-----------------------------------------------------------------------------------------------------------------------------
name: <unnamed>
log: /Users/baum/Documents/Chuck/ ChuckLitGov4/litgov4-7.smcl
log type: smcl
opened on: 2 Apr 2010, 11:29:03
. * litgov4-7 9501
. * cfb investigate director survival, first in terms of lived/died only
. * cfb revise definition of insider
. * cfb use supplementary blockholder info, new blockholder variable *reverted*
. * cfb generate e(sample) from table5+6, store as litgov_est.dta for tables 1-3
. * cfb 6A11: redef blockholding as sumout
. * cfb 6A13: add interactions with outcome
. * cfb 6A15: add size
. * cfb 7A29: include directors from firms with survmax > 1;
. * survival == max(tenmax) = survmax
. * cfb 7C05: for 20nov2007 calcs, revert to survmax = 4
. * cfb 7C18: merge in settmv, cara22
. * cfb 8630: add logic from Jim's memo of 8601
. * cfb 9515: drop ongoing cases after tabulation
. * cfb 9722: generate tenmax measure for survival-rate tables
. * cfb 9811: integrate Jim's event study datasets
. * cfb 9905: integrate flag for Chapter 11 cases
. * cfb 9927: create survivedm1, departedm1
.
. local ts 9408
.
. local extdir "/Users/baum/Documents/chuck/ ChuckLitGov4/Paper_datasets9408/IRRC_matched_input_revised9408"
. local in1 "dircaseinfo_full_long`ts'"
. local in2 ecp_event
. local in3 filing_event
. local in4 c11cases
. local ou1 litgov4_est2`ts'
.
. use "`extdir'/`in1'", clear
. merge n:1 case_code using "`extdir'/`in2'"
Result # of obs.
-----------------------------------------
not matched 9,642
from master 9,642 (_merge==1)
from using 0 (_merge==2)
matched 30,810 (_merge==3)
-----------------------------------------
. drop _merge
. merge n:1 case_code using "`extdir'/`in3'"
Result # of obs.
-----------------------------------------
not matched 10,848
from master 10,848 (_merge==1)
from using 0 (_merge==2)
matched 29,604 (_merge==3)
-----------------------------------------
. drop _merge
. merge n:1 case_code using "`extdir'/`in4'"
Result # of obs.
-----------------------------------------
not matched 38,928
from master 38,928 (_merge==1)
from using 0 (_merge==2)
matched 1,524 (_merge==3)
-----------------------------------------
. drop _merge
. desc
Contains data from /Users/baum/Documents/chuck/ ChuckLitGov4/Paper_datasets9408/IRRC_matched_input_revised9408/dircaseinfo
> _full_long9408.dta
obs: 40,452
vars: 148 30 Nov 2009 13:52
size: 51,090,876 (75.7% 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_date
filing_within~r str3 %9s
notes_codes str22 %22s
notes str105 %105s Notes
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
__00000D float %11.0g __00000D group(case_code caseyr)
__00000C float %9.0g
dataset str4 %9s
suit_year_case int %8.0g
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
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
insown_date str9 %9s
cboard byte %8.0g
dualclas byte %8.0g
uneqvote byte %8.0g
gindex byte %10.0g
eindex byte %10.0g
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
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
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
casetag byte %8.0g tag(case_code)
dismissed byte %8.0g
lenclassper float %9.0g
lensecper float %9.0g
fileafter float %9.0g
filingyear float %9.0g
ar1_ecp float %9.0g
ar3_ecp float %9.0g
ar5_ecp float %9.0g
ar1_filing float %9.0g
ar3_filing float %9.0g
ar5_filing float %9.0g
c11flag float %9.0g
-----------------------------------------------------------------------------------------------------------------------------
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 | 30402 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 | 38580 1994.947 7.23421 1948 2007
age_yr_m1 | 24042 57.32144 9.360519 26 92
age_yr_0 | 29442 56.516 9.579468 24 93
-------------+--------------------------------------------------------
age_yr_1 | 25458 57.17299 9.309276 25 94
audit_yr_m1 | 0
audit_yr0 | 0
audit_yr1 | 0
shares_yr_m1 | 24066 1799367 1.64e+07 0 7.20e+08
-------------+--------------------------------------------------------
shares_ou~m1 | 26868 2.78e+08 5.85e+08 6546716 5.03e+09
shares_yr0 | 26232 2267773 2.12e+07 0 7.20e+08
shares_out~0 | 29706 3.43e+08 7.75e+08 2531250 7.16e+09
shares_yr1 | 22314 2271542 2.97e+07 0 1.38e+09
shares_ou~r1 | 25716 3.90e+08 8.90e+08 5893250 7.33e+09
-------------+--------------------------------------------------------
action_type | 0
named | 0
source_named | 0
insider_tr~g | 0
source_tra~g | 0
-------------+--------------------------------------------------------
suit_year | 40452 1.5 1.707846 -1 4
smpl | 40452 .2484426 .4321151 0 1
mtgdate | 0
proxy_status | 0
missing_pr~n | 0
-------------+--------------------------------------------------------
id | 30402 15862.09 76693.38 2 1015340
ticker | 0
cusip | 0
year | 40452 2001.21 2.678177 1994 2007
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 | 18074 .5606949 .4963162 0 1
chair_stat~1 | 0
chair_stat~0 | 0
dual_class | 0
-------------+--------------------------------------------------------
pct_yr_0 | 1242 8.295942 9.51543 .1 51.9
pct_yr_1 | 0
proxy_date | 0
permno | 10050 70417.75 24201.78 10137 90014
__00000D | 40452 1513.764 868.5002 1 3000
-------------+--------------------------------------------------------
__00000C | 40452 .5603678 .4963485 0 1
dataset | 0
suit_year_~e | 40452 1999.833 2.070282 1996 2004
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
year1 | 4542 2000.099 2.177815 1996 2006
beg_class_~1 | 0
-------------+--------------------------------------------------------
end_class_~1 | 0
sec_start1 | 0
sec_end1 | 0
filing_date1 | 0
status1 | 0
-------------+--------------------------------------------------------
settlement~1 | 0
year2 | 582 2000.608 2.581105 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 | 186 1999.484 2.968712 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 | 39150 60.66518 21.00327 5.88 97.26
insown_date | 0
cboard | 40452 .5606645 .4963123 0 1
-------------+--------------------------------------------------------
dualclas | 40452 .1189558 .3237405 0 1
uneqvote | 40452 .0047464 .068731 0 1
gindex | 35658 8.883224 2.547877 3 16
eindex | 35658 2.215716 1.318256 0 6
index_match | 0
-------------+--------------------------------------------------------
year_repor~d | 40452 2000.07 1.991045 1995 2004
total_assets | 40452 24233.11 94425.13 17.5 1097190
company_name | 0
cara | 38706 -.108592 .8767532 -3.332586 4.650977
ctag | 40452 .0119648 .1087287 0 1
-------------+--------------------------------------------------------
companyname | 0
sumblks | 40452 25.62663 21.6587 0 97.5
numblks | 40452 2.332542 1.676743 0 8
sumaflin | 40452 1.815653 7.939834 0 97.4
sumout | 40452 13.94432 14.14834 0 72.9
-------------+--------------------------------------------------------
sumesop | 40452 .4584233 2.191891 0 21.25
sumdir | 40452 5.014358 14.80203 0 96.37
sumoff | 40452 4.393876 12.10598 0 96.25
numaflin | 40452 .1207357 .428818 0 4
numout | 40452 1.628597 1.553382 0 8
-------------+--------------------------------------------------------
numesop | 40452 .0496885 .2173033 0 1
numdir | 40452 .2625334 .704206 0 6
numoff | 40452 .2709878 .6042917 0 4
dfiling_date | 40452 14834.73 726.1497 13174 16121
dbeg_class~r | 40452 14290.59 754.4534 11732 15937
-------------+--------------------------------------------------------
dend_class~r | 40452 14781.25 752.0943 12548 16118
dsec_start | 11100 13252.92 2381.923 2922 15431
dsec_end | 11022 14505.42 2023.707 6847 16891
secoverlap | 40452 .2126965 .4092198 0 1
secalso | 40452 .2724711 .4452364 0 1
-------------+--------------------------------------------------------
casetag | 40452 .0116929 .1075009 0 1
dismissed | 40452 .3851973 .4866479 0 1
lenclassper | 40452 490.6577 400.1628 0 1942
lensecper | 11022 1261.444 1124.437 89 6518
fileafter | 40452 544.1373 375.8293 7 1826
-------------+--------------------------------------------------------
filingyear | 40452 2000.116 1.981716 1996 2004
ar1_ecp | 30630 -.0739923 .1321858 -.578348 .2799354
ar3_ecp | 30726 -.2261933 .2164988 -1.107348 .1867814
ar5_ecp | 30726 -.2490995 .2375736 -1.182885 .2491735
ar1_filing | 29382 -.0287564 .1022145 -.651017 .2461541
-------------+--------------------------------------------------------
ar3_filing | 29382 -.0663453 .1685086 -.8609062 .4170695
ar5_filing | 29382 -.0894787 .221358 -.9958463 .8572186
c11flag | 1524 1 0 1 1
. count if casetag
473
. label def samp 0 "Original" 1 "Extended"
. label val smpl samp
. tab smpl
smpl | Freq. Percent Cum.
------------+-----------------------------------
Original | 30,402 75.16 75.16
Extended | 10,050 24.84 100.00
------------+-----------------------------------
Total | 40,452 100.00
.
. // generate director type code / insider coding
. tab status_yr
status_yr | Freq. Percent Cum.
------------+-----------------------------------
CEO | 2,234 9.85 9.85
EMP | 2,148 9.47 19.33
FORMEMP | 1,064 4.69 24.02
IND | 17,227 75.98 100.00
------------+-----------------------------------
Total | 22,673 100.00
. gen dir_code = substr(status_yr, 1, 3)
(17779 missing values generated)
. gen insider = .
(40452 missing values generated)
. replace insider = 0 if dir_code == "IND"
(17227 real changes made)
. replace insider = 1 if inlist(dir_code, "CEO", "EMP", "FOR")
(5446 real changes made)
. tab dir_code insider
| insider
dir_code | 0 1 | Total
-----------+----------------------+----------
CEO | 0 2,234 | 2,234
EMP | 0 2,148 | 2,148
FOR | 0 1,064 | 1,064
IND | 17,227 0 | 17,227
-----------+----------------------+----------
Total | 17,227 5,446 | 22,673
.
. // generate ceo indicator and audit committee indicator
. 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
---------+--------------------
Original | 30402 .0526939
Extended | 10050 .0628856
---------+--------------------
Total | 40452 .0552259
------------------------------
. g audit = (substr(audit_yr0, 1, 1) == "Y" & !missing(audit_yr0))
. tab audit
audit | Freq. Percent Cum.
------------+-----------------------------------
0 | 30,696 75.88 75.88
1 | 9,756 24.12 100.00
------------+-----------------------------------
Total | 40,452 100.00
. tab audit smpl
| smpl
audit | Original Extended | Total
-----------+----------------------+----------
0 | 23,010 7,686 | 30,696
1 | 7,392 2,364 | 9,756
-----------+----------------------+----------
Total | 30,402 10,050 | 40,452
. tab audit suit_year, mi
| suit_year
audit | -1 0 _0 _1 _2 _3 | Total
-----------+------------------------------------------------------------------+----------
0 | 5,116 5,116 5,116 5,116 5,116 5,116 | 30,696
1 | 1,626 1,626 1,626 1,626 1,626 1,626 | 9,756
-----------+------------------------------------------------------------------+----------
Total | 6,742 6,742 6,742 6,742 6,742 6,742 | 40,452
.
