. clear

. clear matrix

. clear mata

. 
. set maxvar 32000


. set matsize 10000
set matsize ignored.
    Matrix sizes are no longer limited by c(matsize) in modern Statas.  Matrix sizes are now limited by edition of Stata.  See limits for more details.

. 
. cd "<PACKAGE_DIR>\outputs\stata_dta"
<PACKAGE_DIR>\outputs\stata_dta

. 
. use main_panel.dta

. 
. egen miss_count = rowmiss(PERMNOS YEARQTR MATCH_NUM POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES COM_IND_RUSS2000 LOG_OWNERS score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA)

. drop if miss_count > 0
(9,745 observations deleted)

. drop miss_count

. 
. egen permnos_num = group(PERMNOS)

. egen yqtr_num = group(YEARQTR)

. egen match_num = group(MATCH_NUM)

. 
. lab var CCMR "{\i COMOVEMENT}"

. lab var SAME_FF48 "{\i SAME_INDUSTRY}"

. lab var LOG_OWNERS "{\i COMMON_OWNERS}"

. lab var SAME_ANALYST_EPS "{\i COMMON_ANALYST}"

. lab var SAME_AU "{\i COMMON_AUDITOR}"

. lab var SAME_MTB "{\i SIMILAR_MTB}"

. lab var SAME_MVE "{\i SIMILAR_MVE}"

. lab var SAME_ROA "{\i SIMILAR_ROA}"

. lab var POST "{\i POST}"

. lab var TREAT "{\i TREAT}"

. lab var POSTTREAT "{\i POST {\'d7} TREAT}"

. lab var score "{\i PRODUCT_SIMILARITY}"

. lab var LOG_TOTAL_OWNERS "{\i TOTAL_OWNERS}"

. lab var LOG_TOTAL_ANALYST "{\i TOTAL_ANALYSTS}"

. 
. capture lab var SAME_ROA_CH "{\i SIMILAR_ROAGR}"

. capture lab var SAME_SG_CH "{\i SIMILAR SALESGR}"

. 
. capture rename Cosine_Similarity_Binary COSINE_SIMILARITY_BINARY

. capture rename Cosine_Similarity_Count COSINE_SIMILARITY_COUNT

. 
. capture lab var COSINE_SIMILARITY_BINARY "{\i COSINE_SIM_BINARY}"

. capture lab var COSINE_SIMILARITY_COUNT "{\i COSINE_SIM_COUNT}"

. 
. lab var COM_IND_RUSS2000 "{\i COMMON_INDEX}"

. 
. lab var LOG_MEASURES "{\i GUIDANCE_SIMILARITY}"

. lab var LOG_TOTAL_OWNERS "{\i TOTAL_OWNERS}"

. lab var LOG_TOTAL_ANALYST "{\i TOTAL_ANALYSTS}"

. capture lab var BOTH_MERGER "{\i BOTH_M&A}"

. 
. capture winsor2 LOG_OWNERS LOG_MEASURES CCMR score

. capture winsor2 LOG_TOTAL_ANALYST

. capture winsor2 LOG_TOTAL_OWNERS

. 
. capture winsor2 COSINE_SIMILARITY_BINARY COSINE_SIMILARITY_COUNT

. 
. // INTERACTIONS
. gen TREAT_X_AN = TREAT * SAME_ANALYST_EPS

. gen TREAT_X_AU = TREAT * SAME_AU

. gen TREAT_X_IO = TREAT * LOG_OWNERS_w

. gen TREAT_X_HP = TREAT * score

. gen TREAT_X_IND = TREAT * SAME_FF48

. gen TREAT_X_MTB = TREAT * SAME_MTB

. gen TREAT_X_MVE = TREAT * SAME_MVE

. gen TREAT_X_ROA = TREAT * SAME_ROA

. gen TREAT_X_GUIDE = TREAT * LOG_MEASURES_w

. gen TREAT_X_TO = TREAT * LOG_TOTAL_OWNERS_w

. gen TREAT_X_TA = TREAT * LOG_TOTAL_ANALYST_w

. 
. // COMMON INDEX INTERACTIONS
. gen TREAT_X_CI_RUS2 = TREAT * COM_IND_RUSS2000

. 
. gen one = 1

. 
. // ESTABLISH SAMPLE VARIABLE
. global LABEL_T3 "POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"

. global T3_INT "TREAT_X_AN TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA"

. 
. eststo: quietly reghdfe LOG_OWNERS_w $LABEL_T3, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNOS YEARQTR)
(est1 stored)

. capture gen SAMPLE = e(sample)

. 
. { // TABLE 1
.                 
.         count if POSTTREAT == 1 & SAMPLE == 1 & YEAR == "2005"
  3,172
.         count if POSTTREAT == 1 & SAMPLE == 1 & YEAR == "2006"
  10,266
.         count if POSTTREAT == 1 & SAMPLE == 1 & YEAR == "2007"
  11,862
.         count if POSTTREAT == 1 & SAMPLE == 1 & YEAR == "2008"
  10,518
.         count if POSTTREAT == 1 & SAMPLE == 1 & YEAR == "2009"
  8,331
.         count if POSTTREAT == 1 & SAMPLE == 1 & YEAR == "2010"
  6,906
.         count if POSTTREAT == 1 & SAMPLE == 1 & YEAR == "2011"
  6,355
.         count if POSTTREAT == 1 & SAMPLE == 1 & YEAR == "2012"
  8,332
.         count if POSTTREAT == 1 & SAMPLE == 1 & YEAR == "2013"
  9,322
.         count if POSTTREAT == 1 & SAMPLE == 1 & YEAR == "2014"
  10,372
.         count if POSTTREAT == 1 & SAMPLE == 1 & YEAR == "2015"
  10,452
.         count if POSTTREAT == 1 & SAMPLE == 1 & YEAR == "2016"
  10,822
.         count if POSTTREAT == 1 & SAMPLE == 1 & YEAR == "2017"
  12,020
.         count if POSTTREAT == 1 & SAMPLE == 1 & YEAR == "2018"
  13,992
. 
.         count if TREAT == 1 & SAMPLE == 1 & YEAR == "2005"
  16,812
.         count if TREAT == 1 & SAMPLE == 1 & YEAR == "2006"
  21,532
.         count if TREAT == 1 & SAMPLE == 1 & YEAR == "2007"
  21,316
.         count if TREAT == 1 & SAMPLE == 1 & YEAR == "2008"
  19,530
.         count if TREAT == 1 & SAMPLE == 1 & YEAR == "2009"
  17,117
.         count if TREAT == 1 & SAMPLE == 1 & YEAR == "2010"
  16,460
.         count if TREAT == 1 & SAMPLE == 1 & YEAR == "2011"
  17,570
.         count if TREAT == 1 & SAMPLE == 1 & YEAR == "2012"
  19,024
.         count if TREAT == 1 & SAMPLE == 1 & YEAR == "2013"
  20,502
.         count if TREAT == 1 & SAMPLE == 1 & YEAR == "2014"
  23,004
.         count if TREAT == 1 & SAMPLE == 1 & YEAR == "2015"
  23,890
.         count if TREAT == 1 & SAMPLE == 1 & YEAR == "2016"
  21,604
.         count if TREAT == 1 & SAMPLE == 1 & YEAR == "2017"
  20,088
.         count if TREAT == 1 & SAMPLE == 1 & YEAR == "2018"
  16,674
. 
.         count if TREAT == 0 & SAMPLE == 1 & YEAR == "2005"
  21,764
.         count if TREAT == 0 & SAMPLE == 1 & YEAR == "2006"
  27,348
.         count if TREAT == 0 & SAMPLE == 1 & YEAR == "2007"
  30,209
.         count if TREAT == 0 & SAMPLE == 1 & YEAR == "2008"
  29,451
.         count if TREAT == 0 & SAMPLE == 1 & YEAR == "2009"
  25,579
.         count if TREAT == 0 & SAMPLE == 1 & YEAR == "2010"
  23,443
.         count if TREAT == 0 & SAMPLE == 1 & YEAR == "2011"
  24,377
.         count if TREAT == 0 & SAMPLE == 1 & YEAR == "2012"
  26,347
.         count if TREAT == 0 & SAMPLE == 1 & YEAR == "2013"
  28,899
.         count if TREAT == 0 & SAMPLE == 1 & YEAR == "2014"
  34,440
.         count if TREAT == 0 & SAMPLE == 1 & YEAR == "2015"
  37,584
.         count if TREAT == 0 & SAMPLE == 1 & YEAR == "2016"
  35,529
.         count if TREAT == 0 & SAMPLE == 1 & YEAR == "2017"
  33,613
.         count if TREAT == 0 & SAMPLE == 1 & YEAR == "2018"
  30,717
. 
. }

. 
. { // TABLE 2
.         global VARS_1 "BOTH_MERGER CCMR_w SAME_ANALYST_EPS SAME_AU LOG_OWNERS_w COM_IND_RUSS2000 LOG_MEASURES_w POST POSTTREAT score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA LOG_TOTAL_ANALYST_w LOG_TOTAL_
> OWNERS_w TREAT"
.         
.         eststo clear
.         
.         qui estpost summarize $VARS_1 if POSTTREAT == 1 & SAMPLE == 1, detail
.         
.         esttab using treatdobs_ds.rtf, title("Panel A: Primary sample treatment observations (i.e., POST × TREAT = 1).") replace noobs cells("count(fmt(%18.0gc)) mean(fmt(3)) sd(fmt(3)) p25(fmt(3)) p5
> 0(fmt(3)) p75(fmt(3))") label collabels("N" "Mean" "Std.Dev." "25th Pctl" "50th Pctl" "75th Pctl")
(output written to treatdobs_ds.rtf)
.         
.         eststo clear
.         
.         qui estpost summarize $VARS_1 if POSTTREAT == 0 & SAMPLE == 1, detail
.         
.         esttab using controlobs_ds.rtf, title("Panel B: Primary sample control observations (i.e., POST × TREAT = 0).") replace noobs cells("count(fmt(%18.0gc)) mean(fmt(3)) sd(fmt(3)) p25(fmt(3)) p50
> (fmt(3)) p75(fmt(3))") label collabels("N" "Mean" "Std.Dev." "25th Pctl" "50th Pctl" "75th Pctl")
(output written to controlobs_ds.rtf)
. 
.         global LABEL_T10b "POST POSTTREAT LOG_OWNERS_w SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 score SAME_FF48 SAME_MVE SAME_MTB"
.         global VARS_T10b "TREAT_X_IO TREAT_X_AN TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_CI_RUS2 TREAT_X_MVE"
.         
. }

. 
. {
.         // TABLE 3 -- COMMON OWNERSHIP
. 
.         global LABEL_T3 "POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA LOG_TOTAL_OWNERS_w"
. 
.         // COL 1 -- NO CONTROLS
.         global T3_1 "POST POSTTREAT"
.         global T3_1_INT ""
.         
.         // COL 2 -- BASE CONTROLS
.         global T3_2 "POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
.         global T3_2_INT "TREAT_X_AN TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA"
.         
.         // COL 3 -- ADD COMMON INDEX
.         global T3_3 "POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
.         global T3_3_INT "TREAT_X_AN TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA TREAT_X_CI_RUS2"
.         
.         // COL 4 -- ADD TOTAL OWNERS
.         global T3_4 "POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA LOG_TOTAL_OWNERS_w"
.         global T3_4_INT "TREAT_X_AN TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA TREAT_X_CI_RUS2 TREAT_X_TO"
. 
.         eststo clear
.         eststo: reghdfe LOG_OWNERS_w $T3_1 $T3_1_INT if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 24 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    684,423
Absorbing 3 HDFE groups                           F(   2,     55) =      32.38
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7827
                                                  Adj R-squared   =     0.7604
Number of clusters (PERMNO)  =      1,518         Within R-sq.    =     0.0023
Number of clusters (YEARQTR) =         56         Root MSE        =     0.6047

                        (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
------------------------------------------------------------------------------
             |               Robust
LOG_OWNERS_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
        POST |   .0501868   .0153982     3.26   0.002     .0193281    .0810454
   POSTTREAT |   .0708462   .0112118     6.32   0.000     .0483773     .093315
       _cons |   2.418743   .0071058   340.39   0.000     2.404503    2.432983
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     41408       41408           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     22244       22244           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
. 
.         eststo: reghdfe LOG_OWNERS_w $T3_2 $T3_2_INT if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 24 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    684,423
Absorbing 3 HDFE groups                           F(  18,     55) =      13.15
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7836
                                                  Adj R-squared   =     0.7614
Number of clusters (PERMNO)  =      1,518         Within R-sq.    =     0.0065
Number of clusters (YEARQTR) =         56         Root MSE        =     0.6034

                            (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
----------------------------------------------------------------------------------
                 |               Robust
    LOG_OWNERS_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
            POST |   .0511218   .0154283     3.31   0.002     .0202028    .0820409
       POSTTREAT |   .0658503   .0110479     5.96   0.000     .0437097    .0879908
SAME_ANALYST_EPS |  -.0050661   .0351614    -0.14   0.886    -.0755312    .0653989
         SAME_AU |   .0069149   .0218511     0.32   0.753    -.0368756    .0507055
  LOG_MEASURES_w |   .1185899   .0221414     5.36   0.000     .0742175    .1629623
           score |   1.061961   .5851813     1.81   0.075    -.1107681    2.234691
       SAME_FF48 |    .161916   .1108628     1.46   0.150     -.060258      .38409
        SAME_MTB |   .0103157   .0064176     1.61   0.114    -.0025455    .0231769
        SAME_MVE |   .0605084   .0073056     8.28   0.000     .0458676    .0751491
        SAME_ROA |   .0133232   .0063531     2.10   0.041     .0005913     .026055
      TREAT_X_AN |   .1180736   .0396656     2.98   0.004     .0385819    .1975652
      TREAT_X_AU |  -.0072376   .0281471    -0.26   0.798    -.0636457    .0491705
   TREAT_X_GUIDE |   .0102932   .0188065     0.55   0.586    -.0273958    .0479822
      TREAT_X_HP |   -.579402   .4143969    -1.40   0.168    -1.409872    .2510681
     TREAT_X_IND |  -.0086753   .0621405    -0.14   0.889    -.1332078    .1158571
     TREAT_X_MTB |   .0200938   .0098945     2.03   0.047     .0002648    .0399229
     TREAT_X_MVE |   .0036638   .0074773     0.49   0.626     -.011321    .0186486
     TREAT_X_ROA |   -.004866   .0090555    -0.54   0.593    -.0230136    .0132817
           _cons |   2.317125   .0396691    58.41   0.000     2.237626    2.396623
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     41408       41408           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     22244       22244           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
.         
.         eststo: reghdfe LOG_OWNERS_w $T3_3 $T3_3_INT if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 24 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    684,423
Absorbing 3 HDFE groups                           F(  20,     55) =      21.39
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7944
                                                  Adj R-squared   =     0.7733
Number of clusters (PERMNO)  =      1,518         Within R-sq.    =     0.0560
Number of clusters (YEARQTR) =         56         Root MSE        =     0.5882

                            (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
----------------------------------------------------------------------------------
                 |               Robust
    LOG_OWNERS_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
            POST |    .047747   .0144243     3.31   0.002       .01884     .076654
       POSTTREAT |   .0551769   .0107969     5.11   0.000     .0335394    .0768144
SAME_ANALYST_EPS |  -.0193899   .0350418    -0.55   0.582    -.0896151    .0508354
         SAME_AU |   .0084745   .0208547     0.41   0.686    -.0333192    .0502682
  LOG_MEASURES_w |   .0784368   .0198218     3.96   0.000      .038713    .1181606
COM_IND_RUSS2000 |   .4963184   .0349515    14.20   0.000     .4262741    .5663628
           score |   .8637878   .5457773     1.58   0.119    -.2299743     1.95755
       SAME_FF48 |   .1391801   .1051649     1.32   0.191     -.071575    .3499352
        SAME_MTB |   .0053676   .0062383     0.86   0.393    -.0071343    .0178694
        SAME_MVE |    .037407   .0066006     5.67   0.000     .0241792    .0506349
        SAME_ROA |   .0125823   .0059696     2.11   0.040     .0006191    .0245456
      TREAT_X_AN |   .1002532   .0391422     2.56   0.013     .0218105    .1786959
      TREAT_X_AU |  -.0092797   .0277923    -0.33   0.740    -.0649766    .0464172
   TREAT_X_GUIDE |   .0157059   .0183814     0.85   0.397    -.0211312     .052543
      TREAT_X_HP |  -.5557938   .3831305    -1.45   0.153    -1.323604    .2120169
     TREAT_X_IND |  -.0213275    .059963    -0.36   0.723    -.1414961     .098841
     TREAT_X_MTB |   .0212517   .0097239     2.19   0.033     .0017646    .0407387
     TREAT_X_MVE |   .0045498   .0071207     0.64   0.525    -.0097203      .01882
     TREAT_X_ROA |  -.0062861   .0086567    -0.73   0.471    -.0236344    .0110623
 TREAT_X_CI_RUS2 |   .0413515   .0212943     1.94   0.057    -.0013232    .0840262
           _cons |   2.176399   .0401349    54.23   0.000     2.095967    2.256832
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     41408       41408           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     22244       22244           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
. 
.         eststo: reghdfe LOG_OWNERS_w $T3_4 $T3_4_INT if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 24 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    684,423
Absorbing 3 HDFE groups                           F(  22,     55) =      30.00
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.8089
                                                  Adj R-squared   =     0.7892
Number of clusters (PERMNO)  =      1,518         Within R-sq.    =     0.1223
Number of clusters (YEARQTR) =         56         Root MSE        =     0.5672

                              (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
------------------------------------------------------------------------------------
                   |               Robust
      LOG_OWNERS_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
              POST |   .0484653   .0137395     3.53   0.001     .0209307    .0759998
         POSTTREAT |   .0409704   .0104099     3.94   0.000     .0201085    .0618322
  SAME_ANALYST_EPS |  -.0252145   .0355399    -0.71   0.481    -.0964381    .0460091
           SAME_AU |   .0216893    .019138     1.13   0.262     -.016664    .0600427
    LOG_MEASURES_w |   .0574329   .0185127     3.10   0.003     .0203326    .0945332
  COM_IND_RUSS2000 |   .4402507   .0325708    13.52   0.000     .3749773    .5055241
             score |   .9934272   .5865861     1.69   0.096    -.1821176    2.168972
         SAME_FF48 |   .1258411   .1115407     1.13   0.264    -.0976916    .3493737
          SAME_MTB |   .0064472    .005857     1.10   0.276    -.0052905    .0181849
          SAME_MVE |   .0463834   .0063805     7.27   0.000     .0335966    .0591701
          SAME_ROA |   .0154108   .0053967     2.86   0.006     .0045956     .026226
LOG_TOTAL_OWNERS_w |     .20794   .0253337     8.21   0.000     .1571701    .2587098
        TREAT_X_AN |    .073544   .0383514     1.92   0.060    -.0033138    .1504019
        TREAT_X_AU |  -.0101494   .0259391    -0.39   0.697    -.0621324    .0418337
     TREAT_X_GUIDE |   .0108206   .0174752     0.62   0.538    -.0242004    .0458416
        TREAT_X_HP |  -.5437653   .3807977    -1.43   0.159    -1.306901    .2193704
       TREAT_X_IND |   .0137672    .058649     0.23   0.815     -.103768    .1313025
       TREAT_X_MTB |   .0180493   .0093129     1.94   0.058    -.0006142    .0367128
       TREAT_X_MVE |   .0034066   .0068746     0.50   0.622    -.0103704    .0171837
       TREAT_X_ROA |  -.0050159    .008127    -0.62   0.540    -.0213028    .0112711
   TREAT_X_CI_RUS2 |    .051506   .0201683     2.55   0.013     .0110878    .0919241
        TREAT_X_TO |  -.0178586   .0090085    -1.98   0.052    -.0359122    .0001949
             _cons |   .6474445   .1809492     3.58   0.001     .2848142    1.010075
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     41408       41408           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     22244       22244           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
.         
.         esttab using Table3.rtf, label title("Table 3: Common Investor Relations Representation and Common Ownership") b(3) order($LABEL_T3) ///
>         replace star(* 0.10 ** 0.05 *** 0.01) stats(N FPFE YQFE MFE TIC r2_a, fmt(%9.0fc 0 0 3) /// 
>         labels("N" "Firm-pair FE" "Year-quarter FE" "Match FE" "{\i TREAT} {\'d7} Controls" "Adj. R-Sq{\super 2}" )) compress nogaps nocons beta
(output written to Table3.rtf)
.         
. }

. 
. {       // TABLE 4 -- COMMON ANALYST
. 
.         global LABEL_T4 "POST POSTTREAT SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA LOG_TOTAL_ANALYST_w"
. 
.         // COL 1 -- NO CONTROLS
.         global T4_1 "POST POSTTREAT"
.         global T4_1_INT ""
.         
.         // COL 2 -- BASE CONTROLS
.         global T4_2 "POST POSTTREAT SAME_AU LOG_MEASURES_w LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
.         global T4_2_INT "TREAT_X_IO TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA"
.         
.         // COL 3 -- ADD COMMON INDEX
.         global T4_3 "POST POSTTREAT SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
.         global T4_3_INT "TREAT_X_IO TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA TREAT_X_CI_RUS2"
.         
.         // COL 4 -- ADD TOTAL OWNERS
.         global T4_4 "POST POSTTREAT SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA LOG_TOTAL_ANALYST_w"
.         global T4_4_INT "TREAT_X_IO TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA TREAT_X_CI_RUS2 TREAT_X_TA"
. 
.         eststo clear
.         eststo: reghdfe SAME_ANALYST_EPS $T4_1 $T4_1_INT if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 24 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    684,423
Absorbing 3 HDFE groups                           F(   2,     55) =      12.70
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5963
                                                  Adj R-squared   =     0.5548
Number of clusters (PERMNO)  =      1,518         Within R-sq.    =     0.0003
Number of clusters (YEARQTR) =         56         Root MSE        =     0.1133

