-----------------------------------------------------------------------------------------------------------------------------
name: <unnamed>
log: /Users/baum/Documents/Chuck/ ChuckLitGov4//litgov4-14.smcl
log type: smcl
opened on: 26 Apr 2010, 14:31:10
.
. cd "`basedir'"
/Users/baum/Documents/Chuck/ ChuckLitGov4/
. local ts 9408
. local in1 pj0331_`ts'.dta
. use `in1', clear
.
. // unconditional hazard
. loc ifc !mi(filingyear) filingyear<=2000 filingyear>2000
. loc ifcl1 Filed 1996-2003
. loc ifcl2 Filed 1996-2000
. loc ifcl3 Filed 2001-2003
. g ssyr = _n in 1/4
(13150 missing values generated)
. lab var ssyr "departed by year"
. forv i=1/3 {
2. loc cnd: word `i' of `ifc'
3. di "`cnd'"
4. tab suit_year departed if `cnd'
5. su iota if `cnd' , mean
6. g base`i' = r(N) in 1
7. qui g dep`i' = .
8. qui g emphaz`i' = .
9. lab var emphaz`i' "`ifcl`i''"
10.
. forv j=1/4 {
11. su departed if suit_year == (`j' - 1) & `cnd', mean
12. qui replace dep`i' = r(sum) in `j'
13. qui replace emphaz`i' = dep`i' / base`i' in `j'
14. qui replace base`i' = base`i'[`j'] - dep`i'[`j'] in `=`j' + 1'
15. }
16. l ssyr base`i' dep`i' emphaz`i' in 1/4
17. }
!mi(filingyear)
| departed
suit_year | 0 1 | Total
-----------+----------------------+----------
0 | 3,301 667 | 3,968
1 | 2,617 506 | 3,123
2 | 2,086 318 | 2,404
3 | 1,767 228 | 1,995
4 | 1,664 0 | 1,664
-----------+----------------------+----------
Total | 11,435 1,719 | 13,154
(13153 missing values generated)
+--------------------------------+
| ssyr base1 dep1 emphaz1 |
|--------------------------------|
1. | 1 13154 667 .050707 |
2. | 2 12487 506 .0405221 |
3. | 3 11981 318 .026542 |
4. | 4 11663 228 .019549 |
+--------------------------------+
filingyear<=2000
| departed
suit_year | 0 1 | Total
-----------+----------------------+----------
0 | 1,843 366 | 2,209
1 | 1,430 306 | 1,736
2 | 1,083 181 | 1,264
3 | 901 128 | 1,029
4 | 903 0 | 903
-----------+----------------------+----------
Total | 6,160 981 | 7,141
(13153 missing values generated)
+--------------------------------+
| ssyr base2 dep2 emphaz2 |
|--------------------------------|
1. | 1 7141 366 .0512533 |
2. | 2 6775 306 .0451661 |
3. | 3 6469 181 .0279796 |
4. | 4 6288 128 .0203562 |
+--------------------------------+
filingyear>2000
| departed
suit_year | 0 1 | Total
-----------+----------------------+----------
0 | 1,458 301 | 1,759
1 | 1,187 200 | 1,387
2 | 1,003 137 | 1,140
3 | 866 100 | 966
4 | 761 0 | 761
-----------+----------------------+----------
Total | 5,275 738 | 6,013
(13153 missing values generated)
+--------------------------------+
| ssyr base3 dep3 emphaz3 |
|--------------------------------|
1. | 1 6013 301 .0500582 |
2. | 2 5712 200 .035014 |
3. | 3 5512 137 .0248549 |
4. | 4 5375 100 .0186047 |
+--------------------------------+
.
. tw line emphaz1 emphaz2 emphaz3 ssyr in 1/4, scheme(s2mono) ///
> legend(size(small)) ti("Empirical hazard rate of director departure") saving(emphaz, replace)
(file emphaz.gph saved)
. graph export emphaz.pdf, replace
(file /Users/baum/Documents/Chuck/ ChuckLitGov4/emphaz.pdf written in PDF format)
.
. // conditional hazard
. compress suit_year settled topqsettle topqssettle
suit_year was long now byte
settled was float now byte
topqsettle was float now byte
topqssettle was float now byte
. loc rhs restate gaap age entrench ceo insider stkholding
. loc rhs1 settled `rhs'
. loc rhs2 topqsettle `rhs'
. loc rhs3 topqssettle `rhs'
.
