-----------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  /Users/baum/Documents/Chuck/    ChuckLitGov4//litgov4-13.smcl
  log type:  smcl
 opened on:  10 May 2010, 14:05:45


. . cd "`basedir'" /Users/baum/Documents/Chuck/ ChuckLitGov4/

. local ts 9408

. local in1 dirinfo_full_hazard`ts'.dta

. local ou1 pj0331_`ts'.dta

. . // merge in missing case details . local extdir "/Users/baum/Documents/chuck/ ChuckLitGov4/Paper_datasets9403"

. local extdir2 "/Users/baum/Documents/chuck/ ChuckLitGov4/"

. local in2 "case_input_file`ts'"

. // pull in est2a from 4-7a . local in3 "litgov4_est2a`ts'"

. . use "`extdir'/`in2'", clear

. egen cc = tag(case_code)

. keep if cc (65 observations deleted)

. tempname ciftemp

. save `ciftemp', replace file __000000.dta saved

. . use "`extdir2'/`in3'", clear

. keep if cc (38810 observations deleted)

. // scrap old departed, insider indicators & stkholding. tenure, entrench vars . drop departed dir_code insider stkholding tenure entrench

. su

Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- dircase | 0 caseyr | 0 lookup | 0 rectype_hide | 340 3 0 3 3 rec_type | 0 -------------+-------------------------------------------------------- case_code | 0 comnam | 0 director_id | 0 lname | 0 fname | 0 -------------+-------------------------------------------------------- yr | 0 dp_board_dt | 0 dp_job_dt | 0 source | 0 status_yr | 0 -------------+-------------------------------------------------------- ceo_chair_m1 | 0 ceo_chair_0 | 0 join_board | 441 1994.866 6.671021 1963 2007 age_yr_m1 | 286 57.28322 9.338105 33 85 age_yr_0 | 340 56.78529 9.485173 30 83 -------------+-------------------------------------------------------- age_yr_1 | 291 57.2921 9.224438 31 84 audit_yr_m1 | 0 audit_yr0 | 0 audit_yr1 | 0 shares_yr_m1 | 286 775948.4 2633671 0 3.07e+07 -------------+-------------------------------------------------------- shares_ou~m1 | 316 2.30e+08 5.26e+08 6546716 5.03e+09 shares_yr0 | 307 891551.7 3365341 0 3.65e+07 shares_out~0 | 342 2.75e+08 6.82e+08 2531250 6.72e+09 shares_yr1 | 260 1096899 4526299 0 5.47e+07 shares_ou~r1 | 292 3.02e+08 7.64e+08 5893250 6.70e+09 -------------+-------------------------------------------------------- action_type | 0 named | 0 source_named | 0 insider_tr~g | 0 source_tra~g | 0 -------------+-------------------------------------------------------- suit_year | 460 -1 0 -1 -1 smpl | 460 .2608696 .439587 0 1 mtgdate | 0 proxy_status | 0 missing_pr~n | 0 -------------+-------------------------------------------------------- id | 340 17942.95 79187.39 2 1015340 ticker | 0 cusip | 0 year | 460 1998.583 2.075829 1994 2002 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 | 340 1 0 1 1 chair_stat~1 | 0 chair_stat~0 | 0 dual_class | 0 -------------+-------------------------------------------------------- pct_yr_0 | 11 10.23 7.123903 1.99 21.1 pct_yr_1 | 0 proxy_date | 0 permno | 120 71055.19 23658.61 10137 90014 __00000D | 460 1510.826 870.233 6 3000 -------------+-------------------------------------------------------- __00000C | 460 .6195652 .4860223 0 1 dataset | 0 suit_year_~e | 460 1999.715 2.080982 1996 2003 beg_class_~r | 0 end_class_~r | 0 -------------+-------------------------------------------------------- sec_start | 0 sec_end | 0 file_under~r | 0 restatement | 0 gaapviolat~n | 0 -------------+-------------------------------------------------------- false_fore~t | 0 failure_to~e | 0 other | 0 primary_so~e | 0 drop_code | 0 -------------+-------------------------------------------------------- status | 0 status_date | 0 settlement~s | 0 settlement | 276 121.1224 649.8835 .15 7210.5 year1 | 43 1999.814 2.073137 1996 2005 -------------+-------------------------------------------------------- beg_class_~1 | 0 end_class_~1 | 0 sec_start1 | 0 sec_end1 | 0 filing_date1 | 0 -------------+-------------------------------------------------------- status1 | 0 settlement~1 | 0 year2 | 6 2000.5 3.016621 1996 2005 beg_class_~2 | 0 end_class_~2 | 0 -------------+-------------------------------------------------------- sec_start2 | 0 sec_end2 | 0 filing_date2 | 0 status2 | 0 settlement~2 | 0 -------------+-------------------------------------------------------- year3 | 2 1999 4.242641 1996 2002 beg_class_~3 | 0 end_class_~3 | 0 sec_start3 | 0 sec_end3 | 0 -------------+-------------------------------------------------------- filing_date3 | 0 status3 | 0 settlement~3 | 0 insthold | 448 60.80161 21.40834 5.88 97.26 insown_date | 0 -------------+-------------------------------------------------------- cboard | 460 .55 .4980354 0 1 dualclas | 460 .1086957 .3115959 0 1 uneqvote | 460 .0043478 .0658662 0 1 gindex | 404 8.589109 2.493561 3 16 eindex | 404 2.160891 1.303309 0 6 -------------+-------------------------------------------------------- index_match | 0 year_repor~d | 460 1999.933 2.00702 1995 2003 total_assets | 460 16214.15 72880.84 17.5 1097190 company_name | 0 cara | 439 -.1080616 .9232428 -3.332586 4.650977 -------------+-------------------------------------------------------- ctag | 460 .0108696 .1038019 0 1 companyname | 0 sumblks | 460 26.98798 21.3586 0 97.5 numblks | 460 2.463043 1.672781 0 8 sumaflin | 460 1.965957 8.263027 0 97.4 -------------+-------------------------------------------------------- sumout | 460 14.9862 14.43999 0 72.9 sumesop | 460 .3785652 1.986689 0 21.25 sumdir | 460 4.865565 14.42533 0 96.37 sumoff | 460 4.791696 12.65289 0 96.25 numaflin | 460 .1282609 .4463178 0 4 -------------+-------------------------------------------------------- numout | 460 1.747826 1.59024 0 8 numesop | 460 .0413043 .1992099 0 1 numdir | 460 .2456522 .6283798 0 6 numoff | 460 .3 .6376017 0 4 dfiling_date | 460 14791.33 731.5347 13174 16054 -------------+-------------------------------------------------------- dbeg_class~r | 460 14257.04 749.3077 11752 15937 dend_class~r | 460 14731.73 758.0045 12548 16118 dsec_start | 118 13251.36 2330.557 2922 15431 dsec_end | 117 14432.23 2024.864 6847 16891 secoverlap | 460 .1978261 .398794 0 1 -------------+-------------------------------------------------------- secalso | 460 .2543478 .4359681 0 1 casetag | 460 .0086957 .0929452 0 1 dismissed | 460 .4 .4904313 0 1 lenclassper | 460 474.6891 389.0716 0 1942 lensecper | 117 1191.692 1126.336 89 6518 -------------+-------------------------------------------------------- fileafter | 460 534.287 371.9682 7 1826 filingyear | 460 1999.996 1.992355 1996 2003 ar1_ecp | 335 -.0760378 .1346408 -.578348 .2799354 ar3_ecp | 336 -.2358444 .2146137 -1.107348 .1867814 ar5_ecp | 336 -.2566683 .229945 -1.182885 .2491735 -------------+-------------------------------------------------------- ar1_filing | 322 -.0277913 .1021221 -.651017 .2461541 ar3_filing | 322 -.0655814 .1688944 -.8609062 .4170695 ar5_filing | 322 -.0879881 .2248477 -.9958463 .8572186 c11flag | 15 1 0 1 1 ceo | 460 .076087 .2654259 0 1 -------------+-------------------------------------------------------- audit | 460 .2673913 .4430801 0 1 seated | 460 .6195652 .4860223 0 1 boardsize | 460 8.43913 4.117896 0 22 caseyeartag | 460 1 0 1 1 suityractive | 414 -1 0 -1 -1 -------------+-------------------------------------------------------- survmax | 460 3.391304 1.207786 0 4 seated0 | 460 0 0 0 0 seated4 | 460 0 0 0 0 mseatm1 | 460 .6195652 .4860223 0 1 seatyr | 460 -.6195652 .4860223 -1 0 -------------+-------------------------------------------------------- tenmax | 460 2.447826 1.640811 0 4 es0 | 460 .6673913 .4716606 0 1 es4 | 460 .4586957 .4988335 0 1 seatm1 | 460 .6195652 .4860223 0 1 survived | 0 -------------+-------------------------------------------------------- survivedm1 | 285 .3684211 .4832249 0 1 ndir4 | 460 3.863043 3.172723 0 15 ndir0 | 460 9.202174 2.975645 4 27 survfrac | 4 34.02778 40.84845 0 91.66666 restate | 460 .2304348 .4215696 0 1 -------------+-------------------------------------------------------- gaap | 460 .4891304 .5004261 0 1 othgaap | 460 .2782609 .4486305 0 1 iota | 460 1 0 1 1 insideseats | 460 2.306522 1.597779 0 10 outsideseats | 460 6.132609 3.465646 0 20 -------------+-------------------------------------------------------- outfrac | 414 .7148638 .1489716 .2857143 1 hardevidence | 460 .5086957 .5004687 0 1 audithard | 460 .126087 .3323087 0 1 ongoing | 460 0 0 0 0 settled | 460 .6 .4904313 0 1 -------------+-------------------------------------------------------- settledhard | 460 .35 .4774889 0 1 dismissedh~d | 460 .1586957 .3657899 0 1 settledres | 460 .176087 .3813088 0 1 dismissedres | 460 .0543478 .2269496 0 1 settledgaap | 460 .3369565 .4731845 0 1 -------------+-------------------------------------------------------- dismissedg~p | 460 .1521739 .3595804 0 1 FY1997 | 460 .1043478 .3060441 0 1 FY1998 | 460 .1413043 .3487145 0 1 FY1999 | 460 .1434783 .3509416 0 1 FY2000 | 460 .1413043 .3487145 0 1 -------------+-------------------------------------------------------- FY2001 | 460 .1347826 .341863 0 1 FY2002 | 460 .2065217 .40525 0 1 FY2003 | 460 .1 .3003266 0 1 setinst | 448 36.29192 33.76052 0 97.26 disinst | 448 24.50969 33.18933 0 97.11 -------------+-------------------------------------------------------- setnblock | 460 9.009239 13.54129 0 72.9 disnblock | 460 5.976957 11.5359 0 62.9 setoutfrac | 414 .4189505 .3671243 0 .9230769 disoutfrac | 414 .2959133 .3687258 0 1 setaudit | 460 .1565217 .3637448 0 1 -------------+-------------------------------------------------------- disaudit | 460 .1108696 .3143124 0 1 setstkh | 307 .6690372 2.414761 0 21.12909 defendant | 460 .1673913 .3737313 0 1 setdefendant | 460 .1043478 .3060441 0 1 disdefendant | 460 .0630435 .2433058 0 1 -------------+-------------------------------------------------------- age_61_65 | 460 .1282609 .3347441 0 1 age_66_70 | 460 .0869565 .2820781 0 1 age_gt_70 | 460 .05 .2181822 0 1 departedm1 | 285 .6315789 .4832249 0 1 ceochair | 0 -------------+-------------------------------------------------------- setceoc | 0 setceo | 460 .0478261 .2136304 0 1 ltotass | 460 7.735248 1.774126 2.862201 13.90826 insidertr | 460 .0652174 .2471779 0 1 setinside | 460 .0391304 .1941164 0 1 -------------+-------------------------------------------------------- disinside | 460 .026087 .1595675 0 1 caseinside | 460 .3565217 .4794933 0 1 setcaseins~e | 460 .2152174 .4114205 0 1 dissecalso | 460 .0673913 .2509714 0 1 setnosec | 460 .4130435 .4929166 0 1 -------------+-------------------------------------------------------- setsecalso | 460 .1869565 .3903011 0 1 setgindex | 404 5.012376 4.598775 0 15 disgindex | 404 3.576733 4.584097 0 16 seteindex | 404 1.274752 1.461247 0 6 setcboard | 460 .3369565 .4731845 0 1 -------------+-------------------------------------------------------- setar3_ecp | 336 -.1359694 .2067727 -1.107348 .1799543 setar3_fil~g | 322 -.0459595 .1494187 -.8609062 .4170695 ar3_ecp_botq | 460 .1826087 .386766 0 1 ar3_filing~q | 460 .173913 .3794474 0 1 setar3_ecp~q | 460 .1065217 .3088401 0 1 -------------+-------------------------------------------------------- setar3_fil~q | 460 .1086957 .3115959 0 1 sumblockbr~d | 460 21.81772 19.6698 0 97.5 setsumbloc~d | 460 13.82348 19.78518 0 97.5 dissumbloc~d | 460 7.994239 14.72906 0 95.49 topqsettle | 460 .15 .3574602 0 1 -------------+-------------------------------------------------------- tophsettle | 460 .2891304 .4538522 0 1 settleta | 276 2.825869 5.795859 .0015328 57.14286 topqssettle | 460 .15 .3574602 0 1 tophssettle | 460 .3 .4587565 0 1 topqsinst | 448 9.136741 23.08177 0 97.01 -------------+-------------------------------------------------------- topqsblock | 460 2.480174 7.99311 0 50.07 cc | 460 1 0 1 1

