------------------------------------------------------------------------------------------ log: C:\Documents and Settings\asufi\My Documents\Work\lines\public\SUFI_RFS_LINES > OFCREDIT20070221.log log type: text opened on: 27 Feb 2007, 16:51:13 . *********************************************************** > *INTRODUCTORY NOTE > * > *THIS LOG FILE CONTAINS ALL RESULTS PRESENTED IN MY LINES OF CREDIT > *PAPER IN THE REVIEW OF FINANCIAL STUDIES. THE DATA SET THAT IS > *AVAILABLE ON MY WEBSITE CONTAINS ONLY THE LINE OF CREDIT DATA > *THAT I PERSONALLY COLLECTED, TOGETHER WITH THE GVKEY YEARA SO THAT > *YOU CAN MERGE IT BACK TO COMPUSTAT. > * > *PLEASE READ THE DATA SECTION OF THE RFS PAPER FOR A MORE FULL > *DESCRIPTION OF HOW THE DATA WERE COLLECTED AND HOW THE COMPUSTAT > *VARIABLES WERE DEFINED > * > * > *--AS, 02/27/2007 > * > ****************************************************************; . use SUFI_RFS_LINESOFCREDIT20070221FULLDATA.dta, clear; . *PRELIMINARIES; . desc; Contains data from SUFI_RFS_LINESOFCREDIT20070221FULLDATA.dta obs: 28,447 vars: 74 27 Feb 2007 16:50 size: 8,363,418 (98.7% of memory free) ------------------------------------------------------------------------------- storage display value variable name type format label variable label ------------------------------------------------------------------------------- gvkey long %12.0g Compustat firm identifier yeara float %8.0g Fiscal year randomsample float %9.0g Random sample lass float %9.0g Ln(assets) lassl1 float %9.0g Lagged(ln(assets)) asslcl1 float %9.0g Lagged(total assets less cash) lasslcl1 float %9.0g Ln(lagged assets - cash) cashdiff float %9.0g Change in cash scaled by assets bd float %9.0g Book leverage ratio bdl1 float %9.0g Lagged book leverage ratio mb float %9.0g Market to book ratio mbl1 float %9.0g Lagged(market to book ratio mblcl1 float %9.0g Lagged(Market to book, cash adjusted) eoyq float %9.0g End of year Q cr float %9.0g Current ratio crl1 float %9.0g Lagged(current ratio) nw float %9.0g Net worth/assets nwl1 float %9.0g Lagged(net worth/assets) nwlcl1 float %9.0g Lagged(Net worth/(assets - cash)) cf float %9.0g Cash flow/assets cf_ float %9.0g Cash flow/lagged assets cf_l1 float %9.0g Lagged (cash flow/lagged assetes) cflcl1 float %9.0g Lagged(Cash flow/(assets-cash)) cfvar float %9.0g Earnings volatility, Mackie Mason tanglcl1 float %9.0g Lagged(Tangible assets/(assets-cash)) d_rating float %9.0g Has issuer credit rating yd1996 float %9.0g yd1997 float %9.0g yd1998 float %9.0g yd1999 float %9.0g yd2000 float %9.0g yd2001 float %9.0g yd2002 float %9.0g yd2003 float %9.0g sic float %9.0g 1-digit SIC code line_uns float %9.0g lineun float %9.0g Unused line line float %9.0g Used line linetot float %9.0g Total line liq_lineun float %9.0g Unused line/(unused line + cash) liq_linetot float %9.0g Total line/(total line + cash) d_bd float %9.0g Debt >0 ra_line float %9.0g Used line/assets ra_lineun float %9.0g Unused line/assets ra_linetot float %9.0g Total line/assets lineofcredit_rs float %9.0g Has line of credit, random sample ut_line float %9.0g Used line/total line lineofcredit byte %8.0g Has line of credit, full sample spind float %9.0g in an S&P index exch float %9.0g Traded OTC firmage float %9.0g Years since IPO lfirmage float %9.0g Ln(years since IPO) q_salesvar float %9.0g 3-digit SIC industry volatility linetot_ float %9.0g Total line/lagged assets lineun_ float %9.0g Unused line/lagged assets line_ float %9.0g Used line/lagged assets lineofcredit_~1 float %9.0g Lagged has line of credit, random sample def float %9.0g Financial covenant violation defl1 float %9.0g Lagged financial covenant violation zscorecat byte %8.0g ZSCORE category cfcat float %9.0g CF decile sicss float %9.0g Broad industry categories deftime float %9.0g linealways float %9.0g Firm has line of credit in every year in sample highcf float %9.0g CF above median in every year line_uncon float %9.0g Unconstrained, by line of credit measure rhigh float %9.0g Firm has credit rating in sample chigh float %9.0g Firm has commercial paper rating in sample payoutgroup float %9.0g Payout decile phigh float %9.0g High payout group sizegroup float %9.0g Size decile shigh float %9.0g High size group zscorecat2 float %9.0g ZSCORE category - 1 cflcl1z float %9.0g Cash flow*High Z-score ------------------------------------------------------------------------------- Sorted by: gvkey yeara . sum; Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- gvkey | 28447 30488 32506.99 1004 141469 yeara | 28447 1999.577 2.222229 1996 2003 randomsample | 28447 .0670721 .2501512 0 1 lass | 28447 5.127885 2.155404 -5.521461 13.38085 lassl1 | 28447 5.031662 2.133512 -2.525729 13.26255 -------------+-------------------------------------------------------- asslcl1 | 28447 1608.078 10675.9 .001 558501 lasslcl1 | 28447 4.72507 2.331203 -6.907768 13.23301 cashdiff | 28447 -.0041453 .1080452 -.4015279 .3709331 bd | 28414 .2036028 .1904033 0 .96456 bdl1 | 28409 .2031651 .2279978 0 16.76543 -------------+-------------------------------------------------------- mb | 28447 2.094882 1.953738 .5133372 12.66191 mbl1 | 28447 2.230631 2.206899 .5163659 14.22134 mblcl1 | 28447 2.943562 3.468768 .6585672 14.45284 eoyq | 28447 2.092568 1.952761 .5129972 12.66191 cr | 27778 3.136242 3.432967 .3370189 23.06215 -------------+-------------------------------------------------------- crl1 | 27757 3.269993 3.679683 .3404298 24.25835 nw | 28447 .5423637 .2271635 -.0739799 1 nwl1 | 28447 .5481028 .2294795 .0236196 .9617311 nwlcl1 | 28447 .4364989 .2377378 -.0702553 .8202379 cf | 28416 .0506097 .229298 -1.072554 .3912639 -------------+-------------------------------------------------------- cf_ | 28416 .0764786 .2376912 -1.028201 .5545708 cf_l1 | 28447 -.0167338 7.599483 -1205.056 39.73904 cflcl1 | 28447 .0263163 .3575284 -1.161482 .3966702 cfvar | 28447 .0906673 .1088613 .0038192 .6402573 tanglcl1 | 28447 .3396737 .2394831 .0423288 .8450453 -------------+-------------------------------------------------------- d_rating | 28447 .220902 .4148619 0 1 yd1996 | 28447 .1039477 .305198 0 1 yd1997 | 28447 .1198369 .3247764 0 1 yd1998 | 28447 .129047 .3352578 0 1 yd1999 | 28447 .1355503 .3423164 0 1 -------------+-------------------------------------------------------- yd2000 | 28447 .1329138 .3394876 0 1 yd2001 | 28447 .1316132 .3380757 0 1 yd2002 | 28447 .1264457 .3323568 0 1 yd2003 | 28447 .1206454 .3257205 0 1 sic | 28447 3.937427 2.021962 1 8 -------------+-------------------------------------------------------- line_uns | 1908 31.90033 237.1743 0 4755 lineun | 1908 144.037 536.7798 0 10400 line | 1908 51.34572 261.3921 0 4755 linetot | 1908 195.3827 679.501 0 14671 liq_lineun | 1906 .4497054 .3731998 0 1 -------------+-------------------------------------------------------- liq_linetot | 1908 .5117739 .3875958 0 1 d_bd | 28447 .8350265 .3711631 0 1 ra_line | 1908 .056855 .0973093 0 .8144747 ra_lineun | 1908 .1020468 .1246298 0 1.327842 ra_linetot | 1908 .1589018 .1688065 0 1.42002 -------------+-------------------------------------------------------- lineofcred~s | 1908 .7484277 .4340304 0 1 ut_line | 1428 .2994874 .3215115 0 1 lineofcredit | 28447 .8169227 .3867367 0 1 spind | 28447 .6960312 .4599774 0 1 exch | 28447 .122614 .3279994 0 1 -------------+-------------------------------------------------------- firmage | 28447 14.7232 13.04461 1 53 lfirmage | 28447 2.396791 .88097 .6931472 3.988984 q_salesvar | 28447 .0429384 .0334678 0 .4312765 linetot_ | 1908 .1831604 .2025261 0 1.022178 lineun_ | 1908 .1149158 .1341071 0 .6775263 -------------+-------------------------------------------------------- line_ | 1908 .0666024 .1162961 0 .5771922 lineofcred~1 | 1595 .7611285 .4265278 0 1 def | 1908 .0796646 .2708442 0 1 defl1 | 1620 .0777778 .2679043 0 1 zscorecat | 27597 .4996558 .5000089 0 1 -------------+-------------------------------------------------------- cfcat | 28407 5.498715 2.871829 1 10 sicss | 28447 3.205189 1.741194 1 6 deftime | 469 .0575693 1.804224 -3 3 linealways | 28447 .6627764 .4727702 0 1 highcf | 28447 .2087742 .4064398 0 1 -------------+-------------------------------------------------------- line_uncon | 28447 .1696137 .3752996 0 1 rhigh | 28447 .2741238 .4460795 0 1 chigh | 28447 .0950891 .2933431 0 1 payoutgroup | 25525 4.564114 3.609126 1 10 phigh | 22896 .4620458 .4985683 0 1 -------------+-------------------------------------------------------- sizegroup | 28447 5.502513 2.870947 1 10 shigh | 28447 .5004043 .5000086 0 1 zscorecat2 | 28447 .4853939 .4997954 0 1 cflcl1z | 28447 .0941324 .1260635 -1.161482 .3966702 . tab yeara; Fiscal year | Freq. Percent Cum. ------------+----------------------------------- 1996 | 2,957 10.39 