring linkCIK, generate(cik_num)
{txt}linkCIK: all characters numeric; cik_num {res}generated {txt}as {res}long
{txt}
{com}.         destring linkCIK_j, generate(cik_num_j)
{txt}linkCIK_j: all characters numeric; cik_num_j {res}generated {txt}as {res}long
{txt}
{com}.         gen cik_min = min(cik_num, cik_num_j)
{txt}
{com}.         gen cik_max = max(cik_num, cik_num_j)
{txt}
{com}.         egen uniquefirmpair_ciks_v2 = group(cik_min cik_max)
{res}{txt}
{com}.         drop cik_min cik_max
{txt}
{com}. 
.         *Require non-missing policy_comp, non-early adopters and drop scores ~1, indicates same firm - pair
.         drop if policy_comp == 1
{txt}(2 observations deleted)

{com}.         drop if earlyadoptfirm == 1
{txt}(5,639 observations deleted)

{com}.         drop if score2 >= 0.9999
{txt}(0 observations deleted)

{com}.         drop if score3 >= 0.9999
{txt}(0 observations deleted)

{com}.         drop if rev_comp >= 0.9999
{txt}(44 observations deleted)

{com}.         drop if rev_compV2 >= 0.9999
{txt}(0 observations deleted)

{com}.         drop if rev_compV3 >= 0.9999
{txt}(0 observations deleted)

{com}.         
.         gen timeline = 0
{txt}
{com}.         if sum_pre != 0 replace timeline = -(sum_pre)
{txt}(461,312 real changes made)

{com}.         replace timeline = (sum_post) if sum_post != 0 
{txt}(631,379 real changes made)

{com}.         sort timeline
{txt}
{com}.         tabulate timeline post

           {txt}{c |}         post
  timeline {c |}         0          1 {c |}     Total
{hline 11}{c +}{hline 22}{c +}{hline 10}
        -7 {c |}{res}       592          0 {txt}{c |}{res}       592 
{txt}        -6 {c |}{res}    37,419          0 {txt}{c |}{res}    37,419 
{txt}        -5 {c |}{res}    50,152          0 {txt}{c |}{res}    50,152 
{txt}        -4 {c |}{res}    70,742          0 {txt}{c |}{res}    70,742 
{txt}        -3 {c |}{res}    85,548          0 {txt}{c |}{res}    85,548 
{txt}        -2 {c |}{res}   106,931          0 {txt}{c |}{res}   106,931 
{txt}        -1 {c |}{res}   109,928          0 {txt}{c |}{res}   109,928 
{txt}         1 {c |}{res}         0    167,414 {txt}{c |}{res}   167,414 
{txt}         2 {c |}{res}         0    151,441 {txt}{c |}{res}   151,441 
{txt}         3 {c |}{res}         0    119,930 {txt}{c |}{res}   119,930 
{txt}         4 {c |}{res}         0    101,734 {txt}{c |}{res}   101,734 
{txt}         5 {c |}{res}         0     90,860 {txt}{c |}{res}    90,860 
{txt}{hline 11}{c +}{hline 22}{c +}{hline 10}
     Total {c |}{res}   461,312    631,379 {txt}{c |}{res} 1,092,691 
{txt}
{com}.         tabulate datadate_year post

{txt}datadate_y {c |}         post
       ear {c |}         0          1 {c |}     Total
{hline 11}{c +}{hline 22}{c +}{hline 10}
      2012 {c |}{res}    37,713          0 {txt}{c |}{res}    37,713 
{txt}      2013 {c |}{res}    50,402          0 {txt}{c |}{res}    50,402 
{txt}      2014 {c |}{res}    70,519          0 {txt}{c |}{res}    70,519 
{txt}      2015 {c |}{res}    85,180          0 {txt}{c |}{res}    85,180 
{txt}      2016 {c |}{res}   106,887          0 {txt}{c |}{res}   106,887 
{txt}      2017 {c |}{res}   108,405          0 {txt}{c |}{res}   108,405 
{txt}      2018 {c |}{res}     2,206    165,161 {txt}{c |}{res}   167,367 
{txt}      2019 {c |}{res}         0    150,205 {txt}{c |}{res}   150,205 
{txt}      2020 {c |}{res}         0    119,398 {txt}{c |}{res}   119,398 
{txt}      2021 {c |}{res}         0    102,365 {txt}{c |}{res}   102,365 
{txt}      2022 {c |}{res}         0     94,250 {txt}{c |}{res}    94,250 
{txt}{hline 11}{c +}{hline 22}{c +}{hline 10}
     Total {c |}{res}   461,312    631,379 {txt}{c |}{res} 1,092,691 
{txt}
{com}.         
.         gen ind2both = ind_guide2 + ind_guide2_j
{txt}(16,577 missing values generated)

{com}.         gen ind_guide2both = 0
{txt}
{com}.         replace ind_guide2both = 1 if ind2both == 2
{txt}(420,092 real changes made)

{com}.         
.         winsor2 bm_diff size_diff age_diff DKV_revcf_q8 DKV_revcf_q12, cuts(1 99) by(datadate_year)
{txt}
{com}.         
.         *variable generation for regressions:
.         gen postXscore3 = (post*score3)
{txt}
{com}.         gen postXscore2 = (post*score2)
{txt}
{com}.         
.         * drop late adopters
.         drop if late_adopt == 1
{txt}(1,719 observations deleted)

{com}.         drop if late_adopt_j == 1
{txt}(1,708 observations deleted)

{com}.         
.         *define macros with control variables   
.         macro define cont "policy_comp bm_diff_w size_diff_w same_aud complexity_diff both_foreign age_diff_w"
{txt}
{com}.         sum $cont

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 1}policy_comp {c |}{res}  1,087,480     .371094    .1233476   .0105727   .9639065
{txt}{space 3}bm_diff_w {c |}{res}  1,089,264    .6868287    1.976105   .0038513   26.62375
{txt}{space 1}size_diff_w {c |}{res}  1,089,264    2.174856    1.695876   .0273132   7.987761
{txt}{space 4}same_aud {c |}{res}  1,089,264     .195308    .3964378          0          1
{txt}complexity~f {c |}{res}  1,089,264    2.214938    3.498526          0         33
{txt}{hline 13}{c +}{hline 57}
both_foreign {c |}{res}  1,089,264    .6769626    .4676371          0          1
{txt}{space 2}age_diff_w {c |}{res}  1,089,264    13.08821    13.31817          0         61
{txt}
{com}.         
.         *keep 1 observation per unique firmpair-year
.         sort uniquefirmpair_ciks_v2 datadate rev_comp post $cont linkCIK
{txt}
{com}.         quietly by uniquefirmpair_ciks_v2 datadate rev_comp post $cont: gen dup_check = cond(_N==1,0,_n)        
{txt}
{com}.         sum dup_check, detail

                          {txt}dup_check
{hline 61}
      Percentiles      Smallest
 1%    {res}        1              0
{txt} 5%    {res}        1              0
{txt}10%    {res}        1              0       {txt}Obs         {res}  1,089,264
{txt}25%    {res}        1              0       {txt}Sum of wgt. {res}  1,089,264

{txt}50%    {res}        1                      {txt}Mean          {res} 1.492308
                        {txt}Largest       Std. dev.     {res} .5100956
{txt}75%    {res}        2              2
{txt}90%    {res}        2              2       {txt}Variance      {res} .2601975
{txt}95%    {res}        2              2       {txt}Skewness      {res}-.0851589
{txt}99%    {res}        2              2       {txt}Kurtosis      {res} 1.295385
{txt}
{com}.         drop if dup_check == 2 
{txt}(541,839 observations deleted)

{com}.                 
.         *within industry
.         xi: reghdfe rev_comp score3 postXscore3 post $cont if diff_sic3 == 0, absorb(sic3_num) cluster (cik)
{res}{txt}(dropped 5 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   293,097
{txt}Absorbing 1 HDFE group{col 51}F({res}  10{txt},{res}   2012{txt}){col 67}= {res}     57.06
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1410
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1405
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0786
{txt}{col 1}Number of clusters ({res}cik{txt}) {col 30}= {res}     2,013{txt}{col 51}Root MSE{col 67}= {res}    0.1562

{txt}{ralign 81:(Std. err. adjusted for {res:2,013} clusters in {res:cik})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}       rev_comp{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      t{col 49}   P>|t|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}score3 {c |}{col 17}{res}{space 2} .5971079{col 29}{space 2} .0537838{col 40}{space 1}   11.10{col 49}{space 3}0.000{col 57}{space 4} .4916301{col 70}{space 3} .7025857
{txt}{space 4}postXscore3 {c |}{col 17}{res}{space 2}-.2271171{col 29}{space 2} .0591945{col 40}{space 1}   -3.84{col 49}{space 3}0.000{col 57}{space 4} -.343206{col 70}{space 3}-.1110282
{txt}{space 11}post {c |}{col 17}{res}{space 2} .0661398{col 29}{space 2} .0054773{col 40}{space 1}   12.08{col 49}{space 3}0.000{col 57}{space 4} .0553981{col 70}{space 3} .0768816
{txt}{space 4}policy_comp {c |}{col 17}{res}{space 2} .1804634{col 29}{space 2} .0184405{col 40}{space 1}    9.79{col 49}{space 3}0.000{col 57}{space 4} .1442988{col 70}{space 3} .2166279
{txt}{space 6}bm_diff_w {c |}{col 17}{res}{space 2} -.000565{col 29}{space 2} .0006325{col 40}{space 1}   -0.89{col 49}{space 3}0.372{col 57}{space 4}-.0018053{col 70}{space 3} .0006754
{txt}{space 4}size_diff_w {c |}{col 17}{res}{space 2}-.0035979{col 29}{space 2} .0012086{col 40}{space 1}   -2.98{col 49}{space 3}0.003{col 57}{space 4}-.0059681{col 70}{space 3}-.0012276
{txt}{space 7}same_aud {c |}{col 17}{res}{space 2}  .022554{col 29}{space 2} .0039315{col 40}{space 1}    5.74{col 49}{space 3}0.000{col 57}{space 4} .0148437{col 70}{space 3} .0302642
{txt}complexity_diff {c |}{col 17}{res}{space 2}-.0017726{col 29}{space 2} .0007069{col 40}{space 1}   -2.51{col 49}{space 3}0.012{col 57}{space 4}-.0031589{col 70}{space 3}-.0003863
{txt}{space 3}both_foreign {c |}{col 17}{res}{space 2} .0083463{col 29}{space 2} .0029823{col 40}{space 1}    2.80{col 49}{space 3}0.005{col 57}{space 4} .0024976{col 70}{space 3}  .014195
{txt}{space 5}age_diff_w {c |}{col 17}{res}{space 2}-.0001769{col 29}{space 2} .0002375{col 40}{space 1}   -0.74{col 49}{space 3}0.457{col 57}{space 4}-.0006427{col 70}{space 3} .0002889
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .1798949{col 29}{space 2}  .009529{col 40}{space 1}   18.88{col 49}{space 3}0.000{col 57}{space 4} .1612071{col 70}{space 3} .1985827
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    sic3_num{col 14}{c |}{space 1}      154{col 27}{space 1}        0{col 39}{result}{space 1}      154{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}
{com}.         eret li

{txt}scalars:
                  e(N) =  {res}293097
               {txt}e(rank) =  {res}10
               {txt}e(df_r) =  {res}2012
               {txt}e(df_m) =  {res}10
                {txt}e(tss) =  {res}8321.130622580025
         {txt}e(tss_within) =  {res}7757.360347904229
                {txt}e(rss) =  {res}7147.659632627212
                {txt}e(mss) =  {res}1173.470989952813
               {txt}e(rmse) =  {res}.1562060253939389
                  {txt}e(F) =  {res}57.06241414939355
                 {txt}e(ll) =  {res}128353.2678558505
               {txt}e(ll_0) =  {res}116357.2273667662
                 {txt}e(r2) =  {res}.141023022372526
          {txt}e(r2_within) =  {res}.0785964152666618
               {txt}e(r2_a) =  {res}.1405450521631154
        {txt}e(r2_a_within) =  {res}.0785649608526924
         {txt}e(sumweights) =  {res}293097
                 {txt}e(ic) =  {res}1
          {txt}e(converged) =  {res}1
    {txt}e(report_constant) =  {res}1
             {txt}e(N_full) =  {res}293102
     {txt}e(num_singletons) =  {res}5
    {txt}e(drop_singletons) =  {res}1
        {txt}e(df_a_nested) =  {res}0
     {txt}e(df_a_redundant) =  {res}0
       {txt}e(df_a_initial) =  {res}154
               {txt}e(df_a) =  {res}154
    {txt}e(N_hdfe_extended) =  {res}1
             {txt}e(N_hdfe) =  {res}1
           {txt}e(N_clust1) =  {res}2013
      {txt}e(N_clustervars) =  {res}1
            {txt}e(N_clust) =  {res}2013

{txt}macros:
   e(extended_absvars) : "{res}sic3_num{txt}"
            e(absvars) : "{res}sic3_num{txt}"
             e(title2) : "{res}Absorbing 1 HDFE group{txt}"
          e(dofmethod) : "{res}pairwise clusters continuous{txt}"
                e(vce) : "{res}cluster{txt}"
            e(vcetype) : "{res}Robust{txt}"
              e(title) : "{res}HDFE Linear regression{txt}"
          e(indepvars) : "{res}score3 postXscore3 post policy_comp bm_diff_w size_diff_w same_aud complexity_diff both_foreign age_diff_w _cons{txt}"
             e(depvar) : "{res}rev_comp{txt}"
       e(marginsnotok) : "{res}Residuals SCore{txt}"
           e(footnote) : "{res}reghdfe_footnote{txt}"
          e(estat_cmd) : "{res}reghdfe_estat{txt}"
            e(predict) : "{res}reghdfe_p{txt}"
              e(model) : "{res}ols{txt}"
            e(cmdline) : "{res}reghdfe rev_comp score3 postXscore3 post policy_comp bm_diff_w size_diff_w same_aud complexity_diff both_foreign age_diff_w if diff_sic3 == 0, absorb(sic3_num) cluster (cik){txt}"
                e(cmd) : "{res}reghdfe{txt}"
           e(clustvar) : "{res}cik{txt}"
             e(title3) : "{res}Statistics robust to heteroskedasticity{txt}"
          e(clustvar1) : "{res}cik{txt}"
         e(properties) : "{res}b V{txt}"

matrices:
                  e(b) : {res} 1 x 11
                  {txt}e(V) : {res} 11 x 11
          {txt}e(dof_table) : {res} 1 x 5

{txt}functions:
             e(sample)   

{com}.         gen byte used2=e(sample)
{txt}
{com}.         
.         *across industry
.         regress rev_comp score3 postXscore3 post $cont if diff_sic3 == 1, vce(cluster cik)

{txt}Linear regression                               Number of obs     = {res}   242,510
                                                {txt}F(10, 2447)       =  {res}   167.04
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.2002
                                                {txt}Root MSE          =    {res} .12584

{txt}{ralign 81:(Std. err. adjusted for {res:2,448} clusters in {res:cik})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}       rev_comp{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      t{col 49}   P>|t|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}score3 {c |}{col 17}{res}{space 2} .5252185{col 29}{space 2} .0680235{col 40}{space 1}    7.72{col 49}{space 3}0.000{col 57}{space 4} .3918289{col 70}{space 3} .6586082
{txt}{space 4}postXscore3 {c |}{col 17}{res}{space 2} .3460534{col 29}{space 2} .0660781{col 40}{space 1}    5.24{col 49}{space 3}0.000{col 57}{space 4} .2164786{col 70}{space 3} .4756282
{txt}{space 11}post {c |}{col 17}{res}{space 2} .0513064{col 29}{space 2}  .003157{col 40}{space 1}   16.25{col 49}{space 3}0.000{col 57}{space 4} .0451158{col 70}{space 3}  .057497
{txt}{space 4}policy_comp {c |}{col 17}{res}{space 2}  .250303{col 29}{space 2} .0129462{col 40}{space 1}   19.33{col 49}{space 3}0.000{col 57}{space 4} .2249164{col 70}{space 3} .2756896
{txt}{space 6}bm_diff_w {c |}{col 17}{res}{space 2}-.0040633{col 29}{space 2} .0004321{col 40}{space 1}   -9.40{col 49}{space 3}0.000{col 57}{space 4}-.0049106{col 70}{space 3} -.003216
{txt}{space 4}size_diff_w {c |}{col 17}{res}{space 2}-.0002813{col 29}{space 2} .0007358{col 40}{space 1}   -0.38{col 49}{space 3}0.702{col 57}{space 4}-.0017242{col 70}{space 3} .0011615
{txt}{space 7}same_aud {c |}{col 17}{res}{space 2} .0077462{col 29}{space 2} .0028114{col 40}{space 1}    2.76{col 49}{space 3}0.006{col 57}{space 4} .0022332{col 70}{space 3} .0132593
{txt}complexity_diff {c |}{col 17}{res}{space 2}-.0010033{col 29}{space 2} .0003149{col 40}{space 1}   -3.19{col 49}{space 3}0.001{col 57}{space 4}-.0016208{col 70}{space 3}-.0003859
{txt}{space 3}both_foreign {c |}{col 17}{res}{space 2} .0200641{col 29}{space 2} .0026639{col 40}{space 1}    7.53{col 49}{space 3}0.000{col 57}{space 4} .0148404{col 70}{space 3} .0252879
{txt}{space 5}age_diff_w {c |}{col 17}{res}{space 2} .0002766{col 29}{space 2} .0001249{col 40}{space 1}    2.22{col 49}{space 3}0.027{col 57}{space 4} .0000317{col 70}{space 3} .0005214
{txt}{space 10}_cons {c |}{col 17}{res}{space 2}   .07274{col 29}{space 2} .0056924{col 40}{space 1}   12.78{col 49}{space 3}0.000{col 57}{space 4} .0615776{col 70}{space 3} .0839025
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}.         eret li

{txt}scalars:
            e(N_clust) =  {res}2448
                  {txt}e(N) =  {res}242510
               {txt}e(df_m) =  {res}10
               {txt}e(df_r) =  {res}2447
                  {txt}e(F) =  {res}167.0409028163509
                 {txt}e(r2) =  {res}.2001538992119976
               {txt}e(rmse) =  {res}.1258356571745228
                {txt}e(mss) =  {res}960.8929747594007
                {txt}e(rss) =  {res}3839.877724899311
               {txt}e(r2_a) =  {res}.2001209157316208
                 {txt}e(ll) =  {res}158568.2381160914
               {txt}e(ll_0) =  {res}131487.6382463227
               {txt}e(rank) =  {res}11

{txt}macros:
            e(cmdline) : "{res}regress rev_comp score3 postXscore3 post policy_comp bm_diff_w size_diff_w same_aud complexity_diff both_foreign age_diff_w if diff_sic3 == 1, vce(cluster cik){txt}"
              e(title) : "{res}Linear regression{txt}"
          e(marginsok) : "{res}XB default{txt}"
                e(vce) : "{res}cluster{txt}"
             e(depvar) : "{res}rev_comp{txt}"
                e(cmd) : "{res}regress{txt}"
         e(properties) : "{res}b V{txt}"
            e(predict) : "{res}regres_p{txt}"
              e(model) : "{res}ols{txt}"
          e(estat_cmd) : "{res}regress_estat{txt}"
            e(vcetype) : "{res}Robust{txt}"
           e(clustvar) : "{res}cik{txt}"

matrices:
                  e(b) : {res} 1 x 11
                  {txt}e(V) : {res} 11 x 11
       {txt}e(V_modelbased) : {res} 11 x 11

{txt}functions:
             e(sample)   

{com}.         gen byte used1=e(sample)
{txt}
{com}. 
.         *drop obs. not used in either regression: 
.         sum rev_comp if diff_sic3 == 0 & used2 != 1 

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}rev_comp {c |}{res}      7,570    .3005318    .1742896   .0160595   .9476654
{txt}
{com}.         drop if diff_sic3 == 0 & (used2 != 1 ) 
{txt}(7,570 observations deleted)

{com}.         
.         sum rev_comp if diff_sic3 == 1 & used1 != 1

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}rev_comp {c |}{res}      4,248    .2211324    .1173006    .014368   .7268186
{txt}
{com}.         drop if diff_sic3 == 1 & (used1 != 1 ) 
{txt}(4,248 observations deleted)

{com}.         
.         *mean center score variable:
.         sum score3

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 6}score3 {c |}{res}    535,607    .0672509    .0572181          0      .8512
{txt}
{com}.         bysort diff_sic3: egen scoremean_diffsic = mean(score3)
{txt}
{com}.         sum score3 if diff_sic3 == 1

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 6}score3 {c |}{res}    242,510    .0425208    .0430401          0      .8512
{txt}
{com}.         sum score3 if diff_sic3 == 0

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 6}score3 {c |}{res}    293,097    .0877127    .0593746          0      .8124
{txt}
{com}.         
.         *Note that scoremean diffsic is already calculated by groups (i.e., diffsic 1 or 0):
.         gen score3_centdiff = score3 - scoremean_diffsic
{txt}
{com}.         sum score3 score3_centdiff, detail 

                           {txt}score3
{hline 61}
      Percentiles      Smallest
 1%    {res}    .0006              0
{txt} 5%    {res}    .0034              0
{txt}10%    {res}    .0071              0       {txt}Obs         {res}    535,607
{txt}25%    {res}    .0204              0       {txt}Sum of wgt. {res}    535,607

{txt}50%    {res}    .0527                      {txt}Mean          {res} .0672509
                        {txt}Largest       Std. dev.     {res} .0572181
{txt}75%    {res}     .103          .8269
{txt}90%    {res}    .1477          .8437       {txt}Variance      {res} .0032739
{txt}95%    {res}    .1741          .8497       {txt}Skewness      {res} 1.348841
{txt}99%    {res}    .2267          .8512       {txt}Kurtosis      {res} 8.055665

                       {txt}score3_centdiff
{hline 61}
      Percentiles      Smallest
 1%    {res}-.0852127      -.0877127
{txt} 5%    {res}-.0743127      -.0877127
{txt}10%    {res}-.0596127      -.0877127       {txt}Obs         {res}    535,607
{txt}25%    {res}-.0355208      -.0877127       {txt}Sum of wgt. {res}    535,607

{txt}50%    {res}-.0105208                      {txt}Mean          {res} 1.17e-09
                        {txt}Largest       Std. dev.     {res} .0526107
{txt}75%    {res} .0296792       .7843792
{txt}90%    {res} .0712873       .8011792       {txt}Variance      {res} .0027679
{txt}95%    {res} .0965873       .8071792       {txt}Skewness      {res} 1.364088
{txt}99%    {res} .1470873       .8086792       {txt}Kurtosis      {res} 10.48607
{txt}
{com}. 
.         gen postXscore3_cent = post*score3_centdiff
{txt}
{com}.         sum postXscore3_cent

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
postXscore~t {c |}{res}    535,607    .0029014    .0404297  -.0877127   .8011792
{txt}
{com}. 
.         *mean center fasb_sim
.         sum fasb_sim

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}fasb_sim {c |}{res}    535,607    .1252736    .0678337   .0036287   .4698359
{txt}
{com}.         bysort diff_sic3: egen fasbsimmean_diffsic = mean(fasb_sim)
{txt}
{com}.         sum fasb_sim if diff_sic3 == 1

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}fasb_sim {c |}{res}    242,510    .1176757    .0644271   .0036287   .4698359
{txt}
{com}.         sum fasb_sim if diff_sic3 == 0

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}fasb_sim {c |}{res}    293,097    .1315601    .0699067   .0079404   .4698359
{txt}
{com}. 
.         gen fasb_cent = fasb_sim - fasbsimmean_diffsic
{txt}
{com}.         gen postXfasb_cent = post*fasb_cent
{txt}
{com}.                 
.         *Mean center all covariates for fully interacted model*
.         sum $cont if diff_sic3 == 1 

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 1}policy_comp {c |}{res}    242,510    .3480581    .1240521   .0105727   .9639065
{txt}{space 3}bm_diff_w {c |}{res}    242,510    .8842603    2.405412   .0038513   26.62375
{txt}{space 1}size_diff_w {c |}{res}    242,510    2.200358    1.689542   .0273132   7.987761
{txt}{space 4}same_aud {c |}{res}    242,510    .1766731    .3813926          0          1
{txt}complexity~f {c |}{res}    242,510    2.769902    3.848038          0         33
{txt}{hline 13}{c +}{hline 57}
both_foreign {c |}{res}    242,510    .6567688    .4747889          0          1
{txt}{space 2}age_diff_w {c |}{res}    242,510    14.60647    14.63524          0         61
{txt}
{com}.         sum $cont if diff_sic3 == 0

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 1}policy_comp {c |}{res}    293,097    .3889513    .1198106    .018878    .912856
{txt}{space 3}bm_diff_w {c |}{res}    293,097    .5246525    1.539188   .0038513   26.62375
{txt}{space 1}size_diff_w {c |}{res}    293,097     2.14901    1.701977   .0273132   7.987761
{txt}{space 4}same_aud {c |}{res}    293,097     .209562    .4069967          0          1
{txt}complexity~f {c |}{res}    293,097      1.7982    3.147061          0         30
{txt}{hline 13}{c +}{hline 57}
both_foreign {c |}{res}    293,097    .6964009    .4598124          0          1
{txt}{space 2}age_diff_w {c |}{res}    293,097    12.06662    12.12588          0         61
{txt}
{com}.         
.         foreach x of varlist $cont {c -(}
{txt}  2{com}.         bysort diff_sic3: egen `x'mean_diffsic = mean(`x')
{txt}  3{com}. {c )-}
{txt}
{com}. 
.         gen policy_cent = policy_comp - policy_compmean_diffsic
{txt}
{com}.         gen bm_cent = bm_diff_w - bm_diff_wmean_diffsic 
{txt}
{com}.         gen size_cent = size_diff_w - size_diff_wmean_diffsic 
{txt}
{com}.         gen sameaud_cent = same_aud - same_audmean_diffsic
{txt}
{com}.         gen complex_cent = complexity_diff - complexity_diffmean_diffsic
{txt}
{com}.         gen bothforeign_cent = both_foreign - both_foreignmean_diffsic 
{txt}
{com}.         gen agediff_cent = age_diff_w - age_diff_wmean_diffsic 
{txt}
{com}.         
.         macro define center "policy_cent bm_cent size_cent sameaud_cent complex_cent bothforeign_cent agediff_cent"
{txt}
{com}.         sum $center, detail