                        (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
------------------------------------------------------------------------------
             |               Robust
SAME_ANALY~S | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
        POST |  -.0000664    .001276    -0.05   0.959    -.0026235    .0024907
   POSTTREAT |    .007381   .0019141     3.86   0.000     .0035451    .0112169
       _cons |   .0283468   .0004799    59.06   0.000     .0273849    .0293086
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     41408       41408           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     22244       22244           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
. 
.         eststo: reghdfe SAME_ANALYST_EPS $T4_2 $T4_2_INT if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 24 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    684,423
Absorbing 3 HDFE groups                           F(  18,     55) =       5.19
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5966
                                                  Adj R-squared   =     0.5552
Number of clusters (PERMNO)  =      1,518         Within R-sq.    =     0.0012
Number of clusters (YEARQTR) =         56         Root MSE        =     0.1133

                          (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
--------------------------------------------------------------------------------
               |               Robust
SAME_ANALYST~S | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------+----------------------------------------------------------------
          POST |   .0004387   .0012768     0.34   0.732    -.0021201    .0029974
     POSTTREAT |   .0054691   .0018657     2.93   0.005     .0017301    .0092081
       SAME_AU |   .0000501   .0029313     0.02   0.986    -.0058243    .0059245
LOG_MEASURES_w |   .0062752   .0018992     3.30   0.002      .002469    .0100813
  LOG_OWNERS_w |   -.000121   .0010222    -0.12   0.906    -.0021695    .0019275
         score |   .0889576   .0829747     1.07   0.288    -.0773274    .2552427
     SAME_FF48 |    .011808   .0074949     1.58   0.121    -.0032122    .0268281
      SAME_MTB |   .0020325   .0016094     1.26   0.212    -.0011929    .0052578
      SAME_MVE |   .0009307   .0012957     0.72   0.476     -.001666    .0035275
      SAME_ROA |  -.0014763   .0013913    -1.06   0.293    -.0042645     .001312
    TREAT_X_IO |   .0050078    .001309     3.83   0.000     .0023846     .007631
    TREAT_X_AU |   .0000611   .0045091     0.01   0.989    -.0089754    .0090976
 TREAT_X_GUIDE |   .0036573   .0030296     1.21   0.233    -.0024141    .0097287
    TREAT_X_HP |   .0382175   .0939914     0.41   0.686    -.1501455    .2265806
   TREAT_X_IND |   .0167731   .0155282     1.08   0.285    -.0143462    .0478924
   TREAT_X_MTB |  -.0032549   .0021955    -1.48   0.144    -.0076548     .001145
   TREAT_X_MVE |  -.0007754   .0018267    -0.42   0.673    -.0044361    .0028853
   TREAT_X_ROA |   .0017645   .0017294     1.02   0.312    -.0017013    .0052303
         _cons |   .0144008   .0039088     3.68   0.001     .0065674    .0222341
--------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     41408       41408           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     22244       22244           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
.         
.         eststo: reghdfe SAME_ANALYST_EPS $T4_3 $T4_3_INT if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 24 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    684,423
Absorbing 3 HDFE groups                           F(  20,     55) =       4.82
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5968
                                                  Adj R-squared   =     0.5554
Number of clusters (PERMNO)  =      1,518         Within R-sq.    =     0.0016
Number of clusters (YEARQTR) =         56         Root MSE        =     0.1133

                            (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
----------------------------------------------------------------------------------
                 |               Robust
SAME_ANALYST_EPS | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
            POST |   .0005426   .0012584     0.43   0.668    -.0019794    .0030646
       POSTTREAT |   .0050725   .0018518     2.74   0.008     .0013614    .0087837
         SAME_AU |   .0000577   .0029292     0.02   0.984    -.0058125    .0059278
  LOG_MEASURES_w |   .0059998   .0018964     3.16   0.003     .0021994    .0098001
COM_IND_RUSS2000 |   .0042665   .0026293     1.62   0.110    -.0010028    .0095357
    LOG_OWNERS_w |  -.0005577   .0010781    -0.52   0.607    -.0027181    .0016028
           score |   .0877699   .0825286     1.06   0.292    -.0776211    .2531609
       SAME_FF48 |    .011673   .0074343     1.57   0.122    -.0032256    .0265715
        SAME_MTB |   .0019998    .001599     1.25   0.216    -.0012048    .0052043
        SAME_MVE |   .0007545    .001327     0.57   0.572    -.0019048    .0034138
        SAME_ROA |  -.0014782   .0013904    -1.06   0.292    -.0042647    .0013082
      TREAT_X_IO |   .0042098   .0013451     3.13   0.003     .0015141    .0069055
      TREAT_X_AU |   .0000505   .0045214     0.01   0.991    -.0090105    .0091116
   TREAT_X_GUIDE |   .0032157   .0030164     1.07   0.291    -.0028293    .0092607
      TREAT_X_HP |   .0358564   .0939905     0.38   0.704    -.1525047    .2242175
     TREAT_X_IND |   .0162922   .0155138     1.05   0.298    -.0147982    .0473826
     TREAT_X_MTB |  -.0032806   .0021895    -1.50   0.140    -.0076685    .0011073
     TREAT_X_MVE |  -.0010325   .0018239    -0.57   0.574    -.0046877    .0026227
     TREAT_X_ROA |   .0017287   .0017245     1.00   0.321    -.0017272    .0051847
 TREAT_X_CI_RUS2 |   .0083398   .0034817     2.40   0.020     .0013622    .0153173
           _cons |   .0140486   .0038952     3.61   0.001     .0062425    .0218546
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     41408       41408           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     22244       22244           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
. 
.         eststo: reghdfe SAME_ANALYST_EPS $T4_4 $T4_4_INT if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 24 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    684,423
Absorbing 3 HDFE groups                           F(  22,     55) =       9.12
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5980
                                                  Adj R-squared   =     0.5567
Number of clusters (PERMNO)  =      1,518         Within R-sq.    =     0.0046
Number of clusters (YEARQTR) =         56         Root MSE        =     0.1131

                               (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
-------------------------------------------------------------------------------------
                    |               Robust
   SAME_ANALYST_EPS | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------+----------------------------------------------------------------
               POST |   .0005385   .0011939     0.45   0.654    -.0018542    .0029312
          POSTTREAT |   .0041036   .0018183     2.26   0.028     .0004595    .0077476
            SAME_AU |   .0001005   .0029266     0.03   0.973    -.0057645    .0059655
     LOG_MEASURES_w |   .0050008   .0018891     2.65   0.011     .0012149    .0087867
   COM_IND_RUSS2000 |   .0032257   .0025145     1.28   0.205    -.0018135    .0082649
       LOG_OWNERS_w |  -.0015888   .0010788    -1.47   0.147    -.0037507    .0005731
              score |   .0823282   .0818942     1.01   0.319    -.0817915     .246448
          SAME_FF48 |   .0117478    .007243     1.62   0.111    -.0027675    .0262631
           SAME_MTB |   .0019864   .0015835     1.25   0.215    -.0011869    .0051598
           SAME_MVE |   .0009042    .001326     0.68   0.498    -.0017531    .0035615
           SAME_ROA |  -.0014816    .001385    -1.07   0.289    -.0042572    .0012941
LOG_TOTAL_ANALYST_w |   .0070418   .0009605     7.33   0.000      .005117    .0089666
         TREAT_X_IO |   .0039405   .0013724     2.87   0.006     .0011902    .0066908
         TREAT_X_AU |   .0008476   .0045217     0.19   0.852     -.008214    .0099092
      TREAT_X_GUIDE |   .0029589   .0029978     0.99   0.328    -.0030488    .0089666
         TREAT_X_HP |   .0368132   .0937813     0.39   0.696    -.1511288    .2247551
        TREAT_X_IND |   .0167191   .0155917     1.07   0.288    -.0145275    .0479656
        TREAT_X_MTB |  -.0033145   .0021656    -1.53   0.132    -.0076545    .0010255
        TREAT_X_MVE |  -.0008984   .0018133    -0.50   0.622    -.0045323    .0027356
        TREAT_X_ROA |   .0017338   .0017279     1.00   0.320     -.001729    .0051966
    TREAT_X_CI_RUS2 |   .0081444   .0034339     2.37   0.021     .0012627    .0150261
         TREAT_X_TA |   .0028657     .00095     3.02   0.004     .0009619    .0047695
              _cons |  -.0230956   .0055847    -4.14   0.000    -.0342875   -.0119036
-------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     41408       41408           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     22244       22244           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
.         
.         esttab using Table4.rtf, label title("Table 4: Common Investor Relations Representation and Common Analyst Coverage") b(3) order($LABEL_T4) ///
>         replace star(* 0.10 ** 0.05 *** 0.01) stats(N FPFE YQFE MFE TIC r2_a, fmt(%9.0fc 0 0 3) /// 
>         labels("N" "Firm-pair FE" "Year-quarter FE" "Match FE" "{\i TREAT} {\'d7} Controls" "Adj. R-Sq{\super 2}" )) compress nogaps nocons beta
(output written to Table4.rtf)
.         
. }

. 
. {       // TABLE 5 -- PANEL A -- COMMON GUIDANCE
. 
.         global LABEL_T5A "POST POSTTREAT SAME_ANALYST_EPS SAME_AU COM_IND_RUSS2000 LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
. 
.         // COL 1 -- NO CONTROLS
.         global T5A_1 "POST POSTTREAT"
.         global T5A_1_INT ""
.         
.         // COL 2 -- ADD CONTROLS
.         global T5A_2 "POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
.         global T5A_2_INT "TREAT_X_AN TREAT_X_AU TREAT_X_IO TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA"
.         
.         // COL 3 -- ADD COMMON INDEX
.         global T5A_3 "POST POSTTREAT SAME_ANALYST_EPS SAME_AU COM_IND_RUSS2000 LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
.         global T5A_3_INT "TREAT_X_AN TREAT_X_AU TREAT_X_IO TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA TREAT_X_CI_RUS2"
.         
.         eststo clear
.         
.         eststo: reghdfe LOG_MEASURES_w $T5A_1 $T5A_1_INT if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 24 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    684,423
Absorbing 3 HDFE groups                           F(   2,     55) =      12.89
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6282
                                                  Adj R-squared   =     0.5900
Number of clusters (PERMNO)  =      1,518         Within R-sq.    =     0.0007
Number of clusters (YEARQTR) =         56         Root MSE        =     0.2093

                        (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
------------------------------------------------------------------------------
             |               Robust
LOG_MEASUR~w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
        POST |   .0051582   .0046464     1.11   0.272    -.0041534    .0144698
   POSTTREAT |   .0165382   .0034841     4.75   0.000     .0095559    .0235204
       _cons |   .1245977   .0023471    53.09   0.000      .119894    .1293013
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     41408       41408           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     22244       22244           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
.         
.         eststo: reghdfe LOG_MEASURES_w $T5A_2 $T5A_2_INT if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 24 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    684,423
Absorbing 3 HDFE groups                           F(  18,     55) =       4.21
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6290
                                                  Adj R-squared   =     0.5909
Number of clusters (PERMNO)  =      1,518         Within R-sq.    =     0.0029
Number of clusters (YEARQTR) =         56         Root MSE        =     0.2091

                            (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
----------------------------------------------------------------------------------
                 |               Robust
  LOG_MEASURES_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
            POST |   .0049421   .0046615     1.06   0.294    -.0043998    .0142841
       POSTTREAT |   .0139885   .0033703     4.15   0.000     .0072343    .0207427
SAME_ANALYST_EPS |   .0238803   .0073069     3.27   0.002      .009237    .0385237
         SAME_AU |   .0057764   .0043258     1.34   0.187    -.0028927    .0144455
    LOG_OWNERS_w |   .0130236   .0029255     4.45   0.000     .0071607    .0188864
           score |   .0557265    .069321     0.80   0.425    -.0831959    .1946488
       SAME_FF48 |  -.0062104   .0097239    -0.64   0.526    -.0256976    .0132768
        SAME_MTB |    .003105    .001371     2.26   0.027     .0003574    .0058525
        SAME_MVE |   .0062763   .0019649     3.19   0.002     .0023386     .010214
        SAME_ROA |   .0007398    .001471     0.50   0.617    -.0022081    .0036876
      TREAT_X_AN |   .0060866   .0099476     0.61   0.543    -.0138489     .026022
      TREAT_X_AU |  -.0024254    .006147    -0.39   0.695    -.0147442    .0098934
      TREAT_X_IO |   .0045524   .0022857     1.99   0.051    -.0000282     .009133
      TREAT_X_HP |   .0628036   .0817772     0.77   0.446    -.1010816    .2266889
     TREAT_X_IND |  -.0021393   .0135597    -0.16   0.875    -.0293136     .025035
     TREAT_X_MTB |  -.0026216   .0024734    -1.06   0.294    -.0075785    .0023353
     TREAT_X_MVE |  -.0025435   .0028793    -0.88   0.381    -.0083137    .0032266
     TREAT_X_ROA |  -.0001128    .002201    -0.05   0.959    -.0045236    .0042981
           _cons |   .0835193   .0091575     9.12   0.000     .0651672    .1018713
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     41408       41408           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     22244       22244           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
.         
.         eststo: reghdfe LOG_MEASURES_w $T5A_3 $T5A_3_INT if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 24 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    684,423
Absorbing 3 HDFE groups                           F(  20,     55) =       4.74
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6300
                                                  Adj R-squared   =     0.5920
Number of clusters (PERMNO)  =      1,518         Within R-sq.    =     0.0054
Number of clusters (YEARQTR) =         56         Root MSE        =     0.2088

                            (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
----------------------------------------------------------------------------------
                 |               Robust
  LOG_MEASURES_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
            POST |   .0047733   .0046245     1.03   0.307    -.0044944    .0140409
       POSTTREAT |   .0136142   .0033078     4.12   0.000     .0069853    .0202431
SAME_ANALYST_EPS |   .0226284   .0072775     3.11   0.003     .0080439    .0372128
         SAME_AU |   .0059177   .0043364     1.36   0.178    -.0027725     .014608
COM_IND_RUSS2000 |   .0403935   .0061326     6.59   0.000     .0281036    .0526835
    LOG_OWNERS_w |   .0091765   .0026233     3.50   0.001     .0039193    .0144337
           score |   .0434864   .0686577     0.63   0.529    -.0941066    .1810795
       SAME_FF48 |  -.0074209   .0097042    -0.76   0.448    -.0268685    .0120267
        SAME_MTB |   .0027328   .0013882     1.97   0.054    -.0000492    .0055149
        SAME_MVE |   .0046101   .0019327     2.39   0.021      .000737    .0084833
        SAME_ROA |   .0007286   .0014726     0.49   0.623    -.0022226    .0036798
      TREAT_X_AN |   .0052661   .0099399     0.53   0.598    -.0146538    .0251861
      TREAT_X_AU |  -.0026159   .0061483    -0.43   0.672    -.0149373    .0097055
      TREAT_X_IO |    .004104   .0022746     1.80   0.077    -.0004545    .0086624
      TREAT_X_HP |   .0633114   .0809881     0.78   0.438    -.0989925    .2256152
     TREAT_X_IND |  -.0030208   .0134418    -0.22   0.823    -.0299588    .0239173
     TREAT_X_MTB |   -.002416   .0024774    -0.98   0.334    -.0073809    .0025489
     TREAT_X_MVE |   -.002342   .0028694    -0.82   0.418    -.0080923    .0034084
     TREAT_X_ROA |  -.0002355   .0021755    -0.11   0.914    -.0045953    .0041242
 TREAT_X_CI_RUS2 |   .0014669   .0061131     0.24   0.811     -.010784    .0137179
           _cons |    .081293   .0091317     8.90   0.000     .0629926    .0995933
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     41408       41408           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     22244       22244           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
.         
.         esttab using Table5a.rtf, label title("Table 5A: Common Investor Relations Representation and Common Guidance") b(3) order($LABEL_T5A) ///
>         replace star(* 0.10 ** 0.05 *** 0.01) stats(N FPFE YQFE MFE TIC r2_a, fmt(%9.0fc 0 0 0 0 3) /// 
>         labels("N" "Firm-pair FE" "Year-quarter FE" "Match FE" "{\i TREAT} {\'d7} Controls" "Adj. R-Sq{\super 2}" )) compress nogaps nocons beta
(output written to Table5a.rtf)
.         
. }

. 
. {       // TABLE 6 -- COMOVEMENT
.         
.         global LABEL_T6 "POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
.         
.         global T6_1 "POST POSTTREAT"
.         global T6_2 "POST POSTTREAT SAME_AU score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
.         global T6_3 "POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
.         
.         global T6_INT_2 "TREAT_X_AU TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA"
.         global T6_INT_3 "TREAT_X_AN TREAT_X_AU TREAT_X_GUIDE TREAT_X_IO TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA TREAT_X_CI_RUS2"
.         
.         eststo clear
.         
.         eststo: qui reghdfe CCMR_w $T6_1 if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(est1 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
.         
.         eststo: reghdfe CCMR_w $T6_2 $T6_INT_2 if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 24 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    684,423
Absorbing 3 HDFE groups                           F(  14,     55) =      12.70
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3933
                                                  Adj R-squared   =     0.3311
Number of clusters (PERMNO)  =      1,518         Within R-sq.    =     0.0010
Number of clusters (YEARQTR) =         56         Root MSE        =     0.1408

                        (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
------------------------------------------------------------------------------
             |               Robust
      CCMR_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
        POST |   .0036496   .0023425     1.56   0.125    -.0010448     .008344
   POSTTREAT |   .0029597   .0013518     2.19   0.033     .0002506    .0056687
     SAME_AU |  -.0031406   .0026705    -1.18   0.245    -.0084925    .0022113
       score |   .0503344    .040555     1.24   0.220    -.0309396    .1316083
   SAME_FF48 |   .0098541   .0074652     1.32   0.192    -.0051065    .0248146
    SAME_MTB |   .0029578   .0012122     2.44   0.018     .0005285    .0053871
    SAME_MVE |   .0119055   .0014395     8.27   0.000     .0090207    .0147903
    SAME_ROA |   .0005251   .0012162     0.43   0.668    -.0019123    .0029626
  TREAT_X_AU |   .0055941   .0037267     1.50   0.139    -.0018743    .0130625
  TREAT_X_HP |  -.0570228   .0468891    -1.22   0.229    -.1509905     .036945
 TREAT_X_IND |   .0155145   .0082619     1.88   0.066    -.0010428    .0320718
 TREAT_X_MTB |   .0006909   .0016168     0.43   0.671    -.0025492    .0039311
 TREAT_X_MVE |  -.0011011   .0016021    -0.69   0.495    -.0043117    .0021095
 TREAT_X_ROA |  -.0009998   .0017229    -0.58   0.564    -.0044526     .002453
       _cons |   .1179064   .0025765    45.76   0.000      .112743    .1230697
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     41408       41408           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     22244       22244           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
. 
.         eststo: reghdfe CCMR_w $T6_3 $T6_INT_3 if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 24 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    684,423
Absorbing 3 HDFE groups                           F(  22,     55) =      16.65
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4081
                                                  Adj R-squared   =     0.3474
Number of clusters (PERMNO)  =      1,518         Within R-sq.    =     0.0254
Number of clusters (YEARQTR) =         56         Root MSE        =     0.1391

                            (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
----------------------------------------------------------------------------------
                 |               Robust
          CCMR_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
            POST |   .0021461   .0022399     0.96   0.342    -.0023427    .0066349
       POSTTREAT |   .0006893   .0013246     0.52   0.605    -.0019653     .003344
SAME_ANALYST_EPS |   .0054507   .0050751     1.07   0.288      -.00472    .0156215
         SAME_AU |  -.0030886   .0024458    -1.26   0.212    -.0079901    .0018129
  LOG_MEASURES_w |   .0038657   .0024974     1.55   0.127    -.0011392    .0088707
COM_IND_RUSS2000 |   .0687756   .0051994    13.23   0.000     .0583558    .0791955
    LOG_OWNERS_w |   .0159185   .0018538     8.59   0.000     .0122033    .0196337
           score |   .0044149   .0365403     0.12   0.904    -.0688136    .0776433
       SAME_FF48 |   .0040986    .006639     0.62   0.540    -.0092062    .0174034
        SAME_MTB |   .0020474   .0011434     1.79   0.079     -.000244    .0043388
        SAME_MVE |   .0076591   .0012646     6.06   0.000     .0051249    .0101933
        SAME_ROA |    .000214   .0012069     0.18   0.860    -.0022048    .0026328
      TREAT_X_AN |  -.0038874   .0058494    -0.66   0.509    -.0156098     .007835
      TREAT_X_AU |   .0054337   .0035862     1.52   0.135    -.0017532    .0126205
   TREAT_X_GUIDE |   .0036329   .0034232     1.06   0.293    -.0032273    .0104931
      TREAT_X_IO |   .0008941   .0010573     0.85   0.401    -.0012247    .0030129
      TREAT_X_HP |  -.0422066   .0414832    -1.02   0.313    -.1253409    .0409276
     TREAT_X_IND |   .0143804   .0076252     1.89   0.065    -.0009008    .0296616
     TREAT_X_MTB |    .000656   .0015678     0.42   0.677     -.002486     .003798
     TREAT_X_MVE |  -.0005886    .001587    -0.37   0.712     -.003769    .0025919
     TREAT_X_ROA |   -.001098   .0017386    -0.63   0.530    -.0045822    .0023863
 TREAT_X_CI_RUS2 |  -.0065112   .0026615    -2.45   0.018    -.0118449   -.0011775
           _cons |   .0604388   .0052863    11.43   0.000     .0498447    .0710329
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     41408       41408           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     22244       22244           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
.         
.         esttab using Table6.rtf, label title("Table 6: Common Investor Relations Representation and Stock Return Comovement") b(3) order($LABEL_T6) ///
>         replace star(* 0.10 ** 0.05 *** 0.01) stats(N FPFE YQFE MFE TIC r2_a, fmt(%9.0fc 0 0 0 3) /// 
>         labels("N" "Firm-pair FE" "Year-quarter FE" "Match FE" "{\i TREAT} {\'d7} Controls" "Adj. R-Sq{\super 2}" )) compress nogaps nocons beta
(output written to Table6.rtf)
.         
. }

