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Group variable: id

Number of obs

=

270

Time variable : nam

Number of groups

=

30

Number of instruments = 12

Obs per group: min

=

9

F(7, 29) = 97.49

avg

=

9.00

Prob > F = 0.000

max

=

9

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zscore

Coef.

Std. Err.

t

P>|t|

[95% Conf.

Interval]

zscore







L1.

.7333975

.0347321

21.12

0.000

.6623624

.8044325

mp_i2

-76.60372

24.61569

-3.11

0.004

-126.9485

-26.25897

lerner

-65.30902

15.02245

-4.35

0.000

-96.03337

-34.58466

inc

-5.213932

5.200514

-1.00

0.324

-15.85018

5.422313

gro

-9.668521

49.61716

-0.19

0.847

-111.147

91.80998

inf

15.73444

8.221617

1.91

0.066

-1.080651

32.54954

ins

141.0092

32.26286

4.37

0.000

75.02425

206.9942

_cons

-49.77074

15.38499

-3.24

0.003

-81.23659

-18.3049

Warning: Uncorrected two-step standard errors are unreliable.


Instruments for first differences equation Standard

D.(inc gro L.zscore ins)

GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/9).mp_i2 collapsed

Instruments for levels equation Standard

inc gro L.zscore ins

_cons

GMM-type (missing=0, separate instruments for each period unless collapsed) D.mp_i2 collapsed

Arellano-Bond test for AR(1) in first differences: z = -3.77 Pr > z = 0.000 Arellano-Bond test for AR(2) in first differences: z = -0.77 Pr > z = 0.439

Sargan test of overid. restrictions: chi2(4) = 9.33 Prob > chi2 = 0.053 (Not robust, but not weakened by many instruments.)

Hansen test of overid. restrictions: chi2(4) = 7.17 Prob > chi2 = 0.127 (Robust, but weakened by many instruments.)


Difference-in-Hansen tests of exogeneity of instrument subsets: iv(inc gro L.zscore ins)

Hansen test excluding group: chi2(1)

=

0.00 Prob >

chi2

=

0.970

Difference (null H = exogenous): chi2(3)

=

7.17 Prob >

chi2

=

0.067


Group variable: id

Number of obs

=

270

Time variable : nam

Number of groups

=

30

Number of instruments = 12

Obs per group: min

=

9

F(7, 29) = 97.67

avg

=

9.00

Prob > F = 0.000

max

=

9


zscore

Coef.

Std. Err.

t

P>|t|

[95% Conf.

Interval]

zscore







L1.

.73317

.0347937

21.07

0.000

.6620088

.8043311

mp_i2ins

-135.118

42.39965

-3.19

0.003

-221.835

-48.40102

lerner

-65.94658

15.05404

-4.38

0.000

-96.73554

-35.15762

inc

-5.516252

5.234201

-1.05

0.301

-16.2214

5.188892

gro

-6.166287

49.2232

-0.13

0.901

-106.839

94.50646

inf

16.51843

8.290707

1.99

0.056

-.4379726

33.47483

ins

151.256

33.21879

4.55

0.000

83.31598

219.1961

_cons

-55.61113

15.57785

-3.57

0.001

-87.47141

-23.75085

Warning: Uncorrected two-step standard errors are unreliable.


Instruments for first differences equation Standard

D.(inc gro L.zscore ins)

GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/9).mp_i2 collapsed

Instruments for levels equation Standard

inc gro L.zscore ins

_cons

GMM-type (missing=0, separate instruments for each period unless collapsed) D.mp_i2 collapsed

Arellano-Bond test for AR(1) in first differences: z = -3.77 Pr > z = 0.000 Arellano-Bond test for AR(2) in first differences: z = -0.78 Pr > z = 0.435

Sargan test of overid. restrictions: chi2(4) = 9.20 Prob > chi2 = 0.056 (Not robust, but not weakened by many instruments.)

Hansen test of overid. restrictions: chi2(4) = 6.80 Prob > chi2 = 0.147 (Robust, but weakened by many instruments.)


Difference-in-Hansen tests of exogeneity of instrument subsets: iv(inc gro L.zscore ins)

Hansen test excluding group: chi2(1)

=

0.00 Prob >

chi2

=

0.959

Difference (null H = exogenous): chi2(3)

=

6.80 Prob >

chi2

=

0.079


F(7, 29)

=

382.77

avg

=

9.00

Prob > F

=

0.000

max

=

9


zscore

Coef.

Std. Err.

t

P>|t|

[95% Conf.

