{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 2.txt
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}29 Mar 2026, 15:07:22
{txt}
{com}.         
. *Load data
. use "C:\Users\tillet\Dropbox\Dissertation - final data for JAR\h3_analyst_tostata.dta", clear           
{txt}
{com}.                 
. *Begin data prep
. 
.         drop if fpe_year == 2011 
{txt}(46,128 observations deleted)

{com}.         drop if fpe_year == 2022 
{txt}(116,598 observations deleted)

{com}.         
.         *drop scores ~1, indicates same firm - pair
.         drop if rev_comp >= 0.9999
{txt}(91 observations deleted)

{com}.         
.         *Require non-missing control variables
.         drop if policy_comp == . 
{txt}(2,134 observations deleted)

{com}.         destring r2_revenue_j, generate(r2_revenue_j_num)
{txt}r2_revenue_j: all characters numeric; r2_revenue_j_num {res}generated {txt}as {res}double
{txt}(100775 missing values generated)
{res}{txt}
{com}.         drop if r2_revenue_j_num == . 
{txt}(100,775 observations deleted)

{com}.         *scale volatility by total assets:
.         gen VolatilityRev_j = volatility_rev_j / at_j
{txt}(16 missing values generated)

{com}.         drop if VolatilityRev_j == . 
{txt}(16 observations deleted)

{com}.         
.         *Winsorize continuous variables:
.         winsor2 size_diff bm_diff age_diff ///
>                 size_mve_j bm_j trading_volume_j roa_j r2_revenue_j_num VolatilityRev_j ///
>                 analyst_nfirms analyst_gexp analyst_fexp broker_size ///
>                 size_at_j sales_growth_j, cuts(1 99) by(fpe_year)
{txt}
{com}.         
.         gen post1a = 0
{txt}
{com}.         replace post1a = 1 if sum_post == 1
{txt}(186,142 real changes made)

{com}.         gen post2a = 0
{txt}
{com}.         replace post2a = 1 if sum_post == 2
{txt}(165,507 real changes made)

{com}. 
.         *mean centering
.         sum score3

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 6}score3 {c |}{res}  1,237,279    .0669422    .0609264          0      .8289
{txt}
{com}.         egen scoremean = mean(score3)
{txt}
{com}.         gen score_cent = score3 - scoremean
{txt}
{com}.         
.         sum policy_comp

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 1}policy_comp {c |}{res}  1,237,279    .3741879    .1304838    .018878   .9639065
{txt}
{com}.         egen policycompmean = mean(policy_comp)
{txt}
{com}.         gen policycomp_cent = policy_comp - policycompmean
{txt}
{com}. 
.         *for individual analyst groups:
.         bysort analyst_diversified3: egen revmean_diffsicV3 = mean(rev_compV3)
{txt}
{com}.         
.         *for full sample:
.         sum rev_compV3

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 2}rev_compV3 {c |}{res}  1,237,279    .3149213    .1648753          0    .999281
{txt}
{com}.         egen revmeanV3 = mean(rev_compV3)
{txt}
{com}.         gen rev_centV3 = rev_compV3 - revmeanV3
{txt}
{com}. 
.         *Note that revemean diffsic is already calculated by groups (i.e., diffsic 1 or 0):
.         gen rev_centdiffV3 = rev_compV3 - revmean_diffsicV3
{txt}
{com}.         sum rev_compV3 rev_centdiffV3 rev_centV3

{txt}    Variable {c |}        Obs        Mean    Std. dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 2}rev_compV3 {c |}{res}  1,237,279    .3149213    .1648753          0    .999281
{txt}rev_centdi~3 {c |}{res}  1,237,279    9.16e-09     .164619  -.3326374   .6891275
{txt}{space 2}rev_centV3 {c |}{res}  1,237,279   -4.43e-09    .1648753  -.3149213   .6843597
{txt}
{com}.         
.         gen postXrevcomp_centV3 = post*rev_centV3
{txt}
{com}.         gen postXrevcomp_centdiffV3 = post*rev_centdiffV3
{txt}
{com}.         
.         gen post1Xrevcomp_centV3 = post1a*rev_centV3
{txt}
{com}.         gen post2Xrevcomp_centV3 = post2a*rev_centV3
{txt}
{com}. 
.         gen post1Xrevcomp_centdiffV3 = post1a*rev_centdiffV3
{txt}
{com}.         gen post2Xrevcomp_centdiffV3 = post2a*rev_centdiffV3
{txt}
{com}.                 
.         *** post1 post2+ breakout
.         gen post2on = 0
{txt}
{com}.         replace post2on = 1 if sum_post >= 2
{txt}(418,070 real changes made)

{com}.         gen post2onXrevcomp_centV3 = post2on*rev_centV3
{txt}
{com}.                 
.         *Create macros:
. 
.         macro define cont3 "policy_comp size_mve_j_w bm_j_w trading_volume_j_w roa_j_w r2_revenue_j_num_w VolatilityRev_j_w sales_growth_j_w bm_diff_w size_diff_w same_aud complexity_diff both_foreign age_diff_w diff_sic3 analyst_nfirms_w analyst_gexp_w analyst_fexp_w broker_size_w"
{txt}
{com}.         
.         macro define cont3a "bm_diff_w size_diff_w same_aud complexity_diff both_foreign age_diff_w diff_sic3 size_mve_j_w bm_j_w trading_volume_j_w roa_j_w r2_revenue_j_num_w VolatilityRev_j_w sales_growth_j_w  analyst_nfirms_w analyst_gexp_w analyst_fexp_w broker_size_w"
{txt}
{com}. 
.         macro define cont3b "policy_comp bm_diff_w size_diff_w same_aud complexity_diff both_foreign age_diff_w diff_sic3 size_mve_j_w bm_j_w trading_volume_j_w roa_j_w r2_revenue_j_num_w VolatilityRev_j_w sales_growth_j_w  analyst_nfirms_w analyst_gexp_w analyst_fexp_w broker_size_w"
{txt}
{com}.                         
.         *identify observations used in regression so that descriptives n = regression n
.         reghdfe cofollow rev_compV3 $cont3a i.fpe_year, absorb(analystID) cluster(analystID gvkey)
{res}{txt}(dropped 1 {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} 1,237,278
{txt}Absorbing 1 HDFE group{col 51}F({res}  28{txt},{res}   2287{txt}){col 67}= {res}    176.60
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1403
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1376
{txt}{col 1}Number of clusters ({res}analystID{txt}) {col 30}= {res}     3,839{txt}{col 51}Within R-sq.{col 67}= {res}    0.1388
{txt}{col 1}Number of clusters ({res}gvkey{txt}) {col 30}= {res}     2,288{txt}{col 51}Root MSE{col 67}= {res}    0.4643

{txt}{ralign 84:(Std. err. adjusted for {res:2,288} clusters in {res:analystID gvkey})}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}          cofollow{col 20}{c |} Coefficient{col 32}  std. err.{col 44}      t{col 52}   P>|t|{col 60}     [95% con{col 73}f. interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}rev_compV3 {c |}{col 20}{res}{space 2} .4752383{col 32}{space 2} .0211539{col 43}{space 1}   22.47{col 52}{space 3}0.000{col 60}{space 4} .4337554{col 73}{space 3} .5167212
{txt}{space 9}bm_diff_w {c |}{col 20}{res}{space 2} .0043436{col 32}{space 2} .0008532{col 43}{space 1}    5.09{col 52}{space 3}0.000{col 60}{space 4} .0026705{col 73}{space 3} .0060166
{txt}{space 7}size_diff_w {c |}{col 20}{res}{space 2}-.0477991{col 32}{space 2} .0022948{col 43}{space 1}  -20.83{col 52}{space 3}0.000{col 60}{space 4}-.0522993{col 73}{space 3} -.043299
{txt}{space 10}same_aud {c |}{col 20}{res}{space 2} .0206637{col 32}{space 2} .0043406{col 43}{space 1}    4.76{col 52}{space 3}0.000{col 60}{space 4} .0121518{col 73}{space 3} .0291755
{txt}{space 3}complexity_diff {c |}{col 20}{res}{space 2}-.0045357{col 32}{space 2} .0008397{col 43}{space 1}   -5.40{col 52}{space 3}0.000{col 60}{space 4}-.0061823{col 73}{space 3} -.002889
{txt}{space 6}both_foreign {c |}{col 20}{res}{space 2} .0167042{col 32}{space 2} .0061193{col 43}{space 1}    2.73{col 52}{space 3}0.006{col 60}{space 4} .0047043{col 73}{space 3} .0287042
{txt}{space 8}age_diff_w {c |}{col 20}{res}{space 2}-.0017431{col 32}{space 2} .0002703{col 43}{space 1}   -6.45{col 52}{space 3}0.000{col 60}{space 4}-.0022732{col 73}{space 3}-.0012129
{txt}{space 9}diff_sic3 {c |}{col 20}{res}{space 2}-.2521588{col 32}{space 2} .0106597{col 43}{space 1}  -23.66{col 52}{space 3}0.000{col 60}{space 4}-.2730625{col 73}{space 3}-.2312551
{txt}{space 6}size_mve_j_w {c |}{col 20}{res}{space 2}  .025166{col 32}{space 2} .0031088{col 43}{space 1}    8.10{col 52}{space 3}0.000{col 60}{space 4} .0190696{col 73}{space 3} .0312623
{txt}{space 12}bm_j_w {c |}{col 20}{res}{space 2} .0025525{col 32}{space 2} .0034822{col 43}{space 1}    0.73{col 52}{space 3}0.464{col 60}{space 4}-.0042762{col 73}{space 3} .0093811
{txt}trading_volume_j_w {c |}{col 20}{res}{space 2} .0245127{col 32}{space 2} .0042189{col 43}{space 1}    5.81{col 52}{space 3}0.000{col 60}{space 4} .0162395{col 73}{space 3} .0327859
{txt}{space 11}roa_j_w {c |}{col 20}{res}{space 2}-.0137294{col 32}{space 2} .0166274{col 43}{space 1}   -0.83{col 52}{space 3}0.409{col 60}{space 4}-.0463358{col 73}{space 3}  .018877
{txt}r2_revenue_j_num_w {c |}{col 20}{res}{space 2} .0041559{col 32}{space 2} .0053323{col 43}{space 1}    0.78{col 52}{space 3}0.436{col 60}{space 4}-.0063008{col 73}{space 3} .0146125
{txt}{space 1}VolatilityRev_j_w {c |}{col 20}{res}{space 2} .0014928{col 32}{space 2} .1078614{col 43}{space 1}    0.01{col 52}{space 3}0.989{col 60}{space 4}-.2100237{col 73}{space 3} .2130093
{txt}{space 2}sales_growth_j_w {c |}{col 20}{res}{space 2}-.0091937{col 32}{space 2} .0030807{col 43}{space 1}   -2.98{col 52}{space 3}0.003{col 60}{space 4} -.015235{col 73}{space 3}-.0031525
{txt}{space 2}analyst_nfirms_w {c |}{col 20}{res}{space 2} .0005618{col 32}{space 2} .0002013{col 43}{space 1}    2.79{col 52}{space 3}0.005{col 60}{space 4}  .000167{col 73}{space 3} .0009566
{txt}{space 4}analyst_gexp_w {c |}{col 20}{res}{space 2} .0030295{col 32}{space 2} .0032903{col 43}{space 1}    0.92{col 52}{space 3}0.357{col 60}{space 4}-.0034228{col 73}{space 3} .0094817
{txt}{space 4}analyst_fexp_w {c |}{col 20}{res}{space 2}-.0014108{col 32}{space 2} .0003157{col 43}{space 1}   -4.47{col 52}{space 3}0.000{col 60}{space 4}-.0020298{col 73}{space 3}-.0007917
{txt}{space 5}broker_size_w {c |}{col 20}{res}{space 2}-5.12e-07{col 32}{space 2} .0000362{col 43}{space 1}   -0.01{col 52}{space 3}0.989{col 60}{space 4}-.0000715{col 73}{space 3} .0000705
{txt}{space 18} {c |}
{space 10}fpe_year {c |}
{space 13}2013  {c |}{col 20}{res}{space 2}-.0071801{col 32}{space 2} .0041621{col 43}{space 1}   -1.73{col 52}{space 3}0.085{col 60}{space 4} -.015342{col 73}{space 3} .0009818
{txt}{space 13}2014  {c |}{col 20}{res}{space 2}-.0027445{col 32}{space 2} .0072596{col 43}{space 1}   -0.38{col 52}{space 3}0.705{col 60}{space 4}-.0169806{col 73}{space 3} .0114916
{txt}{space 13}2015  {c |}{col 20}{res}{space 2}  .012335{col 32}{space 2} .0103456{col 43}{space 1}    1.19{col 52}{space 3}0.233{col 60}{space 4}-.0079528{col 73}{space 3} .0326228
{txt}{space 13}2016  {c |}{col 20}{res}{space 2} .0157264{col 32}{space 2} .0134983{col 43}{space 1}    1.17{col 52}{space 3}0.244{col 60}{space 4}-.0107438{col 73}{space 3} .0421966
{txt}{space 13}2017  {c |}{col 20}{res}{space 2} .0203285{col 32}{space 2} .0167552{col 43}{space 1}    1.21{col 52}{space 3}0.225{col 60}{space 4}-.0125285{col 73}{space 3} .0531855
{txt}{space 13}2018  {c |}{col 20}{res}{space 2} .0051588{col 32}{space 2} .0200177{col 43}{space 1}    0.26{col 52}{space 3}0.797{col 60}{space 4}-.0340959{col 73}{space 3} .0444134
{txt}{space 13}2019  {c |}{col 20}{res}{space 2}-.0032097{col 32}{space 2}  .023299{col 43}{space 1}   -0.14{col 52}{space 3}0.890{col 60}{space 4}-.0488991{col 73}{space 3} .0424797
{txt}{space 13}2020  {c |}{col 20}{res}{space 2}-.0078568{col 32}{space 2} .0267673{col 43}{space 1}   -0.29{col 52}{space 3}0.769{col 60}{space 4}-.0603475{col 73}{space 3} .0446339
{txt}{space 13}2021  {c |}{col 20}{res}{space 2}-.0194575{col 32}{space 2} .0298314{col 43}{space 1}   -0.65{col 52}{space 3}0.514{col 60}{space 4} -.077957{col 73}{space 3} .0390419
{txt}{space 18} {c |}
{space 13}_cons {c |}{col 20}{res}{space 2}-.1626885{col 32}{space 2} .0837724{col 43}{space 1}   -1.94{col 52}{space 3}0.052{col 60}{space 4}-.3269663{col 73}{space 3} .0015893
{txt}{hline 19}{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}   analystID{col 14}{c |}{space 1}     3839{col 27}{space 1}     3839{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}.         eret li

{txt}scalars:
                  e(N) =  {res}1237278
               {txt}e(rank) =  {res}28
               {txt}e(df_r) =  {res}2287
               {txt}e(df_m) =  {res}28
                {txt}e(tss) =  {res}309297.8468410586
         {txt}e(tss_within) =  {res}308752.9600150079
                {txt}e(rss) =  {res}265905.7349243514
                {txt}e(mss) =  {res}43392.11191670713
               {txt}e(rmse) =  {res}.4643120378180868
                  {txt}e(F) =  {res}176.6034360772821
                 {txt}e(ll) =  {res}-804447.1296104034
               {txt}e(ll_0) =  {res}-896871.554321776
                 {txt}e(r2) =  {res}.1402923181001172
          {txt}e(r2_within) =  {res}.1387751070907102
               {txt}e(r2_a) =  {res}.1375976527385914
        {txt}e(r2_a_within) =  {res}.1387555561891847
         {txt}e(sumweights) =  {res}1237278
                 {txt}e(ic) =  {res}1
          {txt}e(converged) =  {res}1
    {txt}e(report_constant) =  {res}1
             {txt}e(N_full) =  {res}1237279
     {txt}e(num_singletons) =  {res}1
    {txt}e(drop_singletons) =  {res}1
        {txt}e(df_a_nested) =  {res}3839
     {txt}e(df_a_redundant) =  {res}3839
       {txt}e(df_a_initial) =  {res}3839
               {txt}e(df_a) =  {res}0
    {txt}e(N_hdfe_extended) =  {res}1
             {txt}e(N_hdfe) =  {res}1
           {txt}e(N_clust2) =  {res}2288
           {txt}e(N_clust1) =  {res}3839
      {txt}e(N_clustervars) =  {res}2
            {txt}e(N_clust) =  {res}2288