. 
. { // TABLE 8 -- SIMILARITIES IN ECONOMIC CHARACTERISTICS -- COLUMNS C AND D
. 
.         global LABEL_T8c "POST POSTTREAT LOG_OWNERS_w SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 score SAME_FF48 SAME_MTB SAME_MVE"
.         global VARS_T8c "TREAT_X_IO TREAT_X_AN TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_CI_RUS2"
.         
.         global LABEL_T8d "POST POSTTREAT LOG_OWNERS_w SAME_ANALYST_EPS SAME_AU score LOG_MEASURES_w COM_IND_RUSS2000 SAME_FF48 SAME_MVE SAME_ROA"
.         global VARS_T8d "TREAT_X_IO TREAT_X_AN TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MVE TREAT_X_ROA TREAT_X_CI_RUS2"
. 
.         global LABEL_T8 "POST POSTTREAT LOG_OWNERS_w SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
.         
.         eststo clear
. 
.         eststo: reghdfe SAME_ROA $LABEL_T8c $VARS_T8c if SAMPLE == 1, absorb(YEARQTR PERMNOS MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 25 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    684,423
Absorbing 3 HDFE groups                           F(  20,     55) =       1.72
Statistics robust to heteroskedasticity           Prob > F        =     0.0580
                                                  R-squared       =     0.2166
                                                  Adj R-squared   =     0.1362
Number of clusters (PERMNO)  =      1,518         Within R-sq.    =     0.0002
Number of clusters (YEARQTR) =         56         Root MSE        =     0.3268

                            (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
----------------------------------------------------------------------------------
                 |               Robust
        SAME_ROA | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
            POST |  -.0030512   .0028812    -1.06   0.294    -.0088253    .0027228
       POSTTREAT |   .0001399   .0030789     0.05   0.964    -.0060303    .0063102
    LOG_OWNERS_w |   .0035035   .0017739     1.98   0.053    -.0000515    .0070584
SAME_ANALYST_EPS |  -.0138643   .0131089    -1.06   0.295    -.0401352    .0124067
         SAME_AU |  -.0032858   .0048386    -0.68   0.500    -.0129826     .006411
  LOG_MEASURES_w |   .0024191   .0036853     0.66   0.514    -.0049665    .0098046
COM_IND_RUSS2000 |   .0005392   .0045082     0.12   0.905    -.0084954    .0095738
           score |  -.0904029     .10784    -0.84   0.405    -.3065191    .1257132
       SAME_FF48 |   .0027443   .0134547     0.20   0.839    -.0242195    .0297081
        SAME_MTB |   .0095995   .0028011     3.43   0.001     .0039861    .0152129
        SAME_MVE |   .0059053   .0027885     2.12   0.039      .000317    .0114936
      TREAT_X_IO |  -.0010539   .0025381    -0.42   0.680    -.0061405    .0040326
      TREAT_X_AN |   .0154821   .0145416     1.06   0.292      -.01366    .0446242
      TREAT_X_AU |   .0093286   .0073408     1.27   0.209    -.0053827      .02404
   TREAT_X_GUIDE |  -.0019971   .0050322    -0.40   0.693    -.0120818    .0080876
      TREAT_X_HP |   .0844527   .1336766     0.63   0.530    -.1834412    .3523467
     TREAT_X_IND |   .0015245   .0231952     0.07   0.948    -.0449598    .0480088
     TREAT_X_MTB |  -.0094505   .0037678    -2.51   0.015    -.0170013   -.0018996
     TREAT_X_MVE |  -.0016698   .0036925    -0.45   0.653    -.0090697    .0057301
 TREAT_X_CI_RUS2 |   .0046075   .0054356     0.85   0.400    -.0062857    .0155007
           _cons |   .1380647   .0064534    21.39   0.000     .1251318    .1509976
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     YEARQTR |        56          56           0    *|
     PERMNOS |     41408       41408           0    *|
   MATCH_NUM |     22244       22244           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
. 
.         eststo: reghdfe SAME_MTB $LABEL_T8d $VARS_T8d if SAMPLE == 1, absorb(YEARQTR PERMNOS MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 25 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    684,423
Absorbing 3 HDFE groups                           F(  20,     55) =       5.16
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.2052
                                                  Adj R-squared   =     0.1236
Number of clusters (PERMNO)  =      1,518         Within R-sq.    =     0.0004
Number of clusters (YEARQTR) =         56         Root MSE        =     0.3030

                            (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
----------------------------------------------------------------------------------
                 |               Robust
        SAME_MTB | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
            POST |  -.0036719   .0021122    -1.74   0.088    -.0079048     .000561
       POSTTREAT |   .0013284   .0025542     0.52   0.605    -.0037902    .0064471
    LOG_OWNERS_w |   .0016603   .0015913     1.04   0.301    -.0015289    .0048494
SAME_ANALYST_EPS |   .0162712   .0126601     1.29   0.204    -.0091002    .0416426
         SAME_AU |   -.006411   .0058042    -1.10   0.274    -.0180429    .0052209
           score |    .109448   .0923861     1.18   0.241    -.0756979     .294594
  LOG_MEASURES_w |   .0056717   .0030268     1.87   0.066    -.0003941    .0117376
COM_IND_RUSS2000 |   .0119238   .0040997     2.91   0.005     .0037078    .0201397
       SAME_FF48 |   .0066706   .0131156     0.51   0.613    -.0196136    .0329548
        SAME_MVE |   .0033249   .0024244     1.37   0.176    -.0015337    .0081834
        SAME_ROA |   .0081711   .0024374     3.35   0.001     .0032865    .0130558
      TREAT_X_IO |   .0053624    .002302     2.33   0.024      .000749    .0099758
      TREAT_X_AN |  -.0240901   .0155052    -1.55   0.126    -.0551633     .006983
      TREAT_X_AU |   .0038195   .0085071     0.45   0.655    -.0132291    .0208682
   TREAT_X_GUIDE |  -.0045551   .0049083    -0.93   0.357    -.0143917    .0052814
      TREAT_X_HP |  -.1286738   .1072816    -1.20   0.236     -.343671    .0863234
     TREAT_X_IND |   .0210608   .0198084     1.06   0.292    -.0186361    .0607577
     TREAT_X_MVE |   .0053257   .0038531     1.38   0.172     -.002396    .0130475
     TREAT_X_ROA |   -.007946   .0032408    -2.45   0.017    -.0144406   -.0014513
 TREAT_X_CI_RUS2 |  -.0057411   .0056945    -1.01   0.318     -.017153    .0056709
           _cons |   .1012814   .0044645    22.69   0.000     .0923344    .1102285
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     YEARQTR |        56          56           0    *|
     PERMNOS |     41408       41408           0    *|
   MATCH_NUM |     22244       22244           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
.         
.         esttab using Table8cd.rtf, label title("Table 8: Common Investor Relations Representation and Fundamental Economic Characteristics") b(3) order($LABEL_T8) ///
>         replace star(* 0.10 ** 0.05 *** 0.01) stats(N FPFE YQFE MFE TIC r2_a, fmt(%9.0fc 0 0 3) /// 
>         labels("N" "Firm-pair FE" "Year-quarter FE" "Match FE" "{\i TREAT} {\'d7} Controls" "Adj. R-Sq{\super 2}" )) compress nogaps nocons beta
(output written to Table8cd.rtf)
. }

. 
. 
. 
. {       // TABLE 9 -- M&A
. 
.         global LABEL_T9 "POST POSTTREAT LOG_OWNERS_w SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 score SAME_FF48 SAME_MVE SAME_ROA"
.         global VARS_T9 "TREAT_X_IO TREAT_X_AN TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MVE TREAT_X_ROA TREAT_X_CI_RUS2"
. 
.         eststo clear
.         
.         eststo: reghdfe BOTH_MERGER POST POSTTREAT if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 24 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    684,423
Absorbing 3 HDFE groups                           F(   2,     55) =       5.01
Statistics robust to heteroskedasticity           Prob > F        =     0.0100
                                                  R-squared       =     0.2868
                                                  Adj R-squared   =     0.2136
Number of clusters (PERMNO)  =      1,518         Within R-sq.    =     0.0001
Number of clusters (YEARQTR) =         56         Root MSE        =     0.0905

                        (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
------------------------------------------------------------------------------
             |               Robust
 BOTH_MERGER | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
        POST |  -.0022953   .0015445    -1.49   0.143    -.0053906       .0008
   POSTTREAT |   .0040332   .0012792     3.15   0.003     .0014695    .0065968
       _cons |   .0109396   .0007098    15.41   0.000     .0095171    .0123621
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     41408       41408           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     22244       22244           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "NO"

added macro:
                e(TIC) : "NO"
.         
.         eststo: reghdfe BOTH_MERGER $LABEL_T9 $VARS_T9 if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 24 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    684,423
Absorbing 3 HDFE groups                           F(  20,     55) =       2.28
Statistics robust to heteroskedasticity           Prob > F        =     0.0084
                                                  R-squared       =     0.2876
                                                  Adj R-squared   =     0.2145
Number of clusters (PERMNO)  =      1,518         Within R-sq.    =     0.0013
Number of clusters (YEARQTR) =         56         Root MSE        =     0.0904

                            (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
----------------------------------------------------------------------------------
                 |               Robust
     BOTH_MERGER | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
            POST |  -.0023718   .0015163    -1.56   0.124    -.0054107     .000667
       POSTTREAT |    .003586   .0012406     2.89   0.005     .0010997    .0060722
    LOG_OWNERS_w |   .0014654   .0007335     2.00   0.051    -4.64e-06    .0029354
SAME_ANALYST_EPS |  -.0016895    .003439    -0.49   0.625    -.0085815    .0052024
         SAME_AU |  -.0023811   .0024239    -0.98   0.330    -.0072386    .0024765
  LOG_MEASURES_w |   .0085417    .002492     3.43   0.001     .0035476    .0135359
COM_IND_RUSS2000 |   .0048741   .0022911     2.13   0.038     .0002827    .0094656
           score |   .0596413   .0309673     1.93   0.059    -.0024185    .1217012
       SAME_FF48 |    .000529   .0035946     0.15   0.884    -.0066747    .0077327
        SAME_MVE |    .001204   .0008943     1.35   0.184    -.0005882    .0029962
        SAME_ROA |  -2.88e-07    .000681    -0.00   1.000    -.0013651    .0013645
      TREAT_X_IO |  -.0005572   .0005414    -1.03   0.308    -.0016421    .0005278
      TREAT_X_AN |  -.0008292   .0041593    -0.20   0.843    -.0091646    .0075062
      TREAT_X_AU |  -.0017604   .0029055    -0.61   0.547    -.0075832    .0040623
   TREAT_X_GUIDE |  -.0041939   .0031272    -1.34   0.185    -.0104609    .0020732
      TREAT_X_HP |  -.0077227   .0323467    -0.24   0.812    -.0725469    .0571014
     TREAT_X_IND |  -.0117917    .011168    -1.06   0.296    -.0341729    .0105894
     TREAT_X_MVE |  -.0020964   .0011651    -1.80   0.077    -.0044312    .0002385
     TREAT_X_ROA |   .0006228   .0007219     0.86   0.392    -.0008239    .0020695
 TREAT_X_CI_RUS2 |   .0062512   .0022513     2.78   0.007     .0017395    .0107629
           _cons |   .0031904   .0023623     1.35   0.182    -.0015438    .0079246
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     41408       41408           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     22244       22244           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
.         
.         esttab using Table_9.rtf, label title("Table 9: Common IR Representation and M&A Activity") b(3) order($LABEL_T9) ///
>         replace star(* 0.10 ** 0.05 *** 0.01) stats(N FPFE YQFE MFE TIC r2_a, fmt(%9.0fc 0 0 3) /// 
>         labels("N" "Firm-pair FE" "Year-quarter FE" "Match FE" "{\i TREAT} {\'d7} Controls" "Adj. R-Sq{\super 2}" )) compress nogaps nocons beta
(output written to Table_9.rtf)
.         
. }

. 
. {       // TABLE 10 -- DISPARATE INDUSTRIES
. 
.         global LABEL_T10a "POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA LOG_TOTAL_OWNERS_w"
.         global T10a_INT "TREAT_X_AN TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA TREAT_X_CI_RUS2 TREAT_X_TO"
. 
.         global LABEL_T10b "POST POSTTREAT SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA LOG_TOTAL_ANALYST_w"
.         global T10b_INT "TREAT_X_AU TREAT_X_GUIDE TREAT_X_IO TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA TREAT_X_CI_RUS2 TREAT_X_TA"
. 
.         global LABEL_T10c "POST POSTTREAT SAME_ANALYST_EPS SAME_AU COM_IND_RUSS2000 LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
.         global T10c_INT "TREAT_X_AN TREAT_X_AU TREAT_X_IO TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA TREAT_X_CI_RUS2"
.         
.         global LABEL_10d "POST POSTTREAT SAME_AU score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
.         global T10d_INT "TREAT_X_AU TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA"
.         
.         global LABEL_T10 "POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
.         
.         eststo clear
.         
.         eststo: reghdfe LOG_OWNERS_w $LABEL_T10a $T10a_INT if SAME_FF48 == 0, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(dropped 100 singleton observations)
(MWFE estimator converged in 20 iterations)
note: SAME_FF48 omitted because of collinearity
note: TREAT_X_IND omitted because of collinearity
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    552,169
Absorbing 3 HDFE groups                           F(  20,     55) =      28.83
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.8204
                                                  Adj R-squared   =     0.8013
Number of clusters (PERMNO)  =      1,433         Within R-sq.    =     0.1276
Number of clusters (YEARQTR) =         56         Root MSE        =     0.5539

                              (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
------------------------------------------------------------------------------------
                   |               Robust
      LOG_OWNERS_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
              POST |   .0432229   .0144648     2.99   0.004     .0142349    .0722109
         POSTTREAT |   .0419243   .0112672     3.72   0.000     .0193443    .0645042
  SAME_ANALYST_EPS |  -.0088718    .033186    -0.27   0.790     -.075378    .0576344
           SAME_AU |   .0324689   .0195838     1.66   0.103    -.0067778    .0717157
    LOG_MEASURES_w |    .051392   .0178724     2.88   0.006      .015575    .0872091
  COM_IND_RUSS2000 |   .4103395   .0342168    11.99   0.000     .3417675    .4789116
             score |   .6452458   .4176102     1.55   0.128    -.1916638    1.482155
         SAME_FF48 |          0  (omitted)
          SAME_MTB |   .0025062   .0070693     0.35   0.724     -.011661    .0166735
          SAME_MVE |   .0465454   .0073265     6.35   0.000     .0318627    .0612282
          SAME_ROA |   .0084842   .0061697     1.38   0.175      -.00388    .0208485
LOG_TOTAL_OWNERS_w |   .2418629   .0252518     9.58   0.000     .1912571    .2924686
        TREAT_X_AN |     .03363   .0437351     0.77   0.445     -.054017    .1212771
        TREAT_X_AU |  -.0363538   .0271569    -1.34   0.186    -.0907774    .0180699
     TREAT_X_GUIDE |   .0127061   .0170979     0.74   0.461    -.0215588     .046971
        TREAT_X_HP |  -.6422707   .3830953    -1.68   0.099    -1.410011    .1254695
       TREAT_X_IND |          0  (omitted)
       TREAT_X_MTB |   .0198284   .0110436     1.80   0.078    -.0023035    .0419604
       TREAT_X_MVE |   .0047975   .0075667     0.63   0.529    -.0103665    .0199614
       TREAT_X_ROA |  -.0077713   .0080257    -0.97   0.337    -.0238552    .0083126
   TREAT_X_CI_RUS2 |   .0732311    .021207     3.45   0.001     .0307312     .115731
        TREAT_X_TO |  -.0255685   .0116003    -2.20   0.032    -.0488161   -.0023209
             _cons |   .4641324   .1872735     2.48   0.016     .0888279     .839437
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     34492       34492           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     18551       18551           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
.         
.         eststo: reghdfe SAME_ANALYST_EPS $LABEL_T10b $T10b_INT if SAME_FF48 == 0, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(dropped 100 singleton observations)
(MWFE estimator converged in 20 iterations)
note: SAME_FF48 omitted because of collinearity
note: TREAT_X_IND omitted because of collinearity
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    552,169
Absorbing 3 HDFE groups                           F(  20,     55) =       6.27
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5778
                                                  Adj R-squared   =     0.5329
Number of clusters (PERMNO)  =      1,433         Within R-sq.    =     0.0027
Number of clusters (YEARQTR) =         56         Root MSE        =     0.0792

                               (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
-------------------------------------------------------------------------------------
                    |               Robust
   SAME_ANALYST_EPS | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------+----------------------------------------------------------------
               POST |  -.0011711   .0008151    -1.44   0.156    -.0028047    .0004624
          POSTTREAT |   .0045944   .0012653     3.63   0.001     .0020588    .0071301
            SAME_AU |  -.0018694   .0013597    -1.37   0.175    -.0045943    .0008556
     LOG_MEASURES_w |   .0049586   .0014387     3.45   0.001     .0020753    .0078419
   COM_IND_RUSS2000 |   .0006219   .0014104     0.44   0.661    -.0022046    .0034484
       LOG_OWNERS_w |  -.0006196   .0004851    -1.28   0.207    -.0015919    .0003526
              score |  -.0363654   .0569728    -0.64   0.526    -.1505414    .0778107
          SAME_FF48 |          0  (omitted)
           SAME_MTB |   .0013081   .0008774     1.49   0.142    -.0004503    .0030665
           SAME_MVE |   .0015866   .0011228     1.41   0.163    -.0006636    .0038368
           SAME_ROA |  -.0000371   .0008714    -0.04   0.966    -.0017833    .0017092
LOG_TOTAL_ANALYST_w |   .0028309   .0004661     6.07   0.000     .0018968     .003765
         TREAT_X_AU |   .0033135   .0025729     1.29   0.203    -.0018426    .0084696
      TREAT_X_GUIDE |   .0014919   .0023792     0.63   0.533    -.0032761    .0062599
         TREAT_X_IO |   .0010191   .0008668     1.18   0.245     -.000718    .0027561
         TREAT_X_HP |   .0826111   .0624176     1.32   0.191    -.0424765    .2076987
        TREAT_X_IND |          0  (omitted)
        TREAT_X_MTB |  -.0009449   .0014267    -0.66   0.511     -.003804    .0019142
        TREAT_X_MVE |  -.0020898   .0017124    -1.22   0.228    -.0055215    .0013419
        TREAT_X_ROA |   6.98e-06   .0013846     0.01   0.996    -.0027679    .0027818
    TREAT_X_CI_RUS2 |     .00737   .0022854     3.22   0.002       .00279    .0119501
         TREAT_X_TA |   .0026161    .000681     3.84   0.000     .0012514    .0039809
              _cons |  -.0077721   .0027206    -2.86   0.006    -.0132242     -.00232
-------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     34492       34492           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     18551       18551           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
. 
.         eststo: reghdfe LOG_MEASURES_w $LABEL_T10c $T10c_INT if SAME_FF48 == 0, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(dropped 100 singleton observations)
(MWFE estimator converged in 20 iterations)
note: SAME_FF48 omitted because of collinearity
note: TREAT_X_IND omitted because of collinearity
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    552,169
Absorbing 3 HDFE groups                           F(  18,     55) =       5.50
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6177
                                                  Adj R-squared   =     0.5770
Number of clusters (PERMNO)  =      1,433         Within R-sq.    =     0.0055
Number of clusters (YEARQTR) =         56         Root MSE        =     0.2149

                            (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
----------------------------------------------------------------------------------
                 |               Robust
  LOG_MEASURES_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
            POST |   .0054222   .0049228     1.10   0.275    -.0044432    .0152877
       POSTTREAT |   .0125028   .0036061     3.47   0.001      .005276    .0197296
SAME_ANALYST_EPS |   .0476162   .0128828     3.70   0.001     .0217985     .073434
         SAME_AU |   .0071224   .0050895     1.40   0.167    -.0030771     .017322
COM_IND_RUSS2000 |   .0418325    .006405     6.53   0.000     .0289967    .0546683
    LOG_OWNERS_w |   .0094425   .0028407     3.32   0.002     .0037497    .0151354
           score |   .1470179   .1017147     1.45   0.154    -.0568228    .3508587
       SAME_FF48 |          0  (omitted)
        SAME_MTB |   .0031142    .001703     1.83   0.073    -.0002988    .0065271
        SAME_MVE |   .0057208    .002145     2.67   0.010     .0014221    .0100194
        SAME_ROA |   .0015251   .0018424     0.83   0.411    -.0021672    .0052174
      TREAT_X_AN |  -.0039988   .0170212    -0.23   0.815      -.03811    .0301124
      TREAT_X_AU |   -.003866   .0068961    -0.56   0.577    -.0176861     .009954
      TREAT_X_IO |   .0047936   .0025387     1.89   0.064     -.000294    .0098812
      TREAT_X_HP |   .0446409   .1214082     0.37   0.715    -.1986666    .2879485
     TREAT_X_IND |          0  (omitted)
     TREAT_X_MTB |  -.0017391   .0029299    -0.59   0.555    -.0076108    .0041327
     TREAT_X_MVE |  -.0034976   .0031647    -1.11   0.274    -.0098398    .0028447
     TREAT_X_ROA |    .000063   .0028334     0.02   0.982    -.0056153    .0057413
 TREAT_X_CI_RUS2 |   .0012556   .0066844     0.19   0.852    -.0121402    .0146513
           _cons |   .0812974   .0092372     8.80   0.000     .0627856    .0998092
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     34492       34492           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     18551       18551           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
.         
.         eststo: reghdfe CCMR_w $LABEL_10d $T10d_INT if SAME_FF48 == 0, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(dropped 100 singleton observations)
(MWFE estimator converged in 20 iterations)
note: SAME_FF48 omitted because of collinearity
note: TREAT_X_IND omitted because of collinearity
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    552,169
Absorbing 3 HDFE groups                           F(  12,     55) =      10.68
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3981
                                                  Adj R-squared   =     0.3341
Number of clusters (PERMNO)  =      1,433         Within R-sq.    =     0.0008
Number of clusters (YEARQTR) =         56         Root MSE        =     0.1406