. // generate indicator for seated directors
. g byte seated = !mi(yr)
.
. // generate board size
. label drop suit_year
. bys case_code suit_year: egen boardsize = sum(seated)
. tab seated
seated | Freq. Percent Cum.
------------+-----------------------------------
0 | 17,784 43.96 43.96
1 | 22,668 56.04 100.00
------------+-----------------------------------
Total | 40,452 100.00
. egen byte caseyeartag = tag(case_code suit_year)
. tab boardsize if caseyeartag
boardsize | Freq. Percent Cum.
------------+-----------------------------------
0 | 375 13.21 13.21
2 | 1 0.04 13.25
3 | 5 0.18 13.42
4 | 20 0.70 14.13
5 | 116 4.09 18.22
6 | 255 8.99 27.20
7 | 346 12.19 39.39
8 | 361 12.72 52.11
9 | 384 13.53 65.64
10 | 287 10.11 75.76
11 | 217 7.65 83.40
12 | 154 5.43 88.83
13 | 123 4.33 93.16
14 | 73 2.57 95.74
15 | 53 1.87 97.60
16 | 36 1.27 98.87
17 | 16 0.56 99.44
18 | 6 0.21 99.65
19 | 2 0.07 99.72
20 | 1 0.04 99.75
21 | 1 0.04 99.79
22 | 3 0.11 99.89
23 | 2 0.07 99.96
27 | 1 0.04 100.00
------------+-----------------------------------
Total | 2,838 100.00
.
. // check for zero-size boards in year 0
. list case_code suit_year boardsize if boardsize < 4 & suit_year == 0 & caseyeartag
. // small boards in years 1-4
. list case_code suit_year boardsize if boardsize < 4 & suit_year > 0 & caseyeartag, sepby(case_code)
+--------------------------------+
| case_c~e suit_y~r boards~e |
|--------------------------------|
301. | ACDO_01 3 0 |
313. | ACDO_01 4 0 |
|--------------------------------|
627. | ADAC_01 3 0 |
635. | ADAC_01 4 0 |
|--------------------------------|
661. | ADAP_01 1 0 |
670. | ADAP_01 2 0 |
679. | ADAP_01 3 0 |
688. | ADAP_01 4 0 |
|--------------------------------|
1693. | AGP__01 3 0 |
1705. | AGP__01 4 0 |
|--------------------------------|
2391. | ALMO_01 3 0 |
2405. | ALMO_01 4 0 |
|--------------------------------|
2964. | ANR__01 4 0 |
|--------------------------------|
3287. | AOL__02 3 0 |
3300. | AOL__02 4 0 |
|--------------------------------|
3799. | ASM__01 2 0 |
3805. | ASM__01 3 0 |
3811. | ASM__01 4 0 |
|--------------------------------|
3841. | ASND_01 2 0 |
3849. | ASND_01 3 0 |
3857. | ASND_01 4 0 |
|--------------------------------|
3897. | ATHM_01 1 0 |
3913. | ATHM_01 2 0 |
3929. | ATHM_01 3 0 |
3945. | ATHM_01 4 0 |
|--------------------------------|
4282. | AVS__01 2 0 |
|--------------------------------|
4906. | BAY__01 2 0 |
4915. | BAY__01 3 0 |
4924. | BAY__01 4 0 |
|--------------------------------|
5101. | BBC__01 3 0 |
5113. | BBC__01 4 0 |
|--------------------------------|
5170. | BBI__01 2 0 |
5185. | BBI__01 3 0 |
5200. | BBI__01 4 0 |
|--------------------------------|
5593. | BE___01 3 0 |
|--------------------------------|
6801. | CATP_01 3 0 |
6809. | CATP_01 4 0 |
|--------------------------------|
7565. | CDO__01 1 0 |
7576. | CDO__01 2 0 |
7587. | CDO__01 3 0 |
7598. | CDO__01 4 0 |
|--------------------------------|
7714. | CEFT_01 2 0 |
7727. | CEFT_01 3 0 |
7740. | CEFT_01 4 0 |
|--------------------------------|
8031. | CGO__01 1 0 |
8053. | CGO__01 2 0 |
|--------------------------------|
8687. | CKC__01 3 0 |
8706. | CKC__01 4 0 |
|--------------------------------|
9197. | CMM__01 1 0 |
9217. | CMM__01 2 0 |
|--------------------------------|
9619. | CNC__01 4 0 |
|--------------------------------|
9749. | CNTO_01 3 0 |
9759. | CNTO_01 4 0 |
|--------------------------------|
10521. | CPC__01 4 0 |
|--------------------------------|
10726. | CPRO_01 2 0 |
10735. | CPRO_01 3 3 |
10744. | CPRO_01 4 3 |
|--------------------------------|
10793. | CPU__01 3 0 |
10803. | CPU__01 4 0 |
|--------------------------------|
11575. | CWC__01 3 0 |
11584. | CWC__01 4 0 |
|--------------------------------|
11613. | CYGN_01 3 0 |
11618. | CYGN_01 4 0 |
|--------------------------------|
11881. | DFC__01 2 0 |
|--------------------------------|
12007. | DG___01 1 0 |
|--------------------------------|
12095. | DIIG_01 3 0 |
12102. | DIIG_01 4 0 |
|--------------------------------|
12869. | DURA_01 3 0 |
12879. | DURA_01 4 0 |
|--------------------------------|
13615. | ENE__01 1 0 |
13633. | ENE__01 2 0 |
13651. | ENE__01 3 0 |
13669. | ENE__01 4 0 |
|--------------------------------|
13789. | ENVY_01 1 0 |
13798. | ENVY_01 2 0 |
13807. | ENVY_01 3 0 |
13816. | ENVY_01 4 0 |
|--------------------------------|
14125. | EWB__01 2 0 |
14135. | EWB__01 3 0 |
14145. | EWB__01 4 0 |
|--------------------------------|
14295. | EXDS_01 1 0 |
14305. | EXDS_01 2 0 |
14315. | EXDS_01 3 0 |
14325. | EXDS_01 4 0 |
|--------------------------------|
14713. | FGCI_01 1 0 |
14719. | FGCI_01 2 0 |
14725. | FGCI_01 3 0 |
14731. | FGCI_01 4 0 |
|--------------------------------|
14809. | FLM__01 1 0 |
14818. | FLM__01 2 0 |
14827. | FLM__01 3 0 |
14836. | FLM__01 4 0 |
|--------------------------------|
15100. | FLS__01 2 0 |
|--------------------------------|
15183. | FMO__01 3 0 |
15194. | FMO__01 4 0 |
|--------------------------------|
15235. | FMXI_01 1 0 |
|--------------------------------|
15340. | FNV__01 2 0 |
|--------------------------------|
15523. | FORE_01 3 0 |
15532. | FORE_01 4 0 |
|--------------------------------|
15589. | FOX__01 3 0 |
15601. | FOX__01 4 0 |
|--------------------------------|
15627. | FP___01 1 0 |
15634. | FP___01 2 0 |
15641. | FP___01 3 0 |
15648. | FP___01 4 0 |
|--------------------------------|
15673. | FRTR_01 1 0 |
15682. | FRTR_01 2 0 |
15691. | FRTR_01 3 0 |
15700. | FRTR_01 4 0 |
|--------------------------------|
15739. | FTL__01 2 0 |
15749. | FTL__01 3 0 |
15759. | FTL__01 4 0 |
|--------------------------------|
15785. | FTS__01 1 0 |
15793. | FTS__01 2 0 |
15801. | FTS__01 3 0 |
15809. | FTS__01 4 0 |
|--------------------------------|
16365. | GBFE_01 1 0 |
16375. | GBFE_01 2 0 |
16385. | GBFE_01 3 0 |
16395. | GBFE_01 4 0 |
|--------------------------------|
16450. | GDT__01 2 0 |
16465. | GDT__01 3 0 |
16480. | GDT__01 4 0 |
|--------------------------------|
16727. | GFD__01 4 0 |
|--------------------------------|
16908. | GLC__01 4 0 |
|--------------------------------|
17085. | GMST_01 1 0 |
|--------------------------------|
17213. | GNCI_01 4 0 |
|--------------------------------|
17261. | GND__01 3 0 |
17271. | GND__01 4 0 |
|--------------------------------|
17302. | GNT__01 2 0 |
17309. | GNT__01 3 0 |
17316. | GNT__01 4 0 |
|--------------------------------|
17455. | GTIS_01 2 0 |
|--------------------------------|
17791. | GX___01 1 0 |
17812. | GX___01 2 0 |
17833. | GX___01 3 0 |
17854. | GX___01 4 0 |
|--------------------------------|
18003. | HAZ__01 1 0 |
18019. | HAZ__01 2 0 |
18035. | HAZ__01 3 2 |
18051. | HAZ__01 4 3 |
|--------------------------------|
18261. | HI___01 1 0 |
18277. | HI___01 2 0 |
18293. | HI___01 3 0 |
18309. | HI___01 4 0 |
|--------------------------------|
18604. | HPH__01 2 0 |
18625. | HPH__01 3 0 |
|--------------------------------|
18703. | HRBC_01 2 0 |
18715. | HRBC_01 3 0 |
18727. | HRBC_01 4 0 |
|--------------------------------|
18969. | HRC__02 1 0 |
18988. | HRC__02 2 0 |
|--------------------------------|
19241. | IBP__01 3 0 |
19251. | IBP__01 4 0 |
|--------------------------------|
19291. | ICGXQ01 1 0 |
19306. | ICGXQ01 2 0 |
19336. | ICGXQ01 4 0 |
|--------------------------------|
19416. | ICII_01 4 0 |
|--------------------------------|
20313. | IN___01 4 0 |
|--------------------------------|
20473. | ION__01 2 0 |
20485. | ION__01 3 0 |
20497. | ION__01 4 0 |
|--------------------------------|
21124. | JDN__01 4 0 |
|--------------------------------|
21697. | KM___01 1 0 |
21712. | KM___01 2 0 |
21727. | KM___01 3 0 |
21742. | KM___01 4 0 |
|--------------------------------|
22940. | LOR__01 4 0 |
|--------------------------------|
22975. | LSON_01 2 0 |
22983. | LSON_01 3 0 |
22991. | LSON_01 4 0 |
|--------------------------------|
23643. | MCLD_01 4 0 |
|--------------------------------|
24015. | MFNX_01 1 0 |
24028. | MFNX_01 2 0 |
24041. | MFNX_01 3 0 |
24054. | MFNX_01 4 0 |
|--------------------------------|
24099. | MFN__01 1 0 |
24115. | MFN__01 2 0 |
24131. | MFN__01 3 0 |
|--------------------------------|
24259. | MIR__01 2 0 |
24277. | MIR__01 3 0 |
|--------------------------------|
24465. | MRCH_01 1 0 |
24475. | MRCH_01 2 0 |
24485. | MRCH_01 3 0 |
24495. | MRCH_01 4 0 |
|--------------------------------|
24800. | MTEL_01 4 0 |
|--------------------------------|
25033. | MWHS_01 4 0 |
|--------------------------------|
25114. | MXT__01 4 0 |
|--------------------------------|
25245. | NAK__01 1 0 |
25271. | NAK__01 3 0 |
25284. | NAK__01 4 0 |
|--------------------------------|
25915. | NPNT_01 1 0 |
25924. | NPNT_01 2 0 |
25933. | NPNT_01 3 0 |
25942. | NPNT_01 4 0 |
|--------------------------------|
26080. | NS___01 4 0 |
|--------------------------------|
26119. | NUI__01 2 0 |
26127. | NUI__01 3 0 |
26135. | NUI__01 4 0 |
|--------------------------------|
26461. | NXCD_01 1 0 |
26470. | NXCD_01 2 0 |
26479. | NXCD_01 3 0 |
26488. | NXCD_01 4 0 |
|--------------------------------|
26663. | OG___01 3 0 |