. l case_code

+----------+ | case_c~e | |----------| 1. | AAM__01 | 2. | AAPL_01 | 3. | ACDO_01 | 4. | ACF__01 | 5. | ACF__02 | |----------| 6. | ACTN_01 | 7. | ACXM_01 | 8. | ADAC_01 | 9. | ADAP_01 | 10. | ADBE_01 | |----------| 11. | ADCT_01 | 12. | ADPT_01 | 13. | ADRX_01 | 14. | ADSK_01 | 15. | ADVNA01 | |----------| 16. | AEP__01 | 17. | AES__01 | 18. | AET__01 | 19. | AET__02 | 20. | AFFX_01 | |----------| 21. | AGP__01 | 22. | AHC__01 | 23. | AHG__01 | 24. | AHG__02 | 25. | AHP__01 | |----------| 26. | AIF__01 | 27. | AKS__01 | 28. | ALD__01 | 29. | ALMO_01 | 30. | ALO__01 | |----------| 31. | AMCC_01 | 32. | AMGN_01 | 33. | AMZN_01 | 34. | ANF__01 | 35. | ANN__01 | |----------| 36. | ANR__01 | 37. | AOC__01 | 38. | AOL__01 | 39. | AOL__02 | 40. | AOR__01 | |----------| 41. | APD__01 | 42. | APSO_01 | 43. | ARTG_01 | 44. | ASHW_01 | 45. | ASM__01 | |----------| 46. | ASND_01 | 47. | ATHM_01 | 48. | ATIS_01 | 49. | ATML_01 | 50. | ATX__01 | |----------| 51. | AVA__01 | 52. | AVS__01 | 53. | AVY__01 | 54. | AWA__01 | 55. | AXP__01 | |----------| 56. | AYE__01 | 57. | BAY__01 | 58. | BA___01 | 59. | BBC__01 | 60. | BBI__02 | |----------| 61. | BBOX_01 | 62. | BBY__01 | 63. | BEV__01 | 64. | BE___01 | 65. | BHE__01 | |----------| 66. | BHI__01 | 67. | BID__01 | 68. | BLS__01 | 69. | BMCS_01 | 70. | BMY__01 | |----------| 71. | BOL__01 | 72. | BRCM_01 | 73. | BRW__01 | 74. | BSX__01 | 75. | BTGC_01 | |----------| 76. | BVSN_01 | 77. | CACC_01 | 78. | CAG__01 | 79. | CATP_01 | 80. | CA___01 | |----------| 81. | CBIZ_01 | 82. | CBM__01 | 83. | CB___01 | 84. | CCL__01 | 85. | CC___01 | |----------| 86. | CDE__01 | 87. | CDN__01 | 88. | CDO__01 | 89. | CECO_01 | 90. | CEFT_01 | |----------| 91. | CELL_01 | 92. | CEN__01 | 93. | CERN_01 | 94. | CGO__01 | 95. | CHB__01 | |----------| 96. | CHK__01 | 97. | CHTR_01 | 98. | CIEN_01 | 99. | CITU_01 | 100. | CI___01 | |----------| 101. | CLHB_01 | 102. | CLST_01 | 103. | CLX__01 | 104. | CMA__01 | 105. | CMLS_01 | |----------| 106. | CMM__01 | 107. | CMO__01 | 108. | CMS__01 | 109. | CMVT_01 | 110. | CNC__01 | |----------| 111. | CNTO_01 | 112. | CNX__01 | 113. | COF__01 | 114. | COL__01 | 115. | COMS_01 | |----------| 116. | CORR_01 | 117. | COVD_01 | 118. | CPB__01 | 119. | CPC__01 | 120. | CPN__01 | |----------| 121. | CPQ__01 | 122. | CPRO_01 | 123. | CPU__01 | 124. | CPWR_01 | 125. | CREE_01 | |----------| 126. | CRY__01 | 127. | CSCO_01 | 128. | CS___01 | 129. | CTXS_01 | 130. | CU___01 | |----------| 131. | CVS__01 | 132. | CWC__01 | 133. | CYGN_01 | 134. | CYTC_01 | 135. | C____01 | |----------| 136. | DFC__01 | 137. | DFS__01 | 138. | DG___01 | 139. | DIIG_01 | 140. | DIS__01 | |----------| 141. | DOW__01 | 142. | DPL__01 | 143. | DQE__01 | 144. | DSS__01 | 145. | DTII_01 | |----------| 146. | DUK__01 | 147. | DURA_01 | 148. | DYN__01 | 149. | EDS__01 | 150. | EEX__01 | |----------| 151. | EE___01 | 152. | EFDS_01 | 153. | EFII_01 | 154. | EIX__01 | 155. | EMLX_01 | |----------| 156. | ENE__01 | 157. | ENTU_01 | 158. | ENVY_01 | 159. | EP___01 | 160. | ESST_01 | |----------| 161. | ETS__01 | 162. | EWB__01 | 163. | EXC__01 | 164. | EXDS_01 | 165. | EX___01 | |----------| 166. | FCAA_01 | 167. | FD___01 | 168. | FE___01 | 169. | FGCI_01 | 170. | FLEX_01 | |----------| 171. | FLM__01 | 172. | FLM__02 | 173. | FLR__01 | 174. | FLS__01 | 175. | FMO__01 | |----------| 176. | FMXI_01 | 177. | FNV__01 | 178. | FON__01 | 179. | FORE_01 | 180. | FOX__01 | |----------| 181. | FP___01 | 182. | FRTR_01 | 183. | FTL__01 | 184. | FTS__01 | 185. | FTU__01 | |----------| 186. | F____01 | 187. | GAP__01 | 188. | GAS__01 | 189. | GBFE_01 | 190. | GDT__01 | |----------| 191. | GEMS_01 | 192. | GEN__01 | 193. | GFD__01 | 194. | GILD_01 | 195. | GLC__01 | |----------| 196. | GLW__01 | 197. | GMST_01 | 198. | GNCI_01 | 199. | GND__01 | 200. | GNT__01 | |----------| 201. | GRB__01 | 202. | GTIS_01 | 203. | GTK__01 | 204. | GTW__01 | 205. | GT___01 | |----------| 206. | GX___01 | 207. | HAL__01 | 208. | HAZ__01 | 209. | HC___01 | 210. | HGR__01 | |----------| 211. | HI___01 | 212. | HOMS_01 | 213. | HON__01 | 214. | HPH__01 | 215. | HRBC_01 | |----------| 216. | HRB__01 | 217. | HRC__01 | 218. | HRC__02 | 219. | HUM__01 | 220. | HWP__01 | |----------| 221. | IBP__01 | 222. | ICGXQ01 | 223. | ICII_01 | 224. | ICN__01 | 225. | IDXX_01 | |----------| 226. | IFMX_01 | 227. | IKN__01 | 228. | IMCL_01 | 229. | IMNR_01 | 230. | INSP_01 | |----------| 231. | INTC_01 | 232. | IN___01 | 233. | IOM__01 | 234. | ION__01 | 235. | IO___01 | |----------| 236. | IPG__01 | 237. | ISSX_01 | 238. | ITRI_01 | 239. | ITWO_01 | 240. | IVX__01 | |----------| 241. | JDEC_01 | 242. | JDN__01 | 243. | JDSU_01 | 244. | JNJ__01 | 245. | JNPR_01 | |----------| 246. | JPM__01 | 247. | KIND_01 | 248. | KM___01 | 249. | KNE__01 | 250. | KO___01 | |----------| 251. | KR___01 | 252. | KSE__01 | 253. | LENS_01 | 254. | LFCO_01 | 255. | LF___01 | |----------| 256. | LGTO_01 | 257. | LH___01 | 258. | LMT__01 | 259. | LNT__01 | 260. | LNY__01 | |----------| 261. | LOR__01 | 262. | LSON_01 | 263. | LTRE_01 | 264. | LU___01 | 265. | LXK__01 | |----------| 266. | MAT__01 | 267. | MCGC_01 | 268. | MCK__01 | 269. | MCLD_01 | 270. | MDM__01 | |----------| 271. | MDR__01 | 272. | MER__01 | 273. | MFNX_01 | 274. | MFN__01 | 275. | MIK__01 | |----------| 276. | MOT__01 | 277. | MRCH_01 | 278. | MRK__01 | 279. | MSC__01 | 280. | MSM__01 | |----------| 281. | MTEL_01 | 282. | MTRS_01 | 283. | MWD__01 | 284. | MWHS_01 | 285. | MXT__01 | |----------| 286. | NAFC_01 | 287. | NAK__01 | 288. | NBTY_01 | 289. | NCS__01 | 290. | NETA_01 | |----------| 291. | NITE_01 | 292. | NKE__01 | 293. | NOVL_01 | 294. | NOVN_01 | 295. | NPNT_01 | |----------| 296. | NSIT_01 | 297. | NS___01 | 298. | NUI__01 | 299. | NU___01 | 300. | NVDA_01 | |----------| 301. | NWL__01 | 302. | NXCD_01 | 303. | OCA__01 | 304. | OG___01 | 305. | OH___01 | |----------| 306. | OIL__01 | 307. | OLS__01 | 308. | OMC__01 | 309. | OMG__01 | 310. | OMX__01 | |----------| 311. | ONE__01 | 312. | ORB__01 | 313. | ORCL_01 | 314. | OXHP_01 | 315. | PCG__01 | |----------| 316. | PCLN_01 | 317. | PCMS_01 | 318. | PCSA_01 | 319. | PCTL_01 | 320. | PDX__01 | |----------| 321. | PDX__02 | 322. | PER__01 | 323. | PETC_01 | 324. | PETM_01 | 325. | PFG__01 | |----------| 326. | PG___01 | 327. | PHSY_01 | 328. | PHYC_01 | 329. | PIN__01 | 330. | PKI__01 | |----------| 331. | PLX__01 | 332. | PMA__01 | 333. | PMS__01 | 334. | PMTC_01 | 335. | PMTC_02 | |----------| 336. | PNC__01 | 337. | POI__01 | 338. | PPD__01 | 339. | PRD__01 | 340. | PRIA_01 | |----------| 341. | PRT__01 | 342. | PSFT_01 | 343. | PSIX_01 | 344. | PSSI_01 | 345. | PSX__01 | |----------| 346. | PTA__01 | 347. | PTEK_01 | 348. | PTI__01 | 349. | PVN__01 | 350. | PZN__01 | |----------| 351. | QHGI_01 | 352. | QSFT_01 | 353. | QTRN_01 | 354. | Q____01 | 355. | RAD__01 | |----------| 356. | RBAKD01 | 357. | RCCC_01 | 358. | RCII_01 | 359. | REL__01 | 360. | REV__01 | |----------| 361. | RHB__01 | 362. | RMBS_01 | 363. | ROBV_01 | 364. | ROV__01 | 365. | RSG__01 | |----------| 366. | RTNB_01 | 367. | RURL_01 | 368. | RWY__01 | 369. | RXSD_01 | 370. | SAMC_01 | |----------| 371. | SBL__01 | 372. | SCHL_01 | 373. | SCOR_01 | 374. | SDTI_01 | 375. | SEI__01 | |----------| 376. | SEPR_01 | 377. | SERO_01 | 378. | SFE__01 | 379. | SFSK_01 | 380. | SGE__01 | |----------| 381. | SGI__01 | 382. | SHG__01 | 383. | SIII_01 | 384. | SIRI_01 | 385. | SJK__01 | |----------| 386. | SKO__01 | 387. | SK___01 | 388. | SLE__01 | 389. | SLR__01 | 390. | SOC__01 | |----------| 391. | SONE_01 | 392. | SPC__01 | 393. | SRM__01 | 394. | SRV__01 | 395. | SSAX_01 | |----------| 396. | STAF_01 | 397. | STEI_01 | 398. | STLC_01 | 399. | STRM_01 | 400. | SUFI_01 | |----------| 401. | SVU__01 | 402. | SWC__01 | 403. | SW___01 | 404. | SYBS_01 | 405. | SYKE_01 | |----------| 406. | SYMC_01 | 407. | S____01 | 408. | S____02 | 409. | TCOMA01 | 410. | TCSI_01 | |----------| 411. | TERN_01 | 412. | TER__01 | 413. | THC__01 | 414. | TIG__01 | 415. | TLAB_01 | |----------| 416. | TLXN_01 | 417. | TNB__01 | 418. | TRL__01 | 419. | TSAI_01 | 420. | TSO__01 | |----------| 421. | TXT__01 | 422. | TXU__01 | 423. | TYC__01 | 424. | T____01 | 425. | UAG__01 | |----------| 426. | UCR__01 | 427. | UCU__01 | 428. | UHAL_01 | 429. | UICI_01 | 430. | UIS__01 | |----------| 431. | UK___01 | 432. | UNH__01 | 433. | UNM__02 | 434. | UNP__01 | 435. | USU__01 | |----------| 436. | VC___01 | 437. | VIAB_01 | 438. | VISX_01 | 439. | VL___01 | 440. | VNTV_01 | |----------| 441. | VNWK_01 | 442. | VRSN_01 | 443. | VRTS_01 | 444. | VRTX_01 | 445. | VTA__01 | |----------| 446. | WAC__01 | 447. | WCII_01 | 448. | WCOM_01 | 449. | WDC__01 | 450. | WMB__01 | |----------| 451. | WMX__01 | 452. | WNC__01 | 453. | WND__01 | 454. | WPI__01 | 455. | WR___01 | |----------| 456. | WXS__01 | 457. | XEL__01 | 458. | XL___01 | 459. | XOXO_01 | 460. | ZLG__01 | +----------+

. tempname ciftemp2

. save `ciftemp2', replace file __000001.dta saved

. . use `in1', clear

. merge n:1 case_code using `ciftemp' action_type was str3 now str4

Result # of obs. ----------------------------------------- not matched 0 matched 19,563 (_merge==3) -----------------------------------------

. drop _merge

. merge n:1 case_code using `ciftemp2'