                        (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
------------------------------------------------------------------------------
             |               Robust
      CCMR_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
        POST |   .0032192   .0024901     1.29   0.201    -.0017712    .0082095
   POSTTREAT |   .0032327   .0015078     2.14   0.036     .0002109    .0062544
     SAME_AU |  -.0021845    .002514    -0.87   0.389    -.0072227    .0028536
       score |   .0327111   .0458584     0.71   0.479    -.0591911    .1246133
   SAME_FF48 |          0  (omitted)
    SAME_MTB |    .003538   .0013298     2.66   0.010      .000873    .0062031
    SAME_MVE |   .0118694   .0015281     7.77   0.000      .008807    .0149317
    SAME_ROA |   .0000341   .0011349     0.03   0.976    -.0022403    .0023085
  TREAT_X_AU |   .0048767   .0038855     1.26   0.215    -.0029099    .0126634
  TREAT_X_HP |  -.0918821   .0472277    -1.95   0.057    -.1865286    .0027643
 TREAT_X_IND |          0  (omitted)
 TREAT_X_MTB |  -.0004637   .0018362    -0.25   0.802    -.0041436    .0032161
 TREAT_X_MVE |  -.0024681   .0017248    -1.43   0.158    -.0059248    .0009885
 TREAT_X_ROA |  -.0002333   .0019088    -0.12   0.903    -.0040586     .003592
       _cons |   .1210336   .0015516    78.01   0.000     .1179242     .124143
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     34492       34492           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     18551       18551           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
.         
.         esttab using Table10.rtf, label title("Table 10:\n Common Investor Relations Representation Between Firms in Different Industries") b(3) order($LABEL_T10) ///
>         replace star(* 0.10 ** 0.05 *** 0.01) stats(N FPFE YQFE MFE TIC r2_a, fmt(%9.0fc 0 0 0 3) /// 
>         labels("N" "Firm-pair FE" "Year-quarter FE" "Match FE" "{\i TREAT} {\'d7} Controls" "Adj. R-Sq{\super 2}" )) compress nogaps nocons beta
(output written to Table10.rtf)
.         
. 
. }

. clear

. clear matrix

. clear mata

. 
. set maxvar 32000


. set matsize 10000
set matsize ignored.
    Matrix sizes are no longer limited by c(matsize) in modern Statas.  Matrix sizes are now limited by edition of Stata.  See limits for more details.

. 
. cd "<PACKAGE_DIR>\outputs\stata_dta"
<PACKAGE_DIR>\outputs\stata_dta

. 
. use textual_analysis.dta

. 
. egen miss_count = rowmiss(PERMNOS YEARQTR MATCH_NUM POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES COM_IND_RUSS2000 LOG_OWNERS score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA Cosine_Similarity_Binary
>  Cosine_Similarity_Count)

. drop if miss_count > 0
(7,430 observations deleted)

. drop miss_count

. 
. egen permnos_num = group(PERMNOS)

. egen yqtr_num = group(YEARQTR)

. egen match_num = group(MATCH_NUM)

. 
. lab var CCMR "{\i COMOVEMENT}"

. lab var SAME_FF48 "{\i SAME_INDUSTRY}"

. lab var LOG_OWNERS "{\i COMMON_OWNERS}"

. lab var SAME_ANALYST_EPS "{\i COMMON_ANALYST}"

. lab var SAME_AU "{\i COMMON_AUDITOR}"

. lab var SAME_MTB "{\i SIMILAR_MTB}"

. lab var SAME_MVE "{\i SIMILAR_MVE}"

. lab var SAME_ROA "{\i SIMILAR_ROA}"

. lab var POST "{\i POST}"

. lab var TREAT "{\i TREAT}"

. lab var POSTTREAT "{\i POST {\'d7} TREAT}"

. lab var score "{\i PRODUCT_SIMILARITY}"

. lab var LOG_TOTAL_OWNERS "{\i TOTAL_OWNERS}"

. lab var LOG_TOTAL_ANALYST "{\i TOTAL_ANALYSTS}"

. 
. capture lab var SAME_ROA_CH "{\i SIMILAR_ROAGR}"

. capture lab var SAME_SG_CH "{\i SIMILAR SALESGR}"

. 
. capture rename Cosine_Similarity_Binary COSINE_SIMILARITY_BINARY

. capture rename Cosine_Similarity_Count COSINE_SIMILARITY_COUNT

. 
. capture lab var COSINE_SIMILARITY_BINARY "{\i COSINE_SIM_BINARY}"

. capture lab var COSINE_SIMILARITY_COUNT "{\i COSINE_SIM_COUNT}"

. 
. lab var COM_IND_RUSS2000 "{\i COMMON_INDEX}"

. 
. lab var LOG_MEASURES "{\i GUIDANCE_SIMILARITY}"

. lab var LOG_TOTAL_OWNERS "{\i TOTAL_OWNERS}"

. lab var LOG_TOTAL_ANALYST "{\i TOTAL_ANALYSTS}"

. capture lab var BOTH_MERGER "{\i BOTH_M&A}"

. 
. capture winsor2 LOG_OWNERS LOG_MEASURES CCMR score

. capture winsor2 LOG_TOTAL_ANALYST

. capture winsor2 LOG_TOTAL_OWNERS

. 
. capture winsor2 COSINE_SIMILARITY_BINARY COSINE_SIMILARITY_COUNT

. 
. // INTERACTIONS
. gen TREAT_X_AN = TREAT * SAME_ANALYST_EPS

. gen TREAT_X_AU = TREAT * SAME_AU

. gen TREAT_X_IO = TREAT * LOG_OWNERS_w

. gen TREAT_X_HP = TREAT * score

. gen TREAT_X_IND = TREAT * SAME_FF48

. gen TREAT_X_MTB = TREAT * SAME_MTB

. gen TREAT_X_MVE = TREAT * SAME_MVE

. gen TREAT_X_ROA = TREAT * SAME_ROA

. gen TREAT_X_GUIDE = TREAT * LOG_MEASURES_w

. gen TREAT_X_TO = TREAT * LOG_TOTAL_OWNERS_w

. gen TREAT_X_TA = TREAT * LOG_TOTAL_ANALYST_w

. 
. // COMMON INDEX INTERACTIONS
. gen TREAT_X_CI_RUS2 = TREAT * COM_IND_RUSS2000

. 
. gen one = 1

. 
. { 
.         global LABEL_T5B "POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
.         
.         // ESTABLISH SAMPLE VARIABLE
.         eststo: quietly reghdfe LOG_OWNERS_w $LABEL_T5B, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNOS YEARQTR)
(est1 stored)
.         capture gen SAMPLE = e(sample)
. 
.         // COSINE VARS
.         global VARS_COSINE "COSINE_SIMILARITY_BINARY_w COSINE_SIMILARITY_COUNT_w"
. 
.         eststo clear
. qui estpost summarize $VARS_COSINE if POSTTREAT == 1 & SAMPLE == 1, detail
. esttab using anyir_descriptives_new1.rtf, title("Same IR Descriptive Statistics") replace noobs cells("count(fmt(%18.0gc)) mean(fmt(3)) sd(fmt(3)) p25(fmt(3)) p50(fmt(3)) p75(fmt(3))") label collabels
> ("N" "Mean" "Std.Dev." "25th Pctl" "50th Pctl" "75th Pctl")
(output written to anyir_descriptives_new1.rtf)
. 
. eststo clear
. qui estpost summarize $VARS_COSINE if POSTTREAT == 0 & SAMPLE == 1, detail
. esttab using all_descriptives_new2.rtf, title("All Descriptive Statistics") replace noobs cells("count(fmt(%18.0gc)) mean(fmt(3)) sd(fmt(3)) p25(fmt(3)) p50(fmt(3)) p75(fmt(3))") label collabels("N" "
> Mean" "Std.Dev." "25th Pctl" "50th Pctl" "75th Pctl")
(output written to all_descriptives_new2.rtf)
. 
. }

.         
.         // TABLE 5 -- Panel B -- Cosine Similarity
.         
.         global LABEL_T5B "POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"

.         
.         // ESTABLISH SAMPLE VARIABLE
.         eststo: quietly reghdfe LOG_OWNERS_w $LABEL_T5B, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNOS YEARQTR)
(est1 stored)

.         capture gen SAMPLE = e(sample)

.         
.         // NO CONTROLS
.         global T5B_1 "POST POSTTREAT"

.         
.         // ADD CONTROLS
.         global T5B_2 "POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"

.         global T5B_2_INT "TREAT_X_IO TREAT_X_AN TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA TREAT_X_CI_RUS2"

.         
.         // NO CONTROLS
.         global T5B_3 "POST POSTTREAT"

.         
.         // ADD CONTROLS
.         global T5B_4 "POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"

.         global T5B_4_INT "TREAT_X_IO TREAT_X_AN TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA TREAT_X_CI_RUS2"

.         
.         eststo clear

.         
.         eststo: reghdfe COSINE_SIMILARITY_BINARY_w $T5B_1 if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 36 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    592,230
Absorbing 3 HDFE groups                           F(   2,     55) =      47.91
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5100
                                                  Adj R-squared   =     0.4535
Number of clusters (PERMNO)  =      1,510         Within R-sq.    =     0.0015
Number of clusters (YEARQTR) =         56         Root MSE        =     0.0385

                        (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
------------------------------------------------------------------------------
             |               Robust
COSINE_S~Y_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
        POST |   .0006268   .0007115     0.88   0.382    -.0007991    .0020526
   POSTTREAT |   .0053154     .00056     9.49   0.000     .0041932    .0064376
       _cons |   .1566057   .0003641   430.10   0.000      .155876    .1573354
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     39157       39157           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     21942       21942           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)

.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"

.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"

.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"

.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"

.         
.         eststo: reghdfe COSINE_SIMILARITY_BINARY_w $T5B_2 $T5B_2_INT if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 36 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    592,230
Absorbing 3 HDFE groups                           F(  22,     55) =       7.12
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5103
                                                  Adj R-squared   =     0.4539
Number of clusters (PERMNO)  =      1,510         Within R-sq.    =     0.0023
Number of clusters (YEARQTR) =         56         Root MSE        =     0.0385

                            (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
----------------------------------------------------------------------------------
                 |               Robust
COSINE_SIMIL~Y_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
            POST |   .0005745   .0007135     0.81   0.424    -.0008553    .0020043
       POSTTREAT |   .0053722    .000563     9.54   0.000     .0042439    .0065005
SAME_ANALYST_EPS |   .0021912   .0013158     1.67   0.102    -.0004458    .0048282
         SAME_AU |  -.0000104   .0009114    -0.01   0.991    -.0018369     .001816
  LOG_MEASURES_w |   .0040436   .0007987     5.06   0.000     .0024429    .0056442
COM_IND_RUSS2000 |   .0017332   .0007302     2.37   0.021     .0002699    .0031964
    LOG_OWNERS_w |  -.0003534   .0003854    -0.92   0.363    -.0011257    .0004189
           score |   .0301182   .0156561     1.92   0.060    -.0012574    .0614938
       SAME_FF48 |  -.0002721   .0030408    -0.09   0.929    -.0063659    .0058217
        SAME_MTB |   .0006998   .0003132     2.23   0.030     .0000721    .0013275
        SAME_MVE |   .0002991   .0003297     0.91   0.368    -.0003617    .0009599
        SAME_ROA |   .0001797     .00033     0.54   0.588    -.0004816     .000841
      TREAT_X_IO |   .0003644   .0003917     0.93   0.356    -.0004205    .0011494
      TREAT_X_AN |    .003205   .0016874     1.90   0.063    -.0001766    .0065866
      TREAT_X_AU |  -.0004018   .0014265    -0.28   0.779    -.0032606     .002457
   TREAT_X_GUIDE |  -.0033448   .0009136    -3.66   0.001    -.0051757   -.0015138
      TREAT_X_HP |   .0123219   .0203569     0.61   0.547    -.0284742     .053118
     TREAT_X_IND |  -.0041013   .0038026    -1.08   0.285    -.0117219    .0035193
     TREAT_X_MTB |  -.0004846   .0005052    -0.96   0.342    -.0014971    .0005279
     TREAT_X_MVE |   .0003486   .0005119     0.68   0.499    -.0006772    .0013743
     TREAT_X_ROA |   .0004021   .0004621     0.87   0.388     -.000524    .0013283
 TREAT_X_CI_RUS2 |  -.0016955   .0009453    -1.79   0.078    -.0035899    .0001989
           _cons |    .154859   .0013587   113.97   0.000     .1521361     .157582
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     39157       39157           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     21942       21942           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)

.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"

.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"

.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"

.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"

.         
.         eststo: reghdfe COSINE_SIMILARITY_COUNT_w $T5B_3 if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 36 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    592,230
Absorbing 3 HDFE groups                           F(   2,     55) =      13.02
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.5255
                                                  Adj R-squared   =     0.4709
Number of clusters (PERMNO)  =      1,510         Within R-sq.    =     0.0004
Number of clusters (YEARQTR) =         56         Root MSE        =     0.0738

                        (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
------------------------------------------------------------------------------
             |               Robust
COSINE_S~T_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
        POST |   .0004113   .0013451     0.31   0.761    -.0022844     .003107
   POSTTREAT |   .0055268   .0010859     5.09   0.000     .0033506    .0077029
       _cons |   .1661218   .0007263   228.74   0.000     .1646664    .1675773
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     39157       39157           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     21942       21942           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)

.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"

.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"

.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"

.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"

.         
.         eststo: reghdfe COSINE_SIMILARITY_COUNT_w $T5B_4 $T5B_4_INT if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 36 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    592,230
Absorbing 3 HDFE groups                           F(  22,     55) =       2.28
Statistics robust to heteroskedasticity           Prob > F        =     0.0071
                                                  R-squared       =     0.5257
                                                  Adj R-squared   =     0.4711
Number of clusters (PERMNO)  =      1,510         Within R-sq.    =     0.0008
Number of clusters (YEARQTR) =         56         Root MSE        =     0.0738

                            (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
----------------------------------------------------------------------------------
                 |               Robust
COSINE_SIMIL~T_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
            POST |   .0004273   .0013333     0.32   0.750    -.0022447    .0030994
       POSTTREAT |   .0052559   .0010917     4.81   0.000     .0030681    .0074437
SAME_ANALYST_EPS |    .001179   .0023619     0.50   0.620    -.0035543    .0059123
         SAME_AU |  -.0023228   .0017821    -1.30   0.198    -.0058942    .0012486
  LOG_MEASURES_w |   .0038765   .0018021     2.15   0.036      .000265     .007488
COM_IND_RUSS2000 |  -.0010874   .0014293    -0.76   0.450    -.0039519     .001777
    LOG_OWNERS_w |   .0006559   .0007292     0.90   0.372    -.0008053    .0021172
           score |   .0052082   .0311139     0.17   0.868    -.0571455    .0675618
       SAME_FF48 |   .0032951   .0042637     0.77   0.443    -.0052496    .0118399
        SAME_MTB |   .0005444   .0006154     0.88   0.380    -.0006889    .0017776
        SAME_MVE |   .0006851    .000591     1.16   0.251    -.0004994    .0018695
        SAME_ROA |   .0006251   .0006391     0.98   0.332    -.0006557    .0019058
      TREAT_X_IO |   .0007723   .0008256     0.94   0.354    -.0008822    .0024269
      TREAT_X_AN |   .0032721   .0035184     0.93   0.356    -.0037789    .0103231
      TREAT_X_AU |   .0010341   .0024153     0.43   0.670    -.0038063    .0058744
   TREAT_X_GUIDE |   .0009735   .0019976     0.49   0.628    -.0030298    .0049768
      TREAT_X_HP |   .0342577    .033434     1.02   0.310    -.0327455    .1012609
     TREAT_X_IND |  -.0023875   .0060916    -0.39   0.697    -.0145954    .0098204
     TREAT_X_MTB |  -.0008266   .0010251    -0.81   0.424    -.0028809    .0012278
     TREAT_X_MVE |   .0008138   .0008835     0.92   0.361    -.0009568    .0025844
     TREAT_X_ROA |   .0002932   .0010565     0.28   0.782     -.001824    .0024104
 TREAT_X_CI_RUS2 |  -.0018017   .0018339    -0.98   0.330    -.0054769    .0018734
           _cons |   .1622182   .0022974    70.61   0.000     .1576142    .1668222
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     39157       39157           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     21942       21942           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est4 stored)

.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"

.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"

.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"

.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"

.         
.         esttab using Table5b.rtf, label title("Table 5B") b(3) order($LABEL_T5B) ///
>         replace star(* 0.10 ** 0.05 *** 0.01) stats(N FPFE YQFE MFE TIC r2_a, fmt(%9.0fc 0 0 0 0 3) /// 
>         labels("N" "Firm-pair FE" "Year-quarter FE" "Match FE" "{\i TREAT} {\'d7} Controls" "Adj. R-Sq{\super 2}" )) compress nogaps nocons beta
(output written to Table5b.rtf)

. clear

. clear matrix

. clear mata

. 
. set maxvar 32000


. set matsize 10000
set matsize ignored.
    Matrix sizes are no longer limited by c(matsize) in modern Statas.  Matrix sizes are now limited by edition of Stata.  See limits for more details.