{txt}macros:
   e(extended_absvars) : "{res}analystID{txt}"
            e(absvars) : "{res}analystID{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}rev_compV3 bm_diff_w size_diff_w same_aud complexity_diff both_foreign age_diff_w diff_sic3 size_mve_j_w bm_j_w trading_volume_j_w roa_j_w r2_revenue_j_num_w VolatilityRev_j_w sales{txt}.."
             e(depvar) : "{res}cofollow{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 cofollow rev_compV3 bm_diff_w size_diff_w same_aud complexity_diff both_foreign age_diff_w diff_sic3 size_mve_j_w bm_j_w trading_volume_j_w roa_j_w r2_revenue_j_num_w Volati{txt}.."
                e(cmd) : "{res}reghdfe{txt}"
           e(clustvar) : "{res}analystID gvkey{txt}"
             e(title3) : "{res}Statistics robust to heteroskedasticity{txt}"
          e(clustvar2) : "{res}gvkey{txt}"
          e(clustvar1) : "{res}analystID{txt}"
         e(properties) : "{res}b V{txt}"

matrices:
                  e(b) : {res} 1 x 30
                  {txt}e(V) : {res} 30 x 30
          {txt}e(dof_table) : {res} 1 x 5

{txt}functions:
             e(sample)   

{com}.         gen byte used=e(sample)
{txt}
{com}.         drop if used != 1 
{txt}(1 observation deleted)

{com}.         
.         reghdfe cofollow rev_compV3 $cont3a i.fpe_year if analyst_diversified3 == 0, absorb(analystID) cluster(analystID gvkey)
{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}   262,363
{txt}Absorbing 1 HDFE group{col 51}F({res}  28{txt},{res}   1150{txt}){col 67}= {res}    723.34
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2073
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2034
{txt}{col 1}Number of clusters ({res}analystID{txt}) {col 30}= {res}     1,245{txt}{col 51}Within R-sq.{col 67}= {res}    0.2035
{txt}{col 1}Number of clusters ({res}gvkey{txt}) {col 30}= {res}     1,151{txt}{col 51}Root MSE{col 67}= {res}    0.4463

{txt}{ralign 84:(Std. err. adjusted for {res:1,151} clusters in {res:analystID gvkey})}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}          cofollow{col 20}{c |} Coefficient{col 32}  std. err.{col 44}      t{col 52}   P>|t|{col 60}     [95% con{col 73}f. interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}rev_compV3 {c |}{col 20}{res}{space 2} .1840006{col 32}{space 2} .0188868{col 43}{space 1}    9.74{col 52}{space 3}0.000{col 60}{space 4} .1469442{col 73}{space 3}  .221057
{txt}{space 9}bm_diff_w {c |}{col 20}{res}{space 2} .0094626{col 32}{space 2} .0017302{col 43}{space 1}    5.47{col 52}{space 3}0.000{col 60}{space 4} .0060679{col 73}{space 3} .0128573
{txt}{space 7}size_diff_w {c |}{col 20}{res}{space 2}-.0413845{col 32}{space 2} .0038393{col 43}{space 1}  -10.78{col 52}{space 3}0.000{col 60}{space 4}-.0489173{col 73}{space 3}-.0338517
{txt}{space 10}same_aud {c |}{col 20}{res}{space 2} .0166943{col 32}{space 2} .0064071{col 43}{space 1}    2.61{col 52}{space 3}0.009{col 60}{space 4} .0041234{col 73}{space 3} .0292651
{txt}{space 3}complexity_diff {c |}{col 20}{res}{space 2}-.0057523{col 32}{space 2} .0013752{col 43}{space 1}   -4.18{col 52}{space 3}0.000{col 60}{space 4}-.0084505{col 73}{space 3}-.0030542
{txt}{space 6}both_foreign {c |}{col 20}{res}{space 2} .0177759{col 32}{space 2} .0061037{col 43}{space 1}    2.91{col 52}{space 3}0.004{col 60}{space 4} .0058004{col 73}{space 3} .0297515
{txt}{space 8}age_diff_w {c |}{col 20}{res}{space 2}-.0019944{col 32}{space 2} .0004075{col 43}{space 1}   -4.89{col 52}{space 3}0.000{col 60}{space 4}-.0027939{col 73}{space 3} -.001195
{txt}{space 9}diff_sic3 {c |}{col 20}{res}{space 2}-.5726079{col 32}{space 2} .0066854{col 43}{space 1}  -85.65{col 52}{space 3}0.000{col 60}{space 4} -.585725{col 73}{space 3}-.5594909
{txt}{space 6}size_mve_j_w {c |}{col 20}{res}{space 2} .0258242{col 32}{space 2} .0053838{col 43}{space 1}    4.80{col 52}{space 3}0.000{col 60}{space 4} .0152611{col 73}{space 3} .0363873
{txt}{space 12}bm_j_w {c |}{col 20}{res}{space 2} .0129218{col 32}{space 2} .0050567{col 43}{space 1}    2.56{col 52}{space 3}0.011{col 60}{space 4} .0030004{col 73}{space 3} .0228432
{txt}trading_volume_j_w {c |}{col 20}{res}{space 2} .0092312{col 32}{space 2} .0064694{col 43}{space 1}    1.43{col 52}{space 3}0.154{col 60}{space 4}-.0034619{col 73}{space 3} .0219244
{txt}{space 11}roa_j_w {c |}{col 20}{res}{space 2}-.0272422{col 32}{space 2} .0226273{col 43}{space 1}   -1.20{col 52}{space 3}0.229{col 60}{space 4}-.0716377{col 73}{space 3} .0171533
{txt}r2_revenue_j_num_w {c |}{col 20}{res}{space 2} .0234137{col 32}{space 2}   .00886{col 43}{space 1}    2.64{col 52}{space 3}0.008{col 60}{space 4} .0060301{col 73}{space 3} .0407972
{txt}{space 1}VolatilityRev_j_w {c |}{col 20}{res}{space 2}-.1270053{col 32}{space 2} .1396358{col 43}{space 1}   -0.91{col 52}{space 3}0.363{col 60}{space 4}-.4009748{col 73}{space 3} .1469642
{txt}{space 2}sales_growth_j_w {c |}{col 20}{res}{space 2}-.0007624{col 32}{space 2} .0028083{col 43}{space 1}   -0.27{col 52}{space 3}0.786{col 60}{space 4}-.0062724{col 73}{space 3} .0047475
{txt}{space 2}analyst_nfirms_w {c |}{col 20}{res}{space 2} .0002015{col 32}{space 2} .0003251{col 43}{space 1}    0.62{col 52}{space 3}0.535{col 60}{space 4}-.0004363{col 73}{space 3} .0008394
{txt}{space 4}analyst_gexp_w {c |}{col 20}{res}{space 2} .0053553{col 32}{space 2} .0058309{col 43}{space 1}    0.92{col 52}{space 3}0.359{col 60}{space 4} -.006085{col 73}{space 3} .0167956
{txt}{space 4}analyst_fexp_w {c |}{col 20}{res}{space 2}-.0009871{col 32}{space 2} .0004164{col 43}{space 1}   -2.37{col 52}{space 3}0.018{col 60}{space 4}-.0018042{col 73}{space 3}  -.00017
{txt}{space 5}broker_size_w {c |}{col 20}{res}{space 2}-.0000282{col 32}{space 2} .0000503{col 43}{space 1}   -0.56{col 52}{space 3}0.576{col 60}{space 4}-.0001269{col 73}{space 3} .0000706
{txt}{space 18} {c |}
{space 10}fpe_year {c |}
{space 13}2013  {c |}{col 20}{res}{space 2}-.0035787{col 32}{space 2} .0074596{col 43}{space 1}   -0.48{col 52}{space 3}0.632{col 60}{space 4}-.0182147{col 73}{space 3} .0110573
{txt}{space 13}2014  {c |}{col 20}{res}{space 2}-.0072387{col 32}{space 2} .0127154{col 43}{space 1}   -0.57{col 52}{space 3}0.569{col 60}{space 4}-.0321867{col 73}{space 3} .0177094
{txt}{space 13}2015  {c |}{col 20}{res}{space 2}  .004212{col 32}{space 2} .0182929{col 43}{space 1}    0.23{col 52}{space 3}0.818{col 60}{space 4}-.0316791{col 73}{space 3} .0401031
{txt}{space 13}2016  {c |}{col 20}{res}{space 2} .0119256{col 32}{space 2} .0231533{col 43}{space 1}    0.52{col 52}{space 3}0.607{col 60}{space 4}-.0335019{col 73}{space 3}  .057353
{txt}{space 13}2017  {c |}{col 20}{res}{space 2} .0085052{col 32}{space 2} .0288968{col 43}{space 1}    0.29{col 52}{space 3}0.769{col 60}{space 4}-.0481911{col 73}{space 3} .0652015
{txt}{space 13}2018  {c |}{col 20}{res}{space 2}  .005053{col 32}{space 2} .0345802{col 43}{space 1}    0.15{col 52}{space 3}0.884{col 60}{space 4}-.0627944{col 73}{space 3} .0729003
{txt}{space 13}2019  {c |}{col 20}{res}{space 2}-.0175555{col 32}{space 2} .0400396{col 43}{space 1}   -0.44{col 52}{space 3}0.661{col 60}{space 4}-.0961143{col 73}{space 3} .0610033
{txt}{space 13}2020  {c |}{col 20}{res}{space 2}-.0328746{col 32}{space 2} .0453306{col 43}{space 1}   -0.73{col 52}{space 3}0.468{col 60}{space 4}-.1218145{col 73}{space 3} .0560654
{txt}{space 13}2021  {c |}{col 20}{res}{space 2}-.0533998{col 32}{space 2} .0515019{col 43}{space 1}   -1.04{col 52}{space 3}0.300{col 60}{space 4}-.1544481{col 73}{space 3} .0476484
{txt}{space 18} {c |}
{space 13}_cons {c |}{col 20}{res}{space 2}  .162248{col 32}{space 2} .1115216{col 43}{space 1}    1.45{col 52}{space 3}0.146{col 60}{space 4}-.0565606{col 73}{space 3} .3810567
{txt}{hline 19}{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}   analystID{col 14}{c |}{space 1}     1245{col 27}{space 1}     1245{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}.         eret li

{txt}scalars:
                  e(N) =  {res}262363
               {txt}e(rank) =  {res}28
               {txt}e(df_r) =  {res}1150
               {txt}e(df_m) =  {res}28
                {txt}e(tss) =  {res}65588.94321993418
         {txt}e(tss_within) =  {res}65279.09481834969
                {txt}e(rss) =  {res}51993.95025873514
                {txt}e(mss) =  {res}13594.99296119904
               {txt}e(rmse) =  {res}.4462531431600347
                  {txt}e(F) =  {res}723.3367388647126
                 {txt}e(ll) =  {res}-159946.3753622583
               {txt}e(ll_0) =  {res}-189796.0007499727
                 {txt}e(r2) =  {res}.2072756823602423
          {txt}e(r2_within) =  {res}.20351300208103
               {txt}e(r2_a) =  {res}.2034136220284112
        {txt}e(r2_a_within) =  {res}.2034275846543121
         {txt}e(sumweights) =  {res}262363
                 {txt}e(ic) =  {res}1
          {txt}e(converged) =  {res}1
    {txt}e(report_constant) =  {res}1
             {txt}e(N_full) =  {res}262366
     {txt}e(num_singletons) =  {res}3
    {txt}e(drop_singletons) =  {res}1
        {txt}e(df_a_nested) =  {res}1245
     {txt}e(df_a_redundant) =  {res}1245
       {txt}e(df_a_initial) =  {res}1245
               {txt}e(df_a) =  {res}0
    {txt}e(N_hdfe_extended) =  {res}1
             {txt}e(N_hdfe) =  {res}1
           {txt}e(N_clust2) =  {res}1151
           {txt}e(N_clust1) =  {res}1245
      {txt}e(N_clustervars) =  {res}2
            {txt}e(N_clust) =  {res}1151

{txt}macros:
   e(extended_absvars) : "{res}analystID{txt}"
            e(absvars) : "{res}analystID{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}rev_compV3 bm_diff_w size_diff_w same_aud complexity_diff both_foreign age_diff_w diff_sic3 size_mve_j_w bm_j_w trading_volume_j_w roa_j_w r2_revenue_j_num_w VolatilityRev_j_w sales{txt}.."
             e(depvar) : "{res}cofollow{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 cofollow rev_compV3 bm_diff_w size_diff_w same_aud complexity_diff both_foreign age_diff_w diff_sic3 size_mve_j_w bm_j_w trading_volume_j_w roa_j_w r2_revenue_j_num_w Volati{txt}.."
                e(cmd) : "{res}reghdfe{txt}"
           e(clustvar) : "{res}analystID gvkey{txt}"
             e(title3) : "{res}Statistics robust to heteroskedasticity{txt}"
          e(clustvar2) : "{res}gvkey{txt}"
          e(clustvar1) : "{res}analystID{txt}"
         e(properties) : "{res}b V{txt}"

matrices:
                  e(b) : {res} 1 x 30
                  {txt}e(V) : {res} 30 x 30
          {txt}e(dof_table) : {res} 1 x 5

{txt}functions:
             e(sample)   

{com}.         gen byte used2=e(sample)
{txt}
{com}.         
.         reghdfe cofollow rev_compV3 $cont3a i.fpe_year if analyst_diversified3 == 1, absorb(analystID) cluster(analystID gvkey)
{res}{txt}(dropped 1 {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}   974,911
{txt}Absorbing 1 HDFE group{col 51}F({res}  28{txt},{res}   2271{txt}){col 67}= {res}    146.16
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1372
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1344
{txt}{col 1}Number of clusters ({res}analystID{txt}) {col 30}= {res}     3,147{txt}{col 51}Within R-sq.{col 67}= {res}    0.1362
{txt}{col 1}Number of clusters ({res}gvkey{txt}) {col 30}= {res}     2,272{txt}{col 51}Root MSE{col 67}= {res}    0.4652