. su departed departed2 `rhs' settled topqsettle topqssettle
Variable | Obs Mean Std. Dev. Min Max
-------------+--------------------------------------------------------
departed | 13154 .1306827 .3370658 0 1
departed2 | 12900 .1324806 .3390257 0 1
restate | 13154 .2140794 .4101977 0 1
gaap | 13154 .4737722 .4993306 0 1
age | 13154 58.73194 9.077108 24 95
-------------+--------------------------------------------------------
entrench | 13154 2.021161 .7048337 0 4.043051
ceo | 13154 .0635548 .2439675 0 1
insider | 13154 .2386346 .4262651 0 1
stkholding | 13154 1.369651 6.140698 0 187.388
settled | 13154 .5570169 .4967573 0 1
-------------+--------------------------------------------------------
topqsettle | 13154 .1642086 .3704788 0 1
topqssettle | 13154 .1005778 .3007803 0 1
.
. // could also grab SEs for each of the predictive margins
. forv i=1/3 {
2. probit departed `rhs`i'' i.year, nolog
3. margins, dydx(`rhs`i'')
4. loc sv: word 1 of `rhs`i''
5. margins, over(`sv' suit_year)
6. mat pr_`sv'_1 = r(b)
7. mat pr_`sv'_1v = r(V)
8.
. probit departed2 `rhs`i'' i.year, nolog
9. margins, dydx(`rhs`i'')
10. margins, over(`sv' suit_year)
11. mat pr_`sv'_2 = r(b)
12. mat pr_`sv'_2v = r(V)
13.
. }
Probit regression Number of obs = 13154
LR chi2(19) = 308.66
Prob > chi2 = 0.0000
Log likelihood = -4945.2453 Pseudo R2 = 0.0303
------------------------------------------------------------------------------
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
settled | .1416179 .0296681 4.77 0.000 .0834695 .1997663
restate | .0868511 .0379553 2.29 0.022 .01246 .1612422
gaap | .0628561 .0319464 1.97 0.049 .0002423 .1254698
age | .0041594 .0016788 2.48 0.013 .000869 .0074498
entrench | -.0744368 .0214607 -3.47 0.001 -.116499 -.0323745
ceo | .0172896 .0571403 0.30 0.762 -.0947032 .1292825
insider | .2732303 .0339733 8.04 0.000 .2066438 .3398168
stkholding | -.0040658 .0025114 -1.62 0.105 -.0089881 .0008564
|
year |
1996 | .453062 .3253266 1.39 0.164 -.1845665 1.090691
1997 | .3038431 .3186995 0.95 0.340 -.3207964 .9284826
1998 | .2695594 .3173116 0.85 0.396 -.3523598 .8914787
1999 | .3636667 .316077 1.15 0.250 -.2558328 .9831662
2000 | .2227419 .3160971 0.70 0.481 -.3967969 .8422807
2001 | .2464239 .3159113 0.78 0.435 -.3727508 .8655986
2002 | .2401346 .3155577 0.76 0.447 -.3783471 .8586163
2003 | .1293973 .3161818 0.41 0.682 -.4903076 .7491022
2004 | .0141269 .3178476 0.04 0.965 -.6088429 .6370966
2005 | -.0687222 .3201686 -0.21 0.830 -.6962412 .5587967
2006 | -.7891274 .3416179 -2.31 0.021 -1.458686 -.1195687
|
_cons | -1.610121 .3271815 -4.92 0.000 -2.251385 -.9688572
------------------------------------------------------------------------------
Average marginal effects Number of obs = 13154
Model VCE : OIM
Expression : Pr(departed), predict()
dy/dx w.r.t. : settled restate gaap age entrench ceo insider stkholding
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
settled | .0292127 .0061174 4.78 0.000 .0172229 .0412026
restate | .0179155 .0078288 2.29 0.022 .0025714 .0332596
gaap | .0129659 .0065894 1.97 0.049 .0000509 .0258808
age | .000858 .0003462 2.48 0.013 .0001794 .0015365
entrench | -.0153547 .0044255 -3.47 0.001 -.0240285 -.0066809
ceo | .0035665 .0117868 0.30 0.762 -.0195352 .0266682
insider | .0563616 .0069966 8.06 0.000 .0426485 .0700746
stkholding | -.0008387 .000518 -1.62 0.105 -.001854 .0001766
------------------------------------------------------------------------------
Predictive margins Number of obs = 13154
Model VCE : OIM
Expression : Pr(departed), predict()
over : settled suit_year
------------------------------------------------------------------------------
