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dissertation-chapter-2-yearly-analysis.do
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dissertation-chapter-2-yearly-analysis.do
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/// LOG
*capt n log close
*log using code/logs/20190219-yearly-analysis.txt, text
***===================***
* CHAPTER 2 ANALYSIS *
***===================***
/* WORKFLOW
1. Treatment Variable Descriptive Statistics
2. Propensity Score Matching: All Years
3. Propensity Score Matching: Individual Years
4. Difference-in-Differences
5. Fixed Effects Estimation
*/
/// SET ENVIRONMENT
clear all
set scheme plotplainblind
/// LOAD DATA
use data/matched-csrhub-cstat-2008-2017, clear
***===============================***
* *
* DESCRIPTIVE STATISTICS *
* *
***===============================***
/// CORRELATION TABLE
asdoc pwcorr revt_usd revt_usd_ihs f.revt_usd f.revt_usd_ihs over_rtg trt3_sdw_pos trt3_sdw_neg trt2_sdw_pos ///
trt2_sdw_neg trt1_sdw_pos trt1_sdw_neg dltt at age emp xad xrd year, ///
st(.05) dec(2) ///
replace save(tables-and-figures/descriptive-statistics/ch2-correlation-table.doc)
*** Assume missing xrd and xad are 0
preserve
* xad
gen xad_original=xad
label var xad_original "(CSTAT) xad before assuming missing=0"
replace xad=0 if xad==. & in_cstatn==1
gen assume_xad=(xad_original==.) & in_cstatn==1
label var assume_xad "(CSTAT) =1 if missing xad assumed 0"
* xrd
gen xrd_original=xrd
label var xad_original "(CSTAT) xrd before assuming missing=0"
replace xrd=0 if xrd==. & in_cstatn==1
gen assume_xrd=(xrd_original==.) & in_cstatn==1
label var assume_xrd "(CSTAT) =1 if missing xrd assumed 0"
* Table
asdoc pwcorr revt_usd revt_usd_ihs over_rtg trt3_sdw_pos trt3_sdw_neg trt2_sdw_pos ///
trt2_sdw_neg trt1_sdw_pos trt1_sdw_neg dltt at age emp xad xrd year, ///
st(.05) dec(2) ///
replace save(tables-and-figures/descriptive-statistics/correlation-table-assumptions.doc)
restore
/// SUMMARY STATISTICS
asdoc sum revt_usd revt_usd_ihs over_rtg trt3_sdw_pos trt3_sdw_neg trt2_sdw_pos ///
trt2_sdw_neg trt1_sdw_pos trt1_sdw_neg dltt at age emp xad xrd year, ///
replace save(tables-and-figures/descriptive-statistics/summary-statistics.doc)
/// PANEL STATISTICS
xtsum revt_usd revt_usd_ihs dltt at age emp xad xrd year
***===============================***
* *
* TREATMENT VARIABLE DESCRIPTIVES *
* *
***===============================***
/// DESCRIPTIVE STATISTICS
*** Treatment variables
foreach var of varlist trt3_sdw_pos trt3_sdw_neg trt2_sdw_pos trt2_sdw_neg ///
trt1_sdw_pos trt1_sdw_neg {
display ""
display ""
display "`var'"
tab `var'
}
foreach var of varlist trt3_sdw_pos trt3_sdw_neg trt2_sdw_pos trt2_sdw_neg ///
trt1_sdw_pos trt1_sdw_neg {
tab year `var'
}
/// YEARS WITH OBSERVATIONS ON ALL NEEDED VARIABLES
capt n drop ps2*
capt n drop markrevt
mark markrevt
markout markrevt revt trt3_sdw_pos dltt at age emp tobinq
tab year trt3_sdw_neg if markrevt==1
/*
| Treatment = 1 if
| year-on-year over_rtg
| > 3 std dev of sdw
| and negative
year | 0 1 | Total
-----------+----------------------+----------
2009 | 745 21 | 766
2010 | 1,209 13 | 1,222
2011 | 1,579 1 | 1,580
2012 | 2,093 3 | 2,096
2013 | 2,348 0 | 2,348
2014 | 2,610 0 | 2,610
2015 | 2,707 1 | 2,708
2016 | 2,880 0 | 2,880
-----------+----------------------+----------
Total | 16,171 39 | 16,210
*/
capt n drop markrevt_usd
mark markrevt_usd
markout markrevt_usd revt_usd trt3_sdw_pos dltt at age emp tobinq
tab year trt3_sdw_neg if markrevt_usd==1
/*
| Treatment = 1 if
| year-on-year over_rtg
| > 3 std dev of sdw
| and negative
year | 0 1 | Total
-----------+----------------------+----------
2009 | 745 21 | 766
2010 | 1,209 13 | 1,222
2011 | 1,579 1 | 1,580
2012 | 2,093 3 | 2,096
2013 | 2,348 0 | 2,348
2014 | 2,610 0 | 2,610
2015 | 2,707 1 | 2,708
2016 | 2,880 0 | 2,880
