------------------------------------------------------------------------------------------------- log: C:\Documents and Settings\asufi\My Documents\Work\control\public\NINISMITHSUFI_JFE_C > ONTROL_20080611.log log type: text opened on: 13 Jun 2008, 11:07:03 . *********************************************************** > *INTRODUCTORY NOTE > * > *THIS LOG FILE CONTAINS RESULTS PRESENTED IN OUR CAPITAL EXPENDITURE > *RESTRICTION PAPER IN THE JOURNAL OF FINANCIAL ECONOMICS. THE DATA SET > *THAT IS AVAILABLE ON OUR WEBSITES CONTAINS ONLY THE DATA COLLECTED FROM > *THE CONTRACTS THAT WE COLLECTED. THESE DATA CAN BE MERGED WITH COMPUSTAT > *GIVEN THE GVKEY-YEAR VARIABLES, AND WITH DEALSCAN GIVEN THE DEALSCAN PARENT > *NAME-DATE VARIABLES. > * > *IN ADDITION, WE HAVE ALSO MADE AVAILABLE A ZIP FILE (PUBLICCONTRACTS.ZIP) > *THAT INCLUDES THE 3,720 CONTRACTS THAT WE USED TO COLLECT FINANCIAL COVENANT > *AND CAPEX RESTRICTION DATA. THE FILENAME FOR EACH CONTRACT IS IN THE > *DATA SET UNDER THE VARIABLE "CONTRACT," SO EVERY CONTRACT CAN BE LINKED > *TO THE RELEVANT OBSERVATION. SOME OF THESE CONTRACTS ARE SLIGHTLY HARD TO > *READ BECAUSE THEY WERE ORIGINALLY PUT IN SEC FILINGS IN HTML FORMAT AND WE > *HAD TO CONVERT THEM TO TEXT. > * > *PLEASE READ THE DATA SECTION OF THE JFE PAPER FOR A MORE FULL > *DESCRIPTION OF HOW THE DATA WERE COLLECTED AND HOW THE COMPUSTAT > *AND DEALSCAN VARIABLES WERE DEFINED. > * > * > *--NINI, SMITH, SUFI, 6/11/2008 > * > ***********************************************************; . *A. MERGE FILES TOGETHER; . *CONTRACT DATA, AVAILABLE ON OUR WEBSITES; . use "$datapath\NINISMITHSUFI_JFE_CONTROL_DATA_20080611", clear; . desc; Contains data from C:\Documents and Settings\asufi\My Documents\Work\control\publicdata\NINISMITH > SUFI_JFE_CONTROL_DATA_20080611.dta obs: 3,720 vars: 49 13 Jun 2008 11:07 size: 1,354,080 (99.8% of memory free) ------------------------------------------------------------------------------- storage display value variable name type format label variable label ------------------------------------------------------------------------------- date int %d DATE OF CONTRACT year float %9.0g YEAR OF CONTRACT quarter float %9.0g QUARTER OF CONTRACT nameDS str72 %72s COMPANY NAME--DEALSCAN gvkey long %12.0g COMPUSTAT FIRM IDENTIFIER nameSEC str52 %52s COMPANY NAME--SEC FILING contract str33 %33s CONTRACT FILE NAME quarterl1 float %9.0g QUARTER BEFORE CONTRACT nameCS str28 %28s COMPANY NAME--COMPUSTAT capexrest byte %8.0g DEAL CONTAINS CAPEX RESTRICTION violyearl1 float %9.0g VIOLATED FINANCIAL COVENANT IN LAST YEAR d_cr float %9.0g CURRENT RATIO COVENANT d_dsc float %9.0g DEBT SERVICE COVERAGE RATIO COVENANT d_dc float %9.0g DEBT TO CAPITALIZATION COVENANT d_dcf float %9.0g DEBT TO CASH FLOW COVENANT d_dnw float %9.0g DEBT TO NET WORTH COVENANT d_cf float %9.0g CASH FLOW/EARNINGS BASED COVENANT d_fcc float %9.0g FIXED CHARGE COVERAGE RATIO COVENANT d_ic float %9.0g INTEREST COVERAGE RATIO COVENANT d_nw float %9.0g NET WORTH COVENANT d_obs float %9.0g OTHER BALANCE SHEET COVENANT d_oc float %9.0g OTHER COVERAGE COVENANT d_ol float %9.0g OTHER LIQUIDITY COVENANT d_qr float %9.0g QUICK RATIO COVENANT d_sdcf float %9.0g SENIOR DEBT TO CASH FLOW COVENANT d_se float %9.0g STOCKHOLDER'S EQUITY COVENANT d_tnw float %9.0g TANGIBILE NET WORTH COVENANT d_wc float %9.0g WORKING CAPITAL COVENANT covnum float %9.0g NUMBER OF COVENANTS ON DEAL d_cover float %9.0g ANY COVERAGE COVENANT d_adcf float %9.0g ANY DEBT TO CASH FLOW COVENANT d_liq float %9.0g ANY LIQUIDITY COVENANT d_dbs float %9.0g DEBT TO BALANCE SHEET COVENANT d_anw float %9.0g ANY NET WORTH COVENANT capexrestsw float %9.0g DEAL CONTAINS NEW CAPEX RESTRICTION capexrestns float %9.0g DEAL CONTAINS CAPEX RESTRICTION NOT NEW d_coversw float %9.0g ANY COVERAGE COVENANT--NEW d_coverns float %9.0g ANY COVERAGE COVENANT--NOT NEW d_adcfsw float %9.0g ANY DEBT TO CASH FLOW COVENANT--NEW d_adcfns float %9.0g DEBT TO CASH FLOW COVENANT--NOT NEW d_anwsw float %9.0g ANY NET WORTH COVENANT--NEW d_anwns float %9.0g ANY NET WORTH COVENANT--NOT NEW d_liqsw float %9.0g ANY LIQUIDITY COVENANT--NEW d_liqns float %9.0g ANY LIQUIDITY COVENANT--NOT NEW d_cfsw float %9.0g CASH FLOW/EARNINGS BASED COVENANT--NEW d_cfns float %9.0g CASH FLOW/EARNINGS BASED COVENANT--NOT NEW total float %9.0g totalrated float %9.0g capexrest_f float %9.0g FIRM HAS CAPEX RESTRICTION AT SOME POINT IN SAMPLE ------------------------------------------------------------------------------- Sorted by: gvkey quarter . sum; Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- date | 3720 15115.55 990.1225 13423 16800 year | 3720 2000.843 2.711899 1996 2005 quarter | 3720 20011.06 27.08528 19964 20054 nameDS | 0 gvkey | 3720 30923.92 35550.74 1004 266163 -------------+-------------------------------------------------------- nameSEC | 0 contract | 0 quarterl1 | 3720 20008.83 27.28732 19963 20053 nameCS | 0 capexrest | 3720 .3185484 .4659761 0 1 -------------+-------------------------------------------------------- violyearl1 | 3720 .0626344 .2423368 0 1 d_cr | 3603 .0793783 .2703658 0 1 d_dsc | 3603 .0449625 .2072506 0 1 d_dc | 3603 .1984457 .3988849 0 1 d_dcf | 3603 .5614765 .4962751 0 1 -------------+-------------------------------------------------------- d_dnw | 3603 .0688315 .2532026 0 1 d_cf | 3603 .1268387 .3328384 0 1 d_fcc | 3603 .3813489 .4857854 0 1 d_ic | 3603 .3796836 .4853755 0 1 d_nw | 3603 .2561754 .4365804 0 1 -------------+-------------------------------------------------------- d_obs | 3603 .0341382 .1816093 0 1 d_oc | 3603 .038579 .192616 0 1 d_ol | 3603 .035526 .1851307 0 1 d_qr | 3603 .0244241 .1543832 0 1 d_sdcf | 3603 .0857619 .280051 0 1 -------------+-------------------------------------------------------- d_se | 3603 .0077713 .087824 0 1 d_tnw | 3603 .1901193 .3924496 0 1 d_wc | 3603 .0149875 .1215195 0 1 covnum | 3603 2.570358 1.234444 0 10 d_cover | 3603 .7427144 .4371988 0 1 -------------+-------------------------------------------------------- d_adcf | 3603 .5745212 .494484 0 1 d_liq | 3603 .1468221 .3539776 0 1 d_dbs | 3603 .2919789 .4547358 0 1 d_anw | 3603 .4524008 .4977982 0 1 capexrestsw | 3720 .0456989 .2088594 0 1 -------------+-------------------------------------------------------- capexrestns | 3720 .2728495 .445484 0 1 d_coversw | 3720 .0344086 .1823008 0 1 d_coverns | 3720 .6849462 .4645997 0 1 d_adcfsw | 3720 .044086 .2053138 0 1 d_adcfns | 3720 .5123656 .4999143 0 1 -------------+-------------------------------------------------------- d_anwsw | 3720 .0260753 .1593806 0 1 d_anwns | 3720 .4120968 .4922785 0 1 d_liqsw | 3720 .0158602 .1249515 0 1 d_liqns | 3720 .1263441 .3322814 0 1 d_cfsw | 3720 .027957 .1648718 0 1 -------------+-------------------------------------------------------- d_cfns | 3720 .0948925 .2931058 0 1 total | 3720 2.746237 1.743458 1 13 totalrated | 3720 1.629839 2.065822 0 13 capexrest_f | 3720 .4311828 .4953081 0 1 . *1. MERGE ON COMPUSTAT DATA BY GVKEY-LAGGED QUARTER; . sort gvkey quarterl1; . merge gvkey quarterl1 using "$datapath\NINISMITHSUFI_JFE_CONTROL_COMPUSTAT_20080611"; variables gvkey quarterl1 do not uniquely identify observations in the master data . tab _merge; _merge | Freq. Percent Cum. ------------+----------------------------------- 3 | 3,720 100.00 100.00 ------------+----------------------------------- Total | 3,720 100.00 . drop _merge; . *2. MERGE ON DEALSCAN/COVENANT VIOLATION DATA BY DEALSCAN PARENT NAME-DATE; . sort nameDS date; . merge nameDS date using "$datapath\NINISMITHSUFI_JFE_CONTROL_DEALSCAN_20080611"; . tab _merge; _merge | Freq. Percent Cum. ------------+----------------------------------- 3 | 3,720 100.00 100.00 ------------+----------------------------------- Total | 3,720 100.00 . drop _merge; . *B. DESCRIPTION AND SUMMARY STATISTICS FOR ALL VARIABLES IN ANALYSIS; . desc; Contains data from C:\Documents and Settings\asufi\My Documents\Work\control\publicdata\NINISMITH > SUFI_JFE_CONTROL_DATA_20080611.dta obs: 3,720 vars: 110 13 Jun 2008 11:07 size: 2,235,720 (99.6% of memory free) ------------------------------------------------------------------------------- storage display value variable name type format label variable label ------------------------------------------------------------------------------- date int %d DATE OF CONTRACT year float %9.0g YEAR OF CONTRACT quarter float %9.0g QUARTER OF CONTRACT nameDS str72 %72s COMPANY NAME--DEALSCAN gvkey long %12.0g COMPUSTAT FIRM IDENTIFIER nameSEC str52 %52s COMPANY NAME--SEC FILING contract str33 %33s CONTRACT FILE NAME quarterl1 float %9.0g QUARTER BEFORE CONTRACT nameCS str28 %28s COMPANY NAME--COMPUSTAT capexrest byte %8.0g DEAL CONTAINS CAPEX RESTRICTION violyearl1 float %9.0g VIOLATED FINANCIAL COVENANT IN LAST YEAR d_cr float %9.0g CURRENT RATIO COVENANT d_dsc float %9.0g DEBT SERVICE COVERAGE RATIO COVENANT d_dc float %9.0g DEBT TO CAPITALIZATION COVENANT d_dcf float %9.0g DEBT TO CASH FLOW COVENANT d_dnw float %9.0g DEBT TO NET WORTH COVENANT d_cf float %9.0g CASH FLOW/EARNINGS BASED COVENANT d_fcc float %9.0g FIXED CHARGE COVERAGE RATIO COVENANT d_ic float %9.0g INTEREST COVERAGE RATIO COVENANT d_nw float %9.0g NET WORTH COVENANT d_obs float %9.0g OTHER BALANCE SHEET COVENANT d_oc float %9.0g OTHER COVERAGE COVENANT d_ol float %9.0g OTHER LIQUIDITY COVENANT d_qr float %9.0g QUICK RATIO COVENANT d_sdcf float %9.0g SENIOR DEBT TO CASH FLOW COVENANT d_se float %9.0g STOCKHOLDER'S EQUITY COVENANT d_tnw float %9.0g TANGIBILE NET WORTH COVENANT d_wc float %9.0g WORKING CAPITAL COVENANT covnum float %9.0g NUMBER OF COVENANTS ON DEAL d_cover float %9.0g ANY COVERAGE COVENANT d_adcf float %9.0g ANY DEBT TO CASH FLOW COVENANT d_liq float %9.0g ANY LIQUIDITY COVENANT d_dbs float %9.0g DEBT TO BALANCE SHEET COVENANT d_anw float %9.0g ANY NET WORTH COVENANT capexrestsw float %9.0g DEAL CONTAINS NEW CAPEX RESTRICTION capexrestns float %9.0g DEAL CONTAINS CAPEX RESTRICTION NOT NEW d_coversw float %9.0g ANY COVERAGE COVENANT--NEW d_coverns float %9.0g ANY COVERAGE COVENANT--NOT NEW d_adcfsw float %9.0g ANY DEBT TO CASH FLOW COVENANT--NEW d_adcfns float %9.0g DEBT TO CASH FLOW COVENANT--NOT NEW d_anwsw float %9.0g ANY NET WORTH COVENANT--NEW d_anwns float %9.0g ANY NET WORTH COVENANT--NOT NEW d_liqsw float %9.0g ANY LIQUIDITY COVENANT--NEW d_liqns float %9.0g ANY LIQUIDITY COVENANT--NOT NEW d_cfsw float %9.0g CASH FLOW/EARNINGS BASED COVENANT--NEW d_cfns float %9.0g CASH FLOW/EARNINGS BASED COVENANT--NOT NEW total float %9.0g totalrated float %9.0g capexrest_f float %9.0g FIRM HAS CAPEX RESTRICTION AT SOME POINT IN SAMPLE assan float %9.0g TOTAL ASSETS, LAGGED 4 QUARTER AVERAGE mban float %9.0g MARKET TO BOOK RATIO, LAGGED 4 QUARTER AVERAGE bdan float %9.0g BOOK DEBT/ASSETS, LAGGED 4 QUARTER AVERAGE lassan float %9.0g LN(TOTAL ASSETS), LAGGED 4 QUARTER AVERAGE ebitdaan float %9.0g EBITDA/ASSETS, LAGGED 4 QUARTER AVERAGE debtcf float %9.0g DEBT TO CASH FLOW (4 lagged quarters) RATIO ebitdaanneg byte %9.0g CASH FLOW NEGATIVE FOR LAST FOUR QUARTERS d_rating byte %9.0g HAS CREDIT RATING asscat float %9.0g ASSETS CATEGORY sicss float %9.0g BROAD INDUSTRY CODE junk float %9.0g HAS SPECULATIVE GRADE CREDIT RATING rd1 float %9.0g RATED AAA OR AA rd2 float %9.0g RATED A rd3 float %9.0g RATED BBB rd4 float %9.0g RATED BB rd5 float %9.0g RATED B rd6 float %9.0g RATED CCC OR WORSE ratingb float %9.0g credit rating, 1=AAA & AA, 2=A, 3=BBB, etc ymbl2 float %9.0g MARKET TO BOOK, 2 YEARS BEFORE CONTRACT ymbl1 float %9.0g MARKET TO BOOK, 1 YEAR BEFORE CONTRACT ymb float %9.0g MARKET TO BOOK, YEAR OF CONTRACT ymbf1 float %9.0g MARKET TO BOOK, YEAR AFTER CONTRACT ymbf2 float %9.0g MARKET TO BOOK, 2 YEARS AFTER CONTRACT yebitdal2 float %9.0g EBITDA/ASSETS, 2 YEARS BEFORE CONTRACT yebitdal1 float %9.0g EBITDA/ASSETS, 1 YEAR BEFORE CONTRACT yebitda float %9.0g EBITDA/ASSETS, YEAR OF CONTRACT yebitdaf1 float %9.0g EBITDA/ASSETS, 1 YEAR AFTER CONTRACT yebitdaf2 float %9.0g EBITDA/ASSETS, 2 YEARS AFTER CONTRACT ycapexl2 float %9.0g CAPITAL EXPENDITURES, 2 YEARS BEFORE CONTRACT ycapexl1 float %9.0g CAPITAL EXPENDITURES, 1 YEAR BEFORE CONTRACT ycapex float %9.0g CAPITAL EXPENDITURES, YEAR OF CONTRACT ycapexf1 float %9.0g CAPITAL EXPENDITURES, 1 YEAR AFTER CONTRACT ycapexf2 float %9.0g CAPITAL EXPENDITURES, 2 YEARS AFTER CONTRACT debtcfq byte %8.0g DEBT TO CASH FLOW QUARTILE WITH NEGATIVE CASH FLOW = 5 ycapexl2_ float %9.0g CAPITAL EXPENDITURES/LAGGED ASSETS, 2 YEARS BEFORE CONTRACT ycapexl1_ float %9.0g CAPITAL EXPENDITURES/LAGGED ASSETS, 1 YEAR BEFORE CONTRACT ycapex_ float %9.0g CAPITAL EXPENDITURES/LAGGED ASSETS, YEAR OF CONTRACT ycapexf1_ float %9.0g CAPITAL EXPENDITURES/LAGGED ASSETS, 1 YEAR AFTER CONTRACT ycapexf2_ float %9.0g CAPITAL EXPENDITURES/LAGGED ASSETS, 2 YEARS AFTER CONTRACT ycapex_d float %9.0g CHANGE CAPITAL EXPENDITURES/ASSETS yebitdad float %9.0g CHANGE IN EBITDA ymbdl1 float %9.0g CHANGE IN LAGGED MARKET TO BOOK ycapex_d_2 float %9.0g CHANGE CAPITAL EXPENDITURES/ASSETS, 2 YEAR AVERAGE ymbd_2 float %9.0g CHANGE IN MARKET TO BOOK, 2 YEAR AVERAGE yebitdad_2 float %9.0g CHANGE IN EBITDA, 2 YEAR AVERAGE embd float %9.0g CHANGE IN MARKET TO BOOK OVER YEAR AFTER CONTRACT eebitdad float %9.0g CHANGE IN EBITDA OVER NEXT YEAR embdl1 float %9.0g CHANGE IN MARKET TO BOOK, LAST YEAR eebitdadl1 float %9.0g CHANGE IN EBITDA, LAST YEAR secured float %9.0g DEAL SECURED divrest float %9.0g DEAL HAS DIVIDEND RESTRICTION line float %9.0g DEAL CONTAINS REVOLVER type float %9.0g TYPE OF DEAL (TERM, LINE, BOTH) amt_contract float %9.0g TOTAL AMOUNT OF ALL TRANCHES IN DEAL spreadwt float %9.0g DEAL SPREAD, EACH TRANCHE WEIGHTED BY AMOUNT purpb str6 %9s PURPOSE OF DEAL amt float %9.0g TOTAL AMOUNT SCALED BY LAGGED ASSETS divrestsw float %9.0g DEAL HAS DIVIDEND RESTRICTION--NEW divrestns float %9.0g DEAL HAS DIVIDEND RESTRICTION--NOT NEW securedsw float %9.0g DEAL SECURED--NEW securedns float %9.0g DEAL SECURED--NOT NEW ------------------------------------------------------------------------------- Sorted by: Note: dataset has changed since last saved . sum; Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- date | 3720 15115.55 990.1225 13423 16800 year | 3720 2000.843 2.711899 1996 2005 quarter | 3720 20011.06 27.08528 19964 20054 nameDS | 0 gvkey | 3720 30923.92 35550.74 1004 266163 -------------+-------------------------------------------------------- nameSEC | 0 contract | 0 quarterl1 | 3720 20008.83 27.28732 19963 20053 nameCS | 0 capexrest | 3720 .3185484 .4659761 0 1 -------------+-------------------------------------------------------- violyearl1 | 3720 .0626344 .2423368 0 1 d_cr | 3603 .0793783 .2703658 0 1 d_dsc | 3603 .0449625 .2072506 0 1 d_dc | 3603 .1984457 .3988849 0 1 d_dcf | 3603 .5614765 .4962751 0 1 -------------+-------------------------------------------------------- d_dnw | 3603 .0688315 .2532026 0 1 d_cf | 3603 .1268387 .3328384 0 1 d_fcc | 3603 .3813489 .4857854 0 1 d_ic | 3603 .3796836 .4853755 0 1 d_nw | 3603 .2561754 .4365804 0 1 -------------+-------------------------------------------------------- d_obs | 3603 .0341382 .1816093 0 1 d_oc | 3603 .038579 .192616 0 1 d_ol | 3603 .035526 .1851307 0 1 d_qr | 3603 .0244241 .1543832 0 1 d_sdcf | 3603 .0857619 .280051 0 1 -------------+-------------------------------------------------------- d_se | 3603 .0077713 .087824 0 1 d_tnw | 3603 .1901193 .3924496 0 1 d_wc | 3603 .0149875 .1215195 0 1 covnum | 3603 2.570358 1.234444 0 10 d_cover | 3603 .7427144 .4371988 0 1 -------------+-------------------------------------------------------- d_adcf | 3603 .5745212 .494484 0 1 d_liq | 3603 .1468221 .3539776 0 1 d_dbs | 3603 .2919789 .4547358 0 1 d_anw | 3603 .4524008 .4977982 0 1 capexrestsw | 3720 .0456989 .2088594 0 1 -------------+-------------------------------------------------------- capexrestns | 3720 .2728495 .445484 0 1 d_coversw | 3720 .0344086 .1823008 0 1 d_coverns | 3720 .6849462 .4645997 0 1 d_adcfsw | 3720 .044086 .2053138 0 1 d_adcfns | 3720 .5123656 .4999143 0 1 -------------+-------------------------------------------------------- d_anwsw | 3720 .0260753 .1593806 0 1 d_anwns | 3720 .4120968 .4922785 0 1 d_liqsw | 3720 .0158602 .1249515 0 1 d_liqns | 3720 .1263441 .3322814 0 1 d_cfsw | 3720 .027957 .1648718 0 1 -------------+-------------------------------------------------------- d_cfns | 3720 .0948925 .2931058 0 1 total | 3720 2.746237 1.743458 1 13 totalrated | 3720 1.629839 2.065822 0 13 capexrest_f | 3720 .4311828 .4953081 0 1 assan | 3720 1622.358 1974.029 2.83275 5974.192 -------------+-------------------------------------------------------- mban | 3720 1.768146 1.135747 .8074407 9.887798 bdan | 3720 .3004854 .1926436 0 .7978314 lassan | 3720 6.582344 1.727414 1.041248 12.29494 ebitdaan | 3720 .0339009 .0262096 -.266197 .0772592 debtcf | 3526 3.0522 2.885857 0 11.74673 -------------+-------------------------------------------------------- ebitdaanneg | 3720 .0521505 .2223604 0 1 d_rating | 3720 .4897849 .4999628 0 1 asscat | 3720 3.075806 1.866809 0 6 sicss | 3720 3.163441 1.696415 1 6 junk | 1822 .481888 .499809 0 1 -------------+-------------------------------------------------------- rd1 | 1822 .0164654 .1272918 0 1 rd2 | 1822 .1602634 .3669509 0 1 rd3 | 1822 .3413831 .4743039 0 1 rd4 | 1822 .2892426 .4535352 0 1 rd5 | 1822 .1723381 .3777777 0 1 -------------+-------------------------------------------------------- rd6 | 1822 .0203074 .1410882 0 1 ratingb | 1822 3.501647 1.066049 1 6 ymbl2 | 3390 1.766586 1.151312 .6583387 7.84894 ymbl1 | 3561 1.75549 1.089669 .661934 7.435156 ymb | 3632 1.665764 .996511 .6635837 7.37531 -------------+-------------------------------------------------------- ymbf1 | 3120 1.621366 .946909 .6611778 7.395752 ymbf2 | 2520 1.597615 .9536238 .6575935 7.233578 yebitdal2 | 3482 .1668299 .136294 -.4021518 .6184211 yebitdal1 | 3607 .165376 .1336446 -.3747157 .615712 yebitda | 3640 .1613567 .1257519 -.3719262 .5952491 -------------+-------------------------------------------------------- yebitdaf1 | 3123 .1486256 .1156604 -.3719262 .593145 yebitdaf2 | 2525 .142412 .1087178 -.3099863 .5565456 ycapexl2 | 3557 174.6196 582.5372 0 15524 ycapexl1 | 3588 180.6915 592.4464 0 15524 ycapex | 3605 196.5581 593.6778 0 15524 -------------+-------------------------------------------------------- ycapexf1 | 3090 197.9592 545.8918 -.043 9300 ycapexf2 | 2497 180.5532 496.7564 0 8543 debtcfq | 3720 2.630108 1.222386 1 5 ycapexl2_ | 3437 .0878304 .085584 .0109615 .3439113 ycapexl1_ | 3559 .0836649 .0818985 .0108171 .3259611 -------------+-------------------------------------------------------- ycapex_ | 3598 .0795761 .0772946 .0102681 .3074778 ycapexf1_ | 3090 .0689252 .0624979 .0092767 .2461753 ycapexf2_ | 2497 .0737459 .0704043 .0087849 .2694528 ycapex_d | 3551 -.0042469 .0528042 -.3106485 .2808659 yebitdad | 3606 -.0045035 .1059577 -.8475705 .9699647 -------------+-------------------------------------------------------- ymbdl1 | 3389 -.0359573 .8160192 -6.950045 5.733134 ycapex_d_2 | 3559 -.0137553 .0576917 -.3314349 .2519212 ymbd_2 | 3560 -.1389931 .6218779 -3.175161 2.476818 yebitdad_2 | 3609 -.0123437 .0816203 -.3784094 .3314267 embd | 3113 -.0528484 .6988845 -5.276628 5.162631 -------------+-------------------------------------------------------- eebitdad | 3122 -.0146155 .0989941 -.719174 .6824448 embdl1 | 3556 -.102217 .7781358 -6.486329 6.412199 eebitdadl1 | 3606 -.0045035 .1059577 -.8475705 .9699647 secured | 3117 .6470966 .4779497 0 1 divrest | 3446 .8125363 .39034 0 1 -------------+-------------------------------------------------------- line | 3720 .938172 .2408752 0 1 type | 3720 1.596237 .8950804 1 3 amt_contract | 3720 449.7731 985.2667 .140095 25000 spreadwt | 3720 170.3577 118.8517 8.5 1080 purpb | 0 -------------+-------------------------------------------------------- amt | 3720 .3380468 .3083821 .0003705 1.976994 divrestsw | 3720 .0478495 .2134763 0 1 divrestns | 3720 .7048387 .4561765 0 1 securedsw | 3720 .033871 .1809213 0 1 securedns | 3720 .5083333 .4999978 0 1 . *C. TABLES AND FIGURES; . *TABLE 1; . tabstat > capexrest > > amt_contract > amt > line > spreadwt > secured > divrest > d_cover > d_adcf > d_anw > d_dbs > d_liq > d_cf > > > ebitdaan > bdan > debtcf > ebitdaanneg > violyearl1 > assan > mban > > d_rating > > ratingb > junk > rd6 > , s(mean p50 sd n) col(stat) f(%7.3f); variable | mean p50 sd N -------------+---------------------------------------- capexrest | 0.319 0.000 0.466 3720.000 amt_contract | 449.773 200.000 985.267 3720.000 amt | 0.338 0.245 0.308 3720.000 line | 0.938 1.000 0.241 3720.000 spreadwt | 170.358 150.000 118.852 3720.000 secured | 0.647 1.000 0.478 3117.000 divrest | 0.813 1.000 0.390 3446.000 d_cover | 0.743 1.000 0.437 3603.000 d_adcf | 0.575 1.000 0.494 3603.000 d_anw | 0.452 0.000 0.498 3603.000 d_dbs | 0.292 0.000 0.455 3603.000 d_liq | 0.147 0.000 0.354 3603.000 d_cf | 0.127 0.000 0.333 3603.000 ebitdaan | 0.034 0.034 0.026 3720.000 bdan | 0.300 0.288 0.193 3720.000 debtcf | 3.052 2.263 2.886 3526.000 ebitdaanneg | 0.052 0.000 0.222 3720.000 violyearl1 | 0.063 0.000 0.242 3720.000 assan | 1622.358 674.272 1974.029 3720.000 mban | 1.768 1.426 1.136 3720.000 d_rating | 0.490 0.000 0.500 3720.000 ratingb | 3.502 3.000 1.066 1822.000 junk | 0.482 0.000 0.500 1822.000 rd6 | 0.020 0.000 0.141 1822.000 ------------------------------------------------------ . *TABLE 2; . sort gvkey quarter; . by gvkey: gen first=_n==1; . sum capexrest; Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- capexrest | 3720 .3185484 .4659761 0 1 . sum capexrest_f if first==1; Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- capexrest_f | 1939 .4244456 .4943861 0 1 . table sicss, c(mean capexrest); -------------------------- BROAD | INDUSTRY | CODE | mean(capexr~t) ----------+--------------- 1 | .154472 2 | .323846 3 | .230216 4 | .360406 5 | .433022 6 | .399425 -------------------------- . table asscat, c(mean capexrest); -------------------------- ASSETS | CATEGORY | mean(capexr~t) ----------+--------------- 0 | .467742 1 | .468864 2 | .443223 3 | .381329 4 | .242507 5 | .133152 6 | .086207 -------------------------- . table debtcfq, c(mean capexrest); -------------------------- DEBT TO | CASH FLOW | QUARTILE | WITH | NEGATIVE | CASH FLOW | = 5 | mean(capexr~t) ----------+--------------- 1 | .263039 2 | .242906 3 | .334467 4 | .397276 5 | .484536 -------------------------- . table d_rating, c(mean capexrest); -------------------------- HAS | CREDIT | RATING | mean(capexr~t) ----------+--------------- 0 | .391992 1 | .242042 -------------------------- . table ratingb, c(mean capexrest); -------------------------- credit | rating, | 1=AAA & | AA, 2=A, | 3=BBB, | etc | mean(capexr~t) ----------+--------------- 1 | 0 2 | .030822 3 | .07717 4 | .392789 5 | .490446 6 | .621622 -------------------------- . *TABLE 3; . xi: dprobit capexrest i.year i.purpb i.type i.debtcfq violyearl1 lassan mban, cluster(gvkey); i.year _Iyear_1996-2005 (naturally coded; _Iyear_1996 omitted) i.purpb _Ipurpb_1-4 (_Ipurpb_1 for purpb==acq omitted) i.type _Itype_1-3 (naturally coded; _Itype_1 omitted) i.debtcfq _Idebtcfq_1-5 (naturally coded; _Idebtcfq_1 omitted) Iteration 0: log pseudolikelihood = -2327.866 Iteration 1: log pseudolikelihood = -1952.3227 Iteration 2: log pseudolikelihood = -1933.7802 Iteration 3: log pseudolikelihood = -1932.0739 Iteration 4: log pseudolikelihood = -1932.0153 Iteration 5: log pseudolikelihood = -1932.0151 Probit regression, reporting marginal effects Number of obs = 3720 Wald chi2(21) = 505.97 Prob > chi2 = 0.0000 Log pseudolikelihood = -1932.0151 Pseudo R2 = 0.1700 (standard errors adjusted for clustering on gvkey) ------------------------------------------------------------------------------ | Robust capexr~t | dF/dx Std. Err. z P>|z| x-bar [ 95% C.I. ] ---------+-------------------------------------------------------------------- _Iy~1997*| -.064607 .042303 -1.45 0.148 .118548 -.147519 .018305 _Iy~1998*| -.0478348 .0438006 -1.05 0.294 .108333 -.133682 .038013 _Iy~1999*| -.042078 .0447248 -0.91 0.364 .104839 -.129737 .045581 _Iy~2000*| .005522 .0491588 0.11 0.910 .097043 -.090827 .101871 _Iy~2001*| .0285694 .0514503 0.57 0.571 .097043 -.072271 .12941 _Iy~2002*| .0335984 .051221 0.67 0.503 .112634 -.066793 .13399 _Iy~2003*| .0314193 .0521091 0.62 0.538 .107258 -.070713 .133551 _Iy~2004*| .0007705 .0499988 0.02 0.988 .127151 -.097225 .098766 _Iy~2005*| -.0557867 .0457095 -1.16 0.246 .097312 -.145376 .033802 _Ipurp~2*| -.0159208 .0239497 -0.66 0.507 .480376 -.062861 .03102 _Ipurp~3*| -.264272 .0198321 -6.35 0.000 .083333 -.303142 -.225402 _Ipurp~4*| .0491911 .0254325 1.97 0.048 .264247 -.000656 .099038 _Itype_2*| -.0287702 .0477922 -0.58 0.559 .036022 -.122441 .064901 _Itype_3*| .2339552 .0215054 11.35 0.000 .280108 .191805 .276105 _Idebt~2*| .0110758 .0261029 0.43 0.670 .236828 -.040085 .062236 _Idebt~3*| .0896775 .0292531 3.17 0.002 .237097 .032342 .147013 _Idebt~4*| .1499782 .0314422 4.99 0.000 .236828 .088353 .211604 _Idebt~5*| .0990796 .0446798 2.34 0.019 .052151 .011509 .18665 violye~1*| .1260624 .0399606 3.36 0.001 .062634 .047741 .204384 lassan | -.0709702 .0066262 -10.60 0.000 6.58234 -.083957 -.057983 mban | -.0241018 .0090284 -2.67 0.008 1.76815 -.041797 -.006406 ---------+-------------------------------------------------------------------- obs. P | .3185484 pred. P | .2688153 (at x-bar) ------------------------------------------------------------------------------ (*) dF/dx is for discrete change of dummy variable from 0 to 1 z and P>|z| correspond to the test of the underlying coefficient being 0 . xi: dprobit capexrest i.year i.purpb i.type i.debtcfq rd3 rd4 rd5 rd6 violyearl1 lassan mban > if d_rating==1, cluster(gvkey); i.year _Iyear_1996-2005 (naturally coded; _Iyear_1996 omitted) i.purpb _Ipurpb_1-4 (_Ipurpb_1 for purpb==acq omitted) i.type _Itype_1-3 (naturally coded; _Itype_1 omitted) i.debtcfq _Idebtcfq_1-5 (naturally coded; _Idebtcfq_1 omitted) Iteration 0: log pseudolikelihood = -1008.3348 Iteration 1: log pseudolikelihood = -727.83651 Iteration 2: log pseudolikelihood = -706.27764 Iteration 3: log pseudolikelihood = -703.96259 Iteration 4: log pseudolikelihood = -703.83373 Iteration 5: log pseudolikelihood = -703.83284 Probit regression, reporting marginal effects Number of obs = 1822 Wald chi2(25) = 350.50 Prob > chi2 = 0.0000 Log pseudolikelihood = -703.83284 Pseudo R2 = 0.3020 (standard errors adjusted for clustering on gvkey) ------------------------------------------------------------------------------ | Robust capexr~t | dF/dx Std. Err. z P>|z| x-bar [ 95% C.I. ] ---------+-------------------------------------------------------------------- _Iy~1997*| .0015775 .0584425 0.03 0.978 .088364 -.112968 .116123 _Iy~1998*| -.003628 .057695 -0.06 0.950 .072997 -.116708 .109452 _Iy~1999*| .0941401 .0781682 1.37 0.172 .08562 -.059067 .247347 _Iy~2000*| .0700291 .0720828 1.07 0.283 .093853 -.071251 .211309 _Iy~2001*| .1905341 .0875498 2.59 0.010 .107025 .01894 .362129 _Iy~2002*| .1170608 .0812154 1.66 0.097 .122393 -.042119 .27624 _Iy~2003*| .1440015 .0822931 2.04 0.041 .125686 -.01729 .305293 _Iy~2004*| .0532599 .068995 0.83 0.407 .164105 -.081968 .188488 _Iy~2005*| .0188901 .0623898 0.31 0.755 .118002 -.103392 .141172 _Ipurp~2*| .0151331 .02935 0.52 0.606 .495609 -.042392 .072658 _Ipurp~3*| -.1367489 .0276968 -3.16 0.002 .156422 -.191034 -.082464 _Ipurp~4*| .0622787 .0340764 1.98 0.048 .211306 -.00451 .129067 _Itype_2*| .0207663 .0584173 0.37 0.710 .040615 -.09373 .135262 _Itype_3*| .1972538 .0314769 7.28 0.000 .24753 .13556 .258947 _Idebt~2*| .0066629 .0388303 0.17 0.863 .253019 -.069443 .082769 _Idebt~3*| .0667625 .041756 1.70 0.089 .288694 -.015078 .148603 _Idebt~4*| .0758149 .0438175 1.85 0.064 .321625 -.010066 .161696 _Idebt~5*| .1433603 .0923016 1.85 0.064 .020856 -.037548 .324268 rd3*| .026057 .051645 0.51 0.609 .341383 -.075165 .127279 rd4*| .2378503 .0682989 3.89 0.000 .289243 .103987 .371714 rd5*| .2716648 .0830463 3.82 0.000 .172338 .108897 .434433 rd6*| .3846967 .1432411 3.14 0.002 .020307 .103949 .665444 violye~1*| .0690925 .060494 1.29 0.196 .04281 -.049474 .187659 lassan | -.0457874 .0118454 -3.71 0.000 7.7806 -.069004 -.022571 mban | -.0305242 .0161526 -1.88 0.060 1.59814 -.062183 .001134 ---------+-------------------------------------------------------------------- obs. P | .2420417 pred. P | .142323 (at x-bar) ------------------------------------------------------------------------------ (*) dF/dx is for discrete change of dummy variable from 0 to 1 z and P>|z| correspond to the test of the underlying coefficient being 0 . xi: xtprobit capexrest i.year i.purpb i.type i.debtcfq violyearl1 lassan mban, i(gvkey) re; i.year _Iyear_1996-2005 (naturally coded; _Iyear_1996 omitted) i.purpb _Ipurpb_1-4 (_Ipurpb_1 for purpb==acq omitted) i.type _Itype_1-3 (naturally coded; _Itype_1 omitted) i.debtcfq _Idebtcfq_1-5 (naturally coded; _Idebtcfq_1 omitted) Fitting comparison model: Iteration 0: log likelihood = -2327.866 Iteration 1: log likelihood = -1952.3227 Iteration 2: log likelihood = -1933.7802 Iteration 3: log likelihood = -1932.0739 Iteration 4: log likelihood = -1932.0153 Iteration 5: log likelihood = -1932.0151 Fitting full model: rho = 0.0 log likelihood = -1932.0151 rho = 0.1 log likelihood = -1887.8159 rho = 0.2 log likelihood = -1856.7653 rho = 0.3 log likelihood = -1835.4436 rho = 0.4 log likelihood = -1822.4852 rho = 0.5 log likelihood = -1817.7685 rho = 0.6 log likelihood = -1822.4196 Iteration 0: log likelihood = -1817.7733 Iteration 1: log likelihood = -1785.5818 Iteration 2: log likelihood = -1784.3486 Iteration 3: log likelihood = -1784.3399 Iteration 4: log likelihood = -1784.3399 Random-effects probit regression Number of obs = 3720 Group variable (i): gvkey Number of groups = 1939 Random effects u_i ~ Gaussian Obs per group: min = 1 avg = 1.9 max = 13 Wald chi2(21) = 314.26 Log likelihood = -1784.3399 Prob > chi2 = 0.0000 ------------------------------------------------------------------------------ capexrest | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyear_1997 | -.4529154 .2270505 -1.99 0.046 -.8979262 -.0079046 _Iyear_1998 | -.3007488 .2273877 -1.32 0.186 -.7464206 .1449229 _Iyear_1999 | -.3134612 .2292924 -1.37 0.172 -.7628661 .1359437 _Iyear_2000 | -.0789759 .2358446 -0.33 0.738 -.5412229 .3832711 _Iyear_2001 | .0865022 .2362849 0.37 0.714 -.3766077 .5496121 _Iyear_2002 | .1750256 .2356664 0.74 0.458 -.286872 .6369231 _Iyear_2003 | .1684082 .2393303 0.70 0.482 -.3006705 .637487 _Iyear_2004 | -.0778561 .2388077 -0.33 0.744 -.5459106 .3901985 _Iyear_2005 | -.3292641 .244063 -1.35 0.177 -.8076188 .1490906 _Ipurpb_2 | -.1716611 .1077576 -1.59 0.111 -.3828621 .0395398 _Ipurpb_3 | -1.75772 .3345619 -5.25 0.000 -2.41345 -1.101991 _Ipurpb_4 | .1286854 .1083518 1.19 0.235 -.0836802 .3410509 _Itype_2 | -.1278248 .19683 -0.65 0.516 -.5136046 .2579549 _Itype_3 | .8644519 .0861327 10.04 0.000 .6956349 1.033269 _Idebtcfq_2 | .089997 .1162609 0.77 0.439 -.1378701 .3178641 _Idebtcfq_3 | .461924 .1217947 3.79 0.000 .2232107 .7006373 _Idebtcfq_4 | .7290086 .1261415 5.78 0.000 .4817758 .9762414 _Idebtcfq_5 | .5278699 .1742962 3.03 0.002 .1862557 .8694842 violyearl1 | .5654208 .1464135 3.86 0.000 .2784556 .852386 lassan | -.3432574 .0338209 -10.15 0.000 -.409545 -.2769697 mban | -.1194004 .0406662 -2.94 0.003 -.1991047 -.0396961 _cons | 1.205127 .3089751 3.90 0.000 .5995472 1.810707 -------------+---------------------------------------------------------------- /lnsig2u | .5860823 .1350865 .3213176 .8508471 -------------+---------------------------------------------------------------- sigma_u | 1.340498 .0905416 1.174284 1.530238 rho | .6424657 .0310298 .5796453 .7007448 ------------------------------------------------------------------------------ Likelihood-ratio test of rho=0: chibar2(01) = 295.35 Prob >= chibar2 = 0.000 . mfx compute, predict(pu0); Marginal effects after xtprobit y = Pr(capexrest=1 assuming u_i=0) (predict, pu0) = .1637976 ------------------------------------------------------------------------------ variable | dy/dx Std. Err. z P>|z| [ 95% C.I. ] X ---------+-------------------------------------------------------------------- _Iy~1997*| -.093339 .03814 -2.45 0.014 -.168096 -.018582 .118548 _Iy~1998*| -.0658017 .04358 -1.51 0.131 -.151216 .019613 .108333 _Iy~1999*| -.0681345 .04328 -1.57 0.115 -.152958 .016689 .104839 _Iy~2000*| -.0189037 .05464 -0.35 0.729 -.125995 .088188 .097043 _Iy~2001*| .0220988 .06232 0.35 0.723 -.100048 .144245 .097043 _Iy~2002*| .046093 .06581 0.70 0.484 -.082889 .175075 .112634 _Iy~2003*| .0442842 .06667 0.66 0.507 -.086381 .174949 .107258 _Iy~2004*| -.0186883 .05566 -0.34 0.737 -.127775 .090398 .127151 _Iy~2005*| -.0708939 .04515 -1.57 0.116 -.159391 .017603 .097312 _Ipurp~2*| -.0422687 .02643 -1.60 0.110 -.094064 .009526 .480376 _Ipurp~3*| -.1977697 .01687 -11.72 0.000 -.230837 -.164703 .083333 _Ipurp~4*| .0327339 .02841 1.15 0.249 -.022952 .08842 .264247 _Itype_2*| -.0297481 .04302 -0.69 0.489 -.114068 .054572 .036022 _Itype_3*| .2496519 .0285 8.76 0.000 .193799 .305505 .280108 _Idebt~2*| .0227491 .03005 0.76 0.449 -.036153 .081652 .236828 _Idebt~3*| .1272825 .03672 3.47 0.001 .055307 .199258 .237097 _Idebt~4*| .211551 .04084 5.18 0.000 .131502 .2916 .236828 _Idebt~5*| .1590136 .06067 2.62 0.009 .040107 .27792 .052151 violye~1*| .1715293 .05171 3.32 0.001 .070186 .272873 .062634 lassan | -.0848048 .0079 -10.73 0.000 -.100297 -.069313 6.58234 mban | -.0294989 .01004 -2.94 0.003 -.049181 -.009817 1.76815 ------------------------------------------------------------------------------ (*) dy/dx is for discrete change of dummy variable from 0 to 1 . xi: xtprobit capexrest i.year i.purpb i.type i.debtcfq rd3 rd4 rd5 rd6 violyearl1 lassan mban > if d_rating==1, i(gvkey) re; i.year _Iyear_1996-2005 (naturally coded; _Iyear_1996 omitted) i.purpb _Ipurpb_1-4 (_Ipurpb_1 for purpb==acq omitted) i.type _Itype_1-3 (naturally coded; _Itype_1 omitted) i.debtcfq _Idebtcfq_1-5 (naturally coded; _Idebtcfq_1 omitted) Fitting comparison model: Iteration 0: log likelihood = -1008.3348 Iteration 1: log likelihood = -727.83651 Iteration 2: log likelihood = -706.27764 Iteration 3: log likelihood = -703.96259 Iteration 4: log likelihood = -703.83373 Iteration 5: log likelihood = -703.83284 Fitting full model: rho = 0.0 log likelihood = -703.83284 rho = 0.1 log likelihood = -685.1759 rho = 0.2 log likelihood = -673.29074 rho = 0.3 log likelihood = -666.50574 rho = 0.4 log likelihood = -664.2608 rho = 0.5 log likelihood = -666.67212 Iteration 0: log likelihood = -664.26048 Iteration 1: log likelihood = -643.21181 Iteration 2: log likelihood = -642.79359 Iteration 3: log likelihood = -642.79313 Iteration 4: log likelihood = -642.79313 Random-effects probit regression Number of obs = 1822 Group variable (i): gvkey Number of groups = 844 Random effects u_i ~ Gaussian Obs per group: min = 1 avg = 2.2 max = 13 Wald chi2(25) = 188.77 Log likelihood = -642.79313 Prob > chi2 = 0.0000 ------------------------------------------------------------------------------ capexrest | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyear_1997 | .0009259 .4226461 0.00 0.998 -.8274453 .8292971 _Iyear_1998 | -.1017511 .4290849 -0.24 0.813 -.9427421 .7392398 _Iyear_1999 | .5626448 .4314471 1.30 0.192 -.2829759 1.408266 _Iyear_2000 | .4086565 .4351858 0.94 0.348 -.4442919 1.261605 _Iyear_2001 | .9833193 .4333891 2.27 0.023 .1338922 1.832746 _Iyear_2002 | .6482253 .430914 1.50 0.133 -.1963507 1.492801 _Iyear_2003 | .821452 .4328922 1.90 0.058 -.027001 1.669905 _Iyear_2004 | .1906971 .4324238 0.44 0.659 -.656838 1.038232 _Iyear_2005 | -.008692 .4435472 -0.02 0.984 -.8780286 .8606446 _Ipurpb_2 | -.1450649 .1870521 -0.78 0.438 -.5116802 .2215505 _Ipurpb_3 | -1.398863 .4372938 -3.20 0.001 -2.255943 -.5417825 _Ipurpb_4 | .1535983 .1833376 0.84 0.402 -.2057368 .5129334 _Itype_2 | .1062776 .2811997 0.38 0.705 -.4448636 .6574188 _Itype_3 | .9762152 .1425317 6.85 0.000 .6968583 1.255572 _Idebtcfq_2 | .0212585 .2548721 0.08 0.934 -.4782816 .5207985 _Idebtcfq_3 | .3762248 .2530614 1.49 0.137 -.1197664 .872216 _Idebtcfq_4 | .4572059 .2538707 1.80 0.072 -.0403715 .9547833 _Idebtcfq_5 | .7591428 .4009997 1.89 0.058 -.0268022 1.545088 rd3 | .3131836 .3267891 0.96 0.338 -.3273114 .9536785 rd4 | 1.604856 .3435756 4.67 0.000 .9314605 2.278252 rd5 | 1.617139 .3694966 4.38 0.000 .8929385 2.341339 rd6 | 2.301736 .527113 4.37 0.000 1.268613 3.334858 violyearl1 | .4157084 .2644565 1.57 0.116 -.1026168 .9340337 lassan | -.3236291 .0780633 -4.15 0.000 -.4766303 -.1706279 mban | -.2670229 .095981 -2.78 0.005 -.4551422 -.0789036 _cons | -.3018816 .8308853 -0.36 0.716 -1.930387 1.326624 -------------+---------------------------------------------------------------- /lnsig2u | .4983272 .1900039 .1259264 .870728 -------------+---------------------------------------------------------------- sigma_u | 1.282952 .1218829 1.064988 1.545525 rho | .6220661 .0446699 .5314401 .7048971 ------------------------------------------------------------------------------ Likelihood-ratio test of rho=0: chibar2(01) = 122.08 Prob >= chibar2 = 0.000 . mfx compute, predict(pu0); Marginal effects after xtprobit y = Pr(capexrest=1 assuming u_i=0) (predict, pu0) = .04741505 ------------------------------------------------------------------------------ variable | dy/dx Std. Err. z P>|z| [ 95% C.I. ] X ---------+-------------------------------------------------------------------- _Iy~1997*| .0000916 .04183 0.00 0.998 -.081897 .08208 .088364 _Iy~1998*| -.009353 .03667 -0.26 0.799 -.081218 .062512 .072997 _Iy~1999*| .0810033 .08417 0.96 0.336 -.083968 .245974 .08562 _Iy~2000*| .0530315 .07153 0.74 