26682. | OG___01 4 0 |
|--------------------------------|
26876. | OIL__01 4 0 |
|--------------------------------|
26948. | OLS__01 4 0 |
|--------------------------------|
27118. | OMG__01 2 0 |
|--------------------------------|
27222. | OMX__01 4 0 |
|--------------------------------|
27983. | PCMS_01 1 0 |
|--------------------------------|
28075. | PCSA_01 3 0 |
28090. | PCSA_01 4 0 |
|--------------------------------|
28302. | PDX__02 4 0 |
|--------------------------------|
28480. | PETC_01 2 0 |
28485. | PETC_01 3 0 |
28490. | PETC_01 4 0 |
|--------------------------------|
28642. | PFG__01 2 0 |
28676. | PFG__01 4 0 |
|--------------------------------|
29025. | PHYC_01 3 0 |
29039. | PHYC_01 4 0 |
|--------------------------------|
29093. | PIN__01 3 0 |
29103. | PIN__01 4 0 |
|--------------------------------|
29422. | PMS__01 2 0 |
29429. | PMS__01 3 0 |
29436. | PMS__01 4 0 |
|--------------------------------|
29949. | PRD__01 3 0 |
29963. | PRD__01 4 0 |
|--------------------------------|
29995. | PRIA_01 2 0 |
30001. | PRIA_01 3 0 |
30007. | PRIA_01 4 0 |
|--------------------------------|
30133. | PRT__01 4 0 |
|--------------------------------|
30229. | PSIX_01 1 0 |
30235. | PSIX_01 2 0 |
30241. | PSIX_01 3 0 |
30247. | PSIX_01 4 0 |
|--------------------------------|
30376. | PSX__01 2 0 |
30385. | PSX__01 3 0 |
30394. | PSX__01 4 0 |
|--------------------------------|
30603. | PTI__01 3 0 |
30611. | PTI__01 4 0 |
|--------------------------------|
30915. | QHGI_01 3 0 |
30926. | QHGI_01 4 0 |
|--------------------------------|
30969. | QSFT_01 3 0 |
30977. | QSFT_01 4 0 |
|--------------------------------|
31075. | QTRN_01 4 0 |
|--------------------------------|
31387. | RBAKD01 4 0 |
|--------------------------------|
31571. | REL__01 1 0 |
31585. | REL__01 2 0 |
31599. | REL__01 3 0 |
31613. | REL__01 4 0 |
|--------------------------------|
31895. | ROBV_01 4 0 |
|--------------------------------|
32317. | RXSD_01 3 0 |
32326. | RXSD_01 4 0 |
|--------------------------------|
32455. | SBL__01 2 0 |
|--------------------------------|
32623. | SCOR_01 1 0 |
32632. | SCOR_01 2 0 |
32641. | SCOR_01 3 0 |
32650. | SCOR_01 4 0 |
|--------------------------------|
32821. | SEI__01 1 0 |
32836. | SEI__01 2 0 |
32851. | SEI__01 3 0 |
|--------------------------------|
33196. | SFSK_01 2 0 |
33203. | SFSK_01 3 0 |
33210. | SFSK_01 4 0 |
|--------------------------------|
33280. | SGE__01 2 0 |
33301. | SGE__01 3 0 |
|--------------------------------|
33583. | SHG__01 1 0 |
33604. | SHG__01 2 0 |
33625. | SHG__01 3 0 |
|--------------------------------|
33811. | SJK__01 1 0 |
33817. | SJK__01 2 0 |
33823. | SJK__01 3 0 |
33829. | SJK__01 4 0 |
|--------------------------------|
33885. | SKO__01 4 0 |
|--------------------------------|
33917. | SK___01 1 0 |
33928. | SK___01 2 0 |
33939. | SK___01 3 0 |
33950. | SK___01 4 0 |
|--------------------------------|
34280. | SOC__01 4 0 |
|--------------------------------|
34561. | SRM__01 1 0 |
34570. | SRM__01 2 0 |
34579. | SRM__01 3 0 |
34588. | SRM__01 4 0 |
|--------------------------------|
34732. | SSAX_01 4 0 |
|--------------------------------|
34915. | STLC_01 1 0 |
34921. | STLC_01 2 0 |
34927. | STLC_01 3 0 |
34933. | STLC_01 4 0 |
|--------------------------------|
34953. | STRM_01 1 3 |
34960. | STRM_01 2 3 |
34967. | STRM_01 3 0 |
34974. | STRM_01 4 0 |
|--------------------------------|
35025. | SUFI_01 3 0 |
35036. | SUFI_01 4 0 |
|--------------------------------|
35241. | SW___01 1 0 |
35251. | SW___01 2 0 |
35261. | SW___01 3 0 |
35271. | SW___01 4 0 |
|--------------------------------|
35683. | S____02 3 0 |
35695. | S____02 4 0 |
|--------------------------------|
35751. | TCOMA01 3 0 |
35762. | TCOMA01 4 0 |
|--------------------------------|
36115. | TIG__01 2 0 |
36125. | TIG__01 3 0 |
36135. | TIG__01 4 0 |
|--------------------------------|
36262. | TLXN_01 2 0 |
36271. | TLXN_01 3 0 |
36280. | TLXN_01 4 0 |
|--------------------------------|
38415. | VL___01 1 0 |
38422. | VL___01 2 0 |
38429. | VL___01 3 0 |
38436. | VL___01 4 0 |
|--------------------------------|
38459. | VNTV_01 1 0 |
38467. | VNTV_01 2 0 |
38475. | VNTV_01 3 0 |
38483. | VNTV_01 4 0 |
|--------------------------------|
38699. | VRTS_01 3 0 |
38712. | VRTS_01 4 0 |
|--------------------------------|
38971. | WAC__01 2 0 |
|--------------------------------|
39049. | WCII_01 1 0 |
39058. | WCII_01 2 0 |
39067. | WCII_01 3 0 |
39076. | WCII_01 4 0 |
|--------------------------------|
39153. | WCOM_01 3 0 |
39170. | WCOM_01 4 0 |
|--------------------------------|
39910. | WXS__01 2 0 |
39921. | WXS__01 3 0 |
39932. | WXS__01 4 0 |
|--------------------------------|
40221. | XOXO_01 1 0 |
40243. | XOXO_01 2 0 |
|--------------------------------|
40429. | ZLG__01 1 0 |
40435. | ZLG__01 2 0 |
40441. | ZLG__01 3 0 |
40447. | ZLG__01 4 0 |
+--------------------------------+
. // tab boardsize if caseyeartag & suit_year == 0
. // tab boardsize if caseyeartag & suit_year == 4
. // list case_code suit_year boardsize if boardsize == 3 & caseyeartag, sepby(case_code)
.
. // firm survival to year survmax
. g suityractive = suit_year if boardsize > 0
(4334 missing values generated)
. egen survmax = max(suityractive), by(case_code)
. tab survmax if casetag
survmax | Freq. Percent Cum.
------------+-----------------------------------
0 | 31 6.55 6.55
1 | 21 4.44 10.99
2 | 35 7.40 18.39
3 | 28 5.92 24.31
4 | 358 75.69 100.00
------------+-----------------------------------
Total | 473 100.00
.
. // drop firms with survmax < 4
. keep if survmax == 4
(7848 observations deleted)
. tab survmax if casetag
survmax | Freq. Percent Cum.
------------+-----------------------------------
4 | 358 100.00 100.00
------------+-----------------------------------
Total | 358 100.00
. // stats on boardsize for surviving firms
. tabstat boardsize, by(suit_year)
Summary for variables: boardsize
by categories of: suit_year
suit_year | mean
----------+----------
-1 | 9.547847
0 | 10.26794
1 | 9.643541
2 | 9.308244
3 | 9.507177
4 | 9.798123
----------+----------
Total | 9.678812
---------------------
.
. g seated0 = seated & suit_year == 0
. g seated4 = seated & suit_year == 4
. g mseatm1 = seated * (suit_year == -1)
. g seatyr = seated * suit_year
. egen tenmax = max(seatyr), by(director_id case_code)
.
. egen es0 = max(seated0), by(director_id case_code)
. egen es4 = max(seated4), by(director_id case_code)
. egen seatm1 = max(mseatm1), by(director_id case_code)
.
. tab tenmax if suit_year == 0
tenmax | Freq. Percent Cum.
------------+-----------------------------------
0 | 888 16.34 16.34
1 | 518 9.53 25.87
2 | 394 7.25 33.12
3 | 328 6.04 39.16
4 | 3,306 60.84 100.00
------------+-----------------------------------
Total | 5,434 100.00
. su mseatm1 if suit_year == -1
Variable | Obs Mean Std. Dev. Min Max
-------------+--------------------------------------------------------
mseatm1 | 5434 .5747148 .4944317 0 1
. su seatm1 if suit_year == 0
Variable | Obs Mean Std. Dev. Min Max
-------------+--------------------------------------------------------
seatm1 | 5434 .5747148 .4944317 0 1
.
. g byte survived = es0 * es4 if es0 & suit_year == 0
(29215 missing values generated)
. g byte survivedm1 = seatm1 * es4 if seatm1 & suit_year == -1
(29481 missing values generated)
. su survived
Variable | Obs Mean Std. Dev. Min Max
-------------+--------------------------------------------------------
survived | 3389 .5426379 .4982522 0 1
. tab survived
survived | Freq. Percent Cum.
------------+-----------------------------------
0 | 1,550 45.74 45.74
1 | 1,839 54.26 100.00
------------+-----------------------------------
Total | 3,389 100.00
. tabstat survived, by(smpl) stat(N mean)
Summary for variables: survived
by categories of: smpl
smpl | N mean
---------+--------------------
Original | 2588 .5417311
Extended | 801 .545568
---------+--------------------
Total | 3389 .5426379
------------------------------
. su survivedm1
Variable | Obs Mean Std. Dev. Min Max
-------------+--------------------------------------------------------
survivedm1 | 3123 .4927954 .5000282 0 1
. tab survivedm1
survivedm1 | Freq. Percent Cum.
------------+-----------------------------------
0 | 1,584 50.72 50.72
1 | 1,539 49.28 100.00
------------+-----------------------------------
Total | 3,123 100.00
. tabstat survivedm1, by(smpl) stat(N mean)
Summary for variables: survivedm1
by categories of: smpl
smpl | N mean
---------+--------------------
Original | 2522 .48295
Extended | 601 .5341098
---------+--------------------
Total | 3123 .4927954
------------------------------
.
. egen ndir4 = sum(survived), by(case_code)
. egen ndir0 = sum(seated0), by(case_code)
. g survfrac = 100 * ndir4 / ndir0 if casetag
(32246 missing values generated)
. format survfrac %5.1f
. tabstat survfrac, by(smpl)
Summary for variables: survfrac
by categories of: smpl
smpl | mean
---------+----------
Original | 54.70987
Extended | 56.45792
---------+----------
Total | 55.16886
--------------------
.