. 
. cd "<PACKAGE_DIR>\outputs\stata_dta"
<PACKAGE_DIR>\outputs\stata_dta

. 
. use dissipation.dta

. 
. egen miss_count = rowmiss(PERMNOS YEARQTR MATCH_NUM POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES COM_IND_RUSS2000 LOG_OWNERS score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA)

. drop if miss_count > 0
(6,506 observations deleted)

. drop miss_count

. 
. egen permnos_num = group(PERMNOS)

. egen yqtr_num = group(YEARQTR)

. egen match_num = group(MATCH_NUM)

. 
. lab var CCMR "{\i COMOVEMENT}"

. lab var SAME_FF48 "{\i SAME_INDUSTRY}"

. lab var LOG_OWNERS "{\i COMMON_OWNERS}"

. lab var SAME_ANALYST_EPS "{\i COMMON_ANALYST}"

. lab var SAME_AU "{\i COMMON_AUDITOR}"

. lab var SAME_MTB "{\i SIMILAR_MTB}"

. lab var SAME_MVE "{\i SIMILAR_MVE}"

. lab var SAME_ROA "{\i SIMILAR_ROA}"

. lab var POST "{\i POST}"

. lab var TREAT "{\i TREAT}"

. lab var POSTTREAT "{\i POST {\'d7} TREAT}"

. lab var score "{\i PRODUCT_SIMILARITY}"

. lab var LOG_TOTAL_OWNERS "{\i TOTAL_OWNERS}"

. lab var LOG_TOTAL_ANALYST "{\i TOTAL_ANALYSTS}"

. 
. capture lab var SAME_ROA_CH "{\i SIMILAR_ROAGR}"

. capture lab var SAME_SG_CH "{\i SIMILAR SALESGR}"

. 
. capture rename Cosine_Similarity_Binary COSINE_SIMILARITY_BINARY

. capture rename Cosine_Similarity_Count COSINE_SIMILARITY_COUNT

. 
. capture lab var COSINE_SIMILARITY_BINARY "{\i COSINE_SIM_BINARY}"

. capture lab var COSINE_SIMILARITY_COUNT "{\i COSINE_SIM_COUNT}"

. 
. lab var COM_IND_RUSS2000 "{\i COMMON_INDEX}"

. 
. lab var LOG_MEASURES "{\i GUIDANCE_SIMILARITY}"

. lab var LOG_TOTAL_OWNERS "{\i TOTAL_OWNERS}"

. lab var LOG_TOTAL_ANALYST "{\i TOTAL_ANALYSTS}"

. capture lab var BOTH_MERGER "{\i BOTH_M&A}"

. 
. capture winsor2 LOG_OWNERS LOG_MEASURES CCMR score

. capture winsor2 LOG_TOTAL_ANALYST

. capture winsor2 LOG_TOTAL_OWNERS

. 
. capture winsor2 COSINE_SIMILARITY_BINARY COSINE_SIMILARITY_COUNT

. 
. // INTERACTIONS
. gen TREAT_X_AN = TREAT * SAME_ANALYST_EPS

. gen TREAT_X_AU = TREAT * SAME_AU

. gen TREAT_X_IO = TREAT * LOG_OWNERS_w

. gen TREAT_X_HP = TREAT * score

. gen TREAT_X_IND = TREAT * SAME_FF48

. gen TREAT_X_MTB = TREAT * SAME_MTB

. gen TREAT_X_MVE = TREAT * SAME_MVE

. gen TREAT_X_ROA = TREAT * SAME_ROA

. gen TREAT_X_GUIDE = TREAT * LOG_MEASURES_w

. gen TREAT_X_TO = TREAT * LOG_TOTAL_OWNERS_w

. gen TREAT_X_TA = TREAT * LOG_TOTAL_ANALYST_w

. 
. // COMMON INDEX INTERACTIONS
. gen TREAT_X_CI_RUS2 = TREAT * COM_IND_RUSS2000

. 
. gen one = 1

. 
. 
. {       // TABLE 7 -- DISSIPATION
. 
.         global LABEL_T4 "POST POSTTREAT SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA LOG_TOTAL_ANALYST_w"
.         
.         // POST TREATMENT 
.         global LABEL_T4 "POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
.         global T4_INT "TREAT_X_AN TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA TREAT_X_CI_RUS2"
.         
.         global LABEL_T5 "POST POSTTREAT SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
.         global T5_INT "TREAT_X_AU TREAT_X_GUIDE TREAT_X_IO TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA TREAT_X_CI_RUS2"
.         
.         global LABEL_T6 "POST POSTTREAT SAME_ANALYST_EPS SAME_AU COM_IND_RUSS2000 LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
.         global T6_INT "TREAT_X_AN TREAT_X_AU TREAT_X_IO TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA TREAT_X_CI_RUS2"
.         
.         global LABEL_T7 "POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 LOG_OWNERS_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
. 
.         eststo: quietly reghdfe LOG_OWNERS_w $LABEL_T4, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(est1 stored)
.         capture gen SAMPLE = e(sample)
.         
.         eststo clear
.         
.         eststo: reghdfe LOG_OWNERS_w $LABEL_T4 $T4_INT if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 26 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    476,698
Absorbing 3 HDFE groups                           F(  20,     55) =      16.73
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7957
                                                  Adj R-squared   =     0.7760
Number of clusters (PERMNO)  =      1,331         Within R-sq.    =     0.0411
Number of clusters (YEARQTR) =         56         Root MSE        =     0.5929

                            (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
----------------------------------------------------------------------------------
                 |               Robust
    LOG_OWNERS_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
            POST |  -.0114208   .0169739    -0.67   0.504    -.0454374    .0225957
       POSTTREAT |   .0175732   .0140556     1.25   0.216    -.0105949    .0457413
SAME_ANALYST_EPS |   -.017283   .0486675    -0.36   0.724    -.1148149    .0802488
         SAME_AU |   .0417305   .0225858     1.85   0.070    -.0035324    .0869934
  LOG_MEASURES_w |    .052802    .020752     2.54   0.014      .011214      .09439
COM_IND_RUSS2000 |   .4648431   .0324692    14.32   0.000     .3997735    .5299128
           score |   .3234659   .3078692     1.05   0.298    -.2935177    .9404495
       SAME_FF48 |   .0218771   .0511985     0.43   0.671    -.0807269    .1244812
        SAME_MTB |   .0007961   .0078244     0.10   0.919    -.0148842    .0164765
        SAME_MVE |   .0400634   .0067213     5.96   0.000     .0265936    .0535333
        SAME_ROA |   .0113515   .0058381     1.94   0.057    -.0003483    .0230513
      TREAT_X_AN |   .0848134   .0481799     1.76   0.084    -.0117413     .181368
      TREAT_X_AU |  -.0274908   .0350165    -0.79   0.436    -.0976655    .0426839
   TREAT_X_GUIDE |    -.02339   .0181543    -1.29   0.203    -.0597719     .012992
      TREAT_X_HP |   .5802023   .3937481     1.47   0.146    -.2088866    1.369291
     TREAT_X_IND |   .0558533   .0572041     0.98   0.333    -.0587864     .170493
     TREAT_X_MTB |    .004202   .0116149     0.36   0.719    -.0190747    .0274788
     TREAT_X_MVE |   .0119695    .009795     1.22   0.227    -.0076602    .0315991
     TREAT_X_ROA |  -.0157718   .0108283    -1.46   0.151    -.0374722    .0059286
 TREAT_X_CI_RUS2 |  -.0101871   .0252971    -0.40   0.689    -.0608836    .0405093
           _cons |   2.357817   .0196138   120.21   0.000      2.31851    2.397124
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     28134       28134           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     13722       13722           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
.         
.         eststo: reghdfe SAME_ANALYST_EPS $LABEL_T5 $T5_INT if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 26 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    476,698
Absorbing 3 HDFE groups                           F(  20,     55) =       4.07
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6340
                                                  Adj R-squared   =     0.5986
Number of clusters (PERMNO)  =      1,331         Within R-sq.    =     0.0014
Number of clusters (YEARQTR) =         56         Root MSE        =     0.1079

                            (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
----------------------------------------------------------------------------------
                 |               Robust
SAME_ANALYST_EPS | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
            POST |  -.0010972   .0012046    -0.91   0.366    -.0035113    .0013169
       POSTTREAT |   .0011095   .0019154     0.58   0.565     -.002729    .0049481
         SAME_AU |   .0009785   .0034036     0.29   0.775    -.0058424    .0077994
  LOG_MEASURES_w |   .0064781   .0019894     3.26   0.002     .0024913    .0104649
COM_IND_RUSS2000 |   .0070235   .0029261     2.40   0.020     .0011595    .0128875
    LOG_OWNERS_w |  -.0001579   .0013515    -0.12   0.907    -.0028664    .0025507
           score |   .0146269   .0706129     0.21   0.837    -.1268845    .1561383
       SAME_FF48 |   .0035986   .0052202     0.69   0.493    -.0068629    .0140602
        SAME_MTB |   .0025573   .0016196     1.58   0.120    -.0006884    .0058031
        SAME_MVE |   .0014008   .0011823     1.18   0.241    -.0009686    .0037701
        SAME_ROA |  -.0009391   .0012912    -0.73   0.470    -.0035268    .0016486
      TREAT_X_AU |  -.0056346   .0056363    -1.00   0.322      -.01693    .0056609
   TREAT_X_GUIDE |   .0011314   .0028406     0.40   0.692    -.0045613     .006824
      TREAT_X_IO |     .00237   .0014215     1.67   0.101    -.0004788    .0052188
      TREAT_X_HP |   .0262964    .082238     0.32   0.750    -.1385123    .1911051
     TREAT_X_IND |   .0411273   .0149888     2.74   0.008     .0110891    .0711655
     TREAT_X_MTB |  -.0019383   .0021155    -0.92   0.364    -.0061779    .0023013
     TREAT_X_MVE |   .0024163   .0020576     1.17   0.245    -.0017073    .0065399
     TREAT_X_ROA |   .0013242   .0019779     0.67   0.506    -.0026395    .0052879
 TREAT_X_CI_RUS2 |    .008602   .0038703     2.22   0.030     .0008458    .0163582
           _cons |   .0190448   .0034979     5.44   0.000     .0120348    .0260548
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     28134       28134           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     13722       13722           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
.         
.         eststo: reghdfe LOG_MEASURES_w $LABEL_T6 $T6_INT if SAMPLE == 1, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNO YEARQTR)
(MWFE estimator converged in 26 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    476,698
Absorbing 3 HDFE groups                           F(  20,     55) =       5.31
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6501
                                                  Adj R-squared   =     0.6164
Number of clusters (PERMNO)  =      1,331         Within R-sq.    =     0.0041
Number of clusters (YEARQTR) =         56         Root MSE        =     0.2117

                            (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
----------------------------------------------------------------------------------
                 |               Robust
  LOG_MEASURES_w | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
            POST |   .0116416   .0044691     2.60   0.012     .0026854    .0205978
       POSTTREAT |  -.0187407   .0042684    -4.39   0.000    -.0272948   -.0101867
SAME_ANALYST_EPS |   .0276078   .0082134     3.36   0.001     .0111478    .0440679
         SAME_AU |   .0042372   .0045837     0.92   0.359    -.0049488    .0134231
COM_IND_RUSS2000 |   .0425621   .0061357     6.94   0.000     .0302659    .0548584
    LOG_OWNERS_w |   .0072199   .0026548     2.72   0.009     .0018996    .0125402
           score |   .1563743    .066211     2.36   0.022     .0236844    .2890642
       SAME_FF48 |  -.0106352   .0142954    -0.74   0.460    -.0392838    .0180133
        SAME_MTB |   .0033649    .001677     2.01   0.050     4.08e-06    .0067258
        SAME_MVE |   .0061897   .0019761     3.13   0.003     .0022295    .0101499
        SAME_ROA |   .0011198   .0017829     0.63   0.533    -.0024532    .0046928
      TREAT_X_AN |  -.0023537   .0103081    -0.23   0.820    -.0230117    .0183043
      TREAT_X_AU |  -.0043285   .0081006    -0.53   0.595    -.0205625    .0119055
      TREAT_X_IO |  -.0048058   .0023276    -2.06   0.044    -.0094705   -.0001411
      TREAT_X_HP |    .047266   .1413237     0.33   0.739     -.235953    .3304849
     TREAT_X_IND |   .0294831   .0220749     1.34   0.187     -.014756    .0737222
     TREAT_X_MTB |    .001889   .0031111     0.61   0.546    -.0043457    .0081237
     TREAT_X_MVE |  -.0008627   .0033261    -0.26   0.796    -.0075283    .0058029
     TREAT_X_ROA |  -.0024632   .0029132    -0.85   0.401    -.0083013     .003375
 TREAT_X_CI_RUS2 |  -.0059504   .0075539    -0.79   0.434    -.0210887    .0091878
           _cons |   .1047204   .0089107    11.75   0.000      .086863    .1225777
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     PERMNOS |     28134       28134           0    *|
     YEARQTR |        56          56           0    *|
   MATCH_NUM |     13722       13722           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est3 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
.         
.         esttab using Table7.rtf, label title("Table 7: Do the Effects of Common Investor Relations Representation Reverse Post-Treatment?") b(3) order($LABEL_T7) ///
>         replace star(* 0.10 ** 0.05 *** 0.01) stats(N FPFE YQFE MFE TIC r2_a, fmt(%9.0fc 0 0 0 3) /// 
>         labels("N" "Firm-pair FE" "Year-quarter FE" "Match FE" "{\i TREAT} {\'d7} Controls" "Adj. R-Sq{\super 2}" )) compress nogaps nocons beta
(output written to Table7.rtf)
.         
. }

. clear

. clear matrix

. clear mata

. 
. set maxvar 32000


. set matsize 10000
set matsize ignored.
    Matrix sizes are no longer limited by c(matsize) in modern Statas.  Matrix sizes are now limited by edition of Stata.  See limits for more details.

. 
. cd "<PACKAGE_DIR>\outputs\stata_dta"
<PACKAGE_DIR>\outputs\stata_dta

. 
. use economic_characteristics.dta

. 
. egen miss_count = rowmiss(PERMNOS YEARQTR MATCH_NUM POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES COM_IND_RUSS2000 LOG_OWNERS score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA)

. drop if miss_count > 0
(9,745 observations deleted)

. drop miss_count

. 
. egen permnos_num = group(PERMNOS)

. egen yqtr_num = group(YEARQTR)

. egen match_num = group(MATCH_NUM)

. 
. capture lab var CCMR "{\i COMOVEMENT}"

. capture lab var SAME_FF48 "{\i SAME_INDUSTRY}"

. lab var LOG_OWNERS "{\i COMMON_OWNERS}"

. lab var SAME_ANALYST_EPS "{\i COMMON_ANALYST}"

. lab var SAME_AU "{\i COMMON_AUDITOR}"

. lab var SAME_MTB "{\i SIMILAR_MTB}"

. lab var SAME_MVE "{\i SIMILAR_MVE}"

. lab var SAME_ROA "{\i SIMILAR_ROA}"

. lab var POST "{\i POST}"

. lab var TREAT "{\i TREAT}"

. lab var POSTTREAT "{\i POST {\'d7} TREAT}"

. lab var score "{\i PRODUCT_SIMILARITY}"

. capture lab var LOG_TOTAL_OWNERS "{\i TOTAL_OWNERS}"

. capture lab var LOG_TOTAL_ANALYST "{\i TOTAL_ANALYSTS}"

. 
. capture lab var SAME_ROA_CH "{\i SIMILAR_ROAGR}"

. capture lab var SAME_SG_CH "{\i SIMILAR SALESGR}"

. 
. capture rename Cosine_Similarity_Binary COSINE_SIMILARITY_BINARY

. capture rename Cosine_Similarity_Count COSINE_SIMILARITY_COUNT

. 
. capture lab var COSINE_SIMILARITY_BINARY "{\i COSINE_SIM_BINARY}"

. capture lab var COSINE_SIMILARITY_COUNT "{\i COSINE_SIM_COUNT}"

. 
. lab var COM_IND_RUSS2000 "{\i COMMON_INDEX}"

. 
. lab var LOG_MEASURES "{\i GUIDANCE_SIMILARITY}"

. lab var LOG_TOTAL_OWNERS "{\i TOTAL_OWNERS}"

. lab var LOG_TOTAL_ANALYST "{\i TOTAL_ANALYSTS}"

. capture lab var BOTH_MERGER "{\i BOTH_M&A}"

. 
. capture winsor2 LOG_OWNERS LOG_MEASURES CCMR score

. capture winsor2 LOG_TOTAL_ANALYST

. capture winsor2 LOG_TOTAL_OWNERS

. 
. capture winsor2 COSINE_SIMILARITY_BINARY COSINE_SIMILARITY_COUNT

. 
. // INTERACTIONS
. gen TREAT_X_AN = TREAT * SAME_ANALYST_EPS

. gen TREAT_X_AU = TREAT * SAME_AU

. gen TREAT_X_IO = TREAT * LOG_OWNERS_w

. gen TREAT_X_HP = TREAT * score

. gen TREAT_X_IND = TREAT * SAME_FF48

. gen TREAT_X_MTB = TREAT * SAME_MTB

. gen TREAT_X_MVE = TREAT * SAME_MVE

. gen TREAT_X_ROA = TREAT * SAME_ROA

. gen TREAT_X_GUIDE = TREAT * LOG_MEASURES_w

. gen TREAT_X_TO = TREAT * LOG_TOTAL_OWNERS_w

. gen TREAT_X_TA = TREAT * LOG_TOTAL_ANALYST_w

. 
. // COMMON INDEX INTERACTIONS
. gen TREAT_X_CI_RUS2 = TREAT * COM_IND_RUSS2000

. 
. gen one = 1

. 
. // ESTABLISH SAMPLE VARIABLE
. global LABEL_T3 "POST POSTTREAT SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"

. global T3_INT "TREAT_X_AN TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_MVE TREAT_X_ROA"

. 
. eststo: qui reghdfe LOG_OWNERS_w $LABEL_T3, absorb(PERMNOS YEARQTR MATCH_NUM) vce(cluster PERMNOS YEARQTR)
(est1 stored)

. capture gen SAMPLE = e(sample)

. 
. { 
.         global LABEL_T8b "POST POSTTREAT LOG_OWNERS_w SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 score SAME_FF48 SAME_MVE SAME_MTB"
.         global VARS_T8b "TREAT_X_IO TREAT_X_AN TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_CI_RUS2 TREAT_X_MVE"
.         
.         eststo clear
. 
.         eststo: reghdfe SAME_ROA_CH $LABEL_T8b $VARS_T8b if SAMPLE == 1, absorb(YEARQTR PERMNOS MATCH_NUM) vce(cluster PERMNO YEARQTR)
(dropped 911 singleton observations)
(MWFE estimator converged in 32 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    570,712
Absorbing 3 HDFE groups                           F(  20,     55) =       1.82
Statistics robust to heteroskedasticity           Prob > F        =     0.0415
                                                  R-squared       =     0.1023
                                                  Adj R-squared   =     0.0007
Number of clusters (PERMNO)  =      1,442         Within R-sq.    =     0.0001
Number of clusters (YEARQTR) =         56         Root MSE        =     0.3194

                            (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
----------------------------------------------------------------------------------
                 |               Robust
     SAME_ROA_CH | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
            POST |   .0025895   .0025022     1.03   0.305    -.0024251    .0076041
       POSTTREAT |  -.0043855   .0033053    -1.33   0.190    -.0110094    .0022385
    LOG_OWNERS_w |    .001015   .0014382     0.71   0.483    -.0018672    .0038972
SAME_ANALYST_EPS |   .0245774   .0116069     2.12   0.039     .0013166    .0478381
         SAME_AU |   .0008634   .0044312     0.19   0.846    -.0080169    .0097437
  LOG_MEASURES_w |   .0052552   .0035692     1.47   0.147    -.0018976    .0124081
COM_IND_RUSS2000 |  -.0029971    .002902    -1.03   0.306    -.0088129    .0028187
           score |   .0388648   .0835438     0.47   0.644    -.1285607    .2062904
       SAME_FF48 |   .0070734   .0113703     0.62   0.536    -.0157131    .0298599
        SAME_MVE |   .0028029   .0026896     1.04   0.302    -.0025872     .008193
        SAME_MTB |   .0016047   .0025509     0.63   0.532    -.0035074    .0067167
      TREAT_X_IO |   .0014483   .0020341     0.71   0.479    -.0026282    .0055248
      TREAT_X_AN |  -.0133232   .0154935    -0.86   0.394    -.0443729    .0177266
      TREAT_X_AU |  -.0085131   .0079413    -1.07   0.288    -.0244279    .0074016
   TREAT_X_GUIDE |  -.0017988   .0058529    -0.31   0.760    -.0135284    .0099307
      TREAT_X_HP |  -.0779661   .1244269    -0.63   0.534    -.3273232     .171391
     TREAT_X_IND |    .002165   .0189469     0.11   0.909    -.0358055    .0401355
     TREAT_X_MTB |  -.0107978   .0048934    -2.21   0.032    -.0206043   -.0009913
 TREAT_X_CI_RUS2 |   .0006307   .0044112     0.14   0.887    -.0082095    .0094708
     TREAT_X_MVE |   .0000633   .0037363     0.02   0.987    -.0074244    .0075511
           _cons |   .1095178   .0039497    27.73   0.000     .1016024    .1174333
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     YEARQTR |        56          56           0    *|
     PERMNOS |     37087       37087           0    *|
   MATCH_NUM |     20851       20851           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)
.         capture gen SGSAMPLE = e(sample)
.         
.         // ROACH SGCH
.         global VARS_ROASG "SAME_ROA_CH SAME_SG_CH"
.         
.         eststo clear
. qui estpost summarize $VARS_ROASG if POSTTREAT == 1 & SGSAMPLE == 1, detail
. esttab using anyir_descriptives_new1A.rtf, title("Same IR Descriptive Statistics") replace noobs cells("count(fmt(%18.0gc)) mean(fmt(3)) sd(fmt(3)) p25(fmt(3)) p50(fmt(3)) p75(fmt(3))") label collabel
> s("N" "Mean" "Std.Dev." "25th Pctl" "50th Pctl" "75th Pctl")
(output written to anyir_descriptives_new1A.rtf)
. 
. eststo clear
. qui estpost summarize $VARS_ROASG if POSTTREAT == 0 & SGSAMPLE == 1, detail
. esttab using all_descriptives_new2A.rtf, title("All Descriptive Statistics") replace noobs cells("count(fmt(%18.0gc)) mean(fmt(3)) sd(fmt(3)) p25(fmt(3)) p50(fmt(3)) p75(fmt(3))") label collabels("N" 
> "Mean" "Std.Dev." "25th Pctl" "50th Pctl" "75th Pctl")
(output written to all_descriptives_new2A.rtf)
. 
. }

. 
. { // TABLE 8 -- SIMILARITIES IN ECONOMIC CHARACTERISTICS -- COLUMNS A AND B
. 
.         global LABEL_T8a "POST POSTTREAT LOG_OWNERS_w SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 score SAME_FF48 SAME_MVE SAME_MTB SAME_ROA"
.         global VARS_T8a "TREAT_X_IO TREAT_X_AN TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MVE TREAT_X_ROA TREAT_X_CI_RUS2 TREAT_X_MTB"
. 
.         global LABEL_T8b "POST POSTTREAT LOG_OWNERS_w SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 score SAME_FF48 SAME_MVE SAME_MTB"
.         global VARS_T8b "TREAT_X_IO TREAT_X_AN TREAT_X_AU TREAT_X_GUIDE TREAT_X_HP TREAT_X_IND TREAT_X_MTB TREAT_X_CI_RUS2 TREAT_X_MVE"
. 
.         global LABEL_T8 "POST POSTTREAT LOG_OWNERS_w SAME_ANALYST_EPS SAME_AU LOG_MEASURES_w COM_IND_RUSS2000 score SAME_FF48 SAME_MTB SAME_MVE SAME_ROA"
.         
.         eststo clear
.         
.         eststo: reghdfe SAME_SG_CH $LABEL_T8a $VARS_T8a if SAMPLE == 1, absorb(YEARQTR PERMNOS MATCH_NUM) vce(cluster PERMNO YEARQTR)
(dropped 911 singleton observations)
(MWFE estimator converged in 32 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    570,712
Absorbing 3 HDFE groups                           F(  22,     55) =       3.39
Statistics robust to heteroskedasticity           Prob > F        =     0.0001
                                                  R-squared       =     0.1263
                                                  Adj R-squared   =     0.0274
Number of clusters (PERMNO)  =      1,442         Within R-sq.    =     0.0003
Number of clusters (YEARQTR) =         56         Root MSE        =     0.3095

                            (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
----------------------------------------------------------------------------------
                 |               Robust
      SAME_SG_CH | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
            POST |   .0042217   .0026811     1.57   0.121    -.0011513    .0095947
       POSTTREAT |   .0000218   .0025141     0.01   0.993    -.0050166    .0050602
    LOG_OWNERS_w |   .0028499    .001438     1.98   0.052    -.0000318    .0057316
SAME_ANALYST_EPS |  -.0115473   .0103081    -1.12   0.267    -.0322051    .0091105
         SAME_AU |   .0040337   .0045786     0.88   0.382    -.0051421    .0132095
  LOG_MEASURES_w |   .0059145   .0034867     1.70   0.095    -.0010731     .012902
COM_IND_RUSS2000 |  -.0056577   .0032516    -1.74   0.087    -.0121742    .0008587
           score |  -.1464997   .0845241    -1.73   0.089    -.3158898    .0228903
       SAME_FF48 |   -.010844   .0106217    -1.02   0.312    -.0321304    .0104423
        SAME_MVE |   .0007365   .0023292     0.32   0.753    -.0039313    .0054043
        SAME_MTB |    .012394    .002871     4.32   0.000     .0066404    .0181475
        SAME_ROA |   .0064141   .0029544     2.17   0.034     .0004933    .0123349
      TREAT_X_IO |   -.005768   .0018069    -3.19   0.002    -.0093891   -.0021468
      TREAT_X_AN |   .0199916   .0127304     1.57   0.122    -.0055208     .045504
      TREAT_X_AU |   .0035784   .0073959     0.48   0.630    -.0112433    .0184002
   TREAT_X_GUIDE |   .0047351   .0046071     1.03   0.309    -.0044978     .013968
      TREAT_X_HP |   .1604023   .1050012     1.53   0.132    -.0500249    .3708294
     TREAT_X_IND |   .0395743   .0246973     1.60   0.115    -.0099202    .0890689
     TREAT_X_MVE |   .0018275   .0035124     0.52   0.605    -.0052116    .0088665
     TREAT_X_ROA |   .0017162   .0040475     0.42   0.673    -.0063951    .0098275
 TREAT_X_CI_RUS2 |   .0029607   .0052804     0.56   0.577    -.0076214    .0135428
     TREAT_X_MTB |  -.0092045   .0046025    -2.00   0.050    -.0184282    .0000191
           _cons |   .1065947   .0050276    21.20   0.000     .0965192    .1166701
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     YEARQTR |        56          56           0    *|
     PERMNOS |     37087       37087           0    *|
   MATCH_NUM |     20851       20851           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est1 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
. 
.         eststo: reghdfe SAME_ROA_CH $LABEL_T8b $VARS_T8b if SAMPLE == 1, absorb(YEARQTR PERMNOS MATCH_NUM) vce(cluster PERMNO YEARQTR)
(dropped 911 singleton observations)
(MWFE estimator converged in 32 iterations)
Warning: VCV matrix was non-positive semi-definite; adjustment from Cameron, Gelbach & Miller applied.

