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L.CS_CBTT

------------------------------------------------------------------------------

b = consistent under Ho and Ha; obtained from xtreg B = inconsistent under Ha, efficient under Ho; obtained from xtreg

Test: Ho: difference in coefficients not systematic chi2(11) = (b-B)'[(V_b-V_B)^(-1)](b-B)

= 676.48

Prob>chi2 = 0.0000

. esttab REM_CB1 REM_CB2 REM_CB3 REM_CB4 REM_CB5, r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap compress

---------------------------------------------------------------------------

(1)		(2)	(3)	(4)	(5)
CS_CBTT		CS_CBTT	CS_CBTT	CS_CBTT	CS_CBTT
---------------------------------------------------------------------------
HDQT	0.0808	0.0228	0.0163	0.0133	0.0250
	[0.76]	[0.21]	[0.15]	[0.12]	[0.23]
KTGD	-1.242***	-0.544	-0.507	-0.522	-0.536
	[-3.34]	[-1.54]	[-1.45]	[-1.48]	[-1.52]
TVDL	0.583***	0.348**	0.354**	0.358**	0.345**
	[3.57]	[2.29]	[2.39]	[2.41]	[2.27]
QMCT	0.838***	0.211	0.155	0.161	0.205
	[4.94]	[1.45]	[1.34]	[1.37]	[1.41]
DBTC	-2.130**	-1.059	-0.934	-0.965	-1.033
	[-2.25]	[-1.33]	[-1.22]	[-1.25]	[-1.30]
SHQT	0.0119	0.00230		0.00266	0.00259
	[1.26]	[0.28]		[0.32]	[0.31]
SHNN	0.0544***	0.0304**	0.0278**	0.0280**	0.0314***
	[4.10]	[2.57]	[2.39]	[2.40]	[2.69]
ROA	3.746**	5.591***	5.694***	5.679***	5.809***
	[2.29]	[3.27]	[3.34]	[3.32]	[3.51]
TOBIN_Q	0.233	0.0738	0.0822	0.0794
	[1.38]	[0.52]	[0.58]	[0.56]
CTKT	-0.115	-0.564			-0.565
	[-0.24]	[-1.40]			[-1.40]
SGDCK	-0.399	0.135			0.153
	[-0.80]	[0.35]			[0.40]
L.CS_CBTT		0.533***	0.532***	0.531***	0.533***
		[19.43]	[19.40]	[19.36]	[19.44]
BGD		0.218**	0.213**	0.212**	0.219**
		[2.53]	[2.52]	[2.50]	[2.55]
_cons	39.13***	22.92***	24.48***	24.31***	23.10***
	[9.27]	[6.18]	[7.90]	[7.73]	[6.25]
---------------------------------------------------------------------------
N	1452	968	968	968	968
R-sq
---------------------------------------------------------------------------

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t statistics in brackets

* p<0.1, ** p<0.05, *** p<0.01

. esttab FEM_CB1 FEM_CB2 FEM_CB3 FEM_CB4 FEM_CB5, r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap compress