Interval]

zscore







L1.

.7621012

.0238158

32.00

0.000

.7133923

.81081

cr

10.70238

4.706596

2.27

0.031

1.076309

20.32845

lerner

-53.14439

9.131621

-5.82

0.000

-71.82065

-34.46813

inc

-7.891961

5.301853

-1.49

0.147

-18.73547

2.951546

gro

10.46436

32.63699

0.32

0.751

-56.28579

77.2145

inf

-4.309509

3.95054

-1.09

0.284

-12.38927

3.770253

ins

91.13384

18.11534

5.03

0.000

54.0838

128.1839

_cons

-33.97591

9.936312

-3.42

0.002

-54.29795

-13.65386

Warning: Uncorrected two-step standard errors are unreliable.


Instruments for first differences equation Standard

D.(gro L.zscore ins)

GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/9).(cr inc) collapsed

Instruments for levels equation Standard

gro L.zscore ins

_cons

GMM-type (missing=0, separate instruments for each period unless collapsed) D.(cr inc) collapsed

Arellano-Bond test for AR(1) in first differences: z = -3.64 Pr > z = 0.000 Arellano-Bond test for AR(2) in first differences: z = -1.07 Pr > z = 0.284

Sargan test of overid. restrictions: chi2(13) = 37.31 Prob > chi2 = 0.000 (Not robust, but not weakened by many instruments.)

Hansen test of overid. restrictions: chi2(13) = 17.36 Prob > chi2 = 0.183 (Robust, but weakened by many instruments.)


Difference-in-Hansen tests of exogeneity of instrument subsets:

Hansen test excluding group:

chi2(12)

=

17.22

Prob

>

chi2

=

0.141

Difference (null H = exogenous):

chi2(1)

=

0.14

Prob

>

chi2

=

0.704

Hansen test excluding group:

chi2(11)

=

17.26

Prob

>

chi2

=

0.100

Difference (null H = exogenous):

chi2(2)

=

0.10

Prob

>

chi2

=

0.951

GMM instruments for levels


iv(gro L.zscore ins)


F(7, 29)

=

381.88

avg

=

9.00

Prob > F

=

0.000

max

=

9


zscore

Coef.

Std. Err.

t

P>|t|

[95% Conf.

Interval]

zscore







L1.

.7635814

.0241742

31.59

0.000

.7141396

.8130233

crins

18.6333

8.086253

2.30

0.029

2.095053

35.17154

lerner

-54.05944

9.359242

-5.78

0.000

-73.20124

-34.91764

inc

-8.096692

5.334832

-1.52

0.140

-19.00765

2.814265

gro

13.69072

31.84565

0.43

0.670

-51.44096

78.82239

inf

-3.966301

3.932434

-1.01

0.322

-12.00903

4.076429

ins

87.87678

18.44258

4.76

0.000

50.15746

125.5961

_cons

-32.13125

10.25942

-3.13

0.004

-53.11411

-11.14839

Warning: Uncorrected two-step standard errors are unreliable.


Instruments for first differences equation Standard

D.(gro L.zscore ins)

GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/9).(cr inc) collapsed

Instruments for levels equation Standard

gro L.zscore ins

_cons

GMM-type (missing=0, separate instruments for each period unless collapsed) D.(cr inc) collapsed

Arellano-Bond test for AR(1) in first differences: z = -3.64 Pr > z = 0.000 Arellano-Bond test for AR(2) in first differences: z = -1.07 Pr > z = 0.285

Sargan test of overid. restrictions: chi2(13) = 37.26 Prob > chi2 = 0.000 (Not robust, but not weakened by many instruments.)

Hansen test of overid. restrictions: chi2(13) = 17.21 Prob > chi2 = 0.190 (Robust, but weakened by many instruments.)


Difference-in-Hansen tests of exogeneity of instrument subsets:

Hansen test excluding group:

chi2(12)

=

17.08

Prob

>

chi2

=

0.147

Difference (null H = exogenous):

chi2(1)

=

0.14

Prob

>

chi2

=

0.712

Hansen test excluding group:

chi2(11)

=

17.07

Prob

>

chi2

=

0.106

Difference (null H = exogenous):

chi2(2)

=

0.14

Prob

>

chi2

=

0.933

GMM instruments for levels


iv(gro L.zscore ins)



F 7 29 134 49 avg 9 00 Prob F 0 000 max 9 zscore Coef Std Err t P t 95 1



F 7 29 134 49 avg 9 00 Prob F 0 000 max 9 zscore Coef Std Err t P t 95 2


F(7, 29)

=

134.49

avg

=

9.00

Prob > F

=

0.000

max

=

9


zscore

Coef.