HDFE Linear regression                            Number of obs   =    570,712
Absorbing 3 HDFE groups                           F(  20,     55) =       1.82
Statistics robust to heteroskedasticity           Prob > F        =     0.0415
                                                  R-squared       =     0.1023
                                                  Adj R-squared   =     0.0007
Number of clusters (PERMNO)  =      1,442         Within R-sq.    =     0.0001
Number of clusters (YEARQTR) =         56         Root MSE        =     0.3194

                            (Std. err. adjusted for 56 clusters in PERMNO YEARQTR)
----------------------------------------------------------------------------------
                 |               Robust
     SAME_ROA_CH | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
            POST |   .0025895   .0025022     1.03   0.305    -.0024251    .0076041
       POSTTREAT |  -.0043855   .0033053    -1.33   0.190    -.0110094    .0022385
    LOG_OWNERS_w |    .001015   .0014382     0.71   0.483    -.0018672    .0038972
SAME_ANALYST_EPS |   .0245774   .0116069     2.12   0.039     .0013166    .0478381
         SAME_AU |   .0008634   .0044312     0.19   0.846    -.0080169    .0097437
  LOG_MEASURES_w |   .0052552   .0035692     1.47   0.147    -.0018976    .0124081
COM_IND_RUSS2000 |  -.0029971    .002902    -1.03   0.306    -.0088129    .0028187
           score |   .0388648   .0835438     0.47   0.644    -.1285607    .2062904
       SAME_FF48 |   .0070734   .0113703     0.62   0.536    -.0157131    .0298599
        SAME_MVE |   .0028029   .0026896     1.04   0.302    -.0025872     .008193
        SAME_MTB |   .0016047   .0025509     0.63   0.532    -.0035074    .0067167
      TREAT_X_IO |   .0014483   .0020341     0.71   0.479    -.0026282    .0055248
      TREAT_X_AN |  -.0133232   .0154935    -0.86   0.394    -.0443729    .0177266
      TREAT_X_AU |  -.0085131   .0079413    -1.07   0.288    -.0244279    .0074016
   TREAT_X_GUIDE |  -.0017988   .0058529    -0.31   0.760    -.0135284    .0099307
      TREAT_X_HP |  -.0779661   .1244269    -0.63   0.534    -.3273232     .171391
     TREAT_X_IND |    .002165   .0189469     0.11   0.909    -.0358055    .0401355
     TREAT_X_MTB |  -.0107978   .0048934    -2.21   0.032    -.0206043   -.0009913
 TREAT_X_CI_RUS2 |   .0006307   .0044112     0.14   0.887    -.0082095    .0094708
     TREAT_X_MVE |   .0000633   .0037363     0.02   0.987    -.0074244    .0075511
           _cons |   .1095178   .0039497    27.73   0.000     .1016024    .1174333
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     YEARQTR |        56          56           0    *|
     PERMNOS |     37087       37087           0    *|
   MATCH_NUM |     20851       20851           0    *|
-----------------------------------------------------+
* = FE nested within cluster; treated as redundant for DoF computation
(est2 stored)
.         estadd local FPFE "YES"

added macro:
               e(FPFE) : "YES"
.         estadd local YQFE "YES"

added macro:
               e(YQFE) : "YES"
.         estadd local MFE "YES"

added macro:
                e(MFE) : "YES"
.         estadd local TIC "YES"

added macro:
                e(TIC) : "YES"
. 
.         esttab using Table8ab.rtf, label title("Table 8: Common Investor Relations Representation and Fundamental Economic Characteristics") b(3) order($LABEL_T8) ///
>         replace star(* 0.10 ** 0.05 *** 0.01) stats(N FPFE YQFE MFE TIC r2_a, fmt(%9.0fc 0 0 3) /// 
>         labels("N" "Firm-pair FE" "Year-quarter FE" "Match FE" "{\i TREAT} {\'d7} Controls" "Adj. R-Sq{\super 2}" )) compress nogaps nocons beta
(output written to Table8ab.rtf)
. }

. clear 

. clear matrix

. clear mata

. 
. cd "<PACKAGE_DIR>\outputs\stata_dta"
<PACKAGE_DIR>\outputs\stata_dta

. 
. use determinants.dta

. 
. global VARS_PANEL_A "PLTA PPIH PLNIH PLNANL PLNMEDIA PLNDISC PDAYS PBM PRET PCNI CCNI DMRG DISS PLEV DEXC DMGMTC DAUDC MAJCHG"

. global VARS_PANEL_B "PLTA PPIH PLNANL PLNMEDIA PDAYS PBM PRET PCNI CCNI DMRG DISS PLEV MAJCHG"

. 
. // WINSORIZE
. winsor2 $VARS_PANEL_A PLNIBH, replace

. 
. lab var TEST "{\i TEST}"

. 
. lab var PLTA "{\i PLTA}"

. lab var PPIH "{\i PPIH}"

. lab var PLNIH "{\i PLNIH}"

. lab var PLNANL "{\i PLNANL}"

. lab var PLNMEDIA "{\i PLNMEDIA}"

. lab var PLNDISC "{\i PLNDISC}"

. lab var PDAYS "{\i PDAYS}"

. lab var PBM "{\i PBP}"

. lab var PRET "{\i PRET}"

. lab var PCNI "{\i PCNI}"

. lab var CCNI "{\i CNI}"

. lab var DMRG "{\i DMRG}"

. lab var DISS "{\i DISS}"

. lab var PLEV "{\i PLEV}"

. lab var DEXC "{\i DEXC}"

. lab var DMGMTC "{\i DMGMTC}"

. lab var DAUDC "{\i DAUDC}"

. lab var MAJCHG "{\i MAJCHG}"

. 
. // ALTERNATE VARS
. lab var PLNIBH "{\i PLNIBH}"

. lab var PCIB "{\i PCIB}"

. lab var CCIB "{\i CIB}"

. lab var PLN8K "{\i PLN8K}"

. 
. eststo clear

. qui estpost summarize $VARS_PANEL_A, detail

. esttab using all_descriptives.rtf, title("Descriptive Statistics for all firms") replace noobs cells("count(fmt(%18.0gc)) mean(fmt(3)) sd(fmt(3)) p25(fmt(3)) p50(fmt(3)) p75(fmt(3)) p90(fmt(3))") labe
> l ///
>                 collabels("N" "Mean" "Std.Dev." "25th Pctl" "50th Pctl" "75th Pctl" "90th Pctl")
(output written to all_descriptives.rtf)

. 
. ttest PLTA if PLTA_MATCH == 1, by(TEST)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |     661    5.720722    .0827737    2.128106     5.55819    5.883253
       1 |     661    4.889969    .0661198    1.699935    4.760139      5.0198
---------+--------------------------------------------------------------------
Combined |   1,322    5.305345    .0541693     1.96956    5.199078    5.411613
---------+--------------------------------------------------------------------
    diff |            .8307524    .1059402                .6229229    1.038582
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   7.8417
H0: diff = 0                                     Degrees of freedom =     1320

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

. ttest PPIH if PPIH_MATCH == 1, by(TEST)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |     617    .4539184    .0125883    .3126873    .4291971    .4786396
       1 |     617    .4195926    .0127988    .3179154     .394458    .4447271
---------+--------------------------------------------------------------------
Combined |   1,234    .4367555    .0089857    .3156516    .4191266    .4543844
---------+--------------------------------------------------------------------
    diff |            .0343258     .017952               -.0008941    .0695457
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   1.9121
H0: diff = 0                                     Degrees of freedom =     1232

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.9720         Pr(|T| > |t|) = 0.0561          Pr(T > t) = 0.0280

. ttest PLNIH if PLNIH_MATCH == 1, by(TEST)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |     618    3.973233    .0494539    1.229405    3.876115    4.070351
       1 |     618    3.530514    .0476477    1.184502    3.436943    3.624086
---------+--------------------------------------------------------------------
Combined |   1,236    3.751874    .0348958    1.226825    3.683412    3.820335
---------+--------------------------------------------------------------------
    diff |            .4427188    .0686731                .3079899    .5774477
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   6.4468
H0: diff = 0                                     Degrees of freedom =     1234

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

. ttest PLNANL if PLNANL_MATCH == 1, by(TEST)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |     675     1.18013    .0366952      .95337    1.108079     1.25218
       1 |     675    .9240502    .0295307    .7672295     .866067    .9820334
---------+--------------------------------------------------------------------
Combined |   1,350     1.05209     .023799    .8744307    1.005403    1.098777
---------+--------------------------------------------------------------------
    diff |            .2560793     .047102                .1636781    .3484805
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   5.4367
H0: diff = 0                                     Degrees of freedom =     1348

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 1.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 0.0000

. ttest PLNMEDIA if PLNMEDIA_MATCH == 1, by(TEST)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |     675    .5094573     .033692    .8753428    .4433034    .5756111
       1 |     675    .5223125    .0329123    .8550857    .4576896    .5869354
---------+--------------------------------------------------------------------
Combined |   1,350    .5158849    .0235417    .8649767    .4697026    .5620672
---------+--------------------------------------------------------------------
    diff |           -.0128552    .0470995               -.1052516    .0795411
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.2729
H0: diff = 0                                     Degrees of freedom =     1348

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.3925         Pr(|T| > |t|) = 0.7849          Pr(T > t) = 0.6075

. ttest PLNDISC if PLNDISC_MATCH == 1, by(TEST)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |     675    .9208511    .0520156    1.351405     .818719    1.022983
       1 |     675     .997732    .0533266    1.385465    .8930258    1.102438
---------+--------------------------------------------------------------------
Combined |   1,350    .9592916    .0372479    1.368574    .8862215    1.032362
---------+--------------------------------------------------------------------
    diff |           -.0768809    .0744939               -.2230176    .0692558
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -1.0320
H0: diff = 0                                     Degrees of freedom =     1348

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.1511         Pr(|T| > |t|) = 0.3022          Pr(T > t) = 0.8489

. ttest PDAYS if PDAYS_MATCH == 1, by(TEST)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |     675    .9276609    .0084968    .2207542    .9109774    .9443443
       1 |     675    .9380614    .0068537    .1780645    .9246043    .9515186
---------+--------------------------------------------------------------------
Combined |   1,350    .9328612    .0054581    .2005416     .922154    .9435684
---------+--------------------------------------------------------------------
    diff |           -.0104006    .0109165               -.0318157    .0110146
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.9527
H0: diff = 0                                     Degrees of freedom =     1348

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.1704         Pr(|T| > |t|) = 0.3409          Pr(T > t) = 0.8296

. ttest PBM if PBM_MATCH == 1, by(TEST)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |     589    .5590149    .0217502    .5278622    .5162974    .6017324
       1 |     589    .5597885     .023309    .5656937    .5140094    .6055675
---------+--------------------------------------------------------------------
Combined |   1,178    .5594017    .0159336    .5468727    .5281403    .5906631
---------+--------------------------------------------------------------------
    diff |           -.0007736    .0318807                -.063323    .0617758
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.0243
H0: diff = 0                                     Degrees of freedom =     1176

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.4903         Pr(|T| > |t|) = 0.9806          Pr(T > t) = 0.5097

. ttest PRET if PRET_MATCH == 1, by(TEST)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |     654    .0857074     .022105    .5652997     .042302    .1291128
       1 |     654    .1109372    .0269704    .6897263    .0579779    .1638964
---------+--------------------------------------------------------------------
Combined |   1,308    .0983223    .0174327    .6304745    .0641232    .1325213
---------+--------------------------------------------------------------------
    diff |           -.0252298    .0348717               -.0936404    .0431808
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -0.7235
H0: diff = 0                                     Degrees of freedom =     1306

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.2347         Pr(|T| > |t|) = 0.4695          Pr(T > t) = 0.7653

. ttest PCNI if PCNI_MATCH == 1, by(TEST)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |     642    .2599232    .1375283    3.484654   -.0101373    .5299837
       1 |     642    .5535211     .174995    4.433975    .2098883    .8971539
---------+--------------------------------------------------------------------
Combined |   1,284    .4067222     .111317    3.988815    .1883389    .6251054
---------+--------------------------------------------------------------------
    diff |           -.2935979    .2225698               -.7302388    .1430431
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -1.3191
H0: diff = 0                                     Degrees of freedom =     1282

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0937         Pr(|T| > |t|) = 0.1874          Pr(T > t) = 0.9063

. ttest CCNI if CCNI_MATCH == 1, by(TEST)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |     634   -.0545577    .1469321    3.699656    -.343091    .2339756
       1 |     634   -.2004964     .148646    3.742811   -.4923953    .0914026
---------+--------------------------------------------------------------------
Combined |   1,268    -.127527    .1044833    3.720543   -.3325063    .0774522
---------+--------------------------------------------------------------------
    diff |            .1459387    .2090088               -.2641031    .5559804
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.6982
H0: diff = 0                                     Degrees of freedom =     1266

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.7574         Pr(|T| > |t|) = 0.4852          Pr(T > t) = 0.2426

. ttest DMRG if DMRG_MATCH == 1, by(TEST)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |     675    .0459259    .0080629    .2094797    .0300945    .0617573
       1 |     675    .0651852    .0095084    .2470354    .0465155    .0838548
---------+--------------------------------------------------------------------
Combined |   1,350    .0555556    .0062366    .2291463    .0433211      .06779
---------+--------------------------------------------------------------------
    diff |           -.0192593    .0124667               -.0437156    .0051971
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -1.5449
H0: diff = 0                                     Degrees of freedom =     1348

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0613         Pr(|T| > |t|) = 0.1226          Pr(T > t) = 0.9387

. ttest DISS if DISS_MATCH == 1, by(TEST)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |     675    .8074074    .0151892    .3946282    .7775835    .8372313
       1 |     675    .8562963    .0135119    .3510492    .8297658    .8828268
---------+--------------------------------------------------------------------
Combined |   1,350    .8318519    .0101827    .3741364    .8118762    .8518275
---------+--------------------------------------------------------------------
    diff |           -.0488889    .0203294               -.0887696   -.0090082
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -2.4048
H0: diff = 0                                     Degrees of freedom =     1348

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0082         Pr(|T| > |t|) = 0.0163          Pr(T > t) = 0.9918

. ttest PLEV if PLEV_MATCH == 1, by(TEST)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |     661    .1586628    .0088354    .2271584    .1413139    .1760118
       1 |     661    .1510734     .008943     .229923    .1335133    .1686335
---------+--------------------------------------------------------------------
Combined |   1,322    .1548681    .0062842    .2284899      .14254    .1671962
---------+--------------------------------------------------------------------
    diff |            .0075894    .0125715               -.0170728    .0322517
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =   0.6037
H0: diff = 0                                     Degrees of freedom =     1320

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.7269         Pr(|T| > |t|) = 0.5461          Pr(T > t) = 0.2731

. ttest DEXC if DEXC_MATCH == 1, by(TEST)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |     675           0           0           0           0           0
       1 |     675           0           0           0           0           0
---------+--------------------------------------------------------------------
Combined |   1,350           0           0           0           0           0
---------+--------------------------------------------------------------------
    diff |                   0           0                       0           0
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =        .
H0: diff = 0                                     Degrees of freedom =     1348

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) =      .         Pr(|T| > |t|) =      .          Pr(T > t) =      .

. ttest DMGMTC if DMGMTC_MATCH == 1, by(TEST)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |     675    .6622222    .0182174    .4733031    .6264525     .697992
       1 |     675    .8548148    .0135696    .3525487     .828171    .8814586
---------+--------------------------------------------------------------------
Combined |   1,350    .7585185    .0116525    .4281401    .7356595    .7813775
---------+--------------------------------------------------------------------
    diff |           -.1925926    .0227158               -.2371548   -.1480303
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -8.4783
H0: diff = 0                                     Degrees of freedom =     1348

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

. ttest DAUDC if DAUDC_MATCH == 1, by(TEST)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |     675    .0888889    .0109617    .2847943    .0673656    .1104122
       1 |     675    .1140741    .0122451     .318137    .0900309    .1381172
---------+--------------------------------------------------------------------
Combined |   1,350    .1014815    .0082215    .3020771    .0853532    .1176098
---------+--------------------------------------------------------------------
    diff |           -.0251852    .0164348               -.0574257    .0070553
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -1.5324
H0: diff = 0                                     Degrees of freedom =     1348

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0628         Pr(|T| > |t|) = 0.1257          Pr(T > t) = 0.9372

. ttest MAJCHG if MAJCHG_MATCH == 1, by (TEST)

Two-sample t test with equal variances
------------------------------------------------------------------------------
   Group |     Obs        Mean    Std. err.   Std. dev.   [95% conf. interval]
---------+--------------------------------------------------------------------
       0 |     675     .254321    .0070251    .1825173    .2405273    .2681147
       1 |     675    .3239506    .0061817    .1606045     .311813    .3360883
---------+--------------------------------------------------------------------
Combined |   1,350    .2891358    .0047722    .1753404    .2797741    .2984975
---------+--------------------------------------------------------------------
    diff |           -.0696296    .0093576               -.0879867   -.0512726
------------------------------------------------------------------------------
    diff = mean(0) - mean(1)                                      t =  -7.4410
H0: diff = 0                                     Degrees of freedom =     1348

    Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = 0.0000         Pr(|T| > |t|) = 0.0000          Pr(T > t) = 1.0000

. 
. summarize PLTA if PLTA_MATCH == 1 & TEST == 1, detail

                          {\i PLTA}
-------------------------------------------------------------
      Percentiles      Smallest
 1%     1.404625       1.354804
 5%     2.368092       1.354804
10%      2.84787       1.354804       Obs                 661
25%     3.669518       1.354804       Sum of wgt.         661

50%     4.745488                      Mean           4.889969
                        Largest       Std. dev.      1.699935
75%     5.912327       9.967026
90%     7.187587       10.06814       Variance       2.889781
95%     7.887844       10.23892       Skewness       .4960909
99%     9.573594       10.67916       Kurtosis       3.143486

. summarize PPIH if PPIH_MATCH == 1 & TEST == 1, detail

                          {\i PPIH}
-------------------------------------------------------------
      Percentiles      Smallest
 1%     .0003435       .0003435
 5%     .0059419       .0003435
10%     .0309996       .0003435       Obs                 617
25%     .1360043       .0003435       Sum of wgt.         617

50%     .3711581                      Mean           .4195926
                        Largest       Std. dev.      .3179154
75%      .707815       1.083678
90%      .883745       1.083678       Variance       .1010702
95%     .9654367       1.083678       Skewness       .3915595
99%     1.083678       1.083678       Kurtosis       1.895468

. summarize PLNIH if PLNIH_MATCH == 1 & TEST == 1, detail

                         {\i PLNIH}
-------------------------------------------------------------
      Percentiles      Smallest
 1%     .6931472       .6931472
 5%     1.242453       .6931472
10%     1.791759       .6931472       Obs                 618
25%     2.769765       .6931472       Sum of wgt.         618

