version 11

****************** This DO file creates the Tables in ADV_JFE_2012


clear
clear matrix
set more off
set linesize 120


/* This is the dataset we will post */

use "ADV_JFE_2012.dta"

global ctrls_tl "avgwroa_past2_3yr avgwbhr_past2_3yr avglogmve_past2_3yr lognews_1yr" 
global ctrls_ss "peergr_small board_busy dboardhired_pct dboardsz dgindex dtotheldpct dins_own_pct" 

global ctrls_roa "sales logstdroa" 
global ctrls_ret "logmve logstdret beme" 
global ctrls_comp "llogsales ret lagret chgroa lagmtba loglagstdret" 

egen x=rmiss(ppe_fy ppe_bln $ctrls_tl)
g samp1=(x==0)
global samp1 "if samp1==1"

egen y=rmiss(ppe_fy ppe_bln $ctrls_ss)
g samp2=(y==0)
global samp2 "if samp2==1"

egen z=rmiss(ppe_fy ppe_bln $ctrls_tl $ctrls_ss froa $ctrls_roa fret $ctrls_ret log_pay $ctrls_comp)
g samp3=(z==0)
global samp3 "if samp3==1"


****************** Table 3 - PPE decomposition *******************

* Panel A - Descriptive stats
tabstat ppe_fy ppe_bln $ctrls_tl  		 	$samp1, stats (n mean sd p5 med p95) c(s)
tabstat $ctrls_ss 						$samp2, stats (n mean sd p5 med p95) c(s)

* Panel B - Correlations
pwcorr ppe_fy ppe_bln $ctrls_tl $ctrls_ss 		$samp1
spearman ppe_fy ppe_bln $ctrls_tl $ctrls_ss 	$samp1

* Panel C - Decomposition regressions 

*****   Model 1 - F&Y Talent Proxies Only
reg ppe_fy $ctrls_tl $samp1, r cl(gvkey_firm)
outreg2 using "table3c.doc", replace nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

predict ppe_tl1_fy
gen ppe_ss1_fy = ppe_fy - ppe_tl1_fy


*****   Model 2 - F&Y Self-Serving Proxies Only
reg ppe_fy $ctrls_ss $samp2, r cl(gvkey_firm)
outreg2 using "table3c.doc", append nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

predict ppe_ss2_fy
gen ppe_tl2_fy = ppe_fy - ppe_ss2_fy


*****   Model 3 - F&Y Talent and Self-Serving Proxies
reg ppe_fy $ctrls_tl $ctrls_ss $samp1&samp2==1, r cl(gvkey_firm)
outreg2 using "table3c.doc", append nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

gen ppe_tl3_fy =_b[avgwroa_past2_3yr]*avgwroa_past2_3yr+_b[avgwbhr_past2_3yr]*avgwbhr_past2_3yr+_b[avglogmve_past2_3yr]*avglogmve_past2_3yr+_b[lognews_1yr]*lognews_1yr
gen ppe_ss3_fy =_b[peergr_small]*peergr_small+_b[board_busy]*board_busy+_b[dboardhired_pct]*dboardhired_pct+_b[dboardsz]*dboardsz+_b[dgindex]*dgindex+_b[dtotheldpct]*dtotheldpct+_b[dins_own_pct]*dins_own_pct


*****   Model 4 - BLN Talent Proxies Only
reg ppe_bln $ctrls_tl $samp1, r cl(gvkey_firm)
outreg2 using "table3c.doc", append nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

predict ppe_tl1_bln 
gen ppe_ss1_bln = ppe_bln - ppe_tl1_bln 


*****   Model 5 - BLN Self-Serving Proxies Only
reg ppe_bln $ctrls_ss $samp2, r cl(gvkey_firm)
outreg2 using "table3c.doc", append nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

predict ppe_ss2_bln 
gen ppe_tl2_bln = ppe_bln - ppe_ss2_bln 


*****   Model 6 - BLN Talent and Self-Serving Proxies
reg ppe_bln $ctrls_tl $ctrls_ss $samp1&samp2==1, r cl(gvkey_firm)
outreg2 using "table3c.doc", append nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

gen ppe_tl3_bln =_b[avgwroa_past2_3yr]*avgwroa_past2_3yr+_b[avgwbhr_past2_3yr]*avgwbhr_past2_3yr+_b[avglogmve_past2_3yr]*avglogmve_past2_3yr+_b[lognews_1yr]*lognews_1yr
gen ppe_ss3_bln =_b[peergr_small]*peergr_small+_b[board_busy]*board_busy+_b[dboardhired_pct]*dboardhired_pct+_b[dboardsz]*dboardsz+_b[dgindex]*dgindex+_b[dtotheldpct]*dtotheldpct+_b[dins_own_pct]*dins_own_pct




