-------------------------------------------------------------------------------------------------------
name: <unnamed>
log: /Users/baum/Documents/ Chucky/ ChuckLitGov4/litgov4-9.smcl
log type: smcl
opened on: 2 Oct 2010, 17:22:07
.
. * litgov4-9 9721
. * cfb tabulations (based on dirten3.do of orig litgov)
. * cfb consider only those cases entering tables 5,6
.
. local ts 9408
. local in1 litgov4_est3`ts'
. clear all
. use `in1'
. desc
Contains data from litgov4_est39408.dta
obs: 31,626
vars: 249 2 Oct 2010 17:08
size: 49,684,446 (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)
t5s byte %8.0g
t6s byte %8.0g
t56s byte %8.0g
-------------------------------------------------------------------------------------------------------
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
t5s | 31626 .0747486 .2629895 0 1
t6s | 31626 .0252956 .1570241 0 1
t56s | 31626 .1000443 .3000638 0 1
.
. drop if ~t56s
(28462 observations deleted)
. capt g byte departed = ~survived
.
. * TABLE 1
.
. label var filingyear "Filed in year"
. replace status="Ongoing" if status=="ACTIVE"
(0 real changes made)
. replace status="Dismissed" if status=="DISMISSED"
(1350 real changes made)
. replace status="Settled" if status=="SETTLED"
(1814 real changes made)
. replace status="Part Sett" if status=="SETTLED (PARTIAL)"
(0 real changes made)
. replace status="Tent Sett" if status=="SETTLED (TENTATIVE)"
(0 real changes made)
. capt drop statusC
. encode status, gen(statusC)
.
. preserve
. bys case_code: keep if _n==1
(2831 observations deleted)
. tabul filingyear status, row
+----------------+
| Key |
|----------------|
| frequency |
| row percentage |
+----------------+
Filed in | Status
year | Dismissed Settled | Total
-----------+----------------------+----------
1996 | 4 3 | 7
| 57.14 42.86 | 100.00
-----------+----------------------+----------
1997 | 8 27 | 35
| 22.86 77.14 | 100.00
-----------+----------------------+----------
1998 | 12 25 | 37
| 32.43 67.57 | 100.00
-----------+----------------------+----------
1999 | 24 29 | 53
| 45.28 54.72 | 100.00
-----------+----------------------+----------
2000 | 20 26 | 46
| 43.48 56.52 | 100.00
-----------+----------------------+----------
2001 | 19 23 | 42
| 45.24 54.76 | 100.00
-----------+----------------------+----------
2002 | 32 47 | 79
| 40.51 59.49 | 100.00
-----------+----------------------+----------
2003 | 21 13 | 34
| 61.76 38.24 | 100.00
-----------+----------------------+----------
Total | 140 193 | 333
| 42.04 57.96 | 100.00
. gen fy = string(filingyear)
. encode fy, gen(fyC)
. label var fyC "Year Filed"
. label var statusC "Outcome"
. tabout fyC statusC using table1.tex, rep style(tex) format(0) ///
> topf(table1t.tex) botf(table1b.tex)
Table output written to: table1.tex
%{\noindent \large \bf Table 1. Securities Fraud Class Actions }
%\medskip
%\begin{table}[htbp]
%\centering
%\begin{tabular}{lcccc}
%\hline
\begin{table}[htbp]\caption{{\bf Securities Fraud Class Actions }}
\vspace{0.2in}
\parbox{6in}{ \footnotesize
This table reports the year filed and the outcome of the 331 securities class actions in our sample. A
> ctions are classified as settled or dismissed based on the status of the action as of January 2009.
}
\vspace{0.2in}
%\begin{center}
\begin{tabular}{lrrrrrr} \hline
& \multicolumn{3}{c}{Outcome} \\
Year Filed&Dismissed&Settled&Total \\
&No.&No.&No. \\
\hline
1996&4&3&7 \\
1997&8&27&35 \\
1998&12&25&37 \\
1999&24&29&53 \\
2000&20&26&46 \\
2001&19&23&42 \\
2002&32&47&79 \\
2003&21&13&34 \\
Total&140&193&333 \\
\hline
\end{tabular}%\end{center}
%\vspace{0.2in}
%\parbox{6in}{{\small Includes actions filed within one year following the annual meeting of a firm.
%Excludes instances in which another securities fraud class action was filed against the firm in the pr
> eceding three years. Actions may involve multiple classes of plaintiffs. Actions in which a settlem
> ent has been reached with one or more class but not all classes are classified as settled. }}
\end{table}
. save table1,replace
file table1.dta saved
. restore
.
. * TABLE 2
.
. * N
. makematrix t2a, from(r(Stat1) r(Stat2)): tabstat insider, by(insider) stat(N) save
t2a[1,2]
Stat1 Stat2
insider 2364 800
. sum insider,mean
. matrix temp = r(N)
. g notceo = ~ceo
. makematrix t2ai, from(r(Stat1) r(Stat2)): tabstat notceo if insider, by(notceo) stat(N) save
t2ai[1,2]
Stat1 Stat2
notceo 325 475
. matrix t2aa=t2a,t2ai,temp
.
. /* CEO
> makematrix t2aa, from(r(Stat1) r(Stat2)): tabstat ceo, by(insider) stat(mean) save
> mat t2aa[1,1]=.
> su ceo if insider,mean
> mat temp=r(N)
> mat t2aa=t2a \ (t2aa,temp)
> */
.
. * Outcome, Involvement, Demographics
. * gen tenure = exp(entrench)
.
. foreach v of varlist audit /* defendant_ANY */ /* insidertr */ caseinside departed /* age */ age_yr_
> 0 tenure stkholding {
2. qui makematrix t2b, from(r(Stat1) r(Stat2)): tabstat `v', by(insider) stat(mean) save
3. sum `v',mean
4. matrix `v'1=r(N)
5.
. /*
> qui ttest `v', by(insider)
> matrix `v'2=r(p)
> qui ranksum `v', by(insider)
> matrix `v'3=1-normprob(abs(r(z)))
> matrix `v'=t2b,`v'1,`v'2,`v'3
> */
.
. qui makematrix t2bi, from(r(Stat1) r(Stat2)): tabstat `v' if insider, by(notceo) stat(mean) save
6. matrix `v'=t2b,t2bi,`v'1
7. matrix t2bb= (nullmat(t2bb) \ `v')
8. }
.
. mat list t2aa
t2aa[1,5]
Stat1 Stat2 Stat1 Stat2 c1
insider 2364 800 325 475 3164
. mat list t2bb
t2bb[6,5]
Stat1 Stat2 Stat1 Stat2 c1
audit .47715736 .0625 .01538462 .09473684 3164
caseinside .34856176 .3825 .37846154 .38526316 3164
departed .42554992 .56375 .53846154 .58105263 3164
age_yr_0 59.073604 53.32625 52.403077 53.957895 3164
tenure 6.5520305 9.01125 8.8953846 9.0905263 3164
stkholding .63041142 3.0933914 4.2505819 2.3016295 3164
.
. local inv Defendant Ins\_Trading Departed Age Tenure Voting\_Share
. // local inv Audit Defendant Ins\_Trading Departed Age Tenure Voting\_Share
.
. local inv1 "Member Audit Committee (0/1)"
. // local inv2 "Defendant (0/1)"
. local inv2 "Insider Trading Alleged (0/1)"
. local inv4 "Age (Years)"
. local inv5 "Board Tenure (Years)"
. local inv6 "Voting Share (\%)"
.
. tempname hh
. file open `hh' using table2.tex, write replace
. file write `hh' "\begin{table}[htbp]\caption{{\bf Director-Level Variables }}\bigskip" _n
. file write `hh' "\include{table2t}" _n
. file write `hh' "\begin{tabular}{lrrrrr}" _n "\hline" _n
. // file write `hh' " Variable & Outside & Inside & & \multicolumn{2}{c}{P-value of Difference} \\" _n
. // file write `hh' "& Directors & Directors & & \multicolumn{2}{c}{in Sample Means} \\" _n
. // file write `hh' "\hline & Mean & Mean & N & t-test & Mann-Whitney \\" _n
. file write `hh' " Variable & Outside & Inside & CEOs & Non-CEO & \\" _n
. file write `hh' "& Directors & Directors & & Insiders & \\" _n
. file write `hh' "\hline & Mean & Mean & Mean & Mean & N \\" _n
. file write `hh' "\hline" _n
. file write `hh' "Observations (N) & " (t2aa[1,1]) " & " (t2aa[1,2]) " & " (t2aa[1,3]) " & " (t2aa[1,4
> ]) " & " (t2aa[1,5]) " \\" _n
. // file write `hh' "\\{\it Involvement} \\" _n
. // file write `hh' "CEO (0/1) & N/A & " %7.3f (t2aa[2,2]) " & " (t2aa[2,3]) " \\" _n
. // forv i=1/2 {
. * local lab: word `i' of `inv'
. // file write `hh' "`inv`i'' & " %7.3f (t2bb[`i',1]) " & " %7.3f (t2bb[`i',2]) " & " %7.3f (t2
> bb[`i',3]) " & " %7.3f (t2bb[`i',4]) " & " (t2bb[`i',5]) " \\" _n
. //}
. file write `hh' "\\{\it Outcome} \\" _n
. local i 3
. file write `hh' "Departed (0/1) & " %7.3f (t2bb[`i',1]) " & " %7.3f (t2bb[`i',2]) " & " %7.3f (t2bb
> [`i',3]) " & " %7.3f (t2bb[`i',4]) " & " (t2bb[`i',5]) " \\" _n
. file write `hh' "\\{\it Demographics} \\" _n
. forv i=4/6 {
2. * local lab: word `i' of `inv'
. file write `hh' "`inv`i'' & " %7.3f (t2bb[`i',1]) " & " %7.3f (t2bb[`i',2]) " & " %7.3f (t2
> bb[`i',3]) " & " %7.3f (t2bb[`i',4]) " & " (t2bb[`i',5]) " \\" _n
3. }
. file write `hh' "\hline" _n "\end{tabular}" "\medskip" _n
. file write `hh' "\input{table2b}" _n "\end{table}" _n
. file close `hh'
.