| Delta-method
| Margin Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
settled#|
suit_year |
0 0 | .1315345 .0051426 25.58 0.000 .1214552 .1416138
0 1 | .1193467 .0045187 26.41 0.000 .1104902 .1282031
0 2 | .1048002 .0041524 25.24 0.000 .0966617 .1129387
0 3 | .0886094 .0039133 22.64 0.000 .0809395 .0962793
0 4 | .0700819 .0033799 20.74 0.000 .0634574 .0767063
1 0 | .1753767 .0053207 32.96 0.000 .1649483 .185805
1 1 | .1557377 .0045594 34.16 0.000 .1468015 .1646739
1 2 | .1425423 .0044638 31.93 0.000 .1337934 .1512911
1 3 | .1244725 .0044317 28.09 0.000 .1157864 .1331586
1 4 | .0998185 .0040015 24.95 0.000 .0919758 .1076612
------------------------------------------------------------------------------
Probit regression Number of obs = 12900
LR chi2(19) = 313.03
Prob > chi2 = 0.0000
Log likelihood = -4888.3538 Pseudo R2 = 0.0310
------------------------------------------------------------------------------
departed2 | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
settled | .1479935 .0297654 4.97 0.000 .0896545 .2063326
restate | .09881 .0382966 2.58 0.010 .0237499 .17387
gaap | .0633617 .032117 1.97 0.049 .0004135 .12631
age | .0043155 .0016954 2.55 0.011 .0009926 .0076384
entrench | -.0799035 .0215821 -3.70 0.000 -.1222037 -.0376034
ceo | .0166269 .0579395 0.29 0.774 -.0969323 .1301862
insider | .2715871 .0341638 7.95 0.000 .2046273 .3385468
stkholding | -.0032033 .0025151 -1.27 0.203 -.0081328 .0017261
|
year |
1996 | .4548163 .3253236 1.40 0.162 -.1828063 1.092439
1997 | .3159157 .3186946 0.99 0.322 -.3087143 .9405456
1998 | .2773709 .3172861 0.87 0.382 -.3444984 .8992403
1999 | .3731605 .3160391 1.18 0.238 -.2462647 .9925856
2000 | .2314709 .3160732 0.73 0.464 -.3880212 .850963
2001 | .2499789 .3158859 0.79 0.429 -.3691461 .8691038
2002 | .2451812 .3155135 0.78 0.437 -.3732139 .8635764
2003 | .1383807 .3161509 0.44 0.662 -.4812636 .7580251
2004 | .0097548 .3178887 0.03 0.976 -.6132955 .6328052
2005 | -.0610414 .3201496 -0.19 0.849 -.6885231 .5664404
2006 | -.7809339 .3417953 -2.28 0.022 -1.45084 -.1110274
|
_cons | -1.61327 .327377 -4.93 0.000 -2.254917 -.971623
------------------------------------------------------------------------------
Average marginal effects Number of obs = 12900
Model VCE : OIM
Expression : Pr(departed2), predict()
dy/dx w.r.t. : settled restate gaap age entrench ceo insider stkholding
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
settled | .0307932 .0061902 4.97 0.000 .0186606 .0429258
restate | .0205595 .0079674 2.58 0.010 .0049436 .0361754
gaap | .0131838 .0066821 1.97 0.048 .0000872 .0262803
age | .0008979 .0003527 2.55 0.011 .0002067 .0015891
entrench | -.0166256 .0044888 -3.70 0.000 -.0254236 -.0078276
ceo | .0034596 .0120555 0.29 0.774 -.0201688 .0270879
insider | .0565094 .0070958 7.96 0.000 .0426019 .070417
stkholding | -.0006665 .0005233 -1.27 0.203 -.0016922 .0003591
------------------------------------------------------------------------------
Predictive margins Number of obs = 12900
Model VCE : OIM
Expression : Pr(departed2), predict()
over : settled suit_year
------------------------------------------------------------------------------
| Delta-method
| Margin Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
settled#|
suit_year |
0 0 | .1331143 .0052037 25.58 0.000 .1229152 .1433134
0 1 | .1206372 .0045692 26.40 0.000 .1116817 .1295927
0 2 | .1051906 .0041746 25.20 0.000 .0970086 .1133726
0 3 | .0896015 .0039697 22.57 0.000 .0818211 .097382
0 4 | .0700575 .0034005 20.60 0.000 .0633927 .0767223
1 0 | .1791353 .00543 32.99 0.000 .1684926 .189778
1 1 | .1588965 .0046584 34.11 0.000 .1497662 .1680269