{txt}{ralign 84:(Std. err. adjusted for {res:2,272} clusters in {res:analystID gvkey})}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}          cofollow{col 20}{c |} Coefficient{col 32}  std. err.{col 44}      t{col 52}   P>|t|{col 60}     [95% con{col 73}f. interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}rev_compV3 {c |}{col 20}{res}{space 2} .5543566{col 32}{space 2} .0228628{col 43}{space 1}   24.25{col 52}{space 3}0.000{col 60}{space 4} .5095225{col 73}{space 3} .5991908
{txt}{space 9}bm_diff_w {c |}{col 20}{res}{space 2} .0043064{col 32}{space 2} .0009088{col 43}{space 1}    4.74{col 52}{space 3}0.000{col 60}{space 4} .0025242{col 73}{space 3} .0060886
{txt}{space 7}size_diff_w {c |}{col 20}{res}{space 2}-.0499807{col 32}{space 2} .0025786{col 43}{space 1}  -19.38{col 52}{space 3}0.000{col 60}{space 4}-.0550373{col 73}{space 3} -.044924
{txt}{space 10}same_aud {c |}{col 20}{res}{space 2} .0211097{col 32}{space 2} .0049706{col 43}{space 1}    4.25{col 52}{space 3}0.000{col 60}{space 4} .0113624{col 73}{space 3} .0308571
{txt}{space 3}complexity_diff {c |}{col 20}{res}{space 2}-.0041949{col 32}{space 2}  .000891{col 43}{space 1}   -4.71{col 52}{space 3}0.000{col 60}{space 4}-.0059421{col 73}{space 3}-.0024477
{txt}{space 6}both_foreign {c |}{col 20}{res}{space 2} .0170796{col 32}{space 2} .0072889{col 43}{space 1}    2.34{col 52}{space 3}0.019{col 60}{space 4} .0027861{col 73}{space 3} .0313731
{txt}{space 8}age_diff_w {c |}{col 20}{res}{space 2}-.0018252{col 32}{space 2} .0003048{col 43}{space 1}   -5.99{col 52}{space 3}0.000{col 60}{space 4}-.0024229{col 73}{space 3}-.0012274
{txt}{space 9}diff_sic3 {c |}{col 20}{res}{space 2}-.2057003{col 32}{space 2} .0105583{col 43}{space 1}  -19.48{col 52}{space 3}0.000{col 60}{space 4}-.2264052{col 73}{space 3}-.1849955
{txt}{space 6}size_mve_j_w {c |}{col 20}{res}{space 2} .0249134{col 32}{space 2} .0034996{col 43}{space 1}    7.12{col 52}{space 3}0.000{col 60}{space 4} .0180507{col 73}{space 3} .0317762
{txt}{space 12}bm_j_w {c |}{col 20}{res}{space 2}-.0003627{col 32}{space 2}  .004049{col 43}{space 1}   -0.09{col 52}{space 3}0.929{col 60}{space 4}-.0083029{col 73}{space 3} .0075775
{txt}trading_volume_j_w {c |}{col 20}{res}{space 2} .0268252{col 32}{space 2} .0046433{col 43}{space 1}    5.78{col 52}{space 3}0.000{col 60}{space 4} .0177197{col 73}{space 3} .0359308
{txt}{space 11}roa_j_w {c |}{col 20}{res}{space 2} .0148214{col 32}{space 2} .0205011{col 43}{space 1}    0.72{col 52}{space 3}0.470{col 60}{space 4}-.0253815{col 73}{space 3} .0550243
{txt}r2_revenue_j_num_w {c |}{col 20}{res}{space 2} .0049401{col 32}{space 2}  .006216{col 43}{space 1}    0.79{col 52}{space 3}0.427{col 60}{space 4}-.0072496{col 73}{space 3} .0171298
{txt}{space 1}VolatilityRev_j_w {c |}{col 20}{res}{space 2} .1436771{col 32}{space 2} .1319465{col 43}{space 1}    1.09{col 52}{space 3}0.276{col 60}{space 4}-.1150713{col 73}{space 3} .4024255
{txt}{space 2}sales_growth_j_w {c |}{col 20}{res}{space 2}-.0241256{col 32}{space 2} .0051656{col 43}{space 1}   -4.67{col 52}{space 3}0.000{col 60}{space 4}-.0342554{col 73}{space 3}-.0139959
{txt}{space 2}analyst_nfirms_w {c |}{col 20}{res}{space 2} .0006201{col 32}{space 2} .0002384{col 43}{space 1}    2.60{col 52}{space 3}0.009{col 60}{space 4} .0001526{col 73}{space 3} .0010877
{txt}{space 4}analyst_gexp_w {c |}{col 20}{res}{space 2}-.0015186{col 32}{space 2} .0040376{col 43}{space 1}   -0.38{col 52}{space 3}0.707{col 60}{space 4}-.0094364{col 73}{space 3} .0063993
{txt}{space 4}analyst_fexp_w {c |}{col 20}{res}{space 2}-.0014002{col 32}{space 2}  .000336{col 43}{space 1}   -4.17{col 52}{space 3}0.000{col 60}{space 4}-.0020591{col 73}{space 3}-.0007413
{txt}{space 5}broker_size_w {c |}{col 20}{res}{space 2} 8.75e-06{col 32}{space 2} .0000342{col 43}{space 1}    0.26{col 52}{space 3}0.798{col 60}{space 4}-.0000584{col 73}{space 3} .0000759
{txt}{space 18} {c |}
{space 10}fpe_year {c |}
{space 13}2013  {c |}{col 20}{res}{space 2}-.0037871{col 32}{space 2} .0050524{col 43}{space 1}   -0.75{col 52}{space 3}0.454{col 60}{space 4}-.0136949{col 73}{space 3} .0061207
{txt}{space 13}2014  {c |}{col 20}{res}{space 2} .0072095{col 32}{space 2} .0088322{col 43}{space 1}    0.82{col 52}{space 3}0.414{col 60}{space 4}-.0101105{col 73}{space 3} .0245295
{txt}{space 13}2015  {c |}{col 20}{res}{space 2} .0256946{col 32}{space 2} .0125875{col 43}{space 1}    2.04{col 52}{space 3}0.041{col 60}{space 4} .0010103{col 73}{space 3} .0503788
{txt}{space 13}2016  {c |}{col 20}{res}{space 2} .0304943{col 32}{space 2} .0164769{col 43}{space 1}    1.85{col 52}{space 3}0.064{col 60}{space 4} -.001817{col 73}{space 3} .0628056
{txt}{space 13}2017  {c |}{col 20}{res}{space 2} .0422469{col 32}{space 2} .0205254{col 43}{space 1}    2.06{col 52}{space 3}0.040{col 60}{space 4} .0019964{col 73}{space 3} .0824973
{txt}{space 13}2018  {c |}{col 20}{res}{space 2} .0267327{col 32}{space 2} .0245298{col 43}{space 1}    1.09{col 52}{space 3}0.276{col 60}{space 4}-.0213705{col 73}{space 3} .0748359
{txt}{space 13}2019  {c |}{col 20}{res}{space 2} .0247575{col 32}{space 2} .0285736{col 43}{space 1}    0.87{col 52}{space 3}0.386{col 60}{space 4}-.0312756{col 73}{space 3} .0807905
{txt}{space 13}2020  {c |}{col 20}{res}{space 2} .0232893{col 32}{space 2}  .032887{col 43}{space 1}    0.71{col 52}{space 3}0.479{col 60}{space 4}-.0412025{col 73}{space 3} .0877811
{txt}{space 13}2021  {c |}{col 20}{res}{space 2} .0202741{col 32}{space 2} .0366464{col 43}{space 1}    0.55{col 52}{space 3}0.580{col 60}{space 4}-.0515898{col 73}{space 3}  .092138
{txt}{space 18} {c |}
{space 13}_cons {c |}{col 20}{res}{space 2}-.1941154{col 32}{space 2} .0942416{col 43}{space 1}   -2.06{col 52}{space 3}0.040{col 60}{space 4} -.378924{col 73}{space 3}-.0093068
{txt}{hline 19}{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}   analystID{col 14}{c |}{space 1}     3147{col 27}{space 1}     3147{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}.         eret li

{txt}scalars:
                  e(N) =  {res}974911
               {txt}e(rank) =  {res}28
               {txt}e(df_r) =  {res}2271
               {txt}e(df_m) =  {res}28
                {txt}e(tss) =  {res}243707.1033134651
         {txt}e(tss_within) =  {res}243420.1658964455
                {txt}e(rss) =  {res}210274.2642394264
                {txt}e(mss) =  {res}33432.8390740387
               {txt}e(rmse) =  {res}.46517772974531
                  {txt}e(F) =  {res}146.1567697870823
                 {txt}e(ll) =  {res}-635614.46997123
               {txt}e(ll_0) =  {res}-706966.416693486
                 {txt}e(r2) =  {res}.1371845080405233
          {txt}e(r2_within) =  {res}.1361674433790331
               {txt}e(r2_a) =  {res}.1343662771923512
        {txt}e(r2_a_within) =  {res}.1361425525531448
         {txt}e(sumweights) =  {res}974911
                 {txt}e(ic) =  {res}1
          {txt}e(converged) =  {res}1
    {txt}e(report_constant) =  {res}1
             {txt}e(N_full) =  {res}974912
     {txt}e(num_singletons) =  {res}1
    {txt}e(drop_singletons) =  {res}1
        {txt}e(df_a_nested) =  {res}3147
     {txt}e(df_a_redundant) =  {res}3147
       {txt}e(df_a_initial) =  {res}3147
               {txt}e(df_a) =  {res}0
    {txt}e(N_hdfe_extended) =  {res}1
             {txt}e(N_hdfe) =  {res}1
           {txt}e(N_clust2) =  {res}2272
           {txt}e(N_clust1) =  {res}3147
      {txt}e(N_clustervars) =  {res}2
            {txt}e(N_clust) =  {res}2272

{txt}macros:
   e(extended_absvars) : "{res}analystID{txt}"
            e(absvars) : "{res}analystID{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}rev_compV3 bm_diff_w size_diff_w same_aud complexity_diff both_foreign age_diff_w diff_sic3 size_mve_j_w bm_j_w trading_volume_j_w roa_j_w r2_revenue_j_num_w VolatilityRev_j_w sales{txt}.."
             e(depvar) : "{res}cofollow{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 cofollow rev_compV3 bm_diff_w size_diff_w same_aud complexity_diff both_foreign age_diff_w diff_sic3 size_mve_j_w bm_j_w trading_volume_j_w roa_j_w r2_revenue_j_num_w Volati{txt}.."
                e(cmd) : "{res}reghdfe{txt}"
           e(clustvar) : "{res}analystID gvkey{txt}"
             e(title3) : "{res}Statistics robust to heteroskedasticity{txt}"
          e(clustvar2) : "{res}gvkey{txt}"
          e(clustvar1) : "{res}analystID{txt}"
         e(properties) : "{res}b V{txt}"

matrices:
                  e(b) : {res} 1 x 30
                  {txt}e(V) : {res} 30 x 30
          {txt}e(dof_table) : {res} 1 x 5

{txt}functions:
             e(sample)   

{com}.         gen byte used3=e(sample)
{txt}
{com}.         
.         *Descriptives:
.         estpost sum cofollow rev_compV3 post score3 fasb_sim $cont3, detail 

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{com}.         estpost sum cofollow rev_compV3 post score3 fasb_sim $cont3 if analyst_diversified3 == 0 & (used2 ==1), detail

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{com}.         estpost sum cofollow rev_compV3 post score3 fasb_sim $cont3 if analyst_diversified3 == 1 & (used3 ==1), detail 

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{space 0}{space 0}{ralign 12:age_diff_w}{space 1}{c |}{space 1}{ralign 9:{res:{sf:       50}}}{space 1}{space 1}{ralign 9:{res:{sf:       60}}}{space 1}
{space 0}{space 0}{ralign 12:diff_sic3}{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:analyst_nf~w}{space 1}{c |}{space 1}{ralign 9:{res:{sf:       36}}}{space 1}{space 1}{ralign 9:{res:{sf:       39}}}{space 1}
{space 0}{space 0}{ralign 12:analyst_ge~w}{space 1}{c |}{space 1}{ralign 9:{res:{sf:       26}}}{space 1}{space 1}{ralign 9:{res:{sf:       32}}}{space 1}
{space 0}{space 0}{ralign 12:analyst_fe~w}{space 1}{c |}{space 1}{ralign 9:{res:{sf:       15}}}{space 1}{space 1}{ralign 9:{res:{sf:       20}}}{space 1}
{space 0}{space 0}{ralign 12:broker_siz~w}{space 1}{c |}{space 1}{ralign 9:{res:{sf:      209}}}{space 1}{space 1}{ralign 9:{res:{sf:      244}}}{space 1}

{com}.                 
. *Begin tables   
.         
. **************************************
. **TABLE 6
. **************************************/
.         **Column 1
.         reghdfe cofollow rev_compV3 $cont3a i.fpe_year, absorb(analystID) cluster(analystID gvkey)
{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} 1,237,278
{txt}Absorbing 1 HDFE group{col 51}F({res}  28{txt},{res}   2287{txt}){col 67}= {res}    176.60
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1403
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1376
{txt}{col 1}Number of clusters ({res}analystID{txt}) {col 30}= {res}     3,839{txt}{col 51}Within R-sq.{col 67}= {res}    0.1388
{txt}{col 1}Number of clusters ({res}gvkey{txt}) {col 30}= {res}     2,288{txt}{col 51}Root MSE{col 67}= {res}    0.4643

{txt}{ralign 84:(Std. err. adjusted for {res:2,288} clusters in {res:analystID gvkey})}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}          cofollow{col 20}{c |} Coefficient{col 32}  std. err.{col 44}      t{col 52}   P>|t|{col 60}     [95% con{col 73}f. interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}rev_compV3 {c |}{col 20}{res}{space 2} .4752383{col 32}{space 2} .0211539{col 43}{space 1}   22.47{col 52}{space 3}0.000{col 60}{space 4} .4337554{col 73}{space 3} .5167212
{txt}{space 9}bm_diff_w {c |}{col 20}{res}{space 2} .0043436{col 32}{space 2} .0008532{col 43}{space 1}    5.09{col 52}{space 3}0.000{col 60}{space 4} .0026705{col 73}{space 3} .0060166
{txt}{space 7}size_diff_w {c |}{col 20}{res}{space 2}-.0477991{col 32}{space 2} .0022948{col 43}{space 1}  -20.83{col 52}{space 3}0.000{col 60}{space 4}-.0522993{col 73}{space 3} -.043299
{txt}{space 10}same_aud {c |}{col 20}{res}{space 2} .0206637{col 32}{space 2} .0043406{col 43}{space 1}    4.76{col 52}{space 3}0.000{col 60}{space 4} .0121518{col 73}{space 3} .0291755
{txt}{space 3}complexity_diff {c |}{col 20}{res}{space 2}-.0045357{col 32}{space 2} .0008397{col 43}{space 1}   -5.40{col 52}{space 3}0.000{col 60}{space 4}-.0061823{col 73}{space 3} -.002889
{txt}{space 6}both_foreign {c |}{col 20}{res}{space 2} .0167042{col 32}{space 2} .0061193{col 43}{space 1}    2.73{col 52}{space 3}0.006{col 60}{space 4} .0047043{col 73}{space 3} .0287042
{txt}{space 8}age_diff_w {c |}{col 20}{res}{space 2}-.0017431{col 32}{space 2} .0002703{col 43}{space 1}   -6.45{col 52}{space 3}0.000{col 60}{space 4}-.0022732{col 73}{space 3}-.0012129
{txt}{space 9}diff_sic3 {c |}{col 20}{res}{space 2}-.2521588{col 32}{space 2} .0106597{col 43}{space 1}  -23.66{col 52}{space 3}0.000{col 60}{space 4}-.2730625{col 73}{space 3}-.2312551
{txt}{space 6}size_mve_j_w {c |}{col 20}{res}{space 2}  .025166{col 32}{space 2} .0031088{col 43}{space 1}    8.10{col 52}{space 3}0.000{col 60}{space 4} .0190696{col 73}{space 3} .0312623
{txt}{space 12}bm_j_w {c |}{col 20}{res}{space 2} .0025525{col 32}{space 2} .0034822{col 43}{space 1}    0.73{col 52}{space 3}0.464{col 60}{space 4}-.0042762{col 73}{space 3} .0093811
{txt}trading_volume_j_w {c |}{col 20}{res}{space 2} .0245127{col 32}{space 2} .0042189{col 43}{space 1}    5.81{col 52}{space 3}0.000{col 60}{space 4} .0162395{col 73}{space 3} .0327859
{txt}{space 11}roa_j_w {c |}{col 20}{res}{space 2}-.0137294{col 32}{space 2} .0166274{col 43}{space 1}   -0.83{col 52}{space 3}0.409{col 60}{space 4}-.0463358{col 73}{space 3}  .018877
{txt}r2_revenue_j_num_w {c |}{col 20}{res}{space 2} .0041559{col 32}{space 2} .0053323{col 43}{space 1}    0.78{col 52}{space 3}0.436{col 60}{space 4}-.0063008{col 73}{space 3} .0146125
{txt}{space 1}VolatilityRev_j_w {c |}{col 20}{res}{space 2} .0014928{col 32}{space 2} .1078614{col 43}{space 1}    0.01{col 52}{space 3}0.989{col 60}{space 4}-.2100237{col 73}{space 3} .2130093
{txt}{space 2}sales_growth_j_w {c |}{col 20}{res}{space 2}-.0091937{col 32}{space 2} .0030807{col 43}{space 1}   -2.98{col 52}{space 3}0.003{col 60}{space 4} -.015235{col 73}{space 3}-.0031525
{txt}{space 2}analyst_nfirms_w {c |}{col 20}{res}{space 2} .0005618{col 32}{space 2} .0002013{col 43}{space 1}    2.79{col 52}{space 3}0.005{col 60}{space 4}  .000167{col 73}{space 3} .0009566
{txt}{space 4}analyst_gexp_w {c |}{col 20}{res}{space 2} .0030295{col 32}{space 2} .0032903{col 43}{space 1}    0.92{col 52}{space 3}0.357{col 60}{space 4}-.0034228{col 73}{space 3} .0094817
{txt}{space 4}analyst_fexp_w {c |}{col 20}{res}{space 2}-.0014108{col 32}{space 2} .0003157{col 43}{space 1}   -4.47{col 52}{space 3}0.000{col 60}{space 4}-.0020298{col 73}{space 3}-.0007917
{txt}{space 5}broker_size_w {c |}{col 20}{res}{space 2}-5.12e-07{col 32}{space 2} .0000362{col 43}{space 1}   -0.01{col 52}{space 3}0.989{col 60}{space 4}-.0000715{col 73}{space 3} .0000705
{txt}{space 18} {c |}
{space 10}fpe_year {c |}
{space 13}2013  {c |}{col 20}{res}{space 2}-.0071801{col 32}{space 2} .0041621{col 43}{space 1}   -1.73{col 52}{space 3}0.085{col 60}{space 4} -.015342{col 73}{space 3} .0009818
{txt}{space 13}2014  {c |}{col 20}{res}{space 2}-.0027445{col 32}{space 2} .0072596{col 43}{space 1}   -0.38{col 52}{space 3}0.705{col 60}{space 4}-.0169806{col 73}{space 3} .0114916
{txt}{space 13}2015  {c |}{col 20}{res}{space 2}  .012335{col 32}{space 2} .0103456{col 43}{space 1}    1.19{col 52}{space 3}0.233{col 60}{space 4}-.0079528{col 73}{space 3} .0326228
{txt}{space 13}2016  {c |}{col 20}{res}{space 2} .0157264{col 32}{space 2} .0134983{col 43}{space 1}    1.17{col 52}{space 3}0.244{col 60}{space 4}-.0107438{col 73}{space 3} .0421966
{txt}{space 13}2017  {c |}{col 20}{res}{space 2} .0203285{col 32}{space 2} .0167552{col 43}{space 1}    1.21{col 52}{space 3}0.225{col 60}{space 4}-.0125285{col 73}{space 3} .0531855
{txt}{space 13}2018  {c |}{col 20}{res}{space 2} .0051588{col 32}{space 2} .0200177{col 43}{space 1}    0.26{col 52}{space 3}0.797{col 60}{space 4}-.0340959{col 73}{space 3} .0444134
{txt}{space 13}2019  {c |}{col 20}{res}{space 2}-.0032097{col 32}{space 2}  .023299{col 43}{space 1}   -0.14{col 52}{space 3}0.890{col 60}{space 4}-.0488991{col 73}{space 3} .0424797
{txt}{space 13}2020  {c |}{col 20}{res}{space 2}-.0078568{col 32}{space 2} .0267673{col 43}{space 1}   -0.29{col 52}{space 3}0.769{col 60}{space 4}-.0603475{col 73}{space 3} .0446339
{txt}{space 13}2021  {c |}{col 20}{res}{space 2}-.0194575{col 32}{space 2} .0298314{col 43}{space 1}   -0.65{col 52}{space 3}0.514{col 60}{space 4} -.077957{col 73}{space 3} .0390419
{txt}{space 18} {c |}
{space 13}_cons {c |}{col 20}{res}{space 2}-.1626885{col 32}{space 2} .0837724{col 43}{space 1}   -1.94{col 52}{space 3}0.052{col 60}{space 4}-.3269663{col 73}{space 3} .0015893
{txt}{hline 19}{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}   analystID{col 14}{c |}{space 1}     3839{col 27}{space 1}     3839{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}.         **Column 2
.         reghdfe cofollow rev_compV3 score3 fasb_sim $cont3b i.fpe_year, absorb(analystID) cluster(analystID gvkey)
{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} 1,237,278
{txt}Absorbing 1 HDFE group{col 51}F({res}  31{txt},{res}   2287{txt}){col 67}= {res}    232.54
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1659
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1633
{txt}{col 1}Number of clusters ({res}analystID{txt}) {col 30}= {res}     3,839{txt}{col 51}Within R-sq.{col 67}= {res}    0.1644
{txt}{col 1}Number of clusters ({res}gvkey{txt}) {col 30}= {res}     2,288{txt}{col 51}Root MSE{col 67}= {res}    0.4573