-----------+----------------------+----------
Total | 16,171 39 | 16,210
*/
***===========================***
* *
* PROPENSITY SCORE MATCHING *
* ALL YEARS COMBINED *
* DV: Same year revt *
***===========================***
/* Propensity model: treatment = f(dltt at age emp tobinq) */
/// 3 STANDARD DEVIATION
*** Positive
capt n erase tables-and-figures\psm\psm_trt3p.txt
capt n erase tables-and-figures\psm\psm_trt3p.xml
forvalues neighbors = 1/10 {
teffects psmatch (revt_usd) (trt3_sdw_pos dltt at age emp), ///
nneighbor(`neighbors')
outreg2 using "tables-and-figures\psm\psm_trt3p", stats(coef se pval) ///
alpha(0.001, 0.01, 0.05) excel word
est sto psm_trt3p_`neighbors'
}
* Treated firms
teffects psmatch (revt_usd) (trt3_sdw_pos dltt at age emp), first
gen sample_trt3_p = (e(sample)==1)
tab sample_trt3_p trt3_sdw_pos
* Plotting
coefplot psm_trt3p_1 psm_trt3p_2 psm_trt3p_3 psm_trt3p_4 ///
psm_trt3p_5 psm_trt3p_6 psm_trt3p_7 psm_trt3p_8 ///
psm_trt3p_9 psm_trt3p_10, ///
coeflabels(r1vs0.trt3_sdw_pos = "ATE") ///
xline(0) ///
xlabel(-15000(5000)15000) ///
name(psm_trt3_sdw_pos, replace)
*** Negative
* Estimation
capt n erase tables-and-figures\psm\psm_trt3n.txt
capt n erase tables-and-figures\psm\psm_trt3n.xml
forvalues neighbors = 1/10 {
qui capt n teffects psmatch (revt_usd) (trt3_sdw_neg dltt at age emp), ///
nneighbor(`neighbors')
outreg2 using "tables-and-figures\psm\psm_trt3n", stats(coef se pval) alpha(0.001, 0.01, 0.05) excel
est sto psm_trt3n_`neighbors'
}
* Treated firms
teffects psmatch (revt_usd) (trt3_sdw_neg dltt at age emp), first
gen sample_trt3_n = (e(sample)==1)
tab sample_trt3_n trt3_sdw_neg
* Plotting
coefplot psm_trt3n_1 psm_trt3n_2 psm_trt3n_3 psm_trt3n_4 ///
psm_trt3n_5 psm_trt3n_6 psm_trt3n_7 psm_trt3n_8 ///
psm_trt3n_9 psm_trt3n_10, ///
coeflabels(r1vs0.trt3_sdw_neg = "ATE") ///
xline(0) ///
xlabel(-15000(5000)15000) ///
ti("Negative 3 Standard Deviation Change in Overall Rating") ///
name(psm_trt3_sdw_neg, replace)
/// 2 STANDARD DEVIATIONS
*** Positive
capt n erase tables-and-figures\psm\psm_trt2p.txt
capt n erase tables-and-figures\psm\psm_trt2p.xml
forvalues neighbors = 1/10 {
capt n teffects psmatch (revt_usd) (trt2_sdw_pos dltt at age emp), ///
nneighbor(`neighbors')
outreg2 using "tables-and-figures\psm\psm_trt2p", stats(coef se pval) ///
alpha(0.001, 0.01, 0.05) excel word
est sto neighbors_`neighbors'
}
* Treated firms
teffects psmatch (revt_usd) (trt2_sdw_pos dltt at age emp), first
capt n drop sample_trt2_p
gen sample_trt2_p = (e(sample)==1)
tab sample_trt2_p trt2_sdw_pos
* Plotting
coefplot neighbors_1 neighbors_2 neighbors_3 neighbors_4 ///
neighbors_5 neighbors_6 neighbors_7 neighbors_8 ///
neighbors_9 neighbors_10, ///
coeflabels(r1vs0.trt2_sdw_pos = "ATE") ///
xline(0) ///
xlabel(-15000(5000)15000) ///
ti("Positive 2 Standard Deviation Change in Overall Rating") ///
name(psm_trt2_sdw_pos, replace)
*** Negative
capt n erase tables-and-figures\psm\psm_trt2n.txt
capt n erase tables-and-figures\psm\psm_trt2n.xml
forvalues neighbors = 1/10 {
capt n teffects psmatch (revt_usd) (trt2_sdw_neg dltt at age emp), ///
nneighbor(`neighbors')
outreg2 using "tables-and-figures\psm\psm_trt2n", stats(coef se pval) ///
alpha(0.001, 0.01, 0.05) excel word
est sto neighbors_`neighbors'
}
* Treated firms
teffects psmatch (revt_usd) (trt2_sdw_neg dltt at age emp), first
gen sample_trt2_n = (e(sample)==1)
tab sample_trt2_n trt2_sdw_neg
* Plotting
coefplot neighbors_1 neighbors_2 neighbors_3 neighbors_4 ///
neighbors_5 neighbors_6 neighbors_7 neighbors_8 ///
neighbors_9 neighbors_10, ///
coeflabels(r1vs0.trt2_sdw_neg = "ATE") ///
xline(0) ///
xlabel(-15000(5000)15000) ///
ti("Negative 2 Standard Deviation Change in Overall Rating") ///
name(psm_trt2_sdw_neg, replace)
/// 1 STANDARD DEVIATION
*** Positive
capt n erase tables-and-figures\psm\psm_trt1p.txt
