-------------------------------------------------------------------------------------------------------
name: <unnamed>
log: /Users/baum/Documents/ Chucky/ ChuckLitGov4/litgov4-8.smcl
log type: smcl
opened on: 3 Oct 2010, 12:18:44
. * litgov4-8 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: consider only settled / dismissed cases
. * cfb 9905: flag for Chapter 11 cases
. * cfb 9926: consider all insiders
. * cfb 9927: implement -1 models
. * cfb 9928: scratch CEO models, include models for all
. * cfb 9930: revert to outside/inside/CEO
. * cfb 9A01: break out governance models separately
. * cfb 9B11: convert to margins
. * cfb 9B30: remove Gindex from 5-7, add insthold, blockhold to 9-10
.
. local ts 9408
.
. local in1 litgov4_est2`ts'
. local ou1 litgov4_est3`ts'
.
. use `in1', clear
. desc
Contains data from litgov4_est29408.dta
obs: 31,626
vars: 246 4 Jan 2010 15:22
size: 49,589,568 (76.4% 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 samp
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
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
settlement double %10.0g Settlement amount, MM
year1 int %8.0g
beg_class_per1 str10 %10s Beg_Class_Per
end_class_per1 str10 %10s End_Class_Per
sec_start1 str10 %10s SEC_start
sec_end1 str10 %10s SEC_end
filing_date1 str10 %10s Filing_date
status1 str17 %17s Status
settlement_am~1 str13 %13s Settlement_Amounts
year2 int %8.0g
beg_class_per2 str10 %10s Beg_Class_Per
end_class_per2 str10 %10s End_Class_Per
sec_start2 str10 %10s SEC_start
sec_end2 str10 %10s SEC_end
filing_date2 str10 %10s Filing_date
status2 str17 %17s Status
settlement_am~2 str13 %13s Settlement_Amounts
year3 int %8.0g
beg_class_per3 str10 %10s Beg_Class_Per
end_class_per3 str10 %10s End_Class_Per
sec_start3 str10 %10s SEC_start
sec_end3 str10 %10s SEC_end
filing_date3 str10 %10s Filing_date
status3 str17 %17s Status
settlement_am~3 str13 %13s Settlement_Amounts
insthold double %10.0g Institutional Holdings
insown_date str9 %9s
cboard byte %8.0g Classified Board (0/1)
dualclas byte %8.0g
uneqvote byte %8.0g
gindex byte %10.0g Gindex
eindex byte %10.0g Eindex
index_match str1 %9s
year_reported int %8.0g Year_Reported
total_assets float %9.0g Total Assets
company_name str42 %42s Company_Name
cara double %10.0g Firm Performance
ctag byte %8.0g tag(cusip)
companyname str42 %42s Company Name
sumblks float %9.0g
numblks byte %8.0g
sumaflin float %9.0g
sumout float %9.0g Outside Blockholdings
sumesop float %9.0g
sumdir float %9.0g
sumoff float %9.0g
numaflin byte %8.0g
numout byte %8.0g
numesop byte %8.0g
numdir byte %8.0g
numoff byte %8.0g
dfiling_date float %td
dbeg_class_per float %td
dend_class_per float %td
dsec_start float %td
dsec_end float %td
secoverlap float %9.0g
secalso float %9.0g Overlapping SEC action (0/1)
casetag byte %8.0g tag(case_code)
dismissed byte %8.0g Suit dismissed
lenclassper float %9.0g
lensecper float %9.0g
fileafter float %9.0g
filingyear float %9.0g
ar1_ecp float %9.0g Ab.Ret. End Cls Per [-1,+1]
ar3_ecp float %9.0g Ab.Ret. End Cls Per [-2,+2]
ar5_ecp float %9.0g Ab.Ret. End Cls Per [-3,+3]
ar1_filing float %9.0g Ab.Ret. Filing Dt [-1,+1]
ar3_filing float %9.0g Ab.Ret. Filing Dt [-2,+2]
ar5_filing float %9.0g Ab.Ret. Filing Dt [-3,+3]
c11flag float %9.0g
dir_code str3 %9s
insider float %17.0g inside Director Status
ceo byte %8.0g CEO (0/1)
audit float %9.0g Member Audit Committee (0/1)
seated byte %8.0g
boardsize float %9.0g
caseyeartag byte %8.0g tag(case_code suit_year)
suityractive float %9.0g
survmax float %9.0g
seated0 float %9.0g
seated4 float %9.0g
mseatm1 float %9.0g
seatyr float %9.0g
tenmax float %9.0g Last year director observed on board
es0 float %9.0g
es4 float %9.0g
seatm1 float %9.0g Director seated in year -1
survived byte %8.0g
survivedm1 byte %8.0g
ndir4 float %9.0g
ndir0 float %9.0g
survfrac float %5.1f
restate byte %8.0g Restatement of financials (0/1)
gaap byte %8.0g Violation of GAAP
othgaap float %9.0g Other GAAP (0/1)
stkholding float %9.0g Voting Share (\%)
iota byte %8.0g
insideseats float %9.0g
outsideseats float %9.0g
outfrac float %9.0g Proportion of Outside Directors
hardevidence float %9.0g
audithard float %9.0g
tenure float %9.0g Board Tenure
entrench float %9.0g Log(Board Tenure)
ongoing float %9.0g
settled float %9.0g dum Suit Settled (0/1)
settledhard byte %8.0g dum
dismissedhard byte %8.0g dum
settledres byte %8.0g dum
dismissedres byte %8.0g dum
settledgaap byte %8.0g dum
dismissedgaap byte %8.0g dum
FY1997 byte %8.0g filingyear== 1997.0000
FY1998 byte %8.0g filingyear== 1998.0000
FY1999 byte %8.0g filingyear== 1999.0000
FY2000 byte %8.0g filingyear== 2000.0000
FY2001 byte %8.0g filingyear== 2001.0000
FY2002 byte %8.0g filingyear== 2002.0000
FY2003 byte %8.0g filingyear== 2003.0000
setinst float %9.0g Settled x Inst. Holdings
disinst float %9.0g Dismissed x Inst. Holdings
setnblock float %9.0g Settled x Outside Blockholdings
disnblock float %9.0g Dismissed x Outside Blockholdings
setoutfrac float %9.0g Settled x Prop. OD
disoutfrac float %9.0g
setaudit float %9.0g Settled x Audit Comm. (0/1)
disaudit float %9.0g Dismissed x Audit Comm. (0/1)
setstkh float %9.0g Settled x Voting Share
defendant float %9.0g Named as Defendant (0/1)
setdefendant float %9.0g Settled x Named Def. (0/1)
disdefendant float %9.0g Dismissed x Named Def. (0/1)
age_61_65 float %9.0g Age 61-65 (0/1)
age_66_70 float %9.0g Age 66-70 (0/1)
age_gt_70 float %9.0g Age $>$70 (0/1)
departed byte %8.0g
departedm1 byte %8.0g
ceochair float %9.0g CEO and Chairman (0/1)
setceoc byte %8.0g Settled x CEO \& Chair (0/1)
setceo byte %8.0g Settled x CEO (0/1)
ltotass float %9.0g Log(Total Assets)
insidertr float %9.0g Insider trading alleged (0/1)
setinside float %9.0g Settled x Insider Trading (0/1)
disinside float %9.0g Dismissed x Insider Trading (0/1)
caseinside float %9.0g Insider trading alleg. for case (0/1)
setcaseinside float %9.0g Settled x Insider trading alleg. (0/1)
dissecalso float %9.0g Dismissed, Overlapping SEC action (0/1)
setnosec float %9.0g Settled, No SEC involvement (0/1)
setsecalso float %9.0g Settled, Overlapping SEC action (0/1)
setgindex float %9.0g Settled x Gindex (0/1)
disgindex float %9.0g Dismissed x Gindex (0/1)
seteindex float %9.0g Settled x Eindex (0/1)
setcboard float %9.0g Settled x Classified Board (0/1)
setar3_ecp float %9.0g Settled x AR ECP [-2,+2]
setar3_filing float %9.0g Settled x AR FD [-2,+2]
ar3_ecp_botq byte %8.0g AR ECP in Q1 (0/1)
ar3_filing_botq byte %8.0g AR FD in Q1 (0/1)
setar3_ecp_botq byte %8.0g Settled x AR ECP in Q1 (0/1)
setar3_filing~q byte %8.0g Settled x AR FD in Q1 (0/1)
sumblockbroad float %9.0g Blockholdings
setsumblockbr~d float %9.0g Settled x Blockholdings
dissumblockbr~d float %9.0g Dismissed x Blockholdings
topqsettle float %9.0g Settlement amount in Q4 (0/1)
tophsettle float %9.0g Settlement amount > median (0/1)
settleta float %9.0g Settlement amount, pc of Total assets
topqssettle float %9.0g Scaled settlement in Q4 (0/1)
tophssettle float %9.0g Scaled settlement > median (0/1)
topqsinst float %9.0g Q4 Sc.Set. x Inst. Holdings
topqsblock float %9.0g Q4 Sc.Set. x Outside Blockh.
cc byte %8.0g tag(case_code)
-------------------------------------------------------------------------------------------------------
Sorted by: case_code suit_year
. su
Variable | Obs Mean Std. Dev. Min Max
-------------+--------------------------------------------------------
dircase | 0
caseyr | 0
lookup | 0
rectype_hide | 24078 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 | 30102 1995.079 7.321939 1948 2007
age_yr_m1 | 18180 57.64719 9.243213 26 92
age_yr_0 | 22236 56.74663 9.497182 24 93
-------------+--------------------------------------------------------
age_yr_1 | 20292 57.377 9.249716 25 94
audit_yr_m1 | 0
audit_yr0 | 0
audit_yr1 | 0
shares_yr_m1 | 18204 1885570 1.75e+07 0 7.20e+08
-------------+--------------------------------------------------------
shares_ou~m1 | 20322 3.08e+08 6.43e+08 6546716 5.03e+09
shares_yr0 | 19698 2253222 2.07e+07 0 7.20e+08
shares_out~0 | 22416 3.80e+08 8.46e+08 6483145 7.16e+09
shares_yr1 | 17892 2153901 2.14e+07 0 7.20e+08
shares_ou~r1 | 20466 4.27e+08 9.33e+08 6668436 7.33e+09
-------------+--------------------------------------------------------
action_type | 0
named | 0
source_named | 0
insider_tr~g | 0
source_tra~g | 0
-------------+--------------------------------------------------------
suit_year | 31626 1.5 1.707852 -1 4
smpl | 31626 .2386644 .4262739 0 1
mtgdate | 0
proxy_status | 0
missing_pr~n | 0
-------------+--------------------------------------------------------
id | 24078 16333.77 85442.64 2 1015340
ticker | 0
cusip | 0
year | 31626 2001.238 2.672725 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 | 15006 .5348527 .4988004 0 1
chair_stat~1 | 0
chair_stat~0 | 0
dual_class | 0
-------------+--------------------------------------------------------
pct_yr_0 | 906 8.768808 9.701288 .1 51.9
pct_yr_1 | 0
proxy_date | 0
permno | 7548 67034.88 26188.39 10137 89471
dataset | 0
-------------+--------------------------------------------------------
suit_year_~e | 31626 1999.868 2.059736 1996 2003
beg_class_~r | 0
end_class_~r | 0
sec_start | 0
sec_end | 0
-------------+--------------------------------------------------------
file_under~r | 0
restatement | 0
gaapviolat~n | 0
false_fore~t | 0
failure_to~e | 0
-------------+--------------------------------------------------------
other | 0
primary_so~e | 0
drop_code | 0
status | 0
status_date | 0
-------------+--------------------------------------------------------
settlement~s | 0
settlement | 18330 117.8497 394.3403 .5 3186.5
year1 | 3414 1999.661 1.767733 1996 2002
beg_class_~1 | 0
end_class_~1 | 0
-------------+--------------------------------------------------------
sec_start1 | 0
sec_end1 | 0
filing_date1 | 0
status1 | 0
settlement~1 | 0
-------------+--------------------------------------------------------
year2 | 492 1999.805 1.923839 1996 2002
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 | 30522 61.2911 20.2926 6.92 97.11
insown_date | 0
cboard | 31626 .5477139 .497726 0 1
dualclas | 31626 .1195219 .3244068 0 1
-------------+--------------------------------------------------------
uneqvote | 31626 .0034149 .0583383 0 1
gindex | 28488 8.925864 2.559033 3 16
eindex | 28488 2.22599 1.328897 0 6
index_match | 0
year_repor~d | 31626 2000.137 1.972348 1996 2003
-------------+--------------------------------------------------------
total_assets | 31626 28853.42 105904.7 17.5 1097190
company_name | 0
cara | 30558 -.0227984 .8297422 -2.213405 4.650977
ctag | 31626 .0113514 .1059383 0 1
companyname | 0
-------------+--------------------------------------------------------
sumblks | 31626 24.27358 21.27898 0 97.4
numblks | 31626 2.217985 1.639312 0 8
sumaflin | 31626 1.719824 7.898783 0 97.4
sumout | 31626 13.12421 13.41628 0 66.3
sumesop | 31626 .4962284 2.29202 0 21.25
-------------+--------------------------------------------------------
sumdir | 31626 4.342768 13.99232 0 95.49
sumoff | 31626 4.590554 12.80978 0 96.25
numaflin | 31626 .1094669 .3664605 0 2
numout | 31626 1.565927 1.529401 0 8
numesop | 31626 .0540694 .2261582 0 1
-------------+--------------------------------------------------------
numdir | 31626 .2084993 .5436563 0 3
numoff | 31626 .2800228 .6449835 0 4
dfiling_date | 31626 14846.14 722.428 13174 16049
dbeg_class~r | 31626 14300.33 744.3756 11752 15937
dend_class~r | 31626 14794.82 748.9642 12548 16118
-------------+--------------------------------------------------------
dsec_start | 8826 13170.67 2552.401 2922 15431
dsec_end | 8748 14482.76 2166.769 6847 16801
secoverlap | 31626 .2075507 .4055597 0 1
secalso | 31626 .2766079 .4473279 0 1
casetag | 31626 .010972 .1041727 0 1
-------------+--------------------------------------------------------
dismissed | 31626 .4204136 .4936332 0 1
lenclassper | 31626 494.4853 399.8531 0 1942
lensecper | 8748 1324.105 1148.956 89 5843
fileafter | 31626 545.8082 380.5375 7 1826
filingyear | 31626 2000.149 1.96627 1996 2003
-------------+--------------------------------------------------------
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
dir_code | 0
insider | 18762 .2340369 .4234066 0 1
ceo | 31626 .0577689 .2333097 0 1
-------------+--------------------------------------------------------
audit | 31626 .2325934 .4224919 0 1
seated | 31626 .5932461 .491236 0 1
boardsize | 31626 9.684943 3.517342 0 27
caseyeartag | 31626 .0658319 .247992 0 1
suityractive | 30596 1.525722 1.709005 -1 4
-------------+--------------------------------------------------------
survmax | 31626 4 0 4 4
seated0 | 31626 .1037438 .3049327 0 1
seated4 | 31626 .1012142 .3016169 0 1
mseatm1 | 31626 .095744 .2942445 0 1
seatyr | 31626 .8942642 1.510798 -1 4
-------------+--------------------------------------------------------
tenmax | 31626 2.851641 1.586703 0 4
es0 | 31626 .6224625 .4847787 0 1
es4 | 31626 .6072851 .488362 0 1
seatm1 | 31626 .574464 .4944318 0 1
survived | 3281 .5416032 .4983421 0 1
-------------+--------------------------------------------------------
survivedm1 | 3028 .4924042 .5000249 0 1
ndir4 | 31626 5.191235 2.806967 0 15
ndir0 | 31626 10.26617 3.44349 4 27
survfrac | 347 55.05598 23.65959 0 100
restate | 31626 .2437868 .4293723 0 1
-------------+--------------------------------------------------------
gaap | 31626 .499336 .5000075 0 1
othgaap | 31626 .2813508 .4496653 0 1
stkholding | 19698 1.28064 5.235195 0 95.48593
iota | 31626 1 0 1 1
insideseats | 31626 2.147189 1.336881 0 10
-------------+--------------------------------------------------------
outsideseats | 31626 7.537754 3.271346 0 25
outfrac | 30596 .7671128 .1326144 .125 1
hardevidence | 31626 .5251375 .4993756 0 1
audithard | 31626 .1178145 .3223934 0 1
tenure | 31626 6.16654 7.010533 0 56
-------------+--------------------------------------------------------
entrench | 31626 1.474788 1.056597 0 4.043051
ongoing | 31626 0 0 0 0
settled | 31626 .5795864 .4936332 0 1
settledhard | 31626 .358376 .4795309 0 1
dismissedh~d | 31626 .1667615 .3727687 0 1
-------------+--------------------------------------------------------
settledres | 31626 .1851641 .3884368 0 1
dismissedres | 31626 .0586227 .2349208 0 1
settledgaap | 31626 .338266 .473127 0 1
dismissedg~p | 31626 .16107 .3676013 0 1
FY1997 | 31626 .1062417 .3081516 0 1
-------------+--------------------------------------------------------
FY1998 | 31626 .108708 .3112775 0 1
FY1999 | 31626 .1515841 .358623 0 1
FY2000 | 31626 .1438057 .3508982 0 1
FY2001 | 31626 .1185733 .3232909 0 1
FY2002 | 31626 .2511857 .433702 0 1
-------------+--------------------------------------------------------
FY2003 | 31626 .0994119 .299219 0 1
setinst | 30522 34.92054 33.38183 0 97.01
disinst | 30522 26.37056 33.75281 0 97.11
setnblock | 31626 7.73085 12.16367 0 66.3
disnblock | 31626 5.393356 10.74405 0 62.9
-------------+--------------------------------------------------------
setoutfrac | 30596 .4407881 .3943815 0 1
disoutfrac | 30596 .3263247 .3869616 0 1
setaudit | 31626 .1295769 .3358427 0 1
disaudit | 31626 .1030165 .3039852 0 1
setstkh | 19698 .8510774 4.449571 0 92.37
-------------+--------------------------------------------------------
defendant | 31626 .1551888 .3620903 0 1
setdefendant | 31626 .0952381 .2935482 0 1
disdefendant | 31626 .0599507 .2373992 0 1
age_61_65 | 31626 .1254031 .3311807 0 1
age_66_70 | 31626 .0880288 .2833413 0 1
-------------+--------------------------------------------------------
age_gt_70 | 31626 .0424967 .2017226 0 1
departed | 3281 .4583968 .4983421 0 1
departedm1 | 3028 .5075958 .5000249 0 1
ceochair | 5271 .043635 .204301 0 1
setceoc | 5271 .0259913 .1591243 0 1
-------------+--------------------------------------------------------
setceo | 31626 .0321255 .1763361 0 1
ltotass | 31626 8.288914 1.904256 2.862201 13.90826
insidertr | 31626 .0506545 .2192947 0 1
setinside | 31626 .0284576 .1662788 0 1
disinside | 31626 .0221969 .1473259 0 1
-------------+--------------------------------------------------------
caseinside | 31626 .3534434 .4780464 0 1
setcaseins~e | 31626 .2020489 .4015349 0 1
dissecalso | 31626 .0808196 .2725621 0 1
setnosec | 31626 .3837981 .4863174 0 1
setsecalso | 31626 .1957883 .3968126 0 1
-------------+--------------------------------------------------------
setgindex | 28488 5.016849 4.748307 0 15
disgindex | 28488 3.909014 4.819282 0 16
seteindex | 28488 1.268324 1.485434 0 6
setcboard | 31626 .3126541 .4635821 0 1
setar3_ecp | 30726 -.1365725 .2077097 -1.107348 .1799543
-------------+--------------------------------------------------------
setar3_fil~g | 29382 -.047679 .1488894 -.8609062 .4170695
ar3_ecp_botq | 31626 .2251945 .4177169 0 1
ar3_filing~q | 31626 .2286094 .4199437 0 1
setar3_ecp~q | 31626 .1405805 .3475938 0 1
setar3_fil~q | 31626 .1470309 .3541423 0 1
-------------+--------------------------------------------------------
sumblockbr~d | 31626 19.1868 18.96818 0 97.4
setsumbloc~d | 31626 12.0375 18.39033 0 97.4
dissumbloc~d | 31626 7.149302 13.91806 0 95.49
topqsettle | 31626 .1682793 .37412 0 1
tophsettle | 31626 .3122747 .4634285 0 1
-------------+--------------------------------------------------------
settleta | 18330 2.666282 6.043638 .0033488 57.14286
topqssettle | 31626 .1358376 .3426215 0 1
tophssettle | 31626 .2638968 .440751 0 1
topqsinst | 30522 8.540163 22.74916 0 97.01
topqsblock | 31626 2.181681 7.339383 0 44.6
-------------+--------------------------------------------------------
cc | 31626 .010972 .1041727 0 1
.
. /* DISABLED
> drop if c11flag==1
> su
> */
.
. local depvarlist departed // departedm1
. local suffix 0 m1
. local c 1 // 0
. local clustvar director_id
. // local clustvar case_code
.
. local pct 10 25 50 75 90
. local npct: word count `pct'
. local ppct p10 p25 p50 p75 p90
. local instblok InstHold dPrdSettled P-value Blockhold dPrdSettled P-value
. local geoutfrc Gindex dPrdSettled P-value // OutFrac dPrdSettled P-value
.
. // local sec secalso
.
. // foreach depvar of local depvarlist {
. // local ++c
.
. local depvar: word `c' of `depvarlist'
. local suf: word `c' of `suffix'
. di _n "Models for beginning year `suf'"
Models for beginning year 0
.
. // ************************************************** TABLE Outsider-1
.
. // cannot include ceochair in outside dir models, as it is always zero in year -1
.
. // suest -- must do before margins with post
. qui probit `depvar' age_61_65 age_66_70 age_gt_70 /* settled */ restate othgaap entrench stkholding /
> * outfrac */ cara /* audit */ ltotass /* gindex */ FY* ///
> if !insider // clu(`clustvar') nolog
. est store su1o
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 /* settled */ restate othgaap entrench stkholding /* ou
> tfrac */ cara /* audit */ ltotass /* gindex */ FY* ///
> if !insider, clu(`clustvar') nolog
Probit regression Number of obs = 2364
Wald chi2(16) = 188.79
Prob > chi2 = 0.0000
Log pseudolikelihood = -1508.7187 Pseudo R2 = 0.0642
(Std. Err. adjusted for 2200 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0309032 .0697458 -0.44 0.658 -.1676025 .1057961
age_66_70 | .6827725 .0790335 8.64 0.000 .5278697 .8376754
age_gt_70 | 1.133046 .1126009 10.06 0.000 .9123523 1.35374
restate | .1778518 .0689899 2.58 0.010 .0426341 .3130695
othgaap | .0387635 .0641499 0.60 0.546 -.0869679 .164495
entrench | -.0840137 .03524 -2.38 0.017 -.1530828 -.0149447
stkholding | .0108999 .0076935 1.42 0.157 -.0041792 .025979
cara | -.065583 .0365222 -1.80 0.073 -.1371653 .0059992
ltotass | .0276728 .0151168 1.83 0.067 -.0019556 .0573013
FY1997 | -.2483914 .2090893 -1.19 0.235 -.658199 .1614162
FY1998 | -.1479133 .2114631 -0.70 0.484 -.5623733 .2665467
FY1999 | -.1997074 .2054445 -0.97 0.331 -.6023712 .2029565
FY2000 | -.2953572 .204121 -1.45 0.148 -.695427 .1047125
FY2001 | -.3378195 .2082763 -1.62 0.105 -.7460336 .0703946
FY2002 | -.3569907 .2024978 -1.76 0.078 -.753879 .0398976
FY2003 | -.4884435 .2108133 -2.32 0.021 -.9016301 -.075257
_cons | -.2428479 .2298753 -1.06 0.291 -.6933952 .2076993
------------------------------------------------------------------------------
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 2364
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding cara ltotass FY1997
FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0112732 .0254379 -0.44 0.658 -.0611307 .0385842
age_66_70 | .2490692 .0273925 9.09 0.000 .1953808 .3027575
age_gt_70 | .4133248 .0383481 10.78 0.000 .3381638 .4884858
restate | .0648787 .0250588 2.59 0.010 .0157644 .113993
othgaap | .0141406 .0233975 0.60 0.546 -.0317176 .0599988
entrench | -.0306474 .0128134 -2.39 0.017 -.0557613 -.0055336
stkholding | .0039762 .0028024 1.42 0.156 -.0015165 .0094689
cara | -.0239241 .0132932 -1.80 0.072 -.0499782 .00213
ltotass | .0100948 .0055024 1.83 0.067 -.0006897 .0208793
FY1997 | -.0906109 .0762084 -1.19 0.234 -.2399766 .0587547
FY1998 | -.0539574 .077122 -0.70 0.484 -.2051138 .097199
FY1999 | -.0728514 .0749092 -0.97 0.331 -.2196707 .0739679
FY2000 | -.1077436 .0743624 -1.45 0.147 -.2534913 .038004
FY2001 | -.1232335 .0758596 -1.62 0.104 -.2719155 .0254486
FY2002 | -.1302269 .0737295 -1.77 0.077 -.274734 .0142801
FY2003 | -.1781797 .0766572 -2.32 0.020 -.3284251 -.0279344
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .064242
. est store table51, title([1])
.