. list case_code comnam ndir0 ndir4 survfrac if casetag, noobs
+----------------------------------------------------------------------------------+
| case_c~e comnam ndir0 ndir4 survfrac |
|----------------------------------------------------------------------------------|
| AAM__01 Aames Financial Corp. 8 1 12.5 |
| AAPL_01 APPLE COMPUTER 7 5 71.4 |
| ACAP_01 American Physicians Capital Inc. 7 3 42.9 |
| ACF__01 AMERICREDIT 8 8 100.0 |
| ACF__02 AmeriCredit Corp. 8 6 75.0 |
|----------------------------------------------------------------------------------|
| ACTN_01 ACTION PERFORMANCE 9 4 44.4 |
| ACXM_01 ACXIOM 8 7 87.5 |
| ADBE_01 ADOBE SYSTEMS 7 4 57.1 |
| ADCT_01 ADC Telecommunication, Inc. 10 6 60.0 |
| ADPT_01 ADAPTEC 8 3 37.5 |
|----------------------------------------------------------------------------------|
| ADRX_01 ANDRX 9 5 55.6 |
| ADSK_01 AUTODESK 7 5 71.4 |
| ADVNA01 ADVANTA 13 7 53.8 |
| AEP__01 AMERICAN ELECTRIC POWER 15 10 66.7 |
| AES__01 AES 10 2 20.0 |
|----------------------------------------------------------------------------------|
| AET__01 AETNA 15 10 66.7 |
| AET__02 AETNA 12 8 66.7 |
| AFFX_01 Affymetrix Corp. 7 6 85.7 |
| AHC__01 AMERADA HESS 13 8 61.5 |
| AHG__01 APRIA HEALTHCARE GROUP 7 5 71.4 |
|----------------------------------------------------------------------------------|
| AHG__02 Apria Healthcare Group Inc. 8 1 12.5 |
| AHP__01 AMERICAN HOME PRODUCTS 12 8 66.7 |
| AIF__01 Acceptance Insurance Companies Inc. 9 3 33.3 |
| AKS__01 AK STEEL HOLDING 9 5 55.6 |
| ALD__01 Allied Capital Corporation 12 9 75.0 |
|----------------------------------------------------------------------------------|
| ALO__01 ALPHARMA -CL A 9 4 44.4 |
| AMCC_01 APPLIED MICRO CIRCUITS 8 5 62.5 |
| AMGN_01 AMGEN 8 6 75.0 |
| AMZN_01 AMAZON.COM 6 4 66.7 |
| ANF__01 ABERCROMBIE & FITCH 7 6 85.7 |
|----------------------------------------------------------------------------------|
| ANN__01 ANNTAYLOR STORES 8 6 75.0 |
| AOC__01 AON 14 9 64.3 |
| AOL__01 AOL TIME WARNER 15 8 53.3 |
| AOR__01 Aurora Foods Inc. 10 3 30.0 |
| APD__01 AIR PRODUCTS & CHEMICALS 12 5 41.7 |
|----------------------------------------------------------------------------------|
| APSO_01 Apple South Inc. 8 1 12.5 |
| ARTG_01 ART TECHNOLOGY GROUP 6 1 16.7 |
| ASHW_01 ASHWORTH 4 3 75.0 |
| ATIS_01 ADVANCED TISSUE SCIENCES 8 8 100.0 |
| ATML_01 Atmel Corp. _A2 6 5 83.3 |
|----------------------------------------------------------------------------------|
| ATX__01 CROSS (A.T.) [CL A] 9 6 66.7 |
| AVA__01 AVISTA 10 4 40.0 |
| AVS__01 Aviation Sales Company 6 2 33.3 |
| AVY__01 Avery Dennison Corp. 12 7 58.3 |
| AWA__01 AMERICA WEST HOLDING 10 6 60.0 |
|----------------------------------------------------------------------------------|
| AXP__01 AMERICAN EXPRESS 11 8 72.7 |
| AYE__01 Allegheny Energy, Inc. 9 4 44.4 |
| BAX__01 BAXTER INTERNATIONAL 11 4 36.4 |
| BA___01 BOEING 10 5 50.0 |
| BBI__02 Blockbuster, Inc. 7 1 14.3 |
|----------------------------------------------------------------------------------|
| BBOX_01 Black Box Corp. 5 3 60.0 |
| BBY__01 Best Buy Co., Inc. 10 7 70.0 |
| BEV__01 BEVERLY ENTERPRISES 9 4 44.4 |
| BE___01 BearingPoint Inc. 6 3 50.0 |
| BHE__01 BENCHMARK ELECTRONICS 7 6 85.7 |
|----------------------------------------------------------------------------------|
| BHI__01 BAKER HUGHES 14 5 35.7 |
| BID__01 SOTHEBY'S HOLDINGS 10 6 60.0 |
| BLS__01 BELLSOUTH 12 9 75.0 |
| BMCS_01 BMC SOFTWARE 7 6 85.7 |
| BMY__01 BRISTOL-MYERS SQUIBB 11 9 81.8 |
|----------------------------------------------------------------------------------|
| BOL__01 BAUSCH & LOMB 10 7 70.0 |
| BRCM_01 BROADCOM -CL A 5 3 60.0 |
| BRW__01 BROADWING 11 5 45.5 |
| BSX__01 BOSTON SCIENTIFIC 9 6 66.7 |
| BTGC_01 BIO-TECHNOLOGY GENERAL 9 4 44.4 |
|----------------------------------------------------------------------------------|
| BVSN_01 BROADVISION 7 5 71.4 |
| CACC_01 Credit Acceptance Corp. 6 4 66.7 |
| CAG__01 CONAGRA 10 5 50.0 |
| CA___01 COMPUTER ASSOCIATES INTERNATIONAL 7 6 85.7 |
| CBIZ_01 Century Business Services Inc. 6 4 66.7 |
|----------------------------------------------------------------------------------|
| CBM__01 Cambrex Corp. 10 9 90.0 |
| CB___01 CHUBB 14 10 71.4 |
| CCL__01 CARNIVAL [CL A] 16 8 50.0 |
| CC___01 CIRCUIT CITY 11 5 45.5 |
| CDE__01 COEUR D'ALENE MINES 8 5 62.5 |
|----------------------------------------------------------------------------------|
| CDN__01 CADENCE DESIGN SYSTEMS 8 6 75.0 |
| CECO_01 Career Education Corp. 7 5 71.4 |
| CELL_01 BRIGHTPOINT 8 5 62.5 |
| CEN__01 CERIDIAN 9 4 44.4 |
| CERN_01 Cerner Corp. 8 7 87.5 |
|----------------------------------------------------------------------------------|
| CGO__01 ATLAS AIR WORLDWIDE HOLDINGS 9 0 0.0 |
| CHB__01 CHAMPION ENTERPRISES 8 5 62.5 |
| CHK__01 Chesapeake Energy Corp. 7 6 85.7 |
| CHTR_01 Charter Communications, Inc. 8 4 50.0 |
| CIEN_01 Ciena Corp. 6 2 33.3 |
|----------------------------------------------------------------------------------|
| CITU_01 CITIZENS UTILITIES 13 10 76.9 |
| CI___01 CIGNA 11 5 45.5 |
| CLHB_01 Clean Harbors, Inc. 7 7 100.0 |
| CLST_01 CELLSTAR 8 4 50.0 |
| CLX__01 CLOROX 11 5 45.5 |
|----------------------------------------------------------------------------------|
| CMA__01 COMERICA 22 15 68.2 |
| CMLS_01 Cumulus Media Inc. 6 4 66.7 |
| CMM__01 Criimi Mae, Inc. 6 3 50.0 |
| CMO__01 Capstead Mortgage Corp. 6 1 16.7 |
| CMS__01 CMS ENERGY 10 5 50.0 |
|----------------------------------------------------------------------------------|
| CMVT_01 COMVERSE TECHNOLOGY 9 6 66.7 |
| CNST_01 Constar International, Inc. 10 6 60.0 |
| CNX__01 CONSOL Energy Inc. 8 3 37.5 |
| COF__01 CAPITAL ONE FINANCIAL 7 4 57.1 |
| COL__01 COLUMBIA/HCA HEALTHCARE 14 5 35.7 |
|----------------------------------------------------------------------------------|
| COMS_01 3COM 8 5 62.5 |
| CORR_01 COR THERAPEUTICS 8 5 62.5 |
| COVD_01 COVAD COMMUNICATIONS GROUP 8 4 50.0 |
| CPB__01 CAMPBELL SOUP 16 11 68.8 |
| CPN__01 CALPINE 8 7 87.5 |
|----------------------------------------------------------------------------------|
| CPQ__01 COMPAQ COMPUTER 10 4 40.0 |
| CPRO_01 CELLPRO 6 0 0.0 |
| CPWR_01 COMPUWARE 12 6 50.0 |
| CREE_01 Cree, Inc. 9 6 66.7 |
| CRY__01 CRYOLIFE 7 6 85.7 |
|----------------------------------------------------------------------------------|
| CSCO_01 CISCO SYSTEMS 12 9 75.0 |
| CS___01 CABLETRON SYSTEMS 5 2 40.0 |
| CTXS_01 CITRIX SYSTEMS 9 5 55.6 |
| CU___01 CUC INTERNATIONAL 11 0 0.0 |
| CVS__01 CVS 11 8 72.7 |
|----------------------------------------------------------------------------------|
| CYTC_01 CYTYC 9 5 55.6 |
| C____01 CITIGROUP 17 11 64.7 |
| DFC__01 Delta Financial Corp. 5 5 100.0 |
| DFS__01 DEPARTMENT 56 8 3 37.5 |
| DG___01 DOLLAR GENERAL 9 7 77.8 |
|----------------------------------------------------------------------------------|
| DIS__01 DISNEY (WALT) 16 7 43.8 |
| DOW__01 DOW CHEMICAL 15 10 66.7 |
| DPL__01 DPL 11 2 18.2 |
| DQE__01 DQE, Inc. 7 4 57.1 |
| DSS__01 Quantum Corp. 6 5 83.3 |
|----------------------------------------------------------------------------------|
| DTII_01 DT INDUSTRIES 8 6 75.0 |
| DUK__01 DUKE ENERGY 12 5 41.7 |
| DYN__01 DYNEGY 14 2 14.3 |
| EDS__01 ELECTRONIC DATA SYSTEMS 8 3 37.5 |
| EEX__01 EEX Corp. 5 5 100.0 |
|----------------------------------------------------------------------------------|
| EE___01 El Paso Electric Company 14 11 78.6 |
| EFDS_01 eFunds Corporation 5 3 60.0 |
| EFII_01 ELECTRONICS FOR IMAGING 6 4 66.7 |
| EIX__01 EDISON INTERNATIONAL 13 6 46.2 |
| EMLX_01 EMULEX 6 6 100.0 |
|----------------------------------------------------------------------------------|
| ENTU_01 ENTRUST TECHNOLOGIES 8 4 50.0 |
| EP___01 EL PASO 11 4 36.4 |
| ESST_01 ESS TECHNOLOGY 6 3 50.0 |
| ETS__01 ENTERASYS NETWORKS 7 2 28.6 |
| EXC__01 EXELON 15 11 73.3 |
|----------------------------------------------------------------------------------|
| EX___01 Exide Corp. 8 0 0.0 |
| FCAA_01 FABRI-CENTERS OF AMERICA 8 6 75.0 |
| FD___01 FEDERATED DEPARTMENT STORES 11 10 90.9 |
| FE___01 FirstEnergy Corp. 16 8 50.0 |
| FLEX_01 Flextronics International, Ltd. 6 4 66.7 |
|----------------------------------------------------------------------------------|
| FLM__02 Fleming Cos. 10 4 40.0 |
| FLR__01 FLUOR 12 7 58.3 |
| FLS__01 Flowserve Corp 10 9 90.0 |
| FMXI_01 FOAMEX INTERNATIONAL 7 4 57.1 |
| FNV__01 FINOVA GROUP 8 2 25.0 |
|----------------------------------------------------------------------------------|
| FON__01 SPRINT 9 3 33.3 |
| FTU__01 FIRST UNION 27 6 22.2 |
| F____01 FORD MOTOR 13 11 84.6 |
| GAP__01 GREAT ATLANTIC & PACIFIC TEA 10 8 80.0 |