capt n erase tables-and-figures\psm\psm_trt1p.xml
forvalues neighbors = 1/10 {
capt n teffects psmatch (revt_usd) (trt1_sdw_pos dltt at age emp), ///
nneighbor(`neighbors')
outreg2 using "tables-and-figures\psm\psm_trt1p", stats(coef se pval) ///
alpha(0.001, 0.01, 0.05) excel word
est sto neighbors_`neighbors'
}
* Treated firms
teffects psmatch (revt_usd) (trt1_sdw_pos dltt at age emp i.year), first
gen sample_trt1_p = (e(sample)==1)
tab sample_trt1_p trt1_sdw_pos
* Plotting
coefplot neighbors_1 neighbors_2 neighbors_3 neighbors_4 ///
neighbors_5 neighbors_6 neighbors_7 neighbors_8 ///
neighbors_9 neighbors_10, ///
coeflabels(r1vs0.trt1_sdw_pos = "ATE") ///
xline(0) ///
xlabel(-15000(5000)15000) ///
ti("Positive 1 Standard Deviation Change in Overall Rating") ///
name(psm_trt1_sdw_pos, replace)
*** Negative
capt n erase tables-and-figures\psm\psm_trt1n.txt
capt n erase tables-and-figures\psm\psm_trt1n.xml
forvalues neighbors = 1/10 {
capt n teffects psmatch (revt_usd) (trt1_sdw_neg dltt at age emp), ///
first nneighbor(`neighbors')
outreg2 using "tables-and-figures\psm\psm_trt1n", stats(coef se pval) ///
alpha(0.001, 0.01, 0.05) excel word
est sto neighbors_`neighbors'
}
* Treated firms
teffects psmatch (revt_usd) (trt1_sdw_neg dltt at age emp), first
gen sample_trt1_n = (e(sample)==1)
tab sample_trt1_n trt1_sdw_neg
* Plotting
coefplot neighbors_1 neighbors_2 neighbors_3 neighbors_4 ///
neighbors_5 neighbors_6 neighbors_7 neighbors_8 ///
neighbors_9 neighbors_10, ///
coeflabels(r1vs0.trt1_sdw_neg = "ATE") ///
xline(0) ///
xlabel(-15000(5000)15000) ///
ti("Negative 1 Standard Deviation Change in Overall Rating") ///
name(psm_trt1_sdw_neg, replace)
/// GENERATE FIRST-STAGE RESULTS
capt n erase "tables-and-figures\psm\first-stage.txt"
capt n erase "tables-and-figures\psm\first-stage.xml"
capt n erase "tables-and-figures\psm\first-stage.rtf"
foreach variable in trt3_sdw_pos trt3_sdw_neg trt2_sdw_pos trt2_sdw_neg ///
trt1_sdw_pos trt1_sdw_neg {
logistic `variable' dltt at age emp
outreg2 using "tables-and-figures\psm\first-stage", stats(coef se pval) ///
alpha(0.001, 0.01, 0.05) excel word drop(`variable') bdec(3) sdec(3)
}
/// COMBINED COEFFICIENT PLOTS
graph combine psm_trt3_sdw_pos psm_trt2_sdw_pos psm_trt1_sdw_pos ///
psm_trt3_sdw_neg psm_trt2_sdw_neg psm_trt1_sdw_neg, ///
r(2) c(3) xcommon altshrink
***===========================***
* *
* PROPENSITY SCORE MATCHING *
* ALL YEARS COMBINED *
* DV: Next year revt *
***===========================***
/* Propensity model: treatment = f(dltt at age emp tobinq) */
/// 3 STANDARD DEVIATION
*** Positive
capt n erase tables-and-figures\psm\psm_trt3p-next-year.txt
capt n erase tables-and-figures\psm\psm_trt3p-next-year.xml
forvalues neighbors = 1/10 {
teffects psmatch (Frevt_usd) (trt3_sdw_pos dltt at age emp), ///
nneighbor(`neighbors')
outreg2 using "tables-and-figures\psm\psm_trt3p-next-year", stats(coef se pval) ///
alpha(0.001, 0.01, 0.05) excel word
est sto psm_trt3p_`neighbors'
}
* Treated firms
teffects psmatch (Frevt_usd) (trt3_sdw_pos dltt at age emp), first
capt n drop sample_trt3_p
gen sample_trt3_p = (e(sample)==1)
tab sample_trt3_p trt3_sdw_pos
* Plotting
coefplot psm_trt3p_1 psm_trt3p_2 psm_trt3p_3 psm_trt3p_4 ///
psm_trt3p_5 psm_trt3p_6 psm_trt3p_7 psm_trt3p_8 ///
psm_trt3p_9 psm_trt3p_10, ///
coeflabels(r1vs0.trt3_sdw_pos = "ATE") ///
xline(0) ///
xlabel(-15000(5000)15000) ///
name(psm_trt3_sdw_pos, replace)
*** Negative
* Estimation
capt n erase tables-and-figures\psm\psm_trt3n-next-year.txt
capt n erase tables-and-figures\psm\psm_trt3n-next-year.xml
forvalues neighbors = 1/10 {
capt n teffects psmatch (Frevt_usd) (trt3_sdw_neg dltt at age emp), ///
nneighbor(`neighbors') osample(ps`neighbors')
capt n teffects psmatch (Frevt_usd) (trt3_sdw_neg dltt at age emp) ///
if ps`neighbors'==0, ///
nneighbor(`neighbors')