10.39 1997 | 3,409 11.98 22.38 1998 | 3,671 12.90 35.28 1999 | 3,856 13.56 48.84 2000 | 3,781 13.29 62.13 2001 | 3,744 13.16 75.29 2002 | 3,597 12.64 87.94 2003 | 3,432 12.06 100.00 ------------+----------------------------------- Total | 28,447 100.00 . *CREATING DATA SET FOR PUBLIC USE; . preserve; . keep gvkey yeara randomsample lineofcredit lineofcredit_rs line lineun linetot def; . sort gvkey yeara; . label data "LOC DATA FROM SUFI, RFS, BANK LINES OF CREDIT IN CORPORATE FINANCE"; . desc; Contains data from SUFI_RFS_LINESOFCREDIT20070221FULLDATA.dta obs: 28,447 LOC DATA FROM SUFI, RFS, BANK LINES OF CREDIT IN CORPORATE FINANCE vars: 9 27 Feb 2007 16:50 size: 1,052,539 (99.8% of memory free) ------------------------------------------------------------------------------- storage display value variable name type format label variable label ------------------------------------------------------------------------------- gvkey long %12.0g Compustat firm identifier yeara float %8.0g Fiscal year randomsample float %9.0g Random sample lineun float %9.0g Unused line line float %9.0g Used line linetot float %9.0g Total line lineofcredit_rs float %9.0g Has line of credit, random sample lineofcredit byte %8.0g Has line of credit, full sample def float %9.0g Financial covenant violation ------------------------------------------------------------------------------- Sorted by: gvkey yeara Note: dataset has changed since last saved . sum; Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- gvkey | 28447 30488 32506.99 1004 141469 yeara | 28447 1999.577 2.222229 1996 2003 randomsample | 28447 .0670721 .2501512 0 1 lineun | 1908 144.037 536.7798 0 10400 line | 1908 51.34572 261.3921 0 4755 -------------+-------------------------------------------------------- linetot | 1908 195.3827 679.501 0 14671 lineofcred~s | 1908 .7484277 .4340304 0 1 lineofcredit | 28447 .8169227 .3867367 0 1 def | 1908 .0796646 .2708442 0 1 . save SUFI_RFS_LINESOFCREDIT20070221DATA.dta, replace; file SUFI_RFS_LINESOFCREDIT20070221DATA.dta saved . restore; . *TABLE 1: SUMMARY STATISTICS; . tabstat > lineofcredit > bd > cflcl1 > tanglcl1 > nwlcl1 > asslcl1 > mblcl1 > > q_salesvar > cfvar > > spind > exch > firmage > , s(mean p50 sd n) col(stat) f(%7.3f) ; variable | mean p50 sd N -------------+---------------------------------------- lineofcredit | 0.817 1.000 0.387 2.8e+04 bd | 0.204 0.171 0.190 2.8e+04 cflcl1 | 0.026 0.125 0.358 2.8e+04 tanglcl1 | 0.340 0.277 0.239 2.8e+04 nwlcl1 | 0.436 0.445 0.238 2.8e+04 asslcl1 | 1608.078 102.461 1.1e+04 2.8e+04 mblcl1 | 2.944 1.532 3.469 2.8e+04 q_salesvar | 0.043 0.035 0.033 2.8e+04 cfvar | 0.091 0.052 0.109 2.8e+04 spind | 0.696 1.000 0.460 2.8e+04 exch | 0.123 0.000 0.328 2.8e+04 firmage | 14.723 10.000 13.045 2.8e+04 ------------------------------------------------------ . tabstat > lineofcredit_rs > ra_linetot > ra_lineun > ra_line > liq_linetot > liq_lineun > def > bd > cflcl1 > tanglcl1 > nwlcl1 > asslcl1 > mblcl1 > > q_salesvar > cfvar > > spind > exch > firmage > if randomsample==1, s(mean p50 sd n) col(stat) f(%7.3f) ; variable | mean p50 sd N -------------+---------------------------------------- lineofcred~s | 0.748 1.000 0.434 1908.000 ra_linetot | 0.159 0.112 0.169 1908.000 ra_lineun | 0.102 0.069 0.125 1908.000 ra_line | 0.057 0.000 0.097 1908.000 liq_linetot | 0.512 0.569 0.388 1908.000 liq_lineun | 0.450 0.455 0.373 1906.000 def | 0.080 0.000 0.271 1908.000 bd | 0.205 0.169 0.196 1908.000 cflcl1 | 0.034 0.126 0.353 1908.000 tanglcl1 | 0.331 0.275 0.226 1908.000 nwlcl1 | 0.451 0.459 0.234 1908.000 asslcl1 | 1441.409 116.411 7682.261 1908.000 mblcl1 | 2.790 1.498 3.319 1908.000 q_salesvar | 0.045 0.036 0.035 1908.000 cfvar | 0.091 0.052 0.109 1908.000 spind | 0.684 1.000 0.465 1908.000 exch | 0.142 0.000 0.349 1908.000 firmage | 14.121 9.000 12.363 1908.000 ------------------------------------------------------ . *TABLE 2: WHO USES LINE OF CREDIT?; . preserve; . replace ra_linetot=. if lineofcredit_rs==0; (480 real changes made, 480 to missing) . replace ra_line=. if lineofcredit_rs==0; (480 real changes made, 480 to missing) . replace ra_lineun=. if lineofcredit_rs==0; (480 real changes made, 480 to missing) . replace bd=. if lineofcredit_rs==0; (480 real changes made, 480 to missing) . label list; . table sicss if randomsample==1, c(mean lineofcredit_rs mean d_bd mean bd mean ra_line > tot mean ut_line) f(%9.3f); -------------------------------------------------------------------------------- Broad | industry | categorie | s | mean(line~s) mean(d_bd) mean(bd) mean(ra_l~t) mean(ut_l~e) ----------+--------------------------------------------------------------------- 1 | 0.761 0.862 0.303 0.306 0.490 2 | 0.731 0.809 0.205 0.216 0.267 3 | 0.860 0.907 0.366 0.163 0.338 4 | 0.932 0.915 0.256 0.221 0.321 5 | 0.920 0.938 0.286 0.194 0.283 6 | 0.630 0.701 0.245 0.204 0.304 -------------------------------------------------------------------------------- . table d_rating if randomsample==1, c(mean lineofcredit_rs mean d_bd mean bd mean ra_line > tot mean ut_line) f(%9.3f); -------------------------------------------------------------------------------- Has | issuer | credit | rating | mean(line~s) mean(d_bd) mean(bd) mean(ra_l~t) mean(ut_l~e) ----------+--------------------------------------------------------------------- 0 | 0.697 0.765 0.196 0.220 0.319 1 | 0.945 0.995 0.384 0.190 0.245 -------------------------------------------------------------------------------- . table d_bd if randomsample==1, c(mean lineofcredit_rs mean bd mean ra_linetot mean u > t_line) f(%9.3f); -------------------------------------------------------------------------- Debt >0 | mean(lineof~s) mean(bd) mean(ra_lin~t) mean(ut_line) ----------+--------------------------------------------------------------- 0 | 0.319 0.000 0.110 0.000 1 | 0.847 0.267 0.221 0.325 -------------------------------------------------------------------------- . restore; . *SECTION 3: Lines versus cash; . *TABLE 3; . xi: dprobit lineofcredit yd* i.sic cflcl1 tanglcl1 lasslcl1 nwlcl1 mblcl1 q_salesvar cf > var spind exch lfirmage, cluster(gvkey); i.sic _Isic_1-8 (naturally coded; _Isic_1 omitted) note: yd1996 dropped due to collinearity Iteration 0: log pseudolikelihood = -13541.563 Iteration 1: log pseudolikelihood = -10936.339 Iteration 2: log pseudolikelihood = -10865.008 Iteration 3: log pseudolikelihood = -10864.383 Iteration 4: log pseudolikelihood = -10864.383 Probit regression, reporting marginal effects Number of obs = 28447 Wald chi2(23) =1495.11 Prob > chi2 = 0.0000 Log pseudolikelihood = -10864.383 Pseudo R2 = 0.1977 (standard errors adjusted for clustering on gvkey) ------------------------------------------------------------------------------ | Robust lineof~t | dF/dx Std. Err. z P>|z| x-bar [ 95% C.I. ] ---------+-------------------------------------------------------------------- yd1997*| .0174039 .0053851 3.11 0.002 .119837 .006849 .027959 yd1998*| .0118057 .0063948 1.80 0.072 .129047 -.000728 .024339 yd1999*| .0009886 .0074461 0.13 0.895 .13555 -.013606 .015583 yd2000*| .0054835 .007992 0.68 0.497 .132914 -.010181 .021147 yd2001*| -.0160355 .0090716 -1.82 0.069 .131613 -.033816 .001745 yd2002*| -.0281862 .0098269 -3.00 0.003 .126446 -.047447 -.008926 yd2003*| -.0449344 .0106206 -4.53 0.000 .120645 -.06575 -.024118 _Isic_2*| -.0168801 .0204441 -0.85 0.398 .181144 -.05695 .02319 _Isic_3*| .0169805 .018504 0.90 0.366 .334517 -.019287 .053248 _Isic_4*| .0146672 .0217189 0.65 0.513 .084649 -.027901 .057236 _Isic_5*| .0325687 .020559 1.48 0.140 .118571 -.007726 .072864 _Isic_7*| -.0363993 .0220731 -1.74 0.082 .162442 -.079662 .006863 _Isic_8*| .0083235 .0224266 0.36 0.716 .054909 -.035632 .052279 cflcl1 | .1074338 .010875 9.97 0.000 .026316 .086119 .128748 tanglcl1 | .014707 .0189511 0.78 0.438 .339674 -.022436 .051851 lasslcl1 | .0403371 .0029377 13.66 0.000 4.72507 .034579 .046095 nwlcl1 | -.0943194 .0163799 -5.78 0.000 .436499 -.126423 -.062215 mblcl1 | -.0130064 .0010911 -12.62 0.000 2.94356 -.015145 -.010868 q_sale~r | .6737934 .192637 3.46 0.001 .042938 .296232 1.05135 cfvar | -.0201097 .0350166 -0.57 0.566 .090667 -.088741 .048522 spind*| .0353201 .0130139 2.80 0.005 .696031 .009813 .060827 exch*| -.0138444 .0128935 -1.10 0.271 .122614 -.039115 .011426 lfirmage | -.0027164 .0051969 -0.52 0.601 2.39679 -.012902 .007469 ---------+-------------------------------------------------------------------- obs. P | .8169227 pred. P | .8582394 (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 lineofcredit_rs yd* i.sic cflcl1 tanglcl1 lasslcl1 nwlcl1 mblcl1 q_sales > var cfvar spind exch lfirmage if randomsample==1, cluster(gvkey); i.sic _Isic_1-8 (naturally coded; _Isic_1 omitted) note: yd2003 