| GAS__01 NICOR 11 7 63.6 |
|----------------------------------------------------------------------------------|
| GEMS_01 Glenayre Technologies, Inc. 8 4 50.0 |
| GEN__01 GENRAD 8 6 75.0 |
| GILD_01 Gilead Sciences, Inc. 8 6 75.0 |
| GLW__01 CORNING 15 12 80.0 |
| GMST_01 Gemstar-TV Guide International, Inc. 12 4 33.3 |
|----------------------------------------------------------------------------------|
| GRB__01 GERBER SCIENTIFIC 9 4 44.4 |
| GTIS_01 GT Interactive Software Corp. 9 1 11.1 |
| GTK__01 GTECH HOLDINGS 6 3 50.0 |
| GTW__01 GATEWAY 8 5 62.5 |
| GT___01 The Goodyear Tire & Rubber Company 11 5 45.5 |
|----------------------------------------------------------------------------------|
| HAL__01 HALLIBURTON 12 8 66.7 |
| HAZ__01 HAYES LEMMERZ INTERNATIONAL 10 0 0.0 |
| HC___01 HANOVER COMPRESSOR 7 3 42.9 |
| HGR__01 HANGER ORTHOPEDIC GROUP 9 5 55.6 |
| HOMS_01 HOMESTORE.COM 8 5 62.5 |
|----------------------------------------------------------------------------------|
| HON__01 HONEYWELL INTERNATIONAL 14 11 78.6 |
| HPH__01 HARNISCHFEGER INDUSTRIES 13 1 7.7 |
| HRB__01 H & R BLOCK 9 8 88.9 |
| HRC__01 HEALTHSOUTH 12 7 58.3 |
| HRC__02 HEALTHSOUTH 9 0 0.0 |
|----------------------------------------------------------------------------------|
| HUM__01 HUMANA 8 6 75.0 |
| HWP__01 HEWLETT-PACKARD 9 5 55.6 |
| ICN__01 ICN PHARMACEUTICALS 9 3 33.3 |
| IDXX_01 IDEXX LABORATORIES 7 6 85.7 |
| IFMX_01 Informix Corp. 5 3 60.0 |
|----------------------------------------------------------------------------------|
| IKN__01 IKON OFFICE SOLUTIONS 9 3 33.3 |
| IMCL_01 IMCLONE SYSTEMS 10 3 30.0 |
| IMNR_01 IMMUNE RESPONSE 7 2 28.6 |
| INSP_01 INFOSPACE 6 3 50.0 |
| INTC_01 INTEL 11 7 63.6 |
|----------------------------------------------------------------------------------|
| INTV_01 INTERVOICE-BRITE 6 3 50.0 |
| IOM__01 IOMEGA 8 4 50.0 |
| IO___01 INPUT/OUTPUT 10 2 20.0 |
| IPG__01 INTERPUBLIC GROUP 9 7 77.8 |
| ISSX_01 INTERNET SECURITY SYSTEMS 7 7 100.0 |
|----------------------------------------------------------------------------------|
| ITRI_01 ITRON 8 6 75.0 |
| ITWO_01 I2 TECHNOLOGIES 4 2 50.0 |
| IVX__01 IVAX 14 6 42.9 |
| JDEC_01 EDWARDS (J.D.) & CO. 9 6 66.7 |
| JDSU_01 JDS UNIPHASE 7 5 71.4 |
|----------------------------------------------------------------------------------|
| JNJ__01 JOHNSON & JOHNSON 13 6 46.2 |
| JNPR_01 JUNIPER NETWORKS 7 5 71.4 |
| JPM__01 MORGAN (J.P.) 15 6 40.0 |
| KIND_01 Kindred Healthcare, Inc. 7 5 71.4 |
| KNE__01 KN ENERGY 15 7 46.7 |
|----------------------------------------------------------------------------------|
| KO___01 COCA-COLA 12 11 91.7 |
| KR___01 KROGER 18 10 55.6 |
| KSE__01 KEYSPAN 15 7 46.7 |
| LENS_01 CONCORD CAMERA 6 4 66.7 |
| LFCO_01 Life Financial Corp. 6 2 33.3 |
|----------------------------------------------------------------------------------|
| LF___01 LeapFrog Enterprises, Inc. 9 3 33.3 |
| LGTO_01 LEGATO SYSTEMS 6 2 33.3 |
| LH___01 Laboratory Corporation of America Holdings 6 4 66.7 |
| LMT__01 LOCKHEED MARTIN 17 8 47.1 |
| LNT__01 Alliant Energy Corp. 12 4 33.3 |
|----------------------------------------------------------------------------------|
| LNY__01 Landry's Seafood Restaurants Inc. 6 5 83.3 |
| LTRE_01 LEARNING TREE INTERNATIONAL 6 4 66.7 |
| LU___01 LUCENT TECHNOLOGIES 9 5 55.6 |
| LXK__01 LEXMARK INTERNATIONAL GROUP -CL A 12 12 100.0 |
| MAT__01 MATTEL 11 7 63.6 |
|----------------------------------------------------------------------------------|
| MCGC_01 MCG Capital Corp. 9 6 66.7 |
| MCK__01 MCKESSON 9 3 33.3 |
| MDM__01 MedPartners, Inc. 13 3 23.1 |
| MDR__01 MCDERMOTT INTERNATIONAL 9 6 66.7 |
| MER__01 MERRILL LYNCH 11 6 54.5 |
|----------------------------------------------------------------------------------|
| MFN__01 MERCURY FINANCE 9 0 0.0 |
| MIK__01 Michaels Stores, Inc. 6 5 83.3 |
| MIR__01 MIRANT 8 1 12.5 |
| MOT__01 Motorola, Inc. 13 6 46.2 |
| MRK__01 MERCK 13 8 61.5 |
|----------------------------------------------------------------------------------|
| MSC__01 MATERIAL SCIENCES 8 4 50.0 |
| MSM__01 MSC Industrial Direct Co., Inc. 10 7 70.0 |
| MTRS_01 Metris Companies, Inc. 7 3 42.9 |
| MWD__01 MORGAN STANLEY DEAN WITTER 13 8 61.5 |
| NAFC_01 NASH FINCH 10 5 50.0 |
|----------------------------------------------------------------------------------|
| NBTY_01 NBTY 11 10 90.9 |
| NCS__01 NCI Building Systems, Inc. 8 4 50.0 |
| NETA_01 NETWORKS ASSOCIATES 5 1 20.0 |
| NITE_01 KNIGHT/TRIMARK GROUP 15 4 26.7 |
| NKE__01 NIKE -CL B 11 7 63.6 |
|----------------------------------------------------------------------------------|
| NOVL_01 NOVELL 9 2 22.2 |
| NOVN_01 NOVEN PHARMACEUTICALS 6 3 50.0 |
| NSIT_01 INSIGHT ENTERPRISES 6 6 100.0 |
| NU___01 NORTHEAST UTILITIES 11 7 63.6 |
| NVDA_01 NVIDIA 7 7 100.0 |
|----------------------------------------------------------------------------------|
| NWL__01 NEWELL RUBBERMAID 15 8 53.3 |
| OCA__01 ORTHODONTIC CENTERS OF AMERICA 6 3 50.0 |
| OH___01 OAKWOOD HOMES 10 6 60.0 |
| OMC__01 OMNICOM GROUP 11 9 81.8 |
| OMG__01 OM GROUP 8 1 12.5 |
|----------------------------------------------------------------------------------|
| ONE__01 BANK ONE 21 9 42.9 |
| ORB__01 ORBITAL SCIENCES 14 8 57.1 |
| ORCL_01 ORACLE 8 6 75.0 |
| ORCL_02 ORACLE 8 6 75.0 |
| OXHP_01 OXFORD HEALTH PLANS 7 4 57.1 |
|----------------------------------------------------------------------------------|
| PCG__01 PG&E 9 6 66.7 |
| PCLN_01 PRICELINE.COM 10 3 30.0 |
| PCMS_01 P-COM 5 2 40.0 |
| PCTL_01 PICTURETEL 6 4 66.7 |
| PDX__01 PEDIATRIX 7 4 57.1 |
|----------------------------------------------------------------------------------|
| PEB__01 PE (CELERA GENOMICS GROUP) 10 9 90.0 |
| PER__01 Perot Systems Corporation 8 6 75.0 |
| PETM_01 PetsMart Inc. 10 3 30.0 |
| PG___01 PROCTER & GAMBLE 15 7 46.7 |
| PHSY_01 PACIFICARE HEALTH SYSTEMS 10 5 50.0 |
|----------------------------------------------------------------------------------|
| PKI__01 PERKINELMER 9 8 88.9 |
| PLX__01 PLAINS RESOURCES 8 3 37.5 |
| PMA__01 PMA Capital Corp. 13 4 30.8 |
| PMTC_01 PARAMETRIC TECHNOLOGY 7 6 85.7 |
| PMTC_02 Parametric Technology Corp. 6 6 100.0 |
|----------------------------------------------------------------------------------|
| PNC__01 PNC FINANCIAL SERVICES GROUP 15 11 73.3 |
| POI__01 Protection One, Inc._SP1 12 2 16.7 |
| PPD__01 PREPAID LEGAL SERVICES 9 4 44.4 |
| PSFT_01 PEOPLESOFT 6 3 50.0 |
| PSSI_01 PSS WORLD MEDICAL 10 6 60.0 |
|----------------------------------------------------------------------------------|
| PTA__01 Penn Treaty American Corp. 9 4 44.4 |
| PTEK_01 Premiere Technologies Inc. 5 3 60.0 |
| PVN__01 PROVIDIAN FINANCIAL 9 4 44.4 |
| PZN__01 Prison Realty Trust Inc. 15 1 6.7 |
| Q____01 QWEST COMMUNICATIONS INTERNATIONAL 14 8 57.1 |
|----------------------------------------------------------------------------------|
| RAD__01 RITE AID 11 2 18.2 |
| RCCC_01 Rural Cellular Corp. 10 7 70.0 |
| RCII_01 Rent-A-Center 8 5 62.5 |
| REV__01 REVLON 14 8 57.1 |
| RHB__01 REHABCARE GROUP 7 4 57.1 |
|----------------------------------------------------------------------------------|
| RMBS_01 RAMBUS 7 6 85.7 |
| ROV__01 Rayovac Corp. 7 5 71.4 |
| RSG__01 REPUBLIC SERVICES 6 6 100.0 |
| RTNB_01 RAYTHEON 12 5 41.7 |
| RURL_01 Rural/Metro Corp. 9 5 55.6 |
|----------------------------------------------------------------------------------|
| RWY__01 Rent-Way, Inc._S1 7 6 85.7 |
| SAMC_01 Samsonite Corp. 9 7 77.8 |
| SBL__01 SYMBOL TECHNOLOGIES 8 0 0.0 |
| SCHL_01 Scholastic Corp. 15 10 66.7 |
| SDTI_01 SECURITY DYNAMICS TECHNOLOGIES 7 4 57.1 |
|----------------------------------------------------------------------------------|
| SEE__01 Sealed Air Corp. 9 8 88.9 |
| SEI__01 SEITEL 7 1 14.3 |
| SEPR_01 SEPRACOR 7 6 85.7 |
| SERO_01 SEROLOGICALS 8 4 50.0 |
| SFA__01 SCIENTIFIC-ATLANTA 8 8 100.0 |
|----------------------------------------------------------------------------------|
| SFE__01 SAFEGUARD SCIENTIFICS 13 3 23.1 |
| SGE__01 STAGE STORES 8 0 0.0 |
| SGI__01 Silicon Graphics, Inc. 9 5 55.6 |
| SGP__01 SCHERING-PLOUGH 15 7 46.7 |
| SHG__01 SUN HEALTHCARE GROUP 10 0 0.0 |
|----------------------------------------------------------------------------------|
| SIII_01 S3 7 3 42.9 |
| SIRI_01 SIRIUS SATELLITE RADIO 6 3 50.0 |
| SLE__01 Sara Lee Corp. 14 5 35.7 |
| SLR__01 Solectron Corp. 11 5 45.5 |
| SONE_01 S1 Corp. 5 2 40.0 |
|----------------------------------------------------------------------------------|
| SPC__01 ST. PAUL 15 7 46.7 |
| SRV__01 SERVICE CORP. INTERNATIONAL 12 11 91.7 |
| STAF_01 StaffMark Inc. 10 3 30.0 |
| STEI_01 STEWART ENTERPRISES [CL A] 9 6 66.7 |