outreg2 using "tables-and-figures\psm\psm_trt3n-next-year", ///
stats(coef se pval) alpha(0.001, 0.01, 0.05) excel word
est sto psm_trt3n_`neighbors'
}
* Treated firms
capt n drop ps
capt n teffects psmatch (Frevt_usd) (trt3_sdw_neg dltt at age emp), ///
osample(ps) first
teffects psmatch (Frevt_usd) (trt3_sdw_neg dltt at age emp) ///
if ps==0, first
capt n drop sample_trt3_n
gen sample_trt3_n = (e(sample)==1)
tab sample_trt3_n trt3_sdw_neg
* Plotting
coefplot psm_trt3n_1 psm_trt3n_2 psm_trt3n_3 psm_trt3n_4 ///
psm_trt3n_5 psm_trt3n_6 psm_trt3n_7 psm_trt3n_8 ///
psm_trt3n_9 psm_trt3n_10, ///
coeflabels(r1vs0.trt3_sdw_neg = "ATE") ///
xline(0) ///
xlabel(-15000(5000)15000) ///
ti("Negative 3 Standard Deviation Change in Overall Rating") ///
name(psm_trt3_sdw_neg, replace)
/// 2 STANDARD DEVIATIONS
*** Positive
capt n erase tables-and-figures\psm\psm_trt2p-next-year.txt
capt n erase tables-and-figures\psm\psm_trt2p-next-year.xml
forvalues neighbors = 1/10 {
capt n teffects psmatch (Frevt_usd) (trt2_sdw_pos dltt at age emp), ///
nneighbor(`neighbors')
outreg2 using "tables-and-figures\psm\psm_trt2p-next-year", stats(coef se pval) ///
alpha(0.001, 0.01, 0.05) excel word
est sto neighbors_`neighbors'
}
* Treated firms
teffects psmatch (Frevt_usd) (trt2_sdw_pos dltt at age emp), first
capt n drop sample_trt2_p
gen sample_trt2_p = (e(sample)==1)
tab sample_trt2_p trt2_sdw_pos
* Plotting
coefplot neighbors_1 neighbors_2 neighbors_3 neighbors_4 ///
neighbors_5 neighbors_6 neighbors_7 neighbors_8 ///
neighbors_9 neighbors_10, ///
coeflabels(r1vs0.trt2_sdw_pos = "ATE") ///
xline(0) ///
xlabel(-15000(5000)15000) ///
ti("Positive 2 Standard Deviation Change in Overall Rating") ///
name(psm_trt2_sdw_pos, replace)
*** Negative
capt n erase tables-and-figures\psm\psm_trt2n-next-year.txt
capt n erase tables-and-figures\psm\psm_trt2n-next-year.xml
forvalues neighbors = 1/10 {
capt n teffects psmatch (Frevt_usd) (trt2_sdw_neg dltt at age emp), ///
nneighbor(`neighbors')
outreg2 using "tables-and-figures\psm\psm_trt2n-next-year", stats(coef se pval) ///
alpha(0.001, 0.01, 0.05) excel word
est sto neighbors_`neighbors'
}
* Treated firms
teffects psmatch (Frevt_usd) (trt2_sdw_neg dltt at age emp), first
capt n drop sample_trt2_n
gen sample_trt2_n = (e(sample)==1)
tab sample_trt2_n trt2_sdw_neg
* Plotting
coefplot neighbors_1 neighbors_2 neighbors_3 neighbors_4 ///
neighbors_5 neighbors_6 neighbors_7 neighbors_8 ///
neighbors_9 neighbors_10, ///
coeflabels(r1vs0.trt2_sdw_neg = "ATE") ///
xline(0) ///
xlabel(-15000(5000)15000) ///
ti("Negative 2 Standard Deviation Change in Overall Rating") ///
name(psm_trt2_sdw_neg, replace)
/// 1 STANDARD DEVIATION
*** Positive
capt n erase tables-and-figures\psm\psm_trt1p-next-year.txt
capt n erase tables-and-figures\psm\psm_trt1p-next-year.xml
forvalues neighbors = 1/10 {
capt n teffects psmatch (Frevt_usd) (trt1_sdw_pos dltt at age emp), ///
nneighbor(`neighbors')
outreg2 using "tables-and-figures\psm\psm_trt1p-next-year", stats(coef se pval) ///
alpha(0.001, 0.01, 0.05) excel word
est sto neighbors_`neighbors'
}
* Treated firms
teffects psmatch (Frevt_usd) (trt1_sdw_pos dltt at age emp), first
capt n drop sample_trt1_p
gen sample_trt1_p = (e(sample)==1)
tab sample_trt1_p trt1_sdw_pos
* Plotting
coefplot neighbors_1 neighbors_2 neighbors_3 neighbors_4 ///
neighbors_5 neighbors_6 neighbors_7 neighbors_8 ///
neighbors_9 neighbors_10, ///
coeflabels(r1vs0.trt1_sdw_pos = "ATE") ///
xline(0) ///
xlabel(-15000(5000)15000) ///
ti("Positive 1 Standard Deviation Change in Overall Rating") ///
name(psm_trt1_sdw_pos, replace)
*** Negative
capt n erase tables-and-figures\psm\psm_trt1n-next-year.txt
capt n erase tables-and-figures\psm\psm_trt1n-next-year.xml
forvalues neighbors = 1/10 {
capt n teffects psmatch (Frevt_usd) (trt1_sdw_neg dltt at age emp), ///