dropped due to collinearity Iteration 0: log pseudolikelihood = -1076.2187 Iteration 1: log pseudolikelihood = -804.49632 Iteration 2: log pseudolikelihood = -788.86388 Iteration 3: log pseudolikelihood = -788.26183 Iteration 4: log pseudolikelihood = -788.25944 Iteration 5: log pseudolikelihood = -788.25944 Probit regression, reporting marginal effects Number of obs = 1908 Wald chi2(23) = 188.73 Prob > chi2 = 0.0000 Log pseudolikelihood = -788.25944 Pseudo R2 = 0.2676 (standard errors adjusted for clustering on gvkey) ------------------------------------------------------------------------------ | Robust lineof~s | dF/dx Std. Err. z P>|z| x-bar [ 95% C.I. ] ---------+-------------------------------------------------------------------- yd1996*| .0957802 .0294349 2.83 0.005 .102725 .038089 .153472 yd1997*| .1021867 .0286302 3.05 0.002 .124214 .046073 .158301 yd1998*| .0874324 .026889 2.88 0.004 .130503 .034731 .140134 yd1999*| .0736516 .0267722 2.50 0.012 .137317 .021179 .126124 yd2000*| .0984339 .0262655 3.30 0.001 .1326 .046955 .149913 yd2001*| .0562174 .0230584 2.25 0.025 .129979 .011024 .101411 yd2002*| .0547072 .0156296 3.24 0.001 .12631 .024074 .085341 _Isic_2*| -.0348633 .098718 -0.36 0.715 .158805 -.228347 .15862 _Isic_3*| -.015145 .086039 -0.18 0.859 .330713 -.183778 .153488 _Isic_4*| .0296353 .1108343 0.26 0.799 .078616 -.187596 .246867 _Isic_5*| .0253932 .0978466 0.25 0.801 .146751 -.166383 .217169 _Isic_7*| -.1495973 .1121556 -1.48 0.140 .138889 -.369418 .070224 _Isic_8*| -.0131183 .1003894 -0.13 0.894 .089099 -.209878 .183641 cflcl1 | .1239516 .0589752 2.13 0.033 .034466 .008362 .239541 tanglcl1 | .0698626 .0839152 0.84 0.403 .331078 -.094608 .234333 lasslcl1 | .0523676 .0146997 3.71 0.000 4.76833 .023557 .081179 nwlcl1 | -.0365163 .0749175 -0.49 0.627 .450911 -.183352 .110319 mblcl1 | -.0223465 .0055308 -4.35 0.000 2.78969 -.033187 -.011506 q_sale~r | 2.571452 .8850698 2.78 0.005 .044699 .836747 4.30616 cfvar | -.201311 .1464986 -1.36 0.174 .091002 -.488443 .085821 spind*| .0463781 .0587776 0.81 0.415 .684486 -.068824 .16158 exch*| -.045336 .0607873 -0.78 0.437 .141509 -.164477 .073805 lfirmage | -.0048918 .0237552 -0.21 0.836 2.36272 -.051451 .041668 ---------+-------------------------------------------------------------------- obs. P | .7484277 pred. P | .8077073 (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: regress liq_linetot yd* i.sic cflcl1 tanglcl1 lasslcl1 nwlcl1 mblcl1 q_salesvar cf > var spind exch lfirmage if randomsample==1, cluster(gvkey) robust; i.sic _Isic_1-8 (naturally coded; _Isic_1 omitted) Linear regression Number of obs = 1908 F( 23, 299) = 32.36 Prob > F = 0.0000 R-squared = 0.3941 Number of clusters (gvkey) = 300 Root MSE = .30355 ------------------------------------------------------------------------------ | Robust liq_linetot | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- yd1996 | (dropped) yd1997 | .0138662 .0184271 0.75 0.452 -.0223969 .0501294 yd1998 | .0339506 .0214463 1.58 0.114 -.0082542 .0761554 yd1999 | .022698 .0231767 0.98 0.328 -.0229121 .0683081 yd2000 | .0326076 .025737 1.27 0.206 -.018041 .0832562 yd2001 | -.0331181 .027901 -1.19 0.236 -.0880253 .0217892 yd2002 | -.0469195 .0286146 -1.64 0.102 -.103231 .0093919 yd2003 | -.1093931 .0286376 -3.82 0.000 -.16575 -.0530362 _Isic_2 | -.0753763 .0800913 -0.94 0.347 -.2329904 .0822377 _Isic_3 | -.0921544 .0760285 -1.21 0.226 -.2417731 .0574643 _Isic_4 | -.0607143 .088179 -0.69 0.492 -.2342443 .1128158 _Isic_5 | -.045708 .0802149 -0.57 0.569 -.2035652 .1121493 _Isic_7 | -.2767976 .0796379 -3.48 0.001 -.4335193 -.120076 _Isic_8 | -.0712073 .0857404 -0.83 0.407 -.2399384 .0975239 cflcl1 | .1094785 .0410813 2.66 0.008 .0286334 .1903236 tanglcl1 | .0407357 .0718831 0.57 0.571 -.1007253 .1821966 lasslcl1 | .054059 .0102891 5.25 0.000 .0338107 .0743073 nwlcl1 | -.1062811 .0589653 -1.80 0.072 -.2223207 .0097586 mblcl1 | -.030528 .0040345 -7.57 0.000 -.0384677 -.0225884 q_salesvar | .9894031 .3820031 2.59 0.010 .237648 1.741158 cfvar | -.3832184 .1253429 -3.06 0.002 -.6298844 -.1365524 spind | .0645625 .0394757 1.64 0.103 -.0131229 .1422479 exch | .0768043 .0470705 1.63 0.104 -.0158271 .1694356 lfirmage | -.0268263 .0178718 -1.50 0.134 -.0619967 .0083441 _cons | .4768821 .1241229 3.84 0.000 .232617 .7211473 ------------------------------------------------------------------------------ . xi: regress liq_linetot yd* i.sic cflcl1 tanglcl1 lasslcl1 nwlcl1 mblcl1 q_salesvar cf > var spind exch lfirmage if randomsample==1 & lineofcredit_rs==1, cluster(gvkey) robust; i.sic _Isic_1-8 (naturally coded; _Isic_1 omitted) Linear regression Number of obs = 1428 F( 23, 254) = 14.01 Prob > F = 0.0000 R-squared = 0.3050 Number of clusters (gvkey) = 255 Root MSE = .24222 ------------------------------------------------------------------------------ | Robust liq_linetot | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- yd1996 | (dropped) yd1997 | .0239467 .0173602 1.38 0.169 -.0102417 .058135 yd1998 | .04443 .0199706 2.22 0.027 .005101 .083759 yd1999 | .036662 .0224996 1.63 0.104 -.0076475 .0809716 yd2000 | .0427876 .0231067 1.85 0.065 -.0027174 .0882927 yd2001 | -.0170361 .0264578 -0.64 0.520 -.0691407 .0350685 yd2002 | -.0239083 .028132 -0.85 0.396 -.0793099 .0314933 yd2003 | -.077001 .0291747 -2.64 0.009 -.1344562 -.0195459 _Isic_2 | -.0778232 .0572799 -1.36 0.175 -.1906272 .0349808 _Isic_3 | -.1114613 .0521735 -2.14 0.034 -.2142091 -.0087136 _Isic_4 | -.0950407 .0625982 -1.52 0.130 -.2183182 .0282369 _Isic_5 | -.0756448 .0564258 -1.34 0.181 -.1867669 .0354772 _Isic_7 | -.2558692 .0663475 -3.86 0.000 -.3865305 -.1252079 _Isic_8 | -.0766601 .0627098 -1.22 0.223 -.2001574 .0468372 cflcl1 | .0858905 .0558687 1.54 0.125 -.0241343 .1959153 tanglcl1 | .0143301 .0635012 0.23 0.822 -.1107259 .139386 lasslcl1 | .0319186 .0085017 3.75 0.000 .0151757 .0486615 nwlcl1 | -.1356377 .0522851 -2.59 0.010 -.2386053 -.0326702 mblcl1 | -.0366174 .0052819 -6.93 0.000 -.0470193 -.0262155 q_salesvar | .0807747 .3193777 0.25 0.801 -.5481911 .7097405 cfvar | -.373821 .1768072 -2.11 0.035 -.7220157 -.0256262 spind | .0468525 .0342184 1.37 0.172 -.0205355 .1142404 exch | .1289685 .0362586 3.56 0.000 .0575627 .2003743 lfirmage | -.0344895 .0157494 -2.19 0.029 -.0655056 -.0034734 _cons | .7990145 .1018354 7.85 0.000 .5984653 .9995638 ------------------------------------------------------------------------------ . xi: regress liq_lineun yd* i.sic cflcl1 tanglcl1 lasslcl1 nwlcl1 mblcl1 q_salesvar cf > var spind exch lfirmage if randomsample==1, cluster(gvkey) robust; i.sic _Isic_1-8 (naturally coded; _Isic_1 omitted) Linear regression Number of obs = 1906 F( 23, 299) = 27.64 Prob > F = 0.0000 R-squared = 0.3610 Number of clusters (gvkey) = 300 Root MSE = .30014 ------------------------------------------------------------------------------ | Robust liq_lineun | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- yd1996 | .0941765 .0281018 3.35 0.001 .0388742 .1494788 yd1997 | .1192023 .0262546 4.54 0.000 .0675352 .1708695 yd1998 | .1245207 .0251732 4.95 0.000 .0749816 .1740599 yd1999 | .0956025 .0230434 4.15 0.000 .0502546 .1409504 yd2000 | .0894784 .0236101 3.79 0.000 .0430153 .1359415 yd2001 | .0576532 .0200085 2.88 0.004 .0182779 .0970285 yd2002 | .0378998 .0160729 2.36 0.019 .0062694 .0695302 yd2003 | (dropped) _Isic_2 | -.0290761 .0740606 -0.39 0.695 -.1748223 .11667 _Isic_3 | -.0524878 .0694187 -0.76 0.450 -.1890988 .0841233 _Isic_4 | -.0338074 .0863887 -0.39 0.696 -.2038143 .1361995 _Isic_5 | -.0300835 .0742894 -0.40 0.686 -.1762797 .1161127 _Isic_7 | -.219914 .0730933 -3.01 0.003 -.3637566 -.0760715 _Isic_8 | -.0271393 .0786906 -0.34 0.730 -.1819968 .1277183 cflcl1 | .0850779 .0379461 2.24 0.026 .0104025 .1597532 tanglcl1 | .0253405 .0683954 0.37 0.711 -.1092569 .1599379 lasslcl1 | .0541684 .0096895 5.59 0.000 .0351002 .0732367 nwlcl1 | -.0531118 .0543538 -0.98 0.329 -.1600763 .0538526 mblcl1 | -.0249884 .0038322 -6.52 0.000 -.03253 -.0174469 q_salesvar | 1.068654 .4009965 2.66 0.008 .2795209 1.857787 cfvar | -.2905691 .1175593 -2.47 0.014 -.5219175 -.0592207 spind | .034136 .0388441 0.88 0.380 -.0423064 .1105784 exch | .0221361 .0427203 0.52 0.605 -.0619345 .1062067 lfirmage | -.0121479 .0175713 -0.69 0.490 -.0467269 .0224312 _cons | .2388875 .1168131 2.05 0.042 .0090076 .4687675 ------------------------------------------------------------------------------ . xi: regress liq_lineun yd* i.sic cflcl1 tanglcl1 lasslcl1 nwlcl1 mblcl1 q_salesvar cf > var spind exch lfirmage if randomsample==1 & lineofcredit_rs==1, cluster(gvkey) robust; i.sic _Isic_1-8 (naturally coded; _Isic_1 omitted) Linear regression Number of obs = 1426 F( 23, 254) = 10.02 Prob > F = 0.0000 R-squared = 0.2365 Number