| SVU__01 SUPERVALU 10 7 70.0 |
|----------------------------------------------------------------------------------|
| SWC__01 Stillwater Mining Company 9 8 88.9 |
| SYBS_01 SYBASE 9 4 44.4 |
| SYKE_01 SYKES ENTERPRISES 9 6 66.7 |
| SYMC_01 SYMANTEC 6 2 33.3 |
| S____01 SEARS- ROEBUCK 10 6 60.0 |
|----------------------------------------------------------------------------------|
| TCSI_01 TCSI 6 2 33.3 |
| TERN_01 Terayon Communications Systems Inc. 6 4 66.7 |
| TER__01 TERADYNE 10 6 60.0 |
| THC__01 TENET HEALTHCARE 10 2 20.0 |
| TLAB_01 TELLABS 9 5 55.6 |
|----------------------------------------------------------------------------------|
| TNB__01 THOMAS & BETTS 11 9 81.8 |
| TRL__01 TOTAL RENAL CARE HOLDINGS 5 1 20.0 |
| TSAI_01 TRANSACTION SYSTEM ARCHITECTS -CL A 5 2 40.0 |
| TSO__01 TESORO PETROLEUM 7 5 71.4 |
| TXT__01 TEXTRON 13 7 53.8 |
|----------------------------------------------------------------------------------|
| TXU__01 TXU 9 3 33.3 |
| TYC__01 TYCO INTERNATIONAL 11 0 0.0 |
| T____01 AT&T 13 3 23.1 |
| UAG__01 United Auto Group Inc. 7 3 42.9 |
| UCR__01 UCAR International Inc. 8 2 25.0 |
|----------------------------------------------------------------------------------|
| UCU__01 UTILICORP UNITED 8 4 50.0 |
| UHAL_01 Amerco, Inc. 8 7 87.5 |
| UICI_01 UICI 7 5 71.4 |
| UIS__01 UNISYS 10 9 90.0 |
| UK___01 UNION CARBIDE 9 1 11.1 |
|----------------------------------------------------------------------------------|
| UNH__01 UNITED HEALTHCARE 10 8 80.0 |
| UNM__02 UNUM PROVIDENT 12 5 41.7 |
| UNP__01 UNION PACIFIC 15 8 53.3 |
| USU__01 USEC 6 4 66.7 |
| VC___01 VENCOR 10 2 20.0 |
|----------------------------------------------------------------------------------|
| VIAB_01 VIACOM 10 9 90.0 |
| VISX_01 VISX 6 5 83.3 |
| VNWK_01 VISUAL NETWORKS 8 4 50.0 |
| VRSN_01 VERISIGN 7 4 57.1 |
| VRTX_01 Vertex Pharmaceuticals, Inc. 8 7 87.5 |
|----------------------------------------------------------------------------------|
| VTA__01 VESTA INSURANCE GROUP 9 2 22.2 |
| WAC__01 WARNACO GROUP -CL A 9 0 0.0 |
| WDC__01 WESTERN DIGITAL 8 3 37.5 |
| WMB__01 WILLIAMS 14 7 50.0 |
| WMX__01 WMX TECHNOLOGIES 12 4 33.3 |
|----------------------------------------------------------------------------------|
| WNC__01 WABASH NATIONAL 6 3 50.0 |
| WND__01 WINDMERE-DURABLE HOLDINGS 13 11 84.6 |
| WPI__01 Watson Pharmaceuticals, Inc. 7 7 100.0 |
| WR___01 Westar Energy Inc. 7 3 42.9 |
| XEL__01 XCEL ENERGY 12 7 58.3 |
|----------------------------------------------------------------------------------|
| XL___01 XL Capital, Ltd. 13 9 69.2 |
| XOXO_01 XO COMMUNICATIONS 11 0 0.0 |
| XRX__01 XEROX 16 7 43.8 |
+----------------------------------------------------------------------------------+
.
. // debug
. // sort case_code director_id suit_year
. // list case_code director_id suit_year yr seated seated0 seated4 es0 es4 survived, sepby(case_code director_id)
.
. tab restatement
Restatement | Freq. Percent Cum.
------------+-----------------------------------
Y | 7,710 100.00 100.00
------------+-----------------------------------
Total | 7,710 100.00
. g byte restate = (restatement=="Y")
.
. * revise definition of gaap
. tab gaapviolation
GAAP |
Violation | Freq. Percent Cum.
------------+-----------------------------------
Y | 16,182 100.00 100.00
------------+-----------------------------------
Total | 16,182 100.00
. g byte gaap = (gaapviolation=="Y")
.
. * define "other GAAP" variable
.
. g othgaap = gaap & !restate
. tab othgaap restate
| restate
othgaap | 0 1 | Total
-----------+----------------------+----------
0 | 15,606 7,710 | 23,316
1 | 9,288 0 | 9,288
-----------+----------------------+----------
Total | 24,894 7,710 | 32,604
. su restate gaap othgaap
Variable | Obs Mean Std. Dev. Min Max
-------------+--------------------------------------------------------
restate | 32604 .2364741 .4249231 0 1
gaap | 32604 .4963195 .4999941 0 1
othgaap | 32604 .284873 .4513609 0 1
.
. tabstat smpl, by(insider) stat(N)
Summary for variables: smpl
by categories of: insider
insider | N
---------+----------
0 | 14850
1 | 4514
---------+----------
Total | 19364
--------------------
. tabstat smpl, by(dir_code) stat(N)
Summary for variables: smpl
by categories of: dir_code
dir_code | N
---------+----------
CEO | 1887
EMP | 1744
FOR | 883
IND | 14850
---------+----------
Total | 19364
--------------------
.
. label def inside 0 "Outside Directors" 1 "Inside Directors"
. label val insider inside
. label var insider "Director Status"
. tab insider smpl
| smpl
Director Status | Original Extended | Total
------------------+----------------------+----------
Outside Directors | 11,420 3,430 | 14,850
Inside Directors | 3,417 1,097 | 4,514
------------------+----------------------+----------
Total | 14,837 4,527 | 19,364
.
. // director stockholding: express as percentage
. g stkholding = 100 * shares_yr0 / shares_out_yr0
(12252 missing values generated)
. tabstat stkholding, stat(N mean q) by(smpl)
Summary for variables: stkholding
by categories of: smpl
smpl | N mean p25 p50 p75
---------+--------------------------------------------------
Original | 15528 .9820666 .0034475 .0310835 .2091799
Extended | 4824 2.123085 .0084682 .0654871 .5981251
---------+--------------------------------------------------
Total | 20352 1.25252 .0039778 .0372413 .2602723
------------------------------------------------------------
.
. // ceo variable
. tab ceo dir_code
| dir_code
ceo | CEO EMP FOR IND | Total
-----------+--------------------------------------------+----------
0 | 0 1,744 883 14,850 | 17,477
1 | 1,887 0 0 0 | 1,887
-----------+--------------------------------------------+----------
Total | 1,887 1,744 883 14,850 | 19,364
. tab ceo insider
| Director Status
ceo | Outside D Inside Di | Total
-----------+----------------------+----------
0 | 14,850 2,627 | 17,477
1 | 0 1,887 | 1,887
-----------+----------------------+----------
Total | 14,850 4,514 | 19,364
. tab ceo insider if smpl
| Director Status
ceo | Outside D Inside Di | Total
-----------+----------------------+----------
0 | 3,430 582 | 4,012
1 | 0 515 | 515
-----------+----------------------+----------
Total | 3,430 1,097 | 4,527
.
. // generate board fraction variable
. g byte iota = 1
. bys case_code suit_year: egen insideseats = sum(iota*insider)
. bys case_code suit_year: egen outsideseats = sum(iota*(1-insider))
. g outfrac = outsideseats / boardsize
(1078 missing values generated)
. tabstat boardsize insideseats outsideseats outfrac, by(smpl) f(%6.3f)
Summary statistics: mean
by categories of: smpl
smpl | boards~e inside~s outsid~s outfrac
---------+----------------------------------------
Original | 10.045 2.209 7.836 0.770
Extended | 8.506 1.913 6.592 0.762
---------+----------------------------------------
Total | 9.679 2.139 7.540 0.768
--------------------------------------------------
. tabstat boardsize insideseats outsideseats outfrac, by(suit_year) f(%6.3f)
Summary statistics: mean
by categories of: suit_year
suit_year | boards~e inside~s outsid~s outfrac
----------+----------------------------------------
-1 | 9.548 2.406 7.142 0.735
0 | 10.268 2.466 7.802 0.747
1 | 9.644 2.201 7.442 0.760
2 | 9.308 1.949 7.359 0.781
3 | 9.507 1.916 7.591 0.786
4 | 9.798 1.893 7.905 0.799
----------+----------------------------------------
Total | 9.679 2.139 7.540 0.768
---------------------------------------------------
.
. // no longer have info on audit committee chair
. // replace audit = ( (auditchair & !mi(auditchair)) | (auditmbr & !mi(auditmbr)) ) if !extd
.
. // hardevidence indicator: restatement or other GAAP
. gen hardevidence = restate | othgaap
. gen audithard = audit * hardevidence
.
. // director tenure on board
. // g yyj = year - join_board
. // l case_code director_id year join_board yyj if suit_year == 0 & yyj < 0
. g tenure = max(year - join_board, 0)
. tabstat tenure, stat(N mean) by(smpl)
Summary for variables: tenure
by categories of: smpl
smpl | N mean
---------+--------------------
Original | 24840 6.375
Extended | 7764 5.497939
---------+--------------------
Total | 32604 6.166145
------------------------------
. tabstat join_board, stat(N mean) by(smpl)
Summary for variables: join_board
by categories of: smpl
smpl | N mean
---------+--------------------
Original | 23232 1994.569
Extended | 7764 1996.708
---------+--------------------
Total | 30996 1995.105
------------------------------
. g entrench = log(tenure + 1)
. tabstat entrench, by(smpl)
Summary for variables: entrench
by categories of: smpl
smpl | mean
---------+----------
Original | 1.505742
Extended | 1.373813
---------+----------
Total | 1.474326
--------------------
.