---------------------------------------------------------------------------

(1)		(2)	(3)	(4)	(5)
CS_CBTT		CS_CBTT	CS_CBTT	CS_CBTT	CS_CBTT
---------------------------------------------------------------------------
HDQT	0.143	0.0266	0.0252	0.0246	0.0194
	[1.08]	[0.15]	[0.14]	[0.14]	[0.11]
KTGD	-1.904***	-2.304***	-2.291***	-2.294***	-2.265***
	[-3.65]	[-2.90]	[-2.89]	[-2.89]	[-2.86]
TVDL	0.363	-0.155	-0.150	-0.150	-0.156
	[1.55]	[-0.41]	[-0.40]	[-0.40]	[-0.41]
QMCT	2.281***	2.177**	2.164**	2.160**	2.162**
	[4.44]	[2.38]	[2.38]	[2.37]	[2.37]
DBTC	-2.737	-3.644	-3.608	-3.583	-3.953
	[-1.61]	[-1.36]	[-1.36]	[-1.34]	[-1.49]
SHQT	0.0116	-0.00145		-0.00186	-0.000918
	[0.78]	[-0.07]		[-0.09]	[-0.05]
SHNN	0.0851***	0.0580*	0.0573*	0.0575*	0.0570*
	[4.03]	[1.73]	[1.72]	[1.72]	[1.70]
ROA	0.726	1.258	1.216	1.209	1.141
	[0.39]	[0.56]	[0.54]	[0.54]	[0.51]
TOBIN_Q	0.181	-0.323	-0.325	-0.326
	[0.81]	[-0.79]	[-0.80]	[-0.80]
CTKT	0.872	-0.519			-0.537
	[1.00]	[-0.42]			[-0.44]
SGDCK	.	.			.
	.	.			.
L.CS_CBTT		-0.332***	-0.333***	-0.333***	-0.332***
		[-7.46]	[-7.51]	[-7.50]	[-7.47]
BGD		0.458**	0.455**	0.456**	0.451**
		[2.24]	[2.23]	[2.23]	[2.20]
_cons	-0.761	24.19	24.43	24.56	24.48
	[-0.05]	[0.99]	[1.01]	[1.01]	[1.00]
---------------------------------------------------------------------------
N	1452	968	968	968	968
R-sq	0.063	0.145	0.145	0.145	0.144
---------------------------------------------------------------------------

t statistics in brackets

* p<0.1, ** p<0.05, *** p<0.01

PHAN TICH CHI PHI VON

. xtreg CPV_CSH CS_CBTT HDQT TVDL BGD QMCT DBTC SHQT SHNN ROA TOBIN_Q NAMNY SGDCK,

Random-effects GLS regression Number of obs = 1452

Group variable: CONGTY Number of groups = 484

R-sq: within = 0.0772 Obs per group: min = 3

between = 0.1636 avg = 3.0

overall = 0.0700 max = 3

Wald chi2(12) = 108.30

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

------------------------------------------------------------------------------

CPV_CSH | Coef. Std. Err. z P>|z| [95% Conf. Interval]

-------------+----------------------------------------------------------------

CS_CBTT

\|	.0001816	.000183	0.99	0.321	-.000177	.0005402
HDQT	\|	-.0011299	.0007473	-1.51	0.131	-.0025946	.0003348
TVDL	\|	-.0010601	.0009962	-1.06	0.287	-.0030126	.0008924
BGD	\|	-.0001784	.0005859	-0.30	0.761	-.0013268	.00097
QMCT	\|	.0074452	.0008864	8.40	0.000	.0057079	.0091825
DBTC	\|	-.0175439	.005262	-3.33	0.001	-.0278572	-.0072306
SHQT	\|	-.0000507	.0000541	-0.94	0.348	-.0001567	.0000553
SHNN	\|	-.0000404	.0000771	-0.52	0.601	-.0001915	.0001108
ROA	\|	-.0141745	.0127745	-1.11	0.267	-.0392121	.010863
TOBIN_Q	\|	-.0003182	.0011029	-0.29	0.773	-.0024799	.0018435
NAMNY	\|	.0009059	.0004051	2.24	0.025	.0001119	.0016999
SGDCK	\|	-.0110564	.0025149	-4.40	0.000	-.0159855	-.0061272
_cons	\|	-.1135584	.0227538	-4.99	0.000	-.1581551	-.0689617

-------------+----------------------------------------------------------------

sigma_u | 0

sigma_e | .03774167

rho | 0 (fraction of variance due to u_i)

------------------------------------------------------------------------------

. estimates store REM_C1

. xtreg CPV_CSH CS_CBTT HDQT TVDL BGD QMCT DBTC SHQT SHNN ROA TOBIN_Q NAMNY SGDCK,

note: SGDCK omitted because of collinearity

Fixed-effects (within) regression Number of obs = 1452

Group variable: CONGTY Number of groups = 484

R-sq: within

=	0.1419	Obs	per	group:	min	=	3
between	=	0.0101				avg	=	3.0
overall	=	0.0231				max	=	3
			F(11,957)			=		14.39
corr(u_i, Xb)	=	-0.8181	Prob > F			=		0.0000

