--------------------------------------------------------------------------------
       log:  /Users/baum/Documents/chuck/    ChuckLitGov4/paper_datasets9408/IRR
> C_matched_input_revised9408/litgov4-1.smcl
  log type:  smcl
 opened on:   8 Apr 2009, 16:58:46


. // litgov4-1 9403 . // read irrc_matched_input_revised sheets . // for original dataset . local ts 9408

. . cd "/Users/baum/Documents/chuck/ ChuckLitGov4/Paper_datasets9408/IRRC_match > ed_input_revised9408" /Users/baum/Documents/chuck/ ChuckLitGov4/paper_datasets9408/IRRC_matched_inp > ut_revised9408/

. local in1 "proxy_file-table1.csv"

. local ou1 "proxy_file`ts'"

. local in2 "proxy_list-table1.csv"

. local ou2 "proxy_list`ts'"

. local in3 "primary-table1.csv"

. local ou3 "primary`ts'"

. local in4 "secondary-table1.csv"

. local ou4 "secondary`ts'"

. . insheet using `in1', names clear (38 vars, 6170 obs)

. su

Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- lookup | 0 rectype_hide | 6170 2.818152 .5196678 1 3 rec_type | 0 case_code | 0 comnam | 0 -------------+-------------------------------------------------------- director_id | 0 lname | 0 fname | 0 yr_m1 | 0 yr_0 | 0 -------------+-------------------------------------------------------- yr_1 | 0 yr_2 | 0 yr_3 | 0 yr_4 | 0 dp_board_dt | 0 -------------+-------------------------------------------------------- dp_job_dt | 0 source | 0 status_yr_m1 | 0 status_yr_0 | 0 status_yr_1 | 0 -------------+-------------------------------------------------------- status_yr_2 | 0 status_yr_3 | 0 status_yr_4 | 0 ceo_chair_m1 | 0 ceo_chair_0 | 0 -------------+-------------------------------------------------------- join_board | 5085 1994.168 7.377417 1948 2006 age_yr_m1 | 3420 57.5345 9.242736 26 92 age_yr_0 | 3560 57.74522 9.133273 27 93 age_yr_1 | 2821 58.34846 8.655431 28 94 audit_yr_m1 | 0 -------------+-------------------------------------------------------- audit_yr0 | 0 audit_yr1 | 0 shares_yr_m1 | 3420 1650045 1.15e+07 0 3.44e+08 shares_ou~m1 | 3420 3.19e+08 6.45e+08 9188827 5.03e+09 shares_yr0 | 3560 2083720 1.64e+07 0 6.96e+08 -------------+-------------------------------------------------------- shares_out~0 | 3560 4.16e+08 8.83e+08 8914835 7.16e+09 shares_yr1 | 2821 2181035 2.85e+07 0 1.38e+09 shares_ou~r1 | 2821 5.32e+08 1.06e+09 9080331 7.33e+09

. list in 1/2

+-----------------------------------------------------------------------+ 1. | lookup | rectyp~e | rec_type | case_c~e | comnam | direct~d | | AAPL_01_ | 1 | IYR | AAPL_01 | APPLE COMP | X | |-----------------------------------------------------------------------| | lname | fname | yr_m1 | yr_0 | yr_1 | yr_2 | | | | 2000 | 2001 | 2002 | 2003 | |-----------------------------------------------------------------------| | yr_3 | yr_4 | dp_boa~t | dp_job~t | source | statu~m1 | | 2004 | 2005 | | | | | |-----------------------------------------------------------+-----------| | status~0 | statu~_1 | status~2 | status~3 | status~4 | ceo_ch~1 | | | | | | | | |-----------+-----------+-----------+-----------+-----------+-----------| | ceo_ch~0 | join_b~d | age_y~m1 | age_yr_0 | age_yr_1 | audit~m1 | | | . | . | . | . | | |-----------+-----------+-----------+-----------+-----------+-----------| | audit_~0 | audit~r1 | shares.. | shares.. | sh~s_yr0 | sh~t_yr0 | | | | . | . | . | . | |-----------------------------------+-----------------------------------| | sh~s_yr1 | sh~t_yr1 | | . | . | +-----------------------------------------------------------------------+