1 2 | .1443086 .0045544 31.69 0.000 .1353821 .1532351
1 3 | .1258217 .0045441 27.69 0.000 .1169154 .1347279
1 4 | .1001981 .0040721 24.61 0.000 .092217 .1081792
------------------------------------------------------------------------------
Probit regression Number of obs = 13154
LR chi2(19) = 307.01
Prob > chi2 = 0.0000
Log likelihood = -4946.0704 Pseudo R2 = 0.0301
------------------------------------------------------------------------------
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
topqsettle | .1748374 .0376259 4.65 0.000 .101092 .2485828
restate | .0908528 .0379119 2.40 0.017 .0165468 .1651588
gaap | .0568442 .032139 1.77 0.077 -.0061472 .1198355
age | .003814 .00168 2.27 0.023 .0005213 .0071067
entrench | -.0705971 .0214655 -3.29 0.001 -.1126687 -.0285255
ceo | .0262178 .0570431 0.46 0.646 -.0855846 .1380201
insider | .2738328 .0339875 8.06 0.000 .2072186 .340447
stkholding | -.0031725 .00249 -1.27 0.203 -.0080527 .0017078
|
year |
1996 | .471037 .3263514 1.44 0.149 -.1686 1.110674
1997 | .316385 .319719 0.99 0.322 -.3102527 .9430228
1998 | .2748194 .318332 0.86 0.388 -.3490999 .8987387
1999 | .3548768 .3171393 1.12 0.263 -.2667049 .9764585
2000 | .2058893 .3171639 0.65 0.516 -.4157405 .8275191
2001 | .2246103 .3169874 0.71 0.479 -.3966736 .8458941
2002 | .213449 .3166422 0.67 0.500 -.4071583 .8340563
2003 | .1004392 .3172483 0.32 0.752 -.5213561 .7222345
2004 | -.0205911 .318895 -0.06 0.949 -.6456139 .6044316
2005 | -.1053394 .3212295 -0.33 0.743 -.7349377 .524259
2006 | -.8167492 .3425783 -2.38 0.017 -1.48819 -.145308
|
_cons | -1.527629 .3277811 -4.66 0.000 -2.170068 -.8851894
------------------------------------------------------------------------------
Average marginal effects Number of obs = 13154
Model VCE : OIM
Expression : Pr(departed), predict()
dy/dx w.r.t. : topqsettle restate gaap age entrench ceo insider stkholding
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
topqsettle | .0360702 .0077583 4.65 0.000 .0208643 .0512762
restate | .0187436 .0078207 2.40 0.017 .0034154 .0340718
gaap | .0117274 .0066301 1.77 0.077 -.0012673 .0247221
age | .0007869 .0003465 2.27 0.023 .0001077 .001466
entrench | -.0145647 .0044271 -3.29 0.001 -.0232417 -.0058877
ceo | .0054089 .0117683 0.46 0.646 -.0176565 .0284744
insider | .0564937 .0070007 8.07 0.000 .0427725 .0702149
stkholding | -.0006545 .0005137 -1.27 0.203 -.0016613 .0003523
------------------------------------------------------------------------------
Predictive margins Number of obs = 13154
Model VCE : OIM
Expression : Pr(departed), predict()
over : topqsettle suit_year
------------------------------------------------------------------------------
| Delta-method
| Margin Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
topqsettle#|
suit_year |
0 0 | .1500632 .0042669 35.17 0.000 .1417002 .1584262
0 1 | .1332189 .0035138 37.91 0.000 .126332 .1401058
0 2 | .1184193 .0033636 35.21 0.000 .1118269 .1250118
0 3 | .1013707 .0033604 30.17 0.000 .0947846 .1079569
0 4 | .0809197 .003033 26.68 0.000 .0749751 .0868642
1 0 | .1996117 .009515 20.98 0.000 .1809627 .2182607
1 1 | .1753835 .0085734 20.46 0.000 .15858 .1921871
1 2 | .1577155 .008017 19.67 0.000 .1420025 .1734284
1 3 | .1333206 .0074384 17.92 0.000 .1187416 .1478995
1 4 | .1045695 .0063622 16.44 0.000 .0920998 .1170392
------------------------------------------------------------------------------
Probit regression Number of obs = 12900
LR chi2(19) = 311.74
Prob > chi2 = 0.0000
Log likelihood = -4888.998 Pseudo R2 = 0.0309
------------------------------------------------------------------------------