first nneighbor(`neighbors')
outreg2 using "tables-and-figures\psm\psm_trt1n-next-year", stats(coef se pval) ///
alpha(0.001, 0.01, 0.05) excel word
est sto neighbors_`neighbors'
}
* Treated firms
teffects psmatch (Frevt_usd) (trt1_sdw_neg dltt at age emp), first
capt n drop sample_trt1_n
gen sample_trt1_n = (e(sample)==1)
tab sample_trt1_n trt1_sdw_neg
* Plotting
coefplot neighbors_1 neighbors_2 neighbors_3 neighbors_4 ///
neighbors_5 neighbors_6 neighbors_7 neighbors_8 ///
neighbors_9 neighbors_10, ///
coeflabels(r1vs0.trt1_sdw_neg = "ATE") ///
xline(0) ///
xlabel(-15000(5000)15000) ///
ti("Negative 1 Standard Deviation Change in Overall Rating") ///
name(psm_trt1_sdw_neg, replace)
/// GENERATE FIRST-STAGE RESULTS
capt n erase "tables-and-figures\psm\first-stage-next-year.txt"
capt n erase "tables-and-figures\psm\first-stage-next-year.xml"
capt n erase "tables-and-figures\psm\first-stage.rtf"
foreach variable in trt3_sdw_pos trt3_sdw_neg trt2_sdw_pos trt2_sdw_neg ///
trt1_sdw_pos trt1_sdw_neg {
logistic `variable' dltt at age emp
outreg2 using "tables-and-figures\psm\first-stage-next-year", stats(coef se pval) ///
alpha(0.001, 0.01, 0.05) excel word drop(`variable') bdec(3) sdec(3)
}
/// COMBINED COEFFICIENT PLOTS
graph combine psm_trt3_sdw_pos psm_trt2_sdw_pos psm_trt1_sdw_pos ///
psm_trt3_sdw_neg psm_trt2_sdw_neg psm_trt1_sdw_neg, ///
r(2) c(3) xcommon altshrink
***===========================***
* *
* PROPENSITY SCORE MATCHING *
* INDIVIDUAL YEARS *
* DV: Revenue Level *
* *
***===========================***
/// 3 STANDARD DEVIATIONS
*** 3 Standard Deviation Positive
* Insufficient number of treatment events for several years
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt3_sdw_pos dltt at age emp) ///
if year == 2009, osample(ps2009)
capt n teffects psmatch (revt_usd) (trt3_sdw_pos dltt at age emp) ///
if year == 2009 & ps2009==0, osample(ps2009_2)
capt n teffects psmatch (revt_usd) (trt3_sdw_pos dltt at age emp) ///
if year == 2009 & ps2009==0 & ps2009_2==0
estimates store ps2009
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt3_sdw_pos dltt at age emp) ///
if year == 2010, osample(ps2010)
capt n teffects psmatch (revt_usd) (trt3_sdw_pos dltt at age emp) ///
if year == 2010 & ps2010==0
estimates store ps2010
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt3_sdw_pos dltt at age emp) ///
if year == 2011, osample(ps2011)
capt n teffects psmatch (revt_usd) (trt3_sdw_pos dltt at age emp) ///
if year == 2010 & ps2011==0
estimates store ps2011
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt3_sdw_pos dltt at age emp) ///
if year == 2012, osample(ps2012)
estimates store ps2012
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt3_sdw_pos dltt at age emp) ///
if year == 2013, osample(ps2013)
estimates store ps2013
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt3_sdw_pos dltt at age emp) ///
if year == 2014, osample(ps2014)
capt n teffects psmatch (revt_usd) (trt3_sdw_pos dltt at age emp) ///
if year == 2014 & ps2014==0, osample(ps2014_2)
capt n teffects psmatch (revt_usd) (trt3_sdw_pos dltt at age emp) ///
if year == 2014 & ps2014==0 & ps2014_2==0
estimates store ps2014
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt3_sdw_pos dltt at age emp) ///
if year == 2015, osample(ps2015)
estimates store ps2015
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt3_sdw_pos dltt at age emp) ///
if year == 2016, osample(ps2016)
capt n teffects psmatch (revt_usd) (trt3_sdw_pos dltt at age emp) ///
if year == 2016 & ps2016==0, osample(ps2016_2)
capt n teffects psmatch (revt_usd) (trt3_sdw_pos dltt at age emp) ///
if year == 2016 & ps2016==0 & ps2016_2==0
estimates store ps2016
estout ps2009 ps2010 ps2011 ps2012 ps2013 ps2014 ps2015 ps2016, ///
cells(b(star fmt(%9.0fc)) se(fmt(%9.0fc)) p(fmt(%9.0g))) ///
keep(r1*) ///
stats(N)