. * TABLE 3
.
. * board size
. capt g byte iota = 1
. capt {
. su boardseats insideseats outsideseats
Variable | Obs Mean Std. Dev. Min Max
-------------+--------------------------------------------------------
boardseats | 3164 10.53793 3.5709 4 27
insideseats | 3164 2.517067 1.40705 0 8
outsideseats | 3164 8.02086 3.492941 2 25
.
. * N
. bys case_code: keep if _n==1 & statusC<.
(2831 observations deleted)
. qui makematrix t3a, from(r(Stat1) r(Stat2) ): tabstat statusC, by(statusC) stat(N) save
. sum statusC,mean
. matrix temp = r(N)
. matrix t3a=t3a,temp
. mat list t3a
t3a[1,3]
Stat1 Stat2 c1
statusC 140 193 333
.
. * Allegations, Ownership, Performance, Board Structure
. foreach var of varlist restate gaap hardevidence secalso {
2. qui makematrix t3b, from(r(Stat1) r(Stat2) ): tabstat `var', by(statusC) stat(mean) save
3. summ `var', meanonly
4. matrix `var'1=r(mean)
5. matrix `var'2=r(N)
6. mat t3b = t3b,`var'1,`var'2
7. qui ttest `var', by(statusC)
8. mat temp = r(p)
9. mat t3b=t3b,temp
10. qui ranksum `var', by(statusC)
11. matrix temp = 1-normprob(abs(r(z)))
12. mat t3b=t3b,temp
13. matrix t3bb= (nullmat(t3bb) \ t3b)
14. }
. foreach var of varlist insthold sumblockbroad sumout cara {
2. qui makematrix t3b, from(r(Stat1) r(Stat2) ): tabstat `var', by(statusC) stat(mean) save
3. summ `var', meanonly
4. matrix `var'1=r(mean)
5. matrix `var'2=r(N)
6. mat t3b = t3b,`var'1,`var'2
7. qui ttest `var', by(statusC)
8. mat temp = r(p)
9. mat t3b=t3b,temp
10. qui ranksum `var', by(statusC)
11. matrix temp = 1-normprob(abs(r(z)))
12. mat t3b=t3b,temp
13. matrix t3bb= (nullmat(t3bb) \ t3b)
14. }
. foreach var of varlist boardseats insideseats outsideseats {
2. qui makematrix t3b, from(r(Stat1) r(Stat2) ): tabstat `var', by(statusC) stat(mean) save
3. summ `var', meanonly
4. matrix `var'1=r(mean)
5. matrix `var'2=r(N)
6. mat t3b = t3b,`var'1,`var'2
7. qui ttest `var', by(statusC)
8. mat temp = r(p)
9. mat t3b=t3b,temp
10. qui ranksum `var', by(statusC)
11. matrix temp = 1-normprob(abs(r(z)))
12. mat t3b=t3b,temp
13. matrix t3bb= (nullmat(t3bb) \ t3b)
14. }
. // switch to AR3
. foreach var of varlist ar3_ecp ar3_filing {
2. qui makematrix t3b, from(r(Stat1) r(Stat2) ): tabstat `var', by(statusC) stat(mean) save
3. summ `var', meanonly
4. matrix `var'1=r(mean)
5. matrix `var'2=r(N)
6. mat t3b = t3b,`var'1,`var'2
7. qui ttest `var', by(statusC)
8. mat temp = r(p)
9. mat t3b=t3b,temp
10. qui ranksum `var', by(statusC)
11. matrix temp = 1-normprob(abs(r(z)))
12. mat t3b=t3b,temp
13. matrix t3bb= (nullmat(t3bb) \ t3b)
14. }
.
. mat list t3bb
t3bb[13,6]
Stat1 Stat2 c1 c1 c1 c1
restate .14285714 .30569948 .23723724 333 .00052711 .00028755
gaap .39285714 .57512953 .4984985 333 .0009724 .00052117
hardevidence .40714286 .59585492 .51651652 333 .00062885 .00034124
secalso .17857143 .34196891 .27327327 333 .00090723 .00048717
insthold 64.582015 59.716561 61.735046 323 .03773419 .0160611
sumblockbr~d 16.5365 21.336736 19.318619 333 .0173389 .02375968
sumout 12.953286 14.601451 13.908529 333 .26979219 .19182875
cara .14109419 -.07343963 .01675477 333 .03110321 .00605041
boardseats 9.6428571 9.3989637 9.5015015 333 .48535416 .25862593
insideseats 2.4571429 2.3626943 2.4024024 333 .52558216 .33341759
outsideseats 7.1857143 7.0362694 7.0990991 333 .66264378 .30610998
ar3_ecp -.22781311 -.24088942 -.23537725 325 .59020316 .36981488
ar3_filing -.04157657 -.08302875 -.06522557 312 .0325607 .03858609
.
. * Settlement amount
. tabstat /* settleMM */ settlement, by(statusC) save
Summary for variables: settlement
by categories of: statusC (Status)
statusC | mean
----------+----------
Dismissed | .
Settled | 89.53648
----------+----------
Total | 89.53648
---------------------
. mat t3cc = r(Stat2)
. su settlement, mean
. mat temp=r(N)
. mat t3cc=t3cc,temp
. mat list t3cc
t3cc[1,2]
settlement c1
mean 89.53648 193
. tabstat settleta, by(statusC) save
Summary for variables: settleta
by categories of: statusC (Status)
statusC | mean
----------+----------
Dismissed | .
Settled | 2.90643
----------+----------
Total | 2.90643
---------------------
. mat t3ccs = r(Stat2)
. su settleta, mean
. mat temp=r(N)
. mat t3ccs=t3ccs,temp
. mat list t3ccs
t3ccs[1,2]
settleta c1
mean 2.9064296 193
.
. * Size
. g tamm = total_assets/1.0e3
. tabstat /* totassets */ tamm, by(statusC) save
Summary for variables: tamm
by categories of: statusC (Status)
statusC | mean
----------+----------
Dismissed | 26.43811
Settled | 14.539
----------+----------
Total | 19.54163
---------------------
. mat t3cd = r(Stat1),r(Stat2) // ,r(Stat3)
. su tamm, mean
. mat temp = r(mean),r(N)
. mat t3cd=t3cd,temp
. mat list t3cd
t3cd[1,4]
tamm tamm c1 c2
mean 26.438108 14.539002 19.541629 333
. qui ttest tamm, by(statusC)
. mat temp = r(p)
. mat t3cd=t3cd,temp
. qui ranksum tamm, by(statusC)
. matrix temp = 1-normprob(abs(r(z)))
. mat t3cd=t3cd,temp
. mat list t3cd
t3cd[1,6]
tamm tamm c1 c2 c1 c1
mean 26.438108 14.539002 19.541629 333 .20000449 .40076006
.
. local inv Restatement GAAP\_Violation Hard\_Evidence
. local inv2 one two three four five six Board\_Seats Inside\_Seats Outside\_Seats AR\_ECP[-1,+1] AR\_F
> D[-1,+1]
.
. local inv_1 "Restatement (0/1)"
. local inv_2 "Other GAAP (0/1)"
. local inv_3 "Hard Evidence (0/1)"
. local inv_4 "SEC Involvement (0/1)"
. local inv_9 "Board Seats"
. local inv_10 "Insider Seats"
. local inv_11 "Outsider Seats"
. local inv_12 "AR ECP [-1,+1]"
. local inv_13 "AR FD [-1,+1]"
.
. tempname hh
. file open `hh' using table3.tex, write replace
. file write `hh' "\begin{table}[htbp]\caption{{\bf Firm-Level Variables }}\bigskip" _n
. file write `hh' "\include{table3t}" _n
. // file write `hh' "\begin{tabular}{lrrrrr}" _n "\hline" _n
. // file write `hh' "Variable & Dismissed & Ongoing & Settled & All & N \\" _n
. // file write `hh' "& Actions & Actions & Actions & Actions \\" _n
. file write `hh' "\begin{tabular}{lrrrrr}" _n "\hline" _n
. file write `hh' " & & & & \multicolumn{2}{c}{P-value: Difference} \\" _n
. file write `hh' " & & & & \multicolumn{2}{c}{in Sample Means} \\" _n
. file write `hh' "Variable & Dismissed & Settled & All & \$t\$-test & Mann-- \\" _n
. file write `hh' "& Actions & Actions & Actions & & Whitney \\" _n
. file write `hh' "\hline" _n
. file write `hh' "Number of Actions & " (t3a[1,1]) " & " (t3a[1,2]) " & " (t3a[1,3]) " \\" _n
. file write `hh' "\\Settlement Amount (million \\$) & & " %9.3f (t3cc[1,1]) " & & " _n // (t3cc[1,2])
> _n
. file write `hh' "\\Settlement Amount as \% of Total Assets & & " %9.3f (t3ccs[1,1]) " & & " _n // (
> t3ccs[1,2]) " \\" _n
. file write `hh' "\\Total Assets (billion \\$) & " %9.3f (t3cd[1,1]) " & " %9.3f (t3cd[1,2]) " & " %9.
> 3f (t3cd[1,3]) " & " %9.3f (t3cd[1,5]) " & " %9.3f (t3cd[1,6]) " \\" _n
.
. file write `hh' "\\{\it Allegations} \\" _n
. forv i=1/2 {
2. * local lab: word `i' of `inv'
. file write `hh' "`inv_`i'' & " %7.3f (t3bb[`i',1]) " & " %7.3f (t3bb[`i',2]) " & " %7.3f (t
> 3bb[`i',3]) " & " %9.3f (t3bb[`i',5]) " & " %9.3f (t3bb[`i',6]) " \\" _n
3. }
. forv i=4/4 {
2. * local lab: word `i' of `inv'
. file write `hh' "`inv_`i'' & " %7.3f (t3bb[`i',1]) " & " %7.3f (t3bb[`i',2]) " & " %7.3f (t
> 3bb[`i',3]) " & " %9.3f (t3bb[`i',5]) " & " %9.3f (t3bb[`i',6]) " \\" _n
3. }
.