Result # of obs. ----------------------------------------- not matched 1,471 from master 1,471 (_merge==1) from using 0 (_merge==2)

matched 18,092 (_merge==3) -----------------------------------------

. egen ccc = tag(case_code)

. tab _merge ccc

| tag(case_code) _merge | 0 1 | Total ----------------------+----------------------+---------- master only (1) | 1,431 40 | 1,471 matched (3) | 17,632 460 | 18,092 ----------------------+----------------------+---------- Total | 19,063 500 | 19,563



. l case_code survmax if _merge == 1 & ccc

+--------------------+ | case_c~e survmax | |--------------------| 74. | ABIG_01 . | 104. | ACAP_01 . | 1274. | ALLP_01 . | 2027. | ASO__01 . | 2408. | AWE__01 . | |--------------------| 2538. | BAC__01 . | 2624. | BAX__01 . | 2789. | BBI__01 . | 3532. | BT___01 . | 4581. | CKC__01 . | |--------------------| 4837. | CMGI_01 . | 5086. | CNST_01 . | 5770. | CRR__01 . | 7566. | FHPC_01 . | 8711. | GSPN_01 . | |--------------------| 8891. | GWF__01 . | 8924. | GZBX_01 . | 9139. | HMT__01 . | 9180. | HMX__01 . | 9225. | HNCS_01 . | |--------------------| 9678. | ICIX_01 . | 9926. | IMNX_01 . | 10037. | INTV_01 . | 10254. | IR___01 . | 10731. | KANA_01 . | |--------------------| 11060. | LBRT_01 . | 12018. | MIR__01 . | 12043. | MME__01 . | 13023. | NU___02 . | 13683. | ORCL_02 . | |--------------------| 14008. | PEB__01 . | 15149. | QCOM_01 . | 15627. | RHR__01 . | 15636. | RLR__01 . | 16139. | SEE__01 . | |--------------------| 16272. | SFA__01 . | 16446. | SGP__01 . | 16700. | SLMD_01 . | 17741. | TRY__01 . | 19496. | XRX__01 . | +--------------------+

. tab survmax if _merge == 3 & ccc

survmax | Freq. Percent Cum. ------------+----------------------------------- 0 | 31 6.74 6.74 1 | 20 4.35 11.09 2 | 34 7.39 18.48 3 | 28 6.09 24.57 4 | 347 75.43 100.00 ------------+----------------------------------- Total | 460 100.00

. drop if _merge == 1 (1471 observations deleted)

. drop if survmax == 0 (265 observations deleted)

. drop _merge

. drop if year == 2007 (183 observations deleted)

. tab survmax if ccc

survmax | Freq. Percent Cum. ------------+----------------------------------- 1 | 20 4.71 4.71 2 | 34 8.00 12.71 3 | 28 6.59 19.29 4 | 343 80.71 100.00 ------------+----------------------------------- Total | 425 100.00

. tab survmax suit_year

| suit_year survmax | 0 1 2 3 4 | Total -----------+-------------------------------------------------------+---------- 1 | 156 154 0 0 0 | 310 2 | 286 267 277 0 0 | 830 3 | 245 245 228 235 0 | 953 4 | 3,281 3,107 3,036 3,109 3,018 | 15,551 -----------+-------------------------------------------------------+---------- Total | 3,968 3,773 3,541 3,344 3,018 | 17,644



. drop if suit_year < 4 & survmax == suit_year (666 observations deleted)

. tab survmax suit_year

| suit_year survmax | 0 1 2 3 4 | Total -----------+-------------------------------------------------------+---------- 1 | 156 0 0 0 0 | 156 2 | 286 267 0 0 0 | 553 3 | 245 245 228 0 0 | 718 4 | 3,281 3,107 3,036 3,109 3,018 | 15,551 -----------+-------------------------------------------------------+---------- Total | 3,968 3,619 3,264 3,109 3,018 | 16,978



. desc

Contains data from dirinfo_full_hazard9408.dta obs: 16,978 vars: 262 3 May 2010 16:00 size: 27,266,668 (97.8% of memory free) ----------------------------------------------------------------------------------------------------------------------------- storage display value variable name type format label variable label ----------------------------------------------------------------------------------------------------------------------------- dircase str13 %13s caseyr str3 %9s lookup str14 %14s Lookup rectype_hide byte %8.0g Rectype_hide rec_type str3 %9s case_code str7 %9s comnam str42 %42s director_id str6 %9s lname str20 %20s fname str24 %24s yr str11 %11s dp_board_dt str8 %9s Dp_Board_Dt dp_job_dt str11 %11s Dp_Job_Dt source str11 %11s Source status_yr str11 %11s 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 str3 %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 action_type str4 %9s named str4 %9s source_named str4 %9s insider_trading str4 %9s source_trading str13 %13s suit_year long %8.0g suit_year smpl byte %8.0g mtgdate str11 %11s proxy_status str42 %42s Proxy_status missing_proxy~n str52 %52s Missing_proxy_reason id long %12.0g ticker str5 %9s cusip str9 %9s year int %8.0g 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 chair_status_m1 str6 %9s Chair_status_m1 chair_status_0 str6 %9s Chair_status_0 dual_class str12 %12s Dual_Class pct_yr_0 float %9.0g Pct_yr0 pct_yr_1 str7 %9s Pct_yr1 proxy_date str11 %11s Proxy_Date permno long %12.0g idircase long %13.0g idircase mindir float %9.0g tagdir byte %8.0g tag(idircase) maxdir float %9.0g nyrdir float %9.0g gap float %9.0g nobsavail float %9.0g dirwithgap float %9.0g departed float %9.0g departed2 float %9.0g dataset str4 %9s beg_class_per str10 %10s Beg_Class_Per end_class_per str10 %10s End_Class_Per sec_start str10 %10s SEC_start sec_end str10 %10s SEC_end file_under_wi~r str3 %9s File_under_within_1yr restatement str1 %9s Restatement gaapviolation str1 %9s GAAP Violation false_forecast str1 %9s False_Forecast failure_to_di~e str1 %9s Failure_to_Disclose other str1 %9s Other primary_source str34 %34s Primary_Source drop_code str33 %33s Drop_Code status str17 %17s Status status_date str7 %9s Status_Date settlement_am~s str13 %13s Settlement_Amounts v26 byte %8.0g v27 byte %8.0g v28 byte %8.0g v29 byte %8.0g v30 byte %8.0g v31 byte %8.0g v32 byte %8.0g v33 byte %8.0g v34 str4 %9s cc byte %8.0g tag(case_code) __00000D float %11.0g __00000D group(case_code caseyr) __00000C float %9.0g suit_year_case int %8.0g settlement double %10.0g Settlement amount, MM year1 int %8.0g beg_class_per1 str10 %10s Beg_Class_Per end_class_per1 str10 %10s End_Class_Per sec_start1 str10 %10s SEC_start sec_end1 