. if `c' == 1 {
. gen byte t5s = e(sample)
. }
. count if t5s
2364
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding /* outfrac */ cara
> /* audit */ ltotass settled /* gindex */ `sec' FY* ///
> if !insider, clu(`clustvar') nolog
Probit regression Number of obs = 2364
Wald chi2(17) = 195.78
Prob > chi2 = 0.0000
Log pseudolikelihood = -1506.0198 Pseudo R2 = 0.0659
(Std. Err. adjusted for 2200 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0327844 .0698049 -0.47 0.639 -.1695994 .1040306
age_66_70 | .6840186 .0789751 8.66 0.000 .5292303 .8388069
age_gt_70 | 1.130753 .1124774 10.05 0.000 .9103011 1.351204
restate | .1392961 .0710198 1.96 0.050 .0000999 .2784923
othgaap | .0236916 .0646043 0.37 0.714 -.1029305 .1503138
entrench | -.0828484 .0352647 -2.35 0.019 -.1519659 -.0137309
stkholding | .0101934 .0075721 1.35 0.178 -.0046476 .0250344
cara | -.0598479 .0365483 -1.64 0.102 -.1314813 .0117854
ltotass | .0267075 .0151376 1.76 0.078 -.0029615 .0563766
settled | .1322823 .0572282 2.31 0.021 .020117 .2444476
FY1997 | -.2891821 .2095103 -1.38 0.168 -.6998147 .1214504
FY1998 | -.1720717 .2114409 -0.81 0.416 -.5864883 .2423449
FY1999 | -.1998397 .2050521 -0.97 0.330 -.6017344 .202055
FY2000 | -.3118771 .2038369 -1.53 0.126 -.7113901 .087636
FY2001 | -.3496665 .2079973 -1.68 0.093 -.7573337 .0580008
FY2002 | -.373262 .202045 -1.85 0.065 -.7692628 .0227389
FY2003 | -.4815756 .2103419 -2.29 0.022 -.8938381 -.0693132
_cons | -.2849056 .2305069 -1.24 0.216 -.7366909 .1668797
------------------------------------------------------------------------------
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 2364
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding cara ltotass settled
FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0119364 .02541 -0.47 0.639 -.0617391 .0378663
age_66_70 | .2490425 .0273187 9.12 0.000 .1954989 .3025861
age_gt_70 | .4116928 .0382587 10.76 0.000 .3367071 .4866785
restate | .050716 .025789 1.97 0.049 .0001704 .1012615
othgaap | .0086258 .0235206 0.37 0.714 -.0374737 .0547253
entrench | -.0301641 .012799 -2.36 0.018 -.0552496 -.0050785
stkholding | .0037113 .0027532 1.35 0.178 -.0016849 .0091075
cara | -.0217899 .0132813 -1.64 0.101 -.0478207 .0042409
ltotass | .0097239 .0055 1.77 0.077 -.001056 .0205037
settled | .0481623 .0207767 2.32 0.020 .0074407 .0888839
FY1997 | -.1052876 .0761939 -1.38 0.167 -.254625 .0440498
FY1998 | -.0626491 .0769581 -0.81 0.416 -.2134842 .088186
FY1999 | -.0727591 .0746219 -0.98 0.330 -.2190153 .0734971
FY2000 | -.1135505 .0741052 -1.53 0.125 -.2587939 .0316929
FY2001 | -.1273091 .0756038 -1.68 0.092 -.2754899 .0208716
FY2002 | -.1359 .0734127 -1.85 0.064 -.2797862 .0079863
FY2003 | -.1753356 .076345 -2.30 0.022 -.324969 -.0257022
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .06591597
. est store table52, title([2])
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding /* outfrac */ cara
> /* audit */ topqsettle ltotass /* gindex */ `sec' FY* ///
> if !insider, clu(`clustvar') nolog
Probit regression Number of obs = 2364
Wald chi2(17) = 194.55
Prob > chi2 = 0.0000
Log pseudolikelihood = -1506.7001 Pseudo R2 = 0.0655
(Std. Err. adjusted for 2200 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0359356 .0698884 -0.51 0.607 -.1729144 .1010432
age_66_70 | .6822637 .0790964 8.63 0.000 .5272376 .8372897
age_gt_70 | 1.131127 .1123256 10.07 0.000 .9109724 1.351281
restate | .1403549 .0717144 1.96 0.050 -.0002027 .2809125
othgaap | .0111603 .0657779 0.17 0.865 -.117762 .1400825
entrench | -.0785116 .0354126 -2.22 0.027 -.147919 -.0091042
stkholding | .0107557 .0077737 1.38 0.166 -.0044805 .0259918
cara | -.0688835 .036611 -1.88 0.060 -.1406399 .0028728
topqsettle | .1554073 .0777005 2.00 0.045 .0031172 .3076974
ltotass | .019682 .0158465 1.24 0.214 -.0113766 .0507405
FY1997 | -.2588814 .2092162 -1.24 0.216 -.6689377 .1511748
FY1998 | -.1530378 .2113791 -0.72 0.469 -.5673333 .2612577
FY1999 | -.1984209 .2053442 -0.97 0.334 -.6008881 .2040463
FY2000 | -.3018786 .2040659 -1.48 0.139 -.7018405 .0980833
FY2001 | -.3521656 .2083155 -1.69 0.091 -.7604564 .0561252
FY2002 | -.3697955 .2023145 -1.83 0.068 -.7663247 .0267336
FY2003 | -.4826235 .2106824 -2.29 0.022 -.8955533 -.0696936
_cons | -.1862515 .2323093 -0.80 0.423 -.6415693 .2690663
------------------------------------------------------------------------------
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 2364
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding cara topqsettle
ltotass FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0130887 .0254491 -0.51 0.607 -.062968 .0367906
age_66_70 | .2484994 .0273796 9.08 0.000 .1948363 .3021624
age_gt_70 | .4119877 .0382236 10.78 0.000 .3370709 .4869046
restate | .0511212 .0260556 1.96 0.050 .0000531 .1021892
othgaap | .0040649 .0239582 0.17 0.865 -.0428923 .051022
entrench | -.0285961 .0128627 -2.22 0.026 -.0538066 -.0033856
stkholding | .0039175 .0028272 1.39 0.166 -.0016238 .0094588
cara | -.0250893 .0133021 -1.89 0.059 -.0511609 .0009823
topqsettle | .0566036 .0282329 2.00 0.045 .0012681 .1119392
ltotass | .0071687 .0057663 1.24 0.214 -.0041331 .0184706
FY1997 | -.0942918 .07613 -1.24 0.216 -.2435038 .0549202
FY1998 | -.0557406 .0769701 -0.72 0.469 -.2065992 .0951179
FY1999 | -.0722704 .0747581 -0.97 0.334 -.2187937 .0742529
FY2000 | -.1099526 .0742226 -1.48 0.139 -.2554263 .0355212
FY2001 | -.1282685 .0757469 -1.69 0.090 -.2767296 .0201927
FY2002 | -.1346898 .0735422 -1.83 0.067 -.2788299 .0094503
FY2003 | -.1757849 .0764983 -2.30 0.022 -.3257188 -.0258509
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .06549398
. est store table54g, title([3])
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding /* outfrac */ cara
> /* audit */ topqssettle ltotass /* gindex */ `sec' FY* ///
> if !insider, clu(`clustvar') nolog
Probit regression Number of obs = 2364
Wald chi2(17) = 203.34
Prob > chi2 = 0.0000
Log pseudolikelihood = -1500.7886 Pseudo R2 = 0.0692
(Std. Err. adjusted for 2200 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0245729 .0699523 -0.35 0.725 -.1616768 .112531
age_66_70 | .6870626 .0794046 8.65 0.000 .5314323 .8426928
age_gt_70 | 1.139252 .112199 10.15 0.000 .9193455 1.359158
restate | .1410329 .0698374 2.02 0.043 .0041541 .2779116
othgaap | .0272091 .0643941 0.42 0.673 -.099001 .1534191
entrench | -.0797391 .0353219 -2.26 0.024 -.1489687 -.0105095
stkholding | .0106501 .0076152 1.40 0.162 -.0042755 .0255756
cara | -.0675445 .0366738 -1.84 0.066 -.1394238 .0043349
topqssettle | .3542891 .0897921 3.95 0.000 .1782999 .5302783
ltotass | .0440223 .0156965 2.80 0.005 .0132577 .0747868
FY1997 | -.3063973 .2101122 -1.46 0.145 -.7182097 .1054151
FY1998 | -.2425311 .2134033 -1.14 0.256 -.6607939 .1757318
FY1999 | -.2304344 .2058046 -1.12 0.263 -.6338039 .1729351
FY2000 | -.3342114 .2047161 -1.63 0.103 -.7354475 .0670248
FY2001 | -.3784121 .2089661 -1.81 0.070 -.7879781 .0311539
FY2002 | -.4161624 .2032233 -2.05 0.041 -.8144727 -.017852
FY2003 | -.4913073 .2109834 -2.33 0.020 -.9048273 -.0777874
_cons | -.3757248 .2326029 -1.62 0.106 -.8316181 .0801685
------------------------------------------------------------------------------
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 2364
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding cara topqssettle
ltotass FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0089138 .0253718 -0.35 0.725 -.0586417 .0408141
age_66_70 | .2492312 .027345 9.11 0.000 .195636 .3028264
age_gt_70 | .4132623 .0380041 10.87 0.000 .3387757 .4877489
restate | .0511595 .0252645 2.02 0.043 .001642 .100677
othgaap | .0098701 .0233575 0.42 0.673 -.0359097 .0556498
entrench | -.0289253 .0127754 -2.26 0.024 -.0539647 -.0038858
stkholding | .0038633 .0027584 1.40 0.161 -.0015431 .0092697
cara | -.0245017 .0132716 -1.85 0.065 -.0505135 .0015101
topqssettle | .128518 .0322494 3.99 0.000 .0653103 .1917257
ltotass | .015969 .0056646 2.82 0.005 .0048666 .0270715
FY1997 | -.1111453 .0761164 -1.46 0.144 -.2603307 .0380401
FY1998 | -.0879779 .0773565 -1.14 0.255 -.2395938 .063638
FY1999 | -.0835898 .0746069 -1.12 0.263 -.2298166 .0626369
FY2000 | -.1212348 .0741352 -1.64 0.102 -.266537 .0240674
FY2001 | -.1372686 .0756539 -1.81 0.070 -.2855475 .0110103
FY2002 | -.1509625 .0735319 -2.05 0.040 -.2950824 -.0068425
FY2003 | -.1782212 .0762891 -2.34 0.019 -.3277451 -.0286973
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .0691605
. est store table55g, title([4])
.
. estout table51 table52 table54g table55g using lg4table5`suf'.tex, /// margin ///
> keep(age_61_65 age_66_70 age_gt_70 settled restate othgaap entrench stkholding /* outfrac */ cara /*
> audit */ ///
> /* gindex */ `sec' topqsettle topqssettle ltotass) ///
> order(age_61_65 age_66_70 age_gt_70 entrench stkholding /* audit */ ltotass cara /* outfrac gindex
> */ restate othgaap settled topqsettle topqssettle) ///
> refcat(age_61_65 "{\it Director characteristics:}" ltotass "{\it Firm characteristics:}" restate "{\i
> t Case characteristics:}", nolabel) ///
> replace style(tex) cells(b(fmt(%6.3f)) se(fmt(%6.3f) par star)) stat(N r2p, fmt(%7.0f %6.3f) labels("
> Number of Observations" "Pseudo-\$R^2\$")) ///
> discrete("+" marginal effect for discrete change of dummy variable from 0 to 1) label starlevels(* 0
> .10 ** 0.05 *** 0.01) ///
> title("Outside Director Turnover Probability") collabels(, none) eqlabels(none) ///
> prehead(\begin{table}[htbp]\caption{{\bf @title}}\medskip \input{table5t} ///
> \begin{tabular}{l*{@M}{c}}) ///
> posthead("\hline") prefoot("\hline") ///
> postfoot(\hline \end{tabular} \\ @discrete \input{table5b}\end{table})
(output written to lg4table50.tex)
.
.
. // ************************************************** TABLE Outsider-2 (used for Governance)
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 i.restate i.othgaap entrench stkholding /* outfrac */
> cara ltotass i.settled ///
> i.audit insthold i.settled#c.insthold /* setinst */ gindex FY* ///
> if !insider, clu(`clustvar') nolog
Probit regression Number of obs = 2136
Wald chi2(21) = 201.02
Prob > chi2 = 0.0000
Log pseudolikelihood = -1339.5565 Pseudo R2 = 0.0758
(Std. Err. adjusted for 1983 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0251293 .0737315 -0.34 0.733 -.1696404 .1193818
age_66_70 | .7357087 .0842989 8.73 0.000 .570486 .9009315
age_gt_70 | 1.122594 .1204782 9.32 0.000 .8864613 1.358727
1.restate | .0731891 .0759529 0.96 0.335 -.0756759 .2220542
1.othgaap | .0400673 .0696508 0.58 0.565 -.0964457 .1765804
entrench | -.0443752 .0378411 -1.17 0.241 -.1185425 .029792
stkholding | .0071508 .0081174 0.88 0.378 -.008759 .0230606
cara | -.0643698 .0380198 -1.69 0.090 -.1388873 .0101477
ltotass | .0031719 .0163929 0.19 0.847 -.0289576 .0353014
1.settled | -.5099398 .2010355 -2.54 0.011 -.9039621 -.1159174
1.audit | -.1409722 .0568782 -2.48 0.013 -.2524514 -.029493
insthold | -.0093714 .0024064 -3.89 0.000 -.0140879 -.0046549
|
settled#|
c.insthold |
1 | .0106769 .0030302 3.52 0.000 .0047377 .016616
|
gindex | .0008275 .0122941 0.07 0.946 -.0232685 .0249235
FY1997 | -.2625698 .2115203 -1.24 0.214 -.6771419 .1520023
FY1998 | -.2084582 .2170962 -0.96 0.337 -.633959 .2170425
FY1999 | -.142885 .2093562 -0.68 0.495 -.5532155 .2674455
FY2000 | -.2891645 .2080894 -1.39 0.165 -.6970122 .1186833
FY2001 | -.271198 .2101004 -1.29 0.197 -.6829873 .1405913
FY2002 | -.3055961 .2041609 -1.50 0.134 -.7057442 .0945519
FY2003 | -.3899954 .2151989 -1.81 0.070 -.8117774 .0317867
_cons | .4168672 .2910206 1.43 0.152 -.1535227 .9872572
------------------------------------------------------------------------------
.
. mat xactO = J(`npct', 6, .)
. local r 0
. foreach i of local pct {
2. margins, dydx(settled) at((p`i') insthold)
3. local ++r
4. mat pc = r(at)'
5. // mat li pc
. // COL NUMBER WILL CHANGE WITH SPECIF
. mat xactO[`r',1] = pc[16, 1]
6. mat b = r(b)
7. mat xactO[`r',2] = b[1, 2]
8. mat v = r(V)
9. mat xactO[`r',3] = 2* (1 - normal(abs(b[1, 2]) / sqrt(v[2,2])))
10. }
Average marginal effects Number of obs = 2136
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : insthold = 33.8 (p10)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | -.0548613 .0398183 -1.38 0.168 -.1329037 .0231811
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 2136
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : insthold = 51.44 (p25)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .0143067 .0258507 0.55 0.580 -.0363597 .0649732
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 2136
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : insthold = 64.5 (p50)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .0643146 .0220907 2.91 0.004 .0210176 .1076115
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 2136
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : insthold = 77.1 (p75)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1110465 .0261811 4.24 0.000 .0597325 .1623606
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 2136
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : insthold = 85.66 (p90)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1417329 .0316319 4.48 0.000 .0797356 .2037303
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
.
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 2136
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 1.restate 1.othgaap entrench stkholding cara ltotass
1.settled 1.audit insthold gindex FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.008995 .0263876 -0.34 0.733 -.0607137 .0427238
age_66_70 | .2633445 .0285106 9.24 0.000 .2074647 .3192243
age_gt_70 | .4018289 .0403897 9.95 0.000 .3226666 .4809911
1.restate | .0263157 .0274112 0.96 0.337 -.0274092 .0800407
1.othgaap | .0143658 .0250106 0.57 0.566 -.0346541 .0633857
entrench | -.015884 .0135346 -1.17 0.241 -.0424112 .0106433
stkholding | .0025596 .0029037 0.88 0.378 -.0031316 .0082508
cara | -.023041 .0135795 -1.70 0.090 -.0496563 .0035744
ltotass | .0011354 .0058676 0.19 0.847 -.0103649 .0126356
1.settled | .0543396 .0220115 2.47 0.014 .0111979 .0974812
1.audit | -.0505396 .0203756 -2.48 0.013 -.0904751 -.0106041
insthold | -.0011061 .0005445 -2.03 0.042 -.0021734 -.0000389
gindex | .0002962 .0044005 0.07 0.946 -.0083287 .0089211
FY1997 | -.093986 .0756172 -1.24 0.214 -.2421929 .0542209
FY1998 | -.0746169 .0776573 -0.96 0.337 -.2268225 .0775887
FY1999 | -.0511452 .0749065 -0.68 0.495 -.1979593 .0956689
FY2000 | -.1035054 .0743685 -1.39 0.164 -.249265 .0422541
FY2001 | -.0970744 .0751067 -1.29 0.196 -.2442808 .0501319
FY2002 | -.1093871 .0729501 -1.50 0.134 -.2523667 .0335925
FY2003 | -.1395975 .0768397 -1.82 0.069 -.2902006 .0110056
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .07578267
. est store table53h, title([1])
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 i.restate i.othgaap entrench stkholding /* outfrac */
> cara ltotass i.settled ///
> i.audit sumout i.settled#c.sumout /* setnblock */ `sec' gindex FY* ///
> if !insider, clu(`clustvar') nolog
Probit regression Number of obs = 2186
Wald chi2(21) = 201.97
Prob > chi2 = 0.0000
Log pseudolikelihood = -1376.037 Pseudo R2 = 0.0730
(Std. Err. adjusted for 2026 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0134596 .0727628 -0.18 0.853 -.1560721 .129153
age_66_70 | .7461411 .0830637 8.98 0.000 .5833392 .9089431
age_gt_70 | 1.129857 .1173131 9.63 0.000 .8999281 1.359787
1.restate | .0923865 .0755037 1.22 0.221 -.0555981 .2403711
1.othgaap | .0302628 .068816 0.44 0.660 -.1046141 .1651397
entrench | -.0504261 .0371365 -1.36 0.175 -.1232124 .0223602
stkholding | .0079261 .007239 1.09 0.274 -.006262 .0221142
cara | -.0588565 .0383155 -1.54 0.125 -.1339535 .0162406
ltotass | .0179551 .0167097 1.07 0.283 -.0147952 .0507055
1.settled | -.0390053 .0861917 -0.45 0.651 -.207938 .1299274
1.audit | -.1407802 .0562185 -2.50 0.012 -.2509664 -.030594
sumout | -.0057078 .0036186 -1.58 0.115 -.0128001 .0013845
|
settled#|
c.sumout |
1 | .0131707 .0045167 2.92 0.004 .0043181 .0220233
|
gindex | -.0080963 .011862 -0.68 0.495 -.0313454 .0151528
FY1997 | -.219545 .2122219 -1.03 0.301 -.6354922 .1964023
FY1998 | -.196922 .2158689 -0.91 0.362 -.6200172 .2261732
FY1999 | -.1418082 .2090146 -0.68 0.497 -.5514693 .267853
FY2000 | -.2368082 .2071856 -1.14 0.253 -.6428845 .169268
FY2001 | -.2204497 .2112037 -1.04 0.297 -.6344014 .1935019
FY2002 | -.2890047 .2038527 -1.42 0.156 -.6885486 .1105392
FY2003 | -.3960672 .2130214 -1.86 0.063 -.8135814 .021447
_cons | -.1494262 .2628416 -0.57 0.570 -.6645863 .3657339
------------------------------------------------------------------------------
.
. local r 0
. foreach i of local pct {
2. margins, dydx(settled) at((p`i') sumout)
3. local ++r
4. mat pc = r(at)'
5. // COL NUMBER WILL CHANGE WITH SPECIF
. mat xactO[`r',4] = pc[16, 1]
6. mat b = r(b)
7. mat xactO[`r',5] = b[1, 2]
8. mat v = r(V)
9. mat xactO[`r',6] = 2* (1 - normal(abs(b[1, 2]) / sqrt(v[2,2])))
10. }
Average marginal effects Number of obs = 2186
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : sumout = 0 (p10)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | -.0140129 .0309756 -0.45 0.651 -.074724 .0466983
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 2186
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : sumout = 0 (p25)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | -.0140129 .0309756 -0.45 0.651 -.074724 .0466983
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 2186
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : sumout = 10.5 (p50)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .0357362 .0222182 1.61 0.108 -.0078106 .079283
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 2186
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : sumout = 21.2 (p75)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .0865037 .0246749 3.51 0.000 .0381419 .1348656
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 2186
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : sumout = 30.5 (p90)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1305199 .0342751 3.81 0.000 .063342 .1976979
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
.
. mat rownames xactO = `ppct'
. mat colnames xactO = `instblok'
. mat li xactO
xactO[5,6]
InstHold dPrdSettled P-value Blockhold dPrdSettled P-value
p10 33.8 -.05486132 .16826744 0 -.01401286 .65099282
p25 51.44 .01430674 .57996391 0 -.01401286 .65099282
p50 64.5 .06431457 .00359827 10.5 .03573618 .10774259
p75 77.1 .11104651 .00002221 21.200001 .08650373 .00045534
p90 85.66 .14173295 7.440e-06 30.5 .13051994 .00014009
.