of clusters (gvkey) = 255 Root MSE = .27172 ------------------------------------------------------------------------------ | Robust liq_lineun | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- yd1996 | (dropped) yd1997 | .0411008 .0189607 2.17 0.031 .0037606 .0784409 yd1998 | .0440881 .0229934 1.92 0.056 -.0011939 .08937 yd1999 | .0125909 .0256685 0.49 0.624 -.0379593 .0631412 yd2000 | .0018942 .0265025 0.07 0.943 -.0502984 .0540869 yd2001 | -.0183274 .027883 -0.66 0.512 -.0732387 .036584 yd2002 | -.030439 .0298721 -1.02 0.309 -.0892675 .0283894 yd2003 | -.0555254 .030846 -1.80 0.073 -.1162719 .0052211 _Isic_2 | -.0203912 .0676338 -0.30 0.763 -.1535856 .1128032 _Isic_3 | -.0542257 .0616967 -0.88 0.380 -.175728 .0672766 _Isic_4 | -.0523687 .0784548 -0.67 0.505 -.2068735 .1021362 _Isic_5 | -.056643 .0658477 -0.86 0.390 -.18632 .0730339 _Isic_7 | -.1930532 .0736088 -2.62 0.009 -.3380144 -.048092 _Isic_8 | -.0244681 .0699509 -0.35 0.727 -.1622258 .1132896 cflcl1 | .1203663 .056029 2.15 0.033 .0100257 .2307069 tanglcl1 | -.0055745 .0677514 -0.08 0.934 -.1390006 .1278517 lasslcl1 | .0410619 .009077 4.52 0.000 .0231862 .0589377 nwlcl1 | -.0404181 .0541868 -0.75 0.456 -.1471307 .0662944 mblcl1 | -.0296384 .0056185 -5.28 0.000 -.0407032 -.0185736 q_salesvar | .3544536 .3660377 0.97 0.334 -.366402 1.075309 cfvar | -.271466 .180674 -1.50 0.134 -.6272758 .0843438 spind | .0264132 .03475 0.76 0.448 -.0420215 .094848 exch | .0289159 .0436106 0.66 0.508 -.0569685 .1148003 lfirmage | -.021161 .0163666 -1.29 0.197 -.0533925 .0110706 _cons | .5432244 .1142286 4.76 0.000 .3182686 .7681802 ------------------------------------------------------------------------------ . *FIGURE 1; . table cfcat, c(mean lineofcredit mean cash); ------------------------------------------ CF decile | mean(lineof~t) mean(cashdiff) ----------+------------------------------- 1 | .415201 -.0131639 2 | .691441 -.0219522 3 | .84353 -.0205333 4 | .904996 -.0092742 5 | .933122 -.0057968 6 | .923374 -.0037212 7 | .922453 -.0016178 8 | .912324 .0014363 9 | .864532 .0071193 10 | .761199 .0250095 ------------------------------------------ . *TABLE 4; . xi: dprobit lineofcredit yd* i.sic cflcl1 zscorecat2 cflcl1z tanglcl1 lasslcl1 nwlcl1 m > blcl1 q_salesvar cfvar spind exch lfirmage, cluster(gvkey) robust; i.sic _Isic_1-8 (naturally coded; _Isic_1 omitted) note: yd1996 dropped due to collinearity Iteration 0: log pseudolikelihood = -13541.563 Iteration 1: log pseudolikelihood = -10863.753 Iteration 2: log pseudolikelihood = -10789.853 Iteration 3: log pseudolikelihood = -10789.194 Iteration 4: log pseudolikelihood = -10789.193 Probit regression, reporting marginal effects Number of obs = 28447 Wald chi2(25) =1548.98 Prob > chi2 = 0.0000 Log pseudolikelihood = -10789.193 Pseudo R2 = 0.2033 (standard errors adjusted for clustering on gvkey) ------------------------------------------------------------------------------ | Robust lineof~t | dF/dx Std. Err. z P>|z| x-bar [ 95% C.I. ] ---------+-------------------------------------------------------------------- yd1997*| .0170789 .0053746 3.06 0.002 .119837 .006545 .027613 yd1998*| .0130375 .0063441 2.00 0.046 .129047 .000603 .025472 yd1999*| .0035108 .0073462 0.47 0.635 .13555 -.010888 .017909 yd2000*| .0068991 .0078983 0.86 0.389 .132914 -.008581 .02238 yd2001*| -.0134416 .0089387 -1.54 0.124 .131613 -.030961 .004078 yd2002*| -.0249312 .0096719 -2.69 0.007 .126446 -.043888 -.005975 yd2003*| -.0388373 .0104006 -3.97 0.000 .120645 -.059222 -.018453 _Isic_2*| -.0240431 .0209505 -1.19 0.235 .181144 -.065105 .017019 _Isic_3*| .0091448 .0187467 0.48 0.628 .334517 -.027598 .045888 _Isic_4*| .0157834 .0213209 0.71 0.475 .084649 -.026005 .057572 _Isic_5*| .0154536 .0221571 0.68 0.499 .118571 -.027974 .058881 _Isic_7*| -.0392199 .0221473 -1.87 0.061 .162442 -.082628 .004188 _Isic_8*| .0026105 .0229786 0.11 0.910 .054909 -.042427 .047648 cflcl1 | .1160503 .0120373 9.83 0.000 .026316 .092458 .139643 zscore~2*| .0894958 .0174147 5.07 0.000 .485394 .055363 .123628 cflcl1z | -.2938082 .0740771 -3.95 0.000 .094132 -.438997 -.14862 tanglcl1 | .028983 .0187678 1.54 0.123 .339674 -.007801 .065767 lasslcl1 | .0399289 .0029431 13.58 0.000 4.72507 .034161 .045697 nwlcl1 | -.0941088 .016257 -5.80 0.000 .436499 -.125972 -.062246 mblcl1 | -.0111077 .0011553 -10.02 0.000 2.94356 -.013372 -.008843 q_sale~r | .6060081 .1901108 3.16 0.002 .042938 .233398 .978618 cfvar | .0080005 .0348395 0.23 0.818 .090667 -.060284 .076285 spind*| .0311329 .0130803 2.45 0.014 .696031 .005496 .05677 exch*| -.0093112 .0127147 -0.74 0.457 .122614 -.034232 .015609 lfirmage | -.0079578 .0051924 -1.54 0.124 2.39679 -.018135 .002219 ---------+-------------------------------------------------------------------- obs. P | .8169227 pred. P | .8597443 (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 lineofcredit_rs yd* i.sic cflcl1 zscorecat2 cflcl1z tanglcl1 lasslcl1 nw > lcl1 mblcl1 q_salesvar cfvar spind exch lfirmage if randomsample==1, cluster(gvkey) robu > st; i.sic _Isic_1-8 (naturally coded; _Isic_1 omitted) note: yd2003 dropped due to collinearity Iteration 0: log pseudolikelihood = -1076.2187 Iteration 1: log pseudolikelihood = -793.74797 Iteration 2: log pseudolikelihood = -777.41674 Iteration 3: log pseudolikelihood = -776.73491 Iteration 4: log pseudolikelihood = -776.73166 Probit regression, reporting marginal effects Number of obs = 1908 Wald chi2(25) = 200.75 Prob > chi2 = 0.0000 Log pseudolikelihood = -776.73166 Pseudo R2 = 0.2783 (standard errors adjusted for clustering on gvkey) ------------------------------------------------------------------------------ | Robust lineof~s | dF/dx Std. Err. z P>|z| x-bar [ 95% C.I. ] ---------+-------------------------------------------------------------------- yd1996*| .0904128 .0305618 2.60 0.009 .102725 .030513 .150313 yd1997*| .0987044 .0294817 2.89 0.004 .124214 .040921 .156487 yd1998*| .0865104 .0273968 2.81 0.005 .130503 .032814 .140207 yd1999*| .0744122 .0268006 2.53 0.011 .137317 .021884 .12694 yd2000*| .097611 .0265414 3.24 0.001 .1326 .045591 .149631 yd2001*| .0586042 .0230933 2.33 0.020 .129979 .013342 .103866 yd2002*| .054243 .0156542 3.19 0.001 .12631 .023561 .084925 _Isic_2*| -.0489753 .0986245 -0.52 0.603 .158805 -.242276 .144325 _Isic_3*| -.0329269 .0853951 -0.39 0.695 .330713 -.200298 .134444 _Isic_4*| .0311149 .1061211 0.28 0.781 .078616 -.176879 .239108 _Isic_5*| -.0178964 .1054666 -0.17 0.863 .146751 -.224607 .188814 _Isic_7*| -.1684724 .1115727 -1.69 0.092 .138889 -.387151 .050206 _Isic_8*| -.0302523 .1021867 -0.31 0.759 .089099 -.230535 .17003 cflcl1 | .1301174 .0616092 2.17 0.030 .034466 .009366 .250869 zscore~2*| .1649195 .0554921 3.00 0.003 .512055 .056157 .273682 cflcl1z | -.4467741 .2205778 -2.07 0.039 .099486 -.879099 -.01445 tanglcl1 | .1091322 .0820616 1.34 0.180 .331078 -.051706 .26997 lasslcl1 | .0522048 .0137416 4.00 0.000 4.76833 .025272 .079138 nwlcl1 | -.0641105 .074104 -0.86 0.389 .450911 -.209352 .081131 mblcl1 | -.0190911 .0049526 -4.03 0.000 2.78969 -.028798 -.009384 q_sale~r | 2.410091 .8681805 2.66 0.008 .044699 .708488 4.11169 cfvar | -.1520795 .1428799 -1.05 0.293 .091002 -.432119 .12796 spind*| .0393469 .0554211 0.73 0.465 .684486 -.069276 .14797 exch*| -.0224991 .0573528 -0.40 0.688 .141509 -.134909 .08991 lfirmage | -.0189593 .0245465 -0.78 0.434 2.36272 -.06707 .029151 ---------+-------------------------------------------------------------------- obs. P | .7484277 pred. P | .8115265 (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: regress liq_linetot yd* i.sic cflcl1 zscorecat2 cflcl1z tanglcl1 lasslcl1 nwlcl1 m > blcl1 q_salesvar cfvar spind exch lfirmage if randomsample==1, cluster(gvkey) robust; i.sic _Isic_1-8 (naturally coded; _Isic_1 omitted) Linear regression Number of obs = 1908 F( 25, 299) = 30.95 Prob > F = 0.0000 R-squared = 0.4168 Number of clusters (gvkey) = 300 Root MSE = .29797 ------------------------------------------------------------------------------ | Robust liq_linetot | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- yd1996 | (dropped) yd1997 | .0184438 .0182117 1.01 0.312 -.0173956 .0542833 yd1998 | .0413075 .0213157 1.94 0.054 -.0006402 .0832552 yd1999 | .0316724 .0233653 1.36 0.176 -.0143089 .0776536 yd2000 | .0356916 .0254122 1.40 0.161 -.0143178 .085701 yd2001 | -.0259117 .0273608 -0.95 0.344 -.0797558 .0279325 yd2002 | -.0433419 .0285237 -1.52 0.130 -.0994745 .0127907 yd2003 | -.1032307 .0287994 -3.58 0.000 -.1599058 -.0465555 _Isic_2 | -.0964237 .0770824 -1.25 0.212 -.2481165 .0552691 _Isic_3 | -.1125744 .0734586 -1.53 0.126 -.2571359 .0319871 _Isic_4 | -.0531548 .0859241 -0.62 0.537 -.2222474 .1159377 _Isic_5 | -.0982883 .0779989 -1.26 0.209 -.2517847 .0552081 _Isic_7 | -.2924078 .0770334 -3.80 0.000 -.4440041 -.1408114 _Isic_8 | -.0885146 .0827708 -1.07 0.286 -.2514016 .0743724 cflcl1 | .144786 .042292 3.42 0.001 .0615583 .2280136 zscorecat2 | .2044218 .0410151 4.98 0.000 .1237069 .2851367 cflcl1z | -.66621 .1557949 -4.28 0.000 -.9728033 -.3596167 tanglcl1 | .083701 .0700031 1.20 0.233 -.0540601 .2214621 lasslcl1 | .0532492 .0098955 5.38 0.000 .0337757 .0727228 nwlcl1 | -.1371421 .0578343 -2.37 0.018 -.250956 -.0233283 mblcl1 | -.0248563 .0036494 -6.81 0.000 -.032038 -.0176746 q_salesvar | .8673997 .3718709 2.33 0.020 .1355839 1.599216 cfvar | -.3103926 .1203175 -2.58 0.010 -.5471691 -.0736162 spind | .0562524 .0374028 1.50 0.134 -.0173536 .1298584 exch | .0959653 .0456534 2.10 0.036 .0061226 .1858079 lfirmage | -.038865 .0175642 -2.21 0.028 -.0734301 -.0042998 _cons | .4708977 .1182199 3.98 0.000 .2382494 .7035461 ------------------------------------------------------------------------------ . xi: regress liq_lineun yd* i.sic cflcl1 zscorecat2 cflcl1z tanglcl1 lasslcl1 nwlcl1 m > blcl1 q_salesvar cfvar spind exch lfirmage if randomsample==1, cluster(gvkey) robust; i.sic _Isic_1-8 (naturally coded; _Isic_1 omitted) Linear regression Number of obs = 1906 F( 25, 299) = 27.06 Prob > F = 0.0000 R-squared = 0.3818 Number of clusters (gvkey) = 300 Root MSE = .29537 ------------------------------------------------------------------------------ | Robust liq_lineun | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- yd1996 | .0857287 .028169 3.04 0.003 .030294 .1411633 yd1997 | .1145321 .0267556 4.28 0.000 .0618789 .1671852 yd1998 | .123935 .0254716 4.87 0.000 .0738087 .1740612 yd1999 | .0966447 .0233309 4.14 0.000 .0507312 .1425582 yd2000 | .0859307 .0241627 3.56 0.000 .0383802 .1334812 yd2001 | .0562308 .0203746 2.76 0.006 .0161351 .0963265 yd2002 | .0353873 .016435 2.15 0.032 .0030444 .0677302 yd2003 | (dropped) _Isic_2 | -.055768 .0714919 -0.78 0.436 -.196459 .0849229 _Isic_3 | -.0819255 .0675236 -1.21 0.226 -.2148073 .0509562 _Isic_4 | -.0269654 .0861478 -0.31 0.754 -.1964983 .1425675 _Isic_5 | -.0888043 .07298 -1.22 0.225 -.2324239 .0548152 _Isic_7 | -.2412115 .0710828 -3.39 0.001 -.3810974 -.1013255 _Isic_8 | -.0484173 .0762451 -0.64 0.526 -.1984623 .1016278 cflcl1 | .080994 .0388478 2.08 0.038 .0045443 .1574438 zscorecat2 | .190635 .039324 4.85 0.000 .113248 .2680219 cflcl1z | -.4515276 .147892 -3.05 0.002 -.7425687 -.1604866 tanglcl1 | .0643344 .0670667 0.96 0.338 -.0676482 .1963171 lasslcl1 | .0556565 .0093966 5.92 0.000 .0371645 .0741484 nwlcl1 | -.0827172 .0540392 -1.53 0.127 -.1890626 .0236282 mblcl1 | -.0213535 .0035088 -6.09 0.000 -.0282586 -.0144483 q_salesvar | .8883588 .3925619 2.26 0.024 .1158246 1.660893 cfvar | -.2249171 .1122982 -2.00 0.046 -.445912 -.0039223 spind | .0349938 .0370401 0.94 0.346 -.0378986 .1078861 exch | .0438984 .0419276 1.05 0.296 -.0386121 .126409 lfirmage | -.0246157 .0172915 -1.42 0.156 -.0586441 .0094127 _cons | .2266517 .112127 2.02 0.044 .0059937 .4473097 ------------------------------------------------------------------------------ . preserve; . keep if randomsample==1; (26539 observations deleted) . *TABLE 6; . areg def yd* cf_ if lineofcredit_rs==1, absorb(gvkey) cluster(gvkey) robust; Linear regression, absorbing indicators Number of obs = 1428 F( 8, 254) = 4.78 Prob > F = 0.0000 R-squared = 0.3532 Adj R-squared = 0.2078 Root MSE = .2746 (Std. Err. adjusted for 255 clusters in gvkey) ------------------------------------------------------------------------------ | Robust def | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- yd1996 | (dropped) yd1997 | -.0046746 .0237715 -0.20 0.844 -.0514889 .0421397 yd1998 | .023991 .0275499 0.87 0.385 -.0302643 .0782463 yd1999 | .0270551 .0287366 0.94 0.347 -.0295373 .0836475 yd2000 | .0615795 .0322184 1.91 0.057 -.0018698 .1250288 yd2001 | .0535142 .0341305 1.57 0.118 -.0137006 .1207291 yd2002 | .0180342 .0347005 0.52 0.604 -.0503031 .0863715 yd2003 | .0150125 .0342638 0.44 0.662 -.0524648 .0824899 cf_ | -.5772894 .1048506 -5.51 0.000 -.7837767 -.3708021 _cons | .1591148 .0241401 6.59 0.000 .1115745 .206655 -------------+---------------------------------------------------------------- gvkey | absorbed (255 categories) . areg def yd* cf_ bd nw cr mb lass if lineofcredit_rs==1, absorb(gvkey) cluster(gvkey) ro > bust; Linear regression, absorbing indicators Number of obs = 1387 F( 13, 248) = 6.30 Prob > F = 0.0000 R-squared = 0.3848 Adj R-squared = 0.2420 Root MSE = .26809 (Std. Err. adjusted for 249 clusters in gvkey) ------------------------------------------------------------------------------ | Robust def | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- yd1996 | (dropped) yd1997 | -.0117265 .024859 -0.47 0.638 -.0606882 .0372352 yd1998 | -.0036932 .0297262 -0.12 0.901 -.0622413 .0548548 yd1999 | -.0073292 .0305902 -0.24 0.811 -.0675789 .0529204 yd2000 | .0192668 .0342056 0.56 0.574 -.0481038 .0866373 yd2001 | .0160601 .0361971 0.44 0.658 -.0552328 .087353 yd2002 | -.0162994 .0398354 -0.41 0.683 -.0947583 .0621594 yd2003 | -.0126174 .0424407 -0.30 0.766 -.0962076 .0709729 cf_ | -.4873754 .1121354 -4.35 0.000 -.7082346 -.2665163 bd | .5921068 .2461696 2.41 0.017 .1072572 1.076956 nw | -.0073615 .2423643 -0.03 0.976 -.4847162 .4699932 cr | -.0068327 .0101494 -0.67 0.501 -.0268227 .0131573 mb | -.0030059 .0076163 -0.39 0.693 -.0180067 .0119949 lass | .0333792 .0289885 1.15 0.251 -.0237158 .0904742 _cons | -.1273491 .2238671 -0.57 0.570 -.5682722 .3135741 -------------+---------------------------------------------------------------- gvkey | absorbed (249 categories) . areg linetot_ yd* defl1 cf_l1 bdl1 nwl1 crl1 mbl1 lassl1 if lineofcredit_rsl1==1, absorb > (gvkey) cluster(gvkey) robust; Linear regression, absorbing indicators Number of obs = 1174 F( 13, 245) = 4.79 Prob > F = 0.0000 R-squared = 0.6974 Adj R-squared = 0.6121 Root MSE = .11811 (Std. Err. adjusted for 246 clusters in gvkey) ------------------------------------------------------------------------------ | Robust linetot_ | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- yd1996 | (dropped) yd1997 | (dropped) yd1998 | .0100197 .015162 0.66 0.509 -.0198448 .0398842 yd1999 | .005919 .0177868 0.33 0.740 -.0291154 .0409535 yd2000 | .0119236 .0177432 0.67 0.502 -.0230252 .0468723 yd2001 | .0007455 .019673 0.04 0.970 -.0380044 .0394953 yd2002 | -.0088962 .0222051 -0.40 0.689 -.0526334 .0348411 yd2003 | -.0028828 .0245387 -0.12 0.907 -.0512166 .045451 defl1 | -.041134 .01792 -2.30 0.023 -.0764308 -.0058372 cf_l1 | .0712877 .0456987 1.56 0.120 -.0187247 .1613002 bdl1 | .0049664 .1643999 0.03 0.976 -.3188511 .328784 nwl1 | .0142604 .1407312 0.10 0.919 -.2629369 .2914577 crl1 | -.0007324 .0043215 -0.17 0.866 -.0092444 .0077795 mbl1 | .010337 .0050907 2.03 0.043 .0003099 .0203642 lassl1 | -.1163609 .0250627 -4.64 0.000 -.1657268 -.066995 _cons | .8352491 .1466795 5.69 0.000 .5463353 1.124163 -------------+---------------------------------------------------------------- gvkey | absorbed (246 categories) . areg lineun_ yd* defl1 cf_l1 bdl1 nwl1 crl1 mbl1 lassl1 if lineofcredit_rsl1==1, absorb( > gvkey) cluster(gvkey) robust; Linear regression, absorbing indicators Number of obs = 1174 F( 13, 245) = 4.17 Prob > F = 0.0000 R-squared = 0.6650 Adj R-squared = 0.5705 Root MSE = .08669 (Std. Err. adjusted for 246 clusters in gvkey) ------------------------------------------------------------------------------ | Robust lineun_ | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- yd1996 | (dropped) yd1997 | (dropped) yd1998 | -.0085372 .0101323 -0.84 0.400 -.0284948 .0114204 yd1999 | -.0212188 .012422 -1.71 0.089 -.0456864 .0032487 yd2000 | -.0096061 .0127307 -0.75 0.451 -.0346816 .0154694 yd2001 | -.004946 .0129412 -0.38 0.703 -.0304363 .0205443 yd2002 | -.0125777 .0144534 -0.87 0.385 -.0410464 .0158911 yd2003 | .002306 .0165082 0.14 0.889 -.0302101 .0348221 defl1 | -.0359818 .0106728 -3.37 0.001 -.0570041 -.0149596 cf_l1 | .061925 .0391288 1.58 0.115 -.0151467 .1389967 bdl1 | -.0122636 .1090641 -0.11 0.911 -.2270864 .2025593 nwl1 | .0160063 .0953508 0.17 0.867 -.1718056 .2038183 crl1 | .0019516 .0037636 0.52 0.605 -.0054615 .0093648 mbl1 | .0021946 .0040471 0.54 0.588 -.0057769 .0101662 lassl1 | -.0871483 .01807 -4.82 0.000 -.1227407 -.051556 _cons | .6135907 .1163399 5.27 0.000 .3844368 .8427446 -------------+---------------------------------------------------------------- gvkey | absorbed (246 categories) . areg liq_linetot yd* defl1 cf_l1 bdl1 nwl1 crl1 mbl1 lassl1 if lineofcredit_rsl1==1, abs > orb(gvkey) cluster(gvkey) robust; Linear regression, absorbing indicators Number of obs = 1174 F( 13, 245) = 4.34 Prob > F = 0.0000 R-squared = 0.7916 Adj R-squared = 0.7328 Root MSE = .16167 (Std. Err. adjusted for 246 clusters in gvkey) ------------------------------------------------------------------------------ | Robust liq_linetot | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- yd1996 | (dropped) yd1997 | (dropped) yd1998 | .0131316 .0208992 0.63 0.530 -.0280333 .0542966 yd1999 | .0030951 .0243801 0.13 0.899 -.0449262 .0511164 yd2000 | .0020468 .0275212 0.07 0.941 -.0521616 .0562552 yd2001 | -.0390705 .032925 -1.19 0.237 -.1039227 .0257817 yd2002 | -.0692501 .0344434 -2.01 0.045 -.1370931 -.0014071 yd2003 | -.1087883 .0374944 -2.90 0.004 -.1826407 -.0349359 defl1 | -.0700102 .0271118 -2.58 0.010 -.1234122 -.0166082 cf_l1 | .0730393 .0541374 1.35 0.179 -.0335947 .1796734 bdl1 | .381475 .1933564 1.97 0.050 .0006221 .762328 nwl1 | .257062 .1689917 1.52 0.130 -.0757999 .5899239 crl1 | -.0219893 .007627 -2.88 0.004 -.0370122 -.0069664 mbl1 | -.0014106 .0046974 -0.30 0.764 -.010663 .0078418 lassl1 | .0082766 .0254286 0.33 0.745 -.04181 .0583632 _cons | .4748582 .1460211 3.25 0.001 .1872414 .762475 -------------+---------------------------------------------------------------- gvkey | absorbed (246 categories) . areg liq_lineun yd* defl1 cf_l1 bdl1 nwl1 crl1 mbl1 lassl1 if lineofcredit_rsl1==1, abso > rb(gvkey) cluster(gvkey) robust; Linear regression, absorbing indicators Number of obs = 1172 F( 13, 245) = 2.93 Prob > F = 0.0005 R-squared = 0.7232 Adj R-squared = 0.6450 Root MSE = .19319 (Std. Err. adjusted for 246 clusters in gvkey) ------------------------------------------------------------------------------ | Robust liq_lineun | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- yd1996 | (dropped) yd1997 | .0893213 .0380181 2.35 0.020 .0144372 .1642054 yd1998 | .0931337 .0342081 2.72 0.007 .0257542 .1605131 yd1999 | .0669071 .0317469 2.11 0.036 .0043754 .1294387 yd2000 | .0683093 .0300832 2.27 0.024 .0090547 .127564 yd2001 | .0614992 .0257176 2.39 0.018 .0108433 .1121551 yd2002 | .0202206 .0230159 0.88 0.381 -.0251136 .0655548 yd2003 | (dropped) defl1 | -.1222445 .0376304 -3.25 0.001 -.1963649 -.0481242 cf_l1 | .0890438 .0657091 1.36 0.177 -.040383 .2184706 bdl1 | .1766494 .2131244 0.83 0.408 -.2431405 .5964393 nwl1 | .152119 .1740895 0.87 0.383 -.190784 .495022 crl1 | -.0182351 .0082878 -2.20 0.029 -.0345595 -.0019106 mbl1 | -.0100808 .0056183 -1.79 0.074 -.021147 .0009854 lassl1 | -.0161032 .0297045 -0.54 0.588 -.074612 .0424056 _cons | .556706 .1994909 2.79 0.006 .16377 .9496419 -------------+---------------------------------------------------------------- gvkey | absorbed (246 categories) . *FIGURE 2; . sort gvkey yeara; . table deftime, c(mean linetot_ mean line_ mean lineun_); ---------------------------------------------------------- deftime | mean(linetot_) mean(line_) mean(lineun_) ----------+----------------------------------------------- -3 | .265871 .0986185 .1793989 -2 | .2815236 .100376 .1765238 -1 | .2836996 .1217746 .1650405 0 | .2594203 .13394 .1211426 1 | .197146 .111027 .0860584 2 | .196443 .1066089 .0891721 3 | .1972965 .1045018 .0927947 ---------------------------------------------------------- . restore; . *SECTION 5: Financial constraints; . *NEW CATEGORIZATION: HAVE LINE OF CREDIT AND HIGH EARNINGS; . *TABLE 7; . pwcorr line_uns payoutgroup sizegroup rhigh chigh, sig; | line_uns payout~p sizegr~p rhigh chigh -------------+--------------------------------------------- line_uns | 1.0000 | | payoutgroup | 0.0870 1.0000 | 0.0003 | sizegroup | 0.1890 0.4441 1.0000 | 0.0000 0.0000 | rhigh | 0.1817 0.2888 0.6832 1.0000 | 0.0000 0.0000 0.0000 | chigh | 0.2589 0.3183 0.4713 0.5178 1.0000 | 0.0000 0.0000 0.0000 0.0000 | . *TABLE 8: > *Column 1; . program drop _all; . program define temp; 1. xi: areg cashdiff i.yeara cf eoyq lass if `1'==1, absorb(gvkey) cluster(gvkey) robust > ; 2. xi: areg cashdiff i.yeara cf eoyq lass if `1'==0, absorb(gvkey) cluster(gvkey) robust > ; 3. end; . temp line_uncon; i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 4824 F( 10, 731) = 11.03 Prob > F = 0.0000 R-squared = 0.1287 Adj R-squared = -0.0294 Root MSE = .06492 (Std. Err. adjusted for 732 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | -.0025613 .004804 -0.53 0.594 -.0119926 .00687 _Iyeara_1998 | -.0074601 .0046395 -1.61 0.108 -.0165686 .0016483 _Iyeara_1999 | -.0043644 .0045917 -0.95 0.342 -.0133789 .0046501 _Iyeara_2000 | .0016637 .0045371 0.37 0.714 -.0072437 .0105711 _Iyeara_2001 | .0163424 .0047597 3.43 0.001 .0069982 .0256866 _Iyeara_2002 | .0140029 .0049913 2.81 0.005 .0042039 .0238019 _Iyeara_2003 | .0188371 .0052958 3.56 0.000 .0084402 .0292339 cf | -.062082 .0450656 -1.38 0.169 -.1505554 .0263914 eoyq | .0016317 .0029497 0.55 0.580 -.0041593 .0074227 lass | -.0005791 .0056972 -0.10 0.919 -.0117639 .0106058 _cons | .0107391 .0379415 0.28 0.777 -.0637481 .0852264 -------------+---------------------------------------------------------------- gvkey | absorbed (732 categories) i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 23592 F( 10, 3770) = 33.47 Prob > F = 0.0000 R-squared = 0.1236 Adj R-squared = -0.0437 Root MSE = .11736 (Std. Err. adjusted for 3771 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | -.0035457 .0036793 -0.96 0.335 -.0107594 .003668 _Iyeara_1998 | -.00706 .0034623 -2.04 0.042 -.0138481 -.0002719 _Iyeara_1999 | .0039261 .0035708 1.10 0.272 -.0030749 .010927 _Iyeara_2000 | .0041612 .0036271 1.15 0.251 -.0029501 .0112724 _Iyeara_2001 | .0272856 .0036986 7.38 0.000 .0200341 .034537 _Iyeara_2002 | .0243665 .0036288 6.71 0.000 .0172519 .0314811 _Iyeara_2003 | .032847 .0036756 8.94 0.000 .0256406 .0400533 cf | .0846713 .0102509 8.26 0.000 .0645734 .1047691 eoyq | .0038657 .0010142 3.81 0.000 .0018774 .0058541 lass | -.0075811 .0025333 -2.99 0.003 -.0125479 -.0026143 _cons | .0113408 .0123623 0.92 0.359 -.0128967 .0355784 -------------+---------------------------------------------------------------- gvkey | absorbed (3771 categories) . temp phigh; i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 10548 F( 10, 3036) = 10.98 Prob > F = 0.0000 R-squared = 0.3020 Adj R-squared = 0.0185 Root MSE = .09648 (Std. Err. adjusted for 3037 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | -.0030882 .0050388 -0.61 0.540 -.012968 .0067916 _Iyeara_1998 | -.0097147 .0048821 -1.99 0.047 -.0192872 -.0001422 _Iyeara_1999 | -.0015626 .0051368 -0.30 0.761 -.0116345 .0085093 _Iyeara_2000 | .002568 .0052328 0.49 0.624 -.0076922 .0128283 _Iyeara_2001 | .0189838 .005388 3.52 0.000 .0084193 .0295483 _Iyeara_2002 | .0221828 .0055243 4.02 0.000 .0113512 .0330145 _Iyeara_2003 | .0304647 .0056586 5.38 0.000 .0193697 .0415597 cf | .1095955 .0252991 4.33 0.000 .0599903 .1592007 eoyq | .0038481 .0019214 2.00 0.045 .0000808 .0076154 lass | -.0058797 .005383 -1.09 0.275 -.0164344 .004675 _cons | .0056863 .0313011 0.18 0.856 -.0556873 .0670599 -------------+---------------------------------------------------------------- gvkey | absorbed (3037 categories) i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 12317 F( 10, 3179) = 12.28 Prob > F = 0.0000 R-squared = 0.2084 Adj R-squared = -0.0682 Root MSE = .13199 (Std. Err. adjusted for 3180 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | -.0045988 .0064742 -0.71 0.478 -.0172929 .0080952 _Iyeara_1998 | -.0079743 .0063434 -1.26 0.209 -.020412 .0044633 _Iyeara_1999 | .0046536 .0065465 0.71 0.477 -.0081821 .0174894 _Iyeara_2000 | .002495 .0067022 0.37 0.710 -.0106461 .015636 _Iyeara_2001 | .0290808 .0065432 4.44 0.000 .0162516 .0419101 _Iyeara_2002 | .0252934 .0065198 3.88 0.000 .01251 .0380768 _Iyeara_2003 | .0328081 .0065651 5.00 0.000 .0199357 .0456804 cf | .0885137 .0142346 6.22 0.000 .0606038 .1164236 eoyq | .0038398 .0014812 2.59 0.010 .0009356 .006744 lass | -.0079154 .0042576 -1.86 0.063 -.0162633 .0004325 _cons | .0077074 .017407 0.44 0.658 -.0264226 .0418374 -------------+---------------------------------------------------------------- gvkey | absorbed (3180 categories) . temp shigh; i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 14228 F( 10, 2464) = 16.14 Prob > F = 0.0000 R-squared = 0.1786 Adj R-squared = 0.0057 Root MSE = .08212 (Std. Err. adjusted for 2465 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | .0005222 .0032476 0.16 0.872 -.0058462 .0068906 _Iyeara_1998 | -.0050108 .0029922 -1.67 0.094 -.0108784 .0008567 _Iyeara_1999 | .0044888 .0031665 1.42 0.156 -.0017204 .0106981 _Iyeara_2000 | .0030763 .0032361 0.95 0.342 -.0032695 .0094221 _Iyeara_2001 | .0245727 .0033893 7.25 0.000 .0179265 .031219 _Iyeara_2002 | .0200611 .0034117 5.88 0.000 .0133709 .0267513 _Iyeara_2003 | .0224053 .0035775 6.26 0.000 .0153901 .0294205 cf | -.0229401 .0266669 -0.86 0.390 -.075232 .0293518 eoyq | .0027259 .0017641 1.55 0.122 -.0007335 .0061853 