------------------------------------------------------------------------------

CPV_CSH | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

CS_CBTT

\|	-.0001359	.0003379	-0.40	0.688	-.000799	.0005271
HDQT	\|	-.0015586	.0013965	-1.12	0.265	-.0042991	.0011819
TVDL	\|	-.0016152	.0024053	-0.67	0.502	-.0063355	.0031051
BGD	\|	.0002354	.0015244	0.15	0.877	-.0027562	.0032269
QMCT	\|	.0093452	.0058025	1.61	0.108	-.0020419	.0207323
DBTC	\|	-.0109585	.01779	-0.62	0.538	-.0458704	.0239535
SHQT	\|	-.0000871	.0001533	-0.57	0.570	-.000388	.0002139
SHNN	\|	-.0001369	.0002195	-0.62	0.533	-.0005676	.0002939
ROA	\|	-.0225594	.0190851	-1.18	0.237	-.060013	.0148941
TOBIN_Q	\|	-.0015645	.0022997	-0.68	0.496	-.0060775	.0029484
NAMNY	\|	.0141213	.0013631	10.36	0.000	.0114463	.0167963
SGDCK	\|	0	(omitted)
_cons	\|	-.2343613	.1537762	-1.52	0.128	-.5361387	.0674161

-------------+----------------------------------------------------------------

sigma_u | .04074184

sigma_e | .03774167

rho | .53817105 (fraction of variance due to u_i)

------------------------------------------------------------------------------

F test that all u_i=0: F(483, 957) = 1.05 Prob > F = 0.2830

. estimates store FEM_C1

. xttest3

Modified Wald test for groupwise heteroskedasticity in fixed effect regression model

H0: sigma(i)^2 = sigma^2 for all i chi2 (484) = 27524.83

Prob>chi2 = 0.0000

. xtserial CPV_CSH CS_CBTT HDQT TVDL BGD QMCT DBTC SHQT SHNN ROA TOBIN_Q NAMNY SGDCK

Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation

F( 1, 483) = 39.045

Prob > F = 0.0000

. hausman FEM_C1 REM_C1

---- Coefficients ----

| (b) (B) (b-B) sqrt(diag(V_b-V_B))

| FEM_C1 REM_C1 Difference S.E.

-------------+---------------------------------------------------------------- CS_CBTT | -.0001359 .0001816 -.0003175 .0002841

HDQT | -.0015586 -.0011299 -.0004287 .0011797

TVDL | -.0016152 -.0010601 -.0005551 .0021893

BGD | .0002354 -.0001784 .0004138 .0014073

QMCT | .0093452 .0074452 .0019 .0057344

DBTC | -.0109585 -.0175439 .0065855 .016994

SHQT | -.0000871 -.0000507 -.0000363 .0001435

SHNN | -.0001369 -.0000404 -.0000965 .0002055

-.0225594	-.0141745	-.0083849	.0141794
TOBIN_Q	\|	-.0015645	-.0003182	-.0012463	.0020179
NAMNY	\|	.0141213	.0009059	.0132154	.0013015

ROA

------------------------------------------------------------------------------

b = consistent under Ho and Ha; obtained from xtreg B = inconsistent under Ha, efficient under Ho; obtained from xtreg

Test: Ho: difference in coefficients not systematic chi2(11) = (b-B)'[(V_b-V_B)^(-1)](b-B)

= 136.49

Prob>chi2 = 0.0000

. xtreg CPV_CSH CS_CBTT HDQT TVDL BGD QMCT DBTC SHQT SHNN TOBIN_Q NAMNY SGDCK, re

Random-effects GLS regression

Number of obs	=	1452
Group variable: CONGTY	Number of groups	=	484
R-sq: within = 0.0742	Obs per group: min	=	3
between = 0.1652	avg	=	3.0
overall = 0.0692	max	=	3
	Wald chi2(11)	=	107.05
corr(u_i, X) = 0 (assumed)	Prob > chi2	=	0.0000