{txt}{ralign 84:(Std. err. adjusted for {res:2,288} clusters in {res:analystID gvkey})}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}          cofollow{col 20}{c |} Coefficient{col 32}  std. err.{col 44}      t{col 52}   P>|t|{col 60}     [95% con{col 73}f. interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}rev_compV3 {c |}{col 20}{res}{space 2} .3675221{col 32}{space 2} .0194888{col 43}{space 1}   18.86{col 52}{space 3}0.000{col 60}{space 4} .3293045{col 73}{space 3} .4057397
{txt}{space 12}score3 {c |}{col 20}{res}{space 2} 1.581283{col 32}{space 2} .0614848{col 43}{space 1}   25.72{col 52}{space 3}0.000{col 60}{space 4} 1.460712{col 73}{space 3} 1.701855
{txt}{space 10}fasb_sim {c |}{col 20}{res}{space 2}-.2898438{col 32}{space 2} .0294854{col 43}{space 1}   -9.83{col 52}{space 3}0.000{col 60}{space 4}-.3476647{col 73}{space 3}-.2320228
{txt}{space 7}policy_comp {c |}{col 20}{res}{space 2} .1475314{col 32}{space 2} .0171461{col 43}{space 1}    8.60{col 52}{space 3}0.000{col 60}{space 4} .1139078{col 73}{space 3} .1811549
{txt}{space 9}bm_diff_w {c |}{col 20}{res}{space 2} .0033618{col 32}{space 2} .0008603{col 43}{space 1}    3.91{col 52}{space 3}0.000{col 60}{space 4} .0016747{col 73}{space 3} .0050489
{txt}{space 7}size_diff_w {c |}{col 20}{res}{space 2}-.0405648{col 32}{space 2} .0022611{col 43}{space 1}  -17.94{col 52}{space 3}0.000{col 60}{space 4}-.0449987{col 73}{space 3}-.0361308
{txt}{space 10}same_aud {c |}{col 20}{res}{space 2} .0155728{col 32}{space 2} .0042072{col 43}{space 1}    3.70{col 52}{space 3}0.000{col 60}{space 4} .0073226{col 73}{space 3}  .023823
{txt}{space 3}complexity_diff {c |}{col 20}{res}{space 2}  -.00343{col 32}{space 2} .0007887{col 43}{space 1}   -4.35{col 52}{space 3}0.000{col 60}{space 4}-.0049766{col 73}{space 3}-.0018834
{txt}{space 6}both_foreign {c |}{col 20}{res}{space 2}-.0003549{col 32}{space 2} .0061086{col 43}{space 1}   -0.06{col 52}{space 3}0.954{col 60}{space 4}-.0123339{col 73}{space 3}  .011624
{txt}{space 8}age_diff_w {c |}{col 20}{res}{space 2}-.0012773{col 32}{space 2} .0002629{col 43}{space 1}   -4.86{col 52}{space 3}0.000{col 60}{space 4}-.0017928{col 73}{space 3}-.0007618
{txt}{space 9}diff_sic3 {c |}{col 20}{res}{space 2}-.2016449{col 32}{space 2} .0101706{col 43}{space 1}  -19.83{col 52}{space 3}0.000{col 60}{space 4}-.2215895{col 73}{space 3}-.1817002
{txt}{space 6}size_mve_j_w {c |}{col 20}{res}{space 2}  .026761{col 32}{space 2} .0029329{col 43}{space 1}    9.12{col 52}{space 3}0.000{col 60}{space 4} .0210095{col 73}{space 3} .0325125
{txt}{space 12}bm_j_w {c |}{col 20}{res}{space 2} .0002009{col 32}{space 2} .0034527{col 43}{space 1}    0.06{col 52}{space 3}0.954{col 60}{space 4}-.0065698{col 73}{space 3} .0069716
{txt}trading_volume_j_w {c |}{col 20}{res}{space 2} .0214537{col 32}{space 2} .0039158{col 43}{space 1}    5.48{col 52}{space 3}0.000{col 60}{space 4} .0137749{col 73}{space 3} .0291326
{txt}{space 11}roa_j_w {c |}{col 20}{res}{space 2} .0083485{col 32}{space 2} .0162199{col 43}{space 1}    0.51{col 52}{space 3}0.607{col 60}{space 4}-.0234588{col 73}{space 3} .0401558
{txt}r2_revenue_j_num_w {c |}{col 20}{res}{space 2}-.0006602{col 32}{space 2} .0051835{col 43}{space 1}   -0.13{col 52}{space 3}0.899{col 60}{space 4} -.010825{col 73}{space 3} .0095046
{txt}{space 1}VolatilityRev_j_w {c |}{col 20}{res}{space 2} .0192399{col 32}{space 2} .1068942{col 43}{space 1}    0.18{col 52}{space 3}0.857{col 60}{space 4}-.1903797{col 73}{space 3} .2288596
{txt}{space 2}sales_growth_j_w {c |}{col 20}{res}{space 2}-.0163587{col 32}{space 2} .0029357{col 43}{space 1}   -5.57{col 52}{space 3}0.000{col 60}{space 4}-.0221156{col 73}{space 3}-.0106017
{txt}{space 2}analyst_nfirms_w {c |}{col 20}{res}{space 2} .0006507{col 32}{space 2} .0002138{col 43}{space 1}    3.04{col 52}{space 3}0.002{col 60}{space 4} .0002313{col 73}{space 3}   .00107
{txt}{space 4}analyst_gexp_w {c |}{col 20}{res}{space 2} .0048975{col 32}{space 2} .0033202{col 43}{space 1}    1.48{col 52}{space 3}0.140{col 60}{space 4}-.0016135{col 73}{space 3} .0114085
{txt}{space 4}analyst_fexp_w {c |}{col 20}{res}{space 2} -.000617{col 32}{space 2} .0003318{col 43}{space 1}   -1.86{col 52}{space 3}0.063{col 60}{space 4}-.0012676{col 73}{space 3} .0000336
{txt}{space 5}broker_size_w {c |}{col 20}{res}{space 2}-.0000263{col 32}{space 2} .0000432{col 43}{space 1}   -0.61{col 52}{space 3}0.543{col 60}{space 4} -.000111{col 73}{space 3} .0000584
{txt}{space 18} {c |}
{space 10}fpe_year {c |}
{space 13}2013  {c |}{col 20}{res}{space 2} -.015667{col 32}{space 2} .0041325{col 43}{space 1}   -3.79{col 52}{space 3}0.000{col 60}{space 4}-.0237708{col 73}{space 3}-.0075632
{txt}{space 13}2014  {c |}{col 20}{res}{space 2}-.0175132{col 32}{space 2}  .007152{col 43}{space 1}   -2.45{col 52}{space 3}0.014{col 60}{space 4}-.0315383{col 73}{space 3}-.0034881
{txt}{space 13}2015  {c |}{col 20}{res}{space 2}-.0020664{col 32}{space 2} .0102756{col 43}{space 1}   -0.20{col 52}{space 3}0.841{col 60}{space 4}-.0222169{col 73}{space 3}  .018084
{txt}{space 13}2016  {c |}{col 20}{res}{space 2} -.003089{col 32}{space 2} .0135756{col 43}{space 1}   -0.23{col 52}{space 3}0.820{col 60}{space 4}-.0297108{col 73}{space 3} .0235329
{txt}{space 13}2017  {c |}{col 20}{res}{space 2}-.0047389{col 32}{space 2} .0167366{col 43}{space 1}   -0.28{col 52}{space 3}0.777{col 60}{space 4}-.0375594{col 73}{space 3} .0280815
{txt}{space 13}2018  {c |}{col 20}{res}{space 2} .0025887{col 32}{space 2} .0202147{col 43}{space 1}    0.13{col 52}{space 3}0.898{col 60}{space 4}-.0370523{col 73}{space 3} .0422298
{txt}{space 13}2019  {c |}{col 20}{res}{space 2}-.0088874{col 32}{space 2} .0233294{col 43}{space 1}   -0.38{col 52}{space 3}0.703{col 60}{space 4}-.0546365{col 73}{space 3} .0368617
{txt}{space 13}2020  {c |}{col 20}{res}{space 2}-.0100069{col 32}{space 2} .0265132{col 43}{space 1}   -0.38{col 52}{space 3}0.706{col 60}{space 4}-.0619995{col 73}{space 3} .0419856
{txt}{space 13}2021  {c |}{col 20}{res}{space 2}-.0225824{col 32}{space 2} .0293674{col 43}{space 1}   -0.77{col 52}{space 3}0.442{col 60}{space 4}-.0801718{col 73}{space 3} .0350071
{txt}{space 18} {c |}
{space 13}_cons {c |}{col 20}{res}{space 2}-.2550298{col 32}{space 2} .0791501{col 43}{space 1}   -3.22{col 52}{space 3}0.001{col 60}{space 4}-.4102433{col 73}{space 3}-.0998164
{txt}{hline 19}{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}   analystID{col 14}{c |}{space 1}     3839{col 27}{space 1}     3839{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}.         **Column 3
.         reghdfe cofollow rev_centV3 postXrevcomp_centV3 post score3 fasb_sim $cont3, absorb(analystID) cluster(analystID gvkey)
{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} 1,237,278
{txt}Absorbing 1 HDFE group{col 51}F({res}  24{txt},{res}   2287{txt}){col 67}= {res}    295.34
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1658
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1632
{txt}{col 1}Number of clusters ({res}analystID{txt}) {col 30}= {res}     3,839{txt}{col 51}Within R-sq.{col 67}= {res}    0.1644
{txt}{col 1}Number of clusters ({res}gvkey{txt}) {col 30}= {res}     2,288{txt}{col 51}Root MSE{col 67}= {res}    0.4574

{txt}{ralign 85:(Std. err. adjusted for {res:2,288} clusters in {res:analystID gvkey})}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}{col 33}    Robust
{col 1}           cofollow{col 21}{c |} Coefficient{col 33}  std. err.{col 45}      t{col 53}   P>|t|{col 61}     [95% con{col 74}f. interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}rev_centV3 {c |}{col 21}{res}{space 2}  .398925{col 33}{space 2} .0225728{col 44}{space 1}   17.67{col 53}{space 3}0.000{col 61}{space 4} .3546597{col 74}{space 3} .4431903
{txt}postXrevcomp_centV3 {c |}{col 21}{res}{space 2}-.0650716{col 33}{space 2} .0219337{col 44}{space 1}   -2.97{col 53}{space 3}0.003{col 61}{space 4}-.1080837{col 74}{space 3}-.0220595
{txt}{space 15}post {c |}{col 21}{res}{space 2} .0045804{col 33}{space 2} .0037828{col 44}{space 1}    1.21{col 53}{space 3}0.226{col 61}{space 4}-.0028377{col 74}{space 3} .0119986
{txt}{space 13}score3 {c |}{col 21}{res}{space 2}  1.58079{col 33}{space 2} .0615372{col 44}{space 1}   25.69{col 53}{space 3}0.000{col 61}{space 4} 1.460115{col 74}{space 3} 1.701464
{txt}{space 11}fasb_sim {c |}{col 21}{res}{space 2}-.2719858{col 33}{space 2} .0297833{col 44}{space 1}   -9.13{col 53}{space 3}0.000{col 61}{space 4}-.3303909{col 74}{space 3}-.2135807
{txt}{space 8}policy_comp {c |}{col 21}{res}{space 2} .1484556{col 33}{space 2} .0171461{col 44}{space 1}    8.66{col 53}{space 3}0.000{col 61}{space 4}  .114832{col 74}{space 3} .1820793
{txt}{space 7}size_mve_j_w {c |}{col 21}{res}{space 2} .0262831{col 33}{space 2} .0029165{col 44}{space 1}    9.01{col 53}{space 3}0.000{col 61}{space 4} .0205638{col 74}{space 3} .0320023
{txt}{space 13}bm_j_w {c |}{col 21}{res}{space 2} .0002862{col 33}{space 2} .0034334{col 44}{space 1}    0.08{col 53}{space 3}0.934{col 61}{space 4}-.0064466{col 74}{space 3}  .007019
{txt}{space 1}trading_volume_j_w {c |}{col 21}{res}{space 2} .0217575{col 33}{space 2} .0039084{col 44}{space 1}    5.57{col 53}{space 3}0.000{col 61}{space 4} .0140932{col 74}{space 3} .0294219
{txt}{space 12}roa_j_w {c |}{col 21}{res}{space 2} .0084865{col 33}{space 2} .0160561{col 44}{space 1}    0.53{col 53}{space 3}0.597{col 61}{space 4}-.0229995{col 74}{space 3} .0399725
{txt}{space 1}r2_revenue_j_num_w {c |}{col 21}{res}{space 2}-.0005532{col 33}{space 2} .0050938{col 44}{space 1}   -0.11{col 53}{space 3}0.914{col 61}{space 4}-.0105421{col 74}{space 3} .0094357
{txt}{space 2}VolatilityRev_j_w {c |}{col 21}{res}{space 2} .0057829{col 33}{space 2} .1063303{col 44}{space 1}    0.05{col 53}{space 3}0.957{col 61}{space 4}-.2027311{col 74}{space 3} .2142968
{txt}{space 3}sales_growth_j_w {c |}{col 21}{res}{space 2}-.0163006{col 33}{space 2} .0029289{col 44}{space 1}   -5.57{col 53}{space 3}0.000{col 61}{space 4}-.0220443{col 74}{space 3} -.010557
{txt}{space 10}bm_diff_w {c |}{col 21}{res}{space 2} .0034362{col 33}{space 2} .0008507{col 44}{space 1}    4.04{col 53}{space 3}0.000{col 61}{space 4} .0017679{col 74}{space 3} .0051045
{txt}{space 8}size_diff_w {c |}{col 21}{res}{space 2}-.0406629{col 33}{space 2} .0022668{col 44}{space 1}  -17.94{col 53}{space 3}0.000{col 61}{space 4} -.045108{col 74}{space 3}-.0362177
{txt}{space 11}same_aud {c |}{col 21}{res}{space 2} .0156499{col 33}{space 2} .0042064{col 44}{space 1}    3.72{col 53}{space 3}0.000{col 61}{space 4}  .007401{col 74}{space 3} .0238987
{txt}{space 4}complexity_diff {c |}{col 21}{res}{space 2} -.003003{col 33}{space 2}  .000746{col 44}{space 1}   -4.03{col 53}{space 3}0.000{col 61}{space 4}-.0044658{col 74}{space 3}-.0015402
{txt}{space 7}both_foreign {c |}{col 21}{res}{space 2}-.0004062{col 33}{space 2} .0061048{col 44}{space 1}   -0.07{col 53}{space 3}0.947{col 61}{space 4}-.0123777{col 74}{space 3} .0115653
{txt}{space 9}age_diff_w {c |}{col 21}{res}{space 2}-.0012846{col 33}{space 2} .0002625{col 44}{space 1}   -4.89{col 53}{space 3}0.000{col 61}{space 4}-.0017993{col 74}{space 3}-.0007699
{txt}{space 10}diff_sic3 {c |}{col 21}{res}{space 2}-.2012937{col 33}{space 2} .0101645{col 44}{space 1}  -19.80{col 53}{space 3}0.000{col 61}{space 4}-.2212263{col 74}{space 3}-.1813611
{txt}{space 3}analyst_nfirms_w {c |}{col 21}{res}{space 2} .0005743{col 33}{space 2} .0002182{col 44}{space 1}    2.63{col 53}{space 3}0.009{col 61}{space 4} .0001464{col 74}{space 3} .0010022
{txt}{space 5}analyst_gexp_w {c |}{col 21}{res}{space 2} .0030988{col 33}{space 2} .0009208{col 44}{space 1}    3.37{col 53}{space 3}0.001{col 61}{space 4} .0012932{col 74}{space 3} .0049045
{txt}{space 5}analyst_fexp_w {c |}{col 21}{res}{space 2}-.0006877{col 33}{space 2} .0003317{col 44}{space 1}   -2.07{col 53}{space 3}0.038{col 61}{space 4}-.0013381{col 74}{space 3}-.0000373
{txt}{space 6}broker_size_w {c |}{col 21}{res}{space 2}-3.81e-06{col 33}{space 2}  .000044{col 44}{space 1}   -0.09{col 53}{space 3}0.931{col 61}{space 4}  -.00009{col 74}{space 3} .0000824
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-.1312003{col 33}{space 2}  .073641{col 44}{space 1}   -1.78{col 53}{space 3}0.075{col 61}{space 4}-.2756105{col 74}{space 3}   .01321
{txt}{hline 20}{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}   analystID{col 14}{c |}{space 1}     3839{col 27}{space 1}     3839{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}. 
.         summarize score3, detail                        