+-----------------------------------------------------------------------+ 2. | lookup | rectyp~e | rec_type | case_c~e | comnam | direct~d | | AAPL_01_ | 2 | MTG | AAPL_01 | APPLE COMP | | |-----------------------------------------------------------------------| | lname | fname | yr_m1 | yr_0 | yr_1 | yr_2 | | | | 20-Apr-2000 | 19-Apr-2001 | 24-Apr-2002 | 24-Apr-2003 | |-----------------------------------------------------------------------| | yr_3 | yr_4 | dp_boa~t | dp_job~t | source | statu~m1 | | 22-Apr-2004 | 21-Apr-2005 | | | | | |-----------------------------------------------------------+-----------| | status~0 | statu~_1 | status~2 | status~3 | status~4 | ceo_ch~1 | | | | | | | | |-----------+-----------+-----------+-----------+-----------+-----------| | ceo_ch~0 | join_b~d | age_y~m1 | age_yr_0 | age_yr_1 | audit~m1 | | | . | . | . | . | | |-----------+-----------+-----------+-----------+-----------+-----------| | audit_~0 | audit~r1 | shares.. | shares.. | sh~s_yr0 | sh~t_yr0 | | | | . | . | . | . | |-----------------------------------+-----------------------------------| | sh~s_yr1 | sh~t_yr1 | | . | . | +-----------------------------------------------------------------------+

. tab rec_type

rec_type | Freq. Percent Cum. ------------+----------------------------------- DIR | 5,422 87.88 87.88 IYR | 374 6.06 93.94 MTG | 374 6.06 100.00 ------------+----------------------------------- Total | 6,170 100.00

. drop if rec_type != "DIR" (748 observations deleted)

. desc

Contains data obs: 5,422 vars: 38 size: 1,507,316 (99.7% of memory free) -------------------------------------------------------------------------------- storage display value variable name type format label variable label -------------------------------------------------------------------------------- lookup str14 %14s Lookup rectype_hide byte %8.0g Rectype_hide rec_type str3 %9s case_code str7 %9s comnam str10 %10s director_id str6 %9s lname str16 %16s fname str15 %15s yr_m1 str11 %11s yr_0 str11 %11s yr_1 str11 %11s yr_2 str11 %11s yr_3 str11 %11s yr_4 str11 %11s dp_board_dt str8 %9s Dp_Board_Dt dp_job_dt str11 %11s Dp_Job_Dt source str11 %11s Source status_yr_m1 str7 %9s Status_yr_m1 status_yr_0 str7 %9s Status_yr_0 status_yr_1 str7 %9s Status_yr_1 status_yr_2 str7 %9s Status_yr_2 status_yr_3 str7 %9s Status_yr_3 status_yr_4 str7 %9s Status_yr_4 ceo_chair_m1 str8 %9s CEO_Chair_m1 ceo_chair_0 str8 %9s CEO_Chair_0 join_board int %8.0g Join_Board age_yr_m1 byte %8.0g Age_yr_m1 age_yr_0 byte %8.0g Age_yr_0 age_yr_1 byte %8.0g Age_yr_1 audit_yr_m1 str1 %9s Audit_yr_m1 audit_yr0 str1 %9s Audit_yr0 audit_yr1 str1 %9s Audit_yr1 shares_yr_m1 long %12.0g Shares_yr_m1 shares_out_y~m1 double %10.0g Shares_Out_Yr_m1 shares_yr0 long %12.0g Shares_yr0 shares_out_yr0 double %10.0g Shares_Out_Yr0 shares_yr1 long %12.0g Shares_yr1 shares_out_yr1 double %10.0g Shares_Out_Yr1 -------------------------------------------------------------------------------- Sorted by: Note: dataset has changed since last saved

. su

Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- lookup | 0 rectype_hide | 5422 3 0 3 3 rec_type | 0 case_code | 0 comnam | 0 -------------+-------------------------------------------------------- director_id | 0 lname | 0 fname | 0 yr_m1 | 0 yr_0 | 0 -------------+-------------------------------------------------------- yr_1 | 0 yr_2 | 0 yr_3 | 0 yr_4 | 0 dp_board_dt | 0 -------------+-------------------------------------------------------- dp_job_dt | 0 source | 0 status_yr_m1 | 0 status_yr_0 | 0 status_yr_1 | 0 -------------+-------------------------------------------------------- status_yr_2 | 0 status_yr_3 | 0 status_yr_4 | 0 ceo_chair_m1 | 0 ceo_chair_0 | 0 -------------+-------------------------------------------------------- join_board | 5085 1994.168 7.377417 1948 2006 age_yr_m1 | 3420 57.5345 9.242736 26 92 age_yr_0 | 3560 57.74522 9.133273 27 93 age_yr_1 | 2821 58.34846 8.655431 28 94 audit_yr_m1 | 0 -------------+-------------------------------------------------------- audit_yr0 | 0 audit_yr1 | 0 shares_yr_m1 | 3420 1650045 1.15e+07 0 3.44e+08 shares_ou~m1 | 3420 3.19e+08 6.45e+08 9188827 5.03e+09 shares_yr0 | 3560 2083720 1.64e+07 0 6.96e+08 -------------+-------------------------------------------------------- shares_out~0 | 3560 4.16e+08 8.83e+08 8914835 7.16e+09 shares_yr1 | 2821 2181035 2.85e+07 0 1.38e+09 shares_ou~r1 | 2821 5.32e+08 1.06e+09 9080331 7.33e+09