------------------------------------------------------------------------------

CPV_CSH | Coef. Std. Err. z P>|z| [95% Conf. Interval]

-------------+----------------------------------------------------------------

CS_CBTT

\|	.0001582	.0001818	0.87	0.384	-.000198	.0005144
HDQT	\|	-.0011053	.000747	-1.48	0.139	-.0025695	.0003588
TVDL	\|	-.001052	.0009962	-1.06	0.291	-.0030046	.0009006
BGD	\|	-.000213	.0005851	-0.36	0.716	-.0013599	.0009338
QMCT	\|	.0074453	.0008865	8.40	0.000	.0057078	.0091827
DBTC	\|	-.0159797	.00507	-3.15	0.002	-.0259168	-.0060426
SHQT	\|	-.0000525	.0000541	-0.97	0.332	-.0001585	.0000535
SHNN	\|	-.000044	.0000771	-0.57	0.568	-.000195	.0001071
TOBIN_Q	\|	-.0006529	.001061	-0.62	0.538	-.0027324	.0014265
NAMNY	\|	.0009027	.0004051	2.23	0.026	.0001087	.0016967
SGDCK	\|	-.0111541	.0025136	-4.44	0.000	-.0160806	-.0062276
_cons	\|	-.1131051	.022752	-4.97	0.000	-.1576982	-.068512

-------------+----------------------------------------------------------------

sigma_u | 0

sigma_e | .03774949

rho | 0 (fraction of variance due to u_i)

------------------------------------------------------------------------------

. estimates store REM_C2

. xtreg CPV_CSH CS_CBTT HDQT TVDL BGD QMCT DBTC SHQT SHNN TOBIN_Q NAMNY SGDCK, fe

note: SGDCK omitted because of collinearity

Fixed-effects (within) regression Number of obs = 1452

Group variable: CONGTY Number of groups = 484

R-sq: within = 0.1407 Obs per group: min = 3

0.0076		avg	=	3.0
overall	=	0.0210		max	=	3
			F(10,958)		=	15.68
corr(u_i, Xb)	=	-0.8182	Prob > F		=	0.0000

between

------------------------------------------------------------------------------

CPV_CSH | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

CS_CBTT

\|	-.0001517	.0003377	-0.45	0.653	-.0008143	.000511
HDQT	\|	-.0016436	.0013949	-1.18	0.239	-.0043811	.0010938
TVDL	\|	-.0016307	.0024058	-0.68	0.498	-.0063519	.0030905
BGD	\|	.000329	.0015227	0.22	0.829	-.0026592	.0033171
QMCT	\|	.0084025	.0057486	1.46	0.144	-.0028788	.0196839
DBTC	\|	-.0069786	.0174721	-0.40	0.690	-.0412667	.0273095
SHQT	\|	-.0000889	.0001534	-0.58	0.562	-.0003899	.0002121
SHNN	\|	-.000115	.0002187	-0.53	0.599	-.0005443	.0003143
TOBIN_Q	\|	-.0017466	.002295	-0.76	0.447	-.0062504	.0027572
NAMNY	\|	.0142641	.001358	10.50	0.000	.011599	.0169291
SGDCK	\|	0	(omitted)
_cons	\|	-.2114725	.1525838	-1.39	0.166	-.5109095	.0879645

-------------+----------------------------------------------------------------

sigma_u | .04081806

sigma_e | .03774949

rho | .53899699 (fraction of variance due to u_i)

------------------------------------------------------------------------------

F test that all u_i=0: F(483, 958) = 1.05 Prob > F = 0.2830

. estimates store FEM_C2

. xttest3

Modified Wald test for groupwise heteroskedasticity in fixed effect regression model

H0: sigma(i)^2 = sigma^2 for all i chi2 (484) = 28090.69

Prob>chi2 = 0.0000

. xtserial CPV_CSH CS_CBTT HDQT TVDL BGD QMCT DBTC SHQT SHNN TOBIN_Q NAMNY SGDCK

Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation

F( 1, 483) = 39.291

Prob > F = 0.0000

. hausman FEM_C2 REM_C2

---- Coefficients ----

| (b) (B) (b-B) sqrt(diag(V_b-V_B))

| FEM_C2 REM_C2 Difference S.E.