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 2186
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 1.restate 1.othgaap entrench stkholding cara ltotass
1.settled 1.audit sumout gindex FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0048365 .026145 -0.18 0.853 -.0560799 .0464068
age_66_70 | .2681159 .0281247 9.53 0.000 .2129924 .3232393
age_gt_70 | .4059993 .0393916 10.31 0.000 .3287932 .4832053
1.restate | .0333809 .0273927 1.22 0.223 -.0203078 .0870696
1.othgaap | .0108866 .0247798 0.44 0.660 -.037681 .0594542
entrench | -.01812 .0133299 -1.36 0.174 -.0442462 .0080063
stkholding | .0028481 .002599 1.10 0.273 -.0022458 .0079421
cara | -.0211493 .0137427 -1.54 0.124 -.0480846 .005786
ltotass | .0064519 .0059988 1.08 0.282 -.0053055 .0182093
1.settled | .0482942 .021538 2.24 0.025 .0060806 .0905078
1.audit | -.0506687 .0202172 -2.51 0.012 -.0902938 -.0110437
sumout | .0006826 .0008243 0.83 0.408 -.0009329 .0022981
gindex | -.0029093 .0042618 -0.68 0.495 -.0112622 .0054436
FY1997 | -.0788906 .0762025 -1.04 0.301 -.2282448 .0704637
FY1998 | -.0707613 .0775317 -0.91 0.361 -.2227206 .081198
FY1999 | -.0509569 .075081 -0.68 0.497 -.198113 .0961992
FY2000 | -.0850939 .0743749 -1.14 0.253 -.2308659 .0606782
FY2001 | -.0792157 .075837 -1.04 0.296 -.2278535 .0694222
FY2002 | -.10385 .0731521 -1.42 0.156 -.2472256 .0395256
FY2003 | -.1423215 .0763584 -1.86 0.062 -.2919813 .0073383
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .07302332
. est store table54h, title([2])
.
. // gindex, ( DISABLED eindex, outfrac)
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 i.restate i.othgaap entrench stkholding /* outfrac */
> cara ltotass i.settled ///
> i.audit gindex i.settled#c.gindex /* setnblock */ `sec' insthold sumout FY* ///
> if !insider, clu(`clustvar') nolog
Probit regression Number of obs = 2136
Wald chi2(22) = 197.31
Prob > chi2 = 0.0000
Log pseudolikelihood = -1342.9999 Pseudo R2 = 0.0734
(Std. Err. adjusted for 1983 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0263494 .0735753 -0.36 0.720 -.1705544 .1178556
age_66_70 | .735331 .084253 8.73 0.000 .5701981 .9004639
age_gt_70 | 1.121196 .1197411 9.36 0.000 .8865075 1.355884
1.restate | .0437061 .0762206 0.57 0.566 -.1056834 .1930957
1.othgaap | .0322638 .0693545 0.47 0.642 -.1036685 .1681961
entrench | -.0495446 .0376155 -1.32 0.188 -.1232695 .0241804
stkholding | .0061577 .0078345 0.79 0.432 -.0091975 .021513
cara | -.037922 .0382297 -0.99 0.321 -.1128508 .0370068
ltotass | .0160086 .0170326 0.94 0.347 -.0173746 .0493918
1.settled | .1810175 .2224364 0.81 0.416 -.2549497 .6169848
1.audit | -.1392548 .0568054 -2.45 0.014 -.2505913 -.0279183
gindex | .0035364 .0178234 0.20 0.843 -.0313969 .0384696
|
settled#|
c.gindex |
1 | -.0023943 .0233224 -0.10 0.918 -.0481054 .0433168
|
insthold | -.0047732 .0017123 -2.79 0.005 -.0081293 -.0014172
sumout | .0062107 .0025838 2.40 0.016 .0011466 .0112748
FY1997 | -.2699312 .2127749 -1.27 0.205 -.6869623 .1470999
FY1998 | -.2143432 .2168061 -0.99 0.323 -.6392754 .210589
FY1999 | -.1818502 .2096344 -0.87 0.386 -.5927261 .2290258
FY2000 | -.3380593 .2078708 -1.63 0.104 -.7454786 .0693601
FY2001 | -.2867334 .2108751 -1.36 0.174 -.700041 .1265743
FY2002 | -.3165104 .2044476 -1.55 0.122 -.7172204 .0841996
FY2003 | -.4215423 .2157363 -1.95 0.051 -.8443777 .0012931
_cons | -.0567467 .3015355 -0.19 0.851 -.6477454 .534252
------------------------------------------------------------------------------
.
. mat xactOg = J(`npct', 3, .)
. local r 0
. foreach i of local pct {
2. margins, dydx(settled) at((p`i') gindex)
3. local ++r
4. mat pc = r(at)'
5. // COL NUMBER WILL CHANGE WITH SPECIF
. mat xactOg[`r',1] = pc[16, 1]
6. mat b = r(b)
7. mat xactOg[`r',2] = b[1, 2]
8. mat v = r(V)
9. mat xactOg[`r',3] = 2* (1 - normal(abs(b[1, 2]) / sqrt(v[2,2])))
10. }
Average marginal effects Number of obs = 2136
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : gindex = 6 (p10)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .059693 .0341976 1.75 0.081 -.007333 .1267191
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 2136
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : gindex = 7 (p25)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .0588694 .0283369 2.08 0.038 .0033302 .1144087
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 2136
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : gindex = 9 (p50)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .0572184 .0220011 2.60 0.009 .0140972 .1003397
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 2136
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : gindex = 11 (p75)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .0555625 .0268491 2.07 0.039 .0029392 .1081858
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 2136
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : gindex = 12 (p90)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .0547327 .032389 1.69 0.091 -.0087485 .1182139
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
.
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 2136
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 1.restate 1.othgaap entrench stkholding cara ltotass
1.settled 1.audit gindex insthold sumout FY1997 FY1998 FY1999 FY2000 FY2001 FY2002
FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0094565 .0264019 -0.36 0.720 -.0612033 .0422903
age_66_70 | .2639021 .0285472 9.24 0.000 .2079507 .3198536
age_gt_70 | .4023847 .040233 10.00 0.000 .3235295 .4812398
1.restate | .0157308 .027505 0.57 0.567 -.038178 .0696396
1.othgaap | .0115949 .0249571 0.46 0.642 -.03732 .0605098
entrench | -.017781 .0134852 -1.32 0.187 -.0442115 .0086495
stkholding | .0022099 .0028102 0.79 0.432 -.003298 .0077178
cara | -.0136098 .0137067 -0.99 0.321 -.0404744 .0132548
ltotass | .0057453 .0061085 0.94 0.347 -.0062271 .0177178
1.settled | .0571401 .0219668 2.60 0.009 .0140859 .1001943
1.audit | -.0500575 .0204021 -2.45 0.014 -.0900448 -.0100701
gindex | .0007664 .0044117 0.17 0.862 -.0078804 .0094131
insthold | -.0017131 .0006114 -2.80 0.005 -.0029113 -.0005148
sumout | .0022289 .0009233 2.41 0.016 .0004194 .0040385
FY1997 | -.0968753 .0762802 -1.27 0.204 -.2463817 .0526311
FY1998 | -.0769254 .0777619 -0.99 0.323 -.2293359 .0754851
FY1999 | -.065264 .0751938 -0.87 0.385 -.2126411 .082113
FY2000 | -.1213257 .0744595 -1.63 0.103 -.2672637 .0246123
FY2001 | -.1029054 .0755904 -1.36 0.173 -.2510598 .045249
FY2002 | -.1135921 .0732538 -1.55 0.121 -.257167 .0299829
FY2003 | -.1512869 .0772203 -1.96 0.050 -.3026359 .0000622
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .07340689
. est store table54hg, title([1])
.
. /*
> probit `depvar' age_61_65 age_66_70 age_gt_70 i.restate i.othgaap entrench stkholding outfrac cara
> ltotass i.settled ///
> i.audit eindex i.settled#c.eindex `sec' FY* ///
> if !insider, clu(`clustvar') nolog
>
> local r 0
> foreach i of local pct {
> margins, dydx(settled) at((p`i') eindex)
> local ++r
> mat pc = r(at)'
> // COL NUMBER WILL CHANGE WITH SPECIF
> mat xactOg[`r',4] = pc[17, 1]
> mat b = r(b)
> mat xactOg[`r',5] = b[1, 2]
> mat v = r(V)
> mat xactOg[`r',6] = 2* (1 - normal(abs(b[1, 2]) / sqrt(v[2,2])))
> }
>
> // mfx
> margins, dydx(_all) post
> est store table54he, title([E])
> */
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 i.restate i.othgaap entrench stkholding /* outfrac
> */ cara ltotass i.settled ///
. // i.audit i.settled#c./* outfrac */ /* setnblock */ `sec' FY* ///
. // if !insider, clu(`clustvar') nolog
.
. /*
> local r 0
> foreach i of local pct {
> margins, dydx(settled) at((p`i') outfrac)
> local ++r
> mat pc = r(at)'
> // COL NUMBER WILL CHANGE WITH SPECIF
> mat xactOg[`r',4] = pc[10, 1]
> mat b = r(b)
> mat xactOg[`r',5] = b[1, 2]
> mat v = r(V)
> mat xactOg[`r',6] = 2* (1 - normal(abs(b[1, 2]) / sqrt(v[2,2])))
> }
>
> // mfx
> margins, dydx(_all) post
> est store table54ho, title([O])
> */
.
. mat rownames xactOg = `ppct'
. mat colnames xactOg = `geoutfrc'
. mat li xactOg
xactOg[5,3]
Gindex dPrdSettled P-value
p10 6 .05969304 .08089197
p25 7 .05886943 .0377568
p50 9 .05721844 .00930303
p75 11 .05556251 .03850513
p90 12 .05473271 .09105543
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara l
> totass topqssettle ///
. // audit insthold topqsinst FY* ///
. // if !insider, clu(`clustvar') nolog
. // mfx
. // est store table53h4, title([1])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara l
> totass topqssettle ///
. // audit sumout topqsblock `sec' FY* ///
. // if !insider, clu(`clustvar') nolog
. // mfx
. // est store table54h4, title([2])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara l
> totass /* settled */ ///
. // audit /* secalso setsecalso */ topqssettle /* disinst */ insthold /* setinst */ topqsinst `sec'
> FY* ///
. // if !insider, clu(`clustvar') nolog
. // mfx
. // est store table55h, title([3])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara l
> totass /* settled */ ///
. // audit /* secalso setsecalso */ topqssettle sumout /* disnblock setnblock */ topqsblock `sec' FY*
> ///
. // if !insider, clu(`clustvar') nolog
. // mfx
. // est store table56h, title([4])
.
. // estout /* table51h table52h */ table53h table54h table55h table56h using lg4table5h`suf'.tex, ma
> rgin ///
. // keep(age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara ///
. // audit /* secalso */ ///
. // /* defendant dissecalso setnosec setsecalso */ ///
. // /* gindex eindex */ ltotass settled insthold setinst sumout setnblock /* disinst */ /* sumblockbr
> oad disgindex setgindex */ ///
. // /* seteindex disnblock dissumblockbroad setsumblockbroad */ topqssettle topqsinst topqsblock /
> * cboard setcboard */) ///
. // replace style(tex) cells(b(fmt(%6.3f)) se(fmt(%6.3f) par star)) stat(N r2_p, fmt(%7.0f %6.3f) labe
> ls("Number of Observations" "Pseudo-\$R^2\$")) ///
. // discrete("+" marginal effect for discrete change of dummy variable from 0 to 1) label starlevels(
> * 0.10 ** 0.05 *** 0.01) ///
. // title("Outside Director Turnover") collabels(, none) eqlabels(none) ///
. // prehead(\begin{table}[htbp]\caption{{\bf @title}}\medskip ///
. // \begin{tabular}{l*{@M}{c}}) ///
. // posthead("\hline") prefoot("\hline") ///
. // postfoot(\hline \end{tabular} \\ @discrete \input{table6b}\end{table})
.
.
.
. // ************************************************** TABLE CEO-1
.
. // cannot include ceochair for departedm1
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding /* ceochair */ /* o
> utfrac */ cara ltotass /* gindex */ FY* ///
> if insider & ceo, clu(`clustvar') nolog
Probit regression Number of obs = 325
Wald chi2(16) = 42.19
Prob > chi2 = 0.0004
Log pseudolikelihood = -200.41395 Pseudo R2 = 0.1065
(Std. Err. adjusted for 324 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .1868379 .2556022 0.73 0.465 -.3141333 .687809
age_66_70 | .3289842 .6371193 0.52 0.606 -.9197467 1.577715
age_gt_70 | -.3636365 .8457766 -0.43 0.667 -2.021328 1.294055
restate | .6838131 .1918424 3.56 0.000 .3078089 1.059817
othgaap | .2860529 .1770346 1.62 0.106 -.0609286 .6330344
entrench | -.0171664 .1054785 -0.16 0.871 -.2239005 .1895677
stkholding | -.0448024 .0121926 -3.67 0.000 -.0686994 -.0209053
cara | -.1433353 .0848985 -1.69 0.091 -.3097334 .0230628
ltotass | .0115849 .0436987 0.27 0.791 -.0740629 .0972327
FY1997 | .2278501 .5222091 0.44 0.663 -.795661 1.251361
FY1998 | .3866992 .5194989 0.74 0.457 -.6315 1.404898
FY1999 | .3156148 .5068968 0.62 0.534 -.6778847 1.309114
FY2000 | .4294415 .5162623 0.83 0.406 -.582414 1.441297
FY2001 | .0136125 .5236276 0.03 0.979 -1.012679 1.039904
FY2002 | -.0251656 .5015199 -0.05 0.960 -1.008126 .9577952
FY2003 | -.1206109 .5250518 -0.23 0.818 -1.149694 .9084716
_cons | -.1950139 .6016677 -0.32 0.746 -1.374261 .9842331
------------------------------------------------------------------------------
.
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 325
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding cara ltotass FY1997
FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0657619 .0896117 0.73 0.463 -.1098739 .2413977
age_66_70 | .1157935 .2241439 0.52 0.605 -.3235205 .5551076
age_gt_70 | -.1279902 .2974484 -0.43 0.667 -.7109783 .4549979
restate | .2406837 .0635557 3.79 0.000 .1161169 .3652505
othgaap | .1006829 .061726 1.63 0.103 -.020298 .2216637
entrench | -.0060421 .037125 -0.16 0.871 -.0788058 .0667215
stkholding | -.0157692 .0040464 -3.90 0.000 -.0237001 -.0078384
cara | -.0504501 .0294668 -1.71 0.087 -.108204 .0073037
ltotass | .0040776 .0153776 0.27 0.791 -.0260619 .034217
FY1997 | .0801971 .1835989 0.44 0.662 -.2796501 .4400442
FY1998 | .1361076 .1823461 0.75 0.455 -.2212841 .4934994
FY1999 | .1110879 .1781718 0.62 0.533 -.2381225 .4602982
FY2000 | .1511518 .1810434 0.83 0.404 -.2036867 .5059903
FY2001 | .0047912 .1843053 0.03 0.979 -.3564405 .366023
FY2002 | -.0088576 .1765187 -0.05 0.960 -.3548278 .3371126
FY2003 | -.0424518 .1847779 -0.23 0.818 -.4046097 .3197062
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .10653274
. est store table61, title([1])
.
. // if `c' == 1 {
. // gen byte t5s = e(sample)
. // }
. // count if t5s
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 settled restate othgaap entrench stkholding /* ceochai
> r */ /* outfrac */ cara ltotass /* gindex */ `sec' FY* ///
> if insider & ceo, clu(`clustvar') nolog
Probit regression Number of obs = 325
Wald chi2(17) = 46.19
Prob > chi2 = 0.0002
Log pseudolikelihood = -198.06275 Pseudo R2 = 0.1170
(Std. Err. adjusted for 324 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .1545815 .2599404 0.59 0.552 -.3548923 .6640553
age_66_70 | .2364228 .6440383 0.37 0.714 -1.025869 1.498715
age_gt_70 | -.2086964 .8267518 -0.25 0.801 -1.8291 1.411707
settled | .3403171 .1587779 2.14 0.032 .0291182 .6515159
restate | .6000954 .1968257 3.05 0.002 .2143241 .9858667
othgaap | .2498666 .1799085 1.39 0.165 -.1027476 .6024808
entrench | -.0037741 .1073348 -0.04 0.972 -.2141464 .2065983
stkholding | -.0472531 .0128902 -3.67 0.000 -.0725173 -.0219888
cara | -.1291898 .0859016 -1.50 0.133 -.2975539 .0391742
ltotass | .0109019 .0438289 0.25 0.804 -.0750011 .096805
FY1997 | .138389 .5184865 0.27 0.790 -.8778259 1.154604
FY1998 | .3397107 .5153771 0.66 0.510 -.6704098 1.349831
FY1999 | .3254882 .5010972 0.65 0.516 -.6566444 1.307621
FY2000 | .4335547 .5086961 0.85 0.394 -.5634713 1.430581
FY2001 | -.0018575 .5171073 -0.00 0.997 -1.015369 1.011654
FY2002 | -.0540687 .4954633 -0.11 0.913 -1.025159 .9170215
FY2003 | -.0741776 .5209825 -0.14 0.887 -1.095285 .9469294
_cons | -.3531234 .5978434 -0.59 0.555 -1.524875 .8186281
------------------------------------------------------------------------------
.
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 325
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 settled restate othgaap entrench stkholding cara ltotass
FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .053715 .0901006 0.60 0.551 -.1228789 .230309
age_66_70 | .0821538 .223728 0.37 0.713 -.3563451 .5206526
age_gt_70 | -.0725192 .287177 -0.25 0.801 -.6353757 .4903373
settled | .1182557 .0540056 2.19 0.029 .0124067 .2241046
restate | .2085252 .0656389 3.18 0.001 .0798753 .3371751
othgaap | .0868253 .0621152 1.40 0.162 -.0349181 .2085688
entrench | -.0013114 .0372994 -0.04 0.972 -.074417 .0717941
stkholding | -.0164198 .0041909 -3.92 0.000 -.0246337 -.0082059
cara | -.0448918 .0295292 -1.52 0.128 -.1027679 .0129844
ltotass | .0037883 .0152296 0.25 0.804 -.0260612 .0336377
FY1997 | .0480883 .1800724 0.27 0.789 -.3048471 .4010237
FY1998 | .118045 .178697 0.66 0.509 -.2321948 .4682847
FY1999 | .1131028 .1738941 0.65 0.515 -.2277233 .4539289
FY2000 | .1506545 .1761404 0.86 0.392 -.1945744 .4958834
FY2001 | -.0006454 .1796878 -0.00 0.997 -.3528271 .3515362
FY2002 | -.0187881 .1721611 -0.11 0.913 -.3562178 .3186415
FY2003 | -.0257757 .1810251 -0.14 0.887 -.3805785 .329027
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .11701464
. est store table62, title([2])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding ///
. // /* ceochair */ outfrac cara secalso ltotass `sec' FY* ///
. // if insider & ceo, clu(`clustvar') nolog
. // mfx
. // margins, dydx(_all) post
. // est store table62g, title([CEOs])
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding ///
> /* ceochair */ /* outfrac */ cara topqsettle ltotass /* gindex */ `sec' FY* ///
> if insider & ceo, clu(`clustvar') nolog
Probit regression Number of obs = 325
Wald chi2(17) = 48.90
Prob > chi2 = 0.0001
Log pseudolikelihood = -195.4846 Pseudo R2 = 0.1285
(Std. Err. adjusted for 324 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .2344932 .2565789 0.91 0.361 -.2683923 .7373787
age_66_70 | .4585301 .642901 0.71 0.476 -.8015328 1.718593
age_gt_70 | -.1259002 .8330058 -0.15 0.880 -1.758562 1.506761
restate | .572245 .1980809 2.89 0.004 .1840135 .9604764
othgaap | .1735612 .181605 0.96 0.339 -.1823781 .5295004
entrench | -.0162098 .1075034 -0.15 0.880 -.2269126 .194493
stkholding | -.0457426 .0124545 -3.67 0.000 -.070153 -.0213322
cara | -.1479489 .0860873 -1.72 0.086 -.3166769 .0207792
topqsettle | .7397131 .2450842 3.02 0.003 .2593569 1.220069
ltotass | -.0280977 .0455838 -0.62 0.538 -.1174403 .0612449
FY1997 | .1768187 .5230399 0.34 0.735 -.8483206 1.201958
FY1998 | .3412225 .5228609 0.65 0.514 -.6835661 1.366011
FY1999 | .30974 .5075693 0.61 0.542 -.6850775 1.304557
FY2000 | .3905268 .5165439 0.76 0.450 -.6218806 1.402934
FY2001 | -.086946 .5246002 -0.17 0.868 -1.115143 .9412514
FY2002 | -.1106614 .5030742 -0.22 0.826 -1.096669 .8753459
FY2003 | -.0835167 .5241694 -0.16 0.873 -1.11087 .9438364
_cons | .1146798 .6093479 0.19 0.851 -1.07962 1.30898
------------------------------------------------------------------------------
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 325
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding cara topqsettle
ltotass FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0804417 .0875948 0.92 0.358 -.0912409 .2521243
age_66_70 | .1572965 .2202286 0.71 0.475 -.2743436 .5889366
age_gt_70 | -.0431894 .2857368 -0.15 0.880 -.6032232 .5168443
restate | .1963058 .0655638 2.99 0.003 .0678031 .3248085
othgaap | .0595393 .0620629 0.96 0.337 -.0621017 .1811803
entrench | -.0055607 .0368766 -0.15 0.880 -.0778375 .0667161
stkholding | -.0156918 .0040303 -3.89 0.000 -.023591 -.0077925
cara | -.0507531 .0291206 -1.74 0.081 -.1078285 .0063223
topqsettle | .2537549 .0804216 3.16 0.002 .0961315 .4113783
ltotass | -.0096388 .0156196 -0.62 0.537 -.0402527 .0209751
FY1997 | .0606568 .1792935 0.34 0.735 -.2907521 .4120656
FY1998 | .1170547 .1789452 0.65 0.513 -.2336714 .4677808
FY1999 | .1062548 .1738893 0.61 0.541 -.2345619 .4470714
FY2000 | .1339683 .1766623 0.76 0.448 -.2122834 .48022
FY2001 | -.0298264 .1799331 -0.17 0.868 -.3824888 .322836
FY2002 | -.0379618 .1725324 -0.22 0.826 -.3761191 .3001955
FY2003 | -.02865 .1797982 -0.16 0.873 -.3810479 .3237479
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .12850831
. est store table63g, title([3])
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding ///
> /* ceochair */ /* outfrac */ cara topqssettle ltotass /* gindex */ `sec' FY* ///
> if insider & ceo, clu(`clustvar') nolog
Probit regression Number of obs = 325
Wald chi2(17) = 49.44
Prob > chi2 = 0.0001
Log pseudolikelihood = -194.53511 Pseudo R2 = 0.1327
(Std. Err. adjusted for 324 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .2145826 .2595357 0.83 0.408 -.294098 .7232632
age_66_70 | .4199285 .6601869 0.64 0.525 -.8740141 1.713871
age_gt_70 | -.1903655 .8658125 -0.22 0.826 -1.887327 1.506596
restate | .6413771 .1975808 3.25 0.001 .2541258 1.028628
othgaap | .2690345 .1782558 1.51 0.131 -.0803404 .6184094
entrench | -.0378893 .1084303 -0.35 0.727 -.2504088 .1746303
stkholding | -.0460724 .0128339 -3.59 0.000 -.0712263 -.0209184
cara | -.1437443 .0866632 -1.66 0.097 -.3136011 .0261126
topqssettle | .7983444 .2529162 3.16 0.002 .3026378 1.294051
ltotass | .0547903 .0448906 1.22 0.222 -.0331936 .1427742
FY1997 | .0910891 .5253315 0.17 0.862 -.9385417 1.12072
FY1998 | .1821938 .5264141 0.35 0.729 -.849559 1.213946
FY1999 | .24899 .5080981 0.49 0.624 -.7468641 1.244844
FY2000 | .3233065 .5158181 0.63 0.531 -.6876784 1.334291
FY2001 | -.1385618 .5209769 -0.27 0.790 -1.159658 .882534
FY2002 | -.1966004 .5031976 -0.39 0.696 -1.18285 .7896488
FY2003 | -.1417284 .5235488 -0.27 0.787 -1.167865 .8844084
_cons | -.4720885 .6085273 -0.78 0.438 -1.66478 .7206032
------------------------------------------------------------------------------
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 325
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding cara topqssettle
ltotass FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0733018 .0882715 0.83 0.406 -.0997072 .2463109
age_66_70 | .1434484 .2253683 0.64 0.524 -.2982654 .5851622
age_gt_70 | -.0650292 .2956809 -0.22 0.826 -.6445532 .5144948
restate | .2190957 .0643404 3.41 0.001 .0929909 .3452005
othgaap | .0919027 .0604057 1.52 0.128 -.0264902 .2102957
entrench | -.0129431 .0370486 -0.35 0.727 -.0855571 .059671
stkholding | -.0157384 .0041298 -3.81 0.000 -.0238327 -.0076441
cara | -.0491033 .0291681 -1.68 0.092 -.1062718 .0080652
topqssettle | .272716 .0818971 3.33 0.001 .1122006 .4332315
ltotass | .0187165 .0152627 1.23 0.220 -.0111979 .0486309
FY1997 | .0311162 .1794038 0.17 0.862 -.3205088 .3827412
FY1998 | .0622377 .1797183 0.35 0.729 -.2900036 .4144791
FY1999 | .0850555 .173429 0.49 0.624 -.2548591 .42497
FY2000 | .1104421 .1757683 0.63 0.530 -.2340574 .4549417
FY2001 | -.047333 .1779189 -0.27 0.790 -.3960477 .3013817
FY2002 | -.0671591 .1717831 -0.39 0.696 -.4038478 .2695297
FY2003 | -.0484147 .1788141 -0.27 0.787 -.3988838 .3020544
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .13274123
. est store table64g, title([4])
.