50%     3.610292                      Mean           3.530514
                        Largest       Std. dev.      1.184502
75%     4.478613       5.920146
90%     4.932073        5.92634       Variance       1.403045
95%     5.212976       6.417686       Skewness      -.4502819
99%     5.555519       6.445306       Kurtosis       2.659489

. summarize PLNANL if PLNANL_MATCH == 1 & TEST == 1, detail

                         {\i PLNANL}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%     .1732868              0       Sum of wgt.         675

50%     .8958797                      Mean           .9240502
                        Largest       Std. dev.      .7672295
75%     1.487661        2.96688
90%     1.984344       3.031132       Variance       .5886411
95%     2.316207       3.087543       Skewness       .5001637
99%     2.929456       3.158599       Kurtosis       2.389352

. summarize PLNMEDIA if PLNMEDIA_MATCH == 1 & TEST == 1, detail

                        {\i PLNMEDIA}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean           .5223125
                        Largest       Std. dev.      .8550857
75%     .9516656       3.251192
90%     1.913848       3.251192       Variance       .7311716
95%     2.420086       3.251192       Skewness       1.482091
99%     3.112059       3.251192       Kurtosis       4.009255

. summarize PLNDISC if PLNDISC_MATCH == 1 & TEST == 1, detail

                        {\i PLNDISC}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean            .997732
                        Largest       Std. dev.      1.385465
75%     2.570994       4.052774
90%     3.147354       4.052774       Variance       1.919515
95%     3.360371       4.052774       Skewness       .7688647
99%     3.891844       4.052774       Kurtosis       1.777289

. summarize PDAYS if PDAYS_MATCH == 1 & TEST == 1, detail

                         {\i PDAYS}
-------------------------------------------------------------
      Percentiles      Smallest
 1%     .2589641       .0197628
 5%     .4223108       .0912698
10%     .6837945       .1115538       Obs                 675
25%            1        .124498       Sum of wgt.         675

50%            1                      Mean           .9380614
                        Largest       Std. dev.      .1780645
75%            1              1
90%            1              1       Variance        .031707
95%            1              1       Skewness      -2.938514
99%            1              1       Kurtosis        10.6803

. summarize PBM if PBM_MATCH == 1 & TEST == 1, detail

                          {\i PBP}
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.4825858      -.4825858
 5%    -.0301256      -.4825858
10%     .0553757      -.4825858       Obs                 589
25%      .203152      -.4825858       Sum of wgt.         589

50%     .4306371                      Mean           .5597885
                        Largest       Std. dev.      .5656937
75%     .7808512       3.040242
90%     1.186944       3.040242       Variance       .3200094
95%     1.692102       3.040242       Skewness       1.779188
99%     3.040242       3.040242       Kurtosis       7.833739

. summarize PRET if PRET_MATCH == 1 & TEST == 1, detail

                          {\i PRET}
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.8830409       -.886809
 5%    -.7173913       -.886809
10%    -.6048472       -.886809       Obs                 654
25%    -.3237823       -.886809       Sum of wgt.         654

50%    -.0257259                      Mean           .1109372
                        Largest       Std. dev.      .6897263
75%     .3661637       2.795918
90%          .94       2.795918       Variance       .4757224
95%     1.516842       2.795918       Skewness       1.578841
99%     2.795918       2.795918       Kurtosis       6.203023

. summarize PCNI if PCNI_MATCH == 1 & TEST == 1, detail

                          {\i PCNI}
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -9.355644      -9.355644
 5%    -3.291149      -9.355644
10%    -1.587119      -9.355644       Obs                 642
25%    -.5455698      -9.355644       Sum of wgt.         642

50%     .0581116                      Mean           .5535211
                        Largest       Std. dev.      4.433975
75%     .5986568       27.19591
90%     2.158272       27.19591       Variance       19.66013
95%     4.602151       27.19591       Skewness       3.942684
99%     27.19591       27.19591       Kurtosis       24.01553

. summarize CCNI if CCNI_MATCH == 1 & TEST == 1, detail

                          {\i CNI}
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -19.72477      -19.72477
 5%    -4.514429      -19.72477
10%    -2.203269      -19.72477       Obs                 634
25%    -.8014274      -19.72477       Sum of wgt.         634

50%    -.0432172                      Mean          -.2004964
                        Largest       Std. dev.      3.742811
75%     .6181865       14.86788
90%     1.937361       14.86788       Variance       14.00863
95%     3.902193       14.86788       Skewness      -1.347429
99%     14.86788       14.86788       Kurtosis        16.2875

. summarize DMRG if DMRG_MATCH == 1 & TEST == 1, detail

                          {\i DMRG}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean           .0651852
                        Largest       Std. dev.      .2470354
75%            0              1
90%            0              1       Variance       .0610265
95%            1              1       Skewness       3.522874
99%            1              1       Kurtosis       13.41064

. summarize DISS if DISS_MATCH == 1 & TEST == 1, detail

                          {\i DISS}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            1              0       Sum of wgt.         675

50%            1                      Mean           .8562963
                        Largest       Std. dev.      .3510492
75%            1              1
90%            1              1       Variance       .1232355
95%            1              1       Skewness      -2.031399
99%            1              1       Kurtosis       5.126583

. summarize PLEV if PLEV_MATCH == 1 & TEST == 1, detail

                          {\i PLEV}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 661
25%            0              0       Sum of wgt.         661

50%     .0284741                      Mean           .1510734
                        Largest       Std. dev.       .229923
75%      .234052       1.048826
90%     .4785543       1.048826       Variance       .0528646
95%     .6637482       1.048826       Skewness       1.913534
99%     1.048826       1.048826       Kurtosis       6.407476

. summarize DEXC if DEXC_MATCH == 1 & TEST == 1, detail

                          {\i DEXC}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean                  0
                        Largest       Std. dev.             0
75%            0              0
90%            0              0       Variance              0
95%            0              0       Skewness              .
99%            0              0       Kurtosis              .

. summarize DMGMTC if DMGMTC_MATCH == 1 & TEST == 1, detail

                         {\i DMGMTC}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            1              0       Sum of wgt.         675

50%            1                      Mean           .8548148
                        Largest       Std. dev.      .3525487
75%            1              1
90%            1              1       Variance       .1242906
95%            1              1       Skewness      -2.014348
99%            1              1       Kurtosis       5.057599

. summarize DAUDC if DAUDC_MATCH == 1 & TEST == 1, detail

                         {\i DAUDC}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean           .1140741
                        Largest       Std. dev.       .318137
75%            0              1
90%            1              1       Variance       .1012111
95%            1              1       Skewness       2.427961
99%            1              1       Kurtosis       6.894996

. summarize MAJCHG if MAJCHG_MATCH == 1 & TEST == 1, detail

                         {\i MAJCHG}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%     .3333333              0       Sum of wgt.         675

50%     .3333333                      Mean           .3239506
                        Largest       Std. dev.      .1606045
75%     .3333333       .6666667
90%     .6666667       .6666667       Variance       .0257938
95%     .6666667       .6666667       Skewness      -.0766261
99%     .6666667       .6666667       Kurtosis       4.290365

. 
. summarize PLTA if PLTA_MATCH == 1 & TEST == 0, detail

                          {\i PLTA}
-------------------------------------------------------------
      Percentiles      Smallest
 1%     1.354804       1.354804
 5%     2.497165       1.354804
10%     3.107408       1.354804       Obs                 661
25%     4.144356       1.354804       Sum of wgt.         661

50%     5.522456                      Mean           5.720722
                        Largest       Std. dev.      2.128106
75%     7.283419        10.9447
90%     8.605657        10.9447       Variance       4.528835
95%     9.324026        10.9447       Skewness         .33428
99%      10.9447        10.9447       Kurtosis       2.622143

. summarize PPIH if PPIH_MATCH == 1 & TEST == 0, detail

                          {\i PPIH}
-------------------------------------------------------------
      Percentiles      Smallest
 1%     .0015667       .0003435
 5%     .0167068       .0003435
10%     .0480945       .0003435       Obs                 617
25%     .1802595       .0005807       Sum of wgt.         617

50%     .4140274                      Mean           .4539184
                        Largest       Std. dev.      .3126873
75%     .7310656       1.083678
90%     .8992442       1.083678       Variance       .0977734
95%     .9556724       1.083678       Skewness       .2162181
99%     1.039542       1.083678       Kurtosis       1.788428

. summarize PLNIH if PLNIH_MATCH == 1 & TEST == 0, detail

                         {\i PLNIH}
-------------------------------------------------------------
      Percentiles      Smallest
 1%     1.023586       .6931472
 5%     1.825793       .6931472
10%     2.237244       .6931472       Obs                 618
25%     3.134548       .6931472       Sum of wgt.         618

50%     4.069274                      Mean           3.973233
                        Largest       Std. dev.      1.229405
75%       4.8266       6.445306
90%     5.558235       6.445306       Variance       1.511436
95%     5.975889       6.445306       Skewness      -.2447703
99%     6.445306       6.445306       Kurtosis       2.689463

. summarize PLNANL if PLNANL_MATCH == 1 & TEST == 0, detail

                         {\i PLNANL}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%     .1732868              0       Sum of wgt.         675

50%     1.141087                      Mean            1.18013
                        Largest       Std. dev.        .95337
75%     1.940755       3.158599
90%     2.563466       3.158599       Variance       .9089144
95%     2.814573       3.158599       Skewness       .3028619
99%     3.158599       3.158599       Kurtosis       1.932077

. summarize PLNMEDIA if PLNMEDIA_MATCH == 1 & TEST == 0, detail

                        {\i PLNMEDIA}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean           .5094573
                        Largest       Std. dev.      .8753428
75%      .866434       3.251192
90%     1.931663       3.251192       Variance        .766225
95%     2.528599       3.251192       Skewness       1.576541
99%     3.251192       3.251192       Kurtosis       4.268238

. summarize PLNDISC if PLNDISC_MATCH == 1 & TEST == 0, detail

                        {\i PLNDISC}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean           .9208511
                        Largest       Std. dev.      1.351405
75%     2.396508       4.052774
90%     3.062398       4.052774       Variance       1.826295
95%     3.346028       4.052774       Skewness       .9288017
99%     4.052774       4.052774       Kurtosis       2.127775

. summarize PDAYS if PDAYS_MATCH == 1 & TEST == 0, detail

                         {\i PDAYS}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%         .364              0
10%     .7142857              0       Obs                 675
25%            1              0       Sum of wgt.         675

50%            1                      Mean           .9276609
                        Largest       Std. dev.      .2207542
75%            1              1
90%            1              1       Variance       .0487324
95%            1              1       Skewness      -3.138197
99%            1              1       Kurtosis       11.81162

. summarize PBM if PBM_MATCH == 1 & TEST == 0, detail

                          {\i PBP}
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.3359681      -.4825858
 5%     .0303286      -.4825858
10%      .111338      -.4825858       Obs                 589
25%     .2366031      -.4825858       Sum of wgt.         589

50%     .4422616                      Mean           .5590149
                        Largest       Std. dev.      .5278622
75%     .7150749       3.040242
90%      1.12879       3.040242       Variance       .2786385
95%     1.583732       3.040242       Skewness       2.079222
99%     2.997048       3.040242       Kurtosis       9.254811

. summarize PRET if PRET_MATCH == 1 & TEST == 0, detail

                          {\i PRET}
-------------------------------------------------------------
      Percentiles      Smallest
 1%     -.886809       -.886809
 5%    -.6800211       -.886809
10%    -.5162393       -.886809       Obs                 654
25%    -.2619048       -.886809       Sum of wgt.         654

50%     .0132671                      Mean           .0857074
                        Largest       Std. dev.      .5652997
75%     .3154812       2.795918
90%      .734531       2.795918       Variance       .3195637
95%     1.046875       2.795918       Skewness       1.604029
99%     2.474714       2.795918       Kurtosis       7.933592

. summarize PCNI if PCNI_MATCH == 1 & TEST == 0, detail

                          {\i PCNI}
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -9.355644      -9.355644
 5%    -2.600544      -9.355644
10%    -1.491743      -9.355644       Obs                 642
25%    -.5627682      -9.355644       Sum of wgt.         642

50%     .0325396                      Mean           .2599232
                        Largest       Std. dev.      3.484654
75%      .473904       27.19591
90%     1.841576       27.19591       Variance       12.14282
95%      3.37994       27.19591       Skewness       3.884242
99%     17.98977       27.19591       Kurtosis       30.30373

. summarize CCNI if CCNI_MATCH == 1 & TEST == 0, detail

                          {\i CNI}
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -17.93661      -19.72477
 5%     -3.95537      -19.72477
10%    -1.911583      -19.72477       Obs                 634
25%    -.7087257      -19.72477       Sum of wgt.         634

50%     .0093193                      Mean          -.0545577
                        Largest       Std. dev.      3.699656
75%     .5160398       14.86788
90%      1.70327       14.86788       Variance       13.68745
95%     5.192071       14.86788       Skewness      -1.029793
99%     14.86788       14.86788       Kurtosis       15.23593

. summarize DMRG if DMRG_MATCH == 1 & TEST == 0, detail

                          {\i DMRG}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean           .0459259
                        Largest       Std. dev.      .2094797
75%            0              1
90%            0              1       Variance       .0438817
95%            0              1       Skewness       4.338471
99%            1              1       Kurtosis       19.82233

. summarize DISS if DISS_MATCH == 1 & TEST == 0, detail

                          {\i DISS}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            1              0       Sum of wgt.         675

50%            1                      Mean           .8074074
                        Largest       Std. dev.      .3946282
75%            1              1
90%            1              1       Variance       .1557314
95%            1              1       Skewness      -1.559115
99%            1              1       Kurtosis        3.43084

. summarize PLEV if PLEV_MATCH == 1 & TEST == 0, detail

                          {\i PLEV}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 661
25%            0              0       Sum of wgt.         661

50%     .0384944                      Mean           .1586628
                        Largest       Std. dev.      .2271584
75%      .253189       1.048826
90%     .4917835       1.048826       Variance        .051601
95%     .6081775       1.048826       Skewness       1.741514
99%     1.048826       1.048826       Kurtosis       5.838021

. summarize DEXC if DEXC_MATCH == 1 & TEST == 0, detail

                          {\i DEXC}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean                  0
                        Largest       Std. dev.             0
75%            0              0
90%            0              0       Variance              0
95%            0              0       Skewness              .
99%            0              0       Kurtosis              .

. summarize DMGMTC if DMGMTC_MATCH == 1 & TEST == 0, detail

                         {\i DMGMTC}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            1                      Mean           .6622222
                        Largest       Std. dev.      .4733031
75%            1              1
90%            1              1       Variance       .2240158
95%            1              1       Skewness      -.6859981
99%            1              1       Kurtosis       1.470593

. summarize DAUDC if DAUDC_MATCH == 1 & TEST == 0, detail

                         {\i DAUDC}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean           .0888889
                        Largest       Std. dev.      .2847943
75%            0              1
90%            0              1       Variance       .0811078
95%            1              1       Skewness       2.889215
99%            1              1       Kurtosis       9.347561

. summarize MAJCHG if MAJCHG_MATCH == 1 & TEST == 0, detail

                         {\i MAJCHG}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%     .3333333                      Mean            .254321
                        Largest       Std. dev.      .1825173
75%     .3333333       .6666667
90%     .3333333       .6666667       Variance       .0333126
95%     .6666667       .6666667       Skewness      -.0661429
99%     .6666667       .6666667       Kurtosis       2.691345

. 
. summarize PLTA PPIH PLNIH PLNANL PLNMEDIA PLNDISC PDAYS PBM PRET PCNI CCNI DMRG DISS PLEV DEXC DMGMTC DAUDC MAJCHG if TEST == 1, detail

                          {\i PLTA}
-------------------------------------------------------------
      Percentiles      Smallest
 1%     1.354804       1.354804
 5%     2.361137       1.354804
10%     2.838376       1.354804       Obs                 666
25%     3.655814       1.354804       Sum of wgt.         666

50%     4.724343                      Mean           4.875798
                        Largest       Std. dev.        1.7036
75%     5.911011       9.967026
90%     7.187587       10.06814       Variance       2.902253
95%     7.887844       10.23892       Skewness       .4948142
99%     9.573594       10.67916       Kurtosis       3.143678

                          {\i PPIH}
-------------------------------------------------------------
      Percentiles      Smallest
 1%     .0003435       .0003435
 5%     .0059205       .0003435
10%     .0303649       .0003435       Obs                 655
25%     .1308231       .0003435       Sum of wgt.         655

50%     .3598636                      Mean           .4132346
                        Largest       Std. dev.      .3172364
75%     .7000937       1.083678
90%     .8789292       1.083678       Variance        .100639
95%     .9626739       1.083678       Skewness       .4179587
99%     1.083678       1.083678       Kurtosis        1.92359

                         {\i PLNIH}
-------------------------------------------------------------
      Percentiles      Smallest
 1%     .6931472       .6931472
 5%     1.242453       .6931472
10%     1.791759       .6931472       Obs                 656
25%     2.760095       .6931472       Sum of wgt.         656

50%     3.594657                      Mean           3.515663
                        Largest       Std. dev.      1.183465
75%     4.464445        5.92634
90%     4.926181       6.023661       Variance       1.400591
95%     5.210023       6.417686       Skewness      -.4260892
99%     5.753867       6.445306       Kurtosis       2.657601

                         {\i PLNANL}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%     .1732868              0       Sum of wgt.         675

50%     .8958797                      Mean           .9240502
                        Largest       Std. dev.      .7672295
75%     1.487661        2.96688
90%     1.984344       3.031132       Variance       .5886411
95%     2.316207       3.087543       Skewness       .5001637
99%     2.929456       3.158599       Kurtosis       2.389352

                        {\i PLNMEDIA}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean           .5223125
                        Largest       Std. dev.      .8550857
75%     .9516656       3.251192
90%     1.913848       3.251192       Variance       .7311716
95%     2.420086       3.251192       Skewness       1.482091
99%     3.112059       3.251192       Kurtosis       4.009255

                        {\i PLNDISC}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean            .997732
                        Largest       Std. dev.      1.385465
75%     2.570994       4.052774
90%     3.147354       4.052774       Variance       1.919515
95%     3.360371       4.052774       Skewness       .7688647
99%     3.891844       4.052774       Kurtosis       1.777289

                         {\i PDAYS}
-------------------------------------------------------------
      Percentiles      Smallest
 1%     .2589641       .0197628
 5%     .4223108       .0912698
10%     .6837945       .1115538       Obs                 675
25%            1        .124498       Sum of wgt.         675

50%            1                      Mean           .9380614
                        Largest       Std. dev.      .1780645
75%            1              1
90%            1              1       Variance        .031707
95%            1              1       Skewness      -2.938514
99%            1              1       Kurtosis        10.6803

                          {\i PBP}
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.4825858      -.4825858
 5%    -.0301256      -.4825858
10%     .0567015      -.4825858       Obs                 632
25%     .2017721      -.4825858       Sum of wgt.         632

50%     .4174861                      Mean           .5479481
                        Largest       Std. dev.      .5636139
75%     .7532556       3.040242
90%     1.163392       3.040242       Variance       .3176607
95%     1.647895       3.040242       Skewness       1.858581
99%     3.040242       3.040242       Kurtosis       8.198868

                          {\i PRET}
-------------------------------------------------------------
      Percentiles      Smallest
 1%     -.886809       -.886809
 5%    -.7173913       -.886809
10%    -.6048472       -.886809       Obs                 674
25%    -.3282392       -.886809       Sum of wgt.         674

50%    -.0278407                      Mean            .103847
                        Largest       Std. dev.      .6846734
75%     .3599843       2.795918
90%      .922353       2.795918       Variance       .4687777
95%     1.501961       2.795918       Skewness       1.587676
99%     2.795918       2.795918       Kurtosis       6.279555

                          {\i PCNI}
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -9.355644      -9.355644
 5%    -3.291149      -9.355644
10%    -1.543466      -9.355644       Obs                 656
25%    -.5490595      -9.355644       Sum of wgt.         656

50%     .0581116                      Mean           .5650583
                        Largest       Std. dev.      4.423866
75%      .602773       27.19591
90%     2.158272       27.19591       Variance       19.57059
95%      4.66055       27.19591       Skewness         3.9277
99%     27.19591       27.19591       Kurtosis       23.84015

                          {\i CNI}
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -19.72477      -19.72477
 5%    -4.411349      -19.72477
10%    -2.203269      -19.72477       Obs                 665
25%    -.8014274      -19.72477       Sum of wgt.         665

50%    -.0322038                      Mean          -.1821206
                        Largest       Std. dev.      3.687407
75%     .6394664       14.86788
90%     1.949346       14.86788       Variance       13.59697
95%     3.873347       14.86788       Skewness      -1.357104
99%     14.86788       14.86788       Kurtosis       16.54197

                          {\i DMRG}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean           .0651852
                        Largest       Std. dev.      .2470354
75%            0              1
90%            0              1       Variance       .0610265
95%            1              1       Skewness       3.522874
99%            1              1       Kurtosis       13.41064

                          {\i DISS}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            1              0       Sum of wgt.         675

50%            1                      Mean           .8562963
                        Largest       Std. dev.      .3510492
75%            1              1
90%            1              1       Variance       .1232355
95%            1              1       Skewness      -2.031399
99%            1              1       Kurtosis       5.126583

                          {\i PLEV}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 666
25%            0              0       Sum of wgt.         666

50%     .0268894                      Mean           .1499392
                        Largest       Std. dev.      .2294284
75%     .2268667       1.048826
90%     .4785543       1.048826       Variance       .0526374
95%     .6637482       1.048826       Skewness       1.924137
99%     1.048826       1.048826       Kurtosis       6.453579

                          {\i DEXC}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean                  0
                        Largest       Std. dev.             0
75%            0              0
90%            0              0       Variance              0
95%            0              0       Skewness              .
99%            0              0       Kurtosis              .