                         {txt}policy_cent
{hline 61}
      Percentiles      Smallest
 1%    {res}-.2634824      -.3700733
{txt} 5%    {res}-.2008386      -.3671519
{txt}10%    {res}-.1606562      -.3644951       {txt}Obs         {res}    535,607
{txt}25%    {res}-.0867509      -.3615981       {txt}Sum of wgt. {res}    535,607

{txt}50%    {res} .0003434                      {txt}Mean          {res}-9.00e-09
                        {txt}Largest       Std. dev.     {res} .1217493
{txt}75%    {res} .0857494       .5998166
{txt}90%    {res} .1588655       .6029052       {txt}Variance      {res} .0148229
{txt}95%    {res} .2000455       .6042128       {txt}Skewness      {res} .0442689
{txt}99%    {res} .2740824       .6158483       {txt}Kurtosis      {res} 2.649311

                           {txt}bm_cent
{hline 61}
      Percentiles      Smallest
 1%    {res}-.8728641      -.8804089
{txt} 5%    {res}-.8265707      -.8804089
{txt}10%    {res}-.7651675      -.8804089       {txt}Obs         {res}    535,607
{txt}25%    {res}-.5199366      -.8804089       {txt}Sum of wgt. {res}    535,607

{txt}50%    {res} -.367817                      {txt}Mean          {res}-5.66e-10
                        {txt}Largest       Std. dev.     {res} 1.978936
{txt}75%    {res}-.0916273       26.09909
{txt}90%    {res} .4915057       26.09909       {txt}Variance      {res} 3.916187
{txt}95%    {res} 1.311268       26.09909       {txt}Skewness      {res} 8.474637
{txt}99%    {res} 7.855676       26.09909       {txt}Kurtosis      {res} 87.42755

                          {txt}size_cent
{hline 61}
      Percentiles      Smallest
 1%    {res}-2.125053      -2.173045
{txt} 5%    {res}-2.008153      -2.173045
{txt}10%    {res}-1.844624      -2.173045       {txt}Obs         {res}    535,607
{txt}25%    {res}-1.341182      -2.173045       {txt}Sum of wgt. {res}    535,607

{txt}50%    {res}-.3878088                      {txt}Mean          {res}-2.10e-08
                        {txt}Largest       Std. dev.     {res} 1.696356
{txt}75%    {res} .9430974       5.838751
{txt}90%    {res} 2.436213       5.838751       {txt}Variance      {res} 2.877625
{txt}95%    {res} 3.423556       5.838751       {txt}Skewness      {res} 1.018356
{txt}99%    {res} 5.083964       5.838751       {txt}Kurtosis      {res} 3.613573

                        {txt}sameaud_cent
{hline 61}
      Percentiles      Smallest
 1%    {res} -.209562       -.209562
{txt} 5%    {res} -.209562       -.209562
{txt}10%    {res} -.209562       -.209562       {txt}Obs         {res}    535,607
{txt}25%    {res} -.209562       -.209562       {txt}Sum of wgt. {res}    535,607

{txt}50%    {res}-.1766731                      {txt}Mean          {res} 3.83e-09
                        {txt}Largest       Std. dev.     {res} .3956088
{txt}75%    {res}-.1766731       .8233269
{txt}90%    {res}  .790438       .8233269       {txt}Variance      {res} .1565063
{txt}95%    {res} .8233269       .8233269       {txt}Skewness      {res}  1.53828
{txt}99%    {res} .8233269       .8233269       {txt}Kurtosis      {res} 3.377165

                        {txt}complex_cent
{hline 61}
      Percentiles      Smallest
 1%    {res}-2.769902      -2.769902
{txt} 5%    {res}-2.769902      -2.769902
{txt}10%    {res}-2.769902      -2.769902       {txt}Obs         {res}    535,607
{txt}25%    {res}  -1.7982      -2.769902       {txt}Sum of wgt. {res}    535,607

{txt}50%    {res}  -1.7982                      {txt}Mean          {res} 4.88e-08
                        {txt}Largest       Std. dev.     {res}  3.48197
{txt}75%    {res}   1.2018        29.2301
{txt}90%    {res}   5.2018        29.2301       {txt}Variance      {res} 12.12411
{txt}95%    {res}   7.2018        29.2301       {txt}Skewness      {res} 2.090273
{txt}99%    {res}  12.2301        30.2301       {txt}Kurtosis      {res} 8.438312

                      {txt}bothforeign_cent
{hline 61}
      Percentiles      Smallest
 1%    {res}-.6964008      -.6964008
{txt} 5%    {res}-.6964008      -.6964008
{txt}10%    {res}-.6964008      -.6964008       {txt}Obs         {res}    535,607
{txt}25%    {res}-.6567688      -.6964008       {txt}Sum of wgt. {res}    535,607

{txt}50%    {res} .3035992                      {txt}Mean          {res} 1.33e-08
                        {txt}Largest       Std. dev.     {res} .4666525
{txt}75%    {res} .3432312       .3432312
{txt}90%    {res} .3432312       .3432312       {txt}Variance      {res} .2177645
{txt}95%    {res} .3432312       .3432312       {txt}Skewness      {res}-.7621321
{txt}99%    {res} .3432312       .3432312       {txt}Kurtosis      {res} 1.589053

                        {txt}agediff_cent
{hline 61}
      Percentiles      Smallest
 1%    {res}-14.60647      -14.60647
{txt} 5%    {res}-13.60647      -14.60647
{txt}10%    {res}-12.06662      -14.60647       {txt}Obs         {res}    535,607
{txt}25%    {res}-10.06662      -14.60647       {txt}Sum of wgt. {res}    535,607

{txt}50%    {res} -4.06662                      {txt}Mean          {res} 6.97e-08
                        {txt}Largest       Std. dev.     {res} 13.32073
{txt}75%    {res}  4.93338       48.93338
{txt}90%    {res} 17.93338       48.93338       {txt}Variance      {res} 177.4419
{txt}95%    {res} 30.39354       48.93338       {txt}Skewness      {res} 1.565528
{txt}99%    {res} 45.93338       48.93338       {txt}Kurtosis      {res} 5.302136
{txt}
{com}.         
.         foreach x of varlist $center {c -(}
{txt}  2{com}.         gen postX`x' = post*`x'
{txt}  3{com}. {c )-}
{txt}
{com}.         macro define postXcenter "postXpolicy_cent postXbm_cent postXsize_cent postXsameaud_cent postXcomplex_cent postXbothforeign_cent postXagediff_cent"
{txt}
{com}.         sum $postXcenter

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
postXpolic~t {c |}{res}    535,607    .0054654     .092681  -.3700733   .5381917
{txt}postXbm_cent {c |}{res}    535,607    .0259971    1.555248  -.8799309   22.14935
{txt}postXsize_~t {c |}{res}    535,607     .034091    1.316979  -2.167763   5.838751
{txt}postXsamea~t {c |}{res}    535,607   -.0076773    .2943065   -.209562   .8233269
{txt}postXcompl~t {c |}{res}    535,607    .4221703    2.929538  -2.769902    29.2301
{txt}{hline 13}{c +}{hline 57}
postXbothf~t {c |}{res}    535,607    .0221319    .3428847  -.6964008   .3432312
{txt}postXagedi~t {c |}{res}    535,607   -.0387458     9.96784  -14.60647   48.93338
{txt}
{com}.         
.         sum score3 if diff_sic3 == 1, detail

                           {txt}score3
{hline 61}
      Percentiles      Smallest
 1%    {res}    .0004              0
{txt} 5%    {res}     .002              0
{txt}10%    {res}    .0043              0       {txt}Obs         {res}    242,510
{txt}25%    {res}    .0118              0       {txt}Sum of wgt. {res}    242,510

{txt}50%    {res}    .0291                      {txt}Mean          {res} .0425208
                        {txt}Largest       Std. dev.     {res} .0430401
{txt}75%    {res}      .06          .8269
{txt}90%    {res}    .1013          .8437       {txt}Variance      {res} .0018524
{txt}95%    {res}     .128          .8497       {txt}Skewness      {res} 2.825572
{txt}99%    {res}    .1774          .8512       {txt}Kurtosis      {res} 28.58276
{txt}
{com}.         gen score3_median_diffsic = 0 
{txt}
{com}.         replace score3_median_diffsic = 1 if score3 > .0291
{txt}(358,886 real changes made)

{com}.         sum score3_median_diffsic if diff_sic3 == 1     

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
score3_med~c {c |}{res}    242,510    .4998227     .500001          0          1
{txt}
{com}. 
.         sum score3 if diff_sic3 == 0, detail

                           {txt}score3
{hline 61}
      Percentiles      Smallest
 1%    {res}    .0013              0
{txt} 5%    {res}    .0072              0
{txt}10%    {res}    .0148              0       {txt}Obs         {res}    293,097
{txt}25%    {res}    .0392              0       {txt}Sum of wgt. {res}    293,097

{txt}50%    {res}    .0816                      {txt}Mean          {res} .0877127
                        {txt}Largest       Std. dev.     {res} .0593746
{txt}75%    {res}    .1269           .809
{txt}90%    {res}    .1668          .8105       {txt}Variance      {res} .0035253
{txt}95%    {res}    .1915          .8109       {txt}Skewness      {res} .8436869
{txt}99%    {res}    .2427          .8124       {txt}Kurtosis      {res} 5.282591
{txt}
{com}.         gen score3_median = 0 
{txt}
{com}.         replace score3_median = 1 if score3 > .0816
{txt}(184,248 real changes made)

{com}.         sum score3_median if diff_sic3 == 0

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
score3_med~n {c |}{res}    293,097    .4998141    .5000008          0          1
{txt}
{com}. 
.         sum score3, detail

                           {txt}score3
{hline 61}
      Percentiles      Smallest
 1%    {res}    .0006              0
{txt} 5%    {res}    .0034              0
{txt}10%    {res}    .0071              0       {txt}Obs         {res}    535,607
{txt}25%    {res}    .0204              0       {txt}Sum of wgt. {res}    535,607

{txt}50%    {res}    .0527                      {txt}Mean          {res} .0672509
                        {txt}Largest       Std. dev.     {res} .0572181
{txt}75%    {res}     .103          .8269
{txt}90%    {res}    .1477          .8437       {txt}Variance      {res} .0032739
{txt}95%    {res}    .1741          .8497       {txt}Skewness      {res} 1.348841
{txt}99%    {res}    .2267          .8512       {txt}Kurtosis      {res} 8.055665
{txt}
{com}.         gen score3_median_fullsample = 0 
{txt}
{com}.         replace score3_median_fullsample = 1 if score3 > .0527
{txt}(267,481 real changes made)

{com}.         sum score3_median_fullsample    

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
score3_med~e {c |}{res}    535,607    .4993979    .5000001          0          1
{txt}
{com}.         
.         *identify obs. used in main regressions so descriptives can represent the same sample
.         xi: regress rev_compV3 score3 post fasb_sim $cont if diff_sic3 == 1 & datadate_year != 2022, vce(cluster cik)

{txt}Linear regression                               Number of obs     = {res}   223,730
                                                {txt}F(10, 2427)       =  {res}   206.28
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.2512
                                                {txt}Root MSE          =    {res}  .1209

{txt}{ralign 81:(Std. err. adjusted for {res:2,428} clusters in {res:cik})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}     rev_compV3{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      t{col 49}   P>|t|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}score3 {c |}{col 17}{res}{space 2} .7410555{col 29}{space 2} .0514376{col 40}{space 1}   14.41{col 49}{space 3}0.000{col 57}{space 4} .6401893{col 70}{space 3} .8419217
{txt}{space 11}post {c |}{col 17}{res}{space 2} .0164345{col 29}{space 2} .0041812{col 40}{space 1}    3.93{col 49}{space 3}0.000{col 57}{space 4} .0082353{col 70}{space 3} .0246337
{txt}{space 7}fasb_sim {c |}{col 17}{res}{space 2} .6553672{col 29}{space 2}  .038367{col 40}{space 1}   17.08{col 49}{space 3}0.000{col 57}{space 4} .5801317{col 70}{space 3} .7306026
{txt}{space 4}policy_comp {c |}{col 17}{res}{space 2} .2116354{col 29}{space 2} .0118668{col 40}{space 1}   17.83{col 49}{space 3}0.000{col 57}{space 4} .1883652{col 70}{space 3} .2349055
{txt}{space 6}bm_diff_w {c |}{col 17}{res}{space 2}-.0034311{col 29}{space 2} .0003338{col 40}{space 1}  -10.28{col 49}{space 3}0.000{col 57}{space 4}-.0040857{col 70}{space 3}-.0027765
{txt}{space 4}size_diff_w {c |}{col 17}{res}{space 2}-.0007805{col 29}{space 2} .0007014{col 40}{space 1}   -1.11{col 49}{space 3}0.266{col 57}{space 4}-.0021559{col 70}{space 3} .0005948
{txt}{space 7}same_aud {c |}{col 17}{res}{space 2} .0066324{col 29}{space 2} .0024805{col 40}{space 1}    2.67{col 49}{space 3}0.008{col 57}{space 4} .0017683{col 70}{space 3} .0114965
{txt}complexity_diff {c |}{col 17}{res}{space 2}-.0003487{col 29}{space 2}  .000308{col 40}{space 1}   -1.13{col 49}{space 3}0.258{col 57}{space 4}-.0009528{col 70}{space 3} .0002553
{txt}{space 3}both_foreign {c |}{col 17}{res}{space 2} .0245067{col 29}{space 2} .0025694{col 40}{space 1}    9.54{col 49}{space 3}0.000{col 57}{space 4} .0194682{col 70}{space 3} .0295451
{txt}{space 5}age_diff_w {c |}{col 17}{res}{space 2} .0003557{col 29}{space 2} .0001279{col 40}{space 1}    2.78{col 49}{space 3}0.005{col 57}{space 4} .0001048{col 70}{space 3} .0006066
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .0217564{col 29}{space 2} .0055396{col 40}{space 1}    3.93{col 49}{space 3}0.000{col 57}{space 4} .0108935{col 70}{space 3} .0326193
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}.         eret li

{txt}scalars:
            e(N_clust) =  {res}2428
                  {txt}e(N) =  {res}223730
               {txt}e(df_m) =  {res}10
               {txt}e(df_r) =  {res}2427
                  {txt}e(F) =  {res}206.2763201103984
                 {txt}e(r2) =  {res}.2511894146557666
               {txt}e(rmse) =  {res}.1208978853453817
                {txt}e(mss) =  {res}1096.906569189079
                {txt}e(rss) =  {res}3269.943724611298
               {txt}e(r2_a) =  {res}.2511559436235635
                 {txt}e(ll) =  {res}155245.1424576929
               {txt}e(ll_0) =  {res}122886.0414411488
               {txt}e(rank) =  {res}11

{txt}macros:
            e(cmdline) : "{res}regress rev_compV3 score3 post fasb_sim policy_comp bm_diff_w size_diff_w same_aud complexity_diff both_foreign age_diff_w if diff_sic3 == 1 & datadate_year != 2022, vce(cluster cik){txt}"
              e(title) : "{res}Linear regression{txt}"
          e(marginsok) : "{res}XB default{txt}"
                e(vce) : "{res}cluster{txt}"
             e(depvar) : "{res}rev_compV3{txt}"
                e(cmd) : "{res}regress{txt}"
         e(properties) : "{res}b V{txt}"
            e(predict) : "{res}regres_p{txt}"
              e(model) : "{res}ols{txt}"
          e(estat_cmd) : "{res}regress_estat{txt}"
            e(vcetype) : "{res}Robust{txt}"
           e(clustvar) : "{res}cik{txt}"

matrices:
                  e(b) : {res} 1 x 11
                  {txt}e(V) : {res} 11 x 11
       {txt}e(V_modelbased) : {res} 11 x 11

{txt}functions:
             e(sample)   

{com}.         gen byte used_main1=e(sample)
{txt}
{com}.                                         
.         xi: reghdfe rev_compV3 score3 post fasb_sim $cont if datadate_year != 2022 & diff_sic3 == 0, absorb(sic3_num) cluster (cik)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   264,815
{txt}Absorbing 1 HDFE group{col 51}F({res}  10{txt},{res}   1993{txt}){col 67}= {res}     71.54
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2091
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2086
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1510
{txt}{col 1}Number of clusters ({res}cik{txt}) {col 30}= {res}     1,994{txt}{col 51}Root MSE{col 67}= {res}    0.1504

{txt}{ralign 81:(Std. err. adjusted for {res:1,994} clusters in {res:cik})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}     rev_compV3{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      t{col 49}   P>|t|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}score3 {c |}{col 17}{res}{space 2}  .420561{col 29}{space 2} .0336039{col 40}{space 1}   12.52{col 49}{space 3}0.000{col 57}{space 4} .3546586{col 70}{space 3} .4864634
{txt}{space 11}post {c |}{col 17}{res}{space 2}-.0225448{col 29}{space 2}  .007214{col 40}{space 1}   -3.13{col 49}{space 3}0.002{col 57}{space 4}-.0366925{col 70}{space 3}-.0083971
{txt}{space 7}fasb_sim {c |}{col 17}{res}{space 2} .8153358{col 29}{space 2} .0684425{col 40}{space 1}   11.91{col 49}{space 3}0.000{col 57}{space 4} .6811094{col 70}{space 3} .9495623
{txt}{space 4}policy_comp {c |}{col 17}{res}{space 2} .1586383{col 29}{space 2} .0152269{col 40}{space 1}   10.42{col 49}{space 3}0.000{col 57}{space 4} .1287759{col 70}{space 3} .1885006
{txt}{space 6}bm_diff_w {c |}{col 17}{res}{space 2}-.0005173{col 29}{space 2} .0006108{col 40}{space 1}   -0.85{col 49}{space 3}0.397{col 57}{space 4}-.0017152{col 70}{space 3} .0006806
{txt}{space 4}size_diff_w {c |}{col 17}{res}{space 2}-.0032077{col 29}{space 2} .0011302{col 40}{space 1}   -2.84{col 49}{space 3}0.005{col 57}{space 4}-.0054242{col 70}{space 3}-.0009913
{txt}{space 7}same_aud {c |}{col 17}{res}{space 2} .0207809{col 29}{space 2} .0034734{col 40}{space 1}    5.98{col 49}{space 3}0.000{col 57}{space 4} .0139691{col 70}{space 3} .0275928
{txt}complexity_diff {c |}{col 17}{res}{space 2} -.000992{col 29}{space 2} .0006532{col 40}{space 1}   -1.52{col 49}{space 3}0.129{col 57}{space 4}-.0022731{col 70}{space 3} .0002891
{txt}{space 3}both_foreign {c |}{col 17}{res}{space 2} .0094449{col 29}{space 2} .0028166{col 40}{space 1}    3.35{col 49}{space 3}0.001{col 57}{space 4} .0039212{col 70}{space 3} .0149687
{txt}{space 5}age_diff_w {c |}{col 17}{res}{space 2}-.0001607{col 29}{space 2} .0002231{col 40}{space 1}   -0.72{col 49}{space 3}0.471{col 57}{space 4}-.0005983{col 70}{space 3} .0002769
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .1345341{col 29}{space 2} .0101649{col 40}{space 1}   13.24{col 49}{space 3}0.000{col 57}{space 4} .1145992{col 70}{space 3}  .154469
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    sic3_num{col 14}{c |}{space 1}      154{col 27}{space 1}        0{col 39}{result}{space 1}      154{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}
{com}.         eret li

{txt}scalars:
                  e(N) =  {res}264815
               {txt}e(rank) =  {res}10
               {txt}e(df_r) =  {res}1993
               {txt}e(df_m) =  {res}10
                {txt}e(tss) =  {res}7564.789968846457
         {txt}e(tss_within) =  {res}7047.483835610591
                {txt}e(rss) =  {res}5983.211842263107
                {txt}e(mss) =  {res}1581.578126583349
               {txt}e(rmse) =  {res}.1503593432925392
                  {txt}e(F) =  {res}71.54067605253557
                 {txt}e(ll) =  {res}126078.0085778165
               {txt}e(ll_0) =  {res}104401.162420199
                 {txt}e(r2) =  {res}.2090709898221433
          {txt}e(r2_within) =  {res}.1510144639097672
               {txt}e(r2_a) =  {res}.2085838523140326
        {txt}e(r2_a_within) =  {res}.1509823844717115
         {txt}e(sumweights) =  {res}264815
                 {txt}e(ic) =  {res}1
          {txt}e(converged) =  {res}1
    {txt}e(report_constant) =  {res}1
             {txt}e(N_full) =  {res}264815
     {txt}e(num_singletons) =  {res}0
    {txt}e(drop_singletons) =  {res}1
        {txt}e(df_a_nested) =  {res}0
     {txt}e(df_a_redundant) =  {res}0
       {txt}e(df_a_initial) =  {res}154
               {txt}e(df_a) =  {res}154
    {txt}e(N_hdfe_extended) =  {res}1
             {txt}e(N_hdfe) =  {res}1
           {txt}e(N_clust1) =  {res}1994
      {txt}e(N_clustervars) =  {res}1
            {txt}e(N_clust) =  {res}1994

{txt}macros:
   e(extended_absvars) : "{res}sic3_num{txt}"
            e(absvars) : "{res}sic3_num{txt}"
             e(title2) : "{res}Absorbing 1 HDFE group{txt}"
          e(dofmethod) : "{res}pairwise clusters continuous{txt}"
                e(vce) : "{res}cluster{txt}"
            e(vcetype) : "{res}Robust{txt}"
              e(title) : "{res}HDFE Linear regression{txt}"
          e(indepvars) : "{res}score3 post fasb_sim policy_comp bm_diff_w size_diff_w same_aud complexity_diff both_foreign age_diff_w _cons{txt}"
             e(depvar) : "{res}rev_compV3{txt}"
       e(marginsnotok) : "{res}Residuals SCore{txt}"
           e(footnote) : "{res}reghdfe_footnote{txt}"
          e(estat_cmd) : "{res}reghdfe_estat{txt}"
            e(predict) : "{res}reghdfe_p{txt}"
              e(model) : "{res}ols{txt}"
            e(cmdline) : "{res}reghdfe rev_compV3 score3 post fasb_sim policy_comp bm_diff_w size_diff_w same_aud complexity_diff both_foreign age_diff_w if datadate_year != 2022 & diff_sic3 == 0, absorb(sic3_num{txt}.."
                e(cmd) : "{res}reghdfe{txt}"
           e(clustvar) : "{res}cik{txt}"
             e(title3) : "{res}Statistics robust to heteroskedasticity{txt}"
          e(clustvar1) : "{res}cik{txt}"
         e(properties) : "{res}b V{txt}"

matrices:
                  e(b) : {res} 1 x 11
                  {txt}e(V) : {res} 11 x 11
          {txt}e(dof_table) : {res} 1 x 5

{txt}functions:
             e(sample)   

{com}.         gen byte used_main2=e(sample)
{txt}
{com}.                                         
.         gen main = 0
{txt}
{com}.         replace main = 1 if used_main1 == 1
{txt}(223,730 real changes made)

{com}.         replace main = 1 if used_main2 == 1
{txt}(264,815 real changes made)

{com}.                                         
. *Begin tables
.                                         
. **************************************
. **TABLE 1
. **************************************/
.         *Unique firms and firmpairs reported in Table 1:
.         codebook gvkey_main if main == 1 // 2,593, 488,545

{txt}{hline}
{res}gvkey_main{right:(unlabeled)}
{txt}{hline}

{col 19}Type: Numeric ({res}double{txt})

{col 18}Range: [{res}1045{txt},{res}318728{txt}]{col 55}Units: {res}1
{col 10}{txt}Unique values: {res}2,593{col 51}{txt}Missing .: {res}0{txt}/{res}488,545

{txt}{col 19}Mean: {res}{ralign 7:67024.5}
{txt}{col 14}Std. dev.: {res}{ralign 7:67239.8}

{txt}{col 12}Percentiles: {col 25}{ralign 7:10%}{ralign 10:25%}{ralign 10:50%}{ralign 10:75%}{ralign 10:90%}
{res}{col 25}{ralign 7:7368}{ralign 10:   16009}{ralign 10:   26269}{ralign 10:  136186}{ralign 10:  176022}
{txt}
{com}. 
.         *number of obs by adoption date
.         *create a unique identifier for gvkey by datadate adopt
.         egen unique_gvkey = tag(gvkey_main datadate_adopt606) if main == 1
{txt}
{com}. 
.         *tabulate the frequency of unique gvkey by datadate
.         tabulate datadate_adopt606 if unique_gvkey == 1

{txt}datadate_ad {c |}
     opt606 {c |}      Freq.     Percent        Cum.
{hline 12}{c +}{hline 35}
  31dec2018 {c |}{res}      2,271       87.58       87.58
{txt}  31jan2019 {c |}{res}         86        3.32       90.90
{txt}  28feb2019 {c |}{res}          2        0.08       90.98
{txt}  31mar2019 {c |}{res}         38        1.47       92.44
{txt}  30apr2019 {c |}{res}          6        0.23       92.67
{txt}  31may2019 {c |}{res}          2        0.08       92.75
{txt}  30jun2019 {c |}{res}         80        3.09       95.83
{txt}  31jul2019 {c |}{res}          6        0.23       96.07
{txt}  31aug2019 {c |}{res}          3        0.12       96.18
{txt}  30sep2019 {c |}{res}         81        3.12       99.31
{txt}  31oct2019 {c |}{res}         15        0.58       99.88
{txt}  30nov2019 {c |}{res}          3        0.12      100.00
{txt}{hline 12}{c +}{hline 35}
      Total {c |}{res}      2,593      100.00
{txt}
{com}.         *Repeat but for all obs. 
.         tabulate datadate_adopt606 if main == 1 