departed2 | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
topqsettle | .1859051 .0379786 4.90 0.000 .1114685 .2603418
restate | .1032984 .0382505 2.70 0.007 .0283287 .178268
gaap | .056267 .0323186 1.74 0.082 -.0070763 .1196104
age | .0039314 .0016967 2.32 0.021 .0006059 .0072569
entrench | -.0756698 .0215885 -3.51 0.000 -.1179825 -.0333571
ceo | .0285248 .0578623 0.49 0.622 -.0848833 .1419328
insider | .2713587 .0341697 7.94 0.000 .2043874 .33833
stkholding | -.0022921 .0024931 -0.92 0.358 -.0071785 .0025943
|
year |
1996 | .4733973 .3263693 1.45 0.147 -.1662747 1.113069
1997 | .3286372 .3197339 1.03 0.304 -.2980297 .9553042
1998 | .2818494 .3183256 0.89 0.376 -.3420573 .9057561
1999 | .3628236 .3171228 1.14 0.253 -.2587256 .9843728
2000 | .212594 .3171604 0.67 0.503 -.409029 .834217
2001 | .2259825 .3169846 0.71 0.476 -.3952958 .8472609
2002 | .2162701 .3166199 0.68 0.495 -.4042935 .8368337
2003 | .1075814 .3172377 0.34 0.735 -.5141929 .7293558
2004 | -.0260701 .3189529 -0.08 0.935 -.6512063 .5990661
2005 | -.0996933 .3212329 -0.31 0.756 -.7292982 .5299115
2006 | -.8101825 .3427848 -2.36 0.018 -1.482028 -.1383367
|
_cons | -1.525558 .3280047 -4.65 0.000 -2.168435 -.8826806
------------------------------------------------------------------------------
Average marginal effects Number of obs = 12900
Model VCE : OIM
Expression : Pr(departed2), predict()
dy/dx w.r.t. : topqsettle restate gaap age entrench ceo insider stkholding
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
topqsettle | .0386848 .0078975 4.90 0.000 .0232061 .0541635
restate | .0214952 .0079582 2.70 0.007 .0058974 .0370931
gaap | .0117085 .0067246 1.74 0.082 -.0014715 .0248886
age | .0008181 .000353 2.32 0.020 .0001263 .0015099
entrench | -.015746 .0044906 -3.51 0.000 -.0245475 -.0069446
ceo | .0059357 .0120404 0.49 0.622 -.017663 .0295344
insider | .0564667 .0070979 7.96 0.000 .042555 .0703784
stkholding | -.000477 .0005188 -0.92 0.358 -.0014937 .0005398
------------------------------------------------------------------------------
Predictive margins Number of obs = 12900
Model VCE : OIM
Expression : Pr(departed2), predict()
over : topqsettle suit_year
------------------------------------------------------------------------------
| Delta-method
| Margin Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
topqsettle#|
suit_year |
0 0 | .152181 .0043295 35.15 0.000 .1436954 .1606666
0 1 | .1349805 .0035669 37.84 0.000 .1279895 .1419714
0 2 | .1190902 .0033954 35.07 0.000 .1124353 .1257451
0 3 | .1020372 .003418 29.85 0.000 .095338 .1087363
0 4 | .0807358 .0030628 26.36 0.000 .0747328 .0867388
1 0 | .2061427 .0097973 21.04 0.000 .1869404 .225345
1 1 | .1806152 .0088297 20.46 0.000 .1633094 .1979211
1 2 | .160892 .0082407 19.52 0.000 .1447405 .1770435
1 3 | .13672 .0076928 17.77 0.000 .1216424 .1517977
1 4 | .105912 .0065032 16.29 0.000 .0931661 .118658
------------------------------------------------------------------------------
Probit regression Number of obs = 13154
LR chi2(19) = 312.93
Prob > chi2 = 0.0000
Log likelihood = -4943.1076 Pseudo R2 = 0.0307
------------------------------------------------------------------------------
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
topqssettle | .2321673 .0439829 5.28 0.000 .1459624 .3183722
restate | .0816509 .0380751 2.14 0.032 .007025 .1562767
gaap | .0721941 .0318169 2.27 0.023 .0098341 .1345541
age | .0048262 .0016818 2.87 0.004 .0015299 .0081226
entrench | -.0772654 .0214915 -3.60 0.000 -.119388 -.0351428
ceo | .0401245 .0571636 0.70 0.483 -.0719141 .1521631
insider | .2714025 .0339712 7.99 0.000 .2048201 .3379848