str10 %10s SEC_end filing_date1 str10 %10s Filing_date status1 str17 %17s Status settlement_am~1 str13 %13s Settlement_Amounts year2 int %8.0g beg_class_per2 str10 %10s Beg_Class_Per end_class_per2 str10 %10s End_Class_Per sec_start2 str10 %10s SEC_start sec_end2 str10 %10s SEC_end filing_date2 str10 %10s Filing_date status2 str17 %17s Status settlement_am~2 str13 %13s Settlement_Amounts year3 int %8.0g beg_class_per3 str10 %10s Beg_Class_Per end_class_per3 str10 %10s End_Class_Per sec_start3 str10 %10s SEC_start sec_end3 str10 %10s SEC_end filing_date3 str10 %10s Filing_date status3 str17 %17s Status settlement_am~3 str13 %13s Settlement_Amounts insthold double %10.0g Institutional Holdings insown_date str9 %9s cboard byte %8.0g Classified Board (0/1) dualclas byte %8.0g uneqvote byte %8.0g gindex byte %10.0g Gindex eindex byte %10.0g Eindex index_match str1 %9s year_reported int %8.0g Year_Reported total_assets float %9.0g Total Assets company_name str42 %42s Company_Name cara double %10.0g Firm Performance ctag byte %8.0g tag(cusip) companyname str42 %42s Company Name sumblks float %9.0g numblks byte %8.0g sumaflin float %9.0g sumout float %9.0g Outside Blockholdings sumesop float %9.0g sumdir float %9.0g sumoff float %9.0g numaflin byte %8.0g numout byte %8.0g numesop byte %8.0g numdir byte %8.0g numoff byte %8.0g dfiling_date float %td dbeg_class_per float %td dend_class_per float %td dsec_start float %td dsec_end float %td secoverlap float %9.0g secalso float %9.0g Overlapping SEC action (0/1) casetag byte %8.0g tag(case_code) dismissed byte %8.0g Suit dismissed lenclassper float %9.0g lensecper float %9.0g fileafter float %9.0g filingyear float %9.0g ar1_ecp float %9.0g Ab.Ret. End Cls Per [-1,+1] ar3_ecp float %9.0g Ab.Ret. End Cls Per [-2,+2] ar5_ecp float %9.0g Ab.Ret. End Cls Per [-3,+3] ar1_filing float %9.0g Ab.Ret. Filing Dt [-1,+1] ar3_filing float %9.0g Ab.Ret. Filing Dt [-2,+2] ar5_filing float %9.0g Ab.Ret. Filing Dt [-3,+3] c11flag float %9.0g ceo byte %8.0g CEO (0/1) audit float %9.0g Member Audit Committee (0/1) seated byte %8.0g boardsize float %9.0g caseyeartag byte %8.0g tag(case_code suit_year) suityractive float %9.0g survmax float %9.0g seated0 float %9.0g seated4 float %9.0g mseatm1 float %9.0g seatyr float %9.0g tenmax float %9.0g Last year director observed on board es0 float %9.0g es4 float %9.0g seatm1 float %9.0g Director seated in year -1 survived byte %8.0g survivedm1 byte %8.0g ndir4 float %9.0g ndir0 float %9.0g survfrac float %5.1f restate byte %8.0g Restatement of financials (0/1) gaap byte %8.0g Violation of GAAP othgaap float %9.0g Other GAAP (0/1) iota byte %8.0g insideseats float %9.0g outsideseats float %9.0g outfrac float %9.0g Proportion of Outside Directors hardevidence float %9.0g audithard float %9.0g ongoing float %9.0g settled float %9.0g dum Suit Settled (0/1) settledhard byte %8.0g dum dismissedhard byte %8.0g dum settledres byte %8.0g dum dismissedres byte %8.0g dum settledgaap byte %8.0g dum dismissedgaap byte %8.0g dum FY1997 byte %8.0g filingyear== 1997.0000 FY1998 byte %8.0g filingyear== 1998.0000 FY1999 byte %8.0g filingyear== 1999.0000 FY2000 byte %8.0g filingyear== 2000.0000 FY2001 byte %8.0g filingyear== 2001.0000 FY2002 byte %8.0g filingyear== 2002.0000 FY2003 byte %8.0g filingyear== 2003.0000 setinst float %9.0g Settled x Inst. Holdings disinst float %9.0g Dismissed x Inst. Holdings setnblock float %9.0g Settled x Outside Blockholdings disnblock float %9.0g Dismissed x Outside Blockholdings setoutfrac float %9.0g Settled x Prop. OD disoutfrac float %9.0g setaudit float %9.0g Settled x Audit Comm. (0/1) disaudit float %9.0g Dismissed x Audit Comm. (0/1) setstkh float %9.0g Settled x Voting Share defendant float %9.0g Named as Defendant (0/1) setdefendant float %9.0g Settled x Named Def. (0/1) disdefendant float %9.0g Dismissed x Named Def. (0/1) age_61_65 float %9.0g Age 61-65 (0/1) age_66_70 float %9.0g Age 66-70 (0/1) age_gt_70 float %9.0g Age $>$70 (0/1) departedm1 byte %8.0g ceochair float %9.0g CEO and Chairman (0/1) setceoc byte %8.0g Settled x CEO \& Chair (0/1) setceo byte %8.0g Settled x CEO (0/1) ltotass float %9.0g Log(Total Assets) insidertr float %9.0g Insider trading alleged (0/1) setinside float %9.0g Settled x Insider Trading (0/1) disinside float %9.0g Dismissed x Insider Trading (0/1) caseinside float %9.0g Insider trading alleg. for case (0/1) setcaseinside float %9.0g Settled x Insider trading alleg. (0/1) dissecalso float %9.0g Dismissed, Overlapping SEC action (0/1) setnosec float %9.0g Settled, No SEC involvement (0/1) setsecalso float %9.0g Settled, Overlapping SEC action (0/1) setgindex float %9.0g Settled x Gindex (0/1) disgindex float %9.0g Dismissed x Gindex (0/1) seteindex float %9.0g Settled x Eindex (0/1) setcboard float %9.0g Settled x Classified Board (0/1) setar3_ecp float %9.0g Settled x AR ECP [-2,+2] setar3_filing float %9.0g Settled x AR FD [-2,+2] ar3_ecp_botq byte %8.0g AR ECP in Q1 (0/1) ar3_filing_botq byte %8.0g AR FD in Q1 (0/1) setar3_ecp_botq byte %8.0g Settled x AR ECP in Q1 (0/1) setar3_filing~q byte %8.0g Settled x AR FD in Q1 (0/1) sumblockbroad float %9.0g Blockholdings setsumblockbr~d float %9.0g Settled x Blockholdings dissumblockbr~d float %9.0g Dismissed x Blockholdings topqsettle float %9.0g Settlement amount in Q4 (0/1) tophsettle float %9.0g Settlement amount > median (0/1) settleta float %9.0g Settlement amount, pc of Total assets topqssettle float %9.0g Scaled settlement in Q4 (0/1) tophssettle float %9.0g Scaled settlement > median (0/1) topqsinst float %9.0g Q4 Sc.Set. x Inst. Holdings topqsblock float %9.0g Q4 Sc.Set. x Outside Blockh. ccc byte %8.0g tag(case_code) ----------------------------------------------------------------------------------------------------------------------------- Sorted by: Note: dataset has changed since last saved