{txt}datadate_ad {c |}
     opt606 {c |}      Freq.     Percent        Cum.
{hline 12}{c +}{hline 35}
  31dec2018 {c |}{res}    480,405       98.33       98.33
{txt}  31jan2019 {c |}{res}      5,907        1.21       99.54
{txt}  28feb2019 {c |}{res}          3        0.00       99.54
{txt}  31mar2019 {c |}{res}        348        0.07       99.61
{txt}  30apr2019 {c |}{res}         18        0.00       99.62
{txt}  31may2019 {c |}{res}          5        0.00       99.62
{txt}  30jun2019 {c |}{res}        891        0.18       99.80
{txt}  31jul2019 {c |}{res}         35        0.01       99.81
{txt}  31aug2019 {c |}{res}         15        0.00       99.81
{txt}  30sep2019 {c |}{res}        791        0.16       99.97
{txt}  31oct2019 {c |}{res}        114        0.02      100.00
{txt}  30nov2019 {c |}{res}         13        0.00      100.00
{txt}{hline 12}{c +}{hline 35}
      Total {c |}{res}    488,545      100.00
{txt}
{com}.         
. **************************************
. **TABLE 2
. **************************************/
. 
.         estpost sum rev_compV3 post score3 fasb_sim $cont if diff_sic3==1 & used_main1 == 1, detail 

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{space 0}{hline 13}{c   +}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}
{space 0}{space 0}{ralign 12:rev_compV3}{space 1}{c |}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf: .2271993}}}{space 1}{space 1}{ralign 9:{res:{sf: .0195185}}}{space 1}{space 1}{ralign 9:{res:{sf: .1397086}}}{space 1}{space 1}{ralign 9:{res:{sf: .9258377}}}{space 1}{space 1}{ralign 9:{res:{sf: 3.582195}}}{space 1}{space 1}{ralign 9:{res:{sf:  50831.3}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf: .9967687}}}{space 1}{space 1}{ralign 9:{res:{sf: .0278032}}}{space 1}{space 1}{ralign 9:{res:{sf: .0529115}}}{space 1}{space 1}{ralign 9:{res:{sf: .0730516}}}{space 1}{space 1}{ralign 9:{res:{sf: .1190799}}}{space 1}{space 1}{ralign 9:{res:{sf: .1971351}}}{space 1}{space 1}{ralign 9:{res:{sf: .3097795}}}{space 1}{space 1}{ralign 9:{res:{sf: .4283997}}}{space 1}
{space 0}{space 0}{ralign 12:post}{space 1}{c |}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf: .5011711}}}{space 1}{space 1}{ralign 9:{res:{sf: .2499997}}}{space 1}{space 1}{ralign 9:{res:{sf: .4999997}}}{space 1}{space 1}{ralign 9:{res:{sf:-.0046842}}}{space 1}{space 1}{ralign 9:{res:{sf: 1.000022}}}{space 1}{space 1}{ralign 9:{res:{sf:   112127}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        1}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        1}}}{space 1}{space 1}{ralign 9:{res:{sf:        1}}}{space 1}{space 1}{ralign 9:{res:{sf:        1}}}{space 1}
{space 0}{space 0}{ralign 12:score3}{space 1}{c |}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf: .0422401}}}{space 1}{space 1}{ralign 9:{res:{sf: .0018385}}}{space 1}{space 1}{ralign 9:{res:{sf: .0428777}}}{space 1}{space 1}{ralign 9:{res:{sf:  2.92316}}}{space 1}{space 1}{ralign 9:{res:{sf: 30.37272}}}{space 1}{space 1}{ralign 9:{res:{sf: 9450.384}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:    .8512}}}{space 1}{space 1}{ralign 9:{res:{sf:    .0004}}}{space 1}{space 1}{ralign 9:{res:{sf:     .002}}}{space 1}{space 1}{ralign 9:{res:{sf:    .0043}}}{space 1}{space 1}{ralign 9:{res:{sf:    .0118}}}{space 1}{space 1}{ralign 9:{res:{sf:     .029}}}{space 1}{space 1}{ralign 9:{res:{sf:    .0594}}}{space 1}{space 1}{ralign 9:{res:{sf:    .1003}}}{space 1}
{space 0}{space 0}{ralign 12:fasb_sim}{space 1}{c |}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf: .1157953}}}{space 1}{space 1}{ralign 9:{res:{sf:  .004099}}}{space 1}{space 1}{ralign 9:{res:{sf: .0640233}}}{space 1}{space 1}{ralign 9:{res:{sf: 1.198609}}}{space 1}{space 1}{ralign 9:{res:{sf: 4.489402}}}{space 1}{space 1}{ralign 9:{res:{sf: 25906.88}}}{space 1}{space 1}{ralign 9:{res:{sf: .0036287}}}{space 1}{space 1}{ralign 9:{res:{sf: .4627439}}}{space 1}{space 1}{ralign 9:{res:{sf: .0270472}}}{space 1}{space 1}{ralign 9:{res:{sf: .0407643}}}{space 1}{space 1}{ralign 9:{res:{sf: .0502961}}}{space 1}{space 1}{ralign 9:{res:{sf: .0691073}}}{space 1}{space 1}{ralign 9:{res:{sf: .0983111}}}{space 1}{space 1}{ralign 9:{res:{sf: .1481789}}}{space 1}{space 1}{ralign 9:{res:{sf: .2106127}}}{space 1}
{space 0}{space 0}{ralign 12:policy_comp}{space 1}{c |}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf:   .34715}}}{space 1}{space 1}{ralign 9:{res:{sf: .0153698}}}{space 1}{space 1}{ralign 9:{res:{sf: .1239751}}}{space 1}{space 1}{ralign 9:{res:{sf: .1103621}}}{space 1}{space 1}{ralign 9:{res:{sf: 2.554925}}}{space 1}{space 1}{ralign 9:{res:{sf: 77667.88}}}{space 1}{space 1}{ralign 9:{res:{sf: .0105727}}}{space 1}{space 1}{ralign 9:{res:{sf: .9639065}}}{space 1}{space 1}{ralign 9:{res:{sf: .0908515}}}{space 1}{space 1}{ralign 9:{res:{sf: .1479537}}}{space 1}{space 1}{ralign 9:{res:{sf:  .184103}}}{space 1}{space 1}{ralign 9:{res:{sf: .2552352}}}{space 1}{space 1}{ralign 9:{res:{sf: .3459074}}}{space 1}{space 1}{ralign 9:{res:{sf: .4357759}}}{space 1}{space 1}{ralign 9:{res:{sf: .5107234}}}{space 1}
{space 0}{space 0}{ralign 12:bm_diff_w}{space 1}{c |}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf: .9004983}}}{space 1}{space 1}{ralign 9:{res:{sf: 6.138328}}}{space 1}{space 1}{ralign 9:{res:{sf: 2.477565}}}{space 1}{space 1}{ralign 9:{res:{sf: 6.815231}}}{space 1}{space 1}{ralign 9:{res:{sf: 56.05131}}}{space 1}{space 1}{ralign 9:{res:{sf: 201468.5}}}{space 1}{space 1}{ralign 9:{res:{sf: .0038513}}}{space 1}{space 1}{ralign 9:{res:{sf: 26.62375}}}{space 1}{space 1}{ralign 9:{res:{sf: .0052515}}}{space 1}{space 1}{ralign 9:{res:{sf: .0256845}}}{space 1}{space 1}{ralign 9:{res:{sf: .0517387}}}{space 1}{space 1}{ralign 9:{res:{sf:  .135054}}}{space 1}{space 1}{ralign 9:{res:{sf: .3205855}}}{space 1}{space 1}{ralign 9:{res:{sf: .6855527}}}{space 1}{space 1}{ralign 9:{res:{sf: 1.522452}}}{space 1}
{space 0}{space 0}{ralign 12:size_diff_w}{space 1}{c |}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf: 2.194819}}}{space 1}{space 1}{ralign 9:{res:{sf: 2.840053}}}{space 1}{space 1}{ralign 9:{res:{sf: 1.685246}}}{space 1}{space 1}{ralign 9:{res:{sf: .9762683}}}{space 1}{space 1}{ralign 9:{res:{sf: 3.533266}}}{space 1}{space 1}{ralign 9:{res:{sf: 491046.8}}}{space 1}{space 1}{ralign 9:{res:{sf: .0273132}}}{space 1}{space 1}{ralign 9:{res:{sf: 7.987761}}}{space 1}{space 1}{ralign 9:{res:{sf: .0343292}}}{space 1}{space 1}{ralign 9:{res:{sf: .1691013}}}{space 1}{space 1}{ralign 9:{res:{sf: .3371453}}}{space 1}{space 1}{ralign 9:{res:{sf: .8520501}}}{space 1}{space 1}{ralign 9:{res:{sf: 1.827163}}}{space 1}{space 1}{ralign 9:{res:{sf: 3.162338}}}{space 1}{space 1}{ralign 9:{res:{sf: 4.600924}}}{space 1}
{space 0}{space 0}{ralign 12:same_aud}{space 1}{c |}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf: .1785322}}}{space 1}{space 1}{ralign 9:{res:{sf: .1466591}}}{space 1}{space 1}{ralign 9:{res:{sf: .3829609}}}{space 1}{space 1}{ralign 9:{res:{sf: 1.678858}}}{space 1}{space 1}{ralign 9:{res:{sf: 3.818565}}}{space 1}{space 1}{ralign 9:{res:{sf:    39943}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        1}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        1}}}{space 1}
{space 0}{space 0}{ralign 12:complexity~f}{space 1}{c |}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf: 2.871305}}}{space 1}{space 1}{ralign 9:{res:{sf: 15.69339}}}{space 1}{space 1}{ralign 9:{res:{sf: 3.961488}}}{space 1}{space 1}{ralign 9:{res:{sf: 1.766825}}}{space 1}{space 1}{ralign 9:{res:{sf: 6.724242}}}{space 1}{space 1}{ralign 9:{res:{sf:   642397}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:       33}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        1}}}{space 1}{space 1}{ralign 9:{res:{sf:        5}}}{space 1}{space 1}{ralign 9:{res:{sf:        9}}}{space 1}
{space 0}{space 0}{ralign 12:both_foreign}{space 1}{c |}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf: .6515666}}}{space 1}{space 1}{ralign 9:{res:{sf: .2270286}}}{space 1}{space 1}{ralign 9:{res:{sf: .4764752}}}{space 1}{space 1}{ralign 9:{res:{sf:-.6362009}}}{space 1}{space 1}{ralign 9:{res:{sf: 1.404752}}}{space 1}{space 1}{ralign 9:{res:{sf:   145775}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        1}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        1}}}{space 1}{space 1}{ralign 9:{res:{sf:        1}}}{space 1}{space 1}{ralign 9:{res:{sf:        1}}}{space 1}
{space 0}{space 0}{ralign 12:age_diff_w}{space 1}{c |}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf:   223730}}}{space 1}{space 1}{ralign 9:{res:{sf:   14.615}}}{space 1}{space 1}{ralign 9:{res:{sf: 215.1559}}}{space 1}{space 1}{ralign 9:{res:{sf: 14.66819}}}{space 1}{space 1}{ralign 9:{res:{sf: 1.433065}}}{space 1}{space 1}{ralign 9:{res:{sf:  4.43515}}}{space 1}{space 1}{ralign 9:{res:{sf:  3269813}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:       61}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        0}}}{space 1}{space 1}{ralign 9:{res:{sf:        1}}}{space 1}{space 1}{ralign 9:{res:{sf:        4}}}{space 1}{space 1}{ralign 9:{res:{sf:       10}}}{space 1}{space 1}{ralign 9:{res:{sf:       20}}}{space 1}{space 1}{ralign 9:{res:{sf:       38}}}{space 1}

{space 0}{space 0}{ralign 12:}{space 1}{c |}{space 1}{ralign 9:e(p95)}{space 1}{space 1}{ralign 9:e(p99)}{space 1}
{space 0}{hline 13}{c   +}{hline 11}{hline 11}
{space 0}{space 0}{ralign 12:rev_compV3}{space 1}{c |}{space 1}{ralign 9:{res:{sf: .4998523}}}{space 1}{space 1}{ralign 9:{res:{sf: .6240906}}}{space 1}
{space 0}{space 0}{ralign 12:post}{space 1}{c |}{space 1}{ralign 9:{res:{sf:        1}}}{space 1}{space 1}{ralign 9:{res:{sf:        1}}}{space 1}
{space 0}{space 0}{ralign 12:score3}{space 1}{c |}{space 1}{ralign 9:{res:{sf:    .1272}}}{space 1}{space 1}{ralign 9:{res:{sf:    .1773}}}{space 1}
{space 0}{space 0}{ralign 12:fasb_sim}{space 1}{c |}{space 1}{ralign 9:{res:{sf: .2447348}}}{space 1}{space 1}{ralign 9:{res:{sf: .3143185}}}{space 1}
{space 0}{space 0}{ralign 12:policy_comp}{space 1}{c |}{space 1}{ralign 9:{res:{sf: .5521613}}}{space 1}{space 1}{ralign 9:{res:{sf: .6275608}}}{space 1}
{space 0}{space 0}{ralign 12:bm_diff_w}{space 1}{c |}{space 1}{ralign 9:{res:{sf: 3.108301}}}{space 1}{space 1}{ralign 9:{res:{sf: 15.05177}}}{space 1}
{space 0}{space 0}{ralign 12:size_diff_w}{space 1}{c |}{space 1}{ralign 9:{res:{sf: 5.538428}}}{space 1}{space 1}{ralign 9:{res:{sf: 7.232975}}}{space 1}
{space 0}{space 0}{ralign 12:same_aud}{space 1}{c |}{space 1}{ralign 9:{res:{sf:        1}}}{space 1}{space 1}{ralign 9:{res:{sf:        1}}}{space 1}
{space 0}{space 0}{ralign 12:complexity~f}{space 1}{c |}{space 1}{ralign 9:{res:{sf:       11}}}{space 1}{space 1}{ralign 9:{res:{sf:       16}}}{space 1}
{space 0}{space 0}{ralign 12:both_foreign}{space 1}{c |}{space 1}{ralign 9:{res:{sf:        1}}}{space 1}{space 1}{ralign 9:{res:{sf:        1}}}{space 1}
{space 0}{space 0}{ralign 12:age_diff_w}{space 1}{c |}{space 1}{ralign 9:{res:{sf:       49}}}{space 1}{space 1}{ralign 9:{res:{sf:       60}}}{space 1}

{com}.         
.         estpost sum rev_compV3 post ind_guide2both score3 fasb_sim $cont if diff_sic3==0 & used_main2 == 1, detail

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{space 0}{hline 13}{c   +}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}{hline 11}
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{com}.                 
.         *within SD column
.         sumhdfe rev_compV3 post ind_guide2both score3 fasb_sim $cont if diff_sic3==0 & used_main2 == 1, a(sic3_num)
{res}
{txt}{title:Panel A:} Summary statistics of regression variables (including singleton observations)
{res}{txt}{space 0}{hline 17}{c  TT}{hline 11}{hline 11}{hline 10}
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{space 0}{hline 17}{c   +}{hline 11}{hline 11}{hline 10}
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{space 0}{hline 17}{c  BT}{hline 11}{hline 11}{hline 10}


{title:Panel B}: Summary statistics of fixed effects
{res}{txt}{space 0}{hline 17}{c  TT}{hline 14}{hline 14}{hline 14}{c  TT}{hline 10}{hline 12}{hline 9}
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{space 0}{hline 17}{c   +}{hline 14}{hline 14}{hline 14}{c   +}{hline 10}{hline 12}{hline 9}
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{space 0}{hline 17}{c   +}{hline 14}{hline 14}{hline 14}{c   +}{hline 10}{hline 12}{hline 9}
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{space 0}{hline 17}{c  BT}{hline 14}{hline 14}{hline 14}{c  BT}{hline 10}{hline 12}{hline 9}
Note: there are 0 singletons (0.0% of all observations)


{title:Panel C}: Variables that are constant within a fixed effect group
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{space 0}{space 0}{ralign 16:complexity_diff}{space 1}{c |}{space 1}{ralign 8:{res:{sf: 264,815}}}{space 1}{space 1}{ralign 8:{res:{sf:       0}}}{space 1}{c |}{space 1}{ralign 8:{res:{sf:       7}}}{space 1}{space 1}{ralign 8:{res:{sf:      44}}}{space 0}
{space 0}{space 0}{ralign 16:both_foreign}{space 1}{c |}{space 1}{ralign 8:{res:{sf: 264,815}}}{space 1}{space 1}{ralign 8:{res:{sf:       0}}}{space 1}{c |}{space 1}{ralign 8:{res:{sf:      53}}}{space 1}{space 1}{ralign 8:{res:{sf:  65,383}}}{space 0}
{space 0}{space 0}{ralign 16:age_diff_w}{space 1}{c |}{space 1}{ralign 8:{res:{sf: 264,815}}}{space 1}{space 1}{ralign 8:{res:{sf:       0}}}{space 1}{c |}{space 1}{ralign 8:{res:{sf:      28}}}{space 1}{space 1}{ralign 8:{res:{sf:     142}}}{space 0}
{space 0}{hline 17}{c  BT}{hline 10}{hline 10}{c  BT}{hline 10}{hline 9}
Note: columns with * were computed excluding singleton observations


{title:Panel D}: Residual variation after partialling-out
{res}{txt}{space 0}{hline 17}{c  TT}{hline 10}{c  TT}{hline 11}{hline 11}{hline 11}{c  TT}{hline 12}{c  TT}{hline 9}
{space 0}{space 17}{c |}{res}{txt}{space 1}{rcenter 8:}{space 1}{c |}{res}{txt}{space 1}{rcenter 31:Std. Dev.}{space 1}{c |}{res}{txt}{space 1}{rcenter 10:R2 by fi~t}{space 1}{c |}{space 1}{rcenter 8:R2}{space 0}
{space 0}{space 0}{ralign 16:Variable}{space 1}{c |}{space 1}{center 8:N*}{space 1}{c |}{space 1}{center 9:Pooled}{space 1}{space 1}{center 9:Within*}{space 1}{space 1}{center 9:Ratio (%)}{space 1}{c |}{space 1}{center 10:sic3_num}{space 1}{c |}{space 1}{center 8:Overall}{space 0}
{space 0}{hline 17}{c   +}{hline 10}{c   +}{hline 11}{hline 11}{hline 11}{c   +}{hline 12}{c   +}{hline 9}
{space 0}{space 0}{ralign 16:rev_compV3}{space 1}{c |}{space 1}{ralign 8:{res:{sf: 264,815}}}{space 1}{c |}{space 1}{ralign 9:{res:{sf: .1690161}}}{space 1}{space 1}{ralign 9:{res:{sf: .1631348}}}{space 1}{space 1}{ralign 9:{res:{sf:    96.52}}}{space 1}{c |}{space 1}{ralign 10:{res:{sf:     0.068}}}{space 1}{c |}{space 1}{ralign 8:{res:{sf:   0.068}}}{space 0}
{space 0}{space 0}{ralign 16:post}{space 1}{c |}{space 1}{ralign 8:{res:{sf: 264,815}}}{space 1}{c |}{space 1}{ralign 9:{res:{sf: .4944236}}}{space 1}{space 1}{ralign 9:{res:{sf:  .442182}}}{space 1}{space 1}{ralign 9:{res:{sf:    89.43}}}{space 1}{c |}{space 1}{ralign 10:{res:{sf:     0.200}}}{space 1}{c |}{space 1}{ralign 8:{res:{sf:   0.200}}}{space 0}
{space 0}{space 0}{ralign 16:score3}{space 1}{c |}{space 1}{ralign 8:{res:{sf: 264,815}}}{space 1}{c |}{space 1}{ralign 9:{res:{sf:  .059876}}}{space 1}{space 1}{ralign 9:{res:{sf: .0544701}}}{space 1}{space 1}{ralign 9:{res:{sf:    90.97}}}{space 1}{c |}{space 1}{ralign 10:{res:{sf:     0.172}}}{space 1}{c |}{space 1}{ralign 8:{res:{sf:   0.172}}}{space 0}
{space 0}{space 0}{ralign 16:fasb_sim}{space 1}{c |}{space 1}{ralign 8:{res:{sf: 264,815}}}{space 1}{c |}{space 1}{ralign 9:{res:{sf: .0689916}}}{space 1}{space 1}{ralign 9:{res:{sf: .0658985}}}{space 1}{space 1}{ralign 9:{res:{sf:    95.52}}}{space 1}{c |}{space 1}{ralign 10:{res:{sf:     0.088}}}{space 1}{c |}{space 1}{ralign 8:{res:{sf:   0.088}}}{space 0}
{space 0}{space 0}{ralign 16:policy_comp}{space 1}{c |}{space 1}{ralign 8:{res:{sf: 264,815}}}{space 1}{c |}{space 1}{ralign 9:{res:{sf: .1196472}}}{space 1}{space 1}{ralign 9:{res:{sf: .1152681}}}{space 1}{space 1}{ralign 9:{res:{sf:    96.34}}}{space 1}{c |}{space 1}{ralign 10:{res:{sf:     0.072}}}{space 1}{c |}{space 1}{ralign 8:{res:{sf:   0.072}}}{space 0}
{space 0}{space 0}{ralign 16:bm_diff_w}{space 1}{c |}{space 1}{ralign 8:{res:{sf: 264,815}}}{space 1}{c |}{space 1}{ralign 9:{res:{sf: 1.589782}}}{space 1}{space 1}{ralign 9:{res:{sf: 1.505449}}}{space 1}{space 1}{ralign 9:{res:{sf:    94.70}}}{space 1}{c |}{space 1}{ralign 10:{res:{sf:     0.103}}}{space 1}{c |}{space 1}{ralign 8:{res:{sf:   0.103}}}{space 0}
{space 0}{space 0}{ralign 16:size_diff_w}{space 1}{c |}{space 1}{ralign 8:{res:{sf: 264,815}}}{space 1}{c |}{space 1}{ralign 9:{res:{sf: 1.694553}}}{space 1}{space 1}{ralign 9:{res:{sf: 1.670882}}}{space 1}{space 1}{ralign 9:{res:{sf:    98.60}}}{space 1}{c |}{space 1}{ralign 10:{res:{sf:     0.028}}}{space 1}{c |}{space 1}{ralign 8:{res:{sf:   0.028}}}{space 0}
{space 0}{space 0}{ralign 16:same_aud}{space 1}{c |}{space 1}{ralign 8:{res:{sf: 264,815}}}{space 1}{c |}{space 1}{ralign 9:{res:{sf: .4089123}}}{space 1}{space 1}{ralign 9:{res:{sf: .4035963}}}{space 1}{space 1}{ralign 9:{res:{sf:    98.70}}}{space 1}{c |}{space 1}{ralign 10:{res:{sf:     0.026}}}{space 1}{c |}{space 1}{ralign 8:{res:{sf:   0.026}}}{space 0}
{space 0}{space 0}{ralign 16:complexity_diff}{space 1}{c |}{space 1}{ralign 8:{res:{sf: 264,815}}}{space 1}{c |}{space 1}{ralign 9:{res:{sf: 3.268373}}}{space 1}{space 1}{ralign 9:{res:{sf: 2.901732}}}{space 1}{space 1}{ralign 9:{res:{sf:    88.78}}}{space 1}{c |}{space 1}{ralign 10:{res:{sf:     0.212}}}{space 1}{c |}{space 1}{ralign 8:{res:{sf:   0.212}}}{space 0}
{space 0}{space 0}{ralign 16:both_foreign}{space 1}{c |}{space 1}{ralign 8:{res:{sf: 264,815}}}{space 1}{c |}{space 1}{ralign 9:{res:{sf: .4635138}}}{space 1}{space 1}{ralign 9:{res:{sf: .4117535}}}{space 1}{space 1}{ralign 9:{res:{sf:    88.83}}}{space 1}{c |}{space 1}{ralign 10:{res:{sf:     0.211}}}{space 1}{c |}{space 1}{ralign 8:{res:{sf:   0.211}}}{space 0}
{space 0}{space 0}{ralign 16:age_diff_w}{space 1}{c |}{space 1}{ralign 8:{res:{sf: 264,815}}}{space 1}{c |}{space 1}{ralign 9:{res:{sf: 12.10298}}}{space 1}{space 1}{ralign 9:{res:{sf: 11.84384}}}{space 1}{space 1}{ralign 9:{res:{sf:    97.86}}}{space 1}{c |}{space 1}{ralign 10:{res:{sf:     0.042}}}{space 1}{c |}{space 1}{ralign 8:{res:{sf:   0.042}}}{space 0}
{space 0}{hline 17}{c  BT}{hline 10}{c  BT}{hline 11}{hline 11}{hline 11}{c  BT}{hline 12}{c  BT}{hline 9}
Note: columns with * were computed excluding singleton observations

{com}.                 
. **************************************
. **TABLE 3 
. **************************************/
. 
.         **T3 Panel A
.         **Column 1
.         regress rev_compV3 score3 if diff_sic3 == 1 & datadate_year != 2022, vce(cluster cik)

{txt}Linear regression                               Number of obs     = {res}   223,730
                                                {txt}F(1, 2427)        =  {res}   173.57
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.0702
                                                {txt}Root MSE          =    {res} .13472

{txt}{ralign 78:(Std. err. adjusted for {res:2,428} clusters in {res:cik})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}  rev_compV3{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}score3 {c |}{col 14}{res}{space 2} .8632829{col 26}{space 2} .0655261{col 37}{space 1}   13.17{col 46}{space 3}0.000{col 54}{space 4} .7347901{col 67}{space 3} .9917757
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .1907341{col 26}{space 2} .0029195{col 37}{space 1}   65.33{col 46}{space 3}0.000{col 54}{space 4} .1850091{col 67}{space 3} .1964591
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}.         **Column 2
.         regress rev_compV3 score3 fasb_sim $cont if diff_sic3 == 1 & datadate_year != 2022, vce(cluster cik)            

{txt}Linear regression                               Number of obs     = {res}   223,730
                                                {txt}F(9, 2427)        =  {res}   211.90
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.2491
                                                {txt}Root MSE          =    {res} .12107