****************** Table 4 - Performance *******************

* Panel A - Descriptive stats
tabstat ppe_tl1_fy ppe_tl2_fy ppe_tl3_fy ppe_ss1_fy ppe_ss2_fy ppe_ss3_fy ppe_tl1_bln ppe_tl2_bln ppe_tl3_bln ppe_ss1_bln ppe_ss2_bln ppe_ss3_bln froa fret $ctrls_roa $ctrls_ret $samp3 , stats (n mean sd p5 med p95) c(s)

* CDF transformations
cumul ppe_fy $samp3, gen (cdf_ppe_fy)
cumul ppe_bln $samp3, gen (cdf_ppe_bln)

cumul ppe_tl1_fy $samp3, gen (cdf_ppe_tl1_fy)
cumul ppe_tl2_fy $samp3, gen (cdf_ppe_tl2_fy)
cumul ppe_tl3_fy $samp3, gen (cdf_ppe_tl3_fy)

cumul ppe_ss1_fy $samp3, gen (cdf_ppe_ss1_fy)
cumul ppe_ss2_fy $samp3, gen (cdf_ppe_ss2_fy)
cumul ppe_ss3_fy $samp3, gen (cdf_ppe_ss3_fy)

cumul ppe_tl1_bln $samp3, gen (cdf_ppe_tl1_bln)
cumul ppe_tl2_bln $samp3, gen (cdf_ppe_tl2_bln)
cumul ppe_tl3_bln $samp3, gen (cdf_ppe_tl3_bln)

cumul ppe_ss1_bln $samp3, gen (cdf_ppe_ss1_bln)
cumul ppe_ss2_bln $samp3, gen (cdf_ppe_ss2_bln)
cumul ppe_ss3_bln $samp3, gen (cdf_ppe_ss3_bln)


* Panel B - Accounting performance regressions

* Models 1 to 4 - F&Y PPE
xi: reg froa cdf_ppe_fy $ctrls_roa i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table4b.doc", replace drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

xi: reg froa cdf_ppe_tl1_fy cdf_ppe_ss1_fy $ctrls_roa i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table4b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

xi: reg froa cdf_ppe_tl2_fy cdf_ppe_ss2_fy $ctrls_roa i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table4b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

xi: reg froa cdf_ppe_tl3_fy cdf_ppe_ss3_fy $ctrls_roa i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table4b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

* Models 5 to 8 - BLN PPE
xi: reg froa cdf_ppe_bln $ctrls_roa i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table4b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

xi: reg froa cdf_ppe_tl1_bln cdf_ppe_ss1_bln $ctrls_roa i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table4b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

xi: reg froa cdf_ppe_tl2_bln cdf_ppe_ss2_bln $ctrls_roa i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table4b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

xi: reg froa cdf_ppe_tl3_bln cdf_ppe_ss3_bln $ctrls_roa i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table4b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2


* Panel C - Stock performance regressions

* Models 1 to 4 - F&Y PPE
xi: reg fret cdf_ppe_fy $ctrls_ret i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table4c.doc", replace drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

xi: reg fret cdf_ppe_tl1_fy cdf_ppe_ss1_fy $ctrls_ret i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table4c.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

xi: reg fret cdf_ppe_tl2_fy cdf_ppe_ss2_fy $ctrls_ret i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table4c.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

xi: reg fret cdf_ppe_tl3_fy cdf_ppe_ss3_fy $ctrls_ret i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table4c.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

* Models 5 to 8 - BLN PPE
xi: reg fret cdf_ppe_bln $ctrls_ret i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table4c.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

xi: reg fret cdf_ppe_tl1_bln cdf_ppe_ss1_bln $ctrls_ret i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table4c.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

xi: reg fret cdf_ppe_tl2_bln cdf_ppe_ss2_bln $ctrls_ret i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table4c.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

xi: reg fret cdf_ppe_tl3_bln cdf_ppe_ss3_bln $ctrls_ret i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table4c.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2


****************** Table 5 - Compensation *******************

* Panel A - Descriptive stats
tabstat pay log_pay peer_pay logpeer_pay match_pay_fy logmatch_pay_fy ppe_fy match_pay_bln logmatch_pay_bln ppe_bln $ctrls_comp  $samp3, stats (n mean sd p5 med p95) c(s)

cumul logmatch_pay_fy, gen(cdf_logmatch_pay_fy)
cumul logmatch_pay_bln, gen(cdf_logmatch_pay_bln)