*** 3 Standard Deviation Negative
* Insufficient number of treatment events for several years
est clear
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt3_sdw_neg dltt at age emp tobinq) ///
if year == 2009, osample(ps2009)
capt n teffects psmatch (revt_usd) (trt3_sdw_neg dltt at age emp tobinq) ///
if year == 2009 & ps2009==0, osample(ps2009_2)
estimates store ps2009
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt3_sdw_neg dltt at age emp tobinq) ///
if year == 2010, osample(ps2010)
capt n teffects psmatch (revt_usd) (trt3_sdw_neg dltt at age emp tobinq) ///
if year == 2010 & ps2010==0
estimates store ps2010
/*
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt3_sdw_neg dltt at age emp tobinq) ///
if year == 2011, osample(ps2011)
capt n teffects psmatch (revt_usd) (trt3_sdw_neg dltt at age emp tobinq) ///
if year == 2011 & ps2011==0, osample(ps2011_2)
capt n teffects psmatch (revt_usd) (trt3_sdw_neg dltt at age emp tobinq) ///
if year == 2011 & ps2011==0 & ps2011_2==0
estimates store ps2011
*/
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt3_sdw_neg dltt at age emp tobinq) ///
if year == 2012, osample(ps2012)
capt n teffects psmatch (revt_usd) (trt3_sdw_neg dltt at age emp tobinq) ///
if year == 2012 & ps2012==0, osample(ps2012_2)
estimates store ps2012
/*
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt3_sdw_neg dltt at age emp tobinq) ///
if year == 2013, osample(ps2013)
estimates store ps2013
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt3_sdw_neg dltt at age emp tobinq) ///
if year == 2014, osample(ps2014)
estimates store ps2014
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt3_sdw_neg dltt at age emp tobinq) ///
if year == 2015, osample(ps2015)
capt n teffects psmatch (revt_usd) (trt3_sdw_neg dltt at age emp tobinq) ///
if year == 2015 & ps2015==0, osample(ps2015_2)
capt n teffects psmatch (revt_usd) (trt3_sdw_neg dltt at age emp tobinq) ///
if year == 2015 & ps2015==0 & ps2015_2==0
estimates store ps2015
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt3_sdw_neg dltt at age emp tobinq) ///
if year == 2016, osample(ps2016)
estimates store ps2016
*/
estout ps2009 ps2010 ps2012, ///
cells(b(star fmt(%9.0fc)) se(fmt(%9.0fc)) p(fmt(%9.0g))) ///
stats(N)
/// 2 STANDARD DEVIATIONS
*** 2 Standard Deviation Positive
est clear
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt2_sdw_pos dltt at age emp) ///
if year == 2009
estimates store ps2009
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt2_sdw_pos dltt at age emp) if year == 2010, ///
osample(ps2010)
estimates store ps2010
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt2_sdw_pos dltt at age emp) if year == 2011, ///
osample(ps2011)
estimates store ps2011
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt2_sdw_pos dltt at age emp) if year == 2012, ///
osample(ps2012)
capt n teffects psmatch (revt_usd) (trt2_sdw_pos dltt at age emp) ///
if year == 2012 & ps2012==0
estimates store ps2012
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt2_sdw_pos dltt at age emp) if year == 2013, ///
osample(ps2013)
capt n teffects psmatch (revt_usd) (trt2_sdw_pos dltt at age emp) ///
if year == 2013 & ps2013==0
estimates store ps2013
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt2_sdw_pos dltt at age emp) if year == 2014, ///
osample(ps2014)
capt n teffects psmatch (revt_usd) (trt2_sdw_pos dltt at age emp) ///
if year == 2014 & ps2014==0
estimates store ps2014
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt2_sdw_pos dltt at age emp) if year == 2015, ///
osample(ps2015)
capt n teffects psmatch (revt_usd) (trt2_sdw_pos dltt at age emp) ///
if year == 2015 & ps2015==0
estimates store ps2015
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt2_sdw_pos dltt at age emp) if year == 2016, ///
osample(ps2016)
capt n teffects psmatch (revt_usd) (trt2_sdw_pos dltt at age emp) ///