{txt}{ralign 81:(Std. err. adjusted for {res:2,428} clusters in {res:cik})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}     rev_compV3{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      t{col 49}   P>|t|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}score3 {c |}{col 17}{res}{space 2} .7573784{col 29}{space 2} .0517795{col 40}{space 1}   14.63{col 49}{space 3}0.000{col 57}{space 4} .6558418{col 70}{space 3}  .858915
{txt}{space 7}fasb_sim {c |}{col 17}{res}{space 2} .7261881{col 29}{space 2} .0289447{col 40}{space 1}   25.09{col 49}{space 3}0.000{col 57}{space 4} .6694292{col 70}{space 3}  .782947
{txt}{space 4}policy_comp {c |}{col 17}{res}{space 2} .2120936{col 29}{space 2} .0119172{col 40}{space 1}   17.80{col 49}{space 3}0.000{col 57}{space 4} .1887247{col 70}{space 3} .2354625
{txt}{space 6}bm_diff_w {c |}{col 17}{res}{space 2}-.0033323{col 29}{space 2} .0003228{col 40}{space 1}  -10.32{col 49}{space 3}0.000{col 57}{space 4}-.0039654{col 70}{space 3}-.0026992
{txt}{space 4}size_diff_w {c |}{col 17}{res}{space 2}-.0006276{col 29}{space 2} .0007076{col 40}{space 1}   -0.89{col 49}{space 3}0.375{col 57}{space 4}-.0020152{col 70}{space 3} .0007599
{txt}{space 7}same_aud {c |}{col 17}{res}{space 2} .0061357{col 29}{space 2} .0024871{col 40}{space 1}    2.47{col 49}{space 3}0.014{col 57}{space 4} .0012586{col 70}{space 3} .0110128
{txt}complexity_diff {c |}{col 17}{res}{space 2} .0001276{col 29}{space 2}    .0003{col 40}{space 1}    0.43{col 49}{space 3}0.671{col 57}{space 4}-.0004607{col 70}{space 3} .0007159
{txt}{space 3}both_foreign {c |}{col 17}{res}{space 2} .0252323{col 29}{space 2} .0026228{col 40}{space 1}    9.62{col 49}{space 3}0.000{col 57}{space 4} .0200892{col 70}{space 3} .0303754
{txt}{space 5}age_diff_w {c |}{col 17}{res}{space 2} .0003391{col 29}{space 2} .0001295{col 40}{space 1}    2.62{col 49}{space 3}0.009{col 57}{space 4} .0000851{col 70}{space 3}  .000593
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .0190109{col 29}{space 2} .0054093{col 40}{space 1}    3.51{col 49}{space 3}0.000{col 57}{space 4} .0084037{col 70}{space 3} .0296181
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}.         **Column 3
.         regress rev_compV3 score3_centdiff postXscore3_cent post fasb_sim $cont if diff_sic3 == 1 & datadate_year != 2022, vce(cluster cik)     

{txt}Linear regression                               Number of obs     = {res}   223,730
                                                {txt}F(11, 2427)       =  {res}   203.00
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.2534
                                                {txt}Root MSE          =    {res} .12072

{txt}{ralign 82:(Std. err. adjusted for {res:2,428} clusters in {res:cik})}
{hline 17}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 18}{c |}{col 30}    Robust
{col 1}      rev_compV3{col 18}{c |} Coefficient{col 30}  std. err.{col 42}      t{col 50}   P>|t|{col 58}     [95% con{col 71}f. interval]
{hline 17}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}score3_centdiff {c |}{col 18}{res}{space 2} .5647969{col 30}{space 2} .0642422{col 41}{space 1}    8.79{col 50}{space 3}0.000{col 58}{space 4} .4388217{col 71}{space 3} .6907721
{txt}postXscore3_cent {c |}{col 18}{res}{space 2} .3128954{col 30}{space 2} .0654209{col 41}{space 1}    4.78{col 50}{space 3}0.000{col 58}{space 4} .1846089{col 71}{space 3}  .441182
{txt}{space 12}post {c |}{col 18}{res}{space 2} .0166831{col 30}{space 2} .0042092{col 41}{space 1}    3.96{col 50}{space 3}0.000{col 58}{space 4}  .008429{col 71}{space 3} .0249371
{txt}{space 8}fasb_sim {c |}{col 18}{res}{space 2} .6555831{col 30}{space 2} .0382707{col 41}{space 1}   17.13{col 50}{space 3}0.000{col 58}{space 4} .5805365{col 71}{space 3} .7306297
{txt}{space 5}policy_comp {c |}{col 18}{res}{space 2} .2096498{col 30}{space 2} .0118346{col 41}{space 1}   17.72{col 50}{space 3}0.000{col 58}{space 4}  .186443{col 71}{space 3} .2328567
{txt}{space 7}bm_diff_w {c |}{col 18}{res}{space 2}-.0033399{col 30}{space 2} .0003298{col 41}{space 1}  -10.13{col 50}{space 3}0.000{col 58}{space 4}-.0039866{col 71}{space 3}-.0026932
{txt}{space 5}size_diff_w {c |}{col 18}{res}{space 2}-.0007525{col 30}{space 2} .0006918{col 41}{space 1}   -1.09{col 50}{space 3}0.277{col 58}{space 4} -.002109{col 71}{space 3} .0006041
{txt}{space 8}same_aud {c |}{col 18}{res}{space 2} .0068012{col 30}{space 2} .0024592{col 41}{space 1}    2.77{col 50}{space 3}0.006{col 58}{space 4} .0019789{col 71}{space 3} .0116235
{txt}{space 1}complexity_diff {c |}{col 18}{res}{space 2}-.0003192{col 30}{space 2} .0003053{col 41}{space 1}   -1.05{col 50}{space 3}0.296{col 58}{space 4}-.0009178{col 71}{space 3} .0002795
{txt}{space 4}both_foreign {c |}{col 18}{res}{space 2} .0236598{col 30}{space 2} .0025486{col 41}{space 1}    9.28{col 50}{space 3}0.000{col 58}{space 4} .0186621{col 71}{space 3} .0286575
{txt}{space 6}age_diff_w {c |}{col 18}{res}{space 2} .0003528{col 30}{space 2} .0001282{col 41}{space 1}    2.75{col 50}{space 3}0.006{col 58}{space 4} .0001013{col 71}{space 3} .0006043
{txt}{space 11}_cons {c |}{col 18}{res}{space 2} .0534349{col 30}{space 2}  .005746{col 41}{space 1}    9.30{col 50}{space 3}0.000{col 58}{space 4} .0421673{col 71}{space 3} .0647024
{txt}{hline 17}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}.         **Column 4
.         regress rev_compV3 score3_centdiff postXscore3_cent post fasb_cent $center postXfasb_cent $postXcenter if diff_sic3 == 1 & datadate_year != 2022, vce(cluster cik)      

{txt}Linear regression                               Number of obs     = {res}   223,730
                                                {txt}F(19, 2427)       =  {res}   129.48
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.2573
                                                {txt}Root MSE          =    {res} .12041

{txt}{ralign 87:(Std. err. adjusted for {res:2,428} clusters in {res:cik})}
{hline 22}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 23}{c |}{col 35}    Robust
{col 1}           rev_compV3{col 23}{c |} Coefficient{col 35}  std. err.{col 47}      t{col 55}   P>|t|{col 63}     [95% con{col 76}f. interval]
{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}score3_centdiff {c |}{col 23}{res}{space 2} .5897686{col 35}{space 2}  .063363{col 46}{space 1}    9.31{col 55}{space 3}0.000{col 63}{space 4} .4655175{col 76}{space 3} .7140197
{txt}{space 5}postXscore3_cent {c |}{col 23}{res}{space 2} .2576077{col 35}{space 2} .0644555{col 46}{space 1}    4.00{col 55}{space 3}0.000{col 63}{space 4} .1312143{col 76}{space 3} .3840012
{txt}{space 17}post {c |}{col 23}{res}{space 2} .0073527{col 35}{space 2} .0058779{col 46}{space 1}    1.25{col 55}{space 3}0.211{col 63}{space 4}-.0041735{col 76}{space 3} .0188789
{txt}{space 12}fasb_cent {c |}{col 23}{res}{space 2} .9494737{col 35}{space 2} .1148469{col 46}{space 1}    8.27{col 55}{space 3}0.000{col 63}{space 4} .7242656{col 76}{space 3} 1.174682
{txt}{space 10}policy_cent {c |}{col 23}{res}{space 2} .1970781{col 35}{space 2} .0147035{col 46}{space 1}   13.40{col 55}{space 3}0.000{col 63}{space 4} .1682455{col 76}{space 3} .2259108
{txt}{space 14}bm_cent {c |}{col 23}{res}{space 2}-.0015956{col 35}{space 2} .0003652{col 46}{space 1}   -4.37{col 55}{space 3}0.000{col 63}{space 4}-.0023117{col 76}{space 3}-.0008794
{txt}{space 12}size_cent {c |}{col 23}{res}{space 2}-.0005208{col 35}{space 2} .0009201{col 46}{space 1}   -0.57{col 55}{space 3}0.571{col 63}{space 4} -.002325{col 76}{space 3} .0012834
{txt}{space 9}sameaud_cent {c |}{col 23}{res}{space 2} .0087527{col 35}{space 2} .0027388{col 46}{space 1}    3.20{col 55}{space 3}0.001{col 63}{space 4}  .003382{col 76}{space 3} .0141233
{txt}{space 9}complex_cent {c |}{col 23}{res}{space 2} -.000448{col 35}{space 2} .0003849{col 46}{space 1}   -1.16{col 55}{space 3}0.244{col 63}{space 4}-.0012027{col 76}{space 3} .0003067
{txt}{space 5}bothforeign_cent {c |}{col 23}{res}{space 2} .0154607{col 35}{space 2} .0031291{col 46}{space 1}    4.94{col 55}{space 3}0.000{col 63}{space 4} .0093248{col 76}{space 3} .0215966
{txt}{space 9}agediff_cent {c |}{col 23}{res}{space 2} .0004664{col 35}{space 2} .0001656{col 46}{space 1}    2.82{col 55}{space 3}0.005{col 63}{space 4} .0001417{col 76}{space 3}  .000791
{txt}{space 7}postXfasb_cent {c |}{col 23}{res}{space 2}-.3459022{col 35}{space 2}  .112764{col 46}{space 1}   -3.07{col 55}{space 3}0.002{col 63}{space 4}-.5670259{col 76}{space 3}-.1247785
{txt}{space 5}postXpolicy_cent {c |}{col 23}{res}{space 2} .0149667{col 35}{space 2} .0153296{col 46}{space 1}    0.98{col 55}{space 3}0.329{col 63}{space 4}-.0150938{col 76}{space 3} .0450272
{txt}{space 9}postXbm_cent {c |}{col 23}{res}{space 2}-.0026993{col 35}{space 2} .0005001{col 46}{space 1}   -5.40{col 55}{space 3}0.000{col 63}{space 4}-.0036801{col 76}{space 3}-.0017186
{txt}{space 7}postXsize_cent {c |}{col 23}{res}{space 2} -.000354{col 35}{space 2} .0009881{col 46}{space 1}   -0.36{col 55}{space 3}0.720{col 63}{space 4}-.0022915{col 76}{space 3} .0015836
{txt}{space 4}postXsameaud_cent {c |}{col 23}{res}{space 2}-.0036801{col 35}{space 2} .0024579{col 46}{space 1}   -1.50{col 55}{space 3}0.134{col 63}{space 4}   -.0085{col 76}{space 3} .0011398
{txt}{space 4}postXcomplex_cent {c |}{col 23}{res}{space 2} .0001436{col 35}{space 2} .0004596{col 46}{space 1}    0.31{col 55}{space 3}0.755{col 63}{space 4}-.0007577{col 76}{space 3} .0010448
{txt}postXbothforeign_cent {c |}{col 23}{res}{space 2} .0177822{col 35}{space 2} .0036676{col 46}{space 1}    4.85{col 55}{space 3}0.000{col 63}{space 4} .0105903{col 76}{space 3} .0249742
{txt}{space 4}postXagediff_cent {c |}{col 23}{res}{space 2}-.0002611{col 35}{space 2}  .000166{col 46}{space 1}   -1.57{col 55}{space 3}0.116{col 63}{space 4}-.0005866{col 76}{space 3} .0000645
{txt}{space 16}_cons {c |}{col 23}{res}{space 2} .2310817{col 35}{space 2}   .00529{col 46}{space 1}   43.68{col 55}{space 3}0.000{col 63}{space 4} .2207082{col 76}{space 3} .2414551
{txt}{hline 22}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}.         
.         
.         **T3 Panel B
.         **Column 1
.         regress rev_compV3 post fasb_sim $cont if score3_median_diffsic == 0 & datadate_year != 2022 & diff_sic3 == 1, vce(cluster cik) 

{txt}Linear regression                               Number of obs     = {res}   112,269
                                                {txt}F(9, 2381)        =  {res}   247.54
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.2234
                                                {txt}Root MSE          =    {res} .10815

{txt}{ralign 81:(Std. err. adjusted for {res:2,382} clusters in {res:cik})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}     rev_compV3{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      t{col 49}   P>|t|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 11}post {c |}{col 17}{res}{space 2}-.0018265{col 29}{space 2} .0031448{col 40}{space 1}   -0.58{col 49}{space 3}0.561{col 57}{space 4}-.0079933{col 70}{space 3} .0043403
{txt}{space 7}fasb_sim {c |}{col 17}{res}{space 2}  .753136{col 29}{space 2} .0308568{col 40}{space 1}   24.41{col 49}{space 3}0.000{col 57}{space 4} .6926271{col 70}{space 3} .8136449
{txt}{space 4}policy_comp {c |}{col 17}{res}{space 2} .1938463{col 29}{space 2} .0107184{col 40}{space 1}   18.09{col 49}{space 3}0.000{col 57}{space 4} .1728279{col 70}{space 3} .2148647
{txt}{space 6}bm_diff_w {c |}{col 17}{res}{space 2}-.0029994{col 29}{space 2} .0002955{col 40}{space 1}  -10.15{col 49}{space 3}0.000{col 57}{space 4} -.003579{col 70}{space 3}-.0024199
{txt}{space 4}size_diff_w {c |}{col 17}{res}{space 2}  .000194{col 29}{space 2} .0006017{col 40}{space 1}    0.32{col 49}{space 3}0.747{col 57}{space 4} -.000986{col 70}{space 3}  .001374
{txt}{space 7}same_aud {c |}{col 17}{res}{space 2} .0057471{col 29}{space 2} .0017739{col 40}{space 1}    3.24{col 49}{space 3}0.001{col 57}{space 4} .0022685{col 70}{space 3} .0092257
{txt}complexity_diff {c |}{col 17}{res}{space 2}-2.15e-06{col 29}{space 2} .0002707{col 40}{space 1}   -0.01{col 49}{space 3}0.994{col 57}{space 4}-.0005329{col 70}{space 3} .0005286
{txt}{space 3}both_foreign {c |}{col 17}{res}{space 2}  .011325{col 29}{space 2} .0021422{col 40}{space 1}    5.29{col 49}{space 3}0.000{col 57}{space 4} .0071241{col 70}{space 3} .0155258
{txt}{space 5}age_diff_w {c |}{col 17}{res}{space 2} .0002409{col 29}{space 2} .0001049{col 40}{space 1}    2.30{col 49}{space 3}0.022{col 57}{space 4} .0000352{col 70}{space 3} .0004466
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .0408346{col 29}{space 2} .0048708{col 40}{space 1}    8.38{col 49}{space 3}0.000{col 57}{space 4} .0312832{col 70}{space 3} .0503859
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}.         **Column 2
.         regress rev_compV3 post fasb_sim $cont if score3_median_diffsic == 1 & datadate_year != 2022 & diff_sic3 == 1, vce(cluster cik) 

{txt}Linear regression                               Number of obs     = {res}   111,461
                                                {txt}F(9, 1970)        =  {res}   127.15
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.1991
                                                {txt}Root MSE          =    {res} .13509

{txt}{ralign 81:(Std. err. adjusted for {res:1,971} clusters in {res:cik})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}     rev_compV3{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      t{col 49}   P>|t|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 11}post {c |}{col 17}{res}{space 2} .0419073{col 29}{space 2} .0065348{col 40}{space 1}    6.41{col 49}{space 3}0.000{col 57}{space 4} .0290915{col 70}{space 3}  .054723
{txt}{space 7}fasb_sim {c |}{col 17}{res}{space 2} .5324941{col 29}{space 2}  .056515{col 40}{space 1}    9.42{col 49}{space 3}0.000{col 57}{space 4} .4216587{col 70}{space 3} .6433295
{txt}{space 4}policy_comp {c |}{col 17}{res}{space 2} .2415068{col 29}{space 2} .0159422{col 40}{space 1}   15.15{col 49}{space 3}0.000{col 57}{space 4} .2102415{col 70}{space 3} .2727721
{txt}{space 6}bm_diff_w {c |}{col 17}{res}{space 2}-.0040981{col 29}{space 2} .0005276{col 40}{space 1}   -7.77{col 49}{space 3}0.000{col 57}{space 4}-.0051328{col 70}{space 3}-.0030635
{txt}{space 4}size_diff_w {c |}{col 17}{res}{space 2}-.0031727{col 29}{space 2} .0010385{col 40}{space 1}   -3.06{col 49}{space 3}0.002{col 57}{space 4}-.0052093{col 70}{space 3}-.0011361
{txt}{space 7}same_aud {c |}{col 17}{res}{space 2} .0098291{col 29}{space 2} .0046471{col 40}{space 1}    2.12{col 49}{space 3}0.035{col 57}{space 4} .0007153{col 70}{space 3}  .018943
{txt}complexity_diff {c |}{col 17}{res}{space 2}-.0006538{col 29}{space 2} .0004684{col 40}{space 1}   -1.40{col 49}{space 3}0.163{col 57}{space 4}-.0015724{col 70}{space 3} .0002648
{txt}{space 3}both_foreign {c |}{col 17}{res}{space 2} .0454795{col 29}{space 2} .0038751{col 40}{space 1}   11.74{col 49}{space 3}0.000{col 57}{space 4} .0378798{col 70}{space 3} .0530792
{txt}{space 5}age_diff_w {c |}{col 17}{res}{space 2} .0004001{col 29}{space 2} .0001952{col 40}{space 1}    2.05{col 49}{space 3}0.041{col 57}{space 4} .0000171{col 70}{space 3}  .000783
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .0560192{col 29}{space 2} .0075745{col 40}{space 1}    7.40{col 49}{space 3}0.000{col 57}{space 4} .0411643{col 70}{space 3} .0708741
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}.                                 
.                                 *test of differences
.                                 quietly regress rev_compV3 post fasb_sim $cont if score3_median_diffsic == 0 & datadate_year != 2022 & diff_sic3 == 1
{txt}
{com}.                                 est store post0
{txt}
{com}.                                 quietly regress rev_compV3 post fasb_sim $cont if score3_median_diffsic == 1 & datadate_year != 2022 & diff_sic3 == 1
{txt}
{com}.                                 est store post1
{txt}
{com}.                                 suest post0 post1, vce(cluster cik)
{res}
{txt}{col 1}Simultaneous results for {stata estimates replay post0:post0}, {stata estimates replay post1:post1}{col 56}{lalign 13:Number of obs}{col 69} = {res}{ralign 7:223,730}

{txt}{ralign 81:(Std. err. adjusted for {res:2,428} clusters in {res:cik})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      z{col 49}   P>|z|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}post0_mean      {txt}{c |}
{space 11}post {c |}{col 17}{res}{space 2}-.0018265{col 29}{space 2} .0031446{col 40}{space 1}   -0.58{col 49}{space 3}0.561{col 57}{space 4}-.0079899{col 70}{space 3} .0043369
{txt}{space 7}fasb_sim {c |}{col 17}{res}{space 2}  .753136{col 29}{space 2} .0308554{col 40}{space 1}   24.41{col 49}{space 3}0.000{col 57}{space 4} .6926606{col 70}{space 3} .8136115
{txt}{space 4}policy_comp {c |}{col 17}{res}{space 2} .1938463{col 29}{space 2}  .010718{col 40}{space 1}   18.09{col 49}{space 3}0.000{col 57}{space 4} .1728395{col 70}{space 3} .2148531
{txt}{space 6}bm_diff_w {c |}{col 17}{res}{space 2}-.0029994{col 29}{space 2} .0002955{col 40}{space 1}  -10.15{col 49}{space 3}0.000{col 57}{space 4}-.0035787{col 70}{space 3}-.0024202
{txt}{space 4}size_diff_w {c |}{col 17}{res}{space 2}  .000194{col 29}{space 2} .0006017{col 40}{space 1}    0.32{col 49}{space 3}0.747{col 57}{space 4}-.0009853{col 70}{space 3} .0013734
{txt}{space 7}same_aud {c |}{col 17}{res}{space 2} .0057471{col 29}{space 2} .0017738{col 40}{space 1}    3.24{col 49}{space 3}0.001{col 57}{space 4} .0022704{col 70}{space 3} .0092238
{txt}complexity_diff {c |}{col 17}{res}{space 2}-2.15e-06{col 29}{space 2} .0002707{col 40}{space 1}   -0.01{col 49}{space 3}0.994{col 57}{space 4}-.0005327{col 70}{space 3} .0005283
{txt}{space 3}both_foreign {c |}{col 17}{res}{space 2}  .011325{col 29}{space 2} .0021421{col 40}{space 1}    5.29{col 49}{space 3}0.000{col 57}{space 4} .0071264{col 70}{space 3} .0155235
{txt}{space 5}age_diff_w {c |}{col 17}{res}{space 2} .0002409{col 29}{space 2} .0001049{col 40}{space 1}    2.30{col 49}{space 3}0.022{col 57}{space 4} .0000353{col 70}{space 3} .0004465
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .0408346{col 29}{space 2} .0048705{col 40}{space 1}    8.38{col 49}{space 3}0.000{col 57}{space 4} .0312885{col 70}{space 3} .0503806
{txt}{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}post0_lnvar     {txt}{c |}
{space 10}_cons {c |}{col 17}{res}{space 2} -4.44851{col 29}{space 2} .0247497{col 40}{space 1} -179.74{col 49}{space 3}0.000{col 57}{space 4}-4.497018{col 70}{space 3}-4.400001
{txt}{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}post1_mean      {txt}{c |}
{space 11}post {c |}{col 17}{res}{space 2} .0419073{col 29}{space 2} .0065342{col 40}{space 1}    6.41{col 49}{space 3}0.000{col 57}{space 4} .0291005{col 70}{space 3}  .054714
{txt}{space 7}fasb_sim {c |}{col 17}{res}{space 2} .5324941{col 29}{space 2}   .05651{col 40}{space 1}    9.42{col 49}{space 3}0.000{col 57}{space 4} .4217366{col 70}{space 3} .6432516
{txt}{space 4}policy_comp {c |}{col 17}{res}{space 2} .2415068{col 29}{space 2} .0159408{col 40}{space 1}   15.15{col 49}{space 3}0.000{col 57}{space 4} .2102635{col 70}{space 3} .2727501
{txt}{space 6}bm_diff_w {c |}{col 17}{res}{space 2}-.0040981{col 29}{space 2} .0005275{col 40}{space 1}   -7.77{col 49}{space 3}0.000{col 57}{space 4}-.0051321{col 70}{space 3}-.0030642
{txt}{space 4}size_diff_w {c |}{col 17}{res}{space 2}-.0031727{col 29}{space 2} .0010384{col 40}{space 1}   -3.06{col 49}{space 3}0.002{col 57}{space 4}-.0052079{col 70}{space 3}-.0011376
{txt}{space 7}same_aud {c |}{col 17}{res}{space 2} .0098291{col 29}{space 2} .0046467{col 40}{space 1}    2.12{col 49}{space 3}0.034{col 57}{space 4} .0007217{col 70}{space 3} .0189366
{txt}complexity_diff {c |}{col 17}{res}{space 2}-.0006538{col 29}{space 2} .0004684{col 40}{space 1}   -1.40{col 49}{space 3}0.163{col 57}{space 4}-.0015717{col 70}{space 3} .0002642
{txt}{space 3}both_foreign {c |}{col 17}{res}{space 2} .0454795{col 29}{space 2} .0038747{col 40}{space 1}   11.74{col 49}{space 3}0.000{col 57}{space 4} .0378851{col 70}{space 3} .0530738
{txt}{space 5}age_diff_w {c |}{col 17}{res}{space 2} .0004001{col 29}{space 2} .0001952{col 40}{space 1}    2.05{col 49}{space 3}0.040{col 57}{space 4} .0000174{col 70}{space 3} .0007827
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .0560192{col 29}{space 2} .0075738{col 40}{space 1}    7.40{col 49}{space 3}0.000{col 57}{space 4} .0411748{col 70}{space 3} .0708636
{txt}{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}post1_lnvar     {txt}{c |}
{space 10}_cons {c |}{col 17}{res}{space 2}-4.003684{col 29}{space 2} .0379075{col 40}{space 1} -105.62{col 49}{space 3}0.000{col 57}{space 4}-4.077981{col 70}{space 3}-3.929386
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}.                                 test [post0_mean]post=[post1_mean]post

{p 0 7}{space 1}{text:( 1)}{space 1} {res}[post0_mean]post - [post1_mean]post = 0{p_end}

{txt}{col 12}chi2(  1) ={res}   55.27
{txt}{col 10}Prob > chi2 =  {res}  0.0000
{txt}
{com}.                         
. **************************************
. **TABLE 4
. **************************************/
. 
.         *T4 Panel A
.         **Column 1
.         xi: reghdfe rev_compV3 score3 if diff_sic3 == 0 & datadate_year != 2022, absorb(sic3_num) cluster (cik)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   264,815
{txt}Absorbing 1 HDFE group{col 51}F({res}   1{txt},{res}   1993{txt}){col 67}= {res}    213.69
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1049
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1044
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0392
{txt}{col 1}Number of clusters ({res}cik{txt}) {col 30}= {res}     1,994{txt}{col 51}Root MSE{col 67}= {res}    0.1600

{txt}{ralign 78:(Std. err. adjusted for {res:1,994} clusters in {res:cik})}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}  rev_compV3{col 14}{c |} Coefficient{col 26}  std. err.{col 38}      t{col 46}   P>|t|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}score3 {c |}{col 14}{res}{space 2} .5929293{col 26}{space 2} .0405612{col 37}{space 1}   14.62{col 46}{space 3}0.000{col 54}{space 4} .5133824{col 67}{space 3} .6724761
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .2734104{col 26}{space 2} .0046895{col 37}{space 1}   58.30{col 46}{space 3}0.000{col 54}{space 4} .2642136{col 67}{space 3} .2826072
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    sic3_num{col 14}{c |}{space 1}      154{col 27}{space 1}        0{col 39}{result}{space 1}      154{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}
{com}.         **Column 2
.         xi: reghdfe rev_compV3 score3 fasb_sim $cont if diff_sic3 == 0 & datadate_year != 2022, absorb(sic3_num) cluster (cik)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   264,815
{txt}Absorbing 1 HDFE group{col 51}F({res}   9{txt},{res}   1993{txt}){col 67}= {res}     75.40
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2069
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2064
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1486
{txt}{col 1}Number of clusters ({res}cik{txt}) {col 30}= {res}     1,994{txt}{col 51}Root MSE{col 67}= {res}    0.1506