. su

Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- dircase | 0 caseyr | 0 lookup | 0 rectype_hide | 12824 3 0 3 3 rec_type | 0 -------------+-------------------------------------------------------- case_code | 0 comnam | 0 director_id | 0 lname | 0 fname | 0 -------------+-------------------------------------------------------- yr | 0 dp_board_dt | 0 dp_job_dt | 0 source | 0 status_yr | 0 -------------+-------------------------------------------------------- ceo_chair_m1 | 0 ceo_chair_0 | 0 join_board | 16511 1994.431 7.060047 1948 2007 age_yr_m1 | 10856 56.9533 8.823826 26 92 age_yr_0 | 14144 56.75785 9.098958 24 93 -------------+-------------------------------------------------------- age_yr_1 | 13945 57.55776 8.992809 25 94 audit_yr_m1 | 0 audit_yr0 | 0 audit_yr1 | 0 shares_yr_m1 | 10874 1951906 1.75e+07 0 7.20e+08 -------------+-------------------------------------------------------- shares_ou~m1 | 11799 3.04e+08 6.56e+08 6546716 5.03e+09 shares_yr0 | 13159 2253037 2.08e+07 0 7.20e+08 shares_out~0 | 14163 3.83e+08 8.70e+08 2531250 7.16e+09 shares_yr1 | 13134 2161189 2.07e+07 0 7.20e+08 shares_ou~r1 | 13954 4.24e+08 9.35e+08 5893250 7.33e+09 -------------+-------------------------------------------------------- action_type | 0 named | 0 source_named | 0 insider_tr~g | 0 source_tra~g | 0 -------------+-------------------------------------------------------- suit_year | 16978 1.858052 1.42202 0 4 smpl | 16978 .2446696 .4299038 0 1 mtgdate | 0 proxy_status | 0 missing_pr~n | 0 -------------+-------------------------------------------------------- id | 12824 11864.27 50594.98 2 1017408 ticker | 0 cusip | 0 year | 16978 2001.552 2.497984 1995 2006 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 | 7616 .3878676 .4872961 0 1 chair_stat~1 | 0 chair_stat~0 | 0 dual_class | 0 -------------+-------------------------------------------------------- pct_yr_0 | 612 8.675098 10.10156 .1 51.9 pct_yr_1 | 0 proxy_date | 0 permno | 4154 69071.25 24904.75 10137 90014 idircase | 16978 3336.501 1891.088 1 6650 -------------+-------------------------------------------------------- mindir | 16978 .4577689 .9714733 0 4 tagdir | 16978 .3381435 .4730916 0 1 maxdir | 16978 3.352397 1.14632 0 4 nyrdir | 5741 2.843407 1.479372 0 4 gap | 15129 .7377223 .4398874 0 1 -------------+-------------------------------------------------------- nobsavail | 16978 3.635234 1.577586 0 5 dirwithgap | 16978 .2401932 .4272133 0 1 departed | 13154 .1306827 .3370658 0 1 departed2 | 12900 .1324806 .3390257 0 1 dataset | 0 -------------+-------------------------------------------------------- beg_class_~r | 0 end_class_~r | 0 sec_start | 0 sec_end | 0 file_under~r | 0 -------------+-------------------------------------------------------- restatement | 0 gaapviolat~n | 0 false_fore~t | 0 failure_to~e | 0 other | 0 -------------+-------------------------------------------------------- primary_so~e | 0 drop_code | 0 status | 0 status_date | 0 settlement~s | 0 -------------+-------------------------------------------------------- v26 | 0 v27 | 0 v28 | 0 v29 | 0 v30 | 0 -------------+-------------------------------------------------------- v31 | 0 v32 | 0 v33 | 0 v34 | 0 cc | 16978 1 0 1 1 -------------+-------------------------------------------------------- __00000D | 16978 1464.554 874.8228 6 2988 __00000C | 16978 .6089645 .4879967 0 1 suit_year_~e | 16978 1999.824 2.061103 1996 2003 settlement | 9716 121.1948 503.0726 .15 6906.101 year1 | 1731 1999.705 1.895193 1996 2005 -------------+-------------------------------------------------------- beg_class_~1 | 0 end_class_~1 | 0 sec_start1 | 0 sec_end1 | 0 filing_date1 | 0 -------------+-------------------------------------------------------- status1 | 0 settlement~1 | 0 year2 | 260 2000.008 2.339838 1996 2005 beg_class_~2 | 0 end_class_~2 | 0 -------------+-------------------------------------------------------- sec_start2 | 0 sec_end2 | 0 filing_date2 | 0 status2 | 0 settlement~2 | 0 -------------+-------------------------------------------------------- year3 | 109 1999.358 2.992345 1996 2002 beg_class_~3 | 0 end_class_~3 | 0 sec_start3 | 0 sec_end3 | 0 -------------+-------------------------------------------------------- filing_date3 | 0 status3 | 0 settlement~3 | 0 insthold | 16458 61.42803 20.42962 5.88 97.26 insown_date | 0 -------------+-------------------------------------------------------- cboard | 16978 .5510072 .4974061 0 1 dualclas | 16978 .1166215 .3209782 0 1 uneqvote | 16978 .0040641 .0636224 0 1 gindex | 15287 8.877739 2.536899 3 16 eindex | 15287 2.211552 1.302878 0 6 -------------+-------------------------------------------------------- index_match | 0 year_repor~d | 16978 2000.089 1.97802 1996 2003 total_assets | 16978 26388.61 99871.71 17.5 1097190 company_name | 0 cara | 16319 -.046158 .8396417 -2.987176 4.650977 -------------+-------------------------------------------------------- ctag | 16978 .0120155 .1089581 0 1 companyname | 0 sumblks | 16978 24.85072 21.55549 0 97.5 numblks | 16978 2.263989 1.653618 0 8 sumaflin | 16978 1.684017 8.001187 0 97.4 -------------+-------------------------------------------------------- sumout | 16978 13.63962 13.67736 0 66.3 sumesop | 16978 .4803528 2.230728 0 21.25 sumdir | 16978 4.401831 13.97362 0 96.37 sumoff | 16978 4.644896 13.27867 0 96.25 numaflin | 16978 .1017199 .3516494 0 2 -------------+-------------------------------------------------------- numout | 16978 1.61615 1.541009 0 8 numesop | 16978 .0530098 .2240596 0 1 numdir | 16978 .2178113 .5938233 0 6 numoff | 16978 .2752974 .6426397 0 4 dfiling_date | 16978 14828.67 722.4382 13174 16054 -------------+-------------------------------------------------------- dbeg_class~r | 16978 14292.66 737.757 11752 15937 dend_class~r | 16978 14770.66 749.9226 12548 16118 dsec_start | 4555 13260.7 2427.927 2922 15431 dsec_end | 4518 14478.49 2087.453 6847 16891 secoverlap | 16978 .1990223 .3992766 0 1 -------------+-------------------------------------------------------- secalso | 16978 .2661091 .441935 0 1 casetag | 16978 .0084816 .0917067 0 1 dismissed | 16978 .42773 .4947641 0 1 lenclassper | 16978 478.0041 398.0077 0 1942 lensecper | 4518 1228.086 1112.822 89 5843 -------------+-------------------------------------------------------- fileafter | 16978 536.0101 381.6944 7 1826 filingyear | 16978 2000.099 1.971855 1996 2003 ar1_ecp | 15145 -.0739217 .1297194 -.578348 .2799354 ar3_ecp | 15160 -.2213006 .2100171 -1.107348 .1867814 ar5_ecp | 15160 -.2402743 .2270841 -1.182885 .2491735 -------------+-------------------------------------------------------- ar1_filing | 14500 -.0282947 .1002324 -.651017 .2461541 ar3_filing | 14500 -.0608732 .1560563 -.8609062 .4170695 ar5_filing | 14500 -.0846535 .2072478 -.9958463 .8572186 c11flag | 364 1 0 1 1 ceo | 16978 .0604311 .2382909 0 1 -------------+-------------------------------------------------------- audit | 16978 .2510896 .4336528 0 1 seated | 16978 .6089645 .4879967 0 1 boardsize | 16978 9.418424 4.323652 0 22 caseyeartag | 16978 1 0 1 1 suityractive | 15585 -1 0 -1 -1 -------------+-------------------------------------------------------- survmax | 16978 3.865002 .4868891 1 4 seated0 | 16978 0 0 0 0 seated4 | 16978 0 0 0 0 mseatm1 | 16978 .6089645 .4879967 0 1 seatyr | 16978 -.6089645 .4879967 -1 0 -------------+-------------------------------------------------------- tenmax | 16978 2.766404 1.560459 0 4 es0 | 16978 .6493109 .4771998 0 1 es4 | 16978 .5491224 .4975958 0 1 seatm1 | 16978 .6089645 .4879967 0 1 survived | 0 -------------+-------------------------------------------------------- survivedm1 | 10339 .4567173 .4981472 0 1 ndir4 | 16978 5.149075 3.053833 0 15 ndir0 | 16978 10.16563 3.379043 4 27 survfrac | 144 49.82639 35.99695 11.11111 91.66666 restate | 16978 .2225233 .4159529 0 1 -------------+-------------------------------------------------------- gaap | 16978 .4813288 .499666 0 1 othgaap | 16978 .2805984 .4493048 0 1 iota | 16978 1 0 1 1 insideseats | 16978 2.415008 1.612372 0 10 outsideseats | 16978 7.003416 3.744646 0 20 -------------+-------------------------------------------------------- outfrac | 15585 .730909 .1448573 .2857143 1 hardevidence | 16978 .5031217 .500005 0 1 audithard | 16978 .1219225 .3272059 0 1 ongoing | 16978 0 0 0 0 settled | 16978 .57227 .4947641 0 1 -------------+-------------------------------------------------------- settledhard | 16978 .3340794 .4716815 0 1 dismissedh~d | 16978 .1690423 .3748003 0 1 settledres | 16978 .165096 .3712781 0 1 dismissedres | 16978 .0574273 .232664 0 1 settledgaap | 16978 .3188244 .4660345 0 1 -------------+-------------------------------------------------------- dismissedg~p | 16978 .1625044 .3689238 0 1 FY1997 | 16978 .1047238 .3062062 0 1 FY1998 | 16978 .1175639 .3221005 0 1 FY1999 | 16978 .1470138 .3541301 0 1 FY2000 | 16978 .151608 .358651 0 1 -------------+-------------------------------------------------------- FY2001 | 16978 .1199199 .3248774 0 1 FY2002 | 16978 .2361291 .4247149 0 1 FY2003 | 16978 .099305 .2990799 0 1 setinst | 16458 34.64943 33.6081 0 97.26 disinst | 16458 26.7786 33.81869 0 97.11 -------------+-------------------------------------------------------- setnblock | 16978 7.875404 12.35783 0 66.3 disnblock | 16978 5.764221 11.18707 0 62.9 setoutfrac | 15585 .4144689 .3811504 0 .9230769 disoutfrac | 15585 .3164401 .3715293 0 1 setaudit | 16978 .1491342 .3562312 0 1 -------------+-------------------------------------------------------- disaudit | 16978 .1019555 .3025987 0 1 setstkh | 11024 .5423062 2.269004 0 21.12909 defendant | 16978 .1442455 .3513488 0 1 setdefendant | 16978 .0797503 .2709142 0 1 disdefendant | 16978 .0644952 .2456403 0 1 -------------+-------------------------------------------------------- age_61_65 | 16978 .1268701 .3328372 0 1 age_66_70 | 16978 .0826364 .2753399 0 1 age_gt_70 | 16978 .0566616 .2312016 0 1 departedm1 | 10339 .5432827 .4981472 0 1 ceochair | 0 -------------+-------------------------------------------------------- setceoc | 0 setceo | 16978 .0350454 .1838999 0 1 ltotass | 16978 8.200096 1.89176 2.862201 13.90826 insidertr | 16978 .0596065 .2367634 0 1 setinside | 16978 .0247968 .1555099 0 1 -------------+-------------------------------------------------------- disinside | 16978 .0348098 .1833031 0 1 caseinside | 16978 .3400283 .4737323 0 1 setcaseins~e | 16978 .1912475 .3932951 0 1 dissecalso | 16978 .0788668 .2695386 0 1 setnosec | 16978 .3850277 .4866162 0 1 -------------+-------------------------------------------------------- setsecalso | 16978 .1872423 .3901174 0 1 setgindex | 15287 4.975208 4.741793 0 15 disgindex | 15287 3.902532 4.773427 0 16 seteindex | 15287 1.250213 1.466266 0 6 setcboard | 16978 .3138179 .464057 0 1 -------------+-------------------------------------------------------- setar3_ecp | 15160 -.1296904 .2014452 -1.107348 .1799543 setar3_fil~g | 14500 -.0435602 .1389307 -.8609062 .4170695 ar3_ecp_botq | 16978 .2004948 .4003824 0 1 ar3_filing~q | 16978 .2002592 .400206 0 1 setar3_ecp~q | 16978 .1194487 .3243253 0 1 -------------+-------------------------------------------------------- setar3_fil~q | 16978 .1231594 .3286297 0 1 sumblockbr~d | 16978 19.72547 19.35594 0 97.5 setsumbloc~d | 16978 12.08994 18.85186 0 97.5 dissumbloc~d | 16978 7.635535 14.27925 0 95.49 topqsettle | 16978 .1805277 .3846377 0 1 -------------+-------------------------------------------------------- tophsettle | 16978 .3063965 .46101 0 1 settleta | 9716 2.521542 5.769679 .0033488 57.14286 topqssettle | 16978 .1194487 .3243253 0 1 tophssettle | 16978 .2559194 .4363896 0 1 topqsinst | 16458 7.498808 21.54928 0 97.01 -------------+-------------------------------------------------------- topqsblock | 16978 2.06238 7.211231 0 50.07 ccc | 16978 .0235599 .1516779 0 1