-------------+---------------------------------------------------------------- CS_CBTT | -.0001517 .0001582 -.0003099 .0002846

HDQT | -.0016436 -.0011053 -.0005383 .001178

TVDL | -.0016307 -.001052 -.0005786 .0021898

BGD | .000329 -.000213 .000542 .0014057

QMCT | .0084025 .0074453 .0009572 .0056799

-.0069786	-.0159797	.0090011	.0167204
SHQT	\|	-.0000889	-.0000525	-.0000364	.0001435
SHNN	\|	-.000115	-.000044	-.000071	.0002047
TOBIN_Q	\|	-.0017466	-.0006529	-.0010937	.002035
NAMNY	\|	.0142641	.0009027	.0133613	.0012962

DBTC

------------------------------------------------------------------------------

b = consistent under Ho and Ha; obtained from xtreg B = inconsistent under Ha, efficient under Ho; obtained from xtreg

Test: Ho: difference in coefficients not systematic chi2(10) = (b-B)'[(V_b-V_B)^(-1)](b-B)

= 136.15

Prob>chi2 = 0.0000

. xtreg CPV_CSH CS_CBTT TVDL QMCT DBTC SHQT SHNN ROE NAMNY SGDCK, re

Random-effects GLS regression

Number of obs	=	1452
Group variable: CONGTY	Number of groups	=	484
R-sq: within = 0.0831	Obs per group: min	=	3
between = 0.1614	avg	=	3.0
overall = 0.0686	max	=	3
	Wald chi2(9)	=	106.23
corr(u_i, X) = 0 (assumed)	Prob > chi2	=	0.0000

------------------------------------------------------------------------------

CPV_CSH | Coef. Std. Err. z P>|z| [95% Conf. Interval]

-------------+----------------------------------------------------------------

CS_CBTT

\|	.0001568	.0001807	0.87	0.386	-.0001974	.000511
TVDL	\|	-.0011401	.0009943	-1.15	0.252	-.0030888	.0008087
QMCT	\|	.0070329	.0007874	8.93	0.000	.0054897	.0085762
DBTC	\|	-.0164254	.0050179	-3.27	0.001	-.0262604	-.0065904
SHQT	\|	-.0000583	.0000538	-1.09	0.278	-.0001637	.000047
SHNN	\|	-.0000629	.0000749	-0.84	0.401	-.0002096	.0000839
ROE	\|	-.007247	.0048165	-1.50	0.132	-.0166871	.002193
NAMNY	\|	.000937	.0004035	2.32	0.020	.0001463	.0017278
SGDCK	\|	-.0102582	.0024081	-4.26	0.000	-.014978	-.0055384
_cons	\|	-.1094213	.0208252	-5.25	0.000	-.150238	-.0686046

-------------+----------------------------------------------------------------

sigma_u | 0

sigma_e | .03770244

rho | 0 (fraction of variance due to u_i)

------------------------------------------------------------------------------

. estimates store REM_C3

. xtreg CPV_CSH CS_CBTT TVDL QMCT DBTC SHQT SHNN ROE NAMNY SGDCK, fe

note: SGDCK omitted because of collinearity

Fixed-effects (within) regression Number of obs = 1452

Group variable: CONGTY Number of groups = 484

R-sq: within = 0.1410 Obs per group: min = 3

0.0153		avg	=	3.0
overall	=	0.0261		max	=	3
			F(8,960)		=	19.70
corr(u_i, Xb)	=	-0.8217	Prob > F		=	0.0000