Std. Err.

t

P>|t|

[95% Conf.

Interval]

zscore







L1.

.7012158

.030132

23.27

0.000

.639589

.7628426

sm

9.456087

4.347666

2.17

0.038

.5641112

18.34806

lerner

-44.88975

13.26851

-3.38

0.002

-72.0269

-17.7526

inc

103.5786

46.8662

2.21

0.035

7.726424

199.4307

gro

112.0558

49.49434

2.26

0.031

10.82855

213.2831

inf

-2.606349

5.878922

-0.44

0.661

-14.6301

9.417397

ins

130.5677

31.0936

4.20

0.000

66.97416

194.1613

_cons

-65.05838

16.73243

-3.89

0.001

-99.28004

-30.83672

Warning: Uncorrected two-step standard errors are unreliable.


Instruments for first differences equation Standard

D.(gro L.zscore ins)

GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/9).L.lerner collapsed

Instruments for levels equation Standard

gro L.zscore ins

_cons

GMM-type (missing=0, separate instruments for each period unless collapsed) D.L.lerner collapsed

Arellano-Bond test for AR(1) in first differences: z = -6.21 Pr > z = 0.000 Arellano-Bond test for AR(2) in first differences: z = 0.25 Pr > z = 0.803

Sargan test of overid. restrictions: chi2(5) = 16.09 Prob > chi2 = 0.007 (Not robust, but not weakened by many instruments.)

Hansen test of overid. restrictions: chi2(5) = 9.05 Prob > chi2 = 0.107 (Robust, but weakened by many instruments.)


Difference-in-Hansen tests of exogeneity of instrument subsets:

Hansen test excluding group:

chi2(4)

=

8.89

Prob

>

chi2

=

0.064

Difference (null H = exogenous):

chi2(1)

=

0.16

Prob

>

chi2

=

0.685

Hansen test excluding group:

chi2(2)

=

1.75

Prob

>

chi2

=

0.416

Difference (null H = exogenous):

chi2(3)

=

7.30

Prob

>

chi2

=

0.063

GMM instruments for levels


iv(gro L.zscore ins)


F(7, 29)

=

134.28

avg

=

9.00

Prob > F

=

0.000

max

=

9


zscore

Coef.

Std. Err.

t

P>|t|

[95% Conf.

Interval]

zscore







L1.

.7013728

.0300433

23.35

0.000

.6399274

.7628181

smins

15.99276

7.561723

2.11

0.043

.5273052

31.45822

lerner

-44.71353

13.3456

-3.35

0.002

-72.00835

-17.41871

inc

103.3254

46.92003

2.20

0.036

7.363179

199.2876

gro

109.486

49.1934

2.23

0.034

8.874221

210.0978

inf

-2.290335

5.893855

-0.39

0.700

-14.34462

9.763952

ins

126.3688

30.45762

4.15

0.000

64.07601

188.6617

_cons

-62.52061

16.29088

-3.84

0.001

-95.83921

-29.20202

Warning: Uncorrected two-step standard errors are unreliable.


Instruments for first differences equation Standard

D.(gro L.zscore ins)

GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/9).L.lerner collapsed

Instruments for levels equation Standard

gro L.zscore ins

_cons

GMM-type (missing=0, separate instruments for each period unless collapsed) D.L.lerner collapsed

Arellano-Bond test for AR(1) in first differences: z = -6.29 Pr > z = 0.000 Arellano-Bond test for AR(2) in first differences: z = 0.25 Pr > z = 0.805

Sargan test of overid. restrictions: chi2(5) = 16.20 Prob > chi2 = 0.006 (Not robust, but not weakened by many instruments.)

Hansen test of overid. restrictions: chi2(5) = 9.18 Prob > chi2 = 0.102 (Robust, but weakened by many instruments.)


Difference-in-Hansen tests of exogeneity of instrument subsets:

Hansen test excluding group:

chi2(4)

=

9.03

Prob

>

chi2

=

0.060

Difference (null H = exogenous):

chi2(1)

=

0.15

Prob

>

chi2

=

0.697

Hansen test excluding group:

chi2(2)

=

1.74

Prob

>

chi2

=

0.419

Difference (null H = exogenous):

chi2(3)

=

7.44

Prob

>

chi2

=

0.059

GMM instruments for levels


iv(gro L.zscore ins)

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