{txt}{ralign 81:(Std. err. adjusted for {res:1,994} clusters in {res:cik})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}     rev_compV3{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      t{col 49}   P>|t|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}score3 {c |}{col 17}{res}{space 2} .4209246{col 29}{space 2}  .033892{col 40}{space 1}   12.42{col 49}{space 3}0.000{col 57}{space 4} .3544571{col 70}{space 3} .4873922
{txt}{space 7}fasb_sim {c |}{col 17}{res}{space 2}  .728551{col 29}{space 2} .0495681{col 40}{space 1}   14.70{col 49}{space 3}0.000{col 57}{space 4} .6313404{col 70}{space 3} .8257616
{txt}{space 4}policy_comp {c |}{col 17}{res}{space 2} .1584284{col 29}{space 2} .0154369{col 40}{space 1}   10.26{col 49}{space 3}0.000{col 57}{space 4} .1281541{col 70}{space 3} .1887026
{txt}{space 6}bm_diff_w {c |}{col 17}{res}{space 2}-.0008437{col 29}{space 2} .0006329{col 40}{space 1}   -1.33{col 49}{space 3}0.183{col 57}{space 4}-.0020848{col 70}{space 3} .0003975
{txt}{space 4}size_diff_w {c |}{col 17}{res}{space 2}-.0034187{col 29}{space 2} .0011349{col 40}{space 1}   -3.01{col 49}{space 3}0.003{col 57}{space 4}-.0056444{col 70}{space 3} -.001193
{txt}{space 7}same_aud {c |}{col 17}{res}{space 2} .0209739{col 29}{space 2} .0035324{col 40}{space 1}    5.94{col 49}{space 3}0.000{col 57}{space 4} .0140464{col 70}{space 3} .0279014
{txt}complexity_diff {c |}{col 17}{res}{space 2}-.0014775{col 29}{space 2} .0006716{col 40}{space 1}   -2.20{col 49}{space 3}0.028{col 57}{space 4}-.0027946{col 70}{space 3}-.0001605
{txt}{space 3}both_foreign {c |}{col 17}{res}{space 2}  .009546{col 29}{space 2} .0028211{col 40}{space 1}    3.38{col 49}{space 3}0.001{col 57}{space 4} .0040134{col 70}{space 3} .0150785
{txt}{space 5}age_diff_w {c |}{col 17}{res}{space 2}-.0001307{col 29}{space 2} .0002256{col 40}{space 1}   -0.58{col 49}{space 3}0.562{col 57}{space 4}-.0005731{col 70}{space 3} .0003118
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .1339121{col 29}{space 2} .0101609{col 40}{space 1}   13.18{col 49}{space 3}0.000{col 57}{space 4} .1139851{col 70}{space 3} .1538392
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    sic3_num{col 14}{c |}{space 1}      154{col 27}{space 1}        0{col 39}{result}{space 1}      154{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}
{com}.         **Column 3
.         xi: reghdfe rev_compV3 score3_centdiff postXscore3_cent post fasb_sim $cont if diff_sic3 == 0 & datadate_year != 2022, absorb(sic3_num) cluster (cik)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   264,815
{txt}Absorbing 1 HDFE group{col 51}F({res}  11{txt},{res}   1993{txt}){col 67}= {res}     70.37
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2120
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2116
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1542
{txt}{col 1}Number of clusters ({res}cik{txt}) {col 30}= {res}     1,994{txt}{col 51}Root MSE{col 67}= {res}    0.1501

{txt}{ralign 82:(Std. err. adjusted for {res:1,994} clusters in {res:cik})}
{hline 17}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 18}{c |}{col 30}    Robust
{col 1}      rev_compV3{col 18}{c |} Coefficient{col 30}  std. err.{col 42}      t{col 50}   P>|t|{col 58}     [95% con{col 71}f. interval]
{hline 17}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}score3_centdiff {c |}{col 18}{res}{space 2} .6008365{col 30}{space 2} .0509202{col 41}{space 1}   11.80{col 50}{space 3}0.000{col 58}{space 4} .5009741{col 71}{space 3} .7006989
{txt}postXscore3_cent {c |}{col 18}{res}{space 2}-.3176462{col 30}{space 2} .0549516{col 41}{space 1}   -5.78{col 50}{space 3}0.000{col 58}{space 4}-.4254148{col 71}{space 3}-.2098775
{txt}{space 12}post {c |}{col 18}{res}{space 2}-.0249495{col 30}{space 2} .0072496{col 41}{space 1}   -3.44{col 50}{space 3}0.001{col 58}{space 4} -.039167{col 71}{space 3} -.010732
{txt}{space 8}fasb_sim {c |}{col 18}{res}{space 2} .8262997{col 30}{space 2} .0681856{col 41}{space 1}   12.12{col 50}{space 3}0.000{col 58}{space 4} .6925771{col 71}{space 3} .9600223
{txt}{space 5}policy_comp {c |}{col 18}{res}{space 2} .1579317{col 30}{space 2} .0151825{col 41}{space 1}   10.40{col 50}{space 3}0.000{col 58}{space 4} .1281564{col 71}{space 3} .1877071
{txt}{space 7}bm_diff_w {c |}{col 18}{res}{space 2} -.000537{col 30}{space 2} .0005969{col 41}{space 1}   -0.90{col 50}{space 3}0.368{col 58}{space 4}-.0017077{col 71}{space 3} .0006337
{txt}{space 5}size_diff_w {c |}{col 18}{res}{space 2}-.0031479{col 30}{space 2} .0011265{col 41}{space 1}   -2.79{col 50}{space 3}0.005{col 58}{space 4} -.005357{col 71}{space 3}-.0009388
{txt}{space 8}same_aud {c |}{col 18}{res}{space 2} .0205167{col 30}{space 2} .0034619{col 41}{space 1}    5.93{col 50}{space 3}0.000{col 58}{space 4} .0137273{col 71}{space 3}  .027306
{txt}{space 1}complexity_diff {c |}{col 18}{res}{space 2}-.0010883{col 30}{space 2} .0006592{col 41}{space 1}   -1.65{col 50}{space 3}0.099{col 58}{space 4}-.0023811{col 71}{space 3} .0002045
{txt}{space 4}both_foreign {c |}{col 18}{res}{space 2} .0091536{col 30}{space 2} .0028055{col 41}{space 1}    3.26{col 50}{space 3}0.001{col 58}{space 4} .0036517{col 71}{space 3} .0146556
{txt}{space 6}age_diff_w {c |}{col 18}{res}{space 2}-.0001528{col 30}{space 2} .0002222{col 41}{space 1}   -0.69{col 50}{space 3}0.492{col 58}{space 4}-.0005885{col 71}{space 3} .0002829
{txt}{space 11}_cons {c |}{col 18}{res}{space 2} .1730806{col 30}{space 2} .0101548{col 41}{space 1}   17.04{col 50}{space 3}0.000{col 58}{space 4} .1531655{col 71}{space 3} .1929957
{txt}{hline 17}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    sic3_num{col 14}{c |}{space 1}      154{col 27}{space 1}        0{col 39}{result}{space 1}      154{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}
{com}.         **Column 4
.         xi: reghdfe rev_compV3 score3_centdiff postXscore3_cent post fasb_cent $center postXfasb_cent $postXcenter if diff_sic3 ==  0 & datadate_year != 2022, absorb(sic3_num) cluster (cik)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   264,815
{txt}Absorbing 1 HDFE group{col 51}F({res}  19{txt},{res}   1993{txt}){col 67}= {res}     54.05
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2215
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2209
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1643
{txt}{col 1}Number of clusters ({res}cik{txt}) {col 30}= {res}     1,994{txt}{col 51}Root MSE{col 67}= {res}    0.1492

{txt}{ralign 87:(Std. err. adjusted for {res:1,994} clusters in {res:cik})}
{hline 22}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 23}{c |}{col 35}    Robust
{col 1}           rev_compV3{col 23}{c |} Coefficient{col 35}  std. err.{col 47}      t{col 55}   P>|t|{col 63}     [95% con{col 76}f. interval]
{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}score3_centdiff {c |}{col 23}{res}{space 2} .5530774{col 35}{space 2} .0487835{col 46}{space 1}   11.34{col 55}{space 3}0.000{col 63}{space 4} .4574054{col 76}{space 3} .6487494
{txt}{space 5}postXscore3_cent {c |}{col 23}{res}{space 2}-.2466116{col 35}{space 2}  .053408{col 46}{space 1}   -4.62{col 55}{space 3}0.000{col 63}{space 4} -.351353{col 76}{space 3}-.1418703
{txt}{space 17}post {c |}{col 23}{res}{space 2}-.0535597{col 35}{space 2} .0094021{col 46}{space 1}   -5.70{col 55}{space 3}0.000{col 63}{space 4}-.0719987{col 76}{space 3}-.0351207
{txt}{space 12}fasb_cent {c |}{col 23}{res}{space 2} 1.595897{col 35}{space 2} .1521647{col 46}{space 1}   10.49{col 55}{space 3}0.000{col 63}{space 4} 1.297479{col 76}{space 3} 1.894316
{txt}{space 10}policy_cent {c |}{col 23}{res}{space 2} .1609139{col 35}{space 2}  .020404{col 46}{space 1}    7.89{col 55}{space 3}0.000{col 63}{space 4} .1208985{col 76}{space 3} .2009294
{txt}{space 14}bm_cent {c |}{col 23}{res}{space 2} .0043354{col 35}{space 2} .0008752{col 46}{space 1}    4.95{col 55}{space 3}0.000{col 63}{space 4}  .002619{col 76}{space 3} .0060519
{txt}{space 12}size_cent {c |}{col 23}{res}{space 2}-.0064303{col 35}{space 2} .0017989{col 46}{space 1}   -3.57{col 55}{space 3}0.000{col 63}{space 4}-.0099583{col 76}{space 3}-.0029023
{txt}{space 9}sameaud_cent {c |}{col 23}{res}{space 2} .0209483{col 35}{space 2} .0048212{col 46}{space 1}    4.35{col 55}{space 3}0.000{col 63}{space 4} .0114933{col 76}{space 3} .0304034
{txt}{space 9}complex_cent {c |}{col 23}{res}{space 2}-.0042161{col 35}{space 2} .0008506{col 46}{space 1}   -4.96{col 55}{space 3}0.000{col 63}{space 4}-.0058843{col 76}{space 3}-.0025479
{txt}{space 5}bothforeign_cent {c |}{col 23}{res}{space 2} .0076469{col 35}{space 2} .0037187{col 46}{space 1}    2.06{col 55}{space 3}0.040{col 63}{space 4} .0003539{col 76}{space 3} .0149399
{txt}{space 9}agediff_cent {c |}{col 23}{res}{space 2}-.0002497{col 35}{space 2} .0003163{col 46}{space 1}   -0.79{col 55}{space 3}0.430{col 63}{space 4}  -.00087{col 76}{space 3} .0003707
{txt}{space 7}postXfasb_cent {c |}{col 23}{res}{space 2}-.8431339{col 35}{space 2} .1571376{col 46}{space 1}   -5.37{col 55}{space 3}0.000{col 63}{space 4}-1.151305{col 76}{space 3}-.5349627
{txt}{space 5}postXpolicy_cent {c |}{col 23}{res}{space 2} .0026206{col 35}{space 2} .0246751{col 46}{space 1}    0.11{col 55}{space 3}0.915{col 63}{space 4}-.0457711{col 76}{space 3} .0510124
{txt}{space 9}postXbm_cent {c |}{col 23}{res}{space 2}-.0079137{col 35}{space 2}  .001169{col 46}{space 1}   -6.77{col 55}{space 3}0.000{col 63}{space 4}-.0102063{col 76}{space 3}-.0056211
{txt}{space 7}postXsize_cent {c |}{col 23}{res}{space 2}  .005654{col 35}{space 2} .0018407{col 46}{space 1}    3.07{col 55}{space 3}0.002{col 63}{space 4} .0020441{col 76}{space 3}  .009264
{txt}{space 4}postXsameaud_cent {c |}{col 23}{res}{space 2}-.0023606{col 35}{space 2} .0052178{col 46}{space 1}   -0.45{col 55}{space 3}0.651{col 63}{space 4}-.0125935{col 76}{space 3} .0078722
{txt}{space 4}postXcomplex_cent {c |}{col 23}{res}{space 2} .0035269{col 35}{space 2} .0009967{col 46}{space 1}    3.54{col 55}{space 3}0.000{col 63}{space 4} .0015722{col 76}{space 3} .0054816
{txt}postXbothforeign_cent {c |}{col 23}{res}{space 2} .0035331{col 35}{space 2} .0046621{col 46}{space 1}    0.76{col 55}{space 3}0.449{col 63}{space 4}-.0056101{col 76}{space 3} .0126762
{txt}{space 4}postXagediff_cent {c |}{col 23}{res}{space 2} .0001236{col 35}{space 2}  .000345{col 46}{space 1}    0.36{col 55}{space 3}0.720{col 63}{space 4}-.0005531{col 76}{space 3} .0008003
{txt}{space 16}_cons {c |}{col 23}{res}{space 2} .3743015{col 35}{space 2} .0086782{col 46}{space 1}   43.13{col 55}{space 3}0.000{col 63}{space 4} .3572821{col 76}{space 3} .3913209
{txt}{hline 22}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    sic3_num{col 14}{c |}{space 1}      154{col 27}{space 1}        0{col 39}{result}{space 1}      154{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}
{com}.                                 
.         **T4 Panel B 
.         xi: reghdfe rev_compV3 post fasb_sim $cont if score3_median == 0 & datadate_year != 2022 & diff_sic3 == 0, absorb(sic3_num) cluster (cik)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   133,535
{txt}Absorbing 1 HDFE group{col 51}F({res}   9{txt},{res}   1915{txt}){col 67}= {res}     63.70
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2145
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2136
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1282
{txt}{col 1}Number of clusters ({res}cik{txt}) {col 30}= {res}     1,916{txt}{col 51}Root MSE{col 67}= {res}    0.1389

{txt}{ralign 81:(Std. err. adjusted for {res:1,916} clusters in {res:cik})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}     rev_compV3{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      t{col 49}   P>|t|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 11}post {c |}{col 17}{res}{space 2}-.0141031{col 29}{space 2} .0054952{col 40}{space 1}   -2.57{col 49}{space 3}0.010{col 57}{space 4}-.0248804{col 70}{space 3}-.0033258
{txt}{space 7}fasb_sim {c |}{col 17}{res}{space 2} .8543799{col 29}{space 2} .0562081{col 40}{space 1}   15.20{col 49}{space 3}0.000{col 57}{space 4} .7441445{col 70}{space 3} .9646154
{txt}{space 4}policy_comp {c |}{col 17}{res}{space 2} .1397257{col 29}{space 2} .0139993{col 40}{space 1}    9.98{col 49}{space 3}0.000{col 57}{space 4} .1122703{col 70}{space 3} .1671812
{txt}{space 6}bm_diff_w {c |}{col 17}{res}{space 2}-.0007433{col 29}{space 2} .0005964{col 40}{space 1}   -1.25{col 49}{space 3}0.213{col 57}{space 4} -.001913{col 70}{space 3} .0004264
{txt}{space 4}size_diff_w {c |}{col 17}{res}{space 2}-.0042368{col 29}{space 2} .0009867{col 40}{space 1}   -4.29{col 49}{space 3}0.000{col 57}{space 4} -.006172{col 70}{space 3}-.0023015
{txt}{space 7}same_aud {c |}{col 17}{res}{space 2} .0157286{col 29}{space 2} .0034173{col 40}{space 1}    4.60{col 49}{space 3}0.000{col 57}{space 4} .0090265{col 70}{space 3} .0224307
{txt}complexity_diff {c |}{col 17}{res}{space 2}-.0015144{col 29}{space 2} .0005094{col 40}{space 1}   -2.97{col 49}{space 3}0.003{col 57}{space 4}-.0025134{col 70}{space 3}-.0005154
{txt}{space 3}both_foreign {c |}{col 17}{res}{space 2}  .005886{col 29}{space 2} .0023677{col 40}{space 1}    2.49{col 49}{space 3}0.013{col 57}{space 4} .0012425{col 70}{space 3} .0105294
{txt}{space 5}age_diff_w {c |}{col 17}{res}{space 2} .0001414{col 29}{space 2} .0002488{col 40}{space 1}    0.57{col 49}{space 3}0.570{col 57}{space 4}-.0003465{col 70}{space 3} .0006292
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .1531774{col 29}{space 2} .0084882{col 40}{space 1}   18.05{col 49}{space 3}0.000{col 57}{space 4} .1365304{col 70}{space 3} .1698245
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    sic3_num{col 14}{c |}{space 1}      148{col 27}{space 1}        0{col 39}{result}{space 1}      148{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}
{com}.         xi: reghdfe rev_compV3 post fasb_sim $cont if score3_median == 1 & datadate_year != 2022 & diff_sic3 == 0, absorb(sic3_num) cluster (cik)
{res}{txt}(dropped 13 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   131,267
{txt}Absorbing 1 HDFE group{col 51}F({res}   9{txt},{res}   1261{txt}){col 67}= {res}     30.86
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1636
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1629
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1229
{txt}{col 1}Number of clusters ({res}cik{txt}) {col 30}= {res}     1,262{txt}{col 51}Root MSE{col 67}= {res}    0.1616

{txt}{ralign 81:(Std. err. adjusted for {res:1,262} clusters in {res:cik})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}     rev_compV3{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      t{col 49}   P>|t|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 11}post {c |}{col 17}{res}{space 2}-.0363722{col 29}{space 2} .0107273{col 40}{space 1}   -3.39{col 49}{space 3}0.001{col 57}{space 4}-.0574175{col 70}{space 3}-.0153269
{txt}{space 7}fasb_sim {c |}{col 17}{res}{space 2} .8178248{col 29}{space 2} .0869407{col 40}{space 1}    9.41{col 49}{space 3}0.000{col 57}{space 4} .6472603{col 70}{space 3} .9883892
{txt}{space 4}policy_comp {c |}{col 17}{res}{space 2} .1925598{col 29}{space 2} .0213797{col 40}{space 1}    9.01{col 49}{space 3}0.000{col 57}{space 4} .1506161{col 70}{space 3} .2345035
{txt}{space 6}bm_diff_w {c |}{col 17}{res}{space 2}-.0002691{col 29}{space 2} .0007922{col 40}{space 1}   -0.34{col 49}{space 3}0.734{col 57}{space 4}-.0018234{col 70}{space 3} .0012851
{txt}{space 4}size_diff_w {c |}{col 17}{res}{space 2}-.0030296{col 29}{space 2} .0017082{col 40}{space 1}   -1.77{col 49}{space 3}0.076{col 57}{space 4}-.0063808{col 70}{space 3} .0003216
{txt}{space 7}same_aud {c |}{col 17}{res}{space 2} .0282595{col 29}{space 2}  .005018{col 40}{space 1}    5.63{col 49}{space 3}0.000{col 57}{space 4} .0184149{col 70}{space 3}  .038104
{txt}complexity_diff {c |}{col 17}{res}{space 2}-.0005348{col 29}{space 2} .0010043{col 40}{space 1}   -0.53{col 49}{space 3}0.594{col 57}{space 4}-.0025051{col 70}{space 3} .0014355
{txt}{space 3}both_foreign {c |}{col 17}{res}{space 2}  .014472{col 29}{space 2} .0047933{col 40}{space 1}    3.02{col 49}{space 3}0.003{col 57}{space 4} .0050682{col 70}{space 3} .0238757
{txt}{space 5}age_diff_w {c |}{col 17}{res}{space 2} -.000793{col 29}{space 2}  .000315{col 40}{space 1}   -2.52{col 49}{space 3}0.012{col 57}{space 4}-.0014109{col 70}{space 3}-.0001751
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .1857596{col 29}{space 2} .0144156{col 40}{space 1}   12.89{col 49}{space 3}0.000{col 57}{space 4} .1574784{col 70}{space 3} .2140408
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    sic3_num{col 14}{c |}{space 1}      102{col 27}{space 1}        0{col 39}{result}{space 1}      102{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}
{com}.                                 
.         *test of differences
.         regress rev_compV3 post fasb_sim $cont i.sic3_num if score3_median == 0 & datadate_year != 2022 & diff_sic3 == 0

{txt}      Source {c |}       SS           df       MS      Number of obs   ={res}   133,535
{txt}{hline 13}{c +}{hline 34}   F(156, 133378)  = {res}   233.49
{txt}       Model {c |} {res} 702.377753       156  4.50242149   {txt}Prob > F        ={res}    0.0000
{txt}    Residual {c |} {res} 2572.00014   133,378  .019283541   {txt}R-squared       ={res}    0.2145
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}    0.2136
{txt}       Total {c |} {res} 3274.37789   133,534   .02452093   {txt}Root MSE        =   {res} .13887

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}     rev_compV3{col 17}{c |} Coefficient{col 29}  Std. err.{col 41}      t{col 49}   P>|t|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 11}post {c |}{col 17}{res}{space 2}-.0141031{col 29}{space 2} .0010645{col 40}{space 1}  -13.25{col 49}{space 3}0.000{col 57}{space 4}-.0161895{col 70}{space 3}-.0120166
{txt}{space 7}fasb_sim {c |}{col 17}{res}{space 2} .8543799{col 29}{space 2} .0078031{col 40}{space 1}  109.49{col 49}{space 3}0.000{col 57}{space 4}  .839086{col 70}{space 3} .8696738
{txt}{space 4}policy_comp {c |}{col 17}{res}{space 2} .1397257{col 29}{space 2}  .003427{col 40}{space 1}   40.77{col 49}{space 3}0.000{col 57}{space 4} .1330089{col 70}{space 3} .1464426
{txt}{space 6}bm_diff_w {c |}{col 17}{res}{space 2}-.0007433{col 29}{space 2} .0002837{col 40}{space 1}   -2.62{col 49}{space 3}0.009{col 57}{space 4}-.0012994{col 70}{space 3}-.0001872
{txt}{space 4}size_diff_w {c |}{col 17}{res}{space 2}-.0042368{col 29}{space 2} .0002346{col 40}{space 1}  -18.06{col 49}{space 3}0.000{col 57}{space 4}-.0046966{col 70}{space 3}-.0037769
{txt}{space 7}same_aud {c |}{col 17}{res}{space 2} .0157286{col 29}{space 2} .0009883{col 40}{space 1}   15.91{col 49}{space 3}0.000{col 57}{space 4} .0137915{col 70}{space 3} .0176657
{txt}complexity_diff {c |}{col 17}{res}{space 2}-.0015144{col 29}{space 2} .0001351{col 40}{space 1}  -11.21{col 49}{space 3}0.000{col 57}{space 4}-.0017792{col 70}{space 3}-.0012496
{txt}{space 3}both_foreign {c |}{col 17}{res}{space 2}  .005886{col 29}{space 2} .0008983{col 40}{space 1}    6.55{col 49}{space 3}0.000{col 57}{space 4} .0041252{col 70}{space 3} .0076467
{txt}{space 5}age_diff_w {c |}{col 17}{res}{space 2} .0001414{col 29}{space 2} .0000317{col 40}{space 1}    4.46{col 49}{space 3}0.000{col 57}{space 4} .0000792{col 70}{space 3} .0002035
{txt}{space 15} {c |}
{space 7}sic3_num {c |}
{space 11}104  {c |}{col 17}{res}{space 2} .0317448{col 29}{space 2} .0583857{col 40}{space 1}    0.54{col 49}{space 3}0.587{col 57}{space 4}-.0826902{col 70}{space 3} .1461797
{txt}{space 11}122  {c |}{col 17}{res}{space 2}-.0669715{col 29}{space 2} .0629138{col 40}{space 1}   -1.06{col 49}{space 3}0.287{col 57}{space 4}-.1902815{col 70}{space 3} .0563385
{txt}{space 11}131  {c |}{col 17}{res}{space 2} .0167777{col 29}{space 2} .0567288{col 40}{space 1}    0.30{col 49}{space 3}0.767{col 57}{space 4}-.0944097{col 70}{space 3} .1279652
{txt}{space 11}138  {c |}{col 17}{res}{space 2}-.1349148{col 29}{space 2} .0568797{col 40}{space 1}   -2.37{col 49}{space 3}0.018{col 57}{space 4}-.2463978{col 70}{space 3}-.0234317
{txt}{space 11}140  {c |}{col 17}{res}{space 2}  -.20167{col 29}{space 2} .0580281{col 40}{space 1}   -3.48{col 49}{space 3}0.001{col 57}{space 4}-.3154039{col 70}{space 3} -.087936
{txt}{space 11}153  {c |}{col 17}{res}{space 2} .0306648{col 29}{space 2} .0578308{col 40}{space 1}    0.53{col 49}{space 3}0.596{col 57}{space 4}-.0826824{col 70}{space 3}  .144012
{txt}{space 11}160  {c |}{col 17}{res}{space 2} .0804541{col 29}{space 2} .0981988{col 40}{space 1}    0.82{col 49}{space 3}0.413{col 57}{space 4}-.1120137{col 70}{space 3} .2729219
{txt}{space 11}162  {c |}{col 17}{res}{space 2} .1366339{col 29}{space 2} .0621103{col 40}{space 1}    2.20{col 49}{space 3}0.028{col 57}{space 4} .0148988{col 70}{space 3} .2583689
{txt}{space 11}170  {c |}{col 17}{res}{space 2} .0196526{col 29}{space 2} .0772634{col 40}{space 1}    0.25{col 49}{space 3}0.799{col 57}{space 4}-.1317824{col 70}{space 3} .1710875
{txt}{space 11}202  {c |}{col 17}{res}{space 2}-.0466722{col 29}{space 2} .0981959{col 40}{space 1}   -0.48{col 49}{space 3}0.635{col 57}{space 4}-.2391344{col 70}{space 3}   .14579
{txt}{space 11}203  {c |}{col 17}{res}{space 2}-.1151893{col 29}{space 2} .0896411{col 40}{space 1}   -1.29{col 49}{space 3}0.199{col 57}{space 4}-.2908842{col 70}{space 3} .0605056
{txt}{space 11}204  {c |}{col 17}{res}{space 2}-.1349709{col 29}{space 2} .0704831{col 40}{space 1}   -1.91{col 49}{space 3}0.056{col 57}{space 4}-.2731164{col 70}{space 3} .0031746
{txt}{space 11}206  {c |}{col 17}{res}{space 2}-.1334755{col 29}{space 2} .0981964{col 40}{space 1}   -1.36{col 49}{space 3}0.174{col 57}{space 4}-.3259386{col 70}{space 3} .0589877
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{space 10}_cons {c |}{col 17}{res}{space 2} .2514825{col 29}{space 2} .0567199{col 40}{space 1}    4.43{col 49}{space 3}0.000{col 57}{space 4} .1403126{col 70}{space 3} .3626524
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{res}{txt}
{com}.         est store post0
{txt}
{com}.         regress rev_compV3 post fasb_sim $cont i.sic3_num if score3_median == 1 & datadate_year != 2022 & diff_sic3 == 0