                           {txt}score3
{hline 61}
      Percentiles      Smallest
 1%    {res}    .0006              0
{txt} 5%    {res}    .0032              0
{txt}10%    {res}    .0067              0       {txt}Obs         {res}  1,237,278
{txt}25%    {res}     .019              0       {txt}Sum of wgt. {res}  1,237,278

{txt}50%    {res}    .0491                      {txt}Mean          {res} .0669422
                        {txt}Largest       Std. dev.     {res} .0609264
{txt}75%    {res}    .1002          .8289
{txt}90%    {res}    .1543          .8289       {txt}Variance      {res}  .003712
{txt}95%    {res}    .1854          .8289       {txt}Skewness      {res} 1.583813
{txt}99%    {res}     .245          .8289       {txt}Kurtosis      {res}  9.06866
{txt}
{com}.         gen score3_hi = 0 
{txt}
{com}.         replace score3_hi = 1 if score3 >= .0491 // above median full sample 
{txt}(618,801 real changes made)

{com}.         **Column 4
.         reghdfe cofollow rev_centV3 postXrevcomp_centV3 post fasb_sim $cont3 if score3_hi == 1, absorb(analystID) cluster(analystID gvkey)
{res}{txt}(dropped 122 {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}   618,679
{txt}Absorbing 1 HDFE group{col 51}F({res}  23{txt},{res}   1973{txt}){col 67}= {res}     89.12
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1156
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1105
{txt}{col 1}Number of clusters ({res}analystID{txt}) {col 30}= {res}     3,477{txt}{col 51}Within R-sq.{col 67}= {res}    0.0899
{txt}{col 1}Number of clusters ({res}gvkey{txt}) {col 30}= {res}     1,974{txt}{col 51}Root MSE{col 67}= {res}    0.4593

{txt}{ralign 85:(Std. err. adjusted for {res:1,974} clusters in {res:analystID gvkey})}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}{col 33}    Robust
{col 1}           cofollow{col 21}{c |} Coefficient{col 33}  std. err.{col 45}      t{col 53}   P>|t|{col 61}     [95% con{col 74}f. interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}rev_centV3 {c |}{col 21}{res}{space 2} .3180145{col 33}{space 2}  .024576{col 44}{space 1}   12.94{col 53}{space 3}0.000{col 61}{space 4} .2698169{col 74}{space 3} .3662121
{txt}postXrevcomp_centV3 {c |}{col 21}{res}{space 2}-.0545713{col 33}{space 2} .0264114{col 44}{space 1}   -2.07{col 53}{space 3}0.039{col 61}{space 4}-.1063684{col 74}{space 3}-.0027743
{txt}{space 15}post {c |}{col 21}{res}{space 2} .0107521{col 33}{space 2} .0051751{col 44}{space 1}    2.08{col 53}{space 3}0.038{col 61}{space 4} .0006029{col 74}{space 3} .0209014
{txt}{space 11}fasb_sim {c |}{col 21}{res}{space 2}-.2298999{col 33}{space 2} .0324049{col 44}{space 1}   -7.09{col 53}{space 3}0.000{col 61}{space 4}-.2934514{col 74}{space 3}-.1663484
{txt}{space 8}policy_comp {c |}{col 21}{res}{space 2} .1901483{col 33}{space 2} .0215694{col 44}{space 1}    8.82{col 53}{space 3}0.000{col 61}{space 4}  .147847{col 74}{space 3} .2324496
{txt}{space 7}size_mve_j_w {c |}{col 21}{res}{space 2}  .022864{col 33}{space 2} .0038337{col 44}{space 1}    5.96{col 53}{space 3}0.000{col 61}{space 4} .0153455{col 74}{space 3} .0303824
{txt}{space 13}bm_j_w {c |}{col 21}{res}{space 2} .0036161{col 33}{space 2}  .003664{col 44}{space 1}    0.99{col 53}{space 3}0.324{col 61}{space 4}-.0035697{col 74}{space 3} .0108018
{txt}{space 1}trading_volume_j_w {c |}{col 21}{res}{space 2}  .026584{col 33}{space 2}  .005649{col 44}{space 1}    4.71{col 53}{space 3}0.000{col 61}{space 4} .0155054{col 74}{space 3} .0376626
{txt}{space 12}roa_j_w {c |}{col 21}{res}{space 2}-.0119094{col 33}{space 2} .0172585{col 44}{space 1}   -0.69{col 53}{space 3}0.490{col 61}{space 4}-.0457562{col 74}{space 3} .0219373
{txt}{space 1}r2_revenue_j_num_w {c |}{col 21}{res}{space 2} .0039368{col 33}{space 2} .0066046{col 44}{space 1}    0.60{col 53}{space 3}0.551{col 61}{space 4}-.0090159{col 74}{space 3} .0168895
{txt}{space 2}VolatilityRev_j_w {c |}{col 21}{res}{space 2}-.2063882{col 33}{space 2} .1255855{col 44}{space 1}   -1.64{col 53}{space 3}0.100{col 61}{space 4}-.4526824{col 74}{space 3}  .039906
{txt}{space 3}sales_growth_j_w {c |}{col 21}{res}{space 2}-.0031221{col 33}{space 2} .0027216{col 44}{space 1}   -1.15{col 53}{space 3}0.251{col 61}{space 4}-.0084596{col 74}{space 3} .0022154
{txt}{space 10}bm_diff_w {c |}{col 21}{res}{space 2} .0055473{col 33}{space 2} .0009702{col 44}{space 1}    5.72{col 53}{space 3}0.000{col 61}{space 4} .0036446{col 74}{space 3} .0074501
{txt}{space 8}size_diff_w {c |}{col 21}{res}{space 2}-.0566603{col 33}{space 2}  .003283{col 44}{space 1}  -17.26{col 53}{space 3}0.000{col 61}{space 4}-.0630989{col 74}{space 3}-.0502218
{txt}{space 11}same_aud {c |}{col 21}{res}{space 2} .0168774{col 33}{space 2} .0048189{col 44}{space 1}    3.50{col 53}{space 3}0.000{col 61}{space 4} .0074267{col 74}{space 3} .0263281
{txt}{space 4}complexity_diff {c |}{col 21}{res}{space 2}-.0063659{col 33}{space 2} .0010037{col 44}{space 1}   -6.34{col 53}{space 3}0.000{col 61}{space 4}-.0083344{col 74}{space 3}-.0043975
{txt}{space 7}both_foreign {c |}{col 21}{res}{space 2}-.0097867{col 33}{space 2} .0066912{col 44}{space 1}   -1.46{col 53}{space 3}0.144{col 61}{space 4}-.0229092{col 74}{space 3} .0033359
{txt}{space 9}age_diff_w {c |}{col 21}{res}{space 2}-.0016668{col 33}{space 2} .0003105{col 44}{space 1}   -5.37{col 53}{space 3}0.000{col 61}{space 4}-.0022757{col 74}{space 3}-.0010579
{txt}{space 10}diff_sic3 {c |}{col 21}{res}{space 2}-.1644557{col 33}{space 2}  .013078{col 44}{space 1}  -12.58{col 53}{space 3}0.000{col 61}{space 4}-.1901038{col 74}{space 3}-.1388076
{txt}{space 3}analyst_nfirms_w {c |}{col 21}{res}{space 2}    .0001{col 33}{space 2} .0003459{col 44}{space 1}    0.29{col 53}{space 3}0.773{col 61}{space 4}-.0005783{col 74}{space 3} .0007784
{txt}{space 5}analyst_gexp_w {c |}{col 21}{res}{space 2} .0032435{col 33}{space 2} .0012005{col 44}{space 1}    2.70{col 53}{space 3}0.007{col 61}{space 4} .0008892{col 74}{space 3} .0055979
{txt}{space 5}analyst_fexp_w {c |}{col 21}{res}{space 2} .0000126{col 33}{space 2} .0004444{col 44}{space 1}    0.03{col 53}{space 3}0.977{col 61}{space 4}-.0008591{col 74}{space 3} .0008842
{txt}{space 6}broker_size_w {c |}{col 21}{res}{space 2} .0000562{col 33}{space 2} .0000531{col 44}{space 1}    1.06{col 53}{space 3}0.290{col 61}{space 4}-.0000479{col 74}{space 3} .0001603
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-.0244283{col 33}{space 2} .1087805{col 44}{space 1}   -0.22{col 53}{space 3}0.822{col 61}{space 4}-.2377651{col 74}{space 3} .1889085
{txt}{hline 20}{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}   analystID{col 14}{c |}{space 1}     3477{col 27}{space 1}     3477{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}.                                         
. **************************************
. **TABLE 7
. **************************************/                 
.         **Column 1
.         reghdfe cofollow rev_centV3 post1Xrevcomp_centV3 post2onXrevcomp_centV3 post1a post2on score3 fasb_sim $cont3, absorb(analystID) cluster(analystID gvkey)
{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} 1,237,278
{txt}Absorbing 1 HDFE group{col 51}F({res}  26{txt},{res}   2287{txt}){col 67}= {res}    275.95
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1659
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1633
{txt}{col 1}Number of clusters ({res}analystID{txt}) {col 30}= {res}     3,839{txt}{col 51}Within R-sq.{col 67}= {res}    0.1644
{txt}{col 1}Number of clusters ({res}gvkey{txt}) {col 30}= {res}     2,288{txt}{col 51}Root MSE{col 67}= {res}    0.4573

{txt}{ralign 88:(Std. err. adjusted for {res:2,288} clusters in {res:analystID gvkey})}
{hline 23}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 24}{c |}{col 36}    Robust
{col 1}              cofollow{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 12}rev_centV3 {c |}{col 24}{res}{space 2} .3993947{col 36}{space 2} .0225778{col 47}{space 1}   17.69{col 56}{space 3}0.000{col 64}{space 4} .3551196{col 77}{space 3} .4436698
{txt}{space 2}post1Xrevcomp_centV3 {c |}{col 24}{res}{space 2}-.0875249{col 36}{space 2} .0237061{col 47}{space 1}   -3.69{col 56}{space 3}0.000{col 64}{space 4}-.1340126{col 77}{space 3}-.0410372
{txt}post2onXrevcomp_centV3 {c |}{col 24}{res}{space 2}-.0546503{col 36}{space 2} .0235393{col 47}{space 1}   -2.32{col 56}{space 3}0.020{col 64}{space 4}-.1008108{col 77}{space 3}-.0084897
{txt}{space 16}post1a {c |}{col 24}{res}{space 2} .0082294{col 36}{space 2} .0037548{col 47}{space 1}    2.19{col 56}{space 3}0.029{col 64}{space 4} .0008662{col 77}{space 3} .0155927
{txt}{space 15}post2on {c |}{col 24}{res}{space 2}  -.00774{col 36}{space 2} .0045545{col 47}{space 1}   -1.70{col 56}{space 3}0.089{col 64}{space 4}-.0166715{col 77}{space 3} .0011914
{txt}{space 16}score3 {c |}{col 24}{res}{space 2} 1.579392{col 36}{space 2} .0615028{col 47}{space 1}   25.68{col 56}{space 3}0.000{col 64}{space 4} 1.458785{col 77}{space 3} 1.699999
{txt}{space 14}fasb_sim {c |}{col 24}{res}{space 2}-.2751199{col 36}{space 2} .0299007{col 47}{space 1}   -9.20{col 56}{space 3}0.000{col 64}{space 4}-.3337553{col 77}{space 3}-.2164845
{txt}{space 11}policy_comp {c |}{col 24}{res}{space 2} .1481974{col 36}{space 2} .0171396{col 47}{space 1}    8.65{col 56}{space 3}0.000{col 64}{space 4} .1145867{col 77}{space 3} .1818081
{txt}{space 10}size_mve_j_w {c |}{col 24}{res}{space 2} .0265172{col 36}{space 2} .0029271{col 47}{space 1}    9.06{col 56}{space 3}0.000{col 64}{space 4} .0207771{col 77}{space 3} .0322574
{txt}{space 16}bm_j_w {c |}{col 24}{res}{space 2} .0005297{col 36}{space 2} .0034352{col 47}{space 1}    0.15{col 56}{space 3}0.877{col 64}{space 4}-.0062068{col 77}{space 3} .0072662
{txt}{space 4}trading_volume_j_w {c |}{col 24}{res}{space 2} .0216146{col 36}{space 2} .0039109{col 47}{space 1}    5.53{col 56}{space 3}0.000{col 64}{space 4} .0139454{col 77}{space 3} .0292839
{txt}{space 15}roa_j_w {c |}{col 24}{res}{space 2} .0075666{col 36}{space 2} .0160494{col 47}{space 1}    0.47{col 56}{space 3}0.637{col 64}{space 4}-.0239064{col 77}{space 3} .0390396
{txt}{space 4}r2_revenue_j_num_w {c |}{col 24}{res}{space 2}-.0006229{col 36}{space 2} .0050862{col 47}{space 1}   -0.12{col 56}{space 3}0.903{col 64}{space 4} -.010597{col 77}{space 3} .0093511
{txt}{space 5}VolatilityRev_j_w {c |}{col 24}{res}{space 2} .0136479{col 36}{space 2} .1061603{col 47}{space 1}    0.13{col 56}{space 3}0.898{col 64}{space 4}-.1945326{col 77}{space 3} .2218284
{txt}{space 6}sales_growth_j_w {c |}{col 24}{res}{space 2}-.0168244{col 36}{space 2} .0029513{col 47}{space 1}   -5.70{col 56}{space 3}0.000{col 64}{space 4} -.022612{col 77}{space 3}-.0110369
{txt}{space 13}bm_diff_w {c |}{col 24}{res}{space 2} .0034822{col 36}{space 2} .0008527{col 47}{space 1}    4.08{col 56}{space 3}0.000{col 64}{space 4}   .00181{col 77}{space 3} .0051544
{txt}{space 11}size_diff_w {c |}{col 24}{res}{space 2}-.0406162{col 36}{space 2} .0022671{col 47}{space 1}  -17.92{col 56}{space 3}0.000{col 64}{space 4} -.045062{col 77}{space 3}-.0361703
{txt}{space 14}same_aud {c |}{col 24}{res}{space 2} .0156117{col 36}{space 2} .0042063{col 47}{space 1}    3.71{col 56}{space 3}0.000{col 64}{space 4} .0073631{col 77}{space 3} .0238604
{txt}{space 7}complexity_diff {c |}{col 24}{res}{space 2}-.0031697{col 36}{space 2} .0007488{col 47}{space 1}   -4.23{col 56}{space 3}0.000{col 64}{space 4} -.004638{col 77}{space 3}-.0017013
{txt}{space 10}both_foreign {c |}{col 24}{res}{space 2}-.0003903{col 36}{space 2} .0061051{col 47}{space 1}   -0.06{col 56}{space 3}0.949{col 64}{space 4}-.0123624{col 77}{space 3} .0115818
{txt}{space 12}age_diff_w {c |}{col 24}{res}{space 2}-.0012837{col 36}{space 2} .0002624{col 47}{space 1}   -4.89{col 56}{space 3}0.000{col 64}{space 4}-.0017982{col 77}{space 3}-.0007692
{txt}{space 13}diff_sic3 {c |}{col 24}{res}{space 2}-.2012973{col 36}{space 2}  .010163{col 47}{space 1}  -19.81{col 56}{space 3}0.000{col 64}{space 4}-.2212269{col 77}{space 3}-.1813677
{txt}{space 6}analyst_nfirms_w {c |}{col 24}{res}{space 2} .0005712{col 36}{space 2} .0002157{col 47}{space 1}    2.65{col 56}{space 3}0.008{col 64}{space 4} .0001482{col 77}{space 3} .0009942
{txt}{space 8}analyst_gexp_w {c |}{col 24}{res}{space 2} .0048146{col 36}{space 2} .0009816{col 47}{space 1}    4.90{col 56}{space 3}0.000{col 64}{space 4} .0028897{col 77}{space 3} .0067396
{txt}{space 8}analyst_fexp_w {c |}{col 24}{res}{space 2}-.0006575{col 36}{space 2}  .000332{col 47}{space 1}   -1.98{col 56}{space 3}0.048{col 64}{space 4}-.0013086{col 77}{space 3}-6.44e-06
{txt}{space 9}broker_size_w {c |}{col 24}{res}{space 2} -.000021{col 36}{space 2} .0000433{col 47}{space 1}   -0.49{col 56}{space 3}0.627{col 64}{space 4}-.0001058{col 77}{space 3} .0000638
{txt}{space 17}_cons {c |}{col 24}{res}{space 2}-.1459516{col 36}{space 2} .0734446{col 47}{space 1}   -1.99{col 56}{space 3}0.047{col 64}{space 4}-.2899766{col 77}{space 3}-.0019267
{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}   analystID{col 14}{c |}{space 1}     3839{col 27}{space 1}     3839{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}.                 lincom post1Xrevcomp_centV3 - post2onXrevcomp_centV3