. file write `hh' "\\{\it Ownership Structure} \\" _n
. local i 5
. file write `hh' "Institutional Holdings (\%) & " %7.3f (t3bb[`i',1]) " & " %7.3f (t3bb[`i',2]) " &
> " %7.3f (t3bb[`i',3]) " & " %9.3f (t3bb[`i',5]) " & " %9.3f (t3bb[`i',6]) " \\" _n
. // local i 6
. // file write `hh' "Blockholdings (\%) & " %7.3f (t3bb[`i',1]) " & " %7.3f (t3bb[`i',2]) " & " %7.3
> f (t3bb[`i',3]) " & " %9.3f (t3bb[`i',5]) " & " %9.3f (t3bb[`i',6]) " \\" _n
. local i 7
. file write `hh' "Outside Blockholdings (\%) & " %7.3f (t3bb[`i',1]) " & " %7.3f (t3bb[`i',2]) " & "
> %7.3f (t3bb[`i',3]) " & " %9.3f (t3bb[`i',5]) " & " %9.3f (t3bb[`i',6]) " \\" _n
.
.
. file write `hh' "\\{\it Board Structure} \\" _n
. forv i=9/11 {
2. * local lab: word `i' of `inv2'
. file write `hh' "`inv_`i'' & " %7.3f (t3bb[`i',1]) " & " %7.3f (t3bb[`i',2]) " & " %7.3f (t
> 3bb[`i',3]) " & " %9.3f (t3bb[`i',5]) " & " %9.3f (t3bb[`i',6]) " \\" _n
3. }
. file write `hh' "\\{\it Performance and Market Reaction} \\" _n
. local i 8
. file write `hh' "Two-Year Firm Performance & " %7.3f (t3bb[`i',1]) " & " %7.3f (t3bb[`i',2]) " & "
> %7.3f (t3bb[`i',3]) " & " %9.3f (t3bb[`i',5]) " & " %9.3f (t3bb[`i',6]) " \\" _n
.
. // file write `hh' "\\{\it Event Abnormal Returns} \\" _n
. local i 12
. file write `hh' "Abnormal Returns ECP [-2,+2] & " %7.3f (t3bb[`i',1]) " & " %7.3f (t3bb[`i',2]) " &
> " %7.3f (t3bb[`i',3]) " & " %9.3f (t3bb[`i',5]) " & " %9.3f (t3bb[`i',6]) " \\" _n
. // local i 13
. // file write `hh' "Abnormal Returns FD [-2,+2] & " %7.3f (t3bb[`i',1]) " & " %7.3f (t3bb[`i',2]) "
> & " %7.3f (t3bb[`i',3]) " & " %9.3f (t3bb[`i',5]) " & " %9.3f (t3bb[`i',6]) " \\" _n
.
.
. file write `hh' "\hline" _n "\end{tabular}" "\medskip" _n
. file write `hh' "\input{table3b}" _n "\end{table}" _n
. file close `hh'
.
.
. * TABLE 4
.
. use `in1', clear
. drop if ~t56s
(28462 observations deleted)
. su
Variable | Obs Mean Std. Dev. Min Max
-------------+--------------------------------------------------------
dircase | 0
caseyr | 0
lookup | 0
rectype_hide | 2439 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 | 3164 1992.597 6.990962 1948 2003
age_yr_m1 | 2643 57.4336 9.137048 26 92
age_yr_0 | 3164 57.62042 9.3041 24 93
-------------+--------------------------------------------------------
age_yr_1 | 2615 58.5717 8.994989 25 94
audit_yr_m1 | 0
audit_yr0 | 0
audit_yr1 | 0
shares_yr_m1 | 2645 1941065 1.83e+07 0 7.20e+08
-------------+--------------------------------------------------------
shares_ou~m1 | 2712 3.23e+08 6.78e+08 6546716 5.03e+09
shares_yr0 | 3164 2251022 2.10e+07 0 7.20e+08
shares_out~0 | 3164 4.13e+08 9.04e+08 6483145 7.16e+09
shares_yr1 | 2536 2380523 2.32e+07 0 7.20e+08
shares_ou~r1 | 2621 4.66e+08 1.00e+09 6668436 7.33e+09
-------------+--------------------------------------------------------
action_type | 0
named | 0
source_named | 0
insider_tr~g | 0
source_tra~g | 0
-------------+--------------------------------------------------------
suit_year | 3164 0 0 0 0
smpl | 3164 .2291403 .4203461 0 1
mtgdate | 0
proxy_status | 0
missing_pr~n | 0
-------------+--------------------------------------------------------
id | 2439 16346.32 87776.42 2 1015340
ticker | 0
cusip | 0
year | 3164 1999.771 2.040289 1995 2003
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 | 2439 1 0 1 1
chair_stat~1 | 0
chair_stat~0 | 0
dual_class | 0
-------------+--------------------------------------------------------
pct_yr_0 | 140 8.501714 9.638797 .1 51.9
pct_yr_1 | 0
proxy_date | 0
permno | 725 65814.38 26273.26 10137 88910
dataset | 0
-------------+--------------------------------------------------------
suit_year_~e | 3164 1999.898 2.043227 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 | 1814 105.7245 354.5691 .5 3186.5
year1 | 324 1999.593 1.765004 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 | 50 1999.88 2.00652 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 | 21 1999.714 2.98568 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 | 3062 61.29668 20.40763 6.92 97.11
insown_date | 0
cboard | 3164 .5521492 .4973516 0 1
dualclas | 3164 .1125158 .3160499 0 1
-------------+--------------------------------------------------------
uneqvote | 3164 .0041087 .0639776 0 1
gindex | 2902 8.929014 2.548487 3 16
eindex | 2902 2.210544 1.314197 0 6
index_match | 0
year_repor~d | 3164 2000.163 1.960124 1996 2003
-------------+--------------------------------------------------------
total_assets | 3164 29181.81 106830.6 17.5 1097190
company_name | 0
cara | 3164 -.0207351 .8239443 -2.213405 4.650977
ctag | 3164 .0107459 .1031202 0 1
companyname | 0
-------------+--------------------------------------------------------
sumblks | 3164 23.57133 20.79782 0 97.4
numblks | 3164 2.196587 1.622023 0 8
sumaflin | 3164 1.681144 8.182298 0 97.4
sumout | 3164 13.01973 13.15015 0 66.3
sumesop | 3164 .5089886 2.264174 0 21.25
-------------+--------------------------------------------------------
sumdir | 3164 3.431672 12.07196 0 95.49
sumoff | 3164 4.929795 13.80102 0 96.25
numaflin | 3164 .1049305 .355243 0 2
numout | 3164 1.564791 1.503681 0 8
numesop | 3164 .05689 .2316689 0 1
-------------+--------------------------------------------------------
numdir | 3164 .1776233 .5098386 0 3
numoff | 3164 .2923515 .6758035 0 4
dfiling_date | 3164 14854.21 716.9234 13174 16049
dbeg_class~r | 3164 14311.73 731.1622 11752 15900
dend_class~r | 3164 14800.3 742.037 12548 16118
-------------+--------------------------------------------------------
dsec_start | 873 13230.55 2547.88 2922 15431
dsec_end | 864 14466.57 2191.37 6847 16801
secoverlap | 3164 .1975348 .3982021 0 1
secalso | 3164 .2730721 .445608 0 1
casetag | 3164 .0107459 .1031202 0 1
-------------+--------------------------------------------------------
dismissed | 3164 .4266751 .4946724 0 1
lenclassper | 3164 488.5664 402.3576 0 1942
lensecper | 864 1249.428 1118.068 89 5843
fileafter | 3164 542.4801 388.1523 7 1826
filingyear | 3164 2000.174 1.953757 1996 2003
-------------+--------------------------------------------------------
ar1_ecp | 3092 -.0736187 .1293559 -.578348 .2799354
ar3_ecp | 3102 -.2232751 .2141215 -1.107348 .1867814
ar5_ecp | 3102 -.2426386 .2297926 -1.182885 .2491735
ar1_filing | 2968 -.0276073 .0989961 -.651017 .2461541
ar3_filing | 2968 -.0603543 .160379 -.8609062 .4170695
-------------+--------------------------------------------------------
ar5_filing | 2968 -.0852836 .2154099 -.9958463 .8572186
c11flag | 125 1 0 1 1
dir_code | 0
insider | 3164 .2528445 .4347113 0 1
ceo | 3164 .1027181 .3036383 0 1
-------------+--------------------------------------------------------
audit | 3164 .3723135 .4834977 0 1
seated | 3164 1 0 1 1
boardsize | 3164 10.53793 3.5709 4 27
caseyeartag | 3164 .0692162 .2538615 0 1
suityractive | 3164 0 0 0 0
-------------+--------------------------------------------------------
survmax | 3164 4 0 4 4
seated0 | 3164 1 0 1 1
seated4 | 3164 0 0 0 0
mseatm1 | 3164 0 0 0 0
seatyr | 3164 0 0 0 0
-------------+--------------------------------------------------------
tenmax | 3164 2.683628 1.600102 0 4
es0 | 3164 1 0 1 1
es4 | 3164 .539507 .4985155 0 1
seatm1 | 3164 .835019 .3712221 0 1
survived | 3164 .539507 .4985155 0 1
-------------+--------------------------------------------------------
survivedm1 | 0
ndir4 | 3164 5.591972 2.814658 0 15
ndir0 | 3164 10.53793 3.5709 4 27
survfrac | 34 60.17176 22.53963 0 100
restate | 3164 .2338812 .4233644 0 1
-------------+--------------------------------------------------------
gaap | 3164 .4984197 .5000765 0 1
othgaap | 3164 .283818 .4509208 0 1
stkholding | 3164 1.253162 5.200658 0 95.48593
iota | 3164 1 0 1 1
insideseats | 3164 2.517067 1.40705 0 8
-------------+--------------------------------------------------------
outsideseats | 3164 8.02086 3.492941 2 25
outfrac | 3164 .7471555 .141318 .25 1
hardevidence | 3164 .5176991 .4997656 0 1
audithard | 3164 .1905815 .3928218 0 1
tenure | 3164 7.173831 6.839804 0 49
-------------+--------------------------------------------------------
entrench | 3164 1.774529 .8389122 0 3.912023
ongoing | 3164 0 0 0 0
settled | 3164 .5733249 .4946724 0 1
settledhard | 3164 .346713 .4759986 0 1
dismissedh~d | 3164 .1709861 .3765563 0 1
-------------+--------------------------------------------------------
settledres | 3164 .1750948 .3801083 0 1
dismissedres | 3164 .0587863 .2352616 0 1
settledgaap | 3164 .3318584 .4709549 0 1
dismissedg~p | 3164 .1665613 .3726426 0 1
FY1997 | 3164 .1039823 .3052858 0 1
-------------+--------------------------------------------------------
FY1998 | 3164 .0976612 .2969029 0 1
FY1999 | 3164 .1573957 .364231 0 1
FY2000 | 3164 .1501264 .3572518 0 1
FY2001 | 3164 .1178887 .3225273 0 1