. estout table61 table62 table63g table64g using lg4table6`suf'.tex, /// margin ///
> keep(age_61_65 age_66_70 age_gt_70 settled restate othgaap entrench stkholding /* outfrac */ cara //
> /
> /* gindex ceochair */ `sec' ltotass topqsettle topqssettle) ///
> order(age_61_65 age_66_70 age_gt_70 entrench stkholding ltotass cara /* outfrac gindex */ restate
> othgaap settled topqsettle topqssettle) ///
> refcat(age_61_65 "{\it Director characteristics:}" ltotass "{\it Firm characteristics:}" restate "{\i
> t Case characteristics:}", nolabel) ///
> replace style(tex) cells(b(fmt(%6.3f)) se(fmt(%6.3f) par star)) stat(N r2p, fmt(%7.0f %6.3f) labels("
> Number of Observations" "Pseudo-\$R^2\$")) ///
> discrete("+" marginal effect for discrete change of dummy variable from 0 to 1) label starlevels(* 0
> .10 ** 0.05 *** 0.01) ///
> title("CEO Turnover Probability") collabels(, none) eqlabels(none) ///
> prehead(\begin{table}[htbp]\caption{{\bf @title}}\medskip \input{table7t} ///
> \begin{tabular}{l*{@M}{c}}) ///
> posthead("\hline") prefoot("\hline") ///
> postfoot(\hline \end{tabular} \\ @discrete \input{table7b}\end{table})
(output written to lg4table60.tex)
.
. // ************************************************** TABLE CEO-2 (used for Governance)
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 i.settled i.restate i.othgaap entrench stkholding ///
> /* ceochair */ /* outfrac */ cara ltotass insthold i.settled#c.insthold gindex FY* ///
> if insider & ceo, clu(`clustvar') nolog
Probit regression Number of obs = 290
Wald chi2(20) = 42.04
Prob > chi2 = 0.0027
Log pseudolikelihood = -176.17771 Pseudo R2 = 0.1167
(Std. Err. adjusted for 289 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0028473 .2662831 -0.01 0.991 -.5247525 .5190579
age_66_70 | .3791629 .7301749 0.52 0.604 -1.051954 1.810279
age_gt_70 | -.3301792 .7980266 -0.41 0.679 -1.894283 1.233924
1.settled | -.0523237 .5563704 -0.09 0.925 -1.14279 1.038142
1.restate | .6100165 .2091857 2.92 0.004 .2000201 1.020013
1.othgaap | .2788511 .1943772 1.43 0.151 -.1021212 .6598235
entrench | .0075312 .1143924 0.07 0.948 -.2166737 .2317362
stkholding | -.0477197 .0150805 -3.16 0.002 -.077277 -.0181624
cara | -.1402767 .0873976 -1.61 0.108 -.3115729 .0310194
ltotass | -.0138209 .0478991 -0.29 0.773 -.1077015 .0800597
insthold | -.0074177 .0065173 -1.14 0.255 -.0201913 .005356
|
settled#|
c.insthold |
1 | .006673 .0082912 0.80 0.421 -.0095775 .0229235
|
gindex | .0392519 .0341063 1.15 0.250 -.0275952 .106099
FY1997 | .1715207 .518199 0.33 0.741 -.8441307 1.187172
FY1998 | .4365433 .525696 0.83 0.406 -.593802 1.466889
FY1999 | .263979 .5079074 0.52 0.603 -.7315012 1.259459
FY2000 | .5301503 .5124269 1.03 0.301 -.4741879 1.534489
FY2001 | .0351454 .5177395 0.07 0.946 -.9796053 1.049896
FY2002 | .0705249 .4936954 0.14 0.886 -.8971004 1.03815
FY2003 | .0688333 .5276686 0.13 0.896 -.965378 1.103045
_cons | -.0894849 .7640175 -0.12 0.907 -1.586932 1.407962
------------------------------------------------------------------------------
.
. mat xactC = J(`npct', 6,.)
. local r 0
. foreach i of local pct {
2. margins, dydx(settled) at((p`i') insthold)
3. local ++r
4. mat pc = r(at)'
5. // mat li pc
. // COL NUMBER WILL CHANGE WITH SPECIF
. mat xactC[`r',1] = pc[14, 1]
6. mat b = r(b)
7. mat xactC[`r',2] = b[1, 2]
8. mat v = r(V)
9. mat xactC[`r',3] = 2* (1 - normal(abs(b[1, 2]) / sqrt(v[2,2])))
10. }
Average marginal effects Number of obs = 290
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : insthold = 31.49 (p10)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .0549004 .1112 0.49 0.622 -.1630475 .2728484
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 290
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : insthold = 50.6 (p25)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1006608 .0718945 1.40 0.161 -.0402498 .2415713
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 290
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : insthold = 65.66 (p50)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1370242 .0605722 2.26 0.024 .0183049 .2557435
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 290
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : insthold = 77.94 (p75)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1665567 .0726751 2.29 0.022 .0241162 .3089973
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 290
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : insthold = 87.55 (p90)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1894372 .0909529 2.08 0.037 .0111729 .3677016
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
.
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 290
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 1.settled 1.restate 1.othgaap entrench stkholding cara
ltotass insthold gindex FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0009861 .0922196 -0.01 0.991 -.1817332 .1797611
age_66_70 | .1313099 .2525629 0.52 0.603 -.3637043 .6263242
age_gt_70 | -.1143461 .2761436 -0.41 0.679 -.6555777 .4268854
1.settled | .1318796 .0602522 2.19 0.029 .0137874 .2499718
1.restate | .2081683 .0668469 3.11 0.002 .0771508 .3391858
1.othgaap | .0954752 .0652797 1.46 0.144 -.0324706 .2234211
entrench | .0026082 .0396106 0.07 0.948 -.0750272 .0802435
stkholding | -.0165261 .0049366 -3.35 0.001 -.0262016 -.0068506
cara | -.04858 .0298918 -1.63 0.104 -.1071667 .0100068
ltotass | -.0047864 .016577 -0.29 0.773 -.0372767 .0277039
insthold | -.0012745 .0014285 -0.89 0.372 -.0040742 .0015252
gindex | .0135935 .0117075 1.16 0.246 -.0093528 .0365399
FY1997 | .0594003 .1792847 0.33 0.740 -.2919912 .4107917
FY1998 | .1511816 .1813928 0.83 0.405 -.2043416 .5067049
FY1999 | .09142 .1756898 0.52 0.603 -.2529257 .4357657
FY2000 | .1835992 .1765015 1.04 0.298 -.1623374 .5295358
FY2001 | .0121714 .1792968 0.07 0.946 -.3392439 .3635867
FY2002 | .0244239 .170954 0.14 0.886 -.3106398 .3594875
FY2003 | .023838 .1827234 0.13 0.896 -.3342933 .3819694
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .11671854
. est store table63h, title([5])
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 i.settled i.restate i.othgaap entrench stkholding ///
> /* ceochair */ /* outfrac */ cara ltotass sumout i.settled#c.sumout /* setnblock */ `sec' gindex F
> Y* ///
> if insider & ceo, clu(`clustvar') nolog
Probit regression Number of obs = 296
Wald chi2(20) = 42.88
Prob > chi2 = 0.0021
Log pseudolikelihood = -179.62865 Pseudo R2 = 0.1203
(Std. Err. adjusted for 295 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0501058 .2681429 -0.19 0.852 -.5756562 .4754446
age_66_70 | .3220158 .7432277 0.43 0.665 -1.134684 1.778715
age_gt_70 | -.50798 .7585407 -0.67 0.503 -1.994692 .9787324
1.settled | .3555667 .2442017 1.46 0.145 -.1230597 .8341932
1.restate | .602828 .2084445 2.89 0.004 .1942844 1.011372
1.othgaap | .216211 .1934697 1.12 0.264 -.1629827 .5954046
entrench | .0326131 .1131959 0.29 0.773 -.1892468 .2544731
stkholding | -.0464409 .0155668 -2.98 0.003 -.0769512 -.0159306
cara | -.1807666 .0899075 -2.01 0.044 -.356982 -.0045512
ltotass | -.0351452 .0478178 -0.73 0.462 -.1288664 .0585759
sumout | -.0124076 .009496 -1.31 0.191 -.0310194 .0062043
|
settled#|
c.sumout |
1 | .0043697 .0121066 0.36 0.718 -.0193588 .0280981
|
gindex | .0523991 .0336648 1.56 0.120 -.0135827 .1183809
FY1997 | .1314564 .5320362 0.25 0.805 -.9113154 1.174228
FY1998 | .44001 .5372418 0.82 0.413 -.6129646 1.492985
FY1999 | .2707513 .5190298 0.52 0.602 -.7465285 1.288031
FY2000 | .5190051 .5201825 1.00 0.318 -.5005338 1.538544
FY2001 | .0074139 .5298472 0.01 0.989 -1.031068 1.045895
FY2002 | .04478 .5043295 0.09 0.929 -.9436877 1.033248
FY2003 | -.0997548 .5255009 -0.19 0.849 -1.129718 .9302081
_cons | -.3844058 .6737499 -0.57 0.568 -1.704931 .9361198
------------------------------------------------------------------------------
.
. local r 0
. foreach i of local pct {
2. margins, dydx(settled) at((p`i') sumout)
3. local ++r
4. mat pc = r(at)'
5. // mat li pc
. // COL NUMBER WILL CHANGE WITH SPECIF
. mat xactC[`r',4] = pc[14, 1]
6. mat b = r(b)
7. mat xactC[`r',5] = b[1, 2]
8. mat v = r(V)
9. mat xactC[`r',6] = 2* (1 - normal(abs(b[1, 2]) / sqrt(v[2,2])))
10. }
Average marginal effects Number of obs = 296
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : sumout = 0 (p10)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1233995 .085222 1.45 0.148 -.0436324 .2904315
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 296
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : sumout = 0 (p25)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1233995 .085222 1.45 0.148 -.0436324 .2904315
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 296
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : sumout = 11.7 (p50)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1436565 .0604817 2.38 0.018 .0251145 .2621985
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 296
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : sumout = 22.91 (p75)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1619097 .0681751 2.37 0.018 .0282889 .2955305
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 296
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : sumout = 31.99 (p90)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1754594 .092715 1.89 0.058 -.0062587 .3571775
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
.
. mat rownames xactC = `ppct'
. mat colnames xactC = `instblok'
. mat list xactC
xactC[5,6]
InstHold dPrdSettled P-value Blockhold dPrdSettled P-value
p10 31.49 .05490042 .62151174 0 .12339954 .14762312
p25 50.6 .10066076 .16147789 0 .12339954 .14762312
p50 65.66 .13702419 .0236873 11.7 .14365646 .01753924
p75 77.94 .16655673 .02191719 22.910001 .16190974 .01755327
p90 87.55 .18943724 .03726887 31.99 .17545939 .05842988
.
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 296
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 1.settled 1.restate 1.othgaap entrench stkholding cara
ltotass sumout gindex FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0173478 .0928504 -0.19 0.852 -.1993312 .1646357
age_66_70 | .1114891 .2570619 0.43 0.665 -.3923428 .6153211
age_gt_70 | -.1758742 .2622489 -0.67 0.502 -.6898725 .3381242
1.settled | .1482375 .0592357 2.50 0.012 .0321377 .2643374
1.restate | .206689 .0672037 3.08 0.002 .0749722 .3384058
1.othgaap | .0742638 .065635 1.13 0.258 -.0543784 .202906
entrench | .0112914 .0391501 0.29 0.773 -.0654413 .0880241
stkholding | -.0160789 .0050936 -3.16 0.002 -.0260622 -.0060956
cara | -.0625855 .0305897 -2.05 0.041 -.1225402 -.0026308
ltotass | -.0121681 .0165051 -0.74 0.461 -.0445176 .0201814
sumout | -.0034541 .0020975 -1.65 0.100 -.0075651 .0006568
gindex | .0181418 .0114843 1.58 0.114 -.004367 .0406506
FY1997 | .0455132 .184098 0.25 0.805 -.3153124 .4063387
FY1998 | .1523414 .1853204 0.82 0.411 -.2108799 .5155628
FY1999 | .0937402 .1795377 0.52 0.602 -.2581471 .4456276
FY2000 | .1796913 .1792922 1.00 0.316 -.1717149 .5310975
FY2001 | .0025668 .1834439 0.01 0.989 -.3569766 .3621103
FY2002 | .0155038 .1746058 0.09 0.929 -.3267172 .3577249
FY2003 | -.0345374 .181906 -0.19 0.849 -.3910666 .3219919
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .12031917
. est store table64h, title([6])
.
. // gindex, (DISABLED eindex), /* outfrac */
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 i.settled i.restate i.othgaap entrench stkholding ///
> /* ceochair */ /* outfrac */ cara ltotass gindex i.settled#c.gindex /* setnblock */ `sec' insthold
> sumout FY* ///
> if insider & ceo, clu(`clustvar') nolog
Probit regression Number of obs = 290
Wald chi2(21) = 45.64
Prob > chi2 = 0.0014
Log pseudolikelihood = -174.49538 Pseudo R2 = 0.1252
(Std. Err. adjusted for 289 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0814051 .2650583 -0.31 0.759 -.6009099 .4380996
age_66_70 | .2738562 .7440967 0.37 0.713 -1.184547 1.732259
age_gt_70 | -.6769598 .7451841 -0.91 0.364 -2.137494 .7835741
1.settled | 1.23628 .6042333 2.05 0.041 .052005 2.420556
1.restate | .6609429 .2072025 3.19 0.001 .2548334 1.067052
1.othgaap | .2583278 .1972481 1.31 0.190 -.1282714 .644927
entrench | .0138474 .1160197 0.12 0.905 -.2135469 .2412418
stkholding | -.0470083 .0155857 -3.02 0.003 -.0775557 -.0164609
cara | -.1572163 .0893904 -1.76 0.079 -.3324182 .0179856
ltotass | -.0235894 .0494386 -0.48 0.633 -.1204873 .0733085
gindex | .0972552 .0506284 1.92 0.055 -.0019746 .196485
|
settled#|
c.gindex |
1 | -.0965955 .064524 -1.50 0.134 -.2230601 .0298692
|
insthold | -.0005676 .0046031 -0.12 0.902 -.0095896 .0084544
sumout | -.0093743 .0068091 -1.38 0.169 -.02272 .0039713
FY1997 | .0957802 .5340462 0.18 0.858 -.950931 1.142491
FY1998 | .4346521 .5404204 0.80 0.421 -.6245524 1.493857
FY1999 | .2206093 .5192939 0.42 0.671 -.7971881 1.238407
FY2000 | .5372522 .5240066 1.03 0.305 -.4897818 1.564286
FY2001 | -.0207781 .5311432 -0.04 0.969 -1.0618 1.020244
FY2002 | .0149027 .5082662 0.03 0.977 -.9812808 1.011086
FY2003 | -.0430091 .5333188 -0.08 0.936 -1.088295 1.002277
_cons | -.8089585 .8065497 -1.00 0.316 -2.389767 .7718498
------------------------------------------------------------------------------
.
. mat xactCc = J(`npct', 3, .)
. local r 0
. foreach i of local pct {
2. margins, dydx(settled) at((p`i') gindex)
3. local ++r
4. mat pc = r(at)'
5. // mat li pc
. // COL NUMBER WILL CHANGE WITH SPECIF
. mat xactCc[`r',1] = pc[14, 1]
6. mat b = r(b)
7. mat xactCc[`r',2] = b[1, 2]
8. mat v = r(V)
9. mat xactCc[`r',3] = 2* (1 - normal(abs(b[1, 2]) / sqrt(v[2,2])))
10. }
Average marginal effects Number of obs = 290
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : gindex = 6 (p10)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .2324714 .0890631 2.61 0.009 .0579109 .4070318
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 290
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : gindex = 7 (p25)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1989631 .0750141 2.65 0.008 .0519383 .345988
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 290
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : gindex = 8 (p50)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .164796 .0646495 2.55 0.011 .0380853 .2915067
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 290
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : gindex = 10 (p75)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .0955302 .0647137 1.48 0.140 -.0313063 .2223668
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 290
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : gindex = 12 (p90)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .0268129 .0899798 0.30 0.766 -.1495444 .2031701
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
.
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 290
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 1.settled 1.restate 1.othgaap entrench stkholding cara
ltotass gindex insthold sumout FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0278943 .0908296 -0.31 0.759 -.205917 .1501284
age_66_70 | .0938396 .2548369 0.37 0.713 -.4056316 .5933108
age_gt_70 | -.2319672 .2546482 -0.91 0.362 -.7310684 .2671341
1.settled | .1362071 .0600441 2.27 0.023 .0185227 .2538914
1.restate | .2222444 .0645914 3.44 0.001 .0956476 .3488413
1.othgaap | .0876764 .0658789 1.33 0.183 -.0414439 .2167966
entrench | .004745 .0397396 0.12 0.905 -.0731432 .0826331
stkholding | -.0161079 .0050493 -3.19 0.001 -.0260043 -.0062114
cara | -.0538718 .0302492 -1.78 0.075 -.1131591 .0054155
ltotass | -.0080832 .0169224 -0.48 0.633 -.0412503 .025084
gindex | .0146698 .0114539 1.28 0.200 -.0077795 .0371191
insthold | -.0001945 .0015775 -0.12 0.902 -.0032863 .0028973
sumout | -.0032122 .0023143 -1.39 0.165 -.0077481 .0013237
FY1997 | .0328201 .182937 0.18 0.858 -.3257298 .3913699
FY1998 | .148938 .1845458 0.81 0.420 -.2127652 .5106412
FY1999 | .075594 .1778757 0.42 0.671 -.273036 .424224
FY2000 | .1840949 .1786603 1.03 0.303 -.1660728 .5342626
FY2001 | -.0071198 .182002 -0.04 0.969 -.3638372 .3495975
FY2002 | .0051066 .1741631 0.03 0.977 -.3362468 .3464599
FY2003 | -.0147375 .1827386 -0.08 0.936 -.3728986 .3434236
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .12515306
. est store table63hg, title([2])
.
. /*
> probit `depvar' age_61_65 age_66_70 age_gt_70 i.settled i.restate i.othgaap entrench stkholding ///
> outfrac cara ltotass eindex i.settled#c.eindex `sec' FY* ///
> if insider & ceo, clu(`clustvar') nolog
>
> local r 0
> foreach i of local pct {
> margins, dydx(settled) at((p`i') eindex)
> local ++r
> mat pc = r(at)'
> // mat li pc
> // COL NUMBER WILL CHANGE WITH SPECIF
> mat xactCc[`r',4] = pc[15, 1]
> mat b = r(b)
> mat xactCc[`r',5] = b[1, 2]
> mat v = r(V)
> mat xactCc[`r',6] = 2* (1 - normal(abs(b[1, 2]) / sqrt(v[2,2])))
> }
>
> margins, dydx(_all) post
> est store table63he, title([E])
> */
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 i.settled i.restate i.othgaap entrench stkholding /
> //
. // /* ceochair */ /* outfrac */ cara ltotass i.settled#c.outfrac /* setnblock */ `sec' FY* ///
. // if insider & ceo, clu(`clustvar') nolog
.
. /*
> local r 0
> foreach i of local pct {
> margins, dydx(settled) at((p`i') outfrac)
> local ++r
> mat pc = r(at)'
> mat li pc
> // COL NUMBER WILL CHANGE WITH SPECIF
> mat xactCc[`r',4] = pc[12, 1]
> mat b = r(b)
> mat xactCc[`r',5] = b[1, 2]
> mat v = r(V)
> mat xactCc[`r',6] = 2* (1 - normal(abs(b[1, 2]) / sqrt(v[2,2])))
> }
>
> margins, dydx(_all) post
> est store table63ho, title([O])
> */
.
. mat rownames xactCc = `ppct'
. mat colnames xactCc = `geoutfrc'
. mat li xactCc
xactCc[5,3]
Gindex dPrdSettled P-value
p10 6 .23247138 .00904926
p25 7 .19896312 .0079935
p50 8 .16479602 .01080112
p75 10 .09553024 .13989087
p90 12 .02681285 .76571279
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 topqssettle restate othgaap entrench stkholding ///
. // /* ceochair */ outfrac cara ltotass insthold topqsinst FY* ///
. // if insider & ceo, clu(`clustvar') nolog
. // mfx
. // est store table63h4, title([5])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 topqssettle restate othgaap entrench stkholding ///
. // /* ceochair */ outfrac cara sumout topqsblock ltotass `sec' FY* ///
. // if insider & ceo, clu(`clustvar') nolog
. // mfx
. // est store table64h4, title([6])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 /* settled */ restate othgaap entrench stkholding /
> //
. // /* ceochair */ outfrac cara ltotass /* secalso setsecalso */ topqssettle insthold topqsinst /*
> setinst */ FY* ///
. // if insider & ceo, clu(`clustvar') nolog
. // mfx
. // est store table65h, title([3])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 /* settled */ restate othgaap entrench stkholding /
> //
. // /* ceochair */ outfrac cara /* secalso setsecalso */ topqssettle sumout topqsblock /* setnblock
> */ ltotass FY* ///
. // if insider & ceo, clu(`clustvar') nolog
. // mfx
. // est store table66h, title([4])
.