. // case status: count how many ongoing
. g ongoing = (status=="ACTIVE")
. count if ongoing & casetag
10
. list case_code status if ongoing & casetag
+-------------------+
| case_c~e status |
|-------------------|
4160. | BAX__01 ACTIVE |
8376. | CNST_01 ACTIVE |
16658. | INTV_01 ACTIVE |
20029. | MIR__01 ACTIVE |
22519. | ORCL_02 ACTIVE |
|-------------------|
23044. | PEB__01 ACTIVE |
26187. | SEE__01 ACTIVE |
26486. | SFA__01 ACTIVE |
26918. | SGP__01 ACTIVE |
32525. | XRX__01 ACTIVE |
+-------------------+
. g settled = !(dismissed | ongoing)
. label var settled "Suit Settled (0/1) "
. label val settled dum
. // g notdis = !dismissed
.
. // tab notdis
. // label var notdis "Suit Settled/Ongoing (0/1) "
. // label val notdis dum
. tab ongoing
ongoing | Freq. Percent Cum.
------------+-----------------------------------
0 | 31,710 97.26 97.26
1 | 894 2.74 100.00
------------+-----------------------------------
Total | 32,604 100.00
. // drop ongoing cases
. drop if ongoing
(894 observations deleted)
. tab dismissed
dismissed | Freq. Percent Cum.
------------+-----------------------------------
0 | 18,330 57.81 57.81
1 | 13,380 42.19 100.00
------------+-----------------------------------
Total | 31,710 100.00
. tab settled
Suit |
Settled |
(0/1) | Freq. Percent Cum.
------------+-----------------------------------
0 | 13,380 42.19 42.19
1 | 18,330 57.81 100.00
------------+-----------------------------------
Total | 31,710 100.00
. gen byte settledhard = (settled*hardevidence)
. label val settledhard dum
. gen byte dismissedhard = (dismissed*hardevidence)
. label val dismissedhard dum
.
. g byte settledres = (settled*restate)
. label val settledres dum
. g byte dismissedres = (dismissed*restate)
. label val dismissedres dum
. g byte settledgaap = (settled*gaap)
. label val settledgaap dum
. g byte dismissedgaap = (dismissed*gaap)
. label val dismissedgaap dum
.
. // filter on filingyear
. tab filingyear, gen(FY)
filingyear | Freq. Percent Cum.
------------+-----------------------------------
1996 | 648 2.04 2.04
1997 | 3,360 10.60 12.64
1998 | 3,438 10.84 23.48
1999 | 4,794 15.12 38.60
2000 | 4,548 14.34 52.94
2001 | 3,750 11.83 64.77
2002 | 7,944 25.05 89.82
2003 | 3,144 9.91 99.74
2004 | 84 0.26 100.00
------------+-----------------------------------
Total | 31,710 100.00
. // drop those filed in FY2004
. local afy
. forv i=2/8 {
2. local fy = 1996+`i'-1
3. rename FY`i' FY`fy'
4. local afy "`afy' FY`fy'"
5. }
. drop FY1 FY9
. drop if filingyear == 2004
(84 observations deleted)
.
. tab settled hardevidence
Suit |
Settled | hardevidence
(0/1) | 0 1 | Total
-----------+----------------------+----------
0 | 8,022 5,274 | 13,296
1 | 6,996 11,334 | 18,330
-----------+----------------------+----------
Total | 15,018 16,608 | 31,626
. tab settled restate
Suit |
Settled | restate
(0/1) | 0 1 | Total
-----------+----------------------+----------
0 | 11,442 1,854 | 13,296
1 | 12,474 5,856 | 18,330
-----------+----------------------+----------
Total | 23,916 7,710 | 31,626
. tab settled gaap
Suit |
Settled | gaap
(0/1) | 0 1 | Total
-----------+----------------------+----------
0 | 8,202 5,094 | 13,296
1 | 7,632 10,698 | 18,330
-----------+----------------------+----------
Total | 15,834 15,792 | 31,626
. tab dismissed hardevidence
| hardevidence
dismissed | 0 1 | Total
-----------+----------------------+----------
0 | 6,996 11,334 | 18,330
1 | 8,022 5,274 | 13,296
-----------+----------------------+----------
Total | 15,018 16,608 | 31,626
. tab dismissed restate
| restate
dismissed | 0 1 | Total
-----------+----------------------+----------
0 | 12,474 5,856 | 18,330
1 | 11,442 1,854 | 13,296
-----------+----------------------+----------
Total | 23,916 7,710 | 31,626
. tab dismissed gaap
| gaap
dismissed | 0 1 | Total
-----------+----------------------+----------
0 | 7,632 10,698 | 18,330
1 | 8,202 5,094 | 13,296
-----------+----------------------+----------
Total | 15,834 15,792 | 31,626
. // tab notdis hardevidence
. // tab notdis restate
. // tab notdis gaap
.
. // 8630 annrev n/a
. // g pcdamages = 100*settlement/annrev
. // replace pcdamages=0 if mi(pcdamages)
. // replace damages=. if damages > 125
. // g damages = (pcdamages>5)
. // su damages
.
. tabstat insthold, by(smpl) stat(N mean)
Summary for variables: insthold
by categories of: smpl
smpl | N mean
---------+--------------------
Original | 23796 61.52001
Extended | 6726 60.48128
---------+--------------------
Total | 30522 61.2911
------------------------------
. tabstat sumout, by(smpl) stat(N mean)
Summary for variables: sumout
by categories of: smpl
smpl | N mean
---------+--------------------
Original | 24078 13.42834
Extended | 7548 12.15401
---------+--------------------
Total | 31626 13.12421
------------------------------
. tabstat sumblks, by(smpl) stat(N mean)
Summary for variables: sumblks
by categories of: smpl
smpl | N mean
---------+--------------------
Original | 24078 22.21886
Extended | 7548 30.8281
---------+--------------------
Total | 31626 24.27358
------------------------------
.
. g setinst = settled * insthold
(1104 missing values generated)
.
. g disinst = dismissed * insthold
(1104 missing values generated)
. g setnblock = settled * sumout
. g disnblock = dismissed * sumout
. g setoutfrac = settled * outfrac
(1030 missing values generated)
. g disoutfrac = dismissed * outfrac
(1030 missing values generated)
. g setaudit = settled * audit
. g disaudit = dismissed * audit
. g setstkh = settled*stkholding
(11928 missing values generated)
.
. g defendant = (named == "Y")
. g setdefendant = settled * defendant
. g disdefendant = dismissed * defendant
.
. g age_61_65= (age_yr_0 > 60 & age_yr_0 < 66 & !mi(age_yr_0))
. g age_66_70= (age_yr_0 > 65 & age_yr_0 < 71 & !mi(age_yr_0))
. g age_gt_70= (age_yr_0 > 70 & !missing(age_yr_0))
.
. * Recast dep var as Pr[leave board]
. g byte departed = !survived if !mi(survived)
(28345 missing values generated)
. tab departed
departed | Freq. Percent Cum.
------------+-----------------------------------
0 | 1,777 54.16 54.16
1 | 1,504 45.84 100.00
------------+-----------------------------------
Total | 3,281 100.00
. g byte departedm1 = !survivedm1 if !mi(survivedm1)
(28598 missing values generated)
. tab departedm1
departedm1 | Freq. Percent Cum.
------------+-----------------------------------
0 | 1,491 49.24 49.24
1 | 1,537 50.76 100.00
------------+-----------------------------------
Total | 3,028 100.00
.
. // define "CEO + Chair" variable
. g ceochair = (ceo_chair_0 == "CEOCHAIR") if suit_year == 0
(26355 missing values generated)
. g byte setceoc = (settled*ceochair)
(26355 missing values generated)
. tab ceochair if suit_year == 0 & ceo
ceochair | Freq. Percent Cum.
------------+-----------------------------------
0 | 109 32.15 32.15
1 | 230 67.85 100.00
------------+-----------------------------------
Total | 339 100.00
. g byte setceo = settled * ceo
.
. // define log total assets
. g ltotass = log(total_assets)
.
. // clean up insider_trading, create indicator
. replace insider_trading = "Y" if insider_trading == "y"
(6 real changes made)
. replace insider_trading = "" if insider_trading == "UNK"
(3282 real changes made)
. g insidertr = (insider_trading == "Y")
. g setinside = settled * insidertr
. g disinside = dismissed * insidertr
.
. // create insider_trading flag by case_code
. egen caseinside = max(insidertr), by(case_code)
. tab caseinside if casetag
caseinside | Freq. Percent Cum.
------------+-----------------------------------
0 | 220 63.40 63.40
1 | 127 36.60 100.00
------------+-----------------------------------
Total | 347 100.00
. g setcaseinside = settled * caseinside
.
. // SEC involvement
. g dissecalso = dismissed * secalso
. g setnosec = settled * !secalso
. g setsecalso = settled * secalso
. tab settled secalso
Suit |
Settled | secalso
(0/1) | 0 1 | Total
-----------+----------------------+----------
0 | 10,740 2,556 | 13,296
1 | 12,138 6,192 | 18,330
-----------+----------------------+----------
Total | 22,878 8,748 | 31,626
. tab settled secalso if casetag
Suit |
Settled | secalso
(0/1) | 0 1 | Total
-----------+----------------------+----------
0 | 125 26 | 151
1 | 130 66 | 196
-----------+----------------------+----------
Total | 255 92 | 347
.
. // governance
. g setgindex = settled * gindex
(3138 missing values generated)
. g disgindex = dismissed * gindex
(3138 missing values generated)
. g seteindex = settled * eindex
(3138 missing values generated)
. g setcboard = settled * cboard
.
. // ab ret (def for +/- 3 only)
. g setar3_ecp = settled * ar3_ecp
(900 missing values generated)
. g setar3_filing = settled * ar3_filing
(2244 missing values generated)
. su ar3_ecp if casetag, detail
ar3_ecp
-------------------------------------------------------------
Percentiles Smallest
1% -.9194344 -1.107348
5% -.5945621 -1.106327
10% -.5352594 -1.004503 Obs 336
25% -.3774914 -.9194344 Sum of Wgt. 336
50% -.1976267 Mean -.2358444
Largest Std. Dev. .2146137
75% -.0760199 .1481497
90% -.0052814 .1731814 Variance .046059
95% .0296515 .1799543 Skewness -.9190735
99% .1481497 .1867814 Kurtosis 4.30267
. scalar ecp_botq = r(p25)
. su ar3_filing if casetag, detail
ar3_filing
-------------------------------------------------------------
Percentiles Smallest
1% -.6783388 -.8609062
5% -.4588934 -.8098204
10% -.2934885 -.7380495 Obs 322
25% -.0826239 -.6783388 Sum of Wgt. 322
50% -.0267943 Mean -.0655814
Largest Std. Dev. .1688944
75% .0116074 .2405048
90% .0537443 .3675938 Variance .0285253
95% .1109349 .4019396 Skewness -1.731694
99% .2405048 .4170695 Kurtosis 7.78846
. scalar filing_botq = r(p25)
. g byte ar3_ecp_botq = (ar3_ecp < ecp_botq & !mi(ar3_ecp))
. g byte ar3_filing_botq = (ar3_filing < filing_botq & !mi(ar3_filing))
. g byte setar3_ecp_botq = settled * ar3_ecp_botq
. g byte setar3_filing_botq = settled * ar3_filing_botq
.
. // blockholdings
. g sumblockbroad = sumout + sumaflin + sumdir
. g setsumblockbroad = settled * sumblockbroad
. g dissumblockbroad = dismissed * sumblockbroad
.