FY2002 | 3164 .2515803 .4339898 0 1
-------------+--------------------------------------------------------
FY2003 | 3164 .1005057 .3007206 0 1
setinst | 3062 34.2749 33.2514 0 97.01
disinst | 3062 27.02178 34.1139 0 97.11
setnblock | 3164 7.711236 12.26464 0 66.3
disnblock | 3164 5.308496 10.21769 0 62.9
-------------+--------------------------------------------------------
setoutfrac | 3164 .4292035 .3863905 0 .9375
disoutfrac | 3164 .317952 .3790669 0 1
setaudit | 3164 .2123894 .4090636 0 1
disaudit | 3164 .1599241 .3665936 0 1
setstkh | 3164 .8656898 4.499612 0 92.37
-------------+--------------------------------------------------------
defendant | 3164 .2285082 .419938 0 1
setdefendant | 3164 .1425411 .3496595 0 1
disdefendant | 3164 .0859671 .2803598 0 1
age_61_65 | 3164 .1946903 .3960247 0 1
age_66_70 | 3164 .1387484 .3457384 0 1
-------------+--------------------------------------------------------
age_gt_70 | 3164 .068268 .2522451 0 1
departed | 3164 .460493 .4985155 0 1
departedm1 | 0
ceochair | 3164 .0704804 .2559954 0 1
setceoc | 3164 .0426675 .2021383 0 1
-------------+--------------------------------------------------------
setceo | 3164 .0600506 .2376181 0 1
ltotass | 3164 8.319323 1.909236 2.862201 13.90826
insidertr | 3164 .0774336 .2673205 0 1
setinside | 3164 .045196 .2077665 0 1
disinside | 3164 .0322377 .1766586 0 1
-------------+--------------------------------------------------------
caseinside | 3164 .3571429 .4792332 0 1
setcaseins~e | 3164 .1978508 .398442 0 1
dissecalso | 3164 .0828066 .2756332 0 1
setnosec | 3164 .3830594 .4862094 0 1
setsecalso | 3164 .1902655 .3925726 0 1
-------------+--------------------------------------------------------
setgindex | 2902 4.943832 4.73983 0 15
disgindex | 2902 3.985183 4.842161 0 16
seteindex | 2902 1.237767 1.46497 0 6
setcboard | 3164 .3128951 .4637453 0 1
setar3_ecp | 3102 -.1354351 .2080521 -1.107348 .1799543
-------------+--------------------------------------------------------
setar3_fil~g | 2968 -.0443886 .1446941 -.8609062 .4170695
ar3_ecp_botq | 3164 .2234513 .4166242 0 1
ar3_filing~q | 3164 .2149178 .4108303 0 1
setar3_ecp~q | 3164 .1390645 .3460685 0 1
setar3_fil~q | 3164 .1381163 .3450766 0 1
-------------+--------------------------------------------------------
sumblockbr~d | 3164 18.13255 17.94763 0 97.4
setsumbloc~d | 3164 11.50807 17.82542 0 97.4
dissumbloc~d | 3164 6.624478 12.52557 0 95.49
topqsettle | 3164 .1599241 .3665936 0 1
tophsettle | 3164 .300885 .4587153 0 1
-------------+--------------------------------------------------------
settleta | 1814 2.460017 5.761745 .0033488 57.14286
topqssettle | 3164 .1242099 .329873 0 1
tophssettle | 3164 .2591656 .4382459 0 1
topqsinst | 3062 7.78224 21.82756 0 97.01
topqsblock | 3164 2.049583 7.194251 0 44.6
-------------+--------------------------------------------------------
cc | 3164 0 0 0 0
t5s | 3164 .7471555 .4347113 0 1
t6s | 3164 .2528445 .4347113 0 1
t56s | 3164 1 0 1 1
.
. * table 4: crosstab of survival (tenmax) by outside/inside, settled/dismissed
.
. capt drop outD1 outS1 insD1 insS1 tenmaxpos
. g outD1 = ~insider & dismissed
. g outS1 = 2*(~insider & ~dismissed)
. g t41a = outD1 + outS1 if t56s
. replace t41a = . if t41a==0
(800 real changes made, 800 to missing)
. g insD1 = insider & dismissed
. g insS1 = 2*(insider & ~dismissed)
. g t41b = insD1 + insS1 if t56s
. replace t41b = . if t41b==0
(2364 real changes made, 2364 to missing)
. g tenmaxpos = tenmax /* if tenmax>0 */
.
. label def t4La 1 "Dismissed Actions" 2 "Settled Actions"
. label val t41a t4La
. label val t41b t4La
. label val tenmaxpos tenL
. label var tenmaxpos "Tenure"
. * label var t41 "Category"
. di in r "Insider: definition 1"
Insider: definition 1
. * tabulate tenmaxpos t41,matcell(t41)
. * tabulate tenmaxpos t41, nofreq col
.
. tabulate tenmaxpos t41a,matcell(t41a)
| t41a
Tenure | Dismissed Settled A | Total
-----------+----------------------+----------
0 | 114 223 | 337
1 | 116 171 | 287
2 | 95 124 | 219
3 | 66 97 | 163
4 | 615 743 | 1,358
-----------+----------------------+----------
Total | 1,006 1,358 | 2,364
. mat list t41a
t41a[5,2]
c1 c2
r1 114 223
r2 116 171
r3 95 124
r4 66 97
r5 615 743
. capt drop t41a1 t41a2 t41a11 t41a1a
. svmat t41a
. su t41a*
Variable | Obs Mean Std. Dev. Min Max
-------------+--------------------------------------------------------
t41a | 2364 1.57445 .4945307 1 2
t41a1 | 5 201.2 232.1911 66 615
t41a2 | 5 271.6 267.8485 97 743
.
. * outside dismissed
. su t41a1,meanonly
. g t41a11 = r(sum)
. g t41a1a = sum(t41a1) if t41a1<.
(3159 missing values generated)
. replace t41a11 = r(sum) - t41a1a[_n-1] if _n>1
(3163 real changes made, 3158 to missing)
. g t41a1pc = 100* t41a11/r(sum)
(3158 missing values generated)
. local count1 `r(sum)'
. su t41a*
Variable | Obs Mean Std. Dev. Min Max
-------------+--------------------------------------------------------
t41a | 2364 1.57445 .4945307 1 2
t41a1 | 5 201.2 232.1911 66 615
t41a2 | 5 271.6 267.8485 97 743
t41a11 | 6 661.6667 353.5662 0 1006
t41a1a | 5 413.2 347.4071 114 1006
-------------+--------------------------------------------------------
t41a1pc | 6 65.77203 35.14575 0 100
.
. * outside settled/ongoing
. su t41a2,meanonly
. g t41a21 = r(sum)
. g t41a2a = sum(t41a2) if t41a2<.
(3159 missing values generated)
. replace t41a21 = r(sum) - t41a2a[_n-1] if _n>1
(3163 real changes made, 3158 to missing)
. g t41a2pc = 100* t41a21/r(sum)
(3158 missing values generated)
. local count2 `r(sum)'
.
. local total = `count1'+`count2'
. g bnt = 0 in 1/`total'
(800 missing values generated)
. g dum = (_n<=`count1')
. forv i=2/5 {
2. local k1 = t41a11[`i']
3. local k2 = t41a21[`i']
4. replace bnt = 1 in 1/`k1'
5. local k2a = `count1' + 1
6. local k2b = `count1'+`k2'
7. replace bnt = 1 in `k2a'/`k2b'
8. ttest bnt, by(dum)
9. local panela`i' `r(p)'
10. replace bnt = 0 in 1/`total'
11. }
(892 real changes made)
(1135 real changes made)
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 1358 .8357879 .0100568 .3706044 .8160593 .8555165
1 | 1006 .8866799 .0099989 .3171413 .8670587 .9063011
---------+--------------------------------------------------------------------
combined | 2364 .857445 .0071922 .3496924 .8433413 .8715487
---------+--------------------------------------------------------------------
diff | -.050892 .0145119 -.0793494 -.0224345
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = -3.5069
Ho: diff = 0 degrees of freedom = 2362
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.0002 Pr(|T| > |t|) = 0.0005 Pr(T > t) = 0.9998
(2027 real changes made)
(776 real changes made)
(964 real changes made)
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 1358 .7098675 .0123196 .4539906 .6856999 .734035
1 | 1006 .7713718 .0132469 .4201581 .745377 .7973665
---------+--------------------------------------------------------------------
combined | 2364 .7360406 .0090675 .4408708 .7182595 .7538217
---------+--------------------------------------------------------------------
diff | -.0615043 .0182996 -.0973893 -.0256193
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = -3.3610
Ho: diff = 0 degrees of freedom = 2362
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.0004 Pr(|T| > |t|) = 0.0008 Pr(T > t) = 0.9996
(1740 real changes made)
(681 real changes made)
(840 real changes made)
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 1358 .6185567 .0131861 .4859199 .5926894 .644424
1 | 1006 .6769384 .0147514 .4678786 .6479912 .7058855
---------+--------------------------------------------------------------------
combined | 2364 .643401 .0098537 .4790963 .6240782 .6627238
---------+--------------------------------------------------------------------
diff | -.0583817 .0198975 -.0974001 -.0193632
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = -2.9341
Ho: diff = 0 degrees of freedom = 2362
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.0017 Pr(|T| > |t|) = 0.0034 Pr(T > t) = 0.9983
(1521 real changes made)
(615 real changes made)
(743 real changes made)
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 1358 .5471281 .0135127 .4979574 .5206201 .5736362
1 | 1006 .611332 .0153761 .4876901 .5811592 .6415049
---------+--------------------------------------------------------------------
combined | 2364 .5744501 .0101711 .4945307 .5545048 .5943954
---------+--------------------------------------------------------------------
diff | -.0642039 .0205335 -.1044694 -.0239383
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = -3.1268
Ho: diff = 0 degrees of freedom = 2362
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.0009 Pr(|T| > |t|) = 0.0018 Pr(T > t) = 0.9991
(1358 real changes made)
.