{txt}      Source {c |}       SS           df       MS      Number of obs   ={res}   131,280
{txt}{hline 13}{c +}{hline 34}   F(123, 131156)  = {res}   208.71
{txt}       Model {c |} {res} 670.137283       123   5.4482706   {txt}Prob > F        ={res}    0.0000
{txt}    Residual {c |} {res} 3423.81684   131,156   .02610492   {txt}R-squared       ={res}    0.1637
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}    0.1629
{txt}       Total {c |} {res} 4093.95412   131,279  .031185141   {txt}Root MSE        =   {res} .16157

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}     rev_compV3{col 17}{c |} Coefficient{col 29}  Std. err.{col 41}      t{col 49}   P>|t|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
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{txt}{space 15} {c |}
{space 10}_cons {c |}{col 17}{res}{space 2} .2252419{col 29}{space 2} .0808185{col 40}{space 1}    2.79{col 49}{space 3}0.005{col 57}{space 4}  .066839{col 70}{space 3} .3836448
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}.         est store post1
{txt}
{com}.         suest post0 post1, vce(cluster cik)
{res}
{txt}{col 1}Simultaneous results for {stata estimates replay post0:post0}, {stata estimates replay post1:post1}{col 56}{lalign 13:Number of obs}{col 69} = {res}{ralign 7:264,815}

{txt}{ralign 81:(Std. err. adjusted for {res:1,994} clusters in {res:cik})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      z{col 49}   P>|z|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}post0_mean      {txt}{c |}
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{txt}{space 15} {c |}
{space 7}sic3_num {c |}
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{txt}{space 11}512  {c |}{col 17}{res}{space 2}-.0107747{col 29}{space 2} .0061968{col 40}{space 1}   -1.74{col 49}{space 3}0.082{col 57}{space 4}-.0229201{col 70}{space 3} .0013708
{txt}{space 11}514  {c |}{col 17}{res}{space 2} -.075142{col 29}{space 2} .0158613{col 40}{space 1}   -4.74{col 49}{space 3}0.000{col 57}{space 4}-.1062296{col 70}{space 3}-.0440545
{txt}{space 11}517  {c |}{col 17}{res}{space 2}-.0730225{col 29}{space 2} .0508551{col 40}{space 1}   -1.44{col 49}{space 3}0.151{col 57}{space 4}-.1726967{col 70}{space 3} .0266518
{txt}{space 11}521  {c |}{col 17}{res}{space 2} .2231445{col 29}{space 2} .0082992{col 40}{space 1}   26.89{col 49}{space 3}0.000{col 57}{space 4} .2068783{col 70}{space 3} .2394108
{txt}{space 11}533  {c |}{col 17}{res}{space 2}-.1067169{col 29}{space 2} .0439204{col 40}{space 1}   -2.43{col 49}{space 3}0.015{col 57}{space 4}-.1927993{col 70}{space 3}-.0206345
{txt}{space 11}540  {c |}{col 17}{res}{space 2}-.1014787{col 29}{space 2} .0072685{col 40}{space 1}  -13.96{col 49}{space 3}0.000{col 57}{space 4}-.1157247{col 70}{space 3}-.0872327
{txt}{space 11}541  {c |}{col 17}{res}{space 2} .2772777{col 29}{space 2} .0051611{col 40}{space 1}   53.72{col 49}{space 3}0.000{col 57}{space 4} .2671622{col 70}{space 3} .2873932
{txt}{space 11}550  {c |}{col 17}{res}{space 2} .1471609{col 29}{space 2}  .020811{col 40}{space 1}    7.07{col 49}{space 3}0.000{col 57}{space 4} .1063721{col 70}{space 3} .1879498
{txt}{space 11}553  {c |}{col 17}{res}{space 2}-.0767729{col 29}{space 2} .0024496{col 40}{space 1}  -31.34{col 49}{space 3}0.000{col 57}{space 4}-.0815741{col 70}{space 3}-.0719718
{txt}{space 11}560  {c |}{col 17}{res}{space 2} .1838268{col 29}{space 2} .0275124{col 40}{space 1}    6.68{col 49}{space 3}0.000{col 57}{space 4} .1299035{col 70}{space 3} .2377501
{txt}{space 11}562  {c |}{col 17}{res}{space 2}-.0784723{col 29}{space 2} .0041222{col 40}{space 1}  -19.04{col 49}{space 3}0.000{col 57}{space 4}-.0865518{col 70}{space 3}-.0703929
{txt}{space 11}565  {c |}{col 17}{res}{space 2} .0765828{col 29}{space 2} .0169609{col 40}{space 1}    4.52{col 49}{space 3}0.000{col 57}{space 4} .0433399{col 70}{space 3} .1098256
{txt}{space 11}566  {c |}{col 17}{res}{space 2}-.1793825{col 29}{space 2} .0077359{col 40}{space 1}  -23.19{col 49}{space 3}0.000{col 57}{space 4}-.1945446{col 70}{space 3}-.1642203
{txt}{space 11}581  {c |}{col 17}{res}{space 2} .1194864{col 29}{space 2} .0236239{col 40}{space 1}    5.06{col 49}{space 3}0.000{col 57}{space 4} .0731844{col 70}{space 3} .1657884
{txt}{space 11}591  {c |}{col 17}{res}{space 2} .1041059{col 29}{space 2} .0175834{col 40}{space 1}    5.92{col 49}{space 3}0.000{col 57}{space 4}  .069643{col 70}{space 3} .1385687
{txt}{space 11}594  {c |}{col 17}{res}{space 2}-.0118639{col 29}{space 2} .0161064{col 40}{space 1}   -0.74{col 49}{space 3}0.461{col 57}{space 4} -.043432{col 70}{space 3} .0197041
{txt}{space 11}596  {c |}{col 17}{res}{space 2} .0531994{col 29}{space 2} .0119957{col 40}{space 1}    4.43{col 49}{space 3}0.000{col 57}{space 4} .0296883{col 70}{space 3} .0767106
{txt}{space 11}602  {c |}{col 17}{res}{space 2}-.0162404{col 29}{space 2} .0093579{col 40}{space 1}   -1.74{col 49}{space 3}0.083{col 57}{space 4}-.0345815{col 70}{space 3} .0021007
{txt}{space 11}603  {c |}{col 17}{res}{space 2} .0290774{col 29}{space 2} .0167483{col 40}{space 1}    1.74{col 49}{space 3}0.083{col 57}{space 4}-.0037487{col 70}{space 3} .0619035
{txt}{space 11}609  {c |}{col 17}{res}{space 2}  .215629{col 29}{space 2} .0160936{col 40}{space 1}   13.40{col 49}{space 3}0.000{col 57}{space 4} .1840862{col 70}{space 3} .2471718
{txt}{space 11}614  {c |}{col 17}{res}{space 2}-.0059906{col 29}{space 2} .0195925{col 40}{space 1}   -0.31{col 49}{space 3}0.760{col 57}{space 4}-.0443912{col 70}{space 3}   .03241
{txt}{space 11}616  {c |}{col 17}{res}{space 2} .0475903{col 29}{space 2} .0064412{col 40}{space 1}    7.39{col 49}{space 3}0.000{col 57}{space 4} .0349658{col 70}{space 3} .0602148
{txt}{space 11}617  {c |}{col 17}{res}{space 2} -.222628{col 29}{space 2} .0632482{col 40}{space 1}   -3.52{col 49}{space 3}0.000{col 57}{space 4}-.3465921{col 70}{space 3}-.0986638
{txt}{space 11}620  {c |}{col 17}{res}{space 2} .0985574{col 29}{space 2} .0126912{col 40}{space 1}    7.77{col 49}{space 3}0.000{col 57}{space 4} .0736832{col 70}{space 3} .1234316
{txt}{space 11}621  {c |}{col 17}{res}{space 2}  .057699{col 29}{space 2}  .026212{col 40}{space 1}    2.20{col 49}{space 3}0.028{col 57}{space 4} .0063243{col 70}{space 3} .1090736
{txt}{space 11}628  {c |}{col 17}{res}{space 2} .0414332{col 29}{space 2}   .01993{col 40}{space 1}    2.08{col 49}{space 3}0.038{col 57}{space 4} .0023711{col 70}{space 3} .0804953
{txt}{space 11}631  {c |}{col 17}{res}{space 2}  -.04633{col 29}{space 2} .0389772{col 40}{space 1}   -1.19{col 49}{space 3}0.235{col 57}{space 4} -.122724{col 70}{space 3}  .030064
{txt}{space 11}632  {c |}{col 17}{res}{space 2} .1172002{col 29}{space 2} .0154202{col 40}{space 1}    7.60{col 49}{space 3}0.000{col 57}{space 4} .0869773{col 70}{space 3} .1474232
{txt}{space 11}633  {c |}{col 17}{res}{space 2} .0921966{col 29}{space 2} .0518649{col 40}{space 1}    1.78{col 49}{space 3}0.075{col 57}{space 4}-.0094567{col 70}{space 3}   .19385
{txt}{space 11}635  {c |}{col 17}{res}{space 2}-.1690046{col 29}{space 2} .0388551{col 40}{space 1}   -4.35{col 49}{space 3}0.000{col 57}{space 4}-.2451593{col 70}{space 3}  -.09285
{txt}{space 11}636  {c |}{col 17}{res}{space 2} .0581876{col 29}{space 2}   .01164{col 40}{space 1}    5.00{col 49}{space 3}0.000{col 57}{space 4} .0353736{col 70}{space 3} .0810016
{txt}{space 11}641  {c |}{col 17}{res}{space 2} -.118031{col 29}{space 2} .0404467{col 40}{space 1}   -2.92{col 49}{space 3}0.004{col 57}{space 4}-.1973051{col 70}{space 3}-.0387569
{txt}{space 11}651  {c |}{col 17}{res}{space 2}-.2659186{col 29}{space 2} .0103666{col 40}{space 1}  -25.65{col 49}{space 3}0.000{col 57}{space 4}-.2862368{col 70}{space 3}-.2456004
{txt}{space 11}653  {c |}{col 17}{res}{space 2} .0871839{col 29}{space 2}  .006288{col 40}{space 1}   13.87{col 49}{space 3}0.000{col 57}{space 4} .0748596{col 70}{space 3} .0995082
{txt}{space 11}679  {c |}{col 17}{res}{space 2} .0396834{col 29}{space 2} .0121579{col 40}{space 1}    3.26{col 49}{space 3}0.001{col 57}{space 4} .0158544{col 70}{space 3} .0635124
{txt}{space 11}701  {c |}{col 17}{res}{space 2} .0298331{col 29}{space 2} .0191121{col 40}{space 1}    1.56{col 49}{space 3}0.119{col 57}{space 4}-.0076259{col 70}{space 3} .0672921
{txt}{space 11}731  {c |}{col 17}{res}{space 2}  .036629{col 29}{space 2} .0161993{col 40}{space 1}    2.26{col 49}{space 3}0.024{col 57}{space 4} .0048791{col 70}{space 3}  .068379
{txt}{space 11}732  {c |}{col 17}{res}{space 2} .1080759{col 29}{space 2} .0495135{col 40}{space 1}    2.18{col 49}{space 3}0.029{col 57}{space 4} .0110313{col 70}{space 3} .2051206
{txt}{space 11}735  {c |}{col 17}{res}{space 2}  .064381{col 29}{space 2} .0561113{col 40}{space 1}    1.15{col 49}{space 3}0.251{col 57}{space 4}-.0455952{col 70}{space 3} .1743572
{txt}{space 11}736  {c |}{col 17}{res}{space 2} .0858964{col 29}{space 2} .0095368{col 40}{space 1}    9.01{col 49}{space 3}0.000{col 57}{space 4} .0672046{col 70}{space 3} .1045883
{txt}{space 11}737  {c |}{col 17}{res}{space 2}-.0334586{col 29}{space 2} .0139264{col 40}{space 1}   -2.40{col 49}{space 3}0.016{col 57}{space 4}-.0607539{col 70}{space 3}-.0061633
{txt}{space 11}738  {c |}{col 17}{res}{space 2} .0351453{col 29}{space 2} .0278645{col 40}{space 1}    1.26{col 49}{space 3}0.207{col 57}{space 4}-.0194681{col 70}{space 3} .0897587
{txt}{space 11}751  {c |}{col 17}{res}{space 2} .1824549{col 29}{space 2} .0034511{col 40}{space 1}   52.87{col 49}{space 3}0.000{col 57}{space 4} .1756909{col 70}{space 3} .1892189
{txt}{space 11}783  {c |}{col 17}{res}{space 2}-.1305462{col 29}{space 2} .0609519{col 40}{space 1}   -2.14{col 49}{space 3}0.032{col 57}{space 4}-.2500097{col 70}{space 3}-.0110827
{txt}{space 11}794  {c |}{col 17}{res}{space 2}-.0322461{col 29}{space 2} .0080614{col 40}{space 1}   -4.00{col 49}{space 3}0.000{col 57}{space 4}-.0480461{col 70}{space 3}-.0164462
{txt}{space 11}799  {c |}{col 17}{res}{space 2} .1190596{col 29}{space 2} .0229255{col 40}{space 1}    5.19{col 49}{space 3}0.000{col 57}{space 4} .0741265{col 70}{space 3} .1639927
{txt}{space 11}805  {c |}{col 17}{res}{space 2}-.1067236{col 29}{space 2} .0240999{col 40}{space 1}   -4.43{col 49}{space 3}0.000{col 57}{space 4}-.1539585{col 70}{space 3}-.0594888
{txt}{space 11}806  {c |}{col 17}{res}{space 2} .0410207{col 29}{space 2} .0324056{col 40}{space 1}    1.27{col 49}{space 3}0.206{col 57}{space 4} -.022493{col 70}{space 3} .1045344
{txt}{space 11}807  {c |}{col 17}{res}{space 2}-.0886842{col 29}{space 2} .0272804{col 40}{space 1}   -3.25{col 49}{space 3}0.001{col 57}{space 4}-.1421527{col 70}{space 3}-.0352156
{txt}{space 11}808  {c |}{col 17}{res}{space 2} .0889402{col 29}{space 2} .0631358{col 40}{space 1}    1.41{col 49}{space 3}0.159{col 57}{space 4}-.0348037{col 70}{space 3} .2126841
{txt}{space 11}809  {c |}{col 17}{res}{space 2} .0241936{col 29}{space 2} .0450433{col 40}{space 1}    0.54{col 49}{space 3}0.591{col 57}{space 4}-.0640896{col 70}{space 3} .1124769
{txt}{space 11}820  {c |}{col 17}{res}{space 2} .2267197{col 29}{space 2} .0157809{col 40}{space 1}   14.37{col 49}{space 3}0.000{col 57}{space 4} .1957897{col 70}{space 3} .2576496
{txt}{space 11}870  {c |}{col 17}{res}{space 2}-.0587159{col 29}{space 2} .0101962{col 40}{space 1}   -5.76{col 49}{space 3}0.000{col 57}{space 4}-.0787002{col 70}{space 3}-.0387317
{txt}{space 11}873  {c |}{col 17}{res}{space 2} .0408951{col 29}{space 2} .0209925{col 40}{space 1}    1.95{col 49}{space 3}0.051{col 57}{space 4}-.0002495{col 70}{space 3} .0820396
{txt}{space 15} {c |}
{space 10}_cons {c |}{col 17}{res}{space 2} .2252419{col 29}{space 2} .0132948{col 40}{space 1}   16.94{col 49}{space 3}0.000{col 57}{space 4} .1991845{col 70}{space 3} .2512992
{txt}{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}post1_lnvar     {txt}{c |}
{space 10}_cons {c |}{col 17}{res}{space 2}-3.645631{col 29}{space 2} .0299348{col 40}{space 1} -121.79{col 49}{space 3}0.000{col 57}{space 4}-3.704303{col 70}{space 3} -3.58696
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}.         test [post0_mean]post=[post1_mean]post

{p 0 7}{space 1}{text:( 1)}{space 1} {res}[post0_mean]post - [post1_mean]post = 0{p_end}

{txt}{col 12}chi2(  1) ={res}    5.92
{txt}{col 10}Prob > chi2 =  {res}  0.0150
{txt}
{com}.                                                         
.         *identify obs used in above median subsample so next panel uses same sample
.         xi: reghdfe rev_compV3 post fasb_sim $cont if score3_median == 1 & datadate_year != 2022 & diff_sic3 == 0, absorb(sic3_num) cluster (cik)
{res}{txt}(dropped 13 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   131,267
{txt}Absorbing 1 HDFE group{col 51}F({res}   9{txt},{res}   1261{txt}){col 67}= {res}     30.86
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1636
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1629
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1229
{txt}{col 1}Number of clusters ({res}cik{txt}) {col 30}= {res}     1,262{txt}{col 51}Root MSE{col 67}= {res}    0.1616

{txt}{ralign 81:(Std. err. adjusted for {res:1,262} clusters in {res:cik})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}     rev_compV3{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      t{col 49}   P>|t|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 11}post {c |}{col 17}{res}{space 2}-.0363722{col 29}{space 2} .0107273{col 40}{space 1}   -3.39{col 49}{space 3}0.001{col 57}{space 4}-.0574175{col 70}{space 3}-.0153269
{txt}{space 7}fasb_sim {c |}{col 17}{res}{space 2} .8178248{col 29}{space 2} .0869407{col 40}{space 1}    9.41{col 49}{space 3}0.000{col 57}{space 4} .6472603{col 70}{space 3} .9883892
{txt}{space 4}policy_comp {c |}{col 17}{res}{space 2} .1925598{col 29}{space 2} .0213797{col 40}{space 1}    9.01{col 49}{space 3}0.000{col 57}{space 4} .1506161{col 70}{space 3} .2345035
{txt}{space 6}bm_diff_w {c |}{col 17}{res}{space 2}-.0002691{col 29}{space 2} .0007922{col 40}{space 1}   -0.34{col 49}{space 3}0.734{col 57}{space 4}-.0018234{col 70}{space 3} .0012851
{txt}{space 4}size_diff_w {c |}{col 17}{res}{space 2}-.0030296{col 29}{space 2} .0017082{col 40}{space 1}   -1.77{col 49}{space 3}0.076{col 57}{space 4}-.0063808{col 70}{space 3} .0003216
{txt}{space 7}same_aud {c |}{col 17}{res}{space 2} .0282595{col 29}{space 2}  .005018{col 40}{space 1}    5.63{col 49}{space 3}0.000{col 57}{space 4} .0184149{col 70}{space 3}  .038104
{txt}complexity_diff {c |}{col 17}{res}{space 2}-.0005348{col 29}{space 2} .0010043{col 40}{space 1}   -0.53{col 49}{space 3}0.594{col 57}{space 4}-.0025051{col 70}{space 3} .0014355
{txt}{space 3}both_foreign {c |}{col 17}{res}{space 2}  .014472{col 29}{space 2} .0047933{col 40}{space 1}    3.02{col 49}{space 3}0.003{col 57}{space 4} .0050682{col 70}{space 3} .0238757
{txt}{space 5}age_diff_w {c |}{col 17}{res}{space 2} -.000793{col 29}{space 2}  .000315{col 40}{space 1}   -2.52{col 49}{space 3}0.012{col 57}{space 4}-.0014109{col 70}{space 3}-.0001751
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .1857596{col 29}{space 2} .0144156{col 40}{space 1}   12.89{col 49}{space 3}0.000{col 57}{space 4} .1574784{col 70}{space 3} .2140408
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    sic3_num{col 14}{c |}{space 1}      102{col 27}{space 1}        0{col 39}{result}{space 1}      102{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}
{com}.         eret li

{txt}scalars:
                  e(N) =  {res}131267
               {txt}e(rank) =  {res}9
               {txt}e(df_r) =  {res}1261
               {txt}e(df_m) =  {res}9
                {txt}e(tss) =  {res}4093.585438754607
         {txt}e(tss_within) =  {res}3903.345438262281
                {txt}e(rss) =  {res}3423.816836177885
                {txt}e(mss) =  {res}669.7686025767216
               {txt}e(rmse) =  {res}.1615701693028191
                  {txt}e(F) =  {res}30.86255105823664
                 {txt}e(ll) =  {res}53071.27354891169
               {txt}e(ll_0) =  {res}44468.16383936822
                 {txt}e(r2) =  {res}.1636141745658753
          {txt}e(r2_within) =  {res}.1228506699365752
               {txt}e(r2_a) =  {res}.1629127011998246
        {txt}e(r2_a_within) =  {res}.1227904794460862
         {txt}e(sumweights) =  {res}131267
                 {txt}e(ic) =  {res}1
          {txt}e(converged) =  {res}1
    {txt}e(report_constant) =  {res}1
             {txt}e(N_full) =  {res}131280
     {txt}e(num_singletons) =  {res}13
    {txt}e(drop_singletons) =  {res}1
        {txt}e(df_a_nested) =  {res}0
     {txt}e(df_a_redundant) =  {res}0
       {txt}e(df_a_initial) =  {res}102
               {txt}e(df_a) =  {res}102
    {txt}e(N_hdfe_extended) =  {res}1
             {txt}e(N_hdfe) =  {res}1
           {txt}e(N_clust1) =  {res}1262
      {txt}e(N_clustervars) =  {res}1
            {txt}e(N_clust) =  {res}1262

{txt}macros:
   e(extended_absvars) : "{res}sic3_num{txt}"
            e(absvars) : "{res}sic3_num{txt}"
             e(title2) : "{res}Absorbing 1 HDFE group{txt}"
          e(dofmethod) : "{res}pairwise clusters continuous{txt}"
                e(vce) : "{res}cluster{txt}"
            e(vcetype) : "{res}Robust{txt}"
              e(title) : "{res}HDFE Linear regression{txt}"
          e(indepvars) : "{res}post fasb_sim policy_comp bm_diff_w size_diff_w same_aud complexity_diff both_foreign age_diff_w _cons{txt}"
             e(depvar) : "{res}rev_compV3{txt}"
       e(marginsnotok) : "{res}Residuals SCore{txt}"
           e(footnote) : "{res}reghdfe_footnote{txt}"
          e(estat_cmd) : "{res}reghdfe_estat{txt}"
            e(predict) : "{res}reghdfe_p{txt}"
              e(model) : "{res}ols{txt}"
            e(cmdline) : "{res}reghdfe rev_compV3 post fasb_sim policy_comp bm_diff_w size_diff_w same_aud complexity_diff both_foreign age_diff_w if score3_median == 1 & datadate_year != 2022 & diff_sic3 == 0, a{txt}.."
                e(cmd) : "{res}reghdfe{txt}"
           e(clustvar) : "{res}cik{txt}"
             e(title3) : "{res}Statistics robust to heteroskedasticity{txt}"
          e(clustvar1) : "{res}cik{txt}"
         e(properties) : "{res}b V{txt}"

matrices:
                  e(b) : {res} 1 x 10
                  {txt}e(V) : {res} 10 x 10
          {txt}e(dof_table) : {res} 1 x 5

{txt}functions:
             e(sample)   

{com}.         gen byte used=e(sample)
{txt}
{com}.                                         
.         **T4 Panel C
.         gen postXindguide = post*ind_guide2both
{txt}
{com}. 
.         xi: reghdfe rev_compV3 ind_guide2both postXindguide post score3 postXscore3 fasb_cent postXfasb_cent $center $postXcenter if diff_sic3 == 0 & datadate_year != 2022, cluster (cik)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   264,815
{txt}Absorbing 1 HDFE group{col 51}F({res}  21{txt},{res}   1993{txt}){col 67}= {res}     44.02
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1756
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1755
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1756
{txt}{col 1}Number of clusters ({res}cik{txt}) {col 30}= {res}     1,994{txt}{col 51}Root MSE{col 67}= {res}    0.1535