stkholding | -.003716 .0025247 -1.47 0.141 -.0086644 .0012324
|
year |
1996 | .4432653 .3260057 1.36 0.174 -.1956942 1.082225
1997 | .287054 .3193836 0.90 0.369 -.3389263 .9130344
1998 | .2446856 .3179751 0.77 0.442 -.378534 .8679053
1999 | .3444742 .3167064 1.09 0.277 -.2762589 .9652074
2000 | .2007829 .316716 0.63 0.526 -.419969 .8215348
2001 | .2208872 .3165398 0.70 0.485 -.3995194 .8412939
2002 | .2163723 .3161751 0.68 0.494 -.4033196 .8360641
2003 | .1073466 .3167762 0.34 0.735 -.5135232 .7282165
2004 | -.0099059 .3184091 -0.03 0.975 -.6339762 .6141645
2005 | -.0938219 .3207327 -0.29 0.770 -.7224465 .5348027
2006 | -.8049194 .3420256 -2.35 0.019 -1.475277 -.1345616
|
_cons | -1.570225 .3273821 -4.80 0.000 -2.211882 -.9285674
------------------------------------------------------------------------------
Average marginal effects Number of obs = 13154
Model VCE : OIM
Expression : Pr(departed), predict()
dy/dx w.r.t. : topqssettle restate gaap age entrench ceo insider stkholding
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
topqssettle | .0478686 .0090598 5.28 0.000 .0301118 .0656255
restate | .0168349 .0078495 2.14 0.032 .0014502 .0322197
gaap | .0148851 .0065595 2.27 0.023 .0020287 .0277415
age | .0009951 .0003466 2.87 0.004 .0003157 .0016745
entrench | -.0159307 .0044296 -3.60 0.000 -.0246125 -.0072489
ceo | .0082729 .011786 0.70 0.483 -.0148271 .031373
insider | .0559582 .0069931 8.00 0.000 .0422521 .0696644
stkholding | -.0007662 .0005206 -1.47 0.141 -.0017864 .0002541
------------------------------------------------------------------------------
Predictive margins Number of obs = 13154
Model VCE : OIM
Expression : Pr(departed), predict()
over : topqssettle suit_year
------------------------------------------------------------------------------
| Delta-method
| Margin Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
topqssettle#|
suit_year |
0 0 | .1494203 .0041593 35.92 0.000 .1412681 .1575724
0 1 | .1326791 .0034258 38.73 0.000 .1259647 .1393935
0 2 | .1187737 .0032896 36.11 0.000 .1123262 .1252212
0 3 | .1019003 .0033147 30.74 0.000 .0954037 .1083969
0 4 | .0806386 .0029913 26.96 0.000 .0747757 .0865016
1 0 | .2206507 .0121654 18.14 0.000 .1968068 .2444945
1 1 | .2036678 .011412 17.85 0.000 .1813008 .2260349
1 2 | .1864882 .0109994 16.95 0.000 .1649298 .2080467
1 3 | .1625776 .0102956 15.79 0.000 .1423986 .1827567
1 4 | .1367558 .0091662 14.92 0.000 .1187904 .1547211
------------------------------------------------------------------------------
Probit regression Number of obs = 12900
LR chi2(19) = 320.66
Prob > chi2 = 0.0000
Log likelihood = -4884.5396 Pseudo R2 = 0.0318
------------------------------------------------------------------------------
departed2 | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
topqssettle | .2599301 .045 5.78 0.000 .1717318 .3481285
restate | .0915722 .03844 2.38 0.017 .0162311 .1669133
gaap | .0742289 .0320008 2.32 0.020 .0115085 .1369493
age | .0050324 .0016981 2.96 0.003 .0017042 .0083605
entrench | -.0831707 .021627 -3.85 0.000 -.1255588 -.0407826
ceo | .0467138 .0580579 0.80 0.421 -.0670776 .1605052
insider | .2683709 .0341619 7.86 0.000 .2014147 .335327
stkholding | -.0028651 .0025322 -1.13 0.258 -.0078282 .002098
|
year |
1996 | .4409153 .325999 1.35 0.176 -.198031 1.079862
1997 | .2940383 .3193718 0.92 0.357 -.331919 .9199955
1998 | .2471332 .3179393 0.78 0.437 -.3760164 .8702829
1999 | .3495703 .3166513 1.10 0.270 -.2710548 .9701953
2000 | .2062525 .316669 0.65 0.515 -.4144073 .8269124
2001 | .2210538 .3164928 0.70 0.485 -.3992606 .8413682
2002 | .2179895 .3161099 0.69 0.490 -.4015745 .8375534