. l t41a1 t41a11 t41a1pc t41a2 t41a21 t41a2pc if t41a1<.
+-------------------------------------------------------+
| t41a1 t41a11 t41a1pc t41a2 t41a21 t41a2pc |
|-------------------------------------------------------|
1. | 114 1006 100 223 1358 100 |
2. | 116 892 88.66799 171 1135 83.57879 |
3. | 95 776 77.13718 124 964 70.98675 |
4. | 66 681 67.69384 97 840 61.85567 |
5. | 615 615 61.1332 743 743 54.71281 |
+-------------------------------------------------------+
. mkmat t41a11 t41a1pc t41a21 t41a2pc if t41a1<., matrix(t4panela)
. mat list t4panela
t4panela[5,4]
t41a11 t41a1pc t41a21 t41a2pc
r1 1006 100 1358 100
r2 892 88.667992 1135 83.578789
r3 776 77.137177 964 70.986748
r4 681 67.69384 840 61.855671
r5 615 61.133202 743 54.712814
.
. tabulate tenmaxpos t41b,matcell(t41b)
| t41b
Tenure | Dismissed Settled A | Total
-----------+----------------------+----------
0 | 52 137 | 189
1 | 63 72 | 135
2 | 27 40 | 67
3 | 27 33 | 60
4 | 175 174 | 349
-----------+----------------------+----------
Total | 344 456 | 800
. mat list t41b
t41b[5,2]
c1 c2
r1 52 137
r2 63 72
r3 27 40
r4 27 33
r5 175 174
. capt drop t41b1 t41b2 t41b11 t41b1a
. svmat t41b
. su t41b*
Variable | Obs Mean Std. Dev. Min Max
-------------+--------------------------------------------------------
t41b | 800 1.57 .4953855 1 2
t41b1 | 5 68.8 61.41824 27 175
t41b2 | 5 91.2 61.9088 33 174
.
. * inside dismissed
. su t41b1,meanonly
. g t41b11 = r(sum)
. g t41b1a = sum(t41b1) if t41b1<.
(3159 missing values generated)
. replace t41b11 = r(sum) - t41b1a[_n-1] if _n>1
(3163 real changes made, 3158 to missing)
. g t41b1pc = 100* t41b11/r(sum)
(3158 missing values generated)
. local count1 `r(sum)'
.
. * inside settled/ongoing
. su t41b2,meanonly
. g t41b21 = r(sum)
. g t41b2a = sum(t41b2) if t41b2<.
(3159 missing values generated)
. replace t41b21 = r(sum) - t41b2a[_n-1] if _n>1
(3163 real changes made, 3158 to missing)
. g t41b2pc = 100* t41b21/r(sum)
(3158 missing values generated)
. local count2 `r(sum)'
.
. local total = `count1'+`count2'
. drop bnt dum
. g bnt = 0 in 1/`total'
(2364 missing values generated)
. g dum = (_n<=`count1')
. forv i=2/5 {
2. local k1 = t41b11[`i']
3. local k2 = t41b21[`i']
4. replace bnt = 1 in 1/`k1'
5. local k2a = `count1' + 1
6. local k2b = `count1'+`k2'
7. replace bnt = 1 in `k2a'/`k2b'
8. ttest bnt, by(dum)
9. local panelb`i' `r(p)'
10. replace bnt = 0 in 1/`total'
11. }
(292 real changes made)
(319 real changes made)
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 456 .6995614 .0214924 .4589523 .6573247 .7417981
1 | 344 .8488372 .0193414 .3587293 .8107946 .8868799
---------+--------------------------------------------------------------------
combined | 800 .76375 .0150275 .4250433 .7342519 .7932481
---------+--------------------------------------------------------------------
diff | -.1492758 .0299098 -.2079871 -.0905646
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = -4.9909
Ho: diff = 0 degrees of freedom = 798
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.0000 Pr(|T| > |t|) = 0.0000 Pr(T > t) = 1.0000
(611 real changes made)
(229 real changes made)
(247 real changes made)
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 456 .5416667 .0233588 .4988081 .4957621 .5875712
1 | 344 .6656977 .0254719 .4724332 .6155969 .7157984
---------+--------------------------------------------------------------------
combined | 800 .595 .0173665 .4911991 .5609106 .6290894
---------+--------------------------------------------------------------------
diff | -.124031 .0348248 -.19239 -.055672
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = -3.5616
Ho: diff = 0 degrees of freedom = 798
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.0002 Pr(|T| > |t|) = 0.0004 Pr(T > t) = 0.9998
(476 real changes made)
(202 real changes made)
(207 real changes made)
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 456 .4539474 .0233407 .4984215 .4080784 .4998164
1 | 344 .5872093 .0265836 .493053 .5349218 .6394968
---------+--------------------------------------------------------------------
combined | 800 .51125 .0176843 .5001861 .4765369 .5459631
---------+--------------------------------------------------------------------
diff | -.1332619 .03543 -.2028089 -.0637149
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = -3.7613
Ho: diff = 0 degrees of freedom = 798
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.0001 Pr(|T| > |t|) = 0.0002 Pr(T > t) = 0.9999
(409 real changes made)
(175 real changes made)
(174 real changes made)
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 456 .3815789 .0227734 .4863076 .3368248 .4263331
1 | 344 .5087209 .0269934 .5006522 .4556276 .5618143
---------+--------------------------------------------------------------------
combined | 800 .43625 .0175444 .4962295 .4018115 .4706885
---------+--------------------------------------------------------------------
diff | -.127142 .0351731 -.1961848 -.0580992
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = -3.6147
Ho: diff = 0 degrees of freedom = 798
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.0002 Pr(|T| > |t|) = 0.0003 Pr(T > t) = 0.9998
(349 real changes made)
.
. l t41b1 t41b11 t41b1pc t41b2 t41b21 t41b2pc if t41b1<.
+-------------------------------------------------------+
| t41b1 t41b11 t41b1pc t41b2 t41b21 t41b2pc |
|-------------------------------------------------------|
1. | 52 344 100 137 456 100 |
2. | 63 292 84.88372 72 319 69.95614 |
3. | 27 229 66.56977 40 247 54.16667 |
4. | 27 202 58.72093 33 207 45.39474 |
5. | 175 175 50.87209 174 174 38.15789 |
+-------------------------------------------------------+
. mkmat t41b11 t41b1pc t41b21 t41b2pc if t41b1<., matrix(t4panelb)
. mat list t4panelb
t4panelb[5,4]
t41b11 t41b1pc t41b21 t41b2pc
r1 344 100 456 100
r2 292 84.88372 319 69.956139
r3 229 66.569771 247 54.166668
r4 202 58.720932 207 45.394737
r5 175 50.872093 174 38.157894
.
. tempname hh
. file open `hh' using table4.tex, write replace
. file write `hh' "\begin{table}[htbp]\caption{{\bf Outside and Inside Director Retention Rates }}\vspa
> ce{0.2in}" _n // \begin{center}" _n
. * file write `hh' "\include{table4t}" _n
. file write `hh' "\begin{tabular}{lrrrrrr}" _n "\hline" _n
. file write `hh' "\multicolumn{6}{c}{Panel A: Outside Directors} \\ \hline\hline" _n
. file write `hh' "& \multicolumn{2}{c}{Dismissed Actions} & \multicolumn{2}{c}{Settled Actions} & p-va
> lue \\ \hline" _n
. file write `hh' "Year & Number & Retention & Number & Retention \\" _n
. file write `hh' "& Directors & Rate & Directors & Rate \\" _n
. file write `hh' "\hline" _n
. local i 1
. file write `hh' "`=`i'-1' &" (t4panela[`i',1]) " & " %9.2f (t4panela[`i',2]) " & " (t4panela[`i',3])
> " & " %9.2f (t4panela[`i',4]) " \\" _n
. forv i=2/5 {
2. local i1 `i'-1
3. file write `hh' "`=`i'-1' &" (t4panela[`i',1]) " & " %9.2f (t4panela[`i',2]) " & " (t4pan
> ela[`i',3]) " & " %9.2f (t4panela[`i',4]) " & " %5.3f (`panela`i'') " \\" _n
4. }
. file write `hh' "\hline\hline" _n
. // file write `hh' "\multicolumn{6}{l}{Panel B: Inside director retention rates by outcome of the act
> ion. P-value of a two-sided test for differences in retention rates for outside directors between di
> smissed and settled/ongoing actions.} \\ \hline " _n
. file write `hh' "\multicolumn{6}{c}{Panel B: Inside Directors} \\ \hline\hline" _n
. file write `hh' "& \multicolumn{2}{c}{Dismissed Actions} & \multicolumn{2}{c}{Settled Actions} & p-va
> lue \\ \hline" _n
. file write `hh' "Year & Number of & Retention & Number of & Retention \\" _n
. file write `hh' "& Directors & Rate & Directors & Rate \\" _n
. file write `hh' "\hline" _n
. local i 1
. file write `hh' "`=`i'-1' &" (t4panelb[`i',1]) " & " %9.2f (t4panelb[`i',2]) " & " (t4panelb[`i',3])
> " & " %9.2f (t4panelb[`i',4]) " \\" _n
. forv i=2/5 {
2. file write `hh' "`=`i'-1' &" (t4panelb[`i',1]) " & " %9.2f (t4panelb[`i',2]) " & " (t4pane
> lb[`i',3]) " & " %9.2f (t4panelb[`i',4]) " & " %5.3f (`panelb`i'') " \\" _n
3. }
. // file write `hh' "\hline" _n "\end{tabular}" "\medskip" _n
. // file write `hh' "\input{table4b}" _n "\end{table}" _n
. // file close `hh'
.