0.458 -.087155 .193218 .093853 _Iy~2001*| .17618 .11601 1.52 0.129 -.051194 .403553 .107025 _Iy~2002*| .0952483 .08702 1.09 0.274 -.075311 .265807 .122393 _Iy~2003*| .1324298 .10086 1.31 0.189 -.06526 .33012 .125686 _Iy~2004*| .0209865 .0528 0.40 0.691 -.082503 .124476 .164105 _Iy~2005*| -.0008545 .04336 -0.02 0.984 -.085847 .084138 .118002 _Ipurp~2*| -.014347 .01855 -0.77 0.439 -.050695 .022001 .495609 _Ipurp~3*| -.0711185 .01675 -4.25 0.000 -.10395 -.038287 .156422 _Ipurp~4*| .016361 .02136 0.77 0.444 -.025511 .058233 .211306 _Itype_2*| .0113935 .03255 0.35 0.726 -.052408 .075195 .040615 _Itype_3*| .1467357 .03513 4.18 0.000 .077888 .215583 .24753 _Idebt~2*| .00212 .02564 0.08 0.934 -.048137 .052377 .253019 _Idebt~3*| .0427177 .03322 1.29 0.198 -.022392 .107827 .288694 _Idebt~4*| .0522981 .0341 1.53 0.125 -.014533 .11913 .321625 _Idebt~5*| .131056 .10287 1.27 0.203 -.070573 .332685 .020856 rd3*| .033818 .03793 0.89 0.373 -.040525 .108161 .341383 rd4*| .2817345 .0838 3.36 0.001 .117495 .445974 .289243 rd5*| .3443029 .1134 3.04 0.002 .122053 .566553 .172338 rd6*| .6776002 .16743 4.05 0.000 .349445 1.00576 .020307 violye~1*| .0559089 .04681 1.19 0.232 -.035842 .14766 .04281 lassan | -.031991 .00881 -3.63 0.000 -.049265 -.014717 7.7806 mban | -.0263955 .01021 -2.58 0.010 -.04641 -.006381 1.59814 ------------------------------------------------------------------------------ (*) dy/dx is for discrete change of dummy variable from 0 to 1 . xi: dprobit capexrest i.year i.purpb i.type i.debtcfq violyearl1 lassan mban if total>=2, clu > ster(gvkey); i.year _Iyear_1996-2005 (naturally coded; _Iyear_1996 omitted) i.purpb _Ipurpb_1-4 (_Ipurpb_1 for purpb==acq omitted) i.type _Itype_1-3 (naturally coded; _Itype_1 omitted) i.debtcfq _Idebtcfq_1-5 (naturally coded; _Idebtcfq_1 omitted) Iteration 0: log pseudolikelihood = -1665.9108 Iteration 1: log pseudolikelihood = -1352.2299 Iteration 2: log pseudolikelihood = -1334.1894 Iteration 3: log pseudolikelihood = -1332.5941 Iteration 4: log pseudolikelihood = -1332.5353 Iteration 5: log pseudolikelihood = -1332.5352 Probit regression, reporting marginal effects Number of obs = 2742 Wald chi2(21) = 371.77 Prob > chi2 = 0.0000 Log pseudolikelihood = -1332.5352 Pseudo R2 = 0.2001 (standard errors adjusted for clustering on gvkey) ------------------------------------------------------------------------------ | Robust capexr~t | dF/dx Std. Err. z P>|z| x-bar [ 95% C.I. ] ---------+-------------------------------------------------------------------- _Iy~1997*| .0612382 .0640723 1.00 0.319 .104668 -.064341 .186818 _Iy~1998*| .0754536 .0649414 1.22 0.222 .101021 -.051829 .202736 _Iy~1999*| .0925189 .0660988 1.48 0.139 .109044 -.037032 .22207 _Iy~2000*| .1447841 .070776 2.20 0.028 .105033 .006066 .283503 _Iy~2001*| .1905804 .0744571 2.77 0.006 .097739 .044647 .336514 _Iy~2002*| .2007335 .0722181 3.00 0.003 .117433 .059189 .342278 _Iy~2003*| .1682615 .0732601 2.48 0.013 .111962 .024674 .311849 _Iy~2004*| .1544723 .0728692 2.28 0.023 .130197 .011651 .297293 _Iy~2005*| .0573787 .0666497 0.90 0.369 .097009 -.073252 .18801 _Ipurp~2*| .0027835 .0272805 0.10 0.919 .471918 -.050685 .056252 _Ipurp~3*| -.229731 .02355 -5.01 0.000 .098833 -.275888 -.183574 _Ipurp~4*| .0628607 .0297242 2.19 0.029 .254194 .004602 .121119 _Itype_2*| -.0061016 .0594628 -0.10 0.919 .034646 -.122647 .110443 _Itype_3*| .2470806 .0261549 10.06 0.000 .274617 .195818 .298343 _Idebt~2*| .0131486 .0307342 0.43 0.666 .242524 -.047089 .073386 _Idebt~3*| .0869508 .0347747 2.60 0.009 .254559 .018794 .155108 _Idebt~4*| .1561598 .038812 4.26 0.000 .245441 .08009 .23223 _Idebt~5*| .1575582 .0663705 2.59 0.010 .032823 .027474 .287642 violye~1*| .1300981 .0504456 2.81 0.005 .057622 .031227 .22897 lassan | -.0826607 .0088369 -9.26 0.000 6.88279 -.099981 -.065341 mban | -.0278201 .0119292 -2.34 0.019 1.71689 -.051201 -.004439 ---------+-------------------------------------------------------------------- obs. P | .2961342 pred. P | .2354951 (at x-bar) ------------------------------------------------------------------------------ (*) dF/dx is for discrete change of dummy variable from 0 to 1 z and P>|z| correspond to the test of the underlying coefficient being 0 . xi: dprobit capexrest i.year i.purpb i.type i.debtcfq rd3 rd4 rd5 rd6 violyearl1 lassan mban > if d_rating==1 & totalrated>=2, cluster(gvkey); i.year _Iyear_1996-2005 (naturally coded; _Iyear_1996 omitted) i.purpb _Ipurpb_1-4 (_Ipurpb_1 for purpb==acq omitted) i.type _Itype_1-3 (naturally coded; _Itype_1 omitted) i.debtcfq _Idebtcfq_1-5 (naturally coded; _Idebtcfq_1 omitted) Iteration 0: log pseudolikelihood = -762.21638 Iteration 1: log pseudolikelihood = -554.37192 Iteration 2: log pseudolikelihood = -538.75446 Iteration 3: log pseudolikelihood = -537.21343 Iteration 4: log pseudolikelihood = -537.14931 Iteration 5: log pseudolikelihood = -537.14908 Probit regression, reporting marginal effects Number of obs = 1453 Wald chi2(25) = 264.67 Prob > chi2 = 0.0000 Log pseudolikelihood = -537.14908 Pseudo R2 = 0.2953 (standard errors adjusted for clustering on gvkey) ------------------------------------------------------------------------------ | Robust capexr~t | dF/dx Std. Err. z P>|z| x-bar [ 95% C.I. ] ---------+-------------------------------------------------------------------- _Iy~1997*| .0633124 .0849524 0.83 0.405 .078458 -.103191 .229816 _Iy~1998*| .0580886 .0821856 0.79 0.432 .072264 -.102992 .219169 _Iy~1999*| .1418606 .1012072 1.68 0.093 .090158 -.056502 .340223 _Iy~2000*| .1032895 .0908521 1.32 0.187 .101858 -.074777 .281356 _Iy~2001*| .2515994 .112061 2.78 0.006 .108741 .031964 .471235 _Iy~2002*| .2096397 .1090413 2.36 0.018 .128699 -.004077 .423357 _Iy~2003*| .195529 .1064474 2.24 0.025 .123193 -.013104 .404162 _Iy~2004*| .1266824 .0942095 1.57 0.117 .163799 -.057965 .31133 _Iy~2005*| .0865386 .0848714 1.16 0.246 .11287 -.079806 .252883 _Ipurp~2*| .0096697 .030181 0.32 0.748 .484515 -.049484 .068823 _Ipurp~3*| -.1138567 .0293636 -2.70 0.007 .17137 -.171408 -.056305 _Ipurp~4*| .0662347 .0366028 2.01 0.044 .200964 -.005505 .137975 _Itype_2*| .0274411 .0644758 0.46 0.648 .041294 -.098929 .153811 _Itype_3*| .1786151 .0354595 5.95 0.000 .23744 .109116 .248115 _Idebt~2*| .0057957 .0408509 0.14 0.886 .254646 -.074271 .085862 _Idebt~3*| .0687319 .0452385 1.64 0.100 .284928 -.019934 .157398 _Idebt~4*| .0712547 .0465415 1.65 0.099 .328286 -.019965 .162474 _Idebt~5*| .1657871 .1177281 1.75 0.080 .013765 -.064956 .39653 rd3*| .0306216 .0534289 0.58 0.562 .367515 -.074097 .13534 rd4*| .2164526 .074662 3.30 0.001 .281487 .070118 .362787 rd5*| .2605569 .0953335 3.30 0.001 .149346 .073707 .447407 rd6*| .3739146 .1722341 2.64 0.008 .018582 .036342 .711487 violye~1*| .0743207 .0740136 1.17 0.244 .038541 -.070743 .219385 lassan | -.0421346 .0129893 -3.11 0.002 7.89645 -.067593 -.016676 mban | -.0277764 .0204335 -1.35 0.178 1.57722 -.067825 .012273 ---------+-------------------------------------------------------------------- obs. P | .2181693 pred. P | .1246483 (at x-bar) ------------------------------------------------------------------------------ (*) dF/dx is for discrete change of dummy variable from 0 to 1 z and P>|z| correspond to the test of the underlying coefficient being 0 . xi: xtreg capexrest i.year i.purpb i.type i.debtcfq violyearl1 lassan mban if total>=2, i(gvk > ey) fe cluster(gvkey); i.year _Iyear_1996-2005 (naturally coded; _Iyear_1996 omitted) i.purpb _Ipurpb_1-4 (_Ipurpb_1 for purpb==acq omitted) i.type _Itype_1-3 (naturally coded; _Itype_1 omitted) i.debtcfq _Idebtcfq_1-5 (naturally coded; _Idebtcfq_1 omitted) Fixed-effects (within) regression Number of obs = 2742 Group variable (i): gvkey Number of groups = 961 R-sq: within = 0.0775 Obs per group: min = 2 between = 0.2368 avg = 2.9 overall = 0.1935 max = 13 F(21,960) = 4.58 corr(u_i, Xb) = 0.1786 Prob > F = 0.0000 (Std. Err. adjusted for 961 clusters in gvkey) ------------------------------------------------------------------------------ | Robust capexrest | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyear_1997 | -.0649066 .039912 -1.63 0.104 -.1432314 .0134182 _Iyear_1998 | -.021649 .0410407 -0.53 0.598 -.1021888 .0588907 _Iyear_1999 | -.0050366 .0422212 -0.12 0.905 -.087893 .0778198 _Iyear_2000 | .0339375 .0418999 0.81 0.418 -.0482885 .1161635 _Iyear_2001 | .0759755 .0424253 1.79 0.074 -.0072816 .1592325 _Iyear_2002 | .0984258 .0455751 2.16 0.031 .0089875 .1878641 _Iyear_2003 | .1022038 .0480849 2.13 0.034 .0078401 .1965675 _Iyear_2004 | .0488834 .0475656 1.03 0.304 -.0444612 .142228 _Iyear_2005 | .0037091 .0494338 0.08 0.940 -.0933017 .1007199 _Ipurpb_2 | -.033063 .0270194 -1.22 0.221 -.0860869 .019961 _Ipurpb_3 | -.0684906 .0269686 -2.54 0.011 -.1214149 -.0155663 _Ipurpb_4 | .0070797 .0283899 0.25 0.803 -.0486336 .0627931 _Itype_2 | -.0259393 .0453894 -0.57 0.568 -.1150131 .0631346 _Itype_3 | .1111761 .0259422 4.29 0.000 .0602661 .1620861 _Idebtcfq_2 | .0182103 .0270472 0.67 0.501 -.0348681 .0712887 _Idebtcfq_3 | .0546853 .0334482 1.63 0.102 -.0109546 .1203253 _Idebtcfq_4 | .1019736 .0382842 2.66 0.008 .0268432 .1771039 _Idebtcfq_5 | .1699527 .0740865 2.29 0.022 .0245625 .3153429 violyearl1 | .1478256 .0465297 3.18 0.002 .056514 .2391371 lassan | -.0535279 .0273473 -1.96 0.051 -.1071953 .0001395 mban | -.0179109 .0123013 -1.46 0.146 -.0420515 .0062297 _cons | .5975992 .1788594 3.34 0.001 .2465986 .9485998 -------------+---------------------------------------------------------------- sigma_u | .34718483 sigma_e | .30714385 rho | .56096569 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . xi: xtreg capexrest i.year i.purpb i.type i.debtcfq rd3 rd4 rd5 rd6 violyearl1 lassan mban if > d_rating==1 & totalrated>=2, i(gvkey) fe cluster(gvkey); i.year _Iyear_1996-2005 (naturally coded; _Iyear_1996 omitted) i.purpb _Ipurpb_1-4 (_Ipurpb_1 for purpb==acq omitted) i.type _Itype_1-3 (naturally coded; _Itype_1 omitted) i.debtcfq _Idebtcfq_1-5 (naturally coded; _Idebtcfq_1 omitted) Fixed-effects (within) regression Number of obs = 1453 Group variable (i): gvkey Number of groups = 475 R-sq: within = 0.1316 Obs per group: min = 2 between = 0.2395 avg = 3.1 overall = 0.2122 max = 13 F(25,474) = 3.02 corr(u_i, Xb) = 0.0699 Prob > F = 0.0000 (Std. Err. adjusted for 475 clusters in gvkey) ------------------------------------------------------------------------------ | Robust capexrest | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyear_1997 | -.0389841 .0663115 -0.59 0.557 -.1692849 .0913166 _Iyear_1998 | -.0525958 .0658191 -0.80 0.425 -.1819291 .0767374 _Iyear_1999 | .0404718 .0680856 0.59 0.553 -.0933151 .1742588 _Iyear_2000 | .0078884 .0630922 0.13 0.901 -.1160866 .1318634 _Iyear_2001 | .0715671 .0665555 1.08 0.283 -.0592132 .2023475 _Iyear_2002 | .0551354 .070951 0.78 0.437 -.0842819 .1945528 _Iyear_2003 | .072347 .0716045 1.01 0.313 -.0683545 .2130484 _Iyear_2004 | -.0199166 .0699518 -0.28 0.776 -.1573706 .1175373 _Iyear_2005 | -.0407238 .0726955 -0.56 0.576 -.183569 .1021215 _Ipurpb_2 | -.0691268 .0385303 -1.79 0.073 -.1448381 .0065845 _Ipurpb_3 | -.0885179 .0363463 -2.44 0.015 -.1599376 -.0170981 _Ipurpb_4 | -.0265271 .0427462 -0.62 0.535 -.1105225 .0574683 _Itype_2 | -.01077 .0551283 -0.20 0.845 -.119096 .0975561 _Itype_3 | .1116465 .037569 2.97 0.003 .0378241 .1854688 _Idebtcfq_2 | -.0203168 .029894 -0.68 0.497 -.079058 .0384244 _Idebtcfq_3 | -.0197341 .0393773 -0.50 0.616 -.0971099 .0576416 _Idebtcfq_4 | -.0134704 .0453783 -0.30 0.767 -.1026379 .075697 _Idebtcfq_5 | .2193089 .1248821 1.76 0.080 -.0260822 .4647 rd3 | .0527194 .0298736 1.76 0.078 -.0059816 .1114204 rd4 | .2312709 .0610928 3.79 0.000 .1112247 .351317 rd5 | .2635763 .0953451 2.76 0.006 .0762249 .4509277 rd6 | .5620328 .1485045 3.78 0.000 .2702243 .8538413 violyearl1 | .1332257 .06672 2.00 0.046 .0021223 .2643292 lassan | .0253497 .0429998 0.59 0.556 -.0591441 .1098436 mban | -.0432604 .0196975 -2.20 0.029 -.0819656 -.0045552 _cons | -.0265863 .3354185 -0.08 0.937 -.6856774 .6325048 -------------+---------------------------------------------------------------- sigma_u | .31366819 sigma_e | .27012417 rho | .57417554 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . *TABLE 4; . pwcorr capexrest divrest secured spreadwt d_cover d_adcf d_anw d_dbs d_liq d_cf, sig; | capexr~t divrest secured spreadwt d_cover d_adcf d_anw -------------+--------------------------------------------------------------- capexrest | 1.0000 | | divrest | 0.2604 1.0000 | 0.0000 | secured | 0.4152 0.3806 1.0000 | 0.0000 0.0000 | spreadwt | 0.4092 0.3256 0.5910 1.0000 | 0.0000 0.0000 0.0000 | d_cover | 0.1504 0.1910 0.1367 0.0590 1.0000 | 0.0000 0.0000 0.0000 0.0004 | d_adcf | 0.1874 0.1976 0.1447 0.0702 0.3821 1.0000 | 0.0000 0.0000 0.0000 0.0000 0.0000 | d_anw | 0.0844 0.1331 0.0860 0.0035 0.0311 0.0480 1.0000 | 0.0000 0.0000 0.0000 0.8341 0.0620 0.0040 | d_dbs | -0.1750 -0.1436 -0.2428 -0.2164 -0.0996 -0.4116 -0.0257 | 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.1235 | d_liq | 0.0026 0.1022 0.1656 0.1350 -0.0716 -0.0982 0.0956 | 0.8768 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 | d_cf | 0.2512 0.1168 0.2118 0.2925 -0.0752 -0.0094 -0.0214 | 0.0000 0.0000 0.0000 0.0000 0.0000 0.5738 0.1999 | | d_dbs d_liq d_cf -------------+--------------------------- d_dbs | 1.0000 | | d_liq | 0.0268 1.0000 | 0.1076 | d_cf | -0.1274 0.0846 1.0000 | 0.0000 0.0000 | . *TABLE 5; . gen rat=1 if ratingb<=2; (3398 missing values generated) . replace rat=3 if ratingb==3; (622 real changes made) . replace rat=4 if ratingb==4; (527 real changes made) . replace rat=5 if ratingb==5; (314 real changes made) . replace rat=6 if ratingb==6; (37 real changes made) . preserve; . program drop _all; . program define temp; 1. egen `1'mean=mean(`1'); 2. end; . temp capexrest; . temp divrest; . temp secured ; . temp spreadwt ; . temp d_cover ; . temp d_adcf ; . temp d_anw ; . temp d_dbs ; . temp d_liq; . temp d_cf; . collapse (mean) capexrest divrest secured spreadwt d_cover d_adcf d_anw d_dbs d_liq d_cf > capexrestmean divrestmean securedmean spreadwtmean d_covermean d_adcfmean d_anwmean d_dbsmean d > _liqmean d_cfmean, by(rat); . program drop _all; . program define temp; 1. gen temp=`1' if rat==1; 2. egen temp2=mean(temp); 3. gen `1'fracmean=(`1'-temp2)/`1'mean; 4. replace `1'fracmean=. if _n==1; 5. drop temp*; 6. drop `1'mean; 7. end; . temp capexrest; (5 missing values generated) (1 real change made, 1 to missing) . temp divrest; (5 missing values generated) (1 real change made, 1 to missing) . temp secured ; (5 missing values generated) (1 real change made, 1 to missing) . temp spreadwt ; (5 missing values generated) (1 real change made, 1 to missing) . temp d_cover ; (5 missing values generated) (1 real change made, 1 to missing) . temp d_adcf ; (5 missing values generated) (1 real change made, 1 to missing) . temp d_anw ; (5 missing values generated) (1 real change made, 1 to missing) . temp d_dbs ; (5 missing values generated) (1 real change made, 1 to missing) . temp d_liq; (5 missing values generated) (1 real change made, 1 to missing) . temp d_cf; (5 missing values generated) (1 real change made, 1 to missing) . xpose, clear var; . gen temp=.; (21 missing values generated) . program drop _all; . program define temp; 1. replace temp=`1' if _varname=="`2'"; 2. end; . temp 1 capexrest; (1 real change made) . temp 2 divrest; (1 real change made) . temp 3 secured; (1 real change made) . temp 4 spreadwt; (1 real change made) . temp 5 d_cover; (1 real change made) . temp 6 d_adcf; (1 real change made) . temp 7 d_anw; (1 real change made) . temp 8 d_dbs; (1 real change made) . temp 9 d_liq; (1 real change made) . temp 10 d_cf; (1 real change made) . temp 11 capexrestfracmean; (1 real change made) . temp 12 divrestfracmean; (1 real change made) . temp 13 securedfracmean; (1 real change made) . temp 14 spreadwtfracmean; (1 real change made) . temp 15 d_coverfracmean; (1 real change made) . temp 16 d_adcffracmean; (1 real change made) . temp 17 d_anwfracmean; (1 real change made) . temp 18 d_dbsfracmean; (1 real change made) . temp 19 d_liqfracmean; (1 real change made) . temp 20 d_cffracmean; (1 real change made) . sort temp; . rename v1 rat1; . rename v2 rat2; . rename v3 rat3; . rename v4 rat4; . rename v5 rat5; . drop if _varname=="rat"; (1 observation deleted) . list _varname rat1 rat2 rat3 rat4 rat5; +------------------------------------------------------------------------------+ | _varname rat1 rat2 rat3 rat4 rat5 | |------------------------------------------------------------------------------| 1. | capexrest .0279503 .0771704 .3927894 .4904459 .6216216 | 2. | divrest .3896104 .6016807 .94 .9355932 .875 | 3. | secured .0647773 .2184874 .8077754 .9612676 1 | 4. | spreadwt 47.55175 97.72222 194.8247 257.8764 362.3931 | 5. | d_cover .3867925 .6953642 .8585271 .7643098 .5277778 | |------------------------------------------------------------------------------| 6. | d_adcf .2012579 .4403974 .6860465 .6228956 .3611111 | 7. | d_anw .2169811 .3245033 .3972868 .3063973 .1666667 | 8. | d_dbs .4811321 .4536424 .2112403 .0942761 .0555556 | 9. | d_liq .0220126 .0182119 .1375969 .1481481 .2222222 | 10. | d_cf .0125786 .0231788 .1065891 .2087542 .4722222 | |------------------------------------------------------------------------------| 11. | capexrestfracmean . .1545137 1.145318 1.451885 1.863677 | 12. | divrestfracmean . .260998 .6773723 .6719489 .5973759 | 13. | securedfracmean . .2375381 1.148203 1.385404 1.44526 | 14. | spreadwtfracmean . .2945008 .8644924 1.234606 1.848119 | 15. | d_coverfracmean . .4154649 .6351495 .508294 .1898244 | |------------------------------------------------------------------------------| 16. | d_adcffracmean . .4162413 .8438134 .7338941 .2782373 | 17. | d_anwfracmean . .2376702 .398553 .1976482 -.1112166 | 18. | d_dbsfracmean . -.0941496 -.9243537 -1.324945 -1.457559 | 19. | d_liqfracmean . -.0258861 .7872407 .8591048 1.363621 | 20. | d_cffracmean . .0835722 .7411815 1.546654 3.623842 | +------------------------------------------------------------------------------+ . restore; . *FIGURE 1; . preserve; . program drop _all; . program define temp; 1. keep if `1'l2~=.; 2. keep if `1'l1~=.; 3. keep if `1'~=.; 4. keep if `1'f1~=.; 5. end; . temp ycapex; (163 observations deleted) (14 observations deleted) (7 observations deleted) (518 observations deleted) . temp ymb; (176 observations deleted) (1 observation deleted) (3 observations deleted) (1 observation deleted) . temp yebitda; (19 observations deleted) (0 observations deleted) (1 observation deleted) (0 observations deleted) . keep if ycapexl2_~=.; (5 observations deleted) . sum ycapexl2_ ycapexl1_ ycapex_ ycapexf1_ if capexrest==0; Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- ycapexl2_ | 1938 .091819 .0865035 .0109615 .3439113 ycapexl1_ | 1938 .0851862 .0811462 .0108171 .3259611 ycapex_ | 1938 .0821998 .0778814 .0102681 .3074778 ycapexf1_ | 1938 .0718451 .0637551 .0092767 .2461753 . sum ycapexl2_ ycapexl1_ ycapex_ ycapexf1_ if capexrestns==1; Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- ycapexl2_ | 732 .0860823 .0832219 .0109615 .3439113 ycapexl1_ | 732 .0746642 .0734645 .0108171 .3259611 ycapex_ | 732 .0688039 .0660471 .0102681 .3074778 ycapexf1_ | 732 .0594579 .0564409 .0092767 .2461753 . sum ycapexl2_ ycapexl1_ ycapex_ ycapexf1_ if capexrestsw==1; Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- ycapexl2_ | 142 .0836156 .0831517 .0109615 .3439113 ycapexl1_ | 142 .0746052 .0752948 .0108171 .3259611 ycapex_ | 142 .0567361 .0562788 .0102681 .3074778 ycapexf1_ | 142 .0463253 .0466007 .0092767 .2461753 . *TABLE 7: REGRESSION VERSION OF INVESTMENT GRAPH; . xi: regress ycapex_d i.year capexrestns capexrestsw, cluster(gvkey); i.year _Iyear_1996-2005 (naturally coded; _Iyear_1996 omitted) Linear regression Number of obs = 2812 F( 11, 1530) = 4.03 Prob > F = 0.0000 R-squared = 0.0141 Number of clusters (gvkey) = 1531 Root MSE = .05114 ------------------------------------------------------------------------------ | Robust ycapex_d | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyear_1997 | .0038626 .0076953 0.50 0.616 -.0112319 .018957 _Iyear_1998 | .003723 .0075701 0.49 0.623 -.0111259 .0185719 _Iyear_1999 | -.0068485 .0078721 -0.87 0.384 -.0222898 .0085928 _Iyear_2000 | .0015227 .0076513 0.20 0.842 -.0134854 .0165308 _Iyear_2001 | .00268 .0072004 0.37 0.710 -.0114437 .0168037 _Iyear_2002 | -.0029101 .0069323 -0.42 0.675 -.0165079 .0106878 _Iyear_2003 | .006149 .0071191 0.86 0.388 -.0078152 .0201133 _Iyear_2004 | .010595 .0068292 1.55 0.121 -.0028005 .0239906 _Iyear_2005 | .004796 .00849 0.56 0.572 -.0118573 .0214493 capexrestns | -.0026501 .002171 -1.22 0.222 -.0069085 .0016083 capexrestsw | -.0137181 .0049703 -2.76 0.006 -.0234675 -.0039687 _cons | -.0057578 .0066903 -0.86 0.390 -.0188809 .0073652 ------------------------------------------------------------------------------ . xi: regress ycapex_d i.year capexrestns capexrestsw yebitdad ymbdl1, cluster(gvkey); i.year _Iyear_1996-2005 (naturally coded; _Iyear_1996 omitted) Linear regression Number of obs = 2812 F( 13, 1530) = 17.31 Prob > F = 0.0000 R-squared = 0.1627 Number of clusters (gvkey) = 1531 Root MSE = .04714 ------------------------------------------------------------------------------ | Robust ycapex_d | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyear_1997 | .0091239 .0071528 1.28 0.202 -.0049065 .0231542 _Iyear_1998 | .0102797 .0069614 1.48 0.140 -.0033753 .0239347 _Iyear_1999 | .0023991 .0073362 0.33 0.744 -.0119911 .0167892 _Iyear_2000 | .0058691 .0071402 0.82 0.411 -.0081366 .0198747 _Iyear_2001 | .0103191 .0066686 1.55 0.122 -.0027615 .0233996 _Iyear_2002 | .0015374 .0064504 0.24 0.812 -.0111152 .0141901 _Iyear_2003 | .0117197 .0066499 1.76 0.078 -.0013241 .0247635 _Iyear_2004 | .0103279 .006358 1.62 0.104 -.0021433 .0227992 _Iyear_2005 | .0018878 .0078698 0.24 0.810 -.013549 .0173246 capexrestns | -.0016088 .0020194 -0.80 0.426 -.0055699 .0023523 capexrestsw | -.0089817 .004474 -2.01 0.045 -.0177575 -.0002059 yebitdad | .1262579 .0163592 7.72 0.000 .0941691 .1583467 ymbdl1 | .0160142 .001775 9.02 0.000 .0125325 .0194958 _cons | -.0102715 .0062544 -1.64 0.101 -.0225396 .0019966 ------------------------------------------------------------------------------ . xi: regress ycapex_d_2 i.year capexrestns capexrestsw, cluster(gvkey); i.year _Iyear_1996-2005 (naturally coded; _Iyear_1996 omitted) Linear regression Number of obs = 2812 F( 11, 1530) = 10.68 Prob > F = 0.0000 R-squared = 0.0328 Number of clusters (gvkey) = 1531 Root MSE = .05594 ------------------------------------------------------------------------------ | Robust ycapex_d_2 | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyear_1997 | .0032756 .0069148 0.47 0.636 -.0102879 .016839 _Iyear_1998 | -.0051888 .0074906 -0.69 0.489 -.0198818 .0095042 _Iyear_1999 | -.0126573 .0078724 -1.61 0.108 -.0280992 .0027847 _Iyear_2000 | -.0085807 .0074334 -1.15 0.249 -.0231615 .006 _Iyear_2001 | -.0015492 .0068595 -0.23 0.821 -.0150043 .0119059 _Iyear_2002 | -.0038619 .0064333 -0.60 0.548 -.016481 .0087571 _Iyear_2003 | .007436 .0066928 1.11 0.267 -.0056921 .0205641 _Iyear_2004 | .018229 .0064868 2.81 0.005 .0055051 .0309529 _Iyear_2005 | .0131905 .0089327 1.48 0.140 -.0043311 .0307121 capexrestns | -.0041244 .0026074 -1.58 0.114 -.0092388 .00099 capexrestsw | -.0140329 .0049785 -2.82 0.005 -.0237983 -.0042675 _cons | -.0139321 .0063501 -2.19 0.028 -.026388 -.0014763 ------------------------------------------------------------------------------ . xi: regress ycapex_d_2 i.year capexrestns capexrestsw yebitdad_2 ymbd_2, cluster(gvkey); i.year _Iyear_1996-2005 (naturally coded; _Iyear_1996 omitted) Linear regression Number of obs = 2812 F( 13, 1530) = 23.15 Prob > F = 0.0000 R-squared = 0.1384 Number of clusters (gvkey) = 1531 Root MSE = .05282 ------------------------------------------------------------------------------ | Robust ycapex_d_2 | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyear_1997 | .0056406 .0063721 0.89 0.376 -.0068583 .0181395 _Iyear_1998 | .0017831 .0068966 0.26 0.796 -.0117447 .015311 _Iyear_1999 | -.0065366 .0074942 -0.87 0.383 -.0212366 .0081633 _Iyear_2000 | -.0046027 .0070107 -0.66 0.512 -.0183543 .0091489 _Iyear_2001 | .0041154 .0063077 0.65 0.514 -.0082572 .016488 _Iyear_2002 | -.0012686 .0058437 -0.22 0.828 -.0127312 .0101939 _Iyear_2003 | .0051684 .0061992 0.83 0.405 -.0069913 .0173282 _Iyear_2004 | .0127757 .0060091 2.13 0.034 .0009887 .0245628 _Iyear_2005 | .0115707 .0080572 1.44 0.151 -.0042337 .0273751 capexrestns | -.0037595 .0024334 -1.54 0.123 -.0085325 .0010136 capexrestsw | -.0099134 .0046665 -2.12 0.034 -.0190668 -.0007599 yebitdad_2 | .2113448 .0210712 10.03 0.000 .1700133 .2526763 ymbd_2 | .0057535 .0026419 2.18 0.030 .0005713 .0109357 _cons | -.0128101 .0058588 -2.19 0.029 -.0243022 -.001318 ------------------------------------------------------------------------------ . restore; . *FIGURE 4; . preserve; . program drop _all; . program define temp; 1. keep if `1'l1~=.; 2. keep if `1'~=.; 3. end; . temp ymb; (159 observations deleted) (5 observations deleted) . temp yebitda; (9 observations deleted) (1 observation deleted) . gen survive2=(ymbf1~=. & ymbf2~=. & yebitdaf1~=. & yebitdaf2~=.); . gen survive1=(ymbf1~=. & yebitdaf1~=.); . sum ymbl1 ymb ymbf1 ymbf2 if capexrest==0 & survive2==1; Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- ymbl1 | 1651 1.853518 1.201338 .661934 7.435156 ymb | 1651 1.7434 1.118224 .6635837 7.37531 ymbf1 | 1651 1.66381 1.012745 .6611778 7.395752 ymbf2 | 1651 1.641927 .991603 .6575935 7.233578 . sum ymbl1 ymb ymbf1 ymbf2 if capexrest==1 & capexrestsw==0 & survive2==1; Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- ymbl1 | 663 1.678943 1.119535 .661934 7.435156 ymb | 663 1.530379 .8963946 .6635837 7.37531 ymbf1 | 663 1.508302 .8610299 .6611778 7.395752 ymbf2 | 663 1.513624 .8609458 .6575935 7.233578 . sum ymbl1 ymb ymbf1 ymbf2 if capexrest==1 & capexrestsw==1 & survive2==1; Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- ymbl1 | 124 1.324558 .6603741 .661934 5.083601 ymb | 124 1.186362 .4612757 .6635837 3.086427 ymbf1 | 124 1.32992 .5976796 .6611778 5.515985 ymbf2 | 124 1.40741 .7223579 .6575935 7.233578 . sum yebitdal1 yebitda yebitdaf1 yebitdaf2 if capexrest==0 & survive2==1; Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- yebitdal1 | 1651 .1759673 .1333906 -.3747157 .615712 yebitda | 1651 .1709684 .1263776 -.3719262 .5952491 yebitdaf1 | 1651 .1551735 .1151802 -.3719262 .593145 yebitdaf2 | 1651 .1466674 .1075261 -.3099863 .5565456 . sum yebitdal1 yebitda yebitdaf1 yebitdaf2 if capexrest==1 & capexrestsw==0 & survive2==1; Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- yebitdal1 | 663 .1539786 .1434543 -.3747157 .615712 yebitda | 663 .1483517 .1323781 -.3719262 .5952491 yebitdaf1 | 663 .1368705 .1169889 -.3719262 .593145 yebitdaf2 | 663 .1333296 .1129066 -.3099863 .5565456 . sum yebitdal1 yebitda yebitdaf1 yebitdaf2 if capexrest==1 & capexrestsw==1 & survive2==1; Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- yebitdal1 | 124 .1332216 .1092172 -.0861878 .5314072 yebitda | 124 .1047523 .0825778 -.124615 .4000807 yebitdaf1 | 124 .1104685 .0668571 -.1225948 .2982306 yebitdaf2 | 124 .1327014 .0890272 -.0021612 .5190302 . *TABLE 9; . *Panel B; . xi: regress embd i.year capexrestns capexrestsw if survive1==1, cluster(gvkey); i.year _Iyear_1996-2005 (naturally coded; _Iyear_1996 omitted) Linear regression Number of obs = 3033 F( 11, 1631) = 13.56 Prob > F = 0.0000 R-squared = 0.0318 Number of clusters (gvkey) = 1632 Root MSE = .68002 ------------------------------------------------------------------------------ | Robust embd | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyear_1997 | -.1894994 .090666 -2.09 0.037 -.3673334 -.0116654 _Iyear_1998 | .0167687 .1013043 0.17 0.869 -.1819316 .215469 _Iyear_1999 | -.1469085 .0930347 -1.58 0.115 -.3293885 .0355716 _Iyear_2000 | -.1235503 .0985813 -1.25 0.210 -.3169095 .069809 _Iyear_2001 | -.2243918 .0910511 -2.46 0.014 -.4029813 -.0458024 _Iyear_2002 | .127773 .0852407 1.50 0.134 -.0394197 .2949657 _Iyear_2003 | .045831 .0858621 0.53 0.594 -.1225806 .2142426 _Iyear_2004 | -.0358385 .0855473 -0.42 0.675 -.2036327 .1319556 _Iyear_2005 | .016397 .129696 0.13 0.899 -.2379913 .2707852 capexrestns | .0533587 .0296544 1.80 0.072 -.004806 .1115234 capexrestsw | .1713631 .041739 4.11 0.000 .0894954 .2532308 _cons | -.0086417 .0837181 -0.10 0.918 -.172848 .1555645 ------------------------------------------------------------------------------ . xi: regress embd i.year capexrestns capexrestsw embdl1 eebitdadl1 if survive1==1, cluster(gvkey > ); i.year _Iyear_1996-2005 (naturally coded; _Iyear_1996 omitted) Linear regression Number of obs = 3033 F( 13, 1631) = 12.23 Prob > F = 0.0000 R-squared = 0.0779 Number of clusters (gvkey) = 1632 Root MSE = .66385 ------------------------------------------------------------------------------ | Robust embd | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyear_1997 | -.2026097 .0910959 -2.22 0.026 -.381287 -.0239324 _Iyear_1998 | -.0383541 .100547 -0.38 0.703 -.235569 .1588608 _Iyear_1999 | -.1840607 .0923146 -1.99 0.046 -.3651284 -.002993 _Iyear_2000 | -.1692273 .0978052 -1.73 0.084 -.3610644 .0226097 _Iyear_2001 | -.2417971 .0905461 -2.67 0.008 -.419396 -.0641983 _Iyear_2002 | .0798799 .0855083 0.93 0.350 -.0878378 .2475976 _Iyear_2003 | .0699506 .0861421 0.81 0.417 -.0990102 .2389114 _Iyear_2004 | -.0166069 .0865602 -0.19 0.848 -.1863877 .1531739 _Iyear_2005 | -.0004622 .131087 -0.00 0.997 -.2575788 .2566545 capexrestns | .0477292 .0298479 1.60 0.110 -.010815 .1062733 capexrestsw | .166669 .0393438 4.24 0.000 .0894993 .2438386 embdl1 | -.1849371 .0358354 -5.16 0.000 -.2552253 -.1146489 eebitdadl1 | -.1381874 .1814214 -0.76 0.446 -.4940308 .217656 _cons | -.0060711 .0840344 -0.07 0.942 -.1708979 .1587556 ------------------------------------------------------------------------------ . xi: regress embd i.year capexrestns capexrestsw embdl1 eebitdadl1 divrestns divrestsw securedns > securedsw d_coverns d_coversw d_adcfns d_adcfsw d_anwns d_anwsw d_liqns d_liqsw d_cfns d_cfsw > if survive1==1, cluster(gvkey); i.year _Iyear_1996-2005 (naturally coded; _Iyear_1996 omitted) Linear regression Number of obs = 3033 F( 27, 1631) = 6.98 Prob > F = 0.0000 R-squared = 0.0846 Number of clusters (gvkey) = 1632 Root MSE = .66297 ------------------------------------------------------------------------------ | Robust embd | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyear_1997 | -.1971476 .0920351 -2.14 0.032 -.3776671 -.0166282 _Iyear_1998 | -.0247492 .1017288 -0.24 0.808 -.224282 .1747836 _Iyear_1999 | -.1699328 .093424 -1.82 0.069 -.3531764 .0133108 _Iyear_2000 | -.1598551 .0981256 -1.63 0.103 -.3523205 .0326103 _Iyear_2001 | -.2309822 .0915286 -2.52 0.012 -.4105082 -.0514563 _Iyear_2002 | .0917891 .0872578 1.05 0.293 -.07936 .2629383 _Iyear_2003 | .0801233 .0885504 0.90 0.366 -.093561 .2538077 _Iyear_2004 | .0019775 .0889524 0.02 0.982 -.1724955 .1764505 _Iyear_2005 | .0180578 .1349257 0.13 0.894 -.2465882 .2827037 capexrestns | .051044 .033486 1.52 0.128 -.0146361 .1167241 capexrestsw | .1702823 .0494988 3.44 0.001 .0731944 .2673703 embdl1 | -.1869582 .0357183 -5.23 0.000 -.2570169 -.1168996 eebitdadl1 | -.1376963 .1841127 -0.75 0.455 -.4988185 .223426 divrestns | .0129856 .0307261 0.42 0.673 -.0472812 .0732524 divrestsw | -.0106685 .0453537 -0.24 0.814 -.0996262 .0782892 securedns | .0225853 .0317629 0.71 0.477 -.039715 .0848856 securedsw | .0078826 .0575948 0.14 0.891 -.105085 .1208503 d_coverns | -.0288316 .0333622 -0.86 0.388 -.0942689 .0366058 d_coversw | .0038647 .0558396 0.07 0.945 -.1056601 .1133895 d_adcfns | -.0845714 .0271533 -3.11 0.002 -.1378303 -.0313125 d_adcfsw | -.0191481 .0486931 -0.39 0.694 -.1146558 .0763595 d_anwns | .0132725 .0266351 0.50 0.618 -.0389701 .0655151 d_anwsw | -.1241022 .0855297 -1.45 0.147 -.2918618 .0436574 d_liqns | -.009118 .0511894 -0.18 0.859 -.1095219 .0912858 d_liqsw | .1435757 .1049306 1.37 0.171 -.0622371 .3493886 d_cfns | .0127043 .0548411 0.23 0.817 -.094862 .1202707 d_cfsw | .0076406 .068763 0.11 0.912 -.1272325 .1425137 _cons | .0186207 .0899438 0.21 0.836 -.1577969 .1950382 ------------------------------------------------------------------------------ . xi: regress eebitdad i.year capexrestns capexrestsw if survive1==1, cluster(gvkey); i.year _Iyear_1996-2005 (naturally coded; _Iyear_1996 omitted) Linear regression Number of obs = 3033 F( 11, 1631) = 8.18 Prob > F = 0.0000 R-squared = 0.0243 Number of clusters (gvkey) = 1632 Root MSE = .09652 ------------------------------------------------------------------------------ | Robust eebitdad | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyear_1997 | -.0266926 .0141339 -1.89 0.059 -.0544151 .0010298 _Iyear_1998 | -.0128503 .0146175 -0.88 0.379 -.0415213 .0158207 _Iyear_1999 | -.0091086 .0129696 -0.70 0.483 -.0345474 .0163302 _Iyear_2000 | -.025019 .0129054 -1.94 0.053 -.0503319 .000294 _Iyear_2001 | -.0066665 .0123882 -0.54 0.591 -.0309649 .0176318 _Iyear_2002 | .0059034 .0118485 0.50 0.618 -.0173366 .0291433 _Iyear_2003 | .0204949 .011731 1.75 0.081 -.0025145 .0435043 _Iyear_2004 | .0022225 .0118157 0.19 0.851 -.020953 .025398 _Iyear_2005 | .0052256 .013985 0.37 0.709 -.0222048 .032656 capexrestns | .0023368 .0041369 0.56 0.572 -.0057775 .010451 capexrestsw | .0164115 .0062954 2.61 0.009 .0040635 .0287596 _cons | -.0096162 .0113931 -0.84 0.399 -.0319629 .0127304 ------------------------------------------------------------------------------ . xi: regress eebitdad i.year capexrestns capexrestsw embdl1 eebitdadl1 if survive1==1, cluster(g > vkey); i.year _Iyear_1996-2005 (naturally coded; _Iyear_1996 omitted) Linear regression Number of obs = 3033 F( 13, 1631) = 13.23 Prob > F = 0.0000 R-squared = 0.1357 Number of clusters (gvkey) = 1632 Root MSE = .09087 ------------------------------------------------------------------------------ | Robust eebitdad | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyear_1997 | -.0285956 .0134458 -2.13 0.034 -.0549686 -.0022227 _Iyear_1998 | -.011883 .0132544 -0.90 0.370 -.0378804 .0141144 _Iyear_1999 | -.0082505 .0126193 -0.65 0.513 -.0330023 .0165013 _Iyear_2000 | -.0186772 .0120647 -1.55 0.122 -.0423411 .0049866 _Iyear_2001 | -.0108853 .0117247 -0.93 0.353 -.0338824 .0121119 _Iyear_2002 | .0105366 .0110976 0.95 0.343 -.0112304 .0323036 _Iyear_2003 | .0158767 .0111873 1.42 0.156 -.0060664 .0378197 _Iyear_2004 | .0015629 .011145 0.14 0.888 -.020297 .0234228 _Iyear_2005 | .0047574 .0136499 0.35 0.727 -.0220158 .0315306 capexrestns | .0038725 .0040518 0.96 0.339 -.0040748 .0118198 capexrestsw | .0117278 .0058665 2.00 0.046 .0002212 .0232344 embdl1 | .0323008 .0040029 8.07 0.000 .0244493 .0401522 eebitdadl1 | -.2486978 .032835 -7.57 0.000 -.313101 -.1842945 _cons | -.0078 .0107729 -0.72 0.469 -.0289303 .0133302 ------------------------------------------------------------------------------ . xi: regress eebitdad i.year capexrestns capexrestsw embdl1 eebitdadl1 divrestns divrestsw secur > edns securedsw d_coverns d_coversw d_adcfns d_adcfsw d_anwns d_anwsw d_liqns d_liqsw d_cfns d_c > fsw if survive1==1, cluster(gvkey); i.year _Iyear_1996-2005 (naturally coded; _Iyear_1996 omitted) Linear regression Number of obs = 3033 F( 27, 1631) = 9.23 Prob > F = 0.0000 R-squared = 0.1482 Number of clusters (gvkey) = 1632 Root MSE = .09042 ------------------------------------------------------------------------------ | Robust eebitdad | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyear_1997 | -.0281116 .0135186 -2.08 0.038 -.0546272 -.001596 _Iyear_1998 | -.0092549 .0132079 -0.70 0.484 -.0351611 .0166512 _Iyear_1999 | -.0057538 .0126371 -0.46 0.649 -.0305404 .0190328 _Iyear_2000 | -.0171608 .0120556 -1.42 0.155 -.040807 .0064854 _Iyear_2001 | -.0100292 .0116898 -0.86 0.391 -.0329579 .0128994 _Iyear_2002 | .0123247 .0110599 1.11 0.265 -.0093683 .0340178 _Iyear_2003 | .0176198 .0111764 1.58 0.115 -.0043018 .0395415 _Iyear_2004 | .0042633 .0111655 0.38 0.703 -.0176369 .0261635 _Iyear_2005 | .0073582 .0134555 0.55 0.585 -.0190337 .0337501 capexrestns | .0053347 .0047225 1.13 0.259 -.0039282 .0145976 capexrestsw | .0143624 .006198 2.32 0.021 .0022055 .0265193 embdl1 | .0319095 .0040321 7.91 0.000 .0240008 .0398182 eebitdadl1 | -.2488168 .0330039 -7.54 0.000 -.3135513 -.1840823 divrestns | .0021846 .0040716 0.54 0.592 -.0058014 .0101707 divrestsw | .0036335 .0048098 0.76 0.450 -.0058006 .0130676 securedns | -.0001178 .0044246 -0.03 0.979 -.0087962 .0085606 securedsw | -.0109279 .0061834 -1.77 0.077 -.0230561 .0012004 d_coverns | -.0072452 .0043846 -1.65 0.099 -.0158453 .0013548 d_coversw | .0010581 .0083116 0.13 0.899 -.0152444 .0173607 d_adcfns | -.014405 .0036316 -3.97 0.000 -.0215282 -.0072819 d_adcfsw | -.0190853 .0067573 -2.82 0.005 -.0323392 -.0058313 d_anwns | -.001725 .0035487 -0.49 0.627 -.0086856 .0052355 d_anwsw | -.0112727 .009227 -1.22 0.222 -.0293706 .0068253 d_liqns | .0033756 .0069493 0.49 0.627 -.010255 .0170062 d_liqsw | .0036381 .0146084 0.25 0.803 -.0250151 .0322913 d_cfns | .0108824 .0069468 1.57 0.117 -.0027432 .0245079 d_cfsw | .0202845 .0080095 2.53 0.011 .0045746 .0359944 _cons | .0005097 .011453 0.04 0.965 -.0219545 .0229739 ------------------------------------------------------------------------------ . end of do-file . log close log: C:\Documents and Settings\asufi\My Documents\Work\control\public\NINISMITHSUFI_JFE_C > ONTROL_20080611.log log type: text closed on: 13 Jun 2008, 11:10:21 -------------------------------------------------------------------------------------------------