2003 | .1141378 .3167216 0.36 0.719 -.5066252 .7349009
2004 | -.0145743 .3184204 -0.05 0.963 -.6386669 .6095183
2005 | -.0879828 .3206911 -0.27 0.784 -.7165258 .5405603
2006 | -.7984786 .3421828 -2.33 0.020 -1.469145 -.1278126
|
_cons | -1.571312 .3275529 -4.80 0.000 -2.213304 -.9293197
------------------------------------------------------------------------------
Average marginal effects Number of obs = 12900
Model VCE : OIM
Expression : Pr(departed2), predict()
dy/dx w.r.t. : topqssettle restate gaap age entrench ceo insider stkholding
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
topqssettle | .0540378 .0093428 5.78 0.000 .0357263 .0723494
restate | .0190373 .0079902 2.38 0.017 .0033768 .0346978
gaap | .0154317 .0066521 2.32 0.020 .0023939 .0284696
age | .0010462 .0003529 2.96 0.003 .0003546 .0017378
entrench | -.0172907 .0044942 -3.85 0.000 -.026099 -.0084823
ceo | .0097115 .0120697 0.80 0.421 -.0139446 .0333676
insider | .0557926 .0070897 7.87 0.000 .0418972 .0696881
stkholding | -.0005956 .0005264 -1.13 0.258 -.0016274 .0004361
------------------------------------------------------------------------------
Predictive margins Number of obs = 12900
Model VCE : OIM
Expression : Pr(departed2), predict()
over : topqssettle suit_year
------------------------------------------------------------------------------
| Delta-method
| Margin Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
topqssettle#|
suit_year |
0 0 | .1513071 .0042164 35.89 0.000 .143043 .1595711
0 1 | .1342993 .003474 38.66 0.000 .1274904 .1411082
0 2 | .1194889 .0033181 36.01 0.000 .1129855 .1259924
0 3 | .1027852 .0033751 30.45 0.000 .0961701 .1094004
0 4 | .0806296 .0030275 26.63 0.000 .0746958 .0865635
1 0 | .2323991 .0128091 18.14 0.000 .2072938 .2575044
1 1 | .214045 .0120237 17.80 0.000 .1904791 .2376109
1 2 | .1946996 .0115845 16.81 0.000 .1719944 .2174048
1 3 | .1701593 .0108983 15.61 0.000 .1487991 .1915195
1 4 | .1423029 .0096163 14.80 0.000 .1234553 .1611505
------------------------------------------------------------------------------
.
. forv i=1/6 {
2. qui g pr`i' = .
3. qui g ul`i' = .
4. qui g ll`i' = .
5. }
. qui g psyr = _n - 1 in 1/5
.
. mata:
------------------------------------------------- mata (type end to exit) ---------------------------------------------------
: st_view(pr=.,(1,5), ("pr1 pr2 pr3 pr4 pr5 pr6"), .)
: st_view(ul=.,(1,5), ("ul1 ul2 ul3 ul4 ul5 ul6"), .)
: st_view(ll=.,(1,5), ("ll1 ll2 ll3 ll4 ll5 ll6"), .)
: p12 = colshape(st_matrix("pr_settled_1"), 5)'
: p34 = colshape(st_matrix("pr_topqsettle_1"), 5)'
: p56 = colshape(st_matrix("pr_topqssettle_1"), 5)'
: pr[.,.] = p12, p34, p56
: pr
1 2 3 4 5 6
+-------------------------------------------------------------------------------------+
1 | .1315344721 .1753766686 .1500632167 .1996116936 .1494202763 .2206506431 |
2 | .1193466559 .1557376981 .1332188845 .175383538 .1326791495 .2036678493 |
3 | .1048001945 .1425422579 .1184193417 .1577154547 .1187737063 .186488241 |
4 | .0886094049 .1244725063 .101370737 .1333205849 .1019003093 .1625776291 |
5 | .0700818524 .0998185053 .080919683 .1045694649 .0806386471 .1367557645 |
+-------------------------------------------------------------------------------------+
: se12 = colshape(sqrt(diagonal(st_matrix("pr_settled_1v")))', 5)'
: se34 = colshape(sqrt(diagonal(st_matrix("pr_topqsettle_1v")))', 5)'
: se56 = colshape(sqrt(diagonal(st_matrix("pr_topqssettle_1v")))', 5)'
: ul[.,.] = pr + 1.96 :* (se12, se34, se56)
: ll[.,.] = pr - 1.96 :* (se12, se34, se56)
: end
-----------------------------------------------------------------------------------------------------------------------------
.