. // estout /* table61h table62h */ table63h table64h table65h table66h /* table67h table68h */ using
> lg4table6h`suf'.tex, margin ///
. // keep(age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara ///
. // /* ceochair */ ltotass settled insthold setinst sumout setnblock /* sumblockbroad setstkh setceoc
> setoutfrac */ ///
. // /* setsumblockbroad secalso setsecalso */ `sec' topqssettle topqsinst topqsblock) ///
. // replace style(tex) cells(b(fmt(%6.3f)) se(fmt(%6.3f) par star)) stat(N r2_p, fmt(%7.0f %6.3f) labe
> ls("Number of Observations" "Pseudo-\$R^2\$")) ///
. // discrete("+" marginal effect for discrete change of dummy variable from 0 to 1) label starlevels(
> * 0.10 ** 0.05 *** 0.01) ///
. // title("Inside Director Turnover: CEOs") collabels(, none) eqlabels(none) ///
. // prehead(\begin{table}[htbp]\caption{{\bf @title}}\medskip ///
. // \begin{tabular}{l*{@M}{c}}) ///
. // posthead("\hline") prefoot("\hline") ///
. // postfoot(\hline \end{tabular} \\ @discrete \input{table6b}\end{table})
.
.
. // ************************************************** TABLE Inside-1
.
. // suest -- must do before margins with post
. qui probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding /* ceo ceocha
> ir */ /* outfrac */ cara ltotass /* gindex */ FY* ///
> if insider //, clu(`clustvar') nolog
. est store su1i
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding /* ceo ceochair *
> / /* outfrac */ cara ltotass /* gindex */ FY* ///
> if insider, clu(`clustvar') nolog
Probit regression Number of obs = 800
Wald chi2(16) = 71.38
Prob > chi2 = 0.0000
Log pseudolikelihood = -509.96164 Pseudo R2 = 0.0694
(Std. Err. adjusted for 797 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0261281 .1455105 0.18 0.857 -.2590672 .3113235
age_66_70 | -.1604241 .2119932 -0.76 0.449 -.5759232 .255075
age_gt_70 | .4171145 .2719394 1.53 0.125 -.115877 .950106
restate | .3167192 .1185297 2.67 0.008 .0844053 .5490332
othgaap | .291878 .1135162 2.57 0.010 .0693904 .5143655
entrench | -.0665674 .0597426 -1.11 0.265 -.1836607 .0505258
stkholding | -.0362467 .0079847 -4.54 0.000 -.0518965 -.020597
cara | -.1309468 .0554566 -2.36 0.018 -.2396398 -.0222539
ltotass | .0258994 .0268358 0.97 0.334 -.0266978 .0784966
FY1997 | .8170841 .3330631 2.45 0.014 .1642925 1.469876
FY1998 | .7879673 .3316236 2.38 0.017 .1379971 1.437938
FY1999 | .6184235 .3231352 1.91 0.056 -.0149098 1.251757
FY2000 | .7374491 .3326313 2.22 0.027 .0855038 1.389394
FY2001 | .4973225 .3317741 1.50 0.134 -.1529427 1.147588
FY2002 | .6320219 .3226146 1.96 0.050 -.0002911 1.264335
FY2003 | .1935804 .3444079 0.56 0.574 -.4814467 .8686075
_cons | -.5768717 .3769429 -1.53 0.126 -1.315666 .1619227
------------------------------------------------------------------------------
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 800
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding cara ltotass FY1997
FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .009518 .0530024 0.18 0.857 -.0943648 .1134008
age_66_70 | -.0584396 .0771315 -0.76 0.449 -.2096146 .0927355
age_gt_70 | .1519472 .0985728 1.54 0.123 -.041252 .3451463
restate | .115375 .0425643 2.71 0.007 .0319505 .1987995
othgaap | .1063258 .0408538 2.60 0.009 .0262538 .1863978
entrench | -.0242493 .021721 -1.12 0.264 -.0668217 .0183231
stkholding | -.013204 .0027997 -4.72 0.000 -.0186914 -.0077167
cara | -.0477015 .0200122 -2.38 0.017 -.0869246 -.0084784
ltotass | .0094347 .0097585 0.97 0.334 -.0096917 .028561
FY1997 | .2976488 .1199281 2.48 0.013 .0625941 .5327034
FY1998 | .287042 .1195375 2.40 0.016 .0527528 .5213312
FY1999 | .2252803 .116921 1.93 0.054 -.0038806 .4544413
FY2000 | .2686392 .1200624 2.24 0.025 .0333212 .5039571
FY2001 | .1811655 .120348 1.51 0.132 -.0547123 .4170432
FY2002 | .230234 .1166934 1.97 0.048 .0015191 .4589489
FY2003 | .0705178 .1253751 0.56 0.574 -.1752128 .3162484
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .06940884
. est store table61n, title([1])
.
. if `c' == 1 {
. gen byte t6s = e(sample)
. }
. count if t6s
800
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding /* ceo ceochair
> */ /* outfrac */ cara ltotass /* gindex */ settled `sec' FY* ///
> if insider, clu(`clustvar') nolog
Probit regression Number of obs = 800
Wald chi2(17) = 77.91
Prob > chi2 = 0.0000
Log pseudolikelihood = -506.76745 Pseudo R2 = 0.0752
(Std. Err. adjusted for 797 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0192212 .1454477 0.13 0.895 -.265851 .3042934
age_66_70 | -.1764192 .2136249 -0.83 0.409 -.5951163 .2422779
age_gt_70 | .4412266 .2774404 1.59 0.112 -.1025466 .9849998
restate | .2538261 .1214041 2.09 0.037 .0158784 .4917737
othgaap | .2631273 .114801 2.29 0.022 .0381215 .4881331
entrench | -.060097 .0603787 -1.00 0.320 -.178437 .058243
stkholding | -.0380355 .0080492 -4.73 0.000 -.0538116 -.0222594
cara | -.1182257 .0558648 -2.12 0.034 -.2277187 -.0087328
ltotass | .0278236 .0269485 1.03 0.302 -.0249946 .0806417
settled | .2480173 .0980399 2.53 0.011 .0558627 .4401719
FY1997 | .7385096 .3301436 2.24 0.025 .09144 1.385579
FY1998 | .7333265 .3277479 2.24 0.025 .0909524 1.375701
FY1999 | .6155144 .317687 1.94 0.053 -.0071407 1.238169
FY2000 | .7199805 .3274524 2.20 0.028 .0781856 1.361775
FY2001 | .4675399 .3266474 1.43 0.152 -.1726772 1.107757
FY2002 | .6062694 .3175739 1.91 0.056 -.0161639 1.228703
FY2003 | .211536 .3397837 0.62 0.534 -.4544278 .8774997
_cons | -.6901363 .3737109 -1.85 0.065 -1.422596 .0423237
------------------------------------------------------------------------------
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 800
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding cara ltotass settled
FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0069553 .0526295 0.13 0.895 -.0961965 .1101072
age_66_70 | -.0638386 .0771971 -0.83 0.408 -.2151422 .087465
age_gt_70 | .1596611 .0998266 1.60 0.110 -.0359954 .3553176
restate | .0918489 .0435593 2.11 0.035 .0064742 .1772235
othgaap | .0952146 .0411413 2.31 0.021 .0145792 .17585
entrench | -.0217465 .0218151 -1.00 0.319 -.0645034 .0210103
stkholding | -.0137634 .0027946 -4.92 0.000 -.0192408 -.0082861
cara | -.0427809 .0200621 -2.13 0.033 -.0821019 -.0034598
ltotass | .0100682 .0097329 1.03 0.301 -.009008 .0291443
settled | .0897469 .0350492 2.56 0.010 .0210517 .1584421
FY1997 | .2672352 .1183618 2.26 0.024 .0352504 .49922
FY1998 | .2653597 .1175432 2.26 0.024 .0349792 .4957401
FY1999 | .2227285 .114229 1.95 0.051 -.0011563 .4466133
FY2000 | .2605303 .1174905 2.22 0.027 .0302532 .4908074
FY2001 | .1691828 .1177791 1.44 0.151 -.0616601 .4000257
FY2002 | .2193831 .1141899 1.92 0.055 -.004425 .4431913
FY2003 | .0765459 .1228632 0.62 0.533 -.1642616 .3173533
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .07523769
. est store table62n, title([2])
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding ///
> /* outfrac */ cara secalso /* setsecalso ceo ceochair */ ltotass /* gindex */ `sec' FY* ///
> if insider, clu(`clustvar') nolog
Probit regression Number of obs = 800
Wald chi2(17) = 71.79
Prob > chi2 = 0.0000
Log pseudolikelihood = -509.52508 Pseudo R2 = 0.0702
(Std. Err. adjusted for 797 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .029192 .1456255 0.20 0.841 -.2562288 .3146127
age_66_70 | -.1477757 .2122256 -0.70 0.486 -.5637302 .2681787
age_gt_70 | .428981 .2745375 1.56 0.118 -.1091027 .9670647
restate | .2809129 .1240898 2.26 0.024 .0377014 .5241244
othgaap | .2850512 .1136805 2.51 0.012 .0622415 .507861
entrench | -.0687903 .0598419 -1.15 0.250 -.1860782 .0484977
stkholding | -.0364018 .0080138 -4.54 0.000 -.0521085 -.020695
cara | -.1334029 .05569 -2.40 0.017 -.2425534 -.0242525
secalso | .1070906 .1137987 0.94 0.347 -.1159507 .3301319
ltotass | .021165 .0272485 0.78 0.437 -.0322411 .074571
FY1997 | .8070514 .3326759 2.43 0.015 .1550186 1.459084
FY1998 | .7986241 .3311843 2.41 0.016 .1495147 1.447733
FY1999 | .6408707 .3233289 1.98 0.047 .0071577 1.274584
FY2000 | .7395491 .3321227 2.23 0.026 .0886006 1.390498
FY2001 | .4970168 .3311114 1.50 0.133 -.1519497 1.145983
FY2002 | .633479 .3218974 1.97 0.049 .0025718 1.264386
FY2003 | .2278071 .3452278 0.66 0.509 -.448827 .9044411
_cons | -.5619399 .3767873 -1.49 0.136 -1.300429 .1765496
------------------------------------------------------------------------------
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 800
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding cara secalso ltotass
FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0106248 .0529964 0.20 0.841 -.0932463 .1144958
age_66_70 | -.0537847 .0771603 -0.70 0.486 -.2050161 .0974467
age_gt_70 | .1561327 .0993904 1.57 0.116 -.038669 .3509344
restate | .1022416 .0447038 2.29 0.022 .0146238 .1898594
othgaap | .1037478 .0409024 2.54 0.011 .0235804 .1839151
entrench | -.025037 .0217352 -1.15 0.249 -.0676372 .0175631
stkholding | -.0132489 .002807 -4.72 0.000 -.0187504 -.0077473
cara | -.0485536 .0200723 -2.42 0.016 -.0878946 -.0092126
secalso | .0389769 .041343 0.94 0.346 -.042054 .1200078
ltotass | .0077033 .0099059 0.78 0.437 -.011712 .0271185
FY1997 | .2937359 .1197306 2.45 0.014 .0590681 .5284037
FY1998 | .2906687 .1192406 2.44 0.015 .0569613 .524376
FY1999 | .2332525 .1168291 2.00 0.046 .0042716 .4622333
FY2000 | .2691676 .1197687 2.25 0.025 .0344252 .5039101
FY2001 | .1808951 .120006 1.51 0.132 -.0543123 .4161026
FY2002 | .2305622 .1163406 1.98 0.048 .0025387 .4585856
FY2003 | .0829131 .1255343 0.66 0.509 -.1631297 .3289559
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .07020549
. est store table62gn, title([Insiders])
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding /* ceo */ ///
> /* outfrac */ cara /* ceo ceochair */ topqsettle ltotass /* gindex */ `sec' FY* ///
> if insider, clu(`clustvar') nolog
Probit regression Number of obs = 800
Wald chi2(17) = 84.15
Prob > chi2 = 0.0000
Log pseudolikelihood = -501.47263 Pseudo R2 = 0.0849
(Std. Err. adjusted for 797 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .061599 .1461289 0.42 0.673 -.2248083 .3480063
age_66_70 | -.1656069 .2159123 -0.77 0.443 -.5887872 .2575734
age_gt_70 | .4824306 .2727721 1.77 0.077 -.0521928 1.017054
restate | .2127506 .1222413 1.74 0.082 -.026838 .4523391
othgaap | .1901291 .1167544 1.63 0.103 -.0387052 .4189634
entrench | -.0647063 .060215 -1.07 0.283 -.1827256 .053313
stkholding | -.0371743 .0077807 -4.78 0.000 -.0524242 -.0219243
cara | -.1327416 .0556454 -2.39 0.017 -.2418046 -.0236787
topqsettle | .6318747 .1570505 4.02 0.000 .3240613 .9396881
ltotass | -.0051308 .027817 -0.18 0.854 -.0596512 .0493895
FY1997 | .7835771 .3321629 2.36 0.018 .1325497 1.434605
FY1998 | .7494163 .3310909 2.26 0.024 .1004901 1.398342
FY1999 | .6015676 .3216409 1.87 0.061 -.0288371 1.231972
FY2000 | .723339 .3311265 2.18 0.029 .0743429 1.372335
FY2001 | .4253601 .3308768 1.29 0.199 -.2231465 1.073867
FY2002 | .5892974 .3219393 1.83 0.067 -.041692 1.220287
FY2003 | .2250381 .3428326 0.66 0.512 -.4469014 .8969777
_cons | -.3361271 .3795059 -0.89 0.376 -1.079945 .4076907
------------------------------------------------------------------------------
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 800
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding cara topqsettle
ltotass FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0220604 .0523201 0.42 0.673 -.0804851 .1246059
age_66_70 | -.0593086 .0772247 -0.77 0.442 -.2106663 .0920491
age_gt_70 | .1727724 .0970599 1.78 0.075 -.0174616 .3630063
restate | .0761921 .0435167 1.75 0.080 -.0090991 .1614834
othgaap | .0680907 .0415831 1.64 0.102 -.0134106 .1495921
entrench | -.0231732 .021519 -1.08 0.282 -.0653496 .0190032
stkholding | -.0133132 .002678 -4.97 0.000 -.018562 -.0080644
cara | -.0475386 .0197191 -2.41 0.016 -.0861873 -.0088899
topqsettle | .2262926 .0545571 4.15 0.000 .1193626 .3332226
ltotass | -.0018375 .0099626 -0.18 0.854 -.0213638 .0176888
FY1997 | .2806217 .1177053 2.38 0.017 .0499235 .5113198
FY1998 | .2683877 .1174519 2.29 0.022 .0381862 .4985891
FY1999 | .2154388 .114489 1.88 0.060 -.0089556 .4398331
FY2000 | .2590486 .1174917 2.20 0.027 .028769 .4893282
FY2001 | .1523338 .1181076 1.29 0.197 -.0791528 .3838203
FY2002 | .2110445 .1146089 1.84 0.066 -.0135848 .4356738
FY2003 | .0805927 .1226708 0.66 0.511 -.1598377 .321023
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .0848998
. est store table63gn, title([3])
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding /* ceo */ ///
> /* outfrac */ cara /* ceo ceochair */ topqssettle ltotass /* gindex */ `sec' FY* ///
> if insider, clu(`clustvar') nolog
Probit regression Number of obs = 800
Wald chi2(17) = 87.95
Prob > chi2 = 0.0000
Log pseudolikelihood = -499.58965 Pseudo R2 = 0.0883
(Std. Err. adjusted for 797 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0327822 .1469091 0.22 0.823 -.2551543 .3207187
age_66_70 | -.1354662 .2162206 -0.63 0.531 -.5592508 .2883185
age_gt_70 | .4782102 .2786429 1.72 0.086 -.0679198 1.02434
restate | .2707399 .1205262 2.25 0.025 .0345129 .506967
othgaap | .2909571 .1152512 2.52 0.012 .0650689 .5168454
entrench | -.0825403 .0604695 -1.36 0.172 -.2010583 .0359777
stkholding | -.0360714 .0078229 -4.61 0.000 -.0514039 -.0207388
cara | -.1335801 .0560549 -2.38 0.017 -.2434456 -.0237145
topqssettle | .6769631 .1555131 4.35 0.000 .3721631 .981763
ltotass | .0553749 .0273251 2.03 0.043 .0018186 .1089312
FY1997 | .7219817 .334498 2.16 0.031 .0663777 1.377586
FY1998 | .6078423 .335998 1.81 0.070 -.0507016 1.266386
FY1999 | .5697049 .3235631 1.76 0.078 -.0644671 1.203877
FY2000 | .6566576 .3324865 1.97 0.048 .004996 1.308319
FY2001 | .4023055 .3323168 1.21 0.226 -.2490234 1.053634
FY2002 | .5114938 .323948 1.58 0.114 -.1234326 1.14642
FY2003 | .1839384 .3442224 0.53 0.593 -.490725 .8586019
_cons | -.7680383 .3784503 -2.03 0.042 -1.509787 -.0262893
------------------------------------------------------------------------------
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 800
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding cara topqssettle
ltotass FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0116909 .0523842 0.22 0.823 -.0909802 .114362
age_66_70 | -.0483104 .0770349 -0.63 0.531 -.1992959 .1026752
age_gt_70 | .1705409 .098685 1.73 0.084 -.0228781 .3639599
restate | .0965522 .0426249 2.27 0.024 .0130088 .1800955
othgaap | .1037621 .0406304 2.55 0.011 .0241281 .1833961
entrench | -.0294358 .0215034 -1.37 0.171 -.0715817 .0127101
stkholding | -.0128639 .0026818 -4.80 0.000 -.0181201 -.0076077
cara | -.0476378 .0197502 -2.41 0.016 -.0863474 -.0089281
topqssettle | .2414208 .053439 4.52 0.000 .1366823 .3461593
ltotass | .019748 .0096808 2.04 0.041 .0007739 .0387221
FY1997 | .2574755 .1182149 2.18 0.029 .0257786 .4891724
FY1998 | .2167707 .1191433 1.82 0.069 -.0167458 .4502872
FY1999 | .20317 .1147398 1.77 0.077 -.0217158 .4280558
FY2000 | .2341794 .1176024 1.99 0.046 .003683 .4646758
FY2001 | .1434715 .1181568 1.21 0.225 -.0881115 .3750546
FY2002 | .1824106 .1149732 1.59 0.113 -.0429327 .4077539
FY2003 | .0655967 .1226682 0.53 0.593 -.1748286 .3060221
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .08833591
. est store table64gn, title([4])
.
. estout table61n table62n table63gn table64gn using lg4table6n`suf'.tex, /// margin ///
> keep(age_61_65 age_66_70 age_gt_70 settled restate othgaap entrench stkholding /* outfrac */ cara /*
> ceo ceochair */ ///
> /* gindex */ `sec' ltotass topqsettle topqssettle) ///
> order(age_61_65 age_66_70 age_gt_70 entrench stkholding audit /* ceo */ ltotass cara /* outfrac gin
> dex */ restate othgaap settled topqsettle topqssettle) ///
> refcat(age_61_65 "{\it Director characteristics:}" ltotass "{\it Firm characteristics:}" restate "{\i
> t Case characteristics:}", nolabel) ///
> replace style(tex) cells(b(fmt(%6.3f)) se(fmt(%6.3f) par star)) stat(N r2p, fmt(%7.0f %6.3f) labels("
> Number of Observations" "Pseudo-\$R^2\$")) ///
> discrete("+" marginal effect for discrete change of dummy variable from 0 to 1) label starlevels(* 0
> .10 ** 0.05 *** 0.01) ///
> title("Inside Director Turnover Probability") collabels(, none) eqlabels(none) ///
> prehead(\begin{table}[htbp]\caption{{\bf @title}}\medskip \input{table6t} ///
> \begin{tabular}{l*{@M}{c}}) ///
> posthead("\hline") prefoot("\hline") ///
> postfoot(\hline \end{tabular} \\ @discrete \input{table6b}\end{table})
(output written to lg4table6n0.tex)
.
.
. // ************************************************** TABLE Inside-2 (now Governance)
.
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 i.settled i.restate i.othgaap entrench stkholding ///
> /* i.ceo ceochair */ /* outfrac */ cara insthold i.settled#c.insthold /* setinst */ ltotass `sec' g
> index FY* ///
> if insider, clu(`clustvar') nolog
Probit regression Number of obs = 704
Wald chi2(20) = 74.74
Prob > chi2 = 0.0000
Log pseudolikelihood = -440.83811 Pseudo R2 = 0.0843
(Std. Err. adjusted for 701 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0482379 .1571422 0.31 0.759 -.2597551 .3562309
age_66_70 | -.1033106 .2323562 -0.44 0.657 -.5587204 .3520992
age_gt_70 | .4205375 .3067792 1.37 0.170 -.1807387 1.021814
1.settled | -.0139776 .3383891 -0.04 0.967 -.677208 .6492529
1.restate | .3478049 .13315 2.61 0.009 .0868357 .6087741
1.othgaap | .2365924 .1234409 1.92 0.055 -.0053473 .4785322
entrench | -.0530133 .0649224 -0.82 0.414 -.1802588 .0742321
stkholding | -.0403685 .0097921 -4.12 0.000 -.0595608 -.0211763
cara | -.1461954 .057681 -2.53 0.011 -.259248 -.0331428
insthold | -.0068584 .0037646 -1.82 0.068 -.0142368 .00052
|
settled#|
c.insthold |
1 | .0045421 .0051135 0.89 0.374 -.0054802 .0145644
|
ltotass | .0162959 .0296365 0.55 0.582 -.0417906 .0743824
gindex | .0106968 .0220195 0.49 0.627 -.0324606 .0538541
FY1997 | .7064705 .3376905 2.09 0.036 .0446092 1.368332
FY1998 | .6732318 .3382441 1.99 0.047 .0102856 1.336178
FY1999 | .5211612 .328005 1.59 0.112 -.1217167 1.164039
FY2000 | .7990435 .3406169 2.35 0.019 .1314467 1.46664
FY2001 | .4251397 .3340334 1.27 0.203 -.2295536 1.079833
FY2002 | .7028745 .3237882 2.17 0.030 .0682613 1.337488
FY2003 | .4228848 .3556606 1.19 0.234 -.2741971 1.119967
_cons | -.3034197 .4523692 -0.67 0.502 -1.190047 .5832075
------------------------------------------------------------------------------
.
. mat xactI = J(`npct', 6,.)
. local r 0
. foreach i of local pct {
2. margins, dydx(settled) at((p`i') insthold)
3. local ++r
4. mat pc = r(at)'
5. // mat li pc
. // COL NUMBER WILL CHANGE WITH SPECIF
. mat xactI[`r',1] = pc[13, 1]
6. mat b = r(b)
7. mat xactI[`r',2] = b[1, 2]
8. mat v = r(V)
9. mat xactI[`r',3] = 2* (1 - normal(abs(b[1, 2]) / sqrt(v[2,2])))
10. }
Average marginal effects Number of obs = 704
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : insthold = 29.37 (p10)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .0419991 .0709572 0.59 0.554 -.0970744 .1810727
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 704
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : insthold = 49.63 (p25)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .0761267 .0453739 1.68 0.093 -.0128045 .1650579
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 704
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : insthold = 64.41 (p50)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1015059 .038726 2.62 0.009 .0256043 .1774075
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 704
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : insthold = 77.2 (p75)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1235195 .0470615 2.62 0.009 .0312807 .2157584
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 704
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : insthold = 85.9 (p90)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1384068 .0578516 2.39 0.017 .0250198 .2517938
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
.