. . // create variables not present . bys idircase: g age = age_yr_0 + _n - 1 (2834 missing values generated)

. . // tab restatement . // g byte restate = (restatement=="Y") . . * revise definition of gaap . // tab gaapviolation . // g byte gaap = (gaapviolation=="Y") . . * define "other GAAP" variable . . // g othgaap = gaap & !restate . // tab othgaap restate . su restate gaap othgaap

Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- restate | 16978 .2225233 .4159529 0 1 gaap | 16978 .4813288 .499666 0 1 othgaap | 16978 .2805984 .4493048 0 1

. . // generate director type code / insider coding . tab status_yr

status_yr | Freq. Percent Cum. ------------+----------------------------------- CEO | 1,647 9.70 9.70 EMP | 1,535 9.04 18.74 FORMEMP | 784 4.62 23.36 IND | 13,012 76.64 100.00 ------------+----------------------------------- Total | 16,978 100.00

. gen dir_code = substr(status_yr, 1, 3)

. gen insider = . (16978 missing values generated)

. replace insider = 0 if dir_code == "IND" (13012 real changes made)

. replace insider = 1 if inlist(dir_code, "CEO", "EMP", "FOR") (3966 real changes made)

. tab dir_code insider

| insider dir_code | 0 1 | Total -----------+----------------------+---------- CEO | 0 1,647 | 1,647 EMP | 0 1,535 | 1,535 FOR | 0 784 | 784 IND | 13,012 0 | 13,012 -----------+----------------------+---------- Total | 13,012 3,966 | 16,978



. . // generate ceo indicator and audit committee indicator . drop ceo

. g byte ceo = (dir_code == "CEO" & !mi(dir_code))

. tabstat ceo, by(smpl) stat(N mean)

Summary for variables: ceo by categories of: smpl

smpl | N mean ---------+-------------------- 0 | 12824 .0912352 1 | 4154 .1148291 ---------+-------------------- Total | 16978 .0970079 ------------------------------

. . bys case_code: egen minceo = min(idircase) if ceo (15331 missing values generated)

. bys case_code: egen maxceo = max(idircase) if ceo (15331 missing values generated)

. g delceo = maxceo - minceo (15331 missing values generated)

. // g delceo = 1 - (maxceo == minceo) . egen ctag2 = tag(case_code) if !mi(delceo)

. count if !mi(delceo) & delceo>0 & ctag2 196

. l case_code minceo maxceo delceo if !mi(delceo) & delceo>0 & ctag2,sep(0)

+-------------------------------------+ | case_c~e minceo maxceo delceo | |-------------------------------------| 5. | AAM__01 5048 5058 10 | 94. | ACF__01 4005 4006 1 | 133. | ACF__02 5085 5095 10 | 310. | ADCT_01 5105 5108 3 | 358. | ADPT_01 1262 4271 3009 | 494. | ADVNA01 2989 2991 2 | 540. | AEP__01 405 2405 2000 | 605. | AES__01 1914 4961 3047 | 658. | AET__01 317 2855 2538 | 899. | AHG__01 1234 4226 2992 | 937. | AHG__02 5135 5139 4 | 1010. | AHP__01 410 3451 3041 | 1028. | AIF__01 5149 5153 4 | 1285. | AMGN_01 424 425 1 | 1399. | ANN__01 2561 3812 1251 | 1445. | ANR__01 5191 5193 2 | 1489. | AOC__01 272 902 630 | 1626. | AOR__01 5232 5237 5 | 1691. | APD__01 743 4022 3279 | 1934. | ATX__01 967 4338 3371 | 1988. | AVA__01 3761 4624 863 | 2027. | AVS__01 5264 5270 6 | 2058. | AVY__01 5282 5285 3 | 2219. | AYE__01 5291 5298 7 | 2320. | BBC__01 840 1428 588 | 2446. | BEV__01 723 4680 3957 | 2489. | BE___01 5342 5350 8 | 2554. | BHI__01 1449 4591 3142 | 2634. | BID__01 2907 4358 1451 | 2728. | BMCS_01 2617 4749 2132 | 2771. | BMY__01 448 4373 3925 | 2827. | BOL__01 2266 4689 2423 | 2869. | BRCM_01 1353 4124 2771 | 2896. | BRW__01 4606 4953 347 | 2954. | BSX__01 1227 2409 1182 | 2993. | BTGC_01 368 3899 3531 | 3177. | CA___01 492 494 2 | 3213. | CBIZ_01 5359 5363 4 | 3284. | CB___01 480 4954 4474 | 3547. | CDN__01 3467 3624 157 | 3654. | CEN__01 452 3968 3516 | 3839. | CHTR_01 5410 5419 9 | 3882. | CIEN_01 5427 5430 3 | 4297. | CMO__01 5479 5483 4 | 4324. | CMS__01 637 4722 4085 | 4413. | CNC__01 1174 4461 3287 | 4553. | COL__01 489 3051 2562 | 4759. | CPB__01 454 4376 3922 | 4811. | CPC__01 5520 5530 10 | 4872. | CPQ__01 491 4350 3859 | 5151. | CS___01 1248 4762 3514 | 5212. | CU___01 1020 1212 192 | 5334. | CWC__01 5544 5549 5 | 5399. | C____01 289 701 412 | 5537. | DG___01 1665 5014 3349 | 5596. | DIS__01 565 4169 3604 | 5662. | DOW__01 578 2273 1695 | 5736. | DPL__01 306 4935 4629 | 5785. | DQE__01 5571 5572 1 | 5829. | DSS__01 5578 5581 3 | 5882. | DTII_01 1949 4769 2820 | 5913. | DUK__01 579 4970 4391 | 5973. | DYN__01 3355 5012 1657 | 6040. | EDS__01 953 2249 1296 | 6177. | EFDS_01 5605 5613 8 | 6214. | EFII_01 1089 4404 3315 | 6390. | EP___01 667 3635 2968 | 6572. | EX___01 5619 5625 6 | 6646. | FD___01 1185 3058 1873 | 6697. | FE___01 5633 5635 2 | 6788. | FLM__02 5664 5673 9 | 6832. | FLR__01 740 2814 2074 | 6901. | FLS__01 5678 5682 4 | 6930. | FMO__01 2862 4612 1750 | 6943. | FMXI_01 2760 4502 1742 | 6976. | FNV__01 3689 4389 700 | 7010. | FON__01 660 4976 4316 | 7109. | FTU__01 887 4021 3134 | 7204. | F____01 1103 4157 3054 | 7291. | GAS__01 347 612 265 | 7366. | GEMS_01 5724 5740 16 | 7428. | GEN__01 1107 4401 3294 | 7470. | GFD__01 811 1422 611 | 7569. | GLW__01 1957 2318 361 | 7630. | GMST_01 5753 5771 18 | 7701. | GRB__01 3263 4911 1648 | 7756. | GTIS_01 5799 5804 5 | 7779. | GTK__01 3954 4733 779 | 7821. | GTW__01 322 3781 3459 | 7973. | HC___01 332 4985 4653 | 8104. | HON__01 558 4335 3777 | 8334. | HUM__01 3687 4432 745 | 8361. | HWP__01 594 3437 2843 | 8458. | ICN__01 397 3639 3242 | 8524. | IDXX_01 3122 3644 522 | 8546. | IFMX_01 5852 5860 8 | 8578. | IKN__01 556 3019 2463 | 8700. | INSP_01 4300 4444 144 | 8820. | IOM__01 2846 4323 1477 | 8873. | IO___01 258 4531 4273 | 8917. | IPG__01 1976 3310 1334 | 9000. | ITRI_01 2978 4498 1520 | 9153. | JDN__01 5892 5894 2 | 9176. | JDSU_01 4292 4753 461 | 9392. | KIND_01 5899 5904 5 | 9428. | KNE__01 867 1456 589 | 9546. | KR___01 532 2315 1783 | 9697. | LFCO_01 5934 5942 8 | 9728. | LF___01 5921 5933 12 | 9769. | LGTO_01 3718 4636 918 | 9893. | LNT__01 5960 5963 3 | 10044. | LU___01 863 2766 1903 | 10172. | MAT__01 544 4495 3951 | 10246. | MCK__01 2605 4270 1665 | 10341. | MDM__01 6007 6014 7 | 10413. | MDR__01 2220 4611 2391 | 10445. | MER__01 888 4809 3921 | 10556. | MOT__01 6036 6052 16 | 10606. | MRK__01 344 924 580 | 10672. | MSC__01 2247 2577 330 | 10703. | MSM__01 6056 6061 5 | 10759. | MTEL_01 3102 3880 778 | 10873. | MWHS_01 2502 3169 667 | 10921. | NAFC_01 2231 4135 1904 | 11029. | NCS__01 6081 6087 6 | 11067. | NETA_01 3862 4692 830 | 11196. | NOVL_01 1474 2923 1449 | 11267. | NSIT_01 337 4162 3825 | 11302. | NS___01 6097 6100 3 | 11342. | NU___01 1204 2407 1203 | 11456. | NWL__01 609 4383 3774 | 11534. | OG___01 1172 4484 3312 | 11559. | OH___01 844 4557 3713 | 11615. | OIL__01 1112 3597 2485 | 11718. | OMG__01 2944 4318 1374 | 11763. | ONE__01 435 700 265 | 11950. | OXHP_01 1057 2466 1409 | 12000. | PCG__01 360 1604 1244 | 12046. | PCLN_01 2184 4342 2158 | 12135. | PCTL_01 1242 3448 2206 | 12234. | PER__01 6125 6135 10 | 12283. | PETM_01 6144 6150 6 | 12306. | PFG__01 3774 4156 382 | 12323. | PG___01 1294 4532 3238 | 12407. | PHSY_01 2146 4726 2580 | 12472. | PIN__01 6161 6162 1 | 12542. | PLX__01 3113 3374 261 | 12574. | PMA__01 6167 6184 17 | 12633. | PMTC_01 864 865 1 | 12787. | POI__01 6202 6210 8 | 12935. | PSFT_01 1201 4109 2908 | 13067. | PTEK_01 6261 6262 1 | 13113. | PVN__01 1035 4846 3811 | 13159. | PZN__01 6284 6290 6 | 13278. | Q____01 416 3559 3143 | 13340. | RAD__01 640 1241 601 | 13465. | RCII_01 6354 6355 1 | 13495. | REV__01 3386 4374 988 | 13558. | RHB__01 3539 4108 569 | 13770. | RURL_01 6370 6377 7 | 13860. | SAMC_01 6394 6395 1 | 13909. | SBL__01 379 1854 1475 | 14002. | SDTI_01 3492 4087 595 | 14111. | SERO_01 3730 4619 889 | 14209. | SGI__01 6427 6433 6 | 14278. | SIII_01 2969 4030 1061 | 14331. | SKO__01 3243 5009 1766 | 14359. | SLE__01 6438 6451 13 | 14417. | SLR__01 6459 6468 9 | 14457. | SOC__01 1773 3146 1373 | 14481. | SONE_01 6476 6481 5 | 14695. | STEI_01 2798 2800 2 | 14853. | SYBS_01 1218 3831 2613 | 14934. | SYMC_01 1341 1659 318 | 15060. | TCSI_01 3024 3535 511 | 15122. | TER__01 2456 4948 2492 | 15168. | THC__01 383 1288 905 | 15223. | TLAB_01 418 4011 3593 | 15266. | TNB__01 677 679 2 | 15321. | TRL__01 3923 4154 231 | 15348. | TSAI_01 3366 4787 1421 | 15475. | TXU__01 393 686 293 | 15519. | TYC__01 1272 3547 2275 | 15607. | T____01 2040 2651 611 | 15689. | UCR__01 6549 6555 6 | 15989. | UNM__02 6568 6585 17 | 16171. | VC___01 1085 4148 3063 | 16255. | VISX_01 3067 3073 6 | 16295. | VNWK_01 1787 4212 2425 | 16426. | VTA__01 3725 4175 450 | 16524. | WDC__01 1322 4549 3227 | 16579. | WMB__01 709 4870 4161 | 16604. | WMX__01 712 3251 2539 | 16666. | WNC__01 2357 4897 2540 | 16800. | WR___01 6627 6634 7 | 16848. | XEL__01 3660 4555 895 | +-------------------------------------+