. l psyr pr? in 1/5, sep(0)
+------------------------------------------------------------------------+
| psyr pr1 pr2 pr3 pr4 pr5 pr6 |
|------------------------------------------------------------------------|
1. | 0 .1315345 .1753767 .1500632 .1996117 .1494203 .2206506 |
2. | 1 .1193467 .1557377 .1332189 .1753835 .1326791 .2036678 |
3. | 2 .1048002 .1425423 .1184193 .1577155 .1187737 .1864882 |
4. | 3 .0886094 .1244725 .1013707 .1333206 .1019003 .1625776 |
5. | 4 .0700819 .0998185 .0809197 .1045695 .0806386 .1367558 |
+------------------------------------------------------------------------+
. l psyr ul? in 1/5, sep(0)
+------------------------------------------------------------------------+
| psyr ul1 ul2 ul3 ul4 ul5 ul6 |
|------------------------------------------------------------------------|
1. | 0 .1416139 .1858052 .1584264 .218261 .1575726 .2444949 |
2. | 1 .1282033 .1646741 .1401059 .1921874 .1393937 .2260353 |
3. | 2 .1129389 .1512913 .1250119 .1734287 .1252213 .2080471 |
4. | 3 .0962794 .1331587 .107957 .1478998 .108397 .1827571 |
5. | 4 .0767064 .1076613 .0868643 .1170394 .0865017 .1547214 |
+------------------------------------------------------------------------+
. l psyr ll? in 1/5, sep(0)
+------------------------------------------------------------------------+
| psyr ll1 ll2 ll3 ll4 ll5 ll6 |
|------------------------------------------------------------------------|
1. | 0 .121455 .1649482 .1417001 .1809624 .141268 .1968064 |
2. | 1 .11049 .1468013 .1263319 .1585797 .1259646 .1813004 |
3. | 2 .0966615 .1337932 .1118267 .1420022 .1123261 .1649294 |
4. | 3 .0809394 .1157863 .0947845 .1187413 .0954036 .1423982 |
5. | 4 .0634573 .0919757 .074975 .0920995 .0747756 .1187901 |
+------------------------------------------------------------------------+
. lab var psyr "Suit year"
. lab var pr1 "Dismissed"
. lab var pr2 "Settled"
. lab var pr3 "{<} Q4 of settlement amount"
. lab var pr4 "Q4 of settlement amount"
. lab var pr5 "{<} Q4 of scaled settlement amount"
. lab var pr6 "Q4 of scaled settlement amount"
. forv i=1/6 {
2. lab var ul`i' "95% c.i."
3. lab var ll`i' "95% c.i."
4. }
.
. tw (line pr1 pr2 psyr in 1/5, scheme(s2mono) ti("Conditional hazard rate") ///
> legend(size(small)) saving(chaz1, replace)) (rline ul1 ll1 psyr) (rline ul2 ll2 psyr)
(file chaz1.gph saved)
. graph export chaz1.pdf, replace
(file /Users/baum/Documents/Chuck/ ChuckLitGov4/chaz1.pdf written in PDF format)
. tw (line pr3 pr4 psyr in 1/5, scheme(s2mono) ti("Conditional hazard rate") ///
> legend(size(small)) saving(chaz2, replace)) (rline ul3 ll3 psyr) (rline ul4 ll4 psyr)
(file chaz2.gph saved)
. graph export chaz2.pdf, replace
(file /Users/baum/Documents/Chuck/ ChuckLitGov4/chaz2.pdf written in PDF format)
. tw (line pr5 pr6 psyr in 1/5, scheme(s2mono) ti("Conditional hazard rate") ///
> legend(size(small)) saving(chaz3, replace)) (rline ul5 ll5 psyr) (rline ul6 ll6 psyr)
(file chaz3.gph saved)
. graph export chaz3.pdf, replace
(file /Users/baum/Documents/Chuck/ ChuckLitGov4/chaz3.pdf written in PDF format)
.
.
. log close
name: <unnamed>
log: /Users/baum/Documents/Chuck/ ChuckLitGov4//litgov4-14.smcl
log type: smcl
closed on: 26 Apr 2010, 14:31:39
-----------------------------------------------------------------------------------------------------------------------------