. /*
> g enn = _n-1 if _n<6
> label var enn "Year"
> label var t41a1pc "Dismissed"
> label var t41a2pc "Settled"
> label var t41b1pc "Dismissed"
> label var t41b2pc "Settled"
> * UNCOMMENT FOR FIGURE 2 scatter t41a1pc t41a2pc enn if enn<., nodraw scheme(s1mono) connect(l l) ti(
> "Retention Rate: Outside Directors") name(fig2a,replace)
> * UNCOMMENT FOR FIGURE 2 scatter t41b1pc t41b2pc enn if enn<., nodraw scheme(s1mono) connect(l l) ti(
> "Retention Rate: Inside Directors") name(fig2b,replace)
> * graph combine fig2a fig2b, colf ycommon saving(fig2,replace)
> * graph export fig2.pdf, replace
> */
.
. * TABLE 4 bis
.
. use `in1', clear
. drop if ~t56s | ~insider
(30826 observations deleted)
. su
Variable | Obs Mean Std. Dev. Min Max
-------------+--------------------------------------------------------
dircase | 0
caseyr | 0
lookup | 0
rectype_hide | 601 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 | 800 1990.534 8.419172 1948 2002
age_yr_m1 | 673 53.00594 9.220511 26 83
age_yr_0 | 800 53.32625 9.176877 24 84
-------------+--------------------------------------------------------
age_yr_1 | 616 54.37662 9.09897 25 84
audit_yr_m1 | 0
audit_yr0 | 0
audit_yr1 | 0
shares_yr_m1 | 674 3602886 1.23e+07 0 1.62e+08
-------------+--------------------------------------------------------
shares_ou~m1 | 682 2.77e+08 6.57e+08 6546716 5.03e+09
shares_yr0 | 800 4273655 1.50e+07 0 2.27e+08
shares_out~0 | 800 3.74e+08 9.32e+08 6483145 7.16e+09
shares_yr1 | 590 5053745 1.70e+07 0 2.28e+08
shares_ou~r1 | 617 4.06e+08 9.92e+08 6668436 7.33e+09
-------------+--------------------------------------------------------
action_type | 0
named | 0
source_named | 0
insider_tr~g | 0
source_tra~g | 0
-------------+--------------------------------------------------------
suit_year | 800 0 0 0 0
smpl | 800 .24875 .432559 0 1
mtgdate | 0
proxy_status | 0
missing_pr~n | 0
-------------+--------------------------------------------------------
id | 601 19137.55 93118.32 2 1015340
ticker | 0
cusip | 0
year | 800 1999.545 2.029316 1995 2003
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 | 601 1 0 1 1
chair_stat~1 | 0
chair_stat~0 | 0
dual_class | 0
-------------+--------------------------------------------------------
pct_yr_0 | 89 8.486854 9.926178 .1 51.9
pct_yr_1 | 0
proxy_date | 0
permno | 199 69662.53 24477.32 10137 88910
dataset | 0
-------------+--------------------------------------------------------
suit_year_~e | 800 1999.699 2.025618 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 | 456 122.3207 450.4584 .5 3186.5
year1 | 75 1999.493 1.613904 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 | 14 2000.214 1.528125 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 | 3 2000 3.464102 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 | 781 60.70781 20.93184 6.92 97.11
insown_date | 0
cboard | 800 .54875 .4979291 0 1
dualclas | 800 .12125 .3266218 0 1
-------------+--------------------------------------------------------
uneqvote | 800 .00125 .0353553 0 1
gindex | 716 8.600559 2.485696 3 16
eindex | 716 2.104749 1.311138 0 6
index_match | 0
year_repor~d | 800 1999.984 1.968713 1996 2003
-------------+--------------------------------------------------------
total_assets | 800 21247.97 94502.94 17.5 1097190
company_name | 0
cara | 800 -.0058452 .8833498 -2.213405 4.650977
ctag | 800 .0125 .1111719 0 1
companyname | 0
-------------+--------------------------------------------------------
sumblks | 800 26.11369 21.70311 0 97.4
numblks | 800 2.3925 1.665657 0 8
sumaflin | 800 1.994162 8.402846 0 97.4
sumout | 800 12.87805 13.01344 0 66.3
sumesop | 800 .514375 2.321166 0 21.25
-------------+--------------------------------------------------------
sumdir | 800 3.151687 10.99179 0 95.49
sumoff | 800 7.575413 17.08664 0 96.25
numaflin | 800 .1375 .4108586 0 2
numout | 800 1.5775 1.534417 0 8
numesop | 800 .05375 .2256648 0 1
-------------+--------------------------------------------------------
numdir | 800 .17125 .4713822 0 3
numoff | 800 .4525 .8403133 0 4
dfiling_date | 800 14786.44 714.208 13174 16049
dbeg_class~r | 800 14243.24 739.4083 11752 15900
dend_class~r | 800 14735.47 741.6478 12548 16118
-------------+--------------------------------------------------------
dsec_start | 217 13198.58 2417.695 2922 15431
dsec_end | 215 14519.64 2086.633 6847 16801
secoverlap | 800 .20625 .4048652 0 1
secalso | 800 .26875 .443587 0 1
casetag | 800 .0125 .1111719 0 1
-------------+--------------------------------------------------------
dismissed | 800 .43 .4953855 0 1
lenclassper | 800 492.2312 421.0706 0 1942
lensecper | 215 1333.335 1130.355 89 5843
fileafter | 800 543.205 403.5532 7 1826
filingyear | 800 1999.999 1.958582 1996 2003
-------------+--------------------------------------------------------
ar1_ecp | 781 -.068397 .1241316 -.578348 .2799354
ar3_ecp | 782 -.2329536 .2158009 -1.107348 .1867814
ar5_ecp | 782 -.2493961 .223387 -1.182885 .2491735
ar1_filing | 751 -.028706 .1011022 -.651017 .2461541
ar3_filing | 751 -.0639113 .1545567 -.8609062 .4170695
-------------+--------------------------------------------------------
ar5_filing | 751 -.0936301 .2089681 -.9958463 .8572186
c11flag | 37 1 0 1 1
dir_code | 0
insider | 800 1 0 1 1
ceo | 800 .40625 .4914395 0 1
-------------+--------------------------------------------------------
audit | 800 .0625 .2422129 0 1
seated | 800 1 0 1 1
boardsize | 800 9.955 3.289225 4 27
caseyeartag | 800 .06625 .2488742 0 1
suityractive | 800 0 0 0 0
-------------+--------------------------------------------------------
survmax | 800 4 0 4 4
seated0 | 800 1 0 1 1
seated4 | 800 0 0 0 0
mseatm1 | 800 0 0 0 0
seatyr | 800 0 0 0 0
-------------+--------------------------------------------------------
tenmax | 800 2.30625 1.686273 0 4
es0 | 800 1 0 1 1
es4 | 800 .43625 .4962295 0 1
seatm1 | 800 .84 .3668354 0 1
survived | 800 .43625 .4962295 0 1
-------------+--------------------------------------------------------
survivedm1 | 0
ndir4 | 800 5.27 2.737968 0 15
ndir0 | 800 9.955 3.289225 4 27
survfrac | 10 51.56746 26.9642 0 75
restate | 800 .24125 .4281093 0 1
-------------+--------------------------------------------------------
gaap | 800 .49 .5002127 0 1
othgaap | 800 .2625 .4402682 0 1
stkholding | 800 3.093391 6.766934 0 51.94541
iota | 800 1 0 1 1
insideseats | 800 3.145 1.517186 1 8
-------------+--------------------------------------------------------
outsideseats | 800 6.81 3.156557 2 25
outfrac | 800 .668196 .1541754 .25 .9375
hardevidence | 800 .50375 .5002987 0 1
audithard | 800 .025 .1562226 0 1
tenure | 800 9.01125 8.403088 0 49
-------------+--------------------------------------------------------
entrench | 800 1.962514 .8602626 0 3.912023
ongoing | 800 0 0 0 0
settled | 800 .57 .4953855 0 1
settledhard | 800 .3375 .4731528 0 1
dismissedh~d | 800 .16625 .3725378 0 1
-------------+--------------------------------------------------------
settledres | 800 .175 .3802048 0 1
dismissedres | 800 .06625 .2488742 0 1
settledgaap | 800 .32625 .4691333 0 1
dismissedg~p | 800 .16375 .3702801 0 1
FY1997 | 800 .11 .3130855 0 1
-------------+--------------------------------------------------------
FY1998 | 800 .11875 .3236965 0 1
FY1999 | 800 .1775 .3823303 0 1
FY2000 | 800 .1325 .3392456 0 1
FY2001 | 800 .12 .3251648 0 1
FY2002 | 800 .23375 .4234798 0 1
-------------+--------------------------------------------------------
FY2003 | 800 .08375 .2771858 0 1
setinst | 781 33.62572 32.95535 0 97.01
disinst | 781 27.08209 34.28894 0 97.11
setnblock | 800 7.870425 12.44911 0 66.3
disnblock | 800 5.007625 9.658786 0 62.9
-------------+--------------------------------------------------------
setoutfrac | 800 .3786416 .3513031 0 .9375
disoutfrac | 800 .2895544 .3462735 0 .9333333
setaudit | 800 .0375 .1901024 0 1
disaudit | 800 .025 .1562226 0 1
setstkh | 800 2.012641 5.993815 0 51.94541
-------------+--------------------------------------------------------
defendant | 800 .6625 .4731528 0 1
setdefendant | 800 .39125 .4883355 0 1
disdefendant | 800 .27125 .4448829 0 1
age_61_65 | 800 .12375 .3295021 0 1
age_66_70 | 800 .0525 .2231726 0 1