                         {\i DMGMTC}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            1              0       Sum of wgt.         675

50%            1                      Mean           .8548148
                        Largest       Std. dev.      .3525487
75%            1              1
90%            1              1       Variance       .1242906
95%            1              1       Skewness      -2.014348
99%            1              1       Kurtosis       5.057599

                         {\i DAUDC}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean           .1140741
                        Largest       Std. dev.       .318137
75%            0              1
90%            1              1       Variance       .1012111
95%            1              1       Skewness       2.427961
99%            1              1       Kurtosis       6.894996

                         {\i MAJCHG}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%     .3333333              0       Sum of wgt.         675

50%     .3333333                      Mean           .3239506
                        Largest       Std. dev.      .1606045
75%     .3333333       .6666667
90%     .6666667       .6666667       Variance       .0257938
95%     .6666667       .6666667       Skewness      -.0766261
99%     .6666667       .6666667       Kurtosis       4.290365

. summarize PLTA PPIH PLNIH PLNANL PLNMEDIA PLNDISC PDAYS PBM PRET PCNI CCNI DMRG DISS PLEV DEXC DMGMTC DAUDC MAJCHG if TEST == 0, detail

                          {\i PLTA}
-------------------------------------------------------------
      Percentiles      Smallest
 1%     1.354804       1.354804
 5%     2.497165       1.354804
10%     3.107005       1.354804       Obs                 669
25%      4.14269       1.354804       Sum of wgt.         669

50%     5.535731                      Mean           5.721837
                        Largest       Std. dev.      2.129138
75%     7.276089        10.9447
90%     8.641974        10.9447       Variance        4.53323
95%     9.361823        10.9447       Skewness       .3357823
99%      10.9447        10.9447       Kurtosis       2.619567

                          {\i PPIH}
-------------------------------------------------------------
      Percentiles      Smallest
 1%     .0015667       .0003435
 5%     .0167068       .0003435
10%      .048984       .0003435       Obs                 633
25%     .1846379       .0005807       Sum of wgt.         633

50%     .4094207                      Mean           .4537568
                        Largest       Std. dev.      .3124812
75%     .7262914       1.083678
90%     .8992442       1.083678       Variance       .0976445
95%     .9582173       1.083678       Skewness       .2191417
99%     1.039542       1.083678       Kurtosis       1.790108

                         {\i PLNIH}
-------------------------------------------------------------
      Percentiles      Smallest
 1%     1.023586       .6931472
 5%      1.86368       .6931472
10%     2.295485       .6931472       Obs                 633
25%     3.134863       .6931472       Sum of wgt.         633

50%     4.056294                      Mean           3.972302
                        Largest       Std. dev.      1.227433
75%       4.8266       6.445306
90%     5.558235       6.445306       Variance       1.506592
95%     5.975889       6.445306       Skewness      -.2297552
99%     6.445306       6.445306       Kurtosis       2.684285

                         {\i PLNANL}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%     .1732868              0       Sum of wgt.         675

50%     1.141087                      Mean            1.18013
                        Largest       Std. dev.        .95337
75%     1.940755       3.158599
90%     2.563466       3.158599       Variance       .9089144
95%     2.814573       3.158599       Skewness       .3028619
99%     3.158599       3.158599       Kurtosis       1.932077

                        {\i PLNMEDIA}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean           .5094573
                        Largest       Std. dev.      .8753428
75%      .866434       3.251192
90%     1.931663       3.251192       Variance        .766225
95%     2.528599       3.251192       Skewness       1.576541
99%     3.251192       3.251192       Kurtosis       4.268238

                        {\i PLNDISC}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean           .9208511
                        Largest       Std. dev.      1.351405
75%     2.396508       4.052774
90%     3.062398       4.052774       Variance       1.826295
95%     3.346028       4.052774       Skewness       .9288017
99%     4.052774       4.052774       Kurtosis       2.127775

                         {\i PDAYS}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%         .364              0
10%     .7142857              0       Obs                 675
25%            1              0       Sum of wgt.         675

50%            1                      Mean           .9276609
                        Largest       Std. dev.      .2207542
75%            1              1
90%            1              1       Variance       .0487324
95%            1              1       Skewness      -3.138197
99%            1              1       Kurtosis       11.81162

                          {\i PBP}
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.3231318      -.4825858
 5%     .0286395      -.4825858
10%      .111338      -.4825858       Obs                 614
25%     .2366031      -.4825858       Sum of wgt.         614

50%     .4388959                      Mean           .5526965
                        Largest       Std. dev.      .5215748
75%     .7106437       3.040242
90%     1.104178       3.040242       Variance       .2720402
95%     1.581148       3.040242       Skewness       2.093202
99%     2.917924       3.040242       Kurtosis       9.441245

                          {\i PRET}
-------------------------------------------------------------
      Percentiles      Smallest
 1%     -.886809       -.886809
 5%    -.6800211       -.886809
10%    -.5162393       -.886809       Obs                 655
25%    -.2619048       -.886809       Sum of wgt.         655

50%     .0141662                      Mean           .0857132
                        Largest       Std. dev.      .5648673
75%     .3154812       2.795918
90%      .734531       2.795918       Variance       .3190751
95%     1.046875       2.795918       Skewness       1.605223
99%     2.474714       2.795918       Kurtosis       7.945656

                          {\i PCNI}
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -9.355644      -9.355644
 5%    -2.600544      -9.355644
10%    -1.478536      -9.355644       Obs                 656
25%    -.5596355      -9.355644       Sum of wgt.         656

50%     .0357267                      Mean           .3334906
                        Largest       Std. dev.      3.638119
75%     .4888434       27.19591
90%     1.919195       27.19591       Variance       13.23591
95%            4       27.19591       Skewness       3.940112
99%     18.70799       27.19591       Kurtosis       29.32959

                          {\i CNI}
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -17.93661      -19.72477
 5%    -3.955032      -19.72477
10%    -1.911583      -19.72477       Obs                 641
25%    -.7087257      -19.72477       Sum of wgt.         641

50%     .0124705                      Mean          -.0527863
                        Largest       Std. dev.      3.682321
75%     .5181754       14.86788
90%      1.70327       14.86788       Variance       13.55949
95%       5.1316       14.86788       Skewness      -1.034403
99%     14.86788       14.86788       Kurtosis       15.35748

                          {\i DMRG}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean           .0459259
                        Largest       Std. dev.      .2094797
75%            0              1
90%            0              1       Variance       .0438817
95%            0              1       Skewness       4.338471
99%            1              1       Kurtosis       19.82233

                          {\i DISS}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            1              0       Sum of wgt.         675

50%            1                      Mean           .8074074
                        Largest       Std. dev.      .3946282
75%            1              1
90%            1              1       Variance       .1557314
95%            1              1       Skewness      -1.559115
99%            1              1       Kurtosis        3.43084

                          {\i PLEV}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 669
25%            0              0       Sum of wgt.         669

50%     .0365639                      Mean           .1586045
                        Largest       Std. dev.      .2268855
75%     .2550423       1.048826
90%     .4917835       1.048826       Variance        .051477
95%     .6081775       1.048826       Skewness       1.732555
99%     1.048826       1.048826       Kurtosis       5.809154

                          {\i DEXC}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean                  0
                        Largest       Std. dev.             0
75%            0              0
90%            0              0       Variance              0
95%            0              0       Skewness              .
99%            0              0       Kurtosis              .

                         {\i DMGMTC}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            1                      Mean           .6622222
                        Largest       Std. dev.      .4733031
75%            1              1
90%            1              1       Variance       .2240158
95%            1              1       Skewness      -.6859981
99%            1              1       Kurtosis       1.470593

                         {\i DAUDC}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%            0                      Mean           .0888889
                        Largest       Std. dev.      .2847943
75%            0              1
90%            0              1       Variance       .0811078
95%            1              1       Skewness       2.889215
99%            1              1       Kurtosis       9.347561

                         {\i MAJCHG}
-------------------------------------------------------------
      Percentiles      Smallest
 1%            0              0
 5%            0              0
10%            0              0       Obs                 675
25%            0              0       Sum of wgt.         675

50%     .3333333                      Mean            .254321
                        Largest       Std. dev.      .1825173
75%     .3333333       .6666667
90%     .3333333       .6666667       Variance       .0333126
95%     .6666667       .6666667       Skewness      -.0661429
99%     .6666667       .6666667       Kurtosis       2.691345

. 
. ranksum PLTA if PLTA_MATCH == 1, by(TEST)

Two-sample Wilcoxon rank-sum (Mann–Whitney) test

        TEST |      Obs    Rank sum    Expected
-------------+---------------------------------
           0 |      661      487003    437251.5
           1 |      661      387500    437251.5
-------------+---------------------------------
    Combined |     1322      874503      874503

Unadjusted variance    48170540
Adjustment for ties  -95.322104
                     ----------
Adjusted variance      48170445

H0: PLTA(TEST==0) = PLTA(TEST==1)
         z =  7.168
Prob > |z| = 0.0000

. ranksum PPIH if PPIH_MATCH == 1, by(TEST)

Two-sample Wilcoxon rank-sum (Mann–Whitney) test

        TEST |      Obs    Rank sum    Expected
-------------+---------------------------------
           0 |      617    393891.5    380997.5
           1 |      617    368103.5    380997.5
-------------+---------------------------------
    Combined |     1234      761995      761995

Unadjusted variance    39179243
Adjustment for ties  -65.052717
                     ----------
Adjusted variance      39179178

H0: PPIH(TEST==0) = PPIH(TEST==1)
         z =  2.060
Prob > |z| = 0.0394

. ranksum PLNIH if PLNIH_MATCH == 1, by(TEST)

Two-sample Wilcoxon rank-sum (Mann–Whitney) test

        TEST |      Obs    Rank sum    Expected
-------------+---------------------------------
           0 |      618    419187.5      382233
           1 |      618    345278.5      382233
-------------+---------------------------------
    Combined |     1236      764466      764466

Unadjusted variance    39369999
Adjustment for ties  -155.37571
                     ----------
Adjusted variance      39369844

H0: PLNIH(TEST==0) = PLNIH(TEST==1)
         z =  5.890
Prob > |z| = 0.0000

. ranksum PLNANL if PLNANL_MATCH == 1, by(TEST)

Two-sample Wilcoxon rank-sum (Mann–Whitney) test

        TEST |      Obs    Rank sum    Expected
-------------+---------------------------------
           0 |      675      487842    455962.5
           1 |      675      424083    455962.5
-------------+---------------------------------
    Combined |     1350      911925      911925

Unadjusted variance    51295781
Adjustment for ties  -528672.73
                     ----------
Adjusted variance      50767109

H0: PLNANL(TEST==0) = PLNANL(TEST==1)
         z =  4.474
Prob > |z| = 0.0000

. ranksum PLNMEDIA if PLNMEDIA_MATCH == 1, by(TEST)

Two-sample Wilcoxon rank-sum (Mann–Whitney) test

        TEST |      Obs    Rank sum    Expected
-------------+---------------------------------
           0 |      675    451574.5    455962.5
           1 |      675    460350.5    455962.5
-------------+---------------------------------
    Combined |     1350      911925      911925

Unadjusted variance    51295781
Adjustment for ties   -15148461
                     ----------
Adjusted variance      36147320

H0: PLNMEDIA(TEST==0) = PLNMEDIA(TEST==1)
         z = -0.730
Prob > |z| = 0.4655

. ranksum PLNDISC if PLNDISC_MATCH == 1, by(TEST)

Two-sample Wilcoxon rank-sum (Mann–Whitney) test

        TEST |      Obs    Rank sum    Expected
-------------+---------------------------------
           0 |      675    450166.5    455962.5
           1 |      675    461758.5    455962.5
-------------+---------------------------------
    Combined |     1350      911925      911925

Unadjusted variance    51295781
Adjustment for ties   -14207899
                     ----------
Adjusted variance      37087882

H0: PLNDISC(TEST==0) = PLNDISC(TEST==1)
         z = -0.952
Prob > |z| = 0.3412

. ranksum PDAYS if PDAYS_MATCH == 1, by(TEST)

Two-sample Wilcoxon rank-sum (Mann–Whitney) test

        TEST |      Obs    Rank sum    Expected
-------------+---------------------------------
           0 |      675    458022.5    455962.5
           1 |      675    453902.5    455962.5
-------------+---------------------------------
    Combined |     1350      911925      911925

Unadjusted variance    51295781
Adjustment for ties   -33821702
                     ----------
Adjusted variance      17474079

H0: PDAYS(TEST==0) = PDAYS(TEST==1)
         z =  0.493
Prob > |z| = 0.6222

. ranksum PBM if PBM_MATCH == 1, by(TEST)

Two-sample Wilcoxon rank-sum (Mann–Whitney) test

        TEST |      Obs    Rank sum    Expected
-------------+---------------------------------
           0 |      589    350068.5    347215.5
           1 |      589    344362.5    347215.5
-------------+---------------------------------
    Combined |     1178      694431      694431

Unadjusted variance    34084988
Adjustment for ties  -75.188828
                     ----------
Adjusted variance      34084913

H0: PBM(TEST==0) = PBM(TEST==1)
         z =  0.489
Prob > |z| = 0.6251

. ranksum PRET if PRET_MATCH == 1, by(TEST)

Two-sample Wilcoxon rank-sum (Mann–Whitney) test

        TEST |      Obs    Rank sum    Expected
-------------+---------------------------------
           0 |      654    434632.5      428043
           1 |      654    421453.5      428043
-------------+---------------------------------
    Combined |     1308      856086      856086

Unadjusted variance    46656687
Adjustment for ties  -102.57842
                     ----------
Adjusted variance      46656584

H0: PRET(TEST==0) = PRET(TEST==1)
         z =  0.965
Prob > |z| = 0.3347

. ranksum PCNI if PCNI_MATCH == 1, by(TEST)

Two-sample Wilcoxon rank-sum (Mann–Whitney) test

        TEST |      Obs    Rank sum    Expected
-------------+---------------------------------
           0 |      642    405606.5      412485
           1 |      642    419363.5      412485
-------------+---------------------------------
    Combined |     1284      824970      824970

Unadjusted variance    44135895
Adjustment for ties  -96.700312
                     ----------
Adjusted variance      44135798

H0: PCNI(TEST==0) = PCNI(TEST==1)
         z = -1.035
Prob > |z| = 0.3005

. ranksum CCNI if CCNI_MATCH == 1, by(TEST)

Two-sample Wilcoxon rank-sum (Mann–Whitney) test

        TEST |      Obs    Rank sum    Expected
-------------+---------------------------------
           0 |      634      406312      402273
           1 |      634      398234      402273
-------------+---------------------------------
    Combined |     1268      804546      804546

Unadjusted variance    42506847
Adjustment for ties  -105.83346
                     ----------
Adjusted variance      42506741

H0: CCNI(TEST==0) = CCNI(TEST==1)
         z =  0.620
Prob > |z| = 0.5356

. ranksum DMRG if DMRG_MATCH == 1, by(TEST)

Two-sample Wilcoxon rank-sum (Mann–Whitney) test

        TEST |      Obs    Rank sum    Expected
-------------+---------------------------------
           0 |      675      451575    455962.5
           1 |      675      460350    455962.5
-------------+---------------------------------
    Combined |     1350      911925      911925

Unadjusted variance    51295781
Adjustment for ties   -43221441
                     ----------
Adjusted variance     8074340.4

H0: DMRG(TEST==0) = DMRG(TEST==1)
         z = -1.544
Prob > |z| = 0.1226

. ranksum DISS if DISS_MATCH == 1, by(TEST)

Two-sample Wilcoxon rank-sum (Mann–Whitney) test

        TEST |      Obs    Rank sum    Expected
-------------+---------------------------------
           0 |      675      444825    455962.5
           1 |      675      467100    455962.5
-------------+---------------------------------
    Combined |     1350      911925      911925

Unadjusted variance    51295781
Adjustment for ties   -29770878
                     ----------
Adjusted variance      21524904

H0: DISS(TEST==0) = DISS(TEST==1)
         z = -2.401
Prob > |z| = 0.0164

. ranksum PLEV if PLEV_MATCH == 1, by(TEST)

Two-sample Wilcoxon rank-sum (Mann–Whitney) test

        TEST |      Obs    Rank sum    Expected
-------------+---------------------------------
           0 |      661      443267    437251.5
           1 |      661      431236    437251.5
-------------+---------------------------------
    Combined |     1322      874503      874503

Unadjusted variance    48170540
Adjustment for ties  -2096303.6
                     ----------
Adjusted variance      46074237

H0: PLEV(TEST==0) = PLEV(TEST==1)
         z =  0.886
Prob > |z| = 0.3755

. ranksum DEXC if DEXC_MATCH == 1, by(TEST)

Two-sample Wilcoxon rank-sum (Mann–Whitney) test

        TEST |      Obs    Rank sum    Expected
-------------+---------------------------------
           0 |      675    455962.5    455962.5
           1 |      675    455962.5    455962.5
-------------+---------------------------------
    Combined |     1350      911925      911925

Unadjusted variance    51295781
Adjustment for ties   -51295781
                     ----------
Adjusted variance             0

H0: DEXC(TEST==0) = DEXC(TEST==1)
         z =      .
Prob > |z| =      .

. ranksum DMGMTC if DMGMTC_MATCH == 1, by(TEST)

Two-sample Wilcoxon rank-sum (Mann–Whitney) test

        TEST |      Obs    Rank sum    Expected
-------------+---------------------------------
           0 |      675    412087.5    455962.5
           1 |      675    499837.5    455962.5
-------------+---------------------------------
    Combined |     1350      911925      911925

Unadjusted variance    51295781
Adjustment for ties   -23108502
                     ----------
Adjusted variance      28187279

H0: DMGMTC(TEST==0) = DMGMTC(TEST==1)
         z = -8.264
Prob > |z| = 0.0000

. ranksum DAUDC if DAUDC_MATCH == 1, by(TEST)

Two-sample Wilcoxon rank-sum (Mann–Whitney) test

        TEST |      Obs    Rank sum    Expected
-------------+---------------------------------
           0 |      675      450225    455962.5
           1 |      675      461700    455962.5
-------------+---------------------------------
    Combined |     1350      911925      911925

Unadjusted variance    51295781
Adjustment for ties   -37263865
                     ----------
Adjusted variance      14031916

H0: DAUDC(TEST==0) = DAUDC(TEST==1)
         z = -1.532
Prob > |z| = 0.1256

. ranksum MAJCHG if MAJCHG_MATCH == 1, by (TEST)

Two-sample Wilcoxon rank-sum (Mann–Whitney) test

        TEST |      Obs    Rank sum    Expected
-------------+---------------------------------
           0 |      675      413515    455962.5
           1 |      675      498410    455962.5
-------------+---------------------------------
    Combined |     1350      911925      911925

Unadjusted variance    51295781
Adjustment for ties   -18570104
                     ----------
Adjusted variance      32725677

H0: MAJCHG(TEST==0) = MAJCHG(TEST==1)
         z = -7.420
Prob > |z| = 0.0000

. 
. global LABEL_1 "PLTA PPIH PLNANL PLNMEDIA PDAYS PBM PRET PCNI CCNI DMRG DISS PLEV MAJCHG"

. 
. eststo clear

. 
. eststo: logit TEST PLTA PPIH PLNANL PLNMEDIA PDAYS PBM PRET PCNI CCNI DMRG DISS PLEV MAJCHG if INCLUDE == 1

Iteration 0:  Log likelihood = -736.12231  
Iteration 1:  Log likelihood = -673.05264  
Iteration 2:  Log likelihood =  -672.9709  
Iteration 3:  Log likelihood = -672.97089  

Logistic regression                                     Number of obs =  1,062
                                                        LR chi2(13)   = 126.30
                                                        Prob > chi2   = 0.0000
Log likelihood = -672.97089                             Pseudo R2     = 0.0858

------------------------------------------------------------------------------
        TEST | Coefficient  Std. err.      z    P>|z|     [95% conf. interval]
-------------+----------------------------------------------------------------
        PLTA |  -.2679812   .0508639    -5.27   0.000    -.3676726   -.1682897
        PPIH |   .8087399   .2879313     2.81   0.005     .2444049    1.373075
      PLNANL |  -.2788855   .1157595    -2.41   0.016    -.5057699    -.052001
    PLNMEDIA |  -.0118265   .0746254    -0.16   0.874    -.1580895    .1344365
       PDAYS |  -.9865258   .6537166    -1.51   0.131    -2.267787    .2947352
         PBM |   .2026347   .1344418     1.51   0.132    -.0608663    .4661357
        PRET |   .1969379   .1035156     1.90   0.057     -.005949    .3998247
        PCNI |   .0077318   .0165664     0.47   0.641    -.0247377    .0402014
        CCNI |  -.0175177   .0171956    -1.02   0.308    -.0512205     .016185
        DMRG |    .506448   .2663344     1.90   0.057    -.0155578    1.028454
        DISS |   .5158823   .2038855     2.53   0.011     .1162741    .9154906
        PLEV |   .3630004   .3172443     1.14   0.253    -.2587869    .9847877
      MAJCHG |   2.404735   .4184679     5.75   0.000     1.584553    3.224917
       _cons |   1.004096   .6906206     1.45   0.146    -.3494954    2.357688
------------------------------------------------------------------------------
(est1 stored)

. 
. esttab using T_11.rtf, label title("Determinants") ///
>         order($LABEL_1) b(3) replace star(* 0.10 ** 0.05 *** 0.01) stats(N r2_p, fmt(%9.0fc 3) ///
>         labels("Observations" "Pseudo-R{\super 2}")) compress nogaps nocons not
(output written to T_11.rtf)