{p 0 7}{space 1}{text:( 1)}{space 1} {res}post1Xrevcomp_centV3 - post2onXrevcomp_centV3 = 0{p_end}

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    cofollow{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 9}(1) {c |}{col 14}{res}{space 2}-.0328746{col 26}{space 2} .0188659{col 37}{space 1}   -1.74{col 46}{space 3}0.082{col 54}{space 4}-.0698708{col 67}{space 3} .0041215
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. 
. **************************************
. **TABLE 8
. **************************************/                 
. 
.         sum fasb_sim, detail

                          {txt}fasb_sim
{hline 61}
      Percentiles      Smallest
 1%    {res}  .029957       .0036287
{txt} 5%    {res} .0409545       .0036287
{txt}10%    {res}  .048515       .0036287       {txt}Obs         {res}  1,237,278
{txt}25%    {res} .0670175       .0036287       {txt}Sum of wgt. {res}  1,237,278

{txt}50%    {res} .0943535                      {txt}Mean          {res} .1114372
                        {txt}Largest       Std. dev.     {res} .0626375
{txt}75%    {res} .1396604       .4627439
{txt}90%    {res} .2029821       .4627439       {txt}Variance      {res} .0039235
{txt}95%    {res}  .241219       .4627439       {txt}Skewness      {res} 1.332929
{txt}99%    {res} .3060615       .4627439       {txt}Kurtosis      {res} 4.919978
{txt}
{com}.         gen fasb_sim_hi = 0 
{txt}
{com}.         replace fasb_sim_hi = 1 if fasb_sim >= .1396604  // upper quartile on FASB sim
{txt}(309,182 real changes made)

{com}.         gen fasb_sim_lo = 0
{txt}
{com}.         replace fasb_sim_lo = 1 if fasb_sim <= .0670175 // lower quartile
{txt}(309,430 real changes made)

{com}.         
.         summarize score3, detail                        

                           {txt}score3
{hline 61}
      Percentiles      Smallest
 1%    {res}    .0006              0
{txt} 5%    {res}    .0032              0
{txt}10%    {res}    .0067              0       {txt}Obs         {res}  1,237,278
{txt}25%    {res}     .019              0       {txt}Sum of wgt. {res}  1,237,278

{txt}50%    {res}    .0491                      {txt}Mean          {res} .0669422
                        {txt}Largest       Std. dev.     {res} .0609264
{txt}75%    {res}    .1002          .8289
{txt}90%    {res}    .1543          .8289       {txt}Variance      {res}  .003712
{txt}95%    {res}    .1854          .8289       {txt}Skewness      {res} 1.583813
{txt}99%    {res}     .245          .8289       {txt}Kurtosis      {res}  9.06866
{txt}
{com}.         gen score3_lo = 0 
{txt}
{com}.         replace score3_lo = 1 if score3 <=  .019
{txt}(309,814 real changes made)

{com}.                 
.         * this next check ensures the obs. in score low regression that follows are distinct from obs. in fasb sim hi regression        
.         gen check = fasb_sim_hi + score3_lo
{txt}
{com}.         *Exclude obs. where check == 2 as that means obs. is in in both groups
.                 
.         **WITH ANALYST FIXED EFFECTS*** 
.         **Column 1
.         reghdfe cofollow rev_centV3 postXrevcomp_centV3 post score3 $cont3 if fasb_sim_hi == 1, absorb(analystID) cluster(analystID gvkey)
{res}{txt}(dropped 12 {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}   309,170
{txt}Absorbing 1 HDFE group{col 51}F({res}  23{txt},{res}   1351{txt}){col 67}= {res}    161.40
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1483
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1412
{txt}{col 1}Number of clusters ({res}analystID{txt}) {col 30}= {res}     2,548{txt}{col 51}Within R-sq.{col 67}= {res}    0.1468
{txt}{col 1}Number of clusters ({res}gvkey{txt}) {col 30}= {res}     1,352{txt}{col 51}Root MSE{col 67}= {res}    0.4634

{txt}{ralign 85:(Std. err. adjusted for {res:1,352} clusters in {res:analystID gvkey})}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}{col 33}    Robust
{col 1}           cofollow{col 21}{c |} Coefficient{col 33}  std. err.{col 45}      t{col 53}   P>|t|{col 61}     [95% con{col 74}f. interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}rev_centV3 {c |}{col 21}{res}{space 2} .5006038{col 33}{space 2} .1081623{col 44}{space 1}    4.63{col 53}{space 3}0.000{col 61}{space 4} .2884195{col 74}{space 3} .7127881
{txt}postXrevcomp_centV3 {c |}{col 21}{res}{space 2}-.2279559{col 33}{space 2} .1071154{col 44}{space 1}   -2.13{col 53}{space 3}0.034{col 61}{space 4}-.4380864{col 74}{space 3}-.0178254
{txt}{space 15}post {c |}{col 21}{res}{space 2}-.0077214{col 33}{space 2} .0103366{col 44}{space 1}   -0.75{col 53}{space 3}0.455{col 61}{space 4}-.0279989{col 74}{space 3} .0125562
{txt}{space 13}score3 {c |}{col 21}{res}{space 2} 1.753327{col 33}{space 2} .0833287{col 44}{space 1}   21.04{col 53}{space 3}0.000{col 61}{space 4}  1.58986{col 74}{space 3} 1.916795
{txt}{space 8}policy_comp {c |}{col 21}{res}{space 2} .1559909{col 33}{space 2} .0248272{col 44}{space 1}    6.28{col 53}{space 3}0.000{col 61}{space 4} .1072868{col 74}{space 3}  .204695
{txt}{space 7}size_mve_j_w {c |}{col 21}{res}{space 2} .0211002{col 33}{space 2} .0036514{col 44}{space 1}    5.78{col 53}{space 3}0.000{col 61}{space 4} .0139371{col 74}{space 3} .0282633
{txt}{space 13}bm_j_w {c |}{col 21}{res}{space 2}-.0038408{col 33}{space 2} .0062775{col 44}{space 1}   -0.61{col 53}{space 3}0.541{col 61}{space 4}-.0161555{col 74}{space 3} .0084739
{txt}{space 1}trading_volume_j_w {c |}{col 21}{res}{space 2} .0085208{col 33}{space 2} .0053573{col 44}{space 1}    1.59{col 53}{space 3}0.112{col 61}{space 4}-.0019887{col 74}{space 3} .0190303
{txt}{space 12}roa_j_w {c |}{col 21}{res}{space 2} .0179041{col 33}{space 2}  .023487{col 44}{space 1}    0.76{col 53}{space 3}0.446{col 61}{space 4}-.0281708{col 74}{space 3} .0639791
{txt}{space 1}r2_revenue_j_num_w {c |}{col 21}{res}{space 2} .0082716{col 33}{space 2} .0075892{col 44}{space 1}    1.09{col 53}{space 3}0.276{col 61}{space 4}-.0066164{col 74}{space 3} .0231596
{txt}{space 2}VolatilityRev_j_w {c |}{col 21}{res}{space 2}-.0066753{col 33}{space 2}  .148512{col 44}{space 1}   -0.04{col 53}{space 3}0.964{col 61}{space 4}-.2980144{col 74}{space 3} .2846639
{txt}{space 3}sales_growth_j_w {c |}{col 21}{res}{space 2} -.017081{col 33}{space 2} .0034446{col 44}{space 1}   -4.96{col 53}{space 3}0.000{col 61}{space 4}-.0238384{col 74}{space 3}-.0103235
{txt}{space 10}bm_diff_w {c |}{col 21}{res}{space 2} .0057585{col 33}{space 2} .0008093{col 44}{space 1}    7.12{col 53}{space 3}0.000{col 61}{space 4} .0041709{col 74}{space 3} .0073461
{txt}{space 8}size_diff_w {c |}{col 21}{res}{space 2}-.0435505{col 33}{space 2} .0031768{col 44}{space 1}  -13.71{col 53}{space 3}0.000{col 61}{space 4}-.0497825{col 74}{space 3}-.0373185
{txt}{space 11}same_aud {c |}{col 21}{res}{space 2} .0246297{col 33}{space 2} .0063591{col 44}{space 1}    3.87{col 53}{space 3}0.000{col 61}{space 4}  .012155{col 74}{space 3} .0371044
{txt}{space 4}complexity_diff {c |}{col 21}{res}{space 2}-.0040788{col 33}{space 2} .0010438{col 44}{space 1}   -3.91{col 53}{space 3}0.000{col 61}{space 4}-.0061265{col 74}{space 3}-.0020311
{txt}{space 7}both_foreign {c |}{col 21}{res}{space 2} .0202531{col 33}{space 2}  .008089{col 44}{space 1}    2.50{col 53}{space 3}0.012{col 61}{space 4} .0043847{col 74}{space 3} .0361215
{txt}{space 9}age_diff_w {c |}{col 21}{res}{space 2}-.0009593{col 33}{space 2} .0003063{col 44}{space 1}   -3.13{col 53}{space 3}0.002{col 61}{space 4}-.0015602{col 74}{space 3}-.0003584
{txt}{space 10}diff_sic3 {c |}{col 21}{res}{space 2}-.2004759{col 33}{space 2} .0138834{col 44}{space 1}  -14.44{col 53}{space 3}0.000{col 61}{space 4}-.2277112{col 74}{space 3}-.1732407
{txt}{space 3}analyst_nfirms_w {c |}{col 21}{res}{space 2}-.0001929{col 33}{space 2} .0003156{col 44}{space 1}   -0.61{col 53}{space 3}0.541{col 61}{space 4}-.0008121{col 74}{space 3} .0004262
{txt}{space 5}analyst_gexp_w {c |}{col 21}{res}{space 2} .0014319{col 33}{space 2} .0016671{col 44}{space 1}    0.86{col 53}{space 3}0.391{col 61}{space 4}-.0018384{col 74}{space 3} .0047023
{txt}{space 5}analyst_fexp_w {c |}{col 21}{res}{space 2}-.0007908{col 33}{space 2} .0004801{col 44}{space 1}   -1.65{col 53}{space 3}0.100{col 61}{space 4}-.0017327{col 74}{space 3} .0001511
{txt}{space 6}broker_size_w {c |}{col 21}{res}{space 2} .0001274{col 33}{space 2} .0000709{col 44}{space 1}    1.80{col 53}{space 3}0.073{col 61}{space 4}-.0000117{col 74}{space 3} .0002665
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}  .122002{col 33}{space 2} .0978475{col 44}{space 1}    1.25{col 53}{space 3}0.213{col 61}{space 4}-.0699477{col 74}{space 3} .3139516
{txt}{hline 20}{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}   analystID{col 14}{c |}{space 1}     2548{col 27}{space 1}     2548{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}.         **Column 2
.         reghdfe cofollow rev_centV3 postXrevcomp_centV3 post score3 $cont3 if fasb_sim_lo == 1, absorb(analystID) cluster(analystID gvkey)      
{res}{txt}(dropped 20 {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}   309,410
{txt}Absorbing 1 HDFE group{col 51}F({res}  23{txt},{res}    959{txt}){col 67}= {res}    164.03
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1898
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1820
{txt}{col 1}Number of clusters ({res}analystID{txt}) {col 30}= {res}     2,937{txt}{col 51}Within R-sq.{col 67}= {res}    0.1877
{txt}{col 1}Number of clusters ({res}gvkey{txt}) {col 30}= {res}       960{txt}{col 51}Root MSE{col 67}= {res}    0.4522