-------------+--------------------------------------------------------
age_gt_70 | 800 .035 .1838947 0 1
departed | 800 .56375 .4962295 0 1
departedm1 | 0
ceochair | 800 .27875 .4486648 0 1
setceoc | 800 .16875 .3747653 0 1
-------------+--------------------------------------------------------
setceo | 800 .2375 .4258173 0 1
ltotass | 800 7.917427 1.857505 2.862201 13.90826
insidertr | 800 .225 .4178436 0 1
setinside | 800 .13125 .3378848 0 1
disinside | 800 .09375 .2916629 0 1
-------------+--------------------------------------------------------
caseinside | 800 .3825 .4863017 0 1
setcaseins~e | 800 .2125 .4093326 0 1
dissecalso | 800 .08375 .2771858 0 1
setnosec | 800 .385 .4868997 0 1
setsecalso | 800 .185 .3885405 0 1
-------------+--------------------------------------------------------
setgindex | 716 4.709497 4.612172 0 15
disgindex | 716 3.891061 4.648408 0 16
seteindex | 716 1.178771 1.44121 0 6
setcboard | 800 .32 .466768 0 1
setar3_ecp | 782 -.1424942 .2122683 -1.107348 .1799543
-------------+--------------------------------------------------------
setar3_fil~g | 751 -.0475308 .1391051 -.8609062 .4170695
ar3_ecp_botq | 800 .2375 .4258173 0 1
ar3_filing~q | 800 .2325 .4226903 0 1
setar3_ecp~q | 800 .15 .3572948 0 1
setar3_fil~q | 800 .155 .3621311 0 1
-------------+--------------------------------------------------------
sumblockbr~d | 800 18.0239 17.33878 0 97.4
setsumbloc~d | 800 11.54787 17.47806 0 97.4
dissumbloc~d | 800 6.476025 12.03771 0 95.49
topqsettle | 800 .1375 .3445899 0 1
tophsettle | 800 .255 .4361339 0 1
-------------+--------------------------------------------------------
settleta | 456 2.886219 6.612606 .0033488 57.14286
topqssettle | 800 .14125 .3484971 0 1
tophssettle | 800 .30625 .4612232 0 1
topqsinst | 781 8.691511 22.76705 0 97.01
topqsblock | 800 2.406287 7.836796 0 44.6
-------------+--------------------------------------------------------
cc | 800 0 0 0 0
t5s | 800 0 0 0 0
t6s | 800 1 0 1 1
t56s | 800 1 0 1 1
.
. * table 8: crosstab of insider survival (tenmax) by CEO/other, settled/dismissed
.
. capt drop outD1 outS1 insD1 insS1 tenmaxpos
. g outD1 = ceo & dismissed
. g outS1 = 2*(ceo & ~dismissed)
. g t41a = outD1 + outS1
. replace t41a = . if t41a==0
(475 real changes made, 475 to missing)
. g insD1 = ~ceo & dismissed
. g insS1 = 2*(~ceo & ~dismissed)
. g t41b = insD1 + insS1
. replace t41b = . if t41b==0
(325 real changes made, 325 to missing)
. g tenmaxpos = tenmax
.
. label def t4La 1 "Dismissed Actions" 2 "Settled Actions"
. label val t41a t4La
. label val t41b t4La
. label val tenmaxpos tenL
. label var tenmaxpos "Tenure"
. * label var t41 "Category"
. * di in r "CEO"
.
. tabulate tenmaxpos t41a,matcell(t41a)
| t41a
Tenure | Dismissed Settled A | Total
-----------+----------------------+----------
0 | 17 61 | 78
1 | 19 24 | 43
2 | 10 19 | 29
3 | 14 11 | 25
4 | 75 75 | 150
-----------+----------------------+----------
Total | 135 190 | 325
. mat list t41a
t41a[5,2]
c1 c2
r1 17 61
r2 19 24
r3 10 19
r4 14 11
r5 75 75
. capt drop t41a1 t41a2 t41a11 t41a1a
. svmat t41a
. su t41a*
Variable | Obs Mean Std. Dev. Min Max
-------------+--------------------------------------------------------
t41a | 325 1.584615 .4935481 1 2
t41a1 | 5 27 27.04626 10 75
t41a2 | 5 38 28.21347 11 75
.
. * CEO dismissed
. su t41a1,meanonly
. g t41a11 = r(sum)
. g t41a1a = sum(t41a1) if t41a1<.
(795 missing values generated)
. replace t41a11 = r(sum) - t41a1a[_n-1] if _n>1
(799 real changes made, 794 to missing)
. g t41a1pc = 100* t41a11/r(sum)
(794 missing values generated)
. local count1 `r(sum)'
. su t41a*
Variable | Obs Mean Std. Dev. Min Max
-------------+--------------------------------------------------------
t41a | 325 1.584615 .4935481 1 2
t41a1 | 5 27 27.04626 10 75
t41a2 | 5 38 28.21347 11 75
t41a11 | 6 86 47.1593 0 135
t41a1a | 5 58.8 45.38392 17 135
-------------+--------------------------------------------------------
t41a1pc | 6 63.7037 34.93282 0 100
.
. * CEO settled/ongoing
. su t41a2,meanonly
. g t41a21 = r(sum)
. g t41a2a = sum(t41a2) if t41a2<.
(795 missing values generated)
. replace t41a21 = r(sum) - t41a2a[_n-1] if _n>1
(799 real changes made, 794 to missing)
. g t41a2pc = 100* t41a21/r(sum)
(794 missing values generated)
. local count2 `r(sum)'
.
. local total = `count1'+`count2'
. g bnt = 0 in 1/`total'
(475 missing values generated)
. g dum = (_n<=`count1')
. forv i=2/5 {
2. local k1 = t41a11[`i']
3. local k2 = t41a21[`i']
4. replace bnt = 1 in 1/`k1'
5. local k2a = `count1' + 1
6. local k2b = `count1'+`k2'
7. replace bnt = 1 in `k2a'/`k2b'
8. ttest bnt, by(dum)
9. local panela`i' `r(p)'
10. replace bnt = 0 in 1/`total'
11. }
(118 real changes made)
(129 real changes made)
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 190 .6789474 .0339606 .4681145 .6119569 .7459379
1 | 135 .8740741 .0286602 .3330015 .8173892 .930759
---------+--------------------------------------------------------------------
combined | 325 .76 .0237268 .4277417 .7133219 .8066781
---------+--------------------------------------------------------------------
diff | -.1951267 .0469845 -.287561 -.1026924
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = -4.1530
Ho: diff = 0 degrees of freedom = 323
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.0000 Pr(|T| > |t|) = 0.0000 Pr(T > t) = 1.0000
(247 real changes made)
(99 real changes made)
(105 real changes made)
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 190 .5526316 .0361676 .4985359 .4812876 .6239756
1 | 135 .7333333 .0382017 .4438636 .657777 .8088896
---------+--------------------------------------------------------------------
combined | 325 .6276923 .0268567 .4841652 .5748569 .6805277
---------+--------------------------------------------------------------------
diff | -.1807018 .0536497 -.2862486 -.0751549
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = -3.3682
Ho: diff = 0 degrees of freedom = 323
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.0004 Pr(|T| > |t|) = 0.0008 Pr(T > t) = 0.9996
(204 real changes made)
(89 real changes made)
(86 real changes made)
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 190 .4526316 .0362061 .4990662 .3812117 .5240515
1 | 135 .6592593 .0409438 .4757235 .5782796 .7402389
---------+--------------------------------------------------------------------
combined | 325 .5384615 .0276955 .4992872 .4839759 .5929472
---------+--------------------------------------------------------------------
diff | -.2066277 .0551018 -.3150315 -.0982239
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = -3.7499
Ho: diff = 0 degrees of freedom = 323
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.0001 Pr(|T| > |t|) = 0.0002 Pr(T > t) = 0.9999
(175 real changes made)
(75 real changes made)
(75 real changes made)
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 190 .3947368 .0355545 .4900855 .3246021 .4648716
1 | 135 .5555556 .042926 .4987547 .4706555 .6404556
---------+--------------------------------------------------------------------
combined | 325 .4615385 .0276955 .4992872 .4070528 .5160241
---------+--------------------------------------------------------------------
diff | -.1608187 .0555727 -.2701489 -.0514886
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = -2.8938
Ho: diff = 0 degrees of freedom = 323
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.0020 Pr(|T| > |t|) = 0.0041 Pr(T > t) = 0.9980
(150 real changes made)
.
. l t41a1 t41a11 t41a1pc t41a2 t41a21 t41a2pc if t41a1<.
+-------------------------------------------------------+
| t41a1 t41a11 t41a1pc t41a2 t41a21 t41a2pc |
|-------------------------------------------------------|
1. | 17 135 100 61 190 100 |
2. | 19 118 87.40741 24 129 67.89474 |
3. | 10 99 73.33334 19 105 55.26316 |
4. | 14 89 65.92593 11 86 45.26316 |
5. | 75 75 55.55556 75 75 39.47368 |
+-------------------------------------------------------+
. mkmat t41a11 t41a1pc t41a21 t41a2pc if t41a1<., matrix(t4panela)
. mat list t4panela
t4panela[5,4]
t41a11 t41a1pc t41a21 t41a2pc
r1 135 100 190 100
r2 118 87.40741 129 67.894737
r3 99 73.333336 105 55.263157
r4 89 65.925926 86 45.263157
r5 75 55.555557 75 39.473682
.