. . // g ceochair = (ceo_chair_0 == "CEOCHAIR") . . // director stockholding: express as percentage . g stkholding = 100 * shares_yr0 / shares_out_yr0 (3819 missing values generated)

. tabstat stkholding, stat(N mean q) by(suit_year)

Summary for variables: stkholding by categories of: suit_year

suit_year | N mean p25 p50 p75 ----------+-------------------------------------------------- 0 | 3968 1.460656 .0054292 .0495273 .3177661 1 | 3123 1.394595 .0042254 .0394171 .2467479 2 | 2405 1.322293 .0036094 .0334615 .217967 3 | 1997 1.265846 .0033119 .0333162 .2090696 4 | 1666 1.354352 .0029981 .0313489 .21123 ----------+-------------------------------------------------- Total | 13159 1.376667 .0039656 .0384192 .2488996 -------------------------------------------------------------

. . tab join_board

Join_Board | Freq. Percent Cum. ------------+----------------------------------- 1948 | 10 0.06 0.06 1953 | 1 0.01 0.07 1955 | 1 0.01 0.07 1956 | 2 0.01 0.08 1958 | 1 0.01 0.09 1960 | 6 0.04 0.13 1961 | 10 0.06 0.19 1962 | 20 0.12 0.31 1963 | 9 0.05 0.36 1964 | 12 0.07 0.44 1965 | 14 0.08 0.52 1966 | 10 0.06 0.58 1967 | 10 0.06 0.64 1968 | 34 0.21 0.85 1969 | 25 0.15 1.00 1970 | 26 0.16 1.16 1971 | 57 0.35 1.50 1972 | 22 0.13 1.64 1973 | 17 0.10 1.74 1974 | 60 0.36 2.10 1975 | 72 0.44 2.54 1976 | 58 0.35 2.89 1977 | 63 0.38 3.27 1978 | 60 0.36 3.63 1979 | 78 0.47 4.11 1980 | 87 0.53 4.63 1981 | 88 0.53 5.17 1982 | 141 0.85 6.02 1983 | 149 0.90 6.92 1984 | 247 1.50 8.42 1985 | 214 1.30 9.71 1986 | 298 1.80 11.52 1987 | 415 2.51 14.03 1988 | 376 2.28 16.31 1989 | 371 2.25 18.56 1990 | 463 2.80 21.36 1991 | 554 3.36 24.72 1992 | 808 4.89 29.61 1993 | 1,013 6.14 35.75 1994 | 826 5.00 40.75 1995 | 1,073 6.50 47.25 1996 | 1,268 7.68 54.93 1997 | 1,210 7.33 62.26 1998 | 1,351 8.18 70.44 1999 | 1,076 6.52 76.95 2000 | 1,118 6.77 83.73 2001 | 991 6.00 89.73 2002 | 564 3.42 93.14 2003 | 515 3.12 96.26 2004 | 390 2.36 98.63 2005 | 175 1.06 99.69 2006 | 51 0.31 99.99 2007 | 1 0.01 100.00 ------------+----------------------------------- Total | 16,511 100.00

. g tenure = max(year - join_board, 0)

. tab tenure

tenure | Freq. Percent Cum. ------------+----------------------------------- 0 | 1,607 9.47 9.47 1 | 1,784 10.51 19.97 2 | 1,673 9.85 29.83 3 | 1,472 8.67 38.50 4 | 1,332 7.85 46.34 5 | 1,231 7.25 53.59 6 | 1,063 6.26 59.85 7 | 949 5.59 65.44 8 | 817 4.81 70.26 9 | 726 4.28 74.53 10 | 613 3.61 78.14 11 | 528 3.11 81.25 12 | 464 2.73 83.99 13 | 386 2.27 86.26 14 | 318 1.87 88.13 15 | 278 1.64 89.77 16 | 241 1.42 91.19 17 | 212 1.25 92.44 18 | 203 1.20 93.63 19 | 156 0.92 94.55 20 | 130 0.77 95.32 21 | 104 0.61 95.93 22 | 82 0.48 96.41 23 | 80 0.47 96.88 24 | 66 0.39 97.27 25 | 59 0.35 97.62 26 | 51 0.30 97.92 27 | 42 0.25 98.17 28 | 37 0.22 98.39 29 | 35 0.21 98.59 30 | 29 0.17 98.76 31 | 28 0.16 98.93 32 | 31 0.18 99.11 33 | 31 0.18 99.29 34 | 15 0.09 99.38 35 | 15 0.09 99.47 36 | 15 0.09 99.56 37 | 11 0.06 99.62 38 | 11 0.06 99.69 39 | 12 0.07 99.76 40 | 9 0.05 99.81 41 | 8 0.05 99.86 42 | 6 0.04 99.89 43 | 2 0.01 99.91 44 | 2 0.01 99.92 45 | 2 0.01 99.93 46 | 1 0.01 99.94 48 | 1 0.01 99.94 49 | 1 0.01 99.95 50 | 1 0.01 99.95 51 | 1 0.01 99.96 52 | 2 0.01 99.97 53 | 2 0.01 99.98 54 | 1 0.01 99.99 55 | 1 0.01 99.99 56 | 1 0.01 100.00 ------------+----------------------------------- Total | 16,978 100.00

. . g entrench = log(tenure + 1)

. tabstat entrench, by(suit_year)

Summary for variables: entrench by categories of: suit_year

suit_year | mean ----------+---------- 0 | 1.749279 1 | 1.724188 2 | 1.703662 3 | 1.690516 4 | 1.656877 ----------+---------- Total | 1.707975 ---------------------

. . // g settled = !(dismissed | ongoing) . . save `ou1', replace file pj0331_9408.dta saved

. . log close name: <unnamed> log: /Users/baum/Documents/Chuck/ ChuckLitGov4//litgov4-13.smcl log type: smcl closed on: 10 May 2010, 14:05:46 -----------------------------------------------------------------------------------------------------------------------------