lass | -.011884 .0033199 -3.58 0.000 -.018394 -.0053739 _cons | .0695911 .0227866 3.05 0.002 .0249083 .114274 -------------+---------------------------------------------------------------- gvkey | absorbed (2465 categories) i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 14188 F( 10, 2735) = 21.97 Prob > F = 0.0000 R-squared = 0.1641 Adj R-squared = -0.0365 Root MSE = .13089 (Std. Err. adjusted for 2736 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | -.0070303 .0055682 -1.26 0.207 -.0179486 .0038881 _Iyeara_1998 | -.0084632 .0053744 -1.57 0.115 -.0190015 .002075 _Iyeara_1999 | .0026089 .0054125 0.48 0.630 -.008004 .0132219 _Iyeara_2000 | .0070897 .0054959 1.29 0.197 -.0036867 .0178662 _Iyeara_2001 | .0257558 .0055417 4.65 0.000 .0148894 .0366223 _Iyeara_2002 | .02287 .0055085 4.15 0.000 .0120688 .0336712 _Iyeara_2003 | .0381677 .0055806 6.84 0.000 .027225 .0491104 cf | .0957997 .0116262 8.24 0.000 .0730026 .1185967 eoyq | .004316 .0012403 3.48 0.001 .0018839 .006748 lass | -.005782 .0040368 -1.43 0.152 -.0136974 .0021335 _cons | -.0055462 .0140576 -0.39 0.693 -.0331108 .0220184 -------------+---------------------------------------------------------------- gvkey | absorbed (2736 categories) . temp rhigh; i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 7793 F( 10, 1126) = 8.69 Prob > F = 0.0000 R-squared = 0.0821 Adj R-squared = -0.0746 Root MSE = .07036 (Std. Err. adjusted for 1127 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | -.0019107 .0038953 -0.49 0.624 -.0095535 .0057322 _Iyeara_1998 | -.0034125 .0036642 -0.93 0.352 -.0106018 .0037769 _Iyeara_1999 | .0009673 .0036526 0.26 0.791 -.0061993 .0081339 _Iyeara_2000 | .0021526 .003431 0.63 0.531 -.0045793 .0088845 _Iyeara_2001 | .015786 .0036383 4.34 0.000 .0086474 .0229247 _Iyeara_2002 | .0126004 .0038354 3.29 0.001 .005075 .0201258 _Iyeara_2003 | .0166637 .0039682 4.20 0.000 .0088778 .0244497 cf | .0159369 .0272449 0.58 0.559 -.0375196 .0693934 eoyq | .0014229 .0021436 0.66 0.507 -.002783 .0056289 lass | -.0027264 .0036116 -0.75 0.450 -.0098126 .0043598 _cons | .0118671 .027594 0.43 0.667 -.0422743 .0660085 -------------+---------------------------------------------------------------- gvkey | absorbed (1127 categories) i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 20623 F( 10, 3375) = 33.03 Prob > F = 0.0000 R-squared = 0.1293 Adj R-squared = -0.0417 Root MSE = .1221 (Std. Err. adjusted for 3376 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | -.0040525 .0041793 -0.97 0.332 -.0122468 .0041417 _Iyeara_1998 | -.0088931 .0039214 -2.27 0.023 -.0165816 -.0012046 _Iyeara_1999 | .0030682 .0040187 0.76 0.445 -.004811 .0109475 _Iyeara_2000 | .0045538 .004118 1.11 0.269 -.0035203 .0126278 _Iyeara_2001 | .0293811 .0041808 7.03 0.000 .0211839 .0375783 _Iyeara_2002 | .0267267 .0041032 6.51 0.000 .0186816 .0347717 _Iyeara_2003 | .0363811 .0041881 8.69 0.000 .0281696 .0445926 cf | .0864177 .0106205 8.14 0.000 .0655944 .1072411 eoyq | .0039607 .0010579 3.74 0.000 .0018865 .0060349 lass | -.0080769 .0029367 -2.75 0.006 -.0138347 -.002319 _cons | .0062146 .0124388 0.50 0.617 -.0181736 .0306029 -------------+---------------------------------------------------------------- gvkey | absorbed (3376 categories) . temp chigh; i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 2705 F( 10, 370) = 5.92 Prob > F = 0.0000 R-squared = 0.0805 Adj R-squared = -0.0698 Root MSE = .04477 (Std. Err. adjusted for 371 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | -.0037133 .004105 -0.90 0.366 -.0117853 .0043588 _Iyeara_1998 | -.005712 .0038662 -1.48 0.140 -.0133144 .0018904 _Iyeara_1999 | .0007298 .0036062 0.20 0.840 -.0063614 .0078211 _Iyeara_2000 | -.0005702 .0037275 -0.15 0.879 -.0078999 .0067595 _Iyeara_2001 | .010291 .003854 2.67 0.008 .0027125 .0178695 _Iyeara_2002 | .0140908 .0042631 3.31 0.001 .0057079 .0224737 _Iyeara_2003 | .0129081 .0045583 2.83 0.005 .0039447 .0218715 cf | -.0468092 .0465713 -1.01 0.316 -.1383869 .0447685 eoyq | .0042183 .0029254 1.44 0.150 -.0015343 .0099709 lass | -.0064232 .0044663 -1.44 0.151 -.0152057 .0023592 _cons | .0547538 .0379443 1.44 0.150 -.0198598 .1293674 -------------+---------------------------------------------------------------- gvkey | absorbed (371 categories) i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 25711 F( 10, 4131) = 37.38 Prob > F = 0.0000 R-squared = 0.1245 Adj R-squared = -0.0436 Root MSE = .11506 (Std. Err. adjusted for 4132 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | -.0034121 .003505 -0.97 0.330 -.0102839 .0034596 _Iyeara_1998 | -.0073296 .0033059 -2.22 0.027 -.0138109 -.0008483 _Iyeara_1999 | .0030018 .0034103 0.88 0.379 -.0036842 .0096878 _Iyeara_2000 | .0045087 .0034487 1.31 0.191 -.0022526 .0112701 _Iyeara_2001 | .027635 .003544 7.80 0.000 .0206869 .0345831 _Iyeara_2002 | .0243821 .003487 6.99 0.000 .0175457 .0312186 _Iyeara_2003 | .0335208 .0035579 9.42 0.000 .0265454 .0404963 cf | .0822583 .0101571 8.10 0.000 .062345 .1021717 eoyq | .0036038 .0009854 3.66 0.000 .0016718 .0055358 lass | -.0070125 .0025009 -2.80 0.005 -.0119155 -.0021095 _cons | .0069718 .0118029 0.59 0.555 -.0161682 .0301117 -------------+---------------------------------------------------------------- gvkey | absorbed (4132 categories) . *Column 2, 3, 4, row 2; . xi: areg cashdiff i.yeara cf eoyq lass if highcf==0 & line_uncon==0, absorb(gvkey) clust > er(gvkey) robust; i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 22478 F( 10, 3606) = 32.47 Prob > F = 0.0000 R-squared = 0.1235 Adj R-squared = -0.0446 Root MSE = .11875 (Std. Err. adjusted for 3607 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | -.0032587 .0038184 -0.85 0.393 -.0107451 .0042277 _Iyeara_1998 | -.0071086 .0035924 -1.98 0.048 -.014152 -.0000652 _Iyeara_1999 | .0048269 .0036887 1.31 0.191 -.0024053 .0120591 _Iyeara_2000 | .0048659 .0037599 1.29 0.196 -.0025059 .0122376 _Iyeara_2001 | .0280129 .0038229 7.33 0.000 .0205176 .0355082 _Iyeara_2002 | .025422 .0037507 6.78 0.000 .0180684 .0327757 _Iyeara_2003 | .0331922 .0037929 8.75 0.000 .0257559 .0406286 cf | .08519 .0103062 8.27 0.000 .0649834 .1053966 eoyq | .0040087 .0010356 3.87 0.000 .0019782 .0060392 lass | -.0076203 .0025769 -2.96 0.003 -.0126727 -.0025679 _cons | .0111163 .0125259 0.89 0.375 -.0134423 .0356749 -------------+---------------------------------------------------------------- gvkey | absorbed (3607 categories) . xi: areg cashdiff i.yeara cf eoyq lass if linealways==1 & line_uncon==0, absorb(gvkey) c > luster(gvkey) robust; i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 14013 F( 10, 2196) = 27.15 Prob > F = 0.0000 R-squared = 0.1253 Adj R-squared = -0.0381 Root MSE = .09576 (Std. Err. adjusted for 2197 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | .0011552 .0038854 0.30 0.766 -.0064642 .0087746 _Iyeara_1998 | -.00949 .0037096 -2.56 0.011 -.0167646 -.0022153 _Iyeara_1999 | .0082402 .0035504 2.32 0.020 .0012778 .0152026 _Iyeara_2000 | .0055254 .003715 1.49 0.137 -.0017598 .0128107 _Iyeara_2001 | .0316105 .0038205 8.27 0.000 .0241184 .0391026 _Iyeara_2002 | .0259278 .0037154 6.98 0.000 .0186417 .0332139 _Iyeara_2003 | .0312853 .0038259 8.18 0.000 .0237826 .038788 cf | .0628049 .0163908 3.83 0.000 .0306618 .0949481 eoyq | .0054103 .001767 3.06 0.002 .0019452 .0088755 lass | -.0111227 .0030136 -3.69 0.000 -.0170326 -.0052128 _cons | .0315437 .0166907 1.89 0.059 -.0011876 .064275 -------------+---------------------------------------------------------------- gvkey | absorbed (2197 categories) . xi: areg cashdiff i.yeara cf eoyq lass if highcf==1 & line_uncon==0, absorb(gvkey) clust > er(gvkey) robust; i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 1114 F( 10, 163) = 1.91 Prob > F = 0.0466 R-squared = 0.1357 Adj R-squared = -0.0234 Root MSE = .08514 (Std. Err. adjusted for 164 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | -.0080502 .0123455 -0.65 0.515 -.0324279 .0163275 _Iyeara_1998 | -.0058018 .011337 -0.51 0.610 -.0281882 .0165846 _Iyeara_1999 | -.0153747 .0128146 -1.20 0.232 -.0406787 .0099294 _Iyeara_2000 | -.011134 .0122912 -0.91 0.366 -.0354045 .0131364 _Iyeara_2001 | .0116098 .0131431 0.88 0.378 -.0143429 .0375625 _Iyeara_2002 | .0008243 .0125022 0.07 0.948 -.0238627 .0255114 _Iyeara_2003 | .0221574 .01276 1.74 0.084 -.0030388 .0473537 cf | .0278439 .0971965 0.29 0.775 -.1640826 .2197705 eoyq | -.0003714 .0050116 -0.07 0.941 -.0102675 .0095247 lass | -.0034179 .0108289 -0.32 0.753 -.024801 .0179652 _cons | .0147885 .0626619 0.24 0.814 -.1089452 .1385221 -------------+---------------------------------------------------------------- gvkey | absorbed (164 categories) . *Columns 2,3, all other rows; . program drop _all; . program define temp; 1. xi: areg cashdiff