. save `ou1', replace file proxy_file9408.dta saved

. . insheet using `in2', names clear (21 vars, 2244 obs)

. desc

Contains data obs: 2,244 vars: 21 size: 789,888 (99.9% of memory free) -------------------------------------------------------------------------------- storage display value variable name type format label variable label -------------------------------------------------------------------------------- source str8 %9s mtgdate str11 %11s proxy_status str42 %42s Proxy_status missing_proxy~n str19 %19s Missing_proxy_reason id long %12.0g comnam str37 %37s ticker str5 %9s case_code str7 %9s cusip str8 %9s year int %8.0g fname str19 %19s lname str20 %20s end_of_class_~d str11 %11s end_within_on~r str3 %9s filing_date str11 %11s filing_within~r str3 %9s notes_codes str22 %22s notes str105 %105s is_not_a_good~e str5 %9s is_not_a_good_case? goodactions byte %8.0g 1=good-actions suit_year byte %8.0g -------------------------------------------------------------------------------- Sorted by: Note: dataset has changed since last saved

. su

Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- source | 0 mtgdate | 0 proxy_status | 0 missing_pr~n | 0 id | 2244 14741.22 52269.84 2 1017408 -------------+-------------------------------------------------------- comnam | 0 ticker | 0 case_code | 0 cusip | 0 year | 2244 2000.89 2.532625 1995 2006 -------------+-------------------------------------------------------- fname | 0 lname | 0 end_of_cla~d | 0 end_within~r | 0 filing_date | 0 -------------+-------------------------------------------------------- filing_wit~r | 0 notes_codes | 0 notes | 0 is_not_a_g~e | 0 goodactions | 1309 .5714286 .4950608 0 1 -------------+-------------------------------------------------------- suit_year | 2244 1.5 1.708206 -1 4

. list in 1/2

+---------------------------------------------------------------------+ 1. | source | mtgdate | proxy_~s | missin~n | id | comnam | ticker | | IRRC-ADD | 28-Sep-1995 | OK | | 2 | 3COM | COMS | |---------------------------------------------------------------------| | case_c~e | cusip | year | fname | lname | end_of_cl~d | | COMS_01 | 88553510 | 1995 | Wiliam F. | Zuendt | 10-Feb-1997 | |---------------------------------------------------------------------| | end_wi~r | filing_date | filing~r | notes_co~s | notes | is_not~e | | Yes | 24-Mar-1997 | Yes | GOOD, MULT | | FALSE | |---------------------------------------------------------------------| | goodac~s | suit_y~r | | 1 | -1 | +---------------------------------------------------------------------+

+---------------------------------------------------------------------+ 2. | source | mtgdate | proxy_~s | missin~n | id | comnam | ticker | | IRRC | 26-Sep-1996 | OK | | 2 | 3COM | COMS | |---------------------------------------------------------------------| | case_c~e | cusip | year | fname | lname | end_of_cl~d | | COMS_01 | 88553510 | 1996 | Wiliam F. | Zuendt | 10-Feb-1997 | |---------------------------------------------------------------------| | end_wi~r | filing_date | filing~r | notes_co~s | notes | is_not~e | | Yes | 24-Mar-1997 | Yes | GOOD, MULT | | FALSE | |---------------------------------------------------------------------| | goodac~s | suit_y~r | | 1 | 0 | +---------------------------------------------------------------------+

. tab year

year | Freq. Percent Cum. ------------+----------------------------------- 1995 | 29 1.29 1.29 1996 | 74 3.30 4.59 1997 | 125 5.57 10.16 1998 | 188 8.38 18.54 1999 | 247 11.01 29.55 2000 | 313 13.95 43.49 2001 | 345 15.37 58.87 2002 | 300 13.37 72.24 2003 | 249 11.10 83.33 2004 | 186 8.29 91.62 2005 | 127 5.66 97.28 2006 | 61 2.72 100.00 ------------+----------------------------------- Total | 2,244 100.00