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 704
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 1.settled 1.restate 1.othgaap entrench stkholding cara
insthold ltotass gindex FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0172484 .0561715 0.31 0.759 -.0928458 .1273425
age_66_70 | -.0369406 .0830481 -0.44 0.656 -.1997119 .1258306
age_gt_70 | .1503711 .1091207 1.38 0.168 -.0635016 .3642438
1.settled | .0982231 .0385179 2.55 0.011 .0227293 .1737168
1.restate | .1230216 .0457427 2.69 0.007 .0333675 .2126757
1.othgaap | .0838035 .0429946 1.95 0.051 -.0004643 .1680714
entrench | -.0189559 .0231899 -0.82 0.414 -.0644073 .0264954
stkholding | -.0144345 .0033688 -4.28 0.000 -.0210373 -.0078318
cara | -.0522749 .0203984 -2.56 0.010 -.092255 -.0122948
insthold | -.0015733 .0009257 -1.70 0.089 -.0033877 .0002411
ltotass | .0058269 .0105896 0.55 0.582 -.0149283 .0265822
gindex | .0038248 .0078702 0.49 0.627 -.0116005 .0192502
FY1997 | .2526119 .1196105 2.11 0.035 .0181797 .487044
FY1998 | .2407267 .1199835 2.01 0.045 .0055635 .47589
FY1999 | .186351 .116727 1.60 0.110 -.0424296 .4151317
FY2000 | .2857131 .1204264 2.37 0.018 .0496816 .5217446
FY2001 | .1520167 .1190907 1.28 0.202 -.0813967 .3854302
FY2002 | .251326 .1147043 2.19 0.028 .0265098 .4761423
FY2003 | .1512104 .1268144 1.19 0.233 -.0973413 .3997622
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .08427669
. est store table63hn, title([3])
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 i.settled i.restate i.othgaap entrench stkholding ///
> /* i.ceo ceochair */ /* outfrac */ cara sumout i.settled#c.sumout /* setnblock */ ltotass `sec' gi
> ndex FY* ///
> if insider, clu(`clustvar') nolog
Probit regression Number of obs = 716
Wald chi2(20) = 71.92
Prob > chi2 = 0.0000
Log pseudolikelihood = -450.21023 Pseudo R2 = 0.0819
(Std. Err. adjusted for 713 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .054691 .1559679 0.35 0.726 -.2510005 .3603825
age_66_70 | -.144244 .2280308 -0.63 0.527 -.5911761 .3026882
age_gt_70 | .4981045 .2900654 1.72 0.086 -.0704132 1.066622
1.settled | .2773505 .1500119 1.85 0.064 -.0166673 .5713684
1.restate | .3278832 .1325837 2.47 0.013 .068024 .5877425
1.othgaap | .211785 .1222728 1.73 0.083 -.0278653 .4514353
entrench | -.0510715 .0644114 -0.79 0.428 -.1773157 .0751726
stkholding | -.0387738 .0098529 -3.94 0.000 -.0580851 -.0194625
cara | -.1418606 .0589621 -2.41 0.016 -.2574242 -.0262971
sumout | -.0000929 .0062949 -0.01 0.988 -.0124306 .0122449
|
settled#|
c.sumout |
1 | .0016879 .0080166 0.21 0.833 -.0140243 .0174001
|
ltotass | .0175325 .0297694 0.59 0.556 -.0408145 .0758794
gindex | .0103698 .0215288 0.48 0.630 -.0318258 .0525654
FY1997 | .7177179 .3312564 2.17 0.030 .0684672 1.366969
FY1998 | .6742732 .3308411 2.04 0.042 .0258366 1.32271
FY1999 | .4944547 .3207592 1.54 0.123 -.1342218 1.123131
FY2000 | .8119167 .3331516 2.44 0.015 .1589515 1.464882
FY2001 | .4637792 .3301856 1.40 0.160 -.1833727 1.110931
FY2002 | .6823885 .3163458 2.16 0.031 .0623621 1.302415
FY2003 | .3272488 .3418105 0.96 0.338 -.3426875 .9971852
_cons | -.7582978 .408724 -1.86 0.064 -1.559382 .0427865
------------------------------------------------------------------------------
.
. local r 0
. foreach i of local pct {
2. margins, dydx(settled) at((p`i') sumout)
3. local ++r
4. mat pc = r(at)'
5. // mat li pc
. // COL NUMBER WILL CHANGE WITH SPECIF
. mat xactI[`r',4] = pc[13, 1]
6. mat b = r(b)
7. mat xactI[`r',5] = b[1, 2]
8. mat v = r(V)
9. mat xactI[`r',6] = 2* (1 - normal(abs(b[1, 2]) / sqrt(v[2,2])))
10. }
Average marginal effects Number of obs = 716
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : sumout = 0 (p10)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .101607 .055095 1.84 0.065 -.0063771 .2095911
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 716
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : sumout = 0 (p25)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .101607 .055095 1.84 0.065 -.0063771 .2095911
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 716
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : sumout = 9.625 (p50)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1074074 .0398039 2.70 0.007 .0293932 .1854217
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 716
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : sumout = 21.26 (p75)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1143877 .044223 2.59 0.010 .0277122 .2010632
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
Average marginal effects Number of obs = 716
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : sumout = 30.9 (p90)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1201438 .0633001 1.90 0.058 -.0039222 .2442098
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
.
. mat rownames xactI = `ppct'
. mat colnames xactI = `instblok'
. mat list xactI
xactI[5,6]
InstHold dPrdSettled P-value Blockhold dPrdSettled P-value
p10 29.37 .04199912 .55392181 0 .10160701 .06515164
p25 49.63 .07612668 .09339314 0 .10160701 .06515164
p50 64.41 .10150593 .00876389 9.625 .10740744 .00696709
p75 77.2 .12351951 .00867406 21.26 .1143877 .00969247
p90 85.9 .13840683 .01673645 30.9 .12014378 .05769583
.
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 716
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 1.settled 1.restate 1.othgaap entrench stkholding cara
sumout ltotass gindex FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .01965 .0560172 0.35 0.726 -.0901417 .1294417
age_66_70 | -.0518257 .0818641 -0.63 0.527 -.2122763 .1086249
age_gt_70 | .178965 .1034347 1.73 0.084 -.0237633 .3816932
1.settled | .1094178 .0381286 2.87 0.004 .0346871 .1841485
1.restate | .1167378 .0460123 2.54 0.011 .0265554 .2069202
1.othgaap | .0755128 .0430294 1.75 0.079 -.0088232 .1598489
entrench | -.0183496 .0231213 -0.79 0.427 -.0636665 .0269673
stkholding | -.0139311 .0034117 -4.08 0.000 -.020618 -.0072443
cara | -.0509694 .0209523 -2.43 0.015 -.0920352 -.0099036
sumout | .0002925 .0014686 0.20 0.842 -.002586 .0031709
ltotass | .0062993 .0106884 0.59 0.556 -.0146496 .0272481
gindex | .0037258 .0077324 0.48 0.630 -.0114294 .018881
FY1997 | .2578703 .1178891 2.19 0.029 .0268119 .4889287
FY1998 | .2422609 .1179294 2.05 0.040 .0111235 .4733984
FY1999 | .1776536 .114798 1.55 0.122 -.0473463 .4026535
FY2000 | .2917152 .1183317 2.47 0.014 .0597892 .5236411
FY2001 | .1666321 .1182183 1.41 0.159 -.0650715 .3983358
FY2002 | .2451767 .11267 2.18 0.030 .0243476 .4660058
FY2003 | .1175779 .1226023 0.96 0.338 -.1227181 .3578739
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .08189012
. est store table64hn, title([4])
.
. // gindex, (DISABLED eindex, outfrac)
.
. probit `depvar' age_61_65 age_66_70 age_gt_70 i.settled i.restate i.othgaap entrench stkholding ///
> /* i.ceo ceochair */ /* outfrac */ cara gindex i.settled#c.gindex /* setinst */ ltotass `sec' insth
> old sumout FY* ///
> if insider, clu(`clustvar') nolog
Probit regression Number of obs = 704
Wald chi2(21) = 75.04
Prob > chi2 = 0.0000
Log pseudolikelihood = -439.23944 Pseudo R2 = 0.0876
(Std. Err. adjusted for 701 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0524466 .1561618 0.34 0.737 -.2536248 .358518
age_66_70 | -.1302417 .2330169 -0.56 0.576 -.5869464 .3264629
age_gt_70 | .4529774 .309041 1.47 0.143 -.1527318 1.058686
1.settled | .8953838 .3739164 2.39 0.017 .1625211 1.628246
1.restate | .3471798 .133867 2.59 0.010 .0848052 .6095543
1.othgaap | .2257545 .1239982 1.82 0.069 -.0172775 .4687864
entrench | -.0534899 .0650389 -0.82 0.411 -.1809639 .0739841
stkholding | -.0410321 .0100586 -4.08 0.000 -.0607466 -.0213175
cara | -.12305 .0581576 -2.12 0.034 -.2370367 -.0090632
gindex | .0534628 .0318486 1.68 0.093 -.0089593 .1158848
|
settled#|
c.gindex |
1 | -.0727213 .0411722 -1.77 0.077 -.1534173 .0079746
|
ltotass | .0253885 .0304768 0.83 0.405 -.0343449 .0851218
insthold | -.0052621 .0028783 -1.83 0.068 -.0109036 .0003793
sumout | .0041086 .0045279 0.91 0.364 -.0047658 .0129831
FY1997 | .7066907 .3294854 2.14 0.032 .0609112 1.35247
FY1998 | .6974888 .3289882 2.12 0.034 .0526838 1.342294
FY1999 | .4970774 .3181282 1.56 0.118 -.1264424 1.120597
FY2000 | .7790671 .3310496 2.35 0.019 .1302219 1.427912
FY2001 | .4368672 .3269732 1.34 0.182 -.2039884 1.077723
FY2002 | .6770404 .3156952 2.14 0.032 .0582892 1.295792
FY2003 | .3788265 .3437702 1.10 0.270 -.2949507 1.052604
_cons | -.8917045 .4670194 -1.91 0.056 -1.807046 .0236367
------------------------------------------------------------------------------
.
. mat xactIc = J(`npct', 3, .)
. local r 0
. foreach i of local pct {
2. margins, dydx(settled) at((p`i') gindex)
3. local ++r
4. mat pc = r(at)'
5. mat li pc
6. // COL NUMBER WILL CHANGE WITH SPECIF
. mat xactIc[`r',1] = pc[13, 1]
7. mat b = r(b)
8. mat xactIc[`r',2] = b[1, 2]
9. mat v = r(V)
10. mat xactIc[`r',3] = 2* (1 - normal(abs(b[1, 2]) / sqrt(v[2,2])))
11. }
Average marginal effects Number of obs = 704
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : gindex = 6 (p10)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1675512 .0558048 3.00 0.003 .0581758 .2769266
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
pc[23,1]
r1
age_61_65 .
age_66_70 .
age_gt_70 .
0b.settled .
1.settled .
0b.restate .
1.restate .
0b.othgaap .
1.othgaap .
entrench .
stkholding .
cara .
gindex 6
ltotass .
insthold .
sumout .
FY1997 .
FY1998 .
FY1999 .
FY2000 .
FY2001 .
FY2002 .
FY2003 .
Average marginal effects Number of obs = 704
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : gindex = 7 (p25)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1410117 .0463553 3.04 0.002 .0501569 .2318665
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
pc[23,1]
r1
age_61_65 .
age_66_70 .
age_gt_70 .
0b.settled .
1.settled .
0b.restate .
1.restate .
0b.othgaap .
1.othgaap .
entrench .
stkholding .
cara .
gindex 7
ltotass .
insthold .
sumout .
FY1997 .
FY1998 .
FY1999 .
FY2000 .
FY2001 .
FY2002 .
FY2003 .
Average marginal effects Number of obs = 704
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : gindex = 8 (p50)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .1143977 .0401256 2.85 0.004 .035753 .1930425
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
pc[23,1]
r1
age_61_65 .
age_66_70 .
age_gt_70 .
0b.settled .
1.settled .
0b.restate .
1.restate .
0b.othgaap .
1.othgaap .
entrench .
stkholding .
cara .
gindex 8
ltotass .
insthold .
sumout .
FY1997 .
FY1998 .
FY1999 .
FY2000 .
FY2001 .
FY2002 .
FY2003 .
Average marginal effects Number of obs = 704
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : gindex = 10 (p75)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .0611514 .0430617 1.42 0.156 -.023248 .1455508
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
pc[23,1]
r1
age_61_65 .
age_66_70 .
age_gt_70 .
0b.settled .
1.settled .
0b.restate .
1.restate .
0b.othgaap .
1.othgaap .
entrench .
stkholding .
cara .
gindex 10
ltotass .
insthold .
sumout .
FY1997 .
FY1998 .
FY1999 .
FY2000 .
FY2001 .
FY2002 .
FY2003 .
Average marginal effects Number of obs = 704
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : 1.settled
at : gindex = 12 (p90)
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
1.settled | .0082179 .0620412 0.13 0.895 -.1133806 .1298163
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
pc[23,1]
r1
age_61_65 .
age_66_70 .
age_gt_70 .
0b.settled .
1.settled .
0b.restate .
1.restate .
0b.othgaap .
1.othgaap .
entrench .
stkholding .
cara .
gindex 12
ltotass .
insthold .
sumout .
FY1997 .
FY1998 .
FY1999 .
FY2000 .
FY2001 .
FY2002 .
FY2003 .
.
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 704
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 1.settled 1.restate 1.othgaap entrench stkholding cara
gindex ltotass insthold sumout FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0186932 .0556388 0.34 0.737 -.0903569 .1277432
age_66_70 | -.0464211 .0829942 -0.56 0.576 -.2090867 .1162445
age_gt_70 | .1614515 .1094427 1.48 0.140 -.0530522 .3759552
1.settled | .096962 .0384724 2.52 0.012 .0215575 .1723665
1.restate | .1224171 .0458303 2.67 0.008 .0325914 .2122428
1.othgaap | .0797782 .0431474 1.85 0.064 -.0047891 .1643455
entrench | -.019065 .0231552 -0.82 0.410 -.0644483 .0263183
stkholding | -.0146248 .0034468 -4.24 0.000 -.0213804 -.0078691
cara | -.0438578 .0205763 -2.13 0.033 -.0841866 -.0035291
gindex | .0049423 .0078012 0.63 0.526 -.0103478 .0202324
ltotass | .009049 .010842 0.83 0.404 -.0122008 .0302989
insthold | -.0018755 .0010185 -1.84 0.066 -.0038718 .0001207
sumout | .0014644 .0016108 0.91 0.363 -.0016926 .0046214
FY1997 | .2518808 .1163582 2.16 0.030 .0238229 .4799386
FY1998 | .248601 .1162996 2.14 0.033 .0206579 .4765441
FY1999 | .1771698 .1129402 1.57 0.117 -.044189 .3985285
FY2000 | .2776774 .1167555 2.38 0.017 .0488409 .5065139
FY2001 | .1557095 .1162133 1.34 0.180 -.0720643 .3834833
FY2002 | .2413127 .1116304 2.16 0.031 .0225211 .4601043
FY2003 | .1350224 .1222787 1.10 0.269 -.1046393 .3746842
------------------------------------------------------------------------------
Note: dy/dx for factor levels is the discrete change from the base level.
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .08759748
. est store table63hng, title([3])
.
. /*
> probit `depvar' age_61_65 age_66_70 age_gt_70 i.settled i.restate i.othgaap entrench stkholding ///
> i.ceo outfrac cara eindex i.settled#c.eindex ltotass `sec' FY* ///
> if insider, clu(`clustvar') nolog
>
> local r 0
> foreach i of local pct {
> margins, dydx(settled) at((p`i') eindex)
> local ++r
> mat pc = r(at)'
> // mat li pc
> // COL NUMBER WILL CHANGE WITH SPECIF
> mat xactIc[`r',4] = pc[16, 1]
> mat b = r(b)
> mat xactIc[`r',5] = b[1, 2]
> mat v = r(V)
> mat xactIc[`r',6] = 2* (1 - normal(abs(b[1, 2]) / sqrt(v[2,2])))
> }
>
> margins, dydx(_all) post
> est store table63hne, title([E])
> */
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 i.settled i.restate i.othgaap entrench stkholding /
> //
. // /* i.ceo ceochair */ /* outfrac */ cara i.settled#c.outfrac /* setinst */ ltotass `sec' FY* //
> /
. // if insider, clu(`clustvar') nolog
.
. /*
> local r 0
> foreach i of local pct {
> margins, dydx(settled) at((p`i') outfrac)
> local ++r
> mat pc = r(at)'
> // mat li pc
> // COL NUMBER WILL CHANGE WITH SPECIF
> mat xactIc[`r',4] = pc[12, 1]
> mat b = r(b)
> mat xactIc[`r',5] = b[1, 2]
> mat v = r(V)
> mat xactIc[`r',6] = 2* (1 - normal(abs(b[1, 2]) / sqrt(v[2,2])))
> }
> */
.
. mat rownames xactIc = `ppct'
. mat colnames xactIc = `geoutfrc'
. mat list xactIc
xactIc[5,3]
Gindex dPrdSettled P-value
p10 6 .16755121 .00267816
p25 7 .14101168 .00235033
p50 8 .11439773 .00435834
p75 10 .06115141 .15558198
p90 12 .00821786 .89462187
.
. // margins, dydx(_all) post
. // est store table63hno, title([E])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 topqssettle restate othgaap entrench stkholding ///
. // ceo /* ceochair */ outfrac cara insthold topqsinst ltotass `sec' FY* ///
. // if insider, clu(`clustvar') nolog
. // mfx
. // est store table63hn4, title([3])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 topqssettle restate othgaap entrench stkholding ///
. // ceo /* ceochair */ outfrac cara sumout topqsblock ltotass `sec' FY* ///
. // if insider, clu(`clustvar') nolog
. // mfx
. // est store table64hn4, title([4])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 /* settled */ restate othgaap entrench stkholding /
> //
. // ceo /* setceo ceochair */ outfrac cara /* secalso setsecalso */ topqssettle insthold topqs
> inst /* setinst */ ltotass FY* ///
. // if insider /*& !ceo */, clu(`clustvar') nolog
. // mfx
. // est store table65hn, title([3])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 /* settled */ restate othgaap entrench stkholding /
> //
. // ceo /* setceo ceochair */ outfrac cara /* secalso setsecalso */ topqssettle sumout topqsblock
> /* setnblock */ ltotass FY* ///
. // if insider /* & !ceo */, clu(`clustvar') nolog
. // mfx
. // est store table66hn, title([4])
.
. estout table53h table54h table63hn table64hn table63h table64h using lg4table6hn`suf'.tex, indicate(O
> utcome interactions = FY*, labels(Included NA)) /// margin ///
> keep(age_61_65 age_66_70 age_gt_70 1.restate 1.othgaap entrench stkholding /* outfrac */ cara ///
> /* 1.ceo */ ltotass 1.settled /* setinst */ insthold /* setnblock */ sumout `sec' gindex ) ///
> order(age_61_65 age_66_70 age_gt_70 entrench stkholding /* audit 1.ceo */ ltotass cara /* outfrac *
> / insthold sumout gindex 1.restate 1.othgaap 1.settled /* setinst setnblock */) ///
> refcat(age_61_65 "{\it Director characteristics:}" ltotass "{\it Firm characteristics:}" 1.restate "{
> \it Case characteristics:}", nolabel) ///
> replace style(tex) cells(b(fmt(%6.3f)) se(fmt(%6.3f) par star)) stat(N r2p, fmt(%7.0f %6.3f) labels("
> Number of Observations" "Pseudo-\$R^2\$")) ///
> discrete("+" marginal effect for discrete change of dummy variable from 0 to 1) label starlevels(* 0
> .10 ** 0.05 *** 0.01) ///
> title("Director Turnover Probability and Outside Equity Ownership Concentration") collabels(, none) e
> qlabels(none) ///
> prehead(\begin{table}[htbp]\caption{{\bf @title}}\medskip \input{table8t} ///
> \begin{tabular}{l*{@M}{c}}) ///
> posthead("\hline") prefoot("\hline") substitute(1. "") ///
> postfoot(\hline \end{tabular} \\ @discrete \input{table8b}\end{table})
(output written to lg4table6hn0.tex)
.
. outtable using xact, mat(xactO) replace center nobox caption("Outside directors") format(%9.3f)
. outtable using xact, mat(xactI) append center nobox caption("Inside directors") format(%9.3f)
. outtable using xact, mat(xactC) append center nobox caption("CEOs") format(%9.3f)
.
. /*
> estout table53h4 table54h4 table63hn4 table64hn4 table63h4 table64h4 using lg4table6hn4`suf'.tex, mar
> gin ///
> keep(age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara ///
> ceo ltotass topqssettle topqsinst insthold topqsblock sumout `sec' ) ///
> order(age_61_65 age_66_70 age_gt_70 entrench stkholding audit ceo ltotass cara outfrac insthold sum
> out restate othgaap topqssettle topqsinst topqsblock ) ///
> refcat(age_61_65 "{\it Director characteristics:}" ltotass "{\it Firm characteristics:}" restate "{\i
> t Case characteristics:}", nolabel) ///
> replace style(tex) cells(b(fmt(%6.3f)) se(fmt(%6.3f) par star)) stat(N r2_p, fmt(%7.0f %6.3f) labels(
> "Number of Observations" "Pseudo-\$R^2\$")) ///
> discrete("+" marginal effect for discrete change of dummy variable from 0 to 1) label starlevels(* 0
> .10 ** 0.05 *** 0.01) ///
> title("Director Turnover Probability and Outside Equity Ownership Concentration") collabels(, none) e
> qlabels(none) ///
> prehead(\begin{table}[htbp]\caption{{\bf @title}}\medskip \input{table8t} ///
> \begin{tabular}{l*{@M}{c}}) ///
> posthead("\hline") prefoot("\hline") ///
> postfoot(\hline \end{tabular} \\ @discrete \input{table8b}\end{table})
> */
.
. // gindex, ( DISABLE eindex, outfrac )
.
. estout table54hg /* table54he table54ho */ table63hng /* table63he table63ho */ table63hg /* table6
> 3hno */ using lg4table6hnGE`suf'.tex, indicate(Outcome interactions = FY*, labels(Included NA)) /// m
> argin ///
> keep(age_61_65 age_66_70 age_gt_70 1.restate 1.othgaap entrench stkholding /* outfrac */ cara ///
> /* 1.ceo */ ltotass 1.settled /* setinst */ insthold /* setnblock */ sumout gindex /* eindex */
> `sec' ) ///
> order(age_61_65 age_66_70 age_gt_70 entrench stkholding /* audit 1.ceo */ ltotass cara /* outfrac *
> / insthold sumout gindex /* eindex */ 1.restate 1.othgaap 1.settled /* setinst setnblock */) ///
> refcat(age_61_65 "{\it Director characteristics:}" ltotass "{\it Firm characteristics:}" 1.restate "{
> \it Case characteristics:}", nolabel) ///
> replace style(tex) cells(b(fmt(%6.3f)) se(fmt(%6.3f) par star)) stat(N r2p, fmt(%7.0f %6.3f) labels("
> Number of Observations" "Pseudo-\$R^2\$")) ///
> discrete("+" marginal effect for discrete change of dummy variable from 0 to 1) label starlevels(* 0
> .10 ** 0.05 *** 0.01) ///
> title("Director Turnover Probability and Governance Interactions") collabels(, none) eqlabels(none) /
> //
> prehead(\begin{table}[htbp]\caption{{\bf @title}}\medskip \input{table8at} ///
> \begin{tabular}{l*{@M}{c}}) ///
> posthead("\hline") prefoot("\hline") substitute(1. "") ///
> postfoot(\hline \end{tabular} \\ @discrete \input{table8b}\end{table})
(output written to lg4table6hnGE0.tex)
.