if year == 2016 & ps2016==0
estimates store ps2016
* Tables
estimates table ps2009 ps2010 ps2011 ps2012 ps2013 ps2014 ps2015 ps2016, ///
b se p ///
stats(N)
estout ps2009 ps2010 ps2011 ps2012 ps2013 ps2014 ps2015 ps2016, ///
cells(b(star fmt(%9.0fc)) se(fmt(%9.0fc)) p(fmt(%9.0g))) ///
keep(r1*) ///
stats(N)
outreg2 [ps2009 ps2010 ps2011 ps2012 ps2013 ps2014 ps2015 ps2016] ///
using "tables-and-figures\psm\each-year-trt2p", stats(coef se pval) ///
alpha(0.001, 0.01, 0.05) replace excel word drop(revt_usd) bdec(0) sdec(0)
* Plot
coefplot ps2009 ps2010 ps2011 ps2012 ps2013 ps2014 ps2015 ps2016, ///
nolabels ///
xline(0)
*** 2 Standard Deviation Negative
est clear
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt2_sdw_neg dltt at age emp) if year == 2009, ///
osample(ps2009)
estimates store ps2009
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt2_sdw_neg dltt at age emp) if year == 2010, ///
osample(ps2010)
capt n teffects psmatch (revt_usd) (trt2_sdw_neg dltt at age emp) ///
if year == 2010 & ps2010==0
estimates store ps2010
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt2_sdw_neg dltt at age emp) if year == 2011, ///
osample(ps2011)
estimates store ps2011
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt2_sdw_neg dltt at age emp) if year == 2012, ///
osample(ps2012)
capt n teffects psmatch (revt_usd) (trt2_sdw_neg dltt at age emp) ///
if year == 2012 & ps2012==0
estimates store ps2012
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt2_sdw_neg dltt at age emp) if year == 2013, ///
osample(ps2013)
capt n teffects psmatch (revt_usd) (trt2_sdw_neg dltt at age emp) ///
if year == 2013 & ps2013==0, osample(ps2013_2)
capt n teffects psmatch (revt_usd) (trt2_sdw_neg dltt at age emp) ///
if year == 2013 & ps2013==0 & ps2013_2==0
estimates store ps2013
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt2_sdw_neg dltt at age emp) if year == 2014, ///
osample(ps2014)
capt n teffects psmatch (revt_usd) (trt2_sdw_neg dltt at age emp) ///
if year == 2014 & ps2014==0
estimates store ps2014
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt2_sdw_neg dltt at age emp) if year == 2015, ///
osample(ps2015)
capt n teffects psmatch (revt_usd) (trt2_sdw_neg dltt at age emp) ///
if year == 2015 & ps2015==0
estimates store ps2015
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt2_sdw_neg dltt at age emp) if year == 2016, ///
osample(ps2016)
capt n teffects psmatch (revt_usd) (trt2_sdw_neg dltt at age emp) ///
if year == 2016 & ps2016 == 0
estimates store ps2016
* Tables
estimates table ps2009 ps2010 ps2011 ps2012 ps2013 ps2014 ps2015 ps2016, ///
b se p ///
stats(N)
estout ps2009 ps2010 ps2011 ps2012 ps2013 ps2014 ps2015 ps2016, ///
cells(b(star fmt(%9.0fc)) se(fmt(%9.0fc)) p(fmt(%9.0g))) ///
keep(r1*) ///
stats(N)
outreg2 [ps2009 ps2010 ps2011 ps2012 ps2013 ps2014 ps2015 ps2016] ///
using "tables-and-figures\psm\each-year-trt2n", stats(coef se pval) ///
alpha(0.001, 0.01, 0.05) replace excel word drop(revt_usd) bdec(0) sdec(0)
* Plot
coefplot ps2009 ps2010 ps2011 ps2012 ps2013 ps2014 ps2015 ps2016, ///
nolabels ///
xline(0)
/// 1 STANDARD DEVIATION
*** 1 Standard Deviation Positive
est clear
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt1_sdw_pos dltt at age emp tobinq) ///
if year == 2009
estimates store ps2009
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt1_sdw_pos dltt at age emp tobinq) if year == 2010, ///
osample(ps2010)
estimates store ps2010
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt1_sdw_pos dltt at age emp tobinq) if year == 2011, ///
osample(ps2011)
capt n teffects psmatch (revt_usd) (trt1_sdw_pos dltt at age emp tobinq) ///
if year == 2011 & ps2011==0
estimates store ps2011
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt1_sdw_pos dltt at age emp tobinq) if year == 2012, ///
osample(ps2012)