i.yeara cf eoyq lass if `1'==0 & line_uncon==0, absorb(gvkey) clust > er(gvkey) robust; 2. xi: areg cashdiff i.yeara cf eoyq lass if `1'==0 & line_uncon==1, absorb(gvkey) clust > er(gvkey) robust; 3. end; . temp phigh; i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 11324 F( 10, 2873) = 11.77 Prob > F = 0.0000 R-squared = 0.2059 Adj R-squared = -0.0654 Root MSE = .1355 (Std. Err. adjusted for 2874 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | -.0060336 .0069582 -0.87 0.386 -.0196772 .00761 _Iyeara_1998 | -.009265 .0067418 -1.37 0.169 -.0224843 .0039542 _Iyeara_1999 | .0029536 .0069297 0.43 0.670 -.0106341 .0165413 _Iyeara_2000 | .0022921 .0070687 0.32 0.746 -.0115683 .0161524 _Iyeara_2001 | .0293373 .0069032 4.25 0.000 .0158015 .0428731 _Iyeara_2002 | .0240473 .0068679 3.50 0.000 .0105809 .0375138 _Iyeara_2003 | .0315752 .0068799 4.59 0.000 .0180851 .0450653 cf | .0897314 .0142696 6.29 0.000 .0617518 .1177111 eoyq | .0039302 .0015088 2.60 0.009 .0009718 .0068886 lass | -.008499 .0043566 -1.95 0.051 -.0170415 .0000434 _cons | .0106249 .0175291 0.61 0.544 -.0237459 .0449957 -------------+---------------------------------------------------------------- gvkey | absorbed (2874 categories) i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 993 F( 10, 305) = 2.03 Prob > F = 0.0300 R-squared = 0.2983 Adj R-squared = -0.0281 Root MSE = .07631 (Std. Err. adjusted for 306 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | .0098886 .0135482 0.73 0.466 -.0167711 .0365484 _Iyeara_1998 | .0054726 .0151973 0.36 0.719 -.0244323 .0353775 _Iyeara_1999 | .0198356 .0162807 1.22 0.224 -.0122011 .0518722 _Iyeara_2000 | -.0032996 .0178204 -0.19 0.853 -.038366 .0317668 _Iyeara_2001 | .0146547 .0177607 0.83 0.410 -.0202943 .0496037 _Iyeara_2002 | .0292267 .0189585 1.54 0.124 -.0080794 .0665327 _Iyeara_2003 | .0328857 .0198409 1.66 0.098 -.0061565 .071928 cf | -.0769233 .1214334 -0.63 0.527 -.3158766 .1620299 eoyq | .0027302 .0059778 0.46 0.648 -.0090327 .0144931 lass | .0040855 .0166526 0.25 0.806 -.028683 .036854 _cons | -.0240602 .0892773 -0.27 0.788 -.1997376 .1516172 -------------+---------------------------------------------------------------- gvkey | absorbed (306 categories) . temp shigh; i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 13056 F( 10, 2501) = 20.53 Prob > F = 0.0000 R-squared = 0.1629 Adj R-squared = -0.0365 Root MSE = .13434 (Std. Err. adjusted for 2502 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | -.0070207 .0060002 -1.17 0.242 -.0187865 .0047452 _Iyeara_1998 | -.0078964 .0057518 -1.37 0.170 -.0191751 .0033823 _Iyeara_1999 | .0032914 .0057906 0.57 0.570 -.0080635 .0146463 _Iyeara_2000 | .0069931 .0058811 1.19 0.235 -.0045392 .0185253 _Iyeara_2001 | .0261229 .0058806 4.44 0.000 .0145917 .0376542 _Iyeara_2002 | .0231608 .0058569 3.95 0.000 .0116759 .0346458 _Iyeara_2003 | .0384968 .0059306 6.49 0.000 .0268674 .0501263 cf | .0962954 .0117293 8.21 0.000 .0732953 .1192954 eoyq | .0045063 .0012709 3.55 0.000 .0020142 .0069984 lass | -.0054283 .0041337 -1.31 0.189 -.0135341 .0026775 _cons | -.0065705 .0143543 -0.46 0.647 -.0347181 .0215771 -------------+---------------------------------------------------------------- gvkey | absorbed (2502 categories) i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 1132 F( 10, 233) = 2.74 Prob > F = 0.0033 R-squared = 0.2056 Adj R-squared = -0.0118 Root MSE = .07979 (Std. Err. adjusted for 234 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | -.0019045 .0105933 -0.18 0.857 -.0227754 .0189665 _Iyeara_1998 | -.0084247 .0121022 -0.70 0.487 -.0322683 .015419 _Iyeara_1999 | .0008 .0115333 0.07 0.945 -.0219229 .0235229 _Iyeara_2000 | .0158623 .0119381 1.33 0.185 -.007658 .0393827 _Iyeara_2001 | .0294001 .0138908 2.12 0.035 .0020324 .0567678 _Iyeara_2002 | .0294205 .0141519 2.08 0.039 .0015384 .0573026 _Iyeara_2003 | .0442666 .0138705 3.19 0.002 .016939 .0715942 cf | .0143779 .0833039 0.17 0.863 -.1497471 .178503 eoyq | -.0008765 .0045149 -0.19 0.846 -.0097719 .0080188 lass | -.0234876 .0151844 -1.55 0.123 -.0534038 .0064286 _cons | .0824529 .064352 1.28 0.201 -.0443333 .2092391 -------------+---------------------------------------------------------------- gvkey | absorbed (234 categories) . temp rhigh; i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 17802 F( 10, 2932) = 28.89 Prob > F = 0.0000 R-squared = 0.1286 Adj R-squared = -0.0439 Root MSE = .12813 (Std. Err. adjusted for 2933 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | -.0040523 .0047281 -0.86 0.391 -.013323 .0052184 _Iyeara_1998 | -.0090218 .0044189 -2.04 0.041 -.0176863 -.0003573 _Iyeara_1999 | .0037989 .0045193 0.84 0.401 -.0050625 .0126602 _Iyeara_2000 | .0043102 .0046243 0.93 0.351 -.0047569 .0133773 _Iyeara_2001 | .0297125 .0046565 6.38 0.000 .0205821 .0388428 _Iyeara_2002 | .0271104 .0045553 5.95 0.000 .0181784 .0360424 _Iyeara_2003 | .0372209 .0046243 8.05 0.000 .0281537 .046288 cf | .0885139 .0107808 8.21 0.000 .0673752 .1096526 eoyq | .0042171 .0010976 3.84 0.000 .0020649 .0063692 lass | -.0084811 .0030769 -2.76 0.006 -.0145141 -.002448 _cons | .0069061 .0127449 0.54 0.588 -.0180837 .0318958 -------------+---------------------------------------------------------------- gvkey | absorbed (2933 categories) i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 2821 F( 10, 442) = 6.75 Prob > F = 0.0000 R-squared = 0.1402 Adj R-squared = -0.0240 Root MSE = .07379 (Std. Err. adjusted for 443 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | -.0036531 .0071518 -0.51 0.610 -.0177089 .0104026 _Iyeara_1998 | -.0082865 .0068798 -1.20 0.229 -.0218077 .0052348 _Iyeara_1999 | -.0040134 .0068978 -0.58 0.561 -.01757 .0095432 _Iyeara_2000 | .0035072 .0072902 0.48 0.631 -.0108205 .017835 _Iyeara_2001 | .0225855 .00737 3.06 0.002 .008101 .0370701 _Iyeara_2002 | .018112 .0080953 2.24 0.026 .0022018 .0340221 _Iyeara_2003 | .0226027 .0086105 2.63 0.009 .0056802 .0395252 cf | -.0417641 .0631758 -0.66 0.509 -.1659264 .0823981 eoyq | .0008261 .0041313 0.20 0.842 -.0072934 .0089456 lass | -.0022742 .0085039 -0.27 0.789 -.0189872 .0144389 _cons | .0144475 .0472833 0.31 0.760 -.0784805 .1073756 -------------+---------------------------------------------------------------- gvkey | absorbed (443 categories) . temp chigh; i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 22048 F( 10, 3555) = 32.24 Prob > F = 0.0000 R-squared = 0.1240 Adj R-squared = -0.0450 Root MSE = .12085 (Std. Err. adjusted for 3556 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | -.0034515 .0039651 -0.87 0.384 -.0112256 .0043226 _Iyeara_1998 | -.0072992 .0037226 -1.96 0.050 -.0145978 -5.74e-07 _Iyeara_1999 | .0039499 .0038396 1.03 0.304 -.0035781 .0114779 _Iyeara_2000 | .0044902 .003889 1.15 0.248 -.0031348 .0121151 _Iyeara_2001 | .0283335 .003957 7.16 0.000 .0205754 .0360917 _Iyeara_2002 | .0249411 .0038769 6.43 0.000 .0173399 .0325423 _Iyeara_2003 | .0342801 .0039298 8.72 0.000 .0265752 .041985 cf | .0850532 .0103187 8.24 0.000 .0648219 .1052844 eoyq | .0038699 .0010248 3.78 0.000 .0018607 .0058791 lass | -.0076356 .0026221 -2.91 0.004 -.0127766 -.0024947 _cons | .008876 .0121312 0.73 0.464 -.0149089 .0326608 -------------+---------------------------------------------------------------- gvkey | absorbed (3556 categories) i.yeara _Iyeara_1996-2003 (naturally coded; _Iyeara_1996 omitted) Linear regression, absorbing indicators Number of obs = 3663 F( 10, 575) = 8.66 Prob > F = 0.0000 R-squared = 0.1340 Adj R-squared = -0.0306 Root MSE = .07069 (Std. Err. adjusted for 576 clusters in gvkey) ------------------------------------------------------------------------------ | Robust cashdiff | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- _Iyeara_1997 | -.0027645 .006115 -0.45 0.651 -.014775 .0092459 _Iyeara_1998 | -.0079416 .0058318 -1.36 0.174 -.0193958 .0035127 _Iyeara_1999 | -.0054431 .0057685 -0.94 0.346 -.0167731 .0058868 _Iyeara_2000 | .0018747 .0058743 0.32 0.750 -.0096631 .0134124 _Iyeara_2001 | .0183514 .0060632 3.03 0.003 .0064426 .0302602 _Iyeara_2002 | .0145077 .0065422 2.22 0.027 .0016581 .0273572 _Iyeara_2003 | .0202158 .0068522 2.95 0.003 .0067574 .0336742 cf | -.0495013 .0519409 -0.95 0.341 -.1515184 .0525159 eoyq | .0006171 .0036495 0.17 0.866 -.0065509 .007785 lass | .0004541 .0067088 0.07 0.946 -.0127227 .0136309 _cons | .0034888 .0396395 0.09 0.930 -.0743671 .0813447 -------------+---------------------------------------------------------------- gvkey | absorbed (576 categories) . log close; log: C:\Documents and Settings\asufi\My Documents\Work\lines\public\SUFI_RFS_LINES > OFCREDIT20070221.log log type: text closed on: 27 Feb 2007, 16:51:44 ------------------------------------------------------------------------------------------