. /*
> estout table63hng table63hne table63hno using lg4table6hnOF`suf'.tex, indicate(Outcome interactions
> = FY*, labels(Included NA)) /// margin ///
> keep(age_61_65 age_66_70 age_gt_70 1.restate 1.othgaap entrench stkholding outfrac cara ///
> 1.ceo ltotass 1.settled `sec' ) ///
> order(age_61_65 age_66_70 age_gt_70 entrench stkholding 1.ceo ltotass cara outfrac 1.restate 1.o
> thgaap 1.settled) ///
> refcat(age_61_65 "{\it Director characteristics:}" ltotass "{\it Firm characteristics:}" 1.restate "{
> \it Case characteristics:}", nolabel) ///
> replace style(tex) cells(b(fmt(%6.3f)) se(fmt(%6.3f) par star)) stat(N, fmt(%7.0f ) labels("Number of
> Observations" "Pseudo-\$R^2\$")) ///
> discrete("+" marginal effect for discrete change of dummy variable from 0 to 1) label starlevels(* 0
> .10 ** 0.05 *** 0.01) ///
> title("Director Turnover Probability and Outfrac Interactions") collabels(, none) eqlabels(none) ///
> prehead(\begin{table}[htbp]\caption{{\bf @title}}\medskip \input{table8t} ///
> \begin{tabular}{l*{@M}{c}}) ///
> posthead("\hline") prefoot("\hline") substitute(1. "") ///
> postfoot(\hline \end{tabular} \\ @discrete \input{table8b}\end{table})
> */
.
. outtable using xactGEO, mat(xactOg) replace center nobox caption("Outside directors") format(%9.3f)
. outtable using xactGEO, mat(xactIc) append center nobox caption("Inside directors") format(%9.3f)
. outtable using xactGEO, mat(xactCc) append center nobox caption("CEOs") format(%9.3f)
.
. // ************************************************** TABLE AR ECP
. local bq // _botq
. local sec secalso
.
. // outsider-1 col 2 augmented
. probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding /* outfrac */ cara
> audit ltotass settled gindex ar3_ecp`bq' `sec' insthold sumout FY* ///
> if !insider, clu(`clustvar') nolog
Probit regression Number of obs = 2105
Wald chi2(23) = 201.64
Prob > chi2 = 0.0000
Log pseudolikelihood = -1317.2264 Pseudo R2 = 0.0776
(Std. Err. adjusted for 1959 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.019306 .0744495 -0.26 0.795 -.1652244 .1266124
age_66_70 | .7636121 .0855121 8.93 0.000 .5960113 .9312128
age_gt_70 | 1.154297 .1221036 9.45 0.000 .914978 1.393616
restate | .0522619 .0802719 0.65 0.515 -.1050682 .209592
othgaap | .0202748 .0698584 0.29 0.772 -.1166452 .1571948
entrench | -.0473784 .0381902 -1.24 0.215 -.1222298 .0274729
stkholding | .0054248 .0077593 0.70 0.484 -.0097832 .0206327
cara | -.0406502 .0384248 -1.06 0.290 -.1159614 .0346611
audit | -.1267241 .0574042 -2.21 0.027 -.2392343 -.014214
ltotass | .0316286 .0179324 1.76 0.078 -.0035182 .0667754
settled | .1116643 .0625953 1.78 0.074 -.0110202 .2343489
gindex | -.0015863 .0123893 -0.13 0.898 -.0258689 .0226963
ar3_ecp | -.3303924 .1487459 -2.22 0.026 -.6219291 -.0388557
secalso | .0643929 .0698342 0.92 0.356 -.0724797 .2012655
insthold | -.0047603 .0017308 -2.75 0.006 -.0081525 -.001368
sumout | .006438 .0025887 2.49 0.013 .0013643 .0115117
FY1997 | -.2086363 .2330239 -0.90 0.371 -.6653548 .2480822
FY1998 | -.1487468 .2380139 -0.62 0.532 -.6152455 .3177518
FY1999 | -.1594079 .2288674 -0.70 0.486 -.6079798 .2891639
FY2000 | -.2965556 .2276299 -1.30 0.193 -.7427019 .1495907
FY2001 | -.2473521 .2300491 -1.08 0.282 -.6982401 .2035358
FY2002 | -.2990889 .2237447 -1.34 0.181 -.7376204 .1394427
FY2003 | -.3412146 .2355915 -1.45 0.148 -.8029654 .1205362
_cons | -.2651931 .2959539 -0.90 0.370 -.845252 .3148658
------------------------------------------------------------------------------
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 2105
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding cara audit ltotass
settled gindex ar3_ecp secalso insthold sumout FY1997 FY1998 FY1999 FY2000 FY2001
FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0068934 .0265812 -0.26 0.795 -.0589917 .0452048
age_66_70 | .2726577 .0286924 9.50 0.000 .2164217 .3288937
age_gt_70 | .4121568 .0406819 10.13 0.000 .3324217 .4918918
restate | .0186608 .0286536 0.65 0.515 -.0374993 .0748209
othgaap | .0072394 .0249436 0.29 0.772 -.0416492 .0561279
entrench | -.0169171 .0136227 -1.24 0.214 -.0436172 .009783
stkholding | .001937 .0027694 0.70 0.484 -.0034909 .0073649
cara | -.0145147 .0137047 -1.06 0.290 -.0413754 .0123461
audit | -.0452485 .0204359 -2.21 0.027 -.0853022 -.0051948
ltotass | .0112934 .0063883 1.77 0.077 -.0012275 .0238143
settled | .0398712 .0223141 1.79 0.074 -.0038636 .083606
gindex | -.0005664 .0044238 -0.13 0.898 -.009237 .0081042
ar3_ecp | -.1179709 .0529093 -2.23 0.026 -.2216714 -.0142705
secalso | .0229923 .0249191 0.92 0.356 -.0258481 .0718328
insthold | -.0016997 .0006149 -2.76 0.006 -.0029049 -.0004946
sumout | .0022988 .0009202 2.50 0.012 .0004952 .0041023
FY1997 | -.0744963 .0831618 -0.90 0.370 -.2374905 .0884978
FY1998 | -.053112 .0849677 -0.63 0.532 -.2196456 .1134216
FY1999 | -.0569187 .0816944 -0.70 0.486 -.2170369 .1031995
FY2000 | -.1058891 .0811806 -1.30 0.192 -.265 .0532219
FY2001 | -.0883203 .082084 -1.08 0.282 -.249202 .0725613
FY2002 | -.1067936 .079795 -1.34 0.181 -.2631889 .0496017
FY2003 | -.1218351 .0840043 -1.45 0.147 -.2864806 .0428103
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .07755069
. est store table91s, title([1])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding /* outfrac */ c
> ara audit ltotass /* settled */ ar3_ecp`bq' `sec' FY* ///
. // if !insider, clu(`clustvar') nolog
. // mfx
. // est store table91a, title([Outsiders])
.
. // insider-1 col 2 augmented
. probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding /* ceo */ outfrac
> cara ltotass settled gindex ar3_ecp`bq' `sec' insthold sumout FY* ///
> if insider, clu(`clustvar') nolog
Probit regression Number of obs = 688
Wald chi2(23) = 75.20
Prob > chi2 = 0.0000
Log pseudolikelihood = -429.22509 Pseudo R2 = 0.0887
(Std. Err. adjusted for 687 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0124207 .1596492 0.08 0.938 -.3004859 .3253274
age_66_70 | -.0591437 .2371775 -0.25 0.803 -.5240031 .4057157
age_gt_70 | .4348134 .3101242 1.40 0.161 -.1730189 1.042646
restate | .3449081 .1426403 2.42 0.016 .0653381 .624478
othgaap | .236524 .125776 1.88 0.060 -.0099925 .4830404
entrench | -.0466925 .0659338 -0.71 0.479 -.1759203 .0825354
stkholding | -.0397759 .0100482 -3.96 0.000 -.0594701 -.0200818
outfrac | .2589323 .4023764 0.64 0.520 -.529711 1.047575
cara | -.1435094 .0587497 -2.44 0.015 -.2586567 -.0283622
ltotass | .0032493 .0355845 0.09 0.927 -.066495 .0729936
settled | .2763117 .1093908 2.53 0.012 .0619096 .4907139
gindex | .0074184 .022576 0.33 0.742 -.0368298 .0516666
ar3_ecp | .2893807 .2580578 1.12 0.262 -.2164033 .7951647
secalso | -.0080834 .1279101 -0.06 0.950 -.2587826 .2426159
insthold | -.0050576 .0029495 -1.71 0.086 -.0108385 .0007232
sumout | .0025302 .0047051 0.54 0.591 -.0066917 .0117521
FY1997 | .8802021 .3729234 2.36 0.018 .1492858 1.611118
FY1998 | .7895606 .3748522 2.11 0.035 .0548637 1.524258
FY1999 | .7203967 .3605152 2.00 0.046 .0137998 1.426994
FY2000 | .9761273 .3715408 2.63 0.009 .2479207 1.704334
FY2001 | .6001117 .3678646 1.63 0.103 -.1208896 1.321113
FY2002 | .9112 .3571793 2.55 0.011 .2111413 1.611259
FY2003 | .5842005 .3885824 1.50 0.133 -.177407 1.345808
_cons | -.6367777 .4831112 -1.32 0.187 -1.583658 .3101029
------------------------------------------------------------------------------
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 688
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara ltotass
settled gindex ar3_ecp secalso insthold sumout FY1997 FY1998 FY1999 FY2000 FY2001
FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0044254 .0568783 0.08 0.938 -.1070541 .1159048
age_66_70 | -.0210723 .0844951 -0.25 0.803 -.1866797 .144535
age_gt_70 | .1549198 .1098586 1.41 0.158 -.060399 .3702386
restate | .1228874 .0501378 2.45 0.014 .0246192 .2211556
othgaap | .0842712 .0444868 1.89 0.058 -.0029213 .1714637
entrench | -.0166361 .0234743 -0.71 0.479 -.0626449 .0293728
stkholding | -.0141718 .0034468 -4.11 0.000 -.0209274 -.0074162
outfrac | .0922551 .1432409 0.64 0.520 -.1884919 .373002
cara | -.051131 .0207151 -2.47 0.014 -.0917319 -.0105301
ltotass | .0011577 .0126781 0.09 0.927 -.0236909 .0260063
settled | .0984472 .0384076 2.56 0.010 .0231697 .1737247
gindex | .0026431 .0080422 0.33 0.742 -.0131193 .0184055
ar3_ecp | .1031035 .0916895 1.12 0.261 -.0766045 .2828116
secalso | -.00288 .0455734 -0.06 0.950 -.0922022 .0864421
insthold | -.001802 .001044 -1.73 0.084 -.0038481 .0002442
sumout | .0009015 .0016751 0.54 0.590 -.0023817 .0041847
FY1997 | .3136075 .1312746 2.39 0.017 .056314 .570901
FY1998 | .2813128 .1324014 2.12 0.034 .0218109 .5408147
FY1999 | .2566704 .1274574 2.01 0.044 .0068584 .5064823
FY2000 | .3477847 .1305084 2.66 0.008 .0919928 .6035765
FY2001 | .213814 .1304202 1.64 0.101 -.0418048 .4694328
FY2002 | .3246517 .1256319 2.58 0.010 .0784178 .5708856
FY2003 | .208145 .1378109 1.51 0.131 -.0619593 .4782493
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .08865873
. est store table92s, title([3])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding ceo outfrac ca
> ra ltotass /* settled */ ar3_ecp`bq' `sec' FY* ///
. // if insider, clu(`clustvar') nolog
. // mfx
. // est store table92a, title([Insiders])
.
. // ceo-1 col 2 augmented
. probit `depvar' age_61_65 age_66_70 age_gt_70 settled restate othgaap entrench stkholding /* outfrac
> */ cara ltotass gindex ar3_ecp`bq' `sec' insthold sumout FY* ///
> if insider & ceo, clu(`clustvar') nolog
Probit regression Number of obs = 284
Wald chi2(22) = 41.72
Prob > chi2 = 0.0068
Log pseudolikelihood = -172.55643 Pseudo R2 = 0.1172
(Std. Err. adjusted for 284 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0395834 .2724631 -0.15 0.884 -.5736012 .4944344
age_66_70 | .3091285 .7462039 0.41 0.679 -1.153404 1.771661
age_gt_70 | -.4883372 .7756767 -0.63 0.529 -2.008636 1.031961
settled | .3537026 .1730211 2.04 0.041 .0145874 .6928177
restate | .6133447 .2183444 2.81 0.005 .1853976 1.041292
othgaap | .2519186 .1984623 1.27 0.204 -.1370603 .6408975
entrench | .0072484 .1166195 0.06 0.950 -.2213216 .2358184
stkholding | -.0477358 .0156995 -3.04 0.002 -.0785063 -.0169654
cara | -.1611387 .0891671 -1.81 0.071 -.335903 .0136256
ltotass | -.0268462 .0507937 -0.53 0.597 -.1264 .0727077
gindex | .0380219 .0344081 1.11 0.269 -.0294168 .1054606
ar3_ecp | -.0412822 .4014556 -0.10 0.918 -.8281208 .7455564
secalso | .0278169 .1969361 0.14 0.888 -.3581708 .4138045
insthold | -.0010644 .0046399 -0.23 0.819 -.0101584 .0080296
sumout | -.0099613 .0068704 -1.45 0.147 -.0234271 .0035045
FY1997 | .2611865 .5971863 0.44 0.662 -.9092771 1.43165
FY1998 | .6339405 .6083472 1.04 0.297 -.5583982 1.826279
FY1999 | .4262747 .5800728 0.73 0.462 -.7106471 1.563197
FY2000 | .710037 .5851097 1.21 0.225 -.4367569 1.856831
FY2001 | .1434941 .5892155 0.24 0.808 -1.011347 1.298335
FY2002 | .2301492 .5692029 0.40 0.686 -.8854679 1.345766
FY2003 | .1328104 .5982343 0.22 0.824 -1.039707 1.305328
_cons | -.3855015 .7690276 -0.50 0.616 -1.892768 1.121765
------------------------------------------------------------------------------
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 284
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 settled restate othgaap entrench stkholding cara ltotass
gindex ar3_ecp secalso insthold sumout FY1997 FY1998 FY1999 FY2000 FY2001 FY2002
FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0137099 .094379 -0.15 0.885 -.1986894 .1712697
age_66_70 | .1070678 .2582601 0.41 0.678 -.3991126 .6132482
age_gt_70 | -.1691374 .2682373 -0.63 0.528 -.6948728 .356598
settled | .1225062 .0586283 2.09 0.037 .0075968 .2374156
restate | .2124342 .0728002 2.92 0.004 .0697485 .3551199
othgaap | .0872529 .0682456 1.28 0.201 -.0465059 .2210118
entrench | .0025105 .0403846 0.06 0.950 -.0766419 .0816629
stkholding | -.0165335 .0051321 -3.22 0.001 -.0265922 -.0064748
cara | -.055811 .0304166 -1.83 0.067 -.1154264 .0038045
ltotass | -.0092983 .0175594 -0.53 0.596 -.043714 .0251175
gindex | .013169 .0118218 1.11 0.265 -.0100013 .0363394
ar3_ecp | -.0142982 .139067 -0.10 0.918 -.2868646 .2582681
secalso | .0096345 .0682015 0.14 0.888 -.124038 .1433069
insthold | -.0003687 .0016073 -0.23 0.819 -.0035189 .0027816
sumout | -.0034501 .002356 -1.46 0.143 -.0080678 .0011675
FY1997 | .0904629 .2065193 0.44 0.661 -.3143076 .4952333
FY1998 | .2195676 .2093433 1.05 0.294 -.1907377 .629873
FY1999 | .1476418 .2003686 0.74 0.461 -.2450734 .540357
FY2000 | .2459239 .2010475 1.22 0.221 -.148122 .6399699
FY2001 | .0496997 .203975 0.24 0.807 -.350084 .4494834
FY2002 | .079713 .1969418 0.40 0.686 -.3062857 .4657118
FY2003 | .0459994 .2071399 0.22 0.824 -.3599874 .4519861
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .11722869
. est store table93s, title([5])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 /* settled */ restate othgaap entrench stkholding ou
> tfrac cara ltotass ar3_ecp`bq' `sec' FY* ///
. // if insider & ceo, clu(`clustvar') nolog
. // mfx
. // est store table93a, title([CEOs])
.
. // estout table91a table91 table92a table92 table93a table93 using lg4table9`suf'.tex, margin ///
. // keep(age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara ///
. // ceo ltotass settled ar3_ecp`bq' `sec' ) ///
. // replace style(tex) cells(b(fmt(%6.3f)) se(fmt(%6.3f) par star)) stat(N r2_p, fmt(%7.0f %6.3f) labe
> ls("Number of Observations" "Pseudo-\$R^2\$")) ///
. // discrete("+" marginal effect for discrete change of dummy variable from 0 to 1) label starlevels(
> * 0.10 ** 0.05 *** 0.01) ///
. // title("Director Turnover vs. End of Class Period Abnormal Returns") collabels(, none) eqlabels(non
> e) ///
. // prehead(\begin{table}[htbp]\caption{{\bf @title}}\medskip ///
. // \begin{tabular}{l*{@M}{c}}) ///
. // posthead("\hline") prefoot("\hline") ///
. // postfoot(\hline \end{tabular} \\ @discrete \input{table6b}\end{table})
.
. // ************************************************** TABLE AR ECP-2
. local bq // _botq
.
. // outsider-1 col 2 augmented
. probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding /* outfrac */ cara
> audit ltotass topqssettle gindex ar3_ecp`bq' `sec' insthold sumout FY* ///
> if !insider, clu(`clustvar') nolog
Probit regression Number of obs = 2105
Wald chi2(23) = 206.68
Prob > chi2 = 0.0000
Log pseudolikelihood = -1312.6443 Pseudo R2 = 0.0808
(Std. Err. adjusted for 1959 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.011885 .0746046 -0.16 0.873 -.1581073 .1343374
age_66_70 | .7655251 .0860508 8.90 0.000 .5968685 .9341816
age_gt_70 | 1.157523 .1216777 9.51 0.000 .9190395 1.396007
restate | .0680213 .0786883 0.86 0.387 -.0862048 .2222475
othgaap | .021393 .0695571 0.31 0.758 -.1149364 .1577223
entrench | -.045457 .0382453 -1.19 0.235 -.1204165 .0295024
stkholding | .0054828 .0077493 0.71 0.479 -.0097055 .0206711
cara | -.044593 .0386488 -1.15 0.249 -.1203432 .0311571
audit | -.124881 .0575234 -2.17 0.030 -.2376247 -.0121372
ltotass | .0533884 .018732 2.85 0.004 .0166743 .0901025
topqssettle | .3371696 .0965167 3.49 0.000 .1480003 .5263389
gindex | -.0038888 .0123756 -0.31 0.753 -.0281445 .020367
ar3_ecp | -.3717867 .1475545 -2.52 0.012 -.6609881 -.0825852
secalso | .0354914 .0707057 0.50 0.616 -.1030892 .1740721
insthold | -.0050154 .0017254 -2.91 0.004 -.0083972 -.0016336
sumout | .0064404 .0025948 2.48 0.013 .0013547 .011526
FY1997 | -.2211149 .2323954 -0.95 0.341 -.6766015 .2343716
FY1998 | -.2241605 .2390852 -0.94 0.348 -.6927589 .2444379
FY1999 | -.1837406 .2292768 -0.80 0.423 -.6331148 .2656336
FY2000 | -.3174156 .2278513 -1.39 0.164 -.7639959 .1291647
FY2001 | -.2681382 .230502 -1.16 0.245 -.7199138 .1836374
FY2002 | -.3331257 .2244297 -1.48 0.138 -.7729998 .1067483
FY2003 | -.350198 .2359324 -1.48 0.138 -.812617 .112221
_cons | -.3759193 .2984065 -1.26 0.208 -.9607853 .2089467
------------------------------------------------------------------------------
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 2105
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding cara audit ltotass
topqssettle gindex ar3_ecp secalso insthold sumout FY1997 FY1998 FY1999 FY2000 FY2001
FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | -.0042287 .0265437 -0.16 0.873 -.0562535 .047796
age_66_70 | .2723785 .0287526 9.47 0.000 .2160245 .3287325
age_gt_70 | .4118539 .0404093 10.19 0.000 .3326532 .4910546
restate | .0242024 .0279842 0.86 0.387 -.0306456 .0790504
othgaap | .0076117 .0247488 0.31 0.758 -.040895 .0561185
entrench | -.0161739 .0135951 -1.19 0.234 -.0428198 .010472
stkholding | .0019508 .002756 0.71 0.479 -.0034508 .0073524
cara | -.0158665 .0137336 -1.16 0.248 -.0427837 .0110508
audit | -.0444334 .0204042 -2.18 0.029 -.0844249 -.0044419
ltotass | .0189959 .0066264 2.87 0.004 .0060084 .0319835
topqssettle | .119967 .0340439 3.52 0.000 .0532422 .1866918
gindex | -.0013836 .0044034 -0.31 0.753 -.0100142 .0072469
ar3_ecp | -.132284 .0522524 -2.53 0.011 -.2346969 -.0298711
secalso | .0126281 .0251525 0.50 0.616 -.0366699 .061926
insthold | -.0017845 .0006104 -2.92 0.003 -.0029809 -.0005881
sumout | .0022915 .0009191 2.49 0.013 .00049 .004093
FY1997 | -.078674 .0826333 -0.95 0.341 -.2406324 .0832843
FY1998 | -.0797577 .0850213 -0.94 0.348 -.2463964 .086881
FY1999 | -.065376 .0815427 -0.80 0.423 -.2251968 .0944448
FY2000 | -.1129384 .0809565 -1.40 0.163 -.2716102 .0457334
FY2001 | -.0954052 .0819419 -1.16 0.244 -.2560085 .065198
FY2002 | -.1185282 .0797293 -1.49 0.137 -.2747947 .0377384
FY2003 | -.1246026 .0838222 -1.49 0.137 -.2888911 .0396859
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .08075955
. est store table91, title([2])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara au
> dit ltotass /* settled */ ar3_ecp`bq' `sec' FY* ///
. // if !insider, clu(`clustvar') nolog
. // mfx
. // est store table91a, title([Outsiders])
.