. // top quartile of settlements, raw and scaled by TA
. destring settlement_amounts, gen(settlement) ignore(",")
settlement_amounts: characters , removed; settlement generated as double
(13296 missing values generated)
. replace settlement = settlement / 1e6
(18330 real changes made)
. su settlement if casetag & settled, detail
Settlement_Amounts
-------------------------------------------------------------
Percentiles Smallest
1% .5445 .5
5% 1.7 .5445
10% 2.55 .825 Obs 196
25% 6.1875 .925 Sum of Wgt. 196
50% 16 Mean 88.30531
Largest Std. Dev. 309.4784
75% 77.47811 517.15
90% 149.75 960 Variance 95776.9
95% 311 2650 Skewness 8.232722
99% 2650 3186.5 Kurtosis 76.35939
. scalar topq = r(p75)
. scalar tophalf = r(p50)
. g topqsettle = (settlement > topq & !mi(settlement))
. g tophsettle = (settlement > tophalf & !mi(settlement))
.
. g settleta = 100 * settlement / total_assets
(13296 missing values generated)
. su settleta if casetag & settled, detail
settleta
-------------------------------------------------------------
Percentiles Smallest
1% .0098616 .0033488
5% .0412843 .0098616
10% .0688115 .0115593 Obs 196
25% .2495144 .01671 Sum of Wgt. 196
50% .7701443 Mean 2.865412
Largest Std. Dev. 6.30143
75% 2.790921 21.84945
90% 7.123353 24.23479 Variance 39.70801
95% 12.67498 41.00882 Skewness 5.210124
99% 41.00882 57.14286 Kurtosis 37.59145
. scalar stopq = r(p75)
. scalar stophalf = r(p50)
. g topqssettle = (settleta > stopq & !mi(settleta))
. g tophssettle = (settleta > stophalf & !mi(settleta))
.
. g topqsinst = topqssettle * insthold
(1104 missing values generated)
. g topqsblock = topqssettle * sumout
.
. egen cc = tag(case_code)
. tabstat ar* if cc, by(settled) stat(N mean p50)
Summary statistics: N, mean, p50
by categories of: settled (Suit Settled (0/1) )
settled | ar1_ecp ar3_ecp ar5_ecp ar1_fi~g ar3_fi~g ar5_fi~g ar3_ec~q ar3_fi~q
--------+--------------------------------------------------------------------------------
0 | 146 146 146 142 142 142 151 151
| -.0829744 -.2298493 -.2464244 -.0157083 -.0444948 -.0533197 .2317881 .1986755
| -.024992 -.2011193 -.2250618 -.0038141 -.0129899 -.0313271 0 0
--------+--------------------------------------------------------------------------------
1 | 189 190 190 180 180 180 196 196
| -.0706794 -.2404511 -.2645399 -.0373234 -.0822165 -.1153376 .25 .255102
| -.0280423 -.1931224 -.2162527 -.0086231 -.0348764 -.048863 0 0
--------+--------------------------------------------------------------------------------
Total | 335 336 336 322 322 322 347 347
| -.0760378 -.2358444 -.2566683 -.0277913 -.0655814 -.0879881 .2420749 .2305476
| -.0264723 -.1976267 -.2174396 -.0061464 -.0267943 -.0378559 0 0
-----------------------------------------------------------------------------------------
. forv i=1(2)5 {
2. di _n "Test for ar`i'_ecp"
3. ttest ar`i'_ecp if cc, by(settled)
4. di _n "Test for ar`i'_filing"
5. ttest ar`i'_filing if cc, by(settled)
6. }
Test for ar1_ecp
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 146 -.0829744 .0116211 .1404189 -.1059432 -.0600057
1 | 189 -.0706794 .0094652 .130125 -.0893511 -.0520078
---------+--------------------------------------------------------------------
combined | 335 -.0760378 .0073562 .1346408 -.0905082 -.0615675
---------+--------------------------------------------------------------------
diff | -.012295 .0148421 -.0414911 .0169011
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = -0.8284
Ho: diff = 0 degrees of freedom = 333
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.2040 Pr(|T| > |t|) = 0.4080 Pr(T > t) = 0.7960
Test for ar1_filing
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 142 -.0157083 .0058019 .0691378 -.0271783 -.0042383
1 | 180 -.0373234 .0090461 .1213659 -.0551741 -.0194728
---------+--------------------------------------------------------------------
combined | 322 -.0277913 .005691 .1021221 -.0389877 -.0165948
---------+--------------------------------------------------------------------
diff | .0216152 .0114163 -.0008454 .0440757
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = 1.8934
Ho: diff = 0 degrees of freedom = 320
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.9704 Pr(|T| > |t|) = 0.0592 Pr(T > t) = 0.0296
Test for ar3_ecp
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 146 -.2298493 .016653 .2012188 -.2627633 -.1969354
1 | 190 -.2404511 .0163074 .2247819 -.272619 -.2082832
---------+--------------------------------------------------------------------
combined | 336 -.2358444 .0117081 .2146137 -.2588751 -.2128137
---------+--------------------------------------------------------------------
diff | .0106018 .0236479 -.0359158 .0571194
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = 0.4483
Ho: diff = 0 degrees of freedom = 334
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.6729 Pr(|T| > |t|) = 0.6542 Pr(T > t) = 0.3271
Test for ar3_filing
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 142 -.0444948 .0109794 .130835 -.0662004 -.0227892
1 | 180 -.0822165 .0143449 .1924564 -.1105232 -.0539097
---------+--------------------------------------------------------------------
combined | 322 -.0655814 .0094121 .1688944 -.0840987 -.0470642
---------+--------------------------------------------------------------------
diff | .0377217 .0188688 .000599 .0748443
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = 1.9992
Ho: diff = 0 degrees of freedom = 320
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.9768 Pr(|T| > |t|) = 0.0464 Pr(T > t) = 0.0232
Test for ar5_ecp
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 146 -.2464244 .0176275 .212994 -.2812645 -.2115844
1 | 190 -.2645399 .0175876 .2424282 -.2992331 -.2298467
---------+--------------------------------------------------------------------
combined | 336 -.2566683 .0125445 .229945 -.2813443 -.2319923
---------+--------------------------------------------------------------------
diff | .0181155 .0253255 -.031702 .067933
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = 0.7153
Ho: diff = 0 degrees of freedom = 334
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.7625 Pr(|T| > |t|) = 0.4749 Pr(T > t) = 0.2375
Test for ar5_filing
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 142 -.0533197 .0164489 .1960113 -.0858381 -.0208014
1 | 180 -.1153376 .0180575 .2422664 -.1509706 -.0797047
---------+--------------------------------------------------------------------
combined | 322 -.0879881 .0125303 .2248477 -.11264 -.0633363
---------+--------------------------------------------------------------------
diff | .0620179 .0250374 .0127592 .1112766
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = 2.4770
Ho: diff = 0 degrees of freedom = 320
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.9931 Pr(|T| > |t|) = 0.0138 Pr(T > t) = 0.0069
.
. label var age_61_65 "Age 61-65 (0/1) "
. label var age_66_70 "Age 66-70 (0/1) "
. label var age_gt_70 "Age $>$70 (0/1) "
. label var dismissed "Suit dismissed"
. label var restate "Restatement of financials (0/1) "
. label var gaap "Violation of GAAP"
. label var othgaap "Other GAAP (0/1) "
. label var tenure "Board Tenure"
. label var entrench "Log(Board Tenure)"
. label var cara "Firm Performance"
. label var stkholding "Voting Share (\%) "
. label var setstkh "Settled x Voting Share "
. label var audit "Member Audit Committee (0/1) "
. label var insidertr "Insider trading alleged (0/1) "
. label var defendant "Named as Defendant (0/1) "
. label var ceo "CEO (0/1) "
. label var setceo "Settled x CEO (0/1) "
. label var ceochair "CEO and Chairman (0/1) "
. label var setceoc "Settled x CEO \& Chair (0/1) "
. label var setinst "Settled x Inst. Holdings "
. label var setnblock "Settled x Outside Blockholdings "
. label var setaudit "Settled x Audit Comm. (0/1) "
. label var setdefendant "Settled x Named Def. (0/1) "
. label var setinside "Settled x Insider Trading (0/1) "
. label var disinst "Dismissed x Inst. Holdings "
. label var disnblock "Dismissed x Outside Blockholdings "
. label var disaudit "Dismissed x Audit Comm. (0/1) "
. label var disdefendant "Dismissed x Named Def. (0/1) "
. label var disinside "Dismissed x Insider Trading (0/1) "
. label var outfrac "Proportion of Outside Directors"
. label var setoutfrac "Settled x Prop. OD"
. label var insthold "Institutional Holdings"
. label var topqsinst "Q4 Sc.Set. x Inst. Holdings"
. // label var sumblks "Blockholdings"
. label var sumout "Outside Blockholdings"
. label var topqsblock "Q4 Sc.Set. x Outside Blockh."
. label var sumblockbroad "Blockholdings"
. label var setsumblockbroad "Settled x Blockholdings"
. label var dissumblockbroad "Dismissed x Blockholdings"
. label var total_assets "Total Assets"
. label var ltotass "Log(Total Assets)"
. label var gindex "Gindex"
. label var eindex "Eindex"
. label var secalso "Overlapping SEC action (0/1) "
. label var setsecalso "Settled, Overlapping SEC action (0/1) "
. label var caseinside "Insider trading alleg. for case (0/1) "
. label var setcaseinside "Settled x Insider trading alleg. (0/1) "
. label var dissecalso "Dismissed, Overlapping SEC action (0/1) "
. label var setgindex "Settled x Gindex (0/1) "
. label var disgindex "Dismissed x Gindex (0/1) "
. label var seteindex "Settled x Eindex (0/1) "
. label var setnosec "Settled, No SEC involvement (0/1) "
. label var settlement "Settlement amount, MM"
. label var settleta "Settlement amount, pc of Total assets"
. label var topqsettle "Settlement amount in Q4 (0/1) "
. label var topqssettle "Scaled settlement in Q4 (0/1) "
. label var tophsettle "Settlement amount > median (0/1) "
. label var tophssettle "Scaled settlement > median (0/1) "
. label var tenmax "Last year director observed on board"
. label var seatm1 "Director seated in year -1"
. label var cboard "Classified Board (0/1)"
. label var setcboard "Settled x Classified Board (0/1)"
. label var ar1_ecp "Ab.Ret. End Cls Per [-1,+1]"
. label var ar3_ecp "Ab.Ret. End Cls Per [-2,+2]"
. label var ar5_ecp "Ab.Ret. End Cls Per [-3,+3]"
. label var ar1_filing "Ab.Ret. Filing Dt [-1,+1]"
. label var ar3_filing "Ab.Ret. Filing Dt [-2,+2]"
. label var ar5_filing "Ab.Ret. Filing Dt [-3,+3]"
. label var setar3_ecp "Settled x AR ECP [-2,+2]"
. label var setar3_filing "Settled x AR FD [-2,+2]"
. label var ar3_ecp_botq "AR ECP in Q1 (0/1)"
. label var ar3_filing_botq "AR FD in Q1 (0/1)"
. label var setar3_ecp_botq "Settled x AR ECP in Q1 (0/1)"
. label var setar3_filing_botq "Settled x AR FD in Q1 (0/1)"
. // label var settmv "Settlement / Mkt Value"
. // label var lnsettmv "Log(Settlement / Mkt Value)"
. // label var settmvz "Settlement / Mkt Value"
. // label var settmvhi "(Settlement / MV) > p50"
. // label var cara22 "CARA [-2,+2]"
.
. // table departed insider, c(N settmv mean settmv)
. // table departed insider, c(N settmv median settmv)
.
.
. // write out dataset in revised form
. save `ou1', replace
file litgov4_est29408.dta saved
. log close
name: <unnamed>
log: /Users/baum/Documents/Chuck/ ChuckLitGov4/litgov4-7.smcl
log type: smcl
closed on: 2 Apr 2010, 11:29:11
-----------------------------------------------------------------------------------------------------------------------------