. tabulate tenmaxpos t41b,matcell(t41b)
| t41b
Tenure | Dismissed Settled A | Total
-----------+----------------------+----------
0 | 35 76 | 111
1 | 44 48 | 92
2 | 17 21 | 38
3 | 13 22 | 35
4 | 100 99 | 199
-----------+----------------------+----------
Total | 209 266 | 475
. mat list t41b
t41b[5,2]
c1 c2
r1 35 76
r2 44 48
r3 17 21
r4 13 22
r5 100 99
. capt drop t41b1 t41b2 t41b11 t41b1a
. svmat t41b
. su t41b*
Variable | Obs Mean Std. Dev. Min Max
-------------+--------------------------------------------------------
t41b | 475 1.56 .4969103 1 2
t41b1 | 5 41.8 34.93852 13 100
t41b2 | 5 53.2 34.11305 21 99
.
. * other dismissed
. su t41b1,meanonly
. g t41b11 = r(sum)
. g t41b1a = sum(t41b1) if t41b1<.
(795 missing values generated)
. replace t41b11 = r(sum) - t41b1a[_n-1] if _n>1
(799 real changes made, 794 to missing)
. g t41b1pc = 100* t41b11/r(sum)
(794 missing values generated)
. local count1 `r(sum)'
.
. * other settled/ongoing
. su t41b2,meanonly
. g t41b21 = r(sum)
. g t41b2a = sum(t41b2) if t41b2<.
(795 missing values generated)
. replace t41b21 = r(sum) - t41b2a[_n-1] if _n>1
(799 real changes made, 794 to missing)
. g t41b2pc = 100* t41b21/r(sum)
(794 missing values generated)
. local count2 `r(sum)'
.
. local total = `count1'+`count2'
. drop bnt dum
. g bnt = 0 in 1/`total'
(325 missing values generated)
. g dum = (_n<=`count1')
. forv i=2/5 {
2. local k1 = t41b11[`i']
3. local k2 = t41b21[`i']
4. replace bnt = 1 in 1/`k1'
5. local k2a = `count1' + 1
6. local k2b = `count1'+`k2'
7. replace bnt = 1 in `k2a'/`k2b'
8. ttest bnt, by(dum)
9. local panelb`i' `r(p)'
10. replace bnt = 0 in 1/`total'
11. }
(174 real changes made)
(190 real changes made)
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 266 .7142857 .027751 .4526055 .6596452 .7689263
1 | 209 .8325359 .0258899 .3742862 .7814956 .8835762
---------+--------------------------------------------------------------------
combined | 475 .7663158 .019437 .4236198 .7281224 .8045091
---------+--------------------------------------------------------------------
diff | -.1182502 .0388194 -.19453 -.0419703
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = -3.0462
Ho: diff = 0 degrees of freedom = 473
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.0012 Pr(|T| > |t|) = 0.0024 Pr(T > t) = 0.9988
(364 real changes made)
(130 real changes made)
(142 real changes made)
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 266 .5338346 .0306444 .4997943 .4734972 .594172
1 | 209 .6220096 .0336207 .4860494 .5557285 .6882907
---------+--------------------------------------------------------------------
combined | 475 .5726316 .0227222 .4952181 .527983 .6172802
---------+--------------------------------------------------------------------
diff | -.088175 .0456438 -.1778646 .0015146
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = -1.9318
Ho: diff = 0 degrees of freedom = 473
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.0270 Pr(|T| > |t|) = 0.0540 Pr(T > t) = 0.9730
(272 real changes made)
(113 real changes made)
(121 real changes made)
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 266 .4548872 .0305895 .4988993 .3946579 .5151166
1 | 209 .5406699 .0345539 .4995397 .4725491 .6087906
---------+--------------------------------------------------------------------
combined | 475 .4926316 .0229633 .5004728 .4475092 .537754
---------+--------------------------------------------------------------------
diff | -.0857826 .0461414 -.1764502 .0048849
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = -1.8591
Ho: diff = 0 degrees of freedom = 473
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.0318 Pr(|T| > |t|) = 0.0636 Pr(T > t) = 0.9682
(234 real changes made)
(100 real changes made)
(99 real changes made)
Two-sample t test with equal variances
------------------------------------------------------------------------------
Group | Obs Mean Std. Err. Std. Dev. [95% Conf. Interval]
---------+--------------------------------------------------------------------
0 | 266 .3721805 .0296942 .4842973 .3137139 .430647
1 | 209 .4784689 .0346366 .5007356 .4101851 .5467527
---------+--------------------------------------------------------------------
combined | 475 .4189474 .022662 .4939069 .374417 .4634778
---------+--------------------------------------------------------------------
diff | -.1062884 .0454401 -.1955779 -.016999
------------------------------------------------------------------------------
diff = mean(0) - mean(1) t = -2.3391
Ho: diff = 0 degrees of freedom = 473
Ha: diff < 0 Ha: diff != 0 Ha: diff > 0
Pr(T < t) = 0.0099 Pr(|T| > |t|) = 0.0197 Pr(T > t) = 0.9901
(199 real changes made)
.
. l t41b1 t41b11 t41b1pc t41b2 t41b21 t41b2pc if t41b1<.
+-------------------------------------------------------+
| t41b1 t41b11 t41b1pc t41b2 t41b21 t41b2pc |
|-------------------------------------------------------|
1. | 35 209 100 76 266 100 |
2. | 44 174 83.25359 48 190 71.42857 |
3. | 17 130 62.20096 21 142 53.38346 |
4. | 13 113 54.06699 22 121 45.48872 |
5. | 100 100 47.84689 99 99 37.21804 |
+-------------------------------------------------------+
. mkmat t41b11 t41b1pc t41b21 t41b2pc if t41b1<., matrix(t4panelb)
. mat list t4panelb
t4panelb[5,4]
t41b11 t41b1pc t41b21 t41b2pc
r1 209 100 266 100
r2 174 83.253586 190 71.428574
r3 130 62.200958 142 53.383457
r4 113 54.066986 121 45.48872
r5 100 47.846889 99 37.218044
.
. * TABLE 4: CEOs
.
. file write `hh' "& \multicolumn{4}{c}{Panel C: CEOs} \\ \hline\hline" _n
. file write `hh' "& \multicolumn{2}{c}{Dismissed Actions} & \multicolumn{2}{c}{Settled Actions} & p-va
> lue \\ \hline" _n
. file write `hh' "Year & Number & Retention & Number & Retention \\" _n
. file write `hh' "& & Rate & & Rate \\" _n
. file write `hh' "\hline" _n
. local i 1
. file write `hh' "`=`i'-1' &" (t4panela[`i',1]) " & " %9.2f (t4panela[`i',2]) " & " (t4panela[`i',3])
> " & " %9.2f (t4panela[`i',4]) " \\" _n
. forv i=2/5 {
2. file write `hh' "`=`i'-1' &" (t4panela[`i',1]) " & " %9.2f (t4panela[`i',2]) " & " (t4pan
> ela[`i',3]) " & " %9.2f (t4panela[`i',4]) " & " %5.3f (`panela`i'') " \\" _n
3. }
. // file write `hh' "\hline\hline" _n
. // file write `hh' "& \multicolumn{4}{c}{Panel C: Other Inside Directors} \\ \hline\hline" _n
. // file write `hh' "& \multicolumn{2}{c}{Dismissed Actions} & \multicolumn{2}{c}{Settled Actions} & p
> -value \\ \hline" _n
. // file write `hh' "Year & Number of & Retention & Number of & Retention \\" _n
. // file write `hh' "& Directors & Rate & Directors & Rate \\" _n
. // file write `hh' "\hline" _n
. // local i 1
. // file write `hh' "`=`i'-1' &" (t4panelb[`i',1]) " & " %9.2f (t4panelb[`i',2]) " & " (t4panelb[`i',3
> ]) " & " %9.2f (t4panelb[`i',4]) " \\" _n
. // forv i=2/5 {
. // file write `hh' "`=`i'-1' &" (t4panelb[`i',1]) " & " %9.2f (t4panelb[`i',2]) " & " (t4panelb[
> `i',3]) " & " %9.2f (t4panelb[`i',4]) " & " %5.3f (`panelb`i'') " \\" _n
. // }
. file write `hh' "\hline" _n "\end{tabular}" "\medskip" _n
. file write `hh' "\input{table4b}" _n "\end{table}" _n
. file close `hh'
.
. /*
> g enn = _n-1 if _n<6
> label var enn "Year"
> label var t41a1pc "Dismissed"
> label var t41a2pc "Settled"
> label var t41b1pc "Dismissed"
> label var t41b2pc "Settled"
> * UNCOMMENT FOR FIGURE 2 scatter t41a1pc t41a2pc enn if enn<., nodraw scheme(s1mono) connect(l l) ti
> ("Retention Rate: CEOs") name(fig1aa,replace)
> * UNCOMMENT FOR FIGURE 2 scatter t41b1pc t41b2pc enn if enn<., nodraw scheme(s1mono) connect(l l) ti
> ("Retention Rate: Other Insiders") name(fig1bb,replace)
> * UNCOMMENT FOR FIGURE 2 grc1leg fig2a fig2b fig1aa fig1bb, rows(2) cols(2) ycommon ti("Figure 2. Boa
> rd Retention Rates") saving(fig2,replace)
> * UNCOMMENT FOR FIGURE 2 graph display, ysize(7) xsize(9)
> * UNCOMMENT FOR FIGURE 2 graph export fig2.pdf, replace
> */
.
. log close
name: <unnamed>
log: /Users/baum/Documents/ Chucky/ ChuckLitGov4/litgov4-9.smcl
log type: smcl
closed on: 2 Oct 2010, 17:22:11
-------------------------------------------------------------------------------------------------------