. tab suit_year

suit_year | Freq. Percent Cum. ------------+----------------------------------- -1 | 374 16.67 16.67 0 | 374 16.67 33.33 1 | 374 16.67 50.00 2 | 374 16.67 66.67 3 | 374 16.67 83.33 4 | 374 16.67 100.00 ------------+----------------------------------- Total | 2,244 100.00

. save `ou2', replace file proxy_list9408.dta saved

. . insheet using `in3', names clear (10 vars, 3946 obs)

. desc

Contains data obs: 3,946 vars: 10 size: 343,302 (99.9% of memory free) -------------------------------------------------------------------------------- storage display value variable name type format label variable label -------------------------------------------------------------------------------- action_type str3 %9s case_code str7 %9s comnam str20 %20s director_id long %12.0g lname str14 %14s fname str15 %15s named str4 %9s source_named str4 %9s insider_trading str4 %9s source_trading str4 %9s -------------------------------------------------------------------------------- Sorted by: Note: dataset has changed since last saved

. tostring director_id, replace director_id was long now str6

. drop if lname=="NEWALL III" & director_id=="41398" (1 observation deleted)

. drop if lname=="HUSTON" & director_id=="201738" (1 observation deleted)

. su

Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- action_type | 0 case_code | 0 comnam | 0 director_id | 0 lname | 0 -------------+-------------------------------------------------------- fname | 0 named | 0 source_named | 0 insider_tr~g | 0 source_tra~g | 0

. list in 1/2

+----------------------------------------------------------------------+ 1. | action~e | case_c~e | comnam | direct~d | lname | fname | | PRI | AAPL_01 | APPLE COMP | 34043 | Campbell | William V. | |----------------------------------------------------------------------| | named | source~d | inside~g | source~g | | N | COM | N | COM | +----------------------------------------------------------------------+

+----------------------------------------------------------------------+ 2. | action~e | case_c~e | comnam | direct~d | lname | fname | | PRI | AAPL_01 | APPLE COMP | 39389 | Chang | Gareth C.C. | |----------------------------------------------------------------------| | named | source~d | inside~g | source~g | | N | COM | N | COM | +----------------------------------------------------------------------+

. save `ou3', replace file primary9408.dta saved

. . insheet using `in4', names clear (10 vars, 558 obs)

. /* > drop id mtgdate v26 year > keep if action_type == "PRI" > */ . desc

Contains data obs: 558 vars: 10 size: 42,966 (99.9% of memory free) -------------------------------------------------------------------------------- storage display value variable name type format label variable label -------------------------------------------------------------------------------- action_type str9 %9s case_code str7 %9s comnam str10 %10s director_id long %12.0g lname str13 %13s fname str14 %14s named str3 %9s source_named str3 %9s insider_trading str3 %9s source_trading str3 %9s -------------------------------------------------------------------------------- Sorted by: Note: dataset has changed since last saved

. su

Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- action_type | 0 case_code | 0 comnam | 0 director_id | 558 41075.31 16250.53 15031 201552 lname | 0 -------------+-------------------------------------------------------- fname | 0 named | 0 source_named | 0 insider_tr~g | 0 source_tra~g | 0

. list in 1/2

+---------------------------------------------------------------------+ 1. | action~e | case_c~e | comnam | direct~d | lname | fname | named | | SEC1 | ADRX_01 | ANDRX | 68123 | Baum | Tamara A. | N | |---------------------------------------------------------------------| | source~d | inside~g | source~g | | COM | N | COM | +---------------------------------------------------------------------+

+---------------------------------------------------------------------+ 2. | action~e | case_c~e | comnam | direct~d | lname | fname | named | | SEC2 | ADRX_01 | ANDRX | 68123 | Baum | Tamara A. | N | |---------------------------------------------------------------------| | source~d | inside~g | source~g | | COM | N | COM | +---------------------------------------------------------------------+

. sort case_code

. save `ou4', replace file secondary9408.dta saved

. . log close log: /Users/baum/Documents/chuck/ ChuckLitGov4/paper_datasets9408/IRR > C_matched_input_revised9408/litgov4-1.smcl log type: smcl closed on: 8 Apr 2009, 16:58:47 --------------------------------------------------------------------------------