{txt}{ralign 85:(Std. err. adjusted for {res:960} clusters in {res:analystID gvkey})}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}{col 33}    Robust
{col 1}           cofollow{col 21}{c |} Coefficient{col 33}  std. err.{col 45}      t{col 53}   P>|t|{col 61}     [95% con{col 74}f. interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}rev_centV3 {c |}{col 21}{res}{space 2} .4044506{col 33}{space 2} .0379762{col 44}{space 1}   10.65{col 53}{space 3}0.000{col 61}{space 4} .3299246{col 74}{space 3} .4789767
{txt}postXrevcomp_centV3 {c |}{col 21}{res}{space 2}-.0592767{col 33}{space 2} .0466877{col 44}{space 1}   -1.27{col 53}{space 3}0.205{col 61}{space 4}-.1508985{col 74}{space 3} .0323452
{txt}{space 15}post {c |}{col 21}{res}{space 2} .0117396{col 33}{space 2} .0084557{col 44}{space 1}    1.39{col 53}{space 3}0.165{col 61}{space 4}-.0048541{col 74}{space 3} .0283334
{txt}{space 13}score3 {c |}{col 21}{res}{space 2}  1.31819{col 33}{space 2} .0834979{col 44}{space 1}   15.79{col 53}{space 3}0.000{col 61}{space 4}  1.15433{col 74}{space 3} 1.482049
{txt}{space 8}policy_comp {c |}{col 21}{res}{space 2} .1754158{col 33}{space 2} .0246297{col 44}{space 1}    7.12{col 53}{space 3}0.000{col 61}{space 4} .1270815{col 74}{space 3} .2237502
{txt}{space 7}size_mve_j_w {c |}{col 21}{res}{space 2} .0313896{col 33}{space 2} .0044594{col 44}{space 1}    7.04{col 53}{space 3}0.000{col 61}{space 4} .0226383{col 74}{space 3} .0401409
{txt}{space 13}bm_j_w {c |}{col 21}{res}{space 2} .0047982{col 33}{space 2} .0037606{col 44}{space 1}    1.28{col 53}{space 3}0.202{col 61}{space 4}-.0025817{col 74}{space 3} .0121781
{txt}{space 1}trading_volume_j_w {c |}{col 21}{res}{space 2} .0309318{col 33}{space 2} .0050098{col 44}{space 1}    6.17{col 53}{space 3}0.000{col 61}{space 4} .0211003{col 74}{space 3} .0407633
{txt}{space 12}roa_j_w {c |}{col 21}{res}{space 2}-.0235942{col 33}{space 2} .0177636{col 44}{space 1}   -1.33{col 53}{space 3}0.184{col 61}{space 4}-.0584542{col 74}{space 3} .0112658
{txt}{space 1}r2_revenue_j_num_w {c |}{col 21}{res}{space 2}-.0046241{col 33}{space 2}  .007822{col 44}{space 1}   -0.59{col 53}{space 3}0.555{col 61}{space 4}-.0199744{col 74}{space 3} .0107262
{txt}{space 2}VolatilityRev_j_w {c |}{col 21}{res}{space 2} .0496396{col 33}{space 2} .1779923{col 44}{space 1}    0.28{col 53}{space 3}0.780{col 61}{space 4}-.2996596{col 74}{space 3} .3989389
{txt}{space 3}sales_growth_j_w {c |}{col 21}{res}{space 2} -.014492{col 33}{space 2}  .004811{col 44}{space 1}   -3.01{col 53}{space 3}0.003{col 61}{space 4}-.0239333{col 74}{space 3}-.0050508
{txt}{space 10}bm_diff_w {c |}{col 21}{res}{space 2} .0010877{col 33}{space 2} .0012173{col 44}{space 1}    0.89{col 53}{space 3}0.372{col 61}{space 4}-.0013012{col 74}{space 3} .0034766
{txt}{space 8}size_diff_w {c |}{col 21}{res}{space 2}-.0416014{col 33}{space 2} .0027559{col 44}{space 1}  -15.10{col 53}{space 3}0.000{col 61}{space 4}-.0470098{col 74}{space 3}-.0361931
{txt}{space 11}same_aud {c |}{col 21}{res}{space 2} .0104142{col 33}{space 2} .0062803{col 44}{space 1}    1.66{col 53}{space 3}0.098{col 61}{space 4}-.0019107{col 74}{space 3}  .022739
{txt}{space 4}complexity_diff {c |}{col 21}{res}{space 2}-.0023431{col 33}{space 2} .0010633{col 44}{space 1}   -2.20{col 53}{space 3}0.028{col 61}{space 4}-.0044298{col 74}{space 3}-.0002565
{txt}{space 7}both_foreign {c |}{col 21}{res}{space 2}-.0012752{col 33}{space 2}  .009762{col 44}{space 1}   -0.13{col 53}{space 3}0.896{col 61}{space 4}-.0204326{col 74}{space 3} .0178822
{txt}{space 9}age_diff_w {c |}{col 21}{res}{space 2}-.0012051{col 33}{space 2} .0003483{col 44}{space 1}   -3.46{col 53}{space 3}0.001{col 61}{space 4}-.0018886{col 74}{space 3}-.0005216
{txt}{space 10}diff_sic3 {c |}{col 21}{res}{space 2}-.2264633{col 33}{space 2} .0176359{col 44}{space 1}  -12.84{col 53}{space 3}0.000{col 61}{space 4}-.2610728{col 74}{space 3}-.1918539
{txt}{space 3}analyst_nfirms_w {c |}{col 21}{res}{space 2} .0013659{col 33}{space 2} .0003343{col 44}{space 1}    4.09{col 53}{space 3}0.000{col 61}{space 4} .0007098{col 74}{space 3} .0020219
{txt}{space 5}analyst_gexp_w {c |}{col 21}{res}{space 2} .0044898{col 33}{space 2} .0016033{col 44}{space 1}    2.80{col 53}{space 3}0.005{col 61}{space 4} .0013435{col 74}{space 3} .0076361
{txt}{space 5}analyst_fexp_w {c |}{col 21}{res}{space 2}-.0005678{col 33}{space 2} .0007217{col 44}{space 1}   -0.79{col 53}{space 3}0.432{col 61}{space 4}-.0019841{col 74}{space 3} .0008485
{txt}{space 6}broker_size_w {c |}{col 21}{res}{space 2} 6.23e-06{col 33}{space 2} .0000579{col 44}{space 1}    0.11{col 53}{space 3}0.914{col 61}{space 4}-.0001074{col 74}{space 3} .0001198
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-.3915552{col 33}{space 2} .0907967{col 44}{space 1}   -4.31{col 53}{space 3}0.000{col 61}{space 4}-.5697384{col 74}{space 3}-.2133721
{txt}{hline 20}{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}   analystID{col 14}{c |}{space 1}     2937{col 27}{space 1}     2937{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}.         **Column 3
.         reghdfe cofollow rev_centV3 postXrevcomp_centV3 post fasb_sim $cont3 if score3_lo == 1 & check != 2, absorb(analystID) cluster(analystID gvkey)
{res}{txt}(dropped 206 {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}   235,782
{txt}Absorbing 1 HDFE group{col 51}F({res}  23{txt},{res}   2014{txt}){col 67}= {res}     96.04
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1726
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1606
{txt}{col 1}Number of clusters ({res}analystID{txt}) {col 30}= {res}     3,366{txt}{col 51}Within R-sq.{col 67}= {res}    0.1120
{txt}{col 1}Number of clusters ({res}gvkey{txt}) {col 30}= {res}     2,015{txt}{col 51}Root MSE{col 67}= {res}    0.4333

{txt}{ralign 85:(Std. err. adjusted for {res:2,015} clusters in {res:analystID gvkey})}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}{col 33}    Robust
{col 1}           cofollow{col 21}{c |} Coefficient{col 33}  std. err.{col 45}      t{col 53}   P>|t|{col 61}     [95% con{col 74}f. interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}rev_centV3 {c |}{col 21}{res}{space 2} .5112655{col 33}{space 2} .0323437{col 44}{space 1}   15.81{col 53}{space 3}0.000{col 61}{space 4} .4478348{col 74}{space 3} .5746962
{txt}postXrevcomp_centV3 {c |}{col 21}{res}{space 2}-.0891023{col 33}{space 2}  .038538{col 44}{space 1}   -2.31{col 53}{space 3}0.021{col 61}{space 4}-.1646809{col 74}{space 3}-.0135237
{txt}{space 15}post {c |}{col 21}{res}{space 2} .0127238{col 33}{space 2} .0077921{col 44}{space 1}    1.63{col 53}{space 3}0.103{col 61}{space 4}-.0025577{col 74}{space 3} .0280053
{txt}{space 11}fasb_sim {c |}{col 21}{res}{space 2}-.5535078{col 33}{space 2} .1026035{col 44}{space 1}   -5.39{col 53}{space 3}0.000{col 61}{space 4} -.754728{col 74}{space 3}-.3522876
{txt}{space 8}policy_comp {c |}{col 21}{res}{space 2} .1345189{col 33}{space 2} .0270967{col 44}{space 1}    4.96{col 53}{space 3}0.000{col 61}{space 4} .0813783{col 74}{space 3} .1876595
{txt}{space 7}size_mve_j_w {c |}{col 21}{res}{space 2} .0230566{col 33}{space 2} .0034878{col 44}{space 1}    6.61{col 53}{space 3}0.000{col 61}{space 4} .0162167{col 74}{space 3} .0298966
{txt}{space 13}bm_j_w {c |}{col 21}{res}{space 2} -.011961{col 33}{space 2} .0046702{col 44}{space 1}   -2.56{col 53}{space 3}0.011{col 61}{space 4}-.0211199{col 74}{space 3}-.0028021
{txt}{space 1}trading_volume_j_w {c |}{col 21}{res}{space 2} .0195872{col 33}{space 2} .0039626{col 44}{space 1}    4.94{col 53}{space 3}0.000{col 61}{space 4}  .011816{col 74}{space 3} .0273583
{txt}{space 12}roa_j_w {c |}{col 21}{res}{space 2} .0604586{col 33}{space 2} .0242432{col 44}{space 1}    2.49{col 53}{space 3}0.013{col 61}{space 4} .0129143{col 74}{space 3}  .108003
{txt}{space 1}r2_revenue_j_num_w {c |}{col 21}{res}{space 2}-.0011683{col 33}{space 2} .0071231{col 44}{space 1}   -0.16{col 53}{space 3}0.870{col 61}{space 4}-.0151378{col 74}{space 3} .0128012
{txt}{space 2}VolatilityRev_j_w {c |}{col 21}{res}{space 2}  .036255{col 33}{space 2} .1349807{col 44}{space 1}    0.27{col 53}{space 3}0.788{col 61}{space 4}-.2284613{col 74}{space 3} .3009713
{txt}{space 3}sales_growth_j_w {c |}{col 21}{res}{space 2}-.0341289{col 33}{space 2} .0044002{col 44}{space 1}   -7.76{col 53}{space 3}0.000{col 61}{space 4}-.0427584{col 74}{space 3}-.0254994
{txt}{space 10}bm_diff_w {c |}{col 21}{res}{space 2} .0021505{col 33}{space 2} .0013301{col 44}{space 1}    1.62{col 53}{space 3}0.106{col 61}{space 4}-.0004581{col 74}{space 3} .0047591
{txt}{space 8}size_diff_w {c |}{col 21}{res}{space 2}-.0215779{col 33}{space 2} .0024482{col 44}{space 1}   -8.81{col 53}{space 3}0.000{col 61}{space 4}-.0263792{col 74}{space 3}-.0167766
{txt}{space 11}same_aud {c |}{col 21}{res}{space 2} .0236057{col 33}{space 2} .0066948{col 44}{space 1}    3.53{col 53}{space 3}0.000{col 61}{space 4} .0104763{col 74}{space 3} .0367351
{txt}{space 4}complexity_diff {c |}{col 21}{res}{space 2}-.0006625{col 33}{space 2} .0008163{col 44}{space 1}   -0.81{col 53}{space 3}0.417{col 61}{space 4}-.0022634{col 74}{space 3} .0009383
{txt}{space 7}both_foreign {c |}{col 21}{res}{space 2}  .022049{col 33}{space 2} .0077128{col 44}{space 1}    2.86{col 53}{space 3}0.004{col 61}{space 4} .0069231{col 74}{space 3} .0371749
{txt}{space 9}age_diff_w {c |}{col 21}{res}{space 2}-.0011391{col 33}{space 2} .0002533{col 44}{space 1}   -4.50{col 53}{space 3}0.000{col 61}{space 4}-.0016359{col 74}{space 3}-.0006422
{txt}{space 10}diff_sic3 {c |}{col 21}{res}{space 2}-.2353859{col 33}{space 2} .0121494{col 44}{space 1}  -19.37{col 53}{space 3}0.000{col 61}{space 4}-.2592127{col 74}{space 3}-.2115592
{txt}{space 3}analyst_nfirms_w {c |}{col 21}{res}{space 2} .0023551{col 33}{space 2} .0003895{col 44}{space 1}    6.05{col 53}{space 3}0.000{col 61}{space 4} .0015913{col 74}{space 3} .0031189
{txt}{space 5}analyst_gexp_w {c |}{col 21}{res}{space 2}-.0007251{col 33}{space 2} .0015178{col 44}{space 1}   -0.48{col 53}{space 3}0.633{col 61}{space 4}-.0037017{col 74}{space 3} .0022516
{txt}{space 5}analyst_fexp_w {c |}{col 21}{res}{space 2}-.0025183{col 33}{space 2} .0005291{col 44}{space 1}   -4.76{col 53}{space 3}0.000{col 61}{space 4} -.003556{col 74}{space 3}-.0014807
{txt}{space 6}broker_size_w {c |}{col 21}{res}{space 2} .0000378{col 33}{space 2} .0000555{col 44}{space 1}    0.68{col 53}{space 3}0.496{col 61}{space 4} -.000071{col 74}{space 3} .0001465
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-.0341735{col 33}{space 2} .0699806{col 44}{space 1}   -0.49{col 53}{space 3}0.625{col 61}{space 4}-.1714155{col 74}{space 3} .1030685
{txt}{hline 20}{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}   analystID{col 14}{c |}{space 1}     3366{col 27}{space 1}     3366{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}.                 
.         **WITH BROKER FIXED EFFECTS*** 
.         **Column 1
.         reghdfe cofollow rev_centV3 postXrevcomp_centV3 post score3 $cont3 if fasb_sim_hi == 1, absorb(brokerID) cluster(analystID gvkey)
{res}{txt}(dropped 1 {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}   309,181
{txt}Absorbing 1 HDFE group{col 51}F({res}  23{txt},{res}   1351{txt}){col 67}= {res}    115.66
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1185
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1178
{txt}{col 1}Number of clusters ({res}analystID{txt}) {col 30}= {res}     2,559{txt}{col 51}Within R-sq.{col 67}= {res}    0.1183
{txt}{col 1}Number of clusters ({res}gvkey{txt}) {col 30}= {res}     1,352{txt}{col 51}Root MSE{col 67}= {res}    0.4696

{txt}{ralign 85:(Std. err. adjusted for {res:1,352} clusters in {res:analystID gvkey})}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}{col 33}    Robust
{col 1}           cofollow{col 21}{c |} Coefficient{col 33}  std. err.{col 45}      t{col 53}   P>|t|{col 61}     [95% con{col 74}f. interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}rev_centV3 {c |}{col 21}{res}{space 2} .4931678{col 33}{space 2} .0892906{col 44}{space 1}    5.52{col 53}{space 3}0.000{col 61}{space 4} .3180046{col 74}{space 3}  .668331
{txt}postXrevcomp_centV3 {c |}{col 21}{res}{space 2}-.2392977{col 33}{space 2} .0896995{col 44}{space 1}   -2.67{col 53}{space 3}0.008{col 61}{space 4}-.4152631{col 74}{space 3}-.0633323
{txt}{space 15}post {c |}{col 21}{res}{space 2}-.0389277{col 33}{space 2} .0128151{col 44}{space 1}   -3.04{col 53}{space 3}0.002{col 61}{space 4}-.0640673{col 74}{space 3}-.0137882
{txt}{space 13}score3 {c |}{col 21}{res}{space 2} 1.262033{col 33}{space 2} .0796438{col 44}{space 1}   15.85{col 53}{space 3}0.000{col 61}{space 4} 1.105794{col 74}{space 3} 1.418272
{txt}{space 8}policy_comp {c |}{col 21}{res}{space 2} .1395169{col 33}{space 2} .0284612{col 44}{space 1}    4.90{col 53}{space 3}0.000{col 61}{space 4}  .083684{col 74}{space 3} .1953498
{txt}{space 7}size_mve_j_w {c |}{col 21}{res}{space 2}  .019432{col 33}{space 2} .0034514{col 44}{space 1}    5.63{col 53}{space 3}0.000{col 61}{space 4} .0126613{col 74}{space 3} .0262027
{txt}{space 13}bm_j_w {c |}{col 21}{res}{space 2} -.005665{col 33}{space 2} .0066016{col 44}{space 1}   -0.86{col 53}{space 3}0.391{col 61}{space 4}-.0186154{col 74}{space 3} .0072855
{txt}{space 1}trading_volume_j_w {c |}{col 21}{res}{space 2} .0083942{col 33}{space 2} .0046785{col 44}{space 1}    1.79{col 53}{space 3}0.073{col 61}{space 4}-.0007838{col 74}{space 3} .0175722
{txt}{space 12}roa_j_w {c |}{col 21}{res}{space 2} .0585391{col 33}{space 2} .0204449{col 44}{space 1}    2.86{col 53}{space 3}0.004{col 61}{space 4} .0184318{col 74}{space 3} .0986463
{txt}{space 1}r2_revenue_j_num_w {c |}{col 21}{res}{space 2}-.0075631{col 33}{space 2} .0073529{col 44}{space 1}   -1.03{col 53}{space 3}0.304{col 61}{space 4}-.0219876{col 74}{space 3} .0068613
{txt}{space 2}VolatilityRev_j_w {c |}{col 21}{res}{space 2} .3557656{col 33}{space 2}  .152858{col 44}{space 1}    2.33{col 53}{space 3}0.020{col 61}{space 4} .0559008{col 74}{space 3} .6556303
{txt}{space 3}sales_growth_j_w {c |}{col 21}{res}{space 2}-.0226264{col 33}{space 2}  .003779{col 44}{space 1}   -5.99{col 53}{space 3}0.000{col 61}{space 4}-.0300398{col 74}{space 3}-.0152131
{txt}{space 10}bm_diff_w {c |}{col 21}{res}{space 2} .0067073{col 33}{space 2} .0013901{col 44}{space 1}    4.83{col 53}{space 3}0.000{col 61}{space 4} .0039804{col 74}{space 3} .0094342
{txt}{space 8}size_diff_w {c |}{col 21}{res}{space 2}-.0441569{col 33}{space 2} .0028575{col 44}{space 1}  -15.45{col 53}{space 3}0.000{col 61}{space 4}-.0497626{col 74}{space 3}-.0385512
{txt}{space 11}same_aud {c |}{col 21}{res}{space 2} .0232216{col 33}{space 2} .0062396{col 44}{space 1}    3.72{col 53}{space 3}0.000{col 61}{space 4} .0109812{col 74}{space 3}  .035462
{txt}{space 4}complexity_diff {c |}{col 21}{res}{space 2}-.0010289{col 33}{space 2} .0010403{col 44}{space 1}   -0.99{col 53}{space 3}0.323{col 61}{space 4}-.0030698{col 74}{space 3} .0010119
{txt}{space 7}both_foreign {c |}{col 21}{res}{space 2} .0134606{col 33}{space 2} .0076338{col 44}{space 1}    1.76{col 53}{space 3}0.078{col 61}{space 4}-.0015147{col 74}{space 3} .0284359
{txt}{space 9}age_diff_w {c |}{col 21}{res}{space 2}  -.00099{col 33}{space 2} .0003132{col 44}{space 1}   -3.16{col 53}{space 3}0.002{col 61}{space 4}-.0016045{col 74}{space 3}-.0003755
{txt}{space 10}diff_sic3 {c |}{col 21}{res}{space 2}-.1513272{col 33}{space 2} .0123357{col 44}{space 1}  -12.27{col 53}{space 3}0.000{col 61}{space 4}-.1755265{col 74}{space 3}-.1271279
{txt}{space 3}analyst_nfirms_w {c |}{col 21}{res}{space 2} -.000646{col 33}{space 2}  .000419{col 44}{space 1}   -1.54{col 53}{space 3}0.123{col 61}{space 4}-.0014679{col 74}{space 3} .0001759
{txt}{space 5}analyst_gexp_w {c |}{col 21}{res}{space 2} .0008972{col 33}{space 2} .0004629{col 44}{space 1}    1.94{col 53}{space 3}0.053{col 61}{space 4}-.0000108{col 74}{space 3} .0018052
{txt}{space 5}analyst_fexp_w {c |}{col 21}{res}{space 2}  .000674{col 33}{space 2} .0006206{col 44}{space 1}    1.09{col 53}{space 3}0.278{col 61}{space 4}-.0005434{col 74}{space 3} .0018913
{txt}{space 6}broker_size_w {c |}{col 21}{res}{space 2} .0000243{col 33}{space 2} .0001562{col 44}{space 1}    0.16{col 53}{space 3}0.876{col 61}{space 4}-.0002821{col 74}{space 3} .0003307
{txt}{space 14}_cons {c |}{col 21}{res}{space 2} .2094323{col 33}{space 2} .0890497{col 44}{space 1}    2.35{col 53}{space 3}0.019{col 61}{space 4} .0347416{col 74}{space 3}  .384123
{txt}{hline 20}{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}    brokerID{col 14}{c |}{space 1}      223{col 27}{space 1}        0{col 39}{result}{space 1}      223{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
.         reghdfe cofollow rev_centV3 postXrevcomp_centV3 post score3 $cont3 if fasb_sim_lo == 1, absorb(brokerID) cluster(analystID gvkey)               
{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}   309,430
{txt}Absorbing 1 HDFE group{col 51}F({res}  23{txt},{res}    959{txt}){col 67}= {res}    133.59
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1616
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1609
{txt}{col 1}Number of clusters ({res}analystID{txt}) {col 30}= {res}     2,957{txt}{col 51}Within R-sq.{col 67}= {res}    0.1614
{txt}{col 1}Number of clusters ({res}gvkey{txt}) {col 30}= {res}       960{txt}{col 51}Root MSE{col 67}= {res}    0.4580