. // insider-1 col 2 augmented
. probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding /* ceo */ /* outfr
> ac */ cara ltotass topqssettle gindex ar3_ecp`bq' `sec' insthold sumout FY* ///
> if insider, clu(`clustvar') nolog
Probit regression Number of obs = 688
Wald chi2(22) = 85.95
Prob > chi2 = 0.0000
Log pseudolikelihood = -420.48095 Pseudo R2 = 0.1072
(Std. Err. adjusted for 687 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0314482 .1603098 0.20 0.844 -.2827533 .3456497
age_66_70 | -.0510124 .2392978 -0.21 0.831 -.5200275 .4180028
age_gt_70 | .4728148 .3157334 1.50 0.134 -.1460113 1.091641
restate | .4315677 .1425513 3.03 0.002 .1521723 .7109631
othgaap | .268835 .1265142 2.12 0.034 .0208717 .5167983
entrench | -.0603683 .0656944 -0.92 0.358 -.1891269 .0683904
stkholding | -.0398805 .0099131 -4.02 0.000 -.0593098 -.0204512
cara | -.1517736 .0589162 -2.58 0.010 -.2672472 -.0363
ltotass | .057359 .0325796 1.76 0.078 -.0064959 .1212139
topqssettle | .8112672 .174566 4.65 0.000 .469124 1.15341
gindex | -.0002808 .0224561 -0.01 0.990 -.0442939 .0437324
ar3_ecp | .2046403 .2524149 0.81 0.418 -.2900838 .6993644
secalso | -.1043417 .131583 -0.79 0.428 -.3622396 .1535561
insthold | -.0057299 .0029432 -1.95 0.052 -.0114986 .0000387
sumout | .002372 .0046704 0.51 0.612 -.0067818 .0115259
FY1997 | .8766526 .3761353 2.33 0.020 .1394409 1.613864
FY1998 | .5732893 .3837742 1.49 0.135 -.1788942 1.325473
FY1999 | .6633452 .3652904 1.82 0.069 -.0526109 1.379301
FY2000 | .9233218 .3752547 2.46 0.014 .1878361 1.658808
FY2001 | .5269464 .3734255 1.41 0.158 -.2049542 1.258847
FY2002 | .8031463 .362797 2.21 0.027 .0920772 1.514215
FY2003 | .5363086 .3928539 1.37 0.172 -.2336709 1.306288
_cons | -.6579725 .4737644 -1.39 0.165 -1.586534 .2705886
------------------------------------------------------------------------------
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 688
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding cara ltotass
topqssettle gindex ar3_ecp secalso insthold sumout FY1997 FY1998 FY1999 FY2000 FY2001
FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0109734 .0559308 0.20 0.844 -.098649 .1205957
age_66_70 | -.0178 .083485 -0.21 0.831 -.1814276 .1458277
age_gt_70 | .1649814 .109391 1.51 0.132 -.049421 .3793838
restate | .1505889 .0486929 3.09 0.002 .0551525 .2460252
othgaap | .0938058 .0437099 2.15 0.032 .0081359 .1794757
entrench | -.0210646 .0228932 -0.92 0.358 -.0659345 .0238053
stkholding | -.0139157 .0033203 -4.19 0.000 -.0204233 -.007408
cara | -.052959 .0202502 -2.62 0.009 -.0926486 -.0132695
ltotass | .0200145 .011292 1.77 0.076 -.0021173 .0421464
topqssettle | .2830791 .057902 4.89 0.000 .1695934 .3965649
gindex | -.000098 .0078357 -0.01 0.990 -.0154557 .0152598
ar3_ecp | .0714061 .0880457 0.81 0.417 -.1011604 .2439725
secalso | -.0364084 .0458123 -0.79 0.427 -.1261989 .053382
insthold | -.0019994 .0010191 -1.96 0.050 -.0039967 -2.06e-06
sumout | .0008277 .0016294 0.51 0.611 -.002366 .0040213
FY1997 | .3058944 .1296369 2.36 0.018 .0518106 .5599781
FY1998 | .2000404 .1333882 1.50 0.134 -.0613956 .4614765
FY1999 | .231464 .1266512 1.83 0.068 -.0167677 .4796958
FY2000 | .3221789 .1291273 2.50 0.013 .0690941 .5752636
FY2001 | .1838698 .1297534 1.42 0.156 -.0704422 .4381818
FY2002 | .2802455 .1252991 2.24 0.025 .0346638 .5258271
FY2003 | .1871366 .1365292 1.37 0.170 -.0804558 .454729
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .10722449
. est store table92, title([4])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding ceo outfrac ca
> ra ltotass /* settled */ ar3_ecp`bq' `sec' FY* ///
. // if insider, clu(`clustvar') nolog
. // mfx
. // est store table92a, title([Insiders])
.
. // ceo-1 col 2 augmented
. probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding /* outfrac */ cara
> ltotass topqssettle gindex ar3_ecp`bq' `sec' insthold sumout FY* ///
> if insider & ceo, clu(`clustvar') nolog
Probit regression Number of obs = 284
Wald chi2(22) = 45.72
Prob > chi2 = 0.0021
Log pseudolikelihood = -168.60511 Pseudo R2 = 0.1374
(Std. Err. adjusted for 284 clusters in director_id)
------------------------------------------------------------------------------
| Robust
departed | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0263799 .2731513 0.10 0.923 -.5089869 .5617467
age_66_70 | .4729858 .7733218 0.61 0.541 -1.042697 1.988669
age_gt_70 | -.4797429 .8374832 -0.57 0.567 -2.12118 1.161694
restate | .7190709 .2166056 3.32 0.001 .2945318 1.14361
othgaap | .2647209 .1981844 1.34 0.182 -.1237134 .6531551
entrench | -.0204003 .116731 -0.17 0.861 -.2491889 .2083883
stkholding | -.0498409 .0164379 -3.03 0.002 -.0820585 -.0176233
cara | -.167896 .090215 -1.86 0.063 -.3447142 .0089222
ltotass | .0283553 .0513283 0.55 0.581 -.0722464 .128957
topqssettle | .881266 .2682762 3.28 0.001 .3554544 1.407078
gindex | .0332746 .0341844 0.97 0.330 -.0337256 .1002749
ar3_ecp | -.1096138 .4006815 -0.27 0.784 -.8949351 .6757075
secalso | -.0468253 .1974773 -0.24 0.813 -.4338736 .3402231
insthold | -.0015623 .0046474 -0.34 0.737 -.0106711 .0075465
sumout | -.010612 .0069888 -1.52 0.129 -.0243099 .0030859
FY1997 | .2019003 .6115693 0.33 0.741 -.9967535 1.400554
FY1998 | .4138957 .6278454 0.66 0.510 -.8166588 1.64445
FY1999 | .343382 .5968328 0.58 0.565 -.8263888 1.513153
FY2000 | .6087856 .6020149 1.01 0.312 -.5711419 1.788713
FY2001 | -.0077243 .6031561 -0.01 0.990 -1.189889 1.17444
FY2002 | .0773875 .5853204 0.13 0.895 -1.06982 1.224594
FY2003 | .0351489 .6108919 0.06 0.954 -1.162177 1.232475
_cons | -.5204079 .7876978 -0.66 0.509 -2.064267 1.023452
------------------------------------------------------------------------------
. // mfx
. scalar r2p = e(r2_p)
. margins, dydx(_all) post
Average marginal effects Number of obs = 284
Model VCE : Robust
Expression : Pr(departed), predict()
dy/dx w.r.t. : age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding cara ltotass
topqssettle gindex ar3_ecp secalso insthold sumout FY1997 FY1998 FY1999 FY2000 FY2001
FY2002 FY2003
------------------------------------------------------------------------------
| Delta-method
| dy/dx Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
age_61_65 | .0089311 .0924597 0.10 0.923 -.1722866 .1901489
age_66_70 | .1601333 .2615896 0.61 0.540 -.3525729 .6728394
age_gt_70 | -.1624209 .2831994 -0.57 0.566 -.7174815 .3926396
restate | .2434474 .0698657 3.48 0.000 .1065132 .3803817
othgaap | .0896234 .0665727 1.35 0.178 -.0408566 .2201035
entrench | -.0069067 .0395316 -0.17 0.861 -.0843871 .0705738
stkholding | -.016874 .0052667 -3.20 0.001 -.0271965 -.0065516
cara | -.0568426 .0299376 -1.90 0.058 -.1155191 .001834
ltotass | .0095999 .01737 0.55 0.580 -.0244446 .0436445
topqssettle | .2983599 .0854688 3.49 0.000 .1308442 .4658756
gindex | .0112654 .0115062 0.98 0.328 -.0112863 .0338171
ar3_ecp | -.0371106 .135711 -0.27 0.785 -.3030992 .2288779
secalso | -.0158531 .0668539 -0.24 0.813 -.1468844 .1151782
insthold | -.0005289 .0015733 -0.34 0.737 -.0036126 .0025548
sumout | -.0035928 .0023363 -1.54 0.124 -.0081718 .0009862
FY1997 | .068355 .2067828 0.33 0.741 -.3369317 .4736418
FY1998 | .1401278 .2117452 0.66 0.508 -.2748853 .5551409
FY1999 | .1162548 .2015867 0.58 0.564 -.2788479 .5113576
FY2000 | .2061094 .20244 1.02 0.309 -.1906657 .6028845
FY2001 | -.0026151 .2042079 -0.01 0.990 -.4028552 .397625
FY2002 | .0262002 .1981096 0.13 0.895 -.3620876 .4144879
FY2003 | .0119 .2068015 0.06 0.954 -.3934235 .4172235
------------------------------------------------------------------------------
. estadd scalar r2p = r2p
added scalar:
e(r2p) = .137443
. est store table93, title([6])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 /* settled */ restate othgaap entrench stkholding ou
> tfrac cara ltotass ar3_ecp`bq' `sec' FY* ///
. // if insider & ceo, clu(`clustvar') nolog
. // mfx
. // est store table93a, title([CEOs])
.
. estout table91s table91 table92s table92 table93s table93 using lg4table92`suf'.tex, /// margin ///
> keep(age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding /* outfrac */ cara ///
> /* ceo */ gindex ltotass settled topqssettle ar3_ecp`bq' `sec' insthold sumout ) ///
> order(age_61_65 age_66_70 age_gt_70 entrench stkholding /* audit ceo */ ltotass cara /* outfrac */
> insthold sumout gindex restate othgaap `sec' ar3_ecp`bq' settled topqsettle topqssettle ) ///
> refcat(age_61_65 "{\it Director characteristics:}" ltotass "{\it Firm characteristics:}" restate "{\i
> t Case characteristics:}", nolabel) ///
> replace style(tex) cells(b(fmt(%6.3f)) se(fmt(%6.3f) par star)) stat(N r2p, fmt(%7.0f %6.3f) labels("
> Number of Observations" "Pseudo-\$R^2\$")) ///
> discrete("+" marginal effect for discrete change of dummy variable from 0 to 1) label starlevels(* 0
> .10 ** 0.05 *** 0.01) ///
> title("Director Turnover Probability with Additional Indicators of Seriousness of Wrongdoing") collab
> els(, none) eqlabels(none) ///
> prehead(\begin{table}[htbp]\caption{{\bf @title}}\medskip \input{table9t} ///
> \begin{tabular}{l*{@M}{c}}) ///
> posthead("\hline") prefoot("\hline") ///
> postfoot(\hline \end{tabular} \\ @discrete \input{table9b}\end{table})
(output written to lg4table920.tex)
.
.
. // ************************************************** TABLE AR FD
.
.
. // outsider-1 col 2 augmented
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara au
> dit ltotass settled ar3_filing`bq' `sec' FY* ///
. // if !insider, clu(`clustvar') nolog
. // mfx
. // est store table910, title([Outsiders])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara au
> dit ltotass /* settled */ ar3_filing`bq' `sec' FY* ///
. // if !insider, clu(`clustvar') nolog
. // mfx
. // est store table910a, title([Outsiders])
.
. // insider-1 col 2 augmented
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding ceo outfrac ca
> ra ltotass settled ar3_filing`bq' `sec' FY* ///
. // if insider, clu(`clustvar') nolog
. // mfx
. // est store table920, title([Insiders])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding ceo outfrac ca
> ra ltotass /* settled */ ar3_filing`bq' `sec' FY* ///
. // if insider, clu(`clustvar') nolog
. // mfx
. // est store table920a, title([Insiders])
.
. // ceo-1 col 2 augmented
. // probit `depvar' age_61_65 age_66_70 age_gt_70 settled restate othgaap entrench stkholding outfrac
> cara ltotass ar3_filing`bq' `sec' FY* ///
. // if insider & ceo, clu(`clustvar') nolog
. // mfx
. // est store table930, title([CEOs])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 /* settled */ restate othgaap entrench stkholding ou
> tfrac cara ltotass ar3_filing`bq' `sec' FY* ///
. // if insider & ceo, clu(`clustvar') nolog
. // mfx
. // est store table930a, title([CEOs])
.
. // estout table910a table910 table920a table920 table930a table930 using lg4table90`suf'.tex, margin
> ///
. // keep(age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara ///
. // ceo ltotass settled ar3_filing`bq' `sec' ) ///
. // replace style(tex) cells(b(fmt(%6.3f)) se(fmt(%6.3f) par star)) stat(N r2_p, fmt(%7.0f %6.3f) labe
> ls("Number of Observations" "Pseudo-\$R^2\$")) ///
. // discrete("+" marginal effect for discrete change of dummy variable from 0 to 1) label starlevels(
> * 0.10 ** 0.05 *** 0.01) ///
. // title("Director Turnover vs. Filing Date Abnormal Returns") collabels(, none) eqlabels(none) ///
. // prehead(\begin{table}[htbp]\caption{{\bf @title}}\medskip ///
. // \begin{tabular}{l*{@M}{c}}) ///
. // posthead("\hline") prefoot("\hline") ///
. // postfoot(\hline \end{tabular} \\ @discrete \input{table6b}\end{table})
.
. // ************************************************** TABLE AR FD-2
.
.
. // outsider-1 col 2 augmented
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara au
> dit ltotass topqssettle ar3_filing`bq' `sec' FY* ///
. // if !insider, clu(`clustvar') nolog
. // mfx
. // est store table910, title([Outsiders])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara au
> dit ltotass /* settled */ ar3_filing`bq' `sec' FY* ///
. // if !insider, clu(`clustvar') nolog
. // mfx
. // est store table910a, title([Outsiders])
.
. // insider-1 col 2 augmented
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding ceo outfrac ca
> ra ltotass topqssettle ar3_filing`bq' `sec' FY* ///
. // if insider, clu(`clustvar') nolog
. // mfx
. // est store table920, title([Insiders])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding ceo outfrac ca
> ra ltotass /* settled */ ar3_filing`bq' `sec' FY* ///
. // if insider, clu(`clustvar') nolog
. // mfx
. // est store table920a, title([Insiders])
.
. // ceo-1 col 2 augmented
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara lt
> otass topqssettle ar3_filing`bq' `sec' FY* ///
. // if insider & ceo, clu(`clustvar') nolog
. // mfx
. // est store table930, title([CEOs])
.
. // probit `depvar' age_61_65 age_66_70 age_gt_70 /* settled */ restate othgaap entrench stkholding ou
> tfrac cara ltotass ar3_filing`bq' `sec' FY* ///
. // if insider & ceo, clu(`clustvar') nolog
. // mfx
. // est store table930a, title([CEOs])
.
. // estout table910a table910 table920a table920 table930a table930 using lg4table902`suf'.tex, margin
> ///
. // keep(age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara ///
. // ceo ltotass topqssettle ar3_filing`bq' `sec' ) ///
. // replace style(tex) cells(b(fmt(%6.3f)) se(fmt(%6.3f) par star)) stat(N r2_p, fmt(%7.0f %6.3f) labe
> ls("Number of Observations" "Pseudo-\$R^2\$")) ///
. // discrete("+" marginal effect for discrete change of dummy variable from 0 to 1) label starlevels(
> * 0.10 ** 0.05 *** 0.01) ///
. // title("Director Turnover vs. Filing Date Abnormal Returns") collabels(, none) eqlabels(none) ///
. // prehead(\begin{table}[htbp]\caption{{\bf @title}}\medskip ///
. // \begin{tabular}{l*{@M}{c}}) ///
. // posthead("\hline") prefoot("\hline") ///
. // postfoot(\hline \end{tabular} \\ @discrete \input{table6b}\end{table})
.
.
. // ************************************************** TABLE SEC
.
. // outsider-1 col 3 augmented
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara aud
> it settled setsecalso ltotass FY* ///
. // if !insider, clu(`clustvar') nolog
. // mfx
. // est store table52g1, title([Outsiders])
.
. // insider-1 col 3 augmented
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding ///
. // outfrac cara settled setsecalso ceo /* setceo ceochair */ ltotass FY* ///
. // if insider, clu(`clustvar') nolog
. // mfx
. // est store table62gn1, title([Insiders])
.
. // ceo-1 col 3 augmented
. // probit `depvar' age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding ///
. // /* ceochair */ outfrac cara settled setsecalso ltotass FY* ///
. // if insider & ceo, clu(`clustvar') nolog
. // mfx
. // est store table62g1, title([CEOs])
.
. // estout table52g table52g1 using lg4tableA`suf'.tex, margin ///
. // keep(age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara ///
. // ltotass settled secalso setsecalso ) ///
. // replace style(tex) cells(b(fmt(%6.3f)) se(fmt(%6.3f) par star)) stat(N r2_p, fmt(%7.0f %6.3f) labe
> ls("Number of Observations" "Pseudo-\$R^2\$")) ///
. // discrete("+" marginal effect for discrete change of dummy variable from 0 to 1) label starlevels(
> * 0.10 ** 0.05 *** 0.01) ///
. // title("Director Turnover vs. SEC Involvement") collabels(, none) eqlabels(none) ///
. // prehead(\begin{table}[htbp]\caption{{\bf @title}}\medskip ///
. // \begin{tabular}{l*{@M}{c}}) ///
. // posthead("\hline") prefoot("\hline") ///
. // postfoot(\hline \end{tabular} \\ @discrete \input{table6b}\end{table})
.
. // estout table62gn table62gn1 table62g table62g1 using lg4tableA2`suf'.tex, margin ///
. // keep(age_61_65 age_66_70 age_gt_70 restate othgaap entrench stkholding outfrac cara ///
. // ceo ltotass settled secalso setsecalso ) ///
. // replace style(tex) cells(b(fmt(%6.3f)) se(fmt(%6.3f) par star)) stat(N r2_p, fmt(%7.0f %6.3f) labe
> ls("Number of Observations" "Pseudo-\$R^2\$")) ///
. // discrete("+" marginal effect for discrete change of dummy variable from 0 to 1) label starlevels(
> * 0.10 ** 0.05 *** 0.01) ///
. // title("Director Turnover vs. SEC Involvement") collabels(, none) eqlabels(none) ///
. // prehead(\begin{table}[htbp]\caption{{\bf @title}}\medskip ///
. // \begin{tabular}{l*{@M}{c}}) ///
. // posthead("\hline") prefoot("\hline") ///
. // postfoot(\hline \end{tabular} \\ @discrete \input{table6b}\end{table})
.
.
. // } // end of forv over 0,-1
.
. // suest
. suest su1o su1i, clu(`clustvar')
Simultaneous results for su1o, su1i
Number of obs = 3164
(Std. Err. adjusted for 2950 clusters in director_id)
------------------------------------------------------------------------------
| Robust
| Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
su1o_depar~d |
age_61_65 | -.0309032 .0697418 -0.44 0.658 -.1675946 .1057882
age_66_70 | .6827725 .0790289 8.64 0.000 .5278787 .8376664
age_gt_70 | 1.133046 .1125944 10.06 0.000 .912365 1.353727
restate | .1778518 .0689859 2.58 0.010 .0426419 .3130617
othgaap | .0387635 .0641462 0.60 0.546 -.0869607 .1644877
entrench | -.0840137 .0352379 -2.38 0.017 -.1530788 -.0149486
stkholding | .0108999 .0076931 1.42 0.157 -.0041783 .0259781
cara | -.065583 .0365201 -1.80 0.073 -.1371611 .0059951
ltotass | .0276728 .015116 1.83 0.067 -.0019539 .0572996
FY1997 | -.2483914 .2090772 -1.19 0.235 -.6581753 .1613925
FY1998 | -.1479133 .2114508 -0.70 0.484 -.5623493 .2665227
FY1999 | -.1997074 .2054327 -0.97 0.331 -.602348 .2029333
FY2000 | -.2953572 .2041092 -1.45 0.148 -.6954038 .1046894
FY2001 | -.3378195 .2082643 -1.62 0.105 -.74601 .070371
FY2002 | -.3569907 .2024861 -1.76 0.078 -.7538561 .0398747
FY2003 | -.4884435 .2108012 -2.32 0.020 -.9016062 -.0752808
_cons | -.2428479 .229862 -1.06 0.291 -.6933692 .2076733
-------------+----------------------------------------------------------------
su1i_depar~d |
age_61_65 | .0261281 .1454438 0.18 0.857 -.2589366 .3111928
age_66_70 | -.1604241 .2118961 -0.76 0.449 -.5757329 .2548847
age_gt_70 | .4171145 .2718149 1.53 0.125 -.1156329 .9498618
restate | .3167192 .1184754 2.67 0.008 .0845117 .5489267
othgaap | .291878 .1134642 2.57 0.010 .0694923 .5142636
entrench | -.0665674 .0597152 -1.11 0.265 -.1836071 .0504722
stkholding | -.0362467 .007981 -4.54 0.000 -.0518893 -.0206042
cara | -.1309468 .0554312 -2.36 0.018 -.23959 -.0223037
ltotass | .0258994 .0268235 0.97 0.334 -.0266737 .0784725
FY1997 | .8170841 .3329105 2.45 0.014 .1645915 1.469577
FY1998 | .7879673 .3314716 2.38 0.017 .1382948 1.43764
FY1999 | .6184235 .3229871 1.91 0.056 -.0146196 1.251467
FY2000 | .7374491 .3324789 2.22 0.027 .0858025 1.389096
FY2001 | .4973225 .3316221 1.50 0.134 -.1526448 1.14729
FY2002 | .6320219 .3224668 1.96 0.050 -1.38e-06 1.264045
FY2003 | .1935804 .3442501 0.56 0.574 -.4811375 .8682983
_cons | -.5768717 .3767702 -1.53 0.126 -1.315328 .1615842
------------------------------------------------------------------------------
. est store su1
. estout su1 using su1.tex, margin replace style(tex) ///
> cells(b(fmt(%6.3f)) se(fmt(%6.3f) par star)) stat(N r2_p, fmt(%7.0f %6.3f) labels("Number of Observa
> tions" "Pseudo-\$R^2\$")) ///
> starlevels(* 0.10 ** 0.05 *** 0.01) ///
> prehead(\begin{table}[htbp]\caption{{\bf @title}}\medskip ///
> \begin{tabular}{l*{@M}{c}}) ///
> posthead("\hline") prefoot("\hline") ///
> postfoot(\hline \end{tabular} \\ @discrete \end{table})
(output written to su1.tex)
.
. foreach v of varlist entrench ltotass cara restate {
2. test [su1o_departed]`v' = [su1i_departed]`v'
3. }
( 1) [su1o_departed]entrench - [su1i_departed]entrench = 0
chi2( 1) = 0.06
Prob > chi2 = 0.8021
( 1) [su1o_departed]ltotass - [su1i_departed]ltotass = 0
chi2( 1) = 0.00
Prob > chi2 = 0.9541
( 1) [su1o_departed]cara - [su1i_departed]cara = 0
chi2( 1) = 0.96
Prob > chi2 = 0.3264
( 1) [su1o_departed]restate - [su1i_departed]restate = 0
chi2( 1) = 1.03
Prob > chi2 = 0.3100
.
. g byte t56s = t5s + t6s
. drop _est_*
. save `ou1', replace
file litgov4_est39408.dta saved
.
.
.
. log close
name: <unnamed>
log: /Users/baum/Documents/ Chucky/ ChuckLitGov4/litgov4-8.smcl
log type: smcl
closed on: 3 Oct 2010, 12:27:10
-------------------------------------------------------------------------------------------------------