* Panel B - Compensation regressions

* Model 1  - Peer pay
xi: reg log_pay logpeer_pay $ctrls_comp i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table5b.doc", replace drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

* Models 2 to 5 - F&Y PPE
xi: reg log_pay cdf_ppe_fy cdf_logmatch_pay_fy $ctrls_comp i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table5b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

xi: reg log_pay cdf_ppe_tl1_fy cdf_ppe_ss1_fy cdf_logmatch_pay_fy $ctrls_comp i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table5b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

xi: reg log_pay cdf_ppe_tl2_fy cdf_ppe_ss2_fy cdf_logmatch_pay_fy $ctrls_comp i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table5b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

xi: reg log_pay cdf_ppe_tl3_fy cdf_ppe_ss3_fy cdf_logmatch_pay_fy $ctrls_comp i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table5b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

* Models 6 to 9 - BLN PPE

xi: reg log_pay cdf_ppe_bln cdf_logmatch_pay_bln $ctrls_comp i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table5b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

xi: reg log_pay cdf_ppe_tl1_bln cdf_ppe_ss1_bln cdf_logmatch_pay_bln $ctrls_comp i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table5b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

xi: reg log_pay cdf_ppe_tl2_bln cdf_ppe_ss2_bln cdf_logmatch_pay_bln $ctrls_comp i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table5b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

xi: reg log_pay cdf_ppe_tl3_bln cdf_ppe_ss3_bln cdf_logmatch_pay_bln $ctrls_comp i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table5b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2


****************** Table 6 - Robustness *******************

*****   Model 1 - F&Y PPE plus prior CEO pay
global sens_vars	"past_pay"

reg ppe_fy $ctrls_tl $ctrls_ss $sens_vars $samp1&samp2==1, r cl(gvkey_firm)
outreg2 using "table6a.doc", replace nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

gen ppe_tl4_fy =_b[avgwroa_past2_3yr]*avgwroa_past2_3yr+_b[avgwbhr_past2_3yr]*avgwbhr_past2_3yr+_b[avglogmve_past2_3yr]*avglogmve_past2_3yr+_b[lognews_1yr]*lognews_1yr+_b[past_pay]*past_pay
gen ppe_ss4_fy =_b[peergr_small]*peergr_small+_b[board_busy]*board_busy+_b[dboardhired_pct]*dboardhired_pct+_b[dboardsz]*dboardsz+_b[dgindex]*dgindex+_b[dtotheldpct]*dtotheldpct+_b[dins_own_pct]*dins_own_pct

cumul ppe_tl4_fy $samp3, gen (cdf_ppe_tl4_fy)
cumul ppe_ss4_fy $samp3, gen (cdf_ppe_ss4_fy)

xi: reg log_pay cdf_ppe_tl4_fy cdf_ppe_ss4_fy cdf_logmatch_pay_fy $ctrls_comp i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table6b.doc", replace drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

drop ppe_tl4_fy ppe_ss4_fy cdf_ppe_tl4_fy cdf_ppe_ss4_fy


*****   Model 2 - F&Y PPE plus CEO fixed-effects
global sens_vars	"ceo_fe firm_fe"

reg ppe_fy $ctrls_tl $ctrls_ss $sens_vars $samp1&samp2==1, r cl(gvkey_firm)
outreg2 using "table6a.doc", append nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

gen ppe_tl4_fy =_b[avgwroa_past2_3yr]*avgwroa_past2_3yr+_b[avgwbhr_past2_3yr]*avgwbhr_past2_3yr+_b[avglogmve_past2_3yr]*avglogmve_past2_3yr+_b[lognews_1yr]*lognews_1yr+_b[ceo_fe]*ceo_fe
gen ppe_ss4_fy =_b[peergr_small]*peergr_small+_b[board_busy]*board_busy+_b[dboardhired_pct]*dboardhired_pct+_b[dboardsz]*dboardsz+_b[dgindex]*dgindex+_b[dtotheldpct]*dtotheldpct+_b[dins_own_pct]*dins_own_pct

cumul ppe_tl4_fy $samp3, gen (cdf_ppe_tl4_fy)
cumul ppe_ss4_fy $samp3, gen (cdf_ppe_ss4_fy)

xi: reg log_pay cdf_ppe_tl4_fy cdf_ppe_ss4_fy cdf_logmatch_pay_fy $ctrls_comp i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table6b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