{txt}{ralign 85:(Std. err. adjusted for {res:960} clusters in {res:analystID gvkey})}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}{col 33}    Robust
{col 1}           cofollow{col 21}{c |} Coefficient{col 33}  std. err.{col 45}      t{col 53}   P>|t|{col 61}     [95% con{col 74}f. interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}rev_centV3 {c |}{col 21}{res}{space 2} .3203393{col 33}{space 2} .0333132{col 44}{space 1}    9.62{col 53}{space 3}0.000{col 61}{space 4} .2549642{col 74}{space 3} .3857144
{txt}postXrevcomp_centV3 {c |}{col 21}{res}{space 2}-.0972976{col 33}{space 2} .0468332{col 44}{space 1}   -2.08{col 53}{space 3}0.038{col 61}{space 4} -.189205{col 74}{space 3}-.0053903
{txt}{space 15}post {c |}{col 21}{res}{space 2}  .002284{col 33}{space 2} .0091571{col 44}{space 1}    0.25{col 53}{space 3}0.803{col 61}{space 4}-.0156863{col 74}{space 3} .0202543
{txt}{space 13}score3 {c |}{col 21}{res}{space 2} 1.119131{col 33}{space 2} .0755743{col 44}{space 1}   14.81{col 53}{space 3}0.000{col 61}{space 4} .9708213{col 74}{space 3} 1.267441
{txt}{space 8}policy_comp {c |}{col 21}{res}{space 2} .1775331{col 33}{space 2} .0261292{col 44}{space 1}    6.79{col 53}{space 3}0.000{col 61}{space 4} .1262561{col 74}{space 3}   .22881
{txt}{space 7}size_mve_j_w {c |}{col 21}{res}{space 2} .0353016{col 33}{space 2} .0043749{col 44}{space 1}    8.07{col 53}{space 3}0.000{col 61}{space 4}  .026716{col 74}{space 3} .0438871
{txt}{space 13}bm_j_w {c |}{col 21}{res}{space 2}-.0002198{col 33}{space 2} .0036403{col 44}{space 1}   -0.06{col 53}{space 3}0.952{col 61}{space 4}-.0073636{col 74}{space 3} .0069241
{txt}{space 1}trading_volume_j_w {c |}{col 21}{res}{space 2} .0228196{col 33}{space 2} .0046762{col 44}{space 1}    4.88{col 53}{space 3}0.000{col 61}{space 4} .0136428{col 74}{space 3} .0319965
{txt}{space 12}roa_j_w {c |}{col 21}{res}{space 2}-.0121633{col 33}{space 2} .0167333{col 44}{space 1}   -0.73{col 53}{space 3}0.467{col 61}{space 4}-.0450014{col 74}{space 3} .0206747
{txt}{space 1}r2_revenue_j_num_w {c |}{col 21}{res}{space 2} .0058966{col 33}{space 2} .0075127{col 44}{space 1}    0.78{col 53}{space 3}0.433{col 61}{space 4}-.0088466{col 74}{space 3} .0206397
{txt}{space 2}VolatilityRev_j_w {c |}{col 21}{res}{space 2} .4735999{col 33}{space 2} .1384715{col 44}{space 1}    3.42{col 53}{space 3}0.001{col 61}{space 4} .2018579{col 74}{space 3} .7453419
{txt}{space 3}sales_growth_j_w {c |}{col 21}{res}{space 2}-.0205778{col 33}{space 2} .0046435{col 44}{space 1}   -4.43{col 53}{space 3}0.000{col 61}{space 4}-.0296904{col 74}{space 3}-.0114653
{txt}{space 10}bm_diff_w {c |}{col 21}{res}{space 2}-.0017401{col 33}{space 2}  .001415{col 44}{space 1}   -1.23{col 53}{space 3}0.219{col 61}{space 4}-.0045171{col 74}{space 3} .0010369
{txt}{space 8}size_diff_w {c |}{col 21}{res}{space 2}-.0391566{col 33}{space 2} .0027058{col 44}{space 1}  -14.47{col 53}{space 3}0.000{col 61}{space 4}-.0444667{col 74}{space 3}-.0338466
{txt}{space 11}same_aud {c |}{col 21}{res}{space 2} .0239539{col 33}{space 2} .0069563{col 44}{space 1}    3.44{col 53}{space 3}0.001{col 61}{space 4} .0103026{col 74}{space 3} .0376051
{txt}{space 4}complexity_diff {c |}{col 21}{res}{space 2}-.0003534{col 33}{space 2} .0009875{col 44}{space 1}   -0.36{col 53}{space 3}0.721{col 61}{space 4}-.0022913{col 74}{space 3} .0015845
{txt}{space 7}both_foreign {c |}{col 21}{res}{space 2}-.0007346{col 33}{space 2} .0093532{col 44}{space 1}   -0.08{col 53}{space 3}0.937{col 61}{space 4}-.0190897{col 74}{space 3} .0176206
{txt}{space 9}age_diff_w {c |}{col 21}{res}{space 2}-.0016434{col 33}{space 2} .0003235{col 44}{space 1}   -5.08{col 53}{space 3}0.000{col 61}{space 4}-.0022783{col 74}{space 3}-.0010085
{txt}{space 10}diff_sic3 {c |}{col 21}{res}{space 2}-.1886896{col 33}{space 2} .0145632{col 44}{space 1}  -12.96{col 53}{space 3}0.000{col 61}{space 4} -.217269{col 74}{space 3}-.1601103
{txt}{space 3}analyst_nfirms_w {c |}{col 21}{res}{space 2} .0005279{col 33}{space 2} .0003992{col 44}{space 1}    1.32{col 53}{space 3}0.186{col 61}{space 4}-.0002555{col 74}{space 3} .0013113
{txt}{space 5}analyst_gexp_w {c |}{col 21}{res}{space 2} .0003916{col 33}{space 2} .0005558{col 44}{space 1}    0.70{col 53}{space 3}0.481{col 61}{space 4}-.0006991{col 74}{space 3} .0014823
{txt}{space 5}analyst_fexp_w {c |}{col 21}{res}{space 2} .0018973{col 33}{space 2} .0008381{col 44}{space 1}    2.26{col 53}{space 3}0.024{col 61}{space 4} .0002526{col 74}{space 3}  .003542
{txt}{space 6}broker_size_w {c |}{col 21}{res}{space 2}-.0000583{col 33}{space 2} .0001151{col 44}{space 1}   -0.51{col 53}{space 3}0.613{col 61}{space 4}-.0002841{col 74}{space 3} .0001676
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-.2233126{col 33}{space 2} .0839667{col 44}{space 1}   -2.66{col 53}{space 3}0.008{col 61}{space 4}-.3880922{col 74}{space 3} -.058533
{txt}{hline 20}{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}    brokerID{col 14}{c |}{space 1}      245{col 27}{space 1}        0{col 39}{result}{space 1}      245{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
.         reghdfe cofollow rev_centV3 postXrevcomp_centV3 post fasb_sim $cont3 if score3_lo == 1 & check != 2, absorb(brokerID) cluster(analystID gvkey)
{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}   235,975
{txt}Absorbing 1 HDFE group{col 51}F({res}  23{txt},{res}   2014{txt}){col 67}= {res}     81.64
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1208
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1197
{txt}{col 1}Number of clusters ({res}analystID{txt}) {col 30}= {res}     3,565{txt}{col 51}Within R-sq.{col 67}= {res}    0.1157
{txt}{col 1}Number of clusters ({res}gvkey{txt}) {col 30}= {res}     2,015{txt}{col 51}Root MSE{col 67}= {res}    0.4437

{txt}{ralign 85:(Std. err. adjusted for {res:2,015} clusters in {res:analystID gvkey})}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}{col 33}    Robust
{col 1}           cofollow{col 21}{c |} Coefficient{col 33}  std. err.{col 45}      t{col 53}   P>|t|{col 61}     [95% con{col 74}f. interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}rev_centV3 {c |}{col 21}{res}{space 2} .4717211{col 33}{space 2} .0306373{col 44}{space 1}   15.40{col 53}{space 3}0.000{col 61}{space 4}  .411637{col 74}{space 3} .5318052
{txt}postXrevcomp_centV3 {c |}{col 21}{res}{space 2}-.1148595{col 33}{space 2} .0383806{col 44}{space 1}   -2.99{col 53}{space 3}0.003{col 61}{space 4}-.1901293{col 74}{space 3}-.0395897
{txt}{space 15}post {c |}{col 21}{res}{space 2}-.0199764{col 33}{space 2} .0071467{col 44}{space 1}   -2.80{col 53}{space 3}0.005{col 61}{space 4}-.0339922{col 74}{space 3}-.0059606
{txt}{space 11}fasb_sim {c |}{col 21}{res}{space 2}-.3102929{col 33}{space 2} .1269673{col 44}{space 1}   -2.44{col 53}{space 3}0.015{col 61}{space 4} -.559294{col 74}{space 3}-.0612919
{txt}{space 8}policy_comp {c |}{col 21}{res}{space 2}  .152373{col 33}{space 2} .0305506{col 44}{space 1}    4.99{col 53}{space 3}0.000{col 61}{space 4}  .092459{col 74}{space 3}  .212287
{txt}{space 7}size_mve_j_w {c |}{col 21}{res}{space 2} .0221262{col 33}{space 2}  .003487{col 44}{space 1}    6.35{col 53}{space 3}0.000{col 61}{space 4} .0152878{col 74}{space 3} .0289646
{txt}{space 13}bm_j_w {c |}{col 21}{res}{space 2}-.0152513{col 33}{space 2} .0048416{col 44}{space 1}   -3.15{col 53}{space 3}0.002{col 61}{space 4}-.0247464{col 74}{space 3}-.0057561
{txt}{space 1}trading_volume_j_w {c |}{col 21}{res}{space 2} .0196994{col 33}{space 2} .0040384{col 44}{space 1}    4.88{col 53}{space 3}0.000{col 61}{space 4} .0117796{col 74}{space 3} .0276192
{txt}{space 12}roa_j_w {c |}{col 21}{res}{space 2} .0894206{col 33}{space 2} .0228114{col 44}{space 1}    3.92{col 53}{space 3}0.000{col 61}{space 4} .0446843{col 74}{space 3}  .134157
{txt}{space 1}r2_revenue_j_num_w {c |}{col 21}{res}{space 2}-.0048199{col 33}{space 2} .0075674{col 44}{space 1}   -0.64{col 53}{space 3}0.524{col 61}{space 4}-.0196606{col 74}{space 3} .0100209
{txt}{space 2}VolatilityRev_j_w {c |}{col 21}{res}{space 2} .7248054{col 33}{space 2} .1315529{col 44}{space 1}    5.51{col 53}{space 3}0.000{col 61}{space 4} .4668113{col 74}{space 3} .9827995
{txt}{space 3}sales_growth_j_w {c |}{col 21}{res}{space 2}-.0401158{col 33}{space 2} .0044797{col 44}{space 1}   -8.96{col 53}{space 3}0.000{col 61}{space 4}-.0489011{col 74}{space 3}-.0313304
{txt}{space 10}bm_diff_w {c |}{col 21}{res}{space 2} .0012355{col 33}{space 2}  .001305{col 44}{space 1}    0.95{col 53}{space 3}0.344{col 61}{space 4}-.0013237{col 74}{space 3} .0037947
{txt}{space 8}size_diff_w {c |}{col 21}{res}{space 2}-.0198073{col 33}{space 2} .0024994{col 44}{space 1}   -7.92{col 53}{space 3}0.000{col 61}{space 4}-.0247091{col 74}{space 3}-.0149055
{txt}{space 11}same_aud {c |}{col 21}{res}{space 2} .0293756{col 33}{space 2} .0070482{col 44}{space 1}    4.17{col 53}{space 3}0.000{col 61}{space 4}  .015553{col 74}{space 3} .0431982
{txt}{space 4}complexity_diff {c |}{col 21}{res}{space 2} .0000631{col 33}{space 2} .0007842{col 44}{space 1}    0.08{col 53}{space 3}0.936{col 61}{space 4}-.0014748{col 74}{space 3}  .001601
{txt}{space 7}both_foreign {c |}{col 21}{res}{space 2} .0157601{col 33}{space 2} .0076988{col 44}{space 1}    2.05{col 53}{space 3}0.041{col 61}{space 4} .0006616{col 74}{space 3} .0308586
{txt}{space 9}age_diff_w {c |}{col 21}{res}{space 2}-.0011142{col 33}{space 2}  .000261{col 44}{space 1}   -4.27{col 53}{space 3}0.000{col 61}{space 4} -.001626{col 74}{space 3}-.0006024
{txt}{space 10}diff_sic3 {c |}{col 21}{res}{space 2}-.1965703{col 33}{space 2} .0109635{col 44}{space 1}  -17.93{col 53}{space 3}0.000{col 61}{space 4}-.2180713{col 74}{space 3}-.1750692
{txt}{space 3}analyst_nfirms_w {c |}{col 21}{res}{space 2} .0005785{col 33}{space 2} .0004328{col 44}{space 1}    1.34{col 53}{space 3}0.181{col 61}{space 4}-.0002702{col 74}{space 3} .0014272
{txt}{space 5}analyst_gexp_w {c |}{col 21}{res}{space 2} .0012958{col 33}{space 2} .0004988{col 44}{space 1}    2.60{col 53}{space 3}0.009{col 61}{space 4} .0003176{col 74}{space 3} .0022739
{txt}{space 5}analyst_fexp_w {c |}{col 21}{res}{space 2}-.0008228{col 33}{space 2} .0006434{col 44}{space 1}   -1.28{col 53}{space 3}0.201{col 61}{space 4}-.0020847{col 74}{space 3}  .000439
{txt}{space 6}broker_size_w {c |}{col 21}{res}{space 2} .0000756{col 33}{space 2} .0001313{col 44}{space 1}    0.58{col 53}{space 3}0.565{col 61}{space 4} -.000182{col 74}{space 3} .0003332
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-.0828438{col 33}{space 2} .0703475{col 44}{space 1}   -1.18{col 53}{space 3}0.239{col 61}{space 4}-.2208053{col 74}{space 3} .0551178
{txt}{hline 20}{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}    brokerID{col 14}{c |}{space 1}      264{col 27}{space 1}        0{col 39}{result}{space 1}      264{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}.                                         
. *** Export unique analyst identifiers
. 
. duplicates drop analystID, force

{p 0 4}{txt}Duplicates in terms of {res} analystID{p_end}

{txt}(1,233,439 observations deleted)

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

{com}.                                 
. **END ANALYST CODE      
. log close       
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\tillet\Dropbox\Dissertation - final code for JAR\Log files\STATA Code Log 2.txt
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}29 Mar 2026, 15:09:27
{txt}{.-}
{smcl}
{txt}{sf}{ul off}