{txt}{ralign 87:(Std. err. adjusted for {res:1,994} clusters in {res:cik})}
{hline 22}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 23}{c |}{col 35}    Robust
{col 1}           rev_compV3{col 23}{c |} Coefficient{col 35}  std. err.{col 47}      t{col 55}   P>|t|{col 63}     [95% con{col 76}f. interval]
{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}ind_guide2both {c |}{col 23}{res}{space 2} .1010179{col 35}{space 2} .0099048{col 46}{space 1}   10.20{col 55}{space 3}0.000{col 63}{space 4}  .081593{col 76}{space 3} .1204428
{txt}{space 8}postXindguide {c |}{col 23}{res}{space 2}-.0253924{col 35}{space 2} .0114466{col 46}{space 1}   -2.22{col 55}{space 3}0.027{col 63}{space 4}-.0478409{col 76}{space 3}-.0029439
{txt}{space 17}post {c |}{col 23}{res}{space 2}-.0205125{col 35}{space 2} .0095907{col 46}{space 1}   -2.14{col 55}{space 3}0.033{col 63}{space 4}-.0393214{col 76}{space 3}-.0017036
{txt}{space 15}score3 {c |}{col 23}{res}{space 2} .5277015{col 35}{space 2} .0512685{col 46}{space 1}   10.29{col 55}{space 3}0.000{col 63}{space 4}  .427156{col 76}{space 3}  .628247
{txt}{space 10}postXscore3 {c |}{col 23}{res}{space 2}-.2940179{col 35}{space 2} .0548228{col 46}{space 1}   -5.36{col 55}{space 3}0.000{col 63}{space 4} -.401534{col 76}{space 3}-.1865018
{txt}{space 12}fasb_cent {c |}{col 23}{res}{space 2} 1.297108{col 35}{space 2} .1640718{col 46}{space 1}    7.91{col 55}{space 3}0.000{col 63}{space 4} .9753373{col 76}{space 3} 1.618878
{txt}{space 7}postXfasb_cent {c |}{col 23}{res}{space 2}-.6024811{col 35}{space 2}  .173356{col 46}{space 1}   -3.48{col 55}{space 3}0.001{col 63}{space 4} -.942459{col 76}{space 3}-.2625031
{txt}{space 10}policy_cent {c |}{col 23}{res}{space 2}  .175998{col 35}{space 2} .0210143{col 46}{space 1}    8.38{col 55}{space 3}0.000{col 63}{space 4} .1347856{col 76}{space 3} .2172103
{txt}{space 14}bm_cent {c |}{col 23}{res}{space 2} .0074853{col 35}{space 2} .0010771{col 46}{space 1}    6.95{col 55}{space 3}0.000{col 63}{space 4} .0053729{col 76}{space 3} .0095977
{txt}{space 12}size_cent {c |}{col 23}{res}{space 2}-.0074948{col 35}{space 2} .0019677{col 46}{space 1}   -3.81{col 55}{space 3}0.000{col 63}{space 4}-.0113538{col 76}{space 3}-.0036358
{txt}{space 9}sameaud_cent {c |}{col 23}{res}{space 2}  .017513{col 35}{space 2} .0049774{col 46}{space 1}    3.52{col 55}{space 3}0.000{col 63}{space 4} .0077515{col 76}{space 3} .0272745
{txt}{space 9}complex_cent {c |}{col 23}{res}{space 2}-.0037589{col 35}{space 2} .0009307{col 46}{space 1}   -4.04{col 55}{space 3}0.000{col 63}{space 4}-.0055842{col 76}{space 3}-.0019337
{txt}{space 5}bothforeign_cent {c |}{col 23}{res}{space 2} .0116163{col 35}{space 2} .0037878{col 46}{space 1}    3.07{col 55}{space 3}0.002{col 63}{space 4} .0041879{col 76}{space 3} .0190447
{txt}{space 9}agediff_cent {c |}{col 23}{res}{space 2}-.0001561{col 35}{space 2} .0003339{col 46}{space 1}   -0.47{col 55}{space 3}0.640{col 63}{space 4} -.000811{col 76}{space 3} .0004988
{txt}{space 5}postXpolicy_cent {c |}{col 23}{res}{space 2}-.0076465{col 35}{space 2} .0252514{col 46}{space 1}   -0.30{col 55}{space 3}0.762{col 63}{space 4}-.0571686{col 76}{space 3} .0418755
{txt}{space 9}postXbm_cent {c |}{col 23}{res}{space 2}-.0080388{col 35}{space 2} .0013256{col 46}{space 1}   -6.06{col 55}{space 3}0.000{col 63}{space 4}-.0106386{col 76}{space 3} -.005439
{txt}{space 7}postXsize_cent {c |}{col 23}{res}{space 2}  .005633{col 35}{space 2} .0019752{col 46}{space 1}    2.85{col 55}{space 3}0.004{col 63}{space 4} .0017594{col 76}{space 3} .0095067
{txt}{space 4}postXsameaud_cent {c |}{col 23}{res}{space 2} .0022816{col 35}{space 2}  .005253{col 46}{space 1}    0.43{col 55}{space 3}0.664{col 63}{space 4}-.0080205{col 76}{space 3} .0125836
{txt}{space 4}postXcomplex_cent {c |}{col 23}{res}{space 2} .0028972{col 35}{space 2} .0010034{col 46}{space 1}    2.89{col 55}{space 3}0.004{col 63}{space 4} .0009294{col 76}{space 3} .0048651
{txt}postXbothforeign_cent {c |}{col 23}{res}{space 2}-.0042838{col 35}{space 2} .0040106{col 46}{space 1}   -1.07{col 55}{space 3}0.286{col 63}{space 4}-.0121492{col 76}{space 3} .0035816
{txt}{space 4}postXagediff_cent {c |}{col 23}{res}{space 2} .0000559{col 35}{space 2} .0003627{col 46}{space 1}    0.15{col 55}{space 3}0.877{col 63}{space 4}-.0006555{col 76}{space 3} .0007673
{txt}{space 16}_cons {c |}{col 23}{res}{space 2} .2891997{col 35}{space 2} .0079507{col 46}{space 1}   36.37{col 55}{space 3}0.000{col 63}{space 4} .2736071{col 76}{space 3} .3047923
{txt}{hline 22}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}.         xi: reghdfe rev_compV3 ind_guide2both postXindguide post fasb_cent postXfasb_cent $center $postXcenter if diff_sic3 == 0 & datadate_year != 2022 & score3_median == 1 & used == 1, cluster (cik)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   131,267
{txt}Absorbing 1 HDFE group{col 51}F({res}  19{txt},{res}   1261{txt}){col 67}= {res}     21.01
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1419
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1418
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1419
{txt}{col 1}Number of clusters ({res}cik{txt}) {col 30}= {res}     1,262{txt}{col 51}Root MSE{col 67}= {res}    0.1636

{txt}{ralign 87:(Std. err. adjusted for {res:1,262} clusters in {res:cik})}
{hline 22}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 23}{c |}{col 35}    Robust
{col 1}           rev_compV3{col 23}{c |} Coefficient{col 35}  std. err.{col 47}      t{col 55}   P>|t|{col 63}     [95% con{col 76}f. interval]
{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}ind_guide2both {c |}{col 23}{res}{space 2} .1192269{col 35}{space 2} .0171533{col 46}{space 1}    6.95{col 55}{space 3}0.000{col 63}{space 4} .0855748{col 76}{space 3} .1528789
{txt}{space 8}postXindguide {c |}{col 23}{res}{space 2}-.0431557{col 35}{space 2} .0183967{col 46}{space 1}   -2.35{col 55}{space 3}0.019{col 63}{space 4}-.0792472{col 76}{space 3}-.0070642
{txt}{space 17}post {c |}{col 23}{res}{space 2}-.0586221{col 35}{space 2}  .015549{col 46}{space 1}   -3.77{col 55}{space 3}0.000{col 63}{space 4}-.0891269{col 76}{space 3}-.0281174
{txt}{space 12}fasb_cent {c |}{col 23}{res}{space 2} 1.495656{col 35}{space 2}   .29083{col 46}{space 1}    5.14{col 55}{space 3}0.000{col 63}{space 4}  .925092{col 76}{space 3}  2.06622
{txt}{space 7}postXfasb_cent {c |}{col 23}{res}{space 2}-.7519427{col 35}{space 2} .2972759{col 46}{space 1}   -2.53{col 55}{space 3}0.012{col 63}{space 4}-1.335153{col 76}{space 3} -.168733
{txt}{space 10}policy_cent {c |}{col 23}{res}{space 2} .1828124{col 35}{space 2} .0344316{col 46}{space 1}    5.31{col 55}{space 3}0.000{col 63}{space 4} .1152629{col 76}{space 3} .2503619
{txt}{space 14}bm_cent {c |}{col 23}{res}{space 2} .0097126{col 35}{space 2} .0014178{col 46}{space 1}    6.85{col 55}{space 3}0.000{col 63}{space 4} .0069311{col 76}{space 3} .0124942
{txt}{space 12}size_cent {c |}{col 23}{res}{space 2}-.0099205{col 35}{space 2} .0033954{col 46}{space 1}   -2.92{col 55}{space 3}0.004{col 63}{space 4}-.0165816{col 76}{space 3}-.0032593
{txt}{space 9}sameaud_cent {c |}{col 23}{res}{space 2} .0285026{col 35}{space 2} .0079284{col 46}{space 1}    3.60{col 55}{space 3}0.000{col 63}{space 4} .0129483{col 76}{space 3} .0440569
{txt}{space 9}complex_cent {c |}{col 23}{res}{space 2} -.009813{col 35}{space 2} .0016931{col 46}{space 1}   -5.80{col 55}{space 3}0.000{col 63}{space 4}-.0131345{col 76}{space 3}-.0064915
{txt}{space 5}bothforeign_cent {c |}{col 23}{res}{space 2} .0171181{col 35}{space 2} .0059418{col 46}{space 1}    2.88{col 55}{space 3}0.004{col 63}{space 4} .0054612{col 76}{space 3} .0287751
{txt}{space 9}agediff_cent {c |}{col 23}{res}{space 2}-.0013118{col 35}{space 2} .0004453{col 46}{space 1}   -2.95{col 55}{space 3}0.003{col 63}{space 4}-.0021854{col 76}{space 3}-.0004382
{txt}{space 5}postXpolicy_cent {c |}{col 23}{res}{space 2}   .00842{col 35}{space 2} .0382416{col 46}{space 1}    0.22{col 55}{space 3}0.826{col 63}{space 4}-.0666041{col 76}{space 3} .0834441
{txt}{space 9}postXbm_cent {c |}{col 23}{res}{space 2}-.0097957{col 35}{space 2} .0018982{col 46}{space 1}   -5.16{col 55}{space 3}0.000{col 63}{space 4}-.0135196{col 76}{space 3}-.0060717
{txt}{space 7}postXsize_cent {c |}{col 23}{res}{space 2} .0105619{col 35}{space 2} .0034006{col 46}{space 1}    3.11{col 55}{space 3}0.002{col 63}{space 4} .0038905{col 76}{space 3} .0172333
{txt}{space 4}postXsameaud_cent {c |}{col 23}{res}{space 2}-.0030874{col 35}{space 2} .0079976{col 46}{space 1}   -0.39{col 55}{space 3}0.700{col 63}{space 4}-.0187776{col 76}{space 3} .0126027
{txt}{space 4}postXcomplex_cent {c |}{col 23}{res}{space 2} .0088133{col 35}{space 2} .0018044{col 46}{space 1}    4.88{col 55}{space 3}0.000{col 63}{space 4} .0052732{col 76}{space 3} .0123533
{txt}postXbothforeign_cent {c |}{col 23}{res}{space 2}-.0087021{col 35}{space 2} .0060593{col 46}{space 1}   -1.44{col 55}{space 3}0.151{col 63}{space 4}-.0205895{col 76}{space 3} .0031853
{txt}{space 4}postXagediff_cent {c |}{col 23}{res}{space 2}  .000745{col 35}{space 2} .0005164{col 46}{space 1}    1.44{col 55}{space 3}0.149{col 63}{space 4}-.0002682{col 76}{space 3} .0017582
{txt}{space 16}_cons {c |}{col 23}{res}{space 2} .3546102{col 35}{space 2} .0138425{col 46}{space 1}   25.62{col 55}{space 3}0.000{col 63}{space 4} .3274533{col 76}{space 3} .3817671
{txt}{hline 22}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}.                         
. **************************************
. **TABLE 5
. **************************************/
. 
.                 *T5 Panel A
.                 regress DKV_revcf_q8_w post $cont if diff_sic3 == 1 & sum_post != 1, vce(cluster cik)

{txt}Linear regression                               Number of obs     = {res}   103,856
                                                {txt}F(8, 1837)        =  {res}    48.48
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.1084
                                                {txt}Root MSE          =    {res} 26.219

{txt}{ralign 81:(Std. err. adjusted for {res:1,838} clusters in {res:cik})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1} DKV_revcf_q8_w{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      t{col 49}   P>|t|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 11}post {c |}{col 17}{res}{space 2} 4.151937{col 29}{space 2} .8236733{col 40}{space 1}    5.04{col 49}{space 3}0.000{col 57}{space 4} 2.536503{col 70}{space 3} 5.767372
{txt}{space 4}policy_comp {c |}{col 17}{res}{space 2} 13.08736{col 29}{space 2} 3.599123{col 40}{space 1}    3.64{col 49}{space 3}0.000{col 57}{space 4} 6.028555{col 70}{space 3} 20.14616
{txt}{space 6}bm_diff_w {c |}{col 17}{res}{space 2}-7.414158{col 29}{space 2} .5016961{col 40}{space 1}  -14.78{col 49}{space 3}0.000{col 57}{space 4}-8.398113{col 70}{space 3}-6.430203
{txt}{space 4}size_diff_w {c |}{col 17}{res}{space 2}-.9799236{col 29}{space 2} .3594968{col 40}{space 1}   -2.73{col 49}{space 3}0.006{col 57}{space 4}-1.684989{col 70}{space 3}-.2748582
{txt}{space 7}same_aud {c |}{col 17}{res}{space 2}-.2578492{col 29}{space 2} .5561277{col 40}{space 1}   -0.46{col 49}{space 3}0.643{col 57}{space 4}-1.348558{col 70}{space 3} .8328598
{txt}complexity_diff {c |}{col 17}{res}{space 2}-.7211791{col 29}{space 2} .1171704{col 40}{space 1}   -6.15{col 49}{space 3}0.000{col 57}{space 4}-.9509803{col 70}{space 3} -.491378
{txt}{space 3}both_foreign {c |}{col 17}{res}{space 2} 1.605252{col 29}{space 2} .7186712{col 40}{space 1}    2.23{col 49}{space 3}0.026{col 57}{space 4} .1957532{col 70}{space 3}  3.01475
{txt}{space 5}age_diff_w {c |}{col 17}{res}{space 2}-.0223534{col 29}{space 2} .0356277{col 40}{space 1}   -0.63{col 49}{space 3}0.530{col 57}{space 4}-.0922284{col 70}{space 3} .0475216
{txt}{space 10}_cons {c |}{col 17}{res}{space 2}-17.14242{col 29}{space 2} 1.972343{col 40}{space 1}   -8.69{col 49}{space 3}0.000{col 57}{space 4}-21.01069{col 70}{space 3}-13.27415
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}.                 regress DKV_revcf_q12_w post $cont if diff_sic3 == 1 & sum_post != 1 & sum_post != 2, vce(cluster cik)

{txt}Linear regression                               Number of obs     = {res}    73,259
                                                {txt}F(8, 1701)        =  {res}    32.66
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.1072
                                                {txt}Root MSE          =    {res} 26.703

{txt}{ralign 81:(Std. err. adjusted for {res:1,702} clusters in {res:cik})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}DKV_revcf_q12_w{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      t{col 49}   P>|t|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 11}post {c |}{col 17}{res}{space 2}  3.01811{col 29}{space 2} 1.052981{col 40}{space 1}    2.87{col 49}{space 3}0.004{col 57}{space 4} .9528368{col 70}{space 3} 5.083384
{txt}{space 4}policy_comp {c |}{col 17}{res}{space 2} 12.49476{col 29}{space 2} 4.226915{col 40}{space 1}    2.96{col 49}{space 3}0.003{col 57}{space 4} 4.204256{col 70}{space 3} 20.78526
{txt}{space 6}bm_diff_w {c |}{col 17}{res}{space 2} -8.70124{col 29}{space 2}  .736476{col 40}{space 1}  -11.81{col 49}{space 3}0.000{col 57}{space 4}-10.14573{col 70}{space 3}-7.256746
{txt}{space 4}size_diff_w {c |}{col 17}{res}{space 2} -1.23424{col 29}{space 2} .4933742{col 40}{space 1}   -2.50{col 49}{space 3}0.012{col 57}{space 4}-2.201925{col 70}{space 3}-.2665561
{txt}{space 7}same_aud {c |}{col 17}{res}{space 2}-.5752121{col 29}{space 2} .6012955{col 40}{space 1}   -0.96{col 49}{space 3}0.339{col 57}{space 4}-1.754569{col 70}{space 3} .6041445
{txt}complexity_diff {c |}{col 17}{res}{space 2} -.591933{col 29}{space 2} .1246975{col 40}{space 1}   -4.75{col 49}{space 3}0.000{col 57}{space 4}-.8365096{col 70}{space 3}-.3473564
{txt}{space 3}both_foreign {c |}{col 17}{res}{space 2} 2.049282{col 29}{space 2} .8773967{col 40}{space 1}    2.34{col 49}{space 3}0.020{col 57}{space 4}  .328392{col 70}{space 3} 3.770173
{txt}{space 5}age_diff_w {c |}{col 17}{res}{space 2}-.0260859{col 29}{space 2} .0360656{col 40}{space 1}   -0.72{col 49}{space 3}0.470{col 57}{space 4}-.0968236{col 70}{space 3} .0446518
{txt}{space 10}_cons {c |}{col 17}{res}{space 2}-16.15924{col 29}{space 2} 2.291984{col 40}{space 1}   -7.05{col 49}{space 3}0.000{col 57}{space 4}-20.65465{col 70}{space 3}-11.66384
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}.                 
.                 *T5 Panel B
.                 xi: reghdfe DKV_revcf_q8_w post $cont if diff_sic3 == 0 & sum_post != 1, absorb(sic3_num) cluster (cik)
{res}{txt}(dropped 3 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   166,015
{txt}Absorbing 1 HDFE group{col 51}F({res}   8{txt},{res}   1542{txt}){col 67}= {res}     28.94
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3020
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3015
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0646
{txt}{col 1}Number of clusters ({res}cik{txt}) {col 30}= {res}     1,543{txt}{col 51}Root MSE{col 67}= {res}    9.2368

{txt}{ralign 81:(Std. err. adjusted for {res:1,543} clusters in {res:cik})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1} DKV_revcf_q8_w{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      t{col 49}   P>|t|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 11}post {c |}{col 17}{res}{space 2} -.941613{col 29}{space 2} .2845125{col 40}{space 1}   -3.31{col 49}{space 3}0.001{col 57}{space 4}-1.499685{col 70}{space 3}-.3835407
{txt}{space 4}policy_comp {c |}{col 17}{res}{space 2} .1895608{col 29}{space 2} .7832128{col 40}{space 1}    0.24{col 49}{space 3}0.809{col 57}{space 4}-1.346714{col 70}{space 3} 1.725835
{txt}{space 6}bm_diff_w {c |}{col 17}{res}{space 2}-4.501359{col 29}{space 2} .3906088{col 40}{space 1}  -11.52{col 49}{space 3}0.000{col 57}{space 4}-5.267539{col 70}{space 3}-3.735178
{txt}{space 4}size_diff_w {c |}{col 17}{res}{space 2}-.4631178{col 29}{space 2} .0596025{col 40}{space 1}   -7.77{col 49}{space 3}0.000{col 57}{space 4}-.5800283{col 70}{space 3}-.3462073
{txt}{space 7}same_aud {c |}{col 17}{res}{space 2} .7018677{col 29}{space 2}  .158404{col 40}{space 1}    4.43{col 49}{space 3}0.000{col 57}{space 4} .3911577{col 70}{space 3} 1.012578
{txt}complexity_diff {c |}{col 17}{res}{space 2}-.0883441{col 29}{space 2} .0310463{col 40}{space 1}   -2.85{col 49}{space 3}0.004{col 57}{space 4}-.1492415{col 70}{space 3}-.0274466
{txt}{space 3}both_foreign {c |}{col 17}{res}{space 2} .0132052{col 29}{space 2} .1312521{col 40}{space 1}    0.10{col 49}{space 3}0.920{col 57}{space 4}-.2442462{col 70}{space 3} .2706567
{txt}{space 5}age_diff_w {c |}{col 17}{res}{space 2} .0066607{col 29}{space 2} .0089833{col 40}{space 1}    0.74{col 49}{space 3}0.459{col 57}{space 4}-.0109601{col 70}{space 3} .0242815
{txt}{space 10}_cons {c |}{col 17}{res}{space 2}-3.254937{col 29}{space 2} .3329852{col 40}{space 1}   -9.78{col 49}{space 3}0.000{col 57}{space 4}-3.908088{col 70}{space 3}-2.601785
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    sic3_num{col 14}{c |}{space 1}      117{col 27}{space 1}        0{col 39}{result}{space 1}      117{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}
{com}.                 xi: reghdfe DKV_revcf_q12_w post $cont if diff_sic3 == 0 & sum_post != 1 & sum_post != 2, absorb(sic3_num) cluster (cik)
{res}{txt}(dropped 4 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   120,789
{txt}Absorbing 1 HDFE group{col 51}F({res}   8{txt},{res}   1434{txt}){col 67}= {res}     21.10
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3133
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3126
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0508
{txt}{col 1}Number of clusters ({res}cik{txt}) {col 30}= {res}     1,435{txt}{col 51}Root MSE{col 67}= {res}    8.9839

{txt}{ralign 81:(Std. err. adjusted for {res:1,435} clusters in {res:cik})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}    Robust
{col 1}DKV_revcf_q12_w{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      t{col 49}   P>|t|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 11}post {c |}{col 17}{res}{space 2}-.9129314{col 29}{space 2} .3193856{col 40}{space 1}   -2.86{col 49}{space 3}0.004{col 57}{space 4}-1.539445{col 70}{space 3}-.2864183
{txt}{space 4}policy_comp {c |}{col 17}{res}{space 2} .6786362{col 29}{space 2}  .817725{col 40}{space 1}    0.83{col 49}{space 3}0.407{col 57}{space 4}-.9254292{col 70}{space 3} 2.282702
{txt}{space 6}bm_diff_w {c |}{col 17}{res}{space 2}-3.928731{col 29}{space 2} .3912925{col 40}{space 1}  -10.04{col 49}{space 3}0.000{col 57}{space 4}-4.696298{col 70}{space 3}-3.161164
{txt}{space 4}size_diff_w {c |}{col 17}{res}{space 2}-.4798752{col 29}{space 2} .0655035{col 40}{space 1}   -7.33{col 49}{space 3}0.000{col 57}{space 4}-.6083683{col 70}{space 3}-.3513822
{txt}{space 7}same_aud {c |}{col 17}{res}{space 2} .5949998{col 29}{space 2} .1577419{col 40}{space 1}    3.77{col 49}{space 3}0.000{col 57}{space 4} .2855702{col 70}{space 3} .9044294
{txt}complexity_diff {c |}{col 17}{res}{space 2}-.0616329{col 29}{space 2} .0313839{col 40}{space 1}   -1.96{col 49}{space 3}0.050{col 57}{space 4}-.1231962{col 70}{space 3}-.0000696
{txt}{space 3}both_foreign {c |}{col 17}{res}{space 2}-.1673127{col 29}{space 2}  .132135{col 40}{space 1}   -1.27{col 49}{space 3}0.206{col 57}{space 4}-.4265113{col 70}{space 3} .0918859
{txt}{space 5}age_diff_w {c |}{col 17}{res}{space 2}  .004348{col 29}{space 2} .0092085{col 40}{space 1}    0.47{col 49}{space 3}0.637{col 57}{space 4}-.0137156{col 70}{space 3} .0224117
{txt}{space 10}_cons {c |}{col 17}{res}{space 2}-3.408121{col 29}{space 2} .3556731{col 40}{space 1}   -9.58{col 49}{space 3}0.000{col 57}{space 4}-4.105817{col 70}{space 3}-2.710426
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    sic3_num{col 14}{c |}{space 1}      111{col 27}{space 1}        0{col 39}{result}{space 1}      111{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}
{com}.                         
. **************************************
. **FIGURES
. **************************************/
. * Figure 1
.         reghdfe rev_compV3 c.score3##i.post c.(fasb_sim $cont)##i.post if diff_sic3==1 & datadate_year!=2022, noabsorb vce(cluster cik)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   223,730
{txt}Absorbing 1 HDFE group{col 51}F({res}  19{txt},{res}   2427{txt}){col 67}= {res}    129.48
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2573
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2572
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2573
{txt}{col 1}Number of clusters ({res}cik{txt}) {col 30}= {res}     2,428{txt}{col 51}Root MSE{col 67}= {res}    0.1204