capt n teffects psmatch (revt_usd) (trt1_sdw_pos dltt at age emp tobinq) ///
if year == 2012 & ps2012==0
estimates store ps2012
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt1_sdw_pos dltt at age emp tobinq) if year == 2013, ///
osample(ps2013)
capt n teffects psmatch (revt_usd) (trt1_sdw_pos dltt at age emp tobinq) ///
if year == 2013 & ps2013==0
estimates store ps2013
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt1_sdw_pos dltt at age emp tobinq) if year == 2014, ///
osample(ps2014)
capt n teffects psmatch (revt_usd) (trt1_sdw_pos dltt at age emp tobinq) ///
if year == 2014 & ps2014==0
estimates store ps2014
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt1_sdw_pos dltt at age emp tobinq) if year == 2015, ///
osample(ps2015)
capt n teffects psmatch (revt_usd) (trt1_sdw_pos dltt at age emp tobinq) ///
if year == 2015 & ps2015==0
estimates store ps2015
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt1_sdw_pos dltt at age emp tobinq) if year == 2016, ///
osample(ps2016)
capt n teffects psmatch (revt_usd) (trt1_sdw_pos dltt at age emp tobinq) ///
if year == 2016 & ps2016==0
estimates store ps2016
* Tables
estimates table ps2009 ps2010 ps2011 ps2012 ps2013 ps2014 ps2015 ps2016, ///
b se p ///
stats(N)
estout ps2009 ps2010 ps2011 ps2012 ps2013 ps2014 ps2015 ps2016, ///
cells(b(star fmt(%9.0fc)) se(fmt(%9.0fc)) p(fmt(%9.0g))) ///
keep(r1*) ///
stats(N)
outreg2 [ps2009 ps2010 ps2011 ps2012 ps2013 ps2014 ps2015 ps2016] ///
using "tables-and-figures\psm\each-year-trt1p", stats(coef se pval) ///
alpha(0.001, 0.01, 0.05) replace excel word drop(revt_usd) bdec(0) sdec(0)
* Plot
coefplot ps2009 ps2010 ps2011 ps2012 ps2013 ps2014 ps2015 ps2016, ///
nolabels ///
xline(0)
*** 1 Standard Deviation Negative
est clear
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt1_sdw_neg dltt at age emp tobinq) if year == 2009, ///
osample(ps2009)
estimates store ps2009
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt1_sdw_neg dltt at age emp tobinq) if year == 2010, ///
osample(ps2010)
capt n teffects psmatch (revt_usd) (trt1_sdw_neg dltt at age emp tobinq) ///
if year == 2010 & ps2010==0
estimates store ps2010
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt1_sdw_neg dltt at age emp tobinq) if year == 2011, ///
osample(ps2011)
capt n teffects psmatch (revt_usd) (trt1_sdw_neg dltt at age emp tobinq) ///
if year == 2011 & ps2011==0
estimates store ps2011
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt1_sdw_neg dltt at age emp tobinq) if year == 2012, ///
osample(ps2012)
estimates store ps2012
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt1_sdw_neg dltt at age emp tobinq) if year == 2013, ///
osample(ps2013)
capt n teffects psmatch (revt_usd) (trt1_sdw_neg dltt at age emp tobinq) ///
if year == 2013 & ps2013==0, osample(ps2013_2)
estimates store ps2013
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt1_sdw_neg dltt at age emp tobinq) if year == 2014, ///
osample(ps2014)
capt n teffects psmatch (revt_usd) (trt1_sdw_neg dltt at age emp tobinq) ///
if year == 2014 & ps2014==0
estimates store ps2014
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt1_sdw_neg dltt at age emp tobinq) if year == 2015, ///
osample(ps2015)
capt n teffects psmatch (revt_usd) (trt1_sdw_neg dltt at age emp tobinq) ///
if year == 2015 & ps2015==0
estimates store ps2015
capt n drop ps2*
capt n teffects psmatch (revt_usd) (trt1_sdw_neg dltt at age emp tobinq) if year == 2016, ///
osample(ps2016)
capt n teffects psmatch (revt_usd) (trt1_sdw_neg dltt at age emp tobinq) ///
if year == 2016 & ps2016 == 0
estimates store ps2016
* Tables
estimates table ps2009 ps2010 ps2011 ps2012 ps2013 ps2014 ps2015 ps2016, ///
b se p ///
stats(N)
estout ps2009 ps2010 ps2011 ps2012 ps2013 ps2014 ps2015 ps2016, ///
cells(b(star fmt(%9.0fc)) se(fmt(%9.0fc)) p(fmt(%9.0g))) ///
keep(r1*) ///