{txt}{ralign 88:(Std. err. adjusted for {res:2,428} clusters in {res:cik})}
{hline 23}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 24}{c |}{col 36}    Robust
{col 1}            rev_compV3{col 24}{c |} Coefficient{col 36}  std. err.{col 48}      t{col 56}   P>|t|{col 64}     [95% con{col 77}f. interval]
{hline 23}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}score3 {c |}{col 24}{res}{space 2} .5897686{col 36}{space 2}  .063363{col 47}{space 1}    9.31{col 56}{space 3}0.000{col 64}{space 4} .4655175{col 77}{space 3} .7140197
{txt}{space 16}1.post {c |}{col 24}{res}{space 2}  .027447{col 36}{space 2} .0108481{col 47}{space 1}    2.53{col 56}{space 3}0.011{col 64}{space 4} .0061746{col 77}{space 3} .0487194
{txt}{space 22} {c |}
{space 9}post#c.score3 {c |}
{space 20}1  {c |}{col 24}{res}{space 2} .2576077{col 36}{space 2} .0644555{col 47}{space 1}    4.00{col 56}{space 3}0.000{col 64}{space 4} .1312143{col 77}{space 3} .3840012
{txt}{space 22} {c |}
{space 14}fasb_sim {c |}{col 24}{res}{space 2} .9494737{col 36}{space 2} .1148469{col 47}{space 1}    8.27{col 56}{space 3}0.000{col 64}{space 4} .7242656{col 77}{space 3} 1.174682
{txt}{space 11}policy_comp {c |}{col 24}{res}{space 2} .1970781{col 36}{space 2} .0147035{col 47}{space 1}   13.40{col 56}{space 3}0.000{col 64}{space 4} .1682455{col 77}{space 3} .2259108
{txt}{space 13}bm_diff_w {c |}{col 24}{res}{space 2}-.0015956{col 36}{space 2} .0003652{col 47}{space 1}   -4.37{col 56}{space 3}0.000{col 64}{space 4}-.0023117{col 77}{space 3}-.0008794
{txt}{space 11}size_diff_w {c |}{col 24}{res}{space 2}-.0005208{col 36}{space 2} .0009201{col 47}{space 1}   -0.57{col 56}{space 3}0.571{col 64}{space 4} -.002325{col 77}{space 3} .0012834
{txt}{space 14}same_aud {c |}{col 24}{res}{space 2} .0087527{col 36}{space 2} .0027388{col 47}{space 1}    3.20{col 56}{space 3}0.001{col 64}{space 4}  .003382{col 77}{space 3} .0141233
{txt}{space 7}complexity_diff {c |}{col 24}{res}{space 2} -.000448{col 36}{space 2} .0003849{col 47}{space 1}   -1.16{col 56}{space 3}0.244{col 64}{space 4}-.0012027{col 77}{space 3} .0003067
{txt}{space 10}both_foreign {c |}{col 24}{res}{space 2} .0154607{col 36}{space 2} .0031291{col 47}{space 1}    4.94{col 56}{space 3}0.000{col 64}{space 4} .0093248{col 77}{space 3} .0215966
{txt}{space 12}age_diff_w {c |}{col 24}{res}{space 2} .0004664{col 36}{space 2} .0001656{col 47}{space 1}    2.82{col 56}{space 3}0.005{col 64}{space 4} .0001417{col 77}{space 3}  .000791
{txt}{space 22} {c |}
{space 7}post#c.fasb_sim {c |}
{space 20}1  {c |}{col 24}{res}{space 2}-.3459022{col 36}{space 2}  .112764{col 47}{space 1}   -3.07{col 56}{space 3}0.002{col 64}{space 4}-.5670259{col 77}{space 3}-.1247785
{txt}{space 22} {c |}
{space 4}post#c.policy_comp {c |}
{space 20}1  {c |}{col 24}{res}{space 2} .0149667{col 36}{space 2} .0153296{col 47}{space 1}    0.98{col 56}{space 3}0.329{col 64}{space 4}-.0150938{col 77}{space 3} .0450272
{txt}{space 22} {c |}
{space 6}post#c.bm_diff_w {c |}
{space 20}1  {c |}{col 24}{res}{space 2}-.0026993{col 36}{space 2} .0005001{col 47}{space 1}   -5.40{col 56}{space 3}0.000{col 64}{space 4}-.0036801{col 77}{space 3}-.0017186
{txt}{space 22} {c |}
{space 4}post#c.size_diff_w {c |}
{space 20}1  {c |}{col 24}{res}{space 2} -.000354{col 36}{space 2} .0009881{col 47}{space 1}   -0.36{col 56}{space 3}0.720{col 64}{space 4}-.0022915{col 77}{space 3} .0015836
{txt}{space 22} {c |}
{space 7}post#c.same_aud {c |}
{space 20}1  {c |}{col 24}{res}{space 2}-.0036801{col 36}{space 2} .0024579{col 47}{space 1}   -1.50{col 56}{space 3}0.134{col 64}{space 4}   -.0085{col 77}{space 3} .0011398
{txt}{space 22} {c |}
post#c.complexity_diff {c |}
{space 20}1  {c |}{col 24}{res}{space 2} .0001436{col 36}{space 2} .0004596{col 47}{space 1}    0.31{col 56}{space 3}0.755{col 64}{space 4}-.0007577{col 77}{space 3} .0010448
{txt}{space 22} {c |}
{space 3}post#c.both_foreign {c |}
{space 20}1  {c |}{col 24}{res}{space 2} .0177822{col 36}{space 2} .0036676{col 47}{space 1}    4.85{col 56}{space 3}0.000{col 64}{space 4} .0105903{col 77}{space 3} .0249742
{txt}{space 22} {c |}
{space 5}post#c.age_diff_w {c |}
{space 20}1  {c |}{col 24}{res}{space 2}-.0002611{col 36}{space 2}  .000166{col 47}{space 1}   -1.57{col 56}{space 3}0.116{col 64}{space 4}-.0005866{col 77}{space 3} .0000645
{txt}{space 22} {c |}
{space 17}_cons {c |}{col 24}{res}{space 2} .0109649{col 36}{space 2} .0093993{col 47}{space 1}    1.17{col 56}{space 3}0.244{col 64}{space 4}-.0074667{col 77}{space 3} .0293964
{txt}{hline 23}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}.         
.         * H: change in slope post
. test 1.post#c.score3

{p 0 7}{space 1}{text:( 1)}{space 1} {res}1.post#c.score3 = 0{p_end}

{txt}       F(  1,  2427) ={res}   15.97
{txt}{col 13}Prob > F ={res}    0.0001
{txt}
{com}. 
. * Report pre and post slopes with SEs
. margins post, dydx(score3)
{res}
{txt}{col 1}Average marginal effects{col 56}{lalign 13:Number of obs}{col 69} = {res}{ralign 7:223,730}
{txt}{col 1}Model VCE: {res:Robust}

{txt}{p2colset 1 13 13 2}{...}
{p2col:Expression:}{res:Linear prediction, predict()}{p_end}
{p2col:dy/dx wrt:}{res:score3}{p_end}
{p2colreset}{...}

{res}{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26} Delta-method
{col 14}{c |}      dy/dx{col 26}   std. err.{col 38}      z{col 46}   P>|z|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}score3       {txt}{c |}
{space 8}post {c |}
{space 10}0  {c |}{col 14}{res}{space 2} .5897686{col 26}{space 2}  .063363{col 37}{space 1}    9.31{col 46}{space 3}0.000{col 54}{space 4} .4655795{col 67}{space 3} .7139577
{txt}{space 10}1  {c |}{col 14}{res}{space 2} .8473763{col 26}{space 2} .0561162{col 37}{space 1}   15.10{col 46}{space 3}0.000{col 54}{space 4} .7373906{col 67}{space 3}  .957362
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}.         
.         **plot slopes
.         
.         * Predicted lines over the observed ProdSim range
. quietly summarize score3 if e(sample)
{txt}
{com}. local lo = r(min)
{txt}
{com}. local hi = r(max)
{txt}
{com}. local step = (`hi' - `lo')/6  
{txt}
{com}. 
. margins post, at(score3 = (`lo'(`step')`hi'))
{res}
{txt}{col 1}Predictive margins{col 56}{lalign 13:Number of obs}{col 69} = {res}{ralign 7:223,730}
{txt}{col 1}Model VCE: {res:Robust}

{txt}{p2colset 1 13 13 2}{...}
{p2col:Expression:}{res:Linear prediction, predict()}{p_end}
{p2colreset}{...}
{lalign 7:1._at: }{space 0}{lalign 6:score3} = {res:{ralign 8:0}}
{lalign 7:2._at: }{space 0}{lalign 6:score3} = {res:{ralign 8:.1418667}}
{lalign 7:3._at: }{space 0}{lalign 6:score3} = {res:{ralign 8:.2837333}}
{lalign 7:4._at: }{space 0}{lalign 6:score3} = {res:{ralign 8:.4256}}
{lalign 7:5._at: }{space 0}{lalign 6:score3} = {res:{ralign 8:.5674667}}
{lalign 7:6._at: }{space 0}{lalign 6:score3} = {res:{ralign 8:.7093333}}
{lalign 7:7._at: }{space 0}{lalign 6:score3} = {res:{ralign 8:.8512}}

{res}{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26} Delta-method
{col 14}{c |}     Margin{col 26}   std. err.{col 38}      z{col 46}   P>|z|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}_at#post {c |}
{space 8}1 0  {c |}{col 14}{res}{space 2} .2039112{col 26}{space 2} .0051495{col 37}{space 1}   39.60{col 46}{space 3}0.000{col 54}{space 4} .1938184{col 67}{space 3}  .214004
{txt}{space 8}1 1  {c |}{col 14}{res}{space 2} .2008182{col 26}{space 2} .0029126{col 37}{space 1}   68.95{col 46}{space 3}0.000{col 54}{space 4} .1951096{col 67}{space 3} .2065268
{txt}{space 8}2 0  {c |}{col 14}{res}{space 2} .2875797{col 26}{space 2} .0090425{col 37}{space 1}   31.80{col 46}{space 3}0.000{col 54}{space 4} .2698568{col 67}{space 3} .3053027
{txt}{space 8}2 1  {c |}{col 14}{res}{space 2} .3210327{col 26}{space 2} .0073479{col 37}{space 1}   43.69{col 46}{space 3}0.000{col 54}{space 4} .3066311{col 67}{space 3} .3354343
{txt}{space 8}3 0  {c |}{col 14}{res}{space 2} .3712483{col 26}{space 2} .0172807{col 37}{space 1}   21.48{col 46}{space 3}0.000{col 54}{space 4} .3373786{col 67}{space 3} .4051179
{txt}{space 8}3 1  {c |}{col 14}{res}{space 2} .4412471{col 26}{space 2} .0150418{col 37}{space 1}   29.33{col 46}{space 3}0.000{col 54}{space 4} .4117658{col 67}{space 3} .4707285
{txt}{space 8}4 0  {c |}{col 14}{res}{space 2} .4549168{col 26}{space 2} .0260209{col 37}{space 1}   17.48{col 46}{space 3}0.000{col 54}{space 4} .4039167{col 67}{space 3} .5059168
{txt}{space 8}4 1  {c |}{col 14}{res}{space 2} .5614616{col 26}{space 2} .0229189{col 37}{space 1}   24.50{col 46}{space 3}0.000{col 54}{space 4} .5165414{col 67}{space 3} .6063817
{txt}{space 8}5 0  {c |}{col 14}{res}{space 2} .5385853{col 26}{space 2} .0348878{col 37}{space 1}   15.44{col 46}{space 3}0.000{col 54}{space 4} .4702064{col 67}{space 3} .6069642
{txt}{space 8}5 1  {c |}{col 14}{res}{space 2} .6816761{col 26}{space 2} .0308391{col 37}{space 1}   22.10{col 46}{space 3}0.000{col 54}{space 4} .6212325{col 67}{space 3} .7421196
{txt}{space 8}6 0  {c |}{col 14}{res}{space 2} .6222538{col 26}{space 2} .0438046{col 37}{space 1}   14.21{col 46}{space 3}0.000{col 54}{space 4} .5363984{col 67}{space 3} .7081092
{txt}{space 8}6 1  {c |}{col 14}{res}{space 2} .8018905{col 26}{space 2}  .038776{col 37}{space 1}   20.68{col 46}{space 3}0.000{col 54}{space 4} .7258909{col 67}{space 3} .8778901
{txt}{space 8}7 0  {c |}{col 14}{res}{space 2} .7059223{col 26}{space 2} .0527459{col 37}{space 1}   13.38{col 46}{space 3}0.000{col 54}{space 4} .6025422{col 67}{space 3} .8093023
{txt}{space 8}7 1  {c |}{col 14}{res}{space 2} .9221049{col 26}{space 2} .0467211{col 37}{space 1}   19.74{col 46}{space 3}0.000{col 54}{space 4} .8305332{col 67}{space 3} 1.013677
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. marginsplot, noci recast(line) ///
>     plot1opts(lcolor(gray) lpattern(dash)) ///
>     plot2opts(lcolor(black)  lpattern(solid)) ///
>     title("H1 - Across-Industry Subsample") ///
>     xtitle("Economic Similarity", margin(t+4)) ///
>     ytitle("Pr(RevPolicySim_Cross)", margin(r+3)) ///
>     legend(off) ///
>         graphregion(color(white)) ///
>     plotregion(color(white)) ///
>     xlabel(, format(%4.2f) nogrid)      ///
>         ylabel(, format(%4.2f) nogrid)
{res}
{text}{p 0 0 2}Variables that uniquely identify margins: {bf:score3 post}{p_end}
{res}{txt}
{com}.         graph export "C:\Users\tillet\Dropbox\Dissertation - final data for JAR\H1_margins_final.pdf", replace
{txt}{p 0 4 2}
file {bf}
C:\Users\tillet\Dropbox\Dissertation - final data for JAR\H1_margins_final.pdf{rm}
saved as
PDF
format
{p_end}

{com}.         
. *****************************   
. *Figure 2
.         reghdfe rev_compV3 c.score3##i.post c.(fasb_sim $cont)##i.post if diff_sic3==0 & datadate_year!=2022, absorb(sic3_num) vce(cluster cik)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}   264,815
{txt}Absorbing 1 HDFE group{col 51}F({res}  19{txt},{res}   1993{txt}){col 67}= {res}     54.05
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2215
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2209
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1643
{txt}{col 1}Number of clusters ({res}cik{txt}) {col 30}= {res}     1,994{txt}{col 51}Root MSE{col 67}= {res}    0.1492

{txt}{ralign 88:(Std. err. adjusted for {res:1,994} clusters in {res:cik})}
{hline 23}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 24}{c |}{col 36}    Robust
{col 1}            rev_compV3{col 24}{c |} Coefficient{col 36}  std. err.{col 48}      t{col 56}   P>|t|{col 64}     [95% con{col 77}f. interval]
{hline 23}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}score3 {c |}{col 24}{res}{space 2} .5530774{col 36}{space 2} .0487835{col 47}{space 1}   11.34{col 56}{space 3}0.000{col 64}{space 4} .4574054{col 77}{space 3} .6487494
{txt}{space 16}1.post {c |}{col 24}{res}{space 2} .0601774{col 36}{space 2} .0203182{col 47}{space 1}    2.96{col 56}{space 3}0.003{col 64}{space 4} .0203302{col 77}{space 3} .1000245
{txt}{space 22} {c |}
{space 9}post#c.score3 {c |}
{space 20}1  {c |}{col 24}{res}{space 2}-.2466116{col 36}{space 2}  .053408{col 47}{space 1}   -4.62{col 56}{space 3}0.000{col 64}{space 4} -.351353{col 77}{space 3}-.1418703
{txt}{space 22} {c |}
{space 14}fasb_sim {c |}{col 24}{res}{space 2} 1.595897{col 36}{space 2} .1521647{col 47}{space 1}   10.49{col 56}{space 3}0.000{col 64}{space 4} 1.297479{col 77}{space 3} 1.894316
{txt}{space 11}policy_comp {c |}{col 24}{res}{space 2} .1609139{col 36}{space 2}  .020404{col 47}{space 1}    7.89{col 56}{space 3}0.000{col 64}{space 4} .1208985{col 77}{space 3} .2009294
{txt}{space 13}bm_diff_w {c |}{col 24}{res}{space 2} .0043354{col 36}{space 2} .0008752{col 47}{space 1}    4.95{col 56}{space 3}0.000{col 64}{space 4}  .002619{col 77}{space 3} .0060519
{txt}{space 11}size_diff_w {c |}{col 24}{res}{space 2}-.0064303{col 36}{space 2} .0017989{col 47}{space 1}   -3.57{col 56}{space 3}0.000{col 64}{space 4}-.0099583{col 77}{space 3}-.0029023
{txt}{space 14}same_aud {c |}{col 24}{res}{space 2} .0209483{col 36}{space 2} .0048212{col 47}{space 1}    4.35{col 56}{space 3}0.000{col 64}{space 4} .0114933{col 77}{space 3} .0304034
{txt}{space 7}complexity_diff {c |}{col 24}{res}{space 2}-.0042161{col 36}{space 2} .0008506{col 47}{space 1}   -4.96{col 56}{space 3}0.000{col 64}{space 4}-.0058843{col 77}{space 3}-.0025479
{txt}{space 10}both_foreign {c |}{col 24}{res}{space 2} .0076469{col 36}{space 2} .0037187{col 47}{space 1}    2.06{col 56}{space 3}0.040{col 64}{space 4} .0003539{col 77}{space 3} .0149399
{txt}{space 12}age_diff_w {c |}{col 24}{res}{space 2}-.0002497{col 36}{space 2} .0003163{col 47}{space 1}   -0.79{col 56}{space 3}0.430{col 64}{space 4}  -.00087{col 77}{space 3} .0003707
{txt}{space 22} {c |}
{space 7}post#c.fasb_sim {c |}
{space 20}1  {c |}{col 24}{res}{space 2}-.8431339{col 36}{space 2} .1571376{col 47}{space 1}   -5.37{col 56}{space 3}0.000{col 64}{space 4}-1.151305{col 77}{space 3}-.5349627
{txt}{space 22} {c |}
{space 4}post#c.policy_comp {c |}
{space 20}1  {c |}{col 24}{res}{space 2} .0026206{col 36}{space 2} .0246751{col 47}{space 1}    0.11{col 56}{space 3}0.915{col 64}{space 4}-.0457711{col 77}{space 3} .0510124
{txt}{space 22} {c |}
{space 6}post#c.bm_diff_w {c |}
{space 20}1  {c |}{col 24}{res}{space 2}-.0079137{col 36}{space 2}  .001169{col 47}{space 1}   -6.77{col 56}{space 3}0.000{col 64}{space 4}-.0102063{col 77}{space 3}-.0056211
{txt}{space 22} {c |}
{space 4}post#c.size_diff_w {c |}
{space 20}1  {c |}{col 24}{res}{space 2}  .005654{col 36}{space 2} .0018407{col 47}{space 1}    3.07{col 56}{space 3}0.002{col 64}{space 4} .0020441{col 77}{space 3}  .009264
{txt}{space 22} {c |}
{space 7}post#c.same_aud {c |}
{space 20}1  {c |}{col 24}{res}{space 2}-.0023606{col 36}{space 2} .0052178{col 47}{space 1}   -0.45{col 56}{space 3}0.651{col 64}{space 4}-.0125935{col 77}{space 3} .0078722
{txt}{space 22} {c |}
post#c.complexity_diff {c |}
{space 20}1  {c |}{col 24}{res}{space 2} .0035269{col 36}{space 2} .0009967{col 47}{space 1}    3.54{col 56}{space 3}0.000{col 64}{space 4} .0015722{col 77}{space 3} .0054816
{txt}{space 22} {c |}
{space 3}post#c.both_foreign {c |}
{space 20}1  {c |}{col 24}{res}{space 2} .0035331{col 36}{space 2} .0046621{col 47}{space 1}    0.76{col 56}{space 3}0.449{col 64}{space 4}-.0056101{col 77}{space 3} .0126762
{txt}{space 22} {c |}
{space 5}post#c.age_diff_w {c |}
{space 20}1  {c |}{col 24}{res}{space 2} .0001236{col 36}{space 2}  .000345{col 47}{space 1}    0.36{col 56}{space 3}0.720{col 64}{space 4}-.0005531{col 77}{space 3} .0008003
{txt}{space 22} {c |}
{space 17}_cons {c |}{col 24}{res}{space 2} .0656684{col 36}{space 2} .0151777{col 47}{space 1}    4.33{col 56}{space 3}0.000{col 64}{space 4} .0359026{col 77}{space 3} .0954343
{txt}{hline 23}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    sic3_num{col 14}{c |}{space 1}      154{col 27}{space 1}        0{col 39}{result}{space 1}      154{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}
{com}.         
.         * H: change in slope post
. test 1.post#c.score3

{p 0 7}{space 1}{text:( 1)}{space 1} {res}1.post#c.score3 = 0{p_end}

{txt}       F(  1,  1993) ={res}   21.32
{txt}{col 13}Prob > F ={res}    0.0000
{txt}
{com}. 
. * Report pre and post slopes with SEs
. margins post, dydx(score3)
{res}
{txt}{col 1}Average marginal effects{col 56}{lalign 13:Number of obs}{col 69} = {res}{ralign 7:264,815}
{txt}{col 1}Model VCE: {res:Robust}

{txt}{p2colset 1 13 13 2}{...}
{p2col:Expression:}{res:Linear prediction, predict()}{p_end}
{p2col:dy/dx wrt:}{res:score3}{p_end}
{p2colreset}{...}

{res}{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26} Delta-method
{col 14}{c |}      dy/dx{col 26}   std. err.{col 38}      z{col 46}   P>|z|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}score3       {txt}{c |}
{space 8}post {c |}
{space 10}0  {c |}{col 14}{res}{space 2} .5530774{col 26}{space 2} .0487835{col 37}{space 1}   11.34{col 46}{space 3}0.000{col 54}{space 4} .4574635{col 67}{space 3} .6486913
{txt}{space 10}1  {c |}{col 14}{res}{space 2} .3064657{col 26}{space 2} .0352009{col 37}{space 1}    8.71{col 46}{space 3}0.000{col 54}{space 4} .2374732{col 67}{space 3} .3754583
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}.         
.         **plot slopes
.         * Predicted lines over the observed ProdSim range
. quietly summarize score3 if e(sample)
{txt}
{com}. local lo = r(min)
{txt}
{com}. local hi = r(max)
{txt}
{com}. local step = (`hi' - `lo')/6  
{txt}
{com}. 
. margins post, at(score3 = (`lo'(`step')`hi'))
{res}
{txt}{col 1}Predictive margins{col 56}{lalign 13:Number of obs}{col 69} = {res}{ralign 7:264,815}
{txt}{col 1}Model VCE: {res:Robust}

{txt}{p2colset 1 13 13 2}{...}
{p2col:Expression:}{res:Linear prediction, predict()}{p_end}
{p2colreset}{...}
{lalign 7:1._at: }{space 0}{lalign 6:score3} = {res:{ralign 5:0}}
{lalign 7:2._at: }{space 0}{lalign 6:score3} = {res:{ralign 5:.1354}}
{lalign 7:3._at: }{space 0}{lalign 6:score3} = {res:{ralign 5:.2708}}
{lalign 7:4._at: }{space 0}{lalign 6:score3} = {res:{ralign 5:.4062}}
{lalign 7:5._at: }{space 0}{lalign 6:score3} = {res:{ralign 5:.5416}}
{lalign 7:6._at: }{space 0}{lalign 6:score3} = {res:{ralign 5:.677}}
{lalign 7:7._at: }{space 0}{lalign 6:score3} = {res:{ralign 5:.8124}}

{res}{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26} Delta-method
{col 14}{c |}     Margin{col 26}   std. err.{col 38}      z{col 46}   P>|z|{col 54}     [95% con{col 67}f. interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}_at#post {c |}
{space 8}1 0  {c |}{col 14}{res}{space 2} .3216845{col 26}{space 2} .0082577{col 37}{space 1}   38.96{col 46}{space 3}0.000{col 54}{space 4} .3054996{col 67}{space 3} .3378693
{txt}{space 8}1 1  {c |}{col 14}{res}{space 2} .2918734{col 26}{space 2} .0044317{col 37}{space 1}   65.86{col 46}{space 3}0.000{col 54}{space 4} .2831874{col 67}{space 3} .3005594
{txt}{space 8}2 0  {c |}{col 14}{res}{space 2} .3965711{col 26}{space 2} .0093085{col 37}{space 1}   42.60{col 46}{space 3}0.000{col 54}{space 4} .3783269{col 67}{space 3} .4148154
{txt}{space 8}2 1  {c |}{col 14}{res}{space 2} .3333689{col 26}{space 2} .0043045{col 37}{space 1}   77.45{col 46}{space 3}0.000{col 54}{space 4} .3249321{col 67}{space 3} .3418056
{txt}{space 8}3 0  {c |}{col 14}{res}{space 2} .4714578{col 26}{space 2} .0138696{col 37}{space 1}   33.99{col 46}{space 3}0.000{col 54}{space 4} .4442739{col 67}{space 3} .4986417
{txt}{space 8}3 1  {c |}{col 14}{res}{space 2} .3748643{col 26}{space 2} .0079279{col 37}{space 1}   47.28{col 46}{space 3}0.000{col 54}{space 4} .3593259{col 67}{space 3} .3904027
{txt}{space 8}4 0  {c |}{col 14}{res}{space 2} .5463445{col 26}{space 2} .0196301{col 37}{space 1}   27.83{col 46}{space 3}0.000{col 54}{space 4} .5078701{col 67}{space 3} .5848188
{txt}{space 8}4 1  {c |}{col 14}{res}{space 2} .4163598{col 26}{space 2} .0123534{col 37}{space 1}   33.70{col 46}{space 3}0.000{col 54}{space 4} .3921475{col 67}{space 3}  .440572
{txt}{space 8}5 0  {c |}{col 14}{res}{space 2} .6212312{col 26}{space 2} .0257988{col 37}{space 1}   24.08{col 46}{space 3}0.000{col 54}{space 4} .5706664{col 67}{space 3} .6717959
{txt}{space 8}5 1  {c |}{col 14}{res}{space 2} .4578552{col 26}{space 2} .0169646{col 37}{space 1}   26.99{col 46}{space 3}0.000{col 54}{space 4} .4246053{col 67}{space 3} .4911052
{txt}{space 8}6 0  {c |}{col 14}{res}{space 2} .6961178{col 26}{space 2} .0321415{col 37}{space 1}   21.66{col 46}{space 3}0.000{col 54}{space 4} .6331217{col 67}{space 3}  .759114
{txt}{space 8}6 1  {c |}{col 14}{res}{space 2} .4993507{col 26}{space 2}  .021643{col 37}{space 1}   23.07{col 46}{space 3}0.000{col 54}{space 4} .4569312{col 67}{space 3} .5417702
{txt}{space 8}7 0  {c |}{col 14}{res}{space 2} .7710045{col 26}{space 2} .0385724{col 37}{space 1}   19.99{col 46}{space 3}0.000{col 54}{space 4}  .695404{col 67}{space 3} .8466051
{txt}{space 8}7 1  {c |}{col 14}{res}{space 2} .5408462{col 26}{space 2} .0263529{col 37}{space 1}   20.52{col 46}{space 3}0.000{col 54}{space 4} .4891955{col 67}{space 3} .5924969
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. marginsplot, noci recast(line) ///
>     plot1opts(lcolor(gray) lpattern(dash)) ///
>     plot2opts(lcolor(black)  lpattern(solid)) ///
>     title("H2 - Within-Industry Subsample") ///
>     xtitle("Economic Similarity", margin(t+4)) ///
>     ytitle("Pr(RevPolicySim_Ind)", margin(r+3)) ///
>     legend(off) ///
>         graphregion(color(white)) ///
>     plotregion(color(white)) ///
>     xlabel(, format(%4.2f) nogrid)      ///
> ylabel(0.20(0.20)1.00, format(%4.2f) nogrid) ///
>     yscale(range(0.20 1.00))
{res}
{text}{p 0 0 2}Variables that uniquely identify margins: {bf:score3 post}{p_end}
{res}{txt}
{com}.         graph export "C:\Users\tillet\Dropbox\Dissertation - final data for JAR\H2_margins_final.pdf", replace
{txt}{p 0 4 2}
file {bf}
C:\Users\tillet\Dropbox\Dissertation - final data for JAR\H2_margins_final.pdf{rm}
saved as
PDF
format
{p_end}

{com}.                 
. *       
. keep if main == 1
{txt}(47,062 observations deleted)

{com}. keep gvkey_main gvkeymain_j 
{txt}
{com}. save "C:\Users\tillet\Dropbox\Dissertation - final code for JAR\identifiers\Firmpair identifiers.dta", replace          
{txt}{p 0 4 2}
file {bf}
C:\Users\tillet\Dropbox\Dissertation - final code for JAR\identifiers\Firmpair identifiers.dta{rm}
saved
{p_end}

{com}.                 
. log close       
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\tillet\Dropbox\Dissertation - final code for JAR\Log files\STATA Code Log 1.txt
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}29 Mar 2026, 14:41:48
{txt}{.-}
{smcl}
{txt}{sf}{ul off}