drop ppe_tl4_fy ppe_ss4_fy cdf_ppe_tl4_fy cdf_ppe_ss4_fy


*****   Model 3 - F&Y PPE plus other self-serving proxies
global sens_vars	"dchair dtenure sp500"

reg ppe_fy $ctrls_tl $ctrls_ss $sens_vars $samp1&samp2==1, r cl(gvkey_firm)
outreg2 using "table6a.doc", append nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

gen ppe_tl4_fy =_b[avgwroa_past2_3yr]*avgwroa_past2_3yr+_b[avgwbhr_past2_3yr]*avgwbhr_past2_3yr+_b[avglogmve_past2_3yr]*avglogmve_past2_3yr+_b[lognews_1yr]*lognews_1yr
gen ppe_ss4_fy =_b[peergr_small]*peergr_small+_b[board_busy]*board_busy+_b[dboardhired_pct]*dboardhired_pct+_b[dboardsz]*dboardsz+_b[dgindex]*dgindex+_b[dtotheldpct]*dtotheldpct+_b[dins_own_pct]*dins_own_pct+_b[dchair]*dchair+_b[dtenure]*dtenure+_b[sp500]*sp500

cumul ppe_tl4_fy $samp3, gen (cdf_ppe_tl4_fy)
cumul ppe_ss4_fy $samp3, gen (cdf_ppe_ss4_fy)

xi: reg log_pay cdf_ppe_tl4_fy cdf_ppe_ss4_fy cdf_logmatch_pay_fy $ctrls_comp i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table6b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

drop ppe_tl4_fy ppe_ss4_fy cdf_ppe_tl4_fy cdf_ppe_ss4_fy



*****   Model 5 - BLN PPE plus prior CEO pay
global sens_vars	"past_pay"

reg ppe_bln $ctrls_tl $ctrls_ss $sens_vars $samp1&samp2==1, r cl(gvkey_firm)
outreg2 using "table6a.doc", append nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

gen ppe_tl4_bln =_b[avgwroa_past2_3yr]*avgwroa_past2_3yr+_b[avgwbhr_past2_3yr]*avgwbhr_past2_3yr+_b[avglogmve_past2_3yr]*avglogmve_past2_3yr+_b[lognews_1yr]*lognews_1yr+_b[past_pay]*past_pay
gen ppe_ss4_bln =_b[peergr_small]*peergr_small+_b[board_busy]*board_busy+_b[dboardhired_pct]*dboardhired_pct+_b[dboardsz]*dboardsz+_b[dgindex]*dgindex+_b[dtotheldpct]*dtotheldpct+_b[dins_own_pct]*dins_own_pct

cumul ppe_tl4_bln $samp3, gen (cdf_ppe_tl4_bln)
cumul ppe_ss4_bln $samp3, gen (cdf_ppe_ss4_bln)

xi: reg log_pay cdf_ppe_tl4_bln cdf_ppe_ss4_bln cdf_logmatch_pay_bln $ctrls_comp i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table6b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

drop ppe_tl4_bln ppe_ss4_bln cdf_ppe_tl4_bln cdf_ppe_ss4_bln 


*****   Model 6 - BLN PPE plus CEO fixed-effects
global sens_vars	"ceo_fe firm_fe"

reg ppe_bln $ctrls_tl $ctrls_ss $sens_vars $samp1&samp2==1, r cl(gvkey_firm)
outreg2 using "table6a.doc", append nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

gen ppe_tl4_bln =_b[avgwroa_past2_3yr]*avgwroa_past2_3yr+_b[avgwbhr_past2_3yr]*avgwbhr_past2_3yr+_b[avglogmve_past2_3yr]*avglogmve_past2_3yr+_b[lognews_1yr]*lognews_1yr+_b[ceo_fe]*ceo_fe
gen ppe_ss4_bln =_b[peergr_small]*peergr_small+_b[board_busy]*board_busy+_b[dboardhired_pct]*dboardhired_pct+_b[dboardsz]*dboardsz+_b[dgindex]*dgindex+_b[dtotheldpct]*dtotheldpct+_b[dins_own_pct]*dins_own_pct

cumul ppe_tl4_bln $samp3, gen (cdf_ppe_tl4_bln)
cumul ppe_ss4_bln $samp3, gen (cdf_ppe_ss4_bln)

xi: reg log_pay cdf_ppe_tl4_bln cdf_ppe_ss4_bln cdf_logmatch_pay_bln $ctrls_comp i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table6b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

drop ppe_tl4_bln ppe_ss4_bln cdf_ppe_tl4_bln cdf_ppe_ss4_bln 


*****   Model 7 - BLN PPE plus other self-serving proxies
global sens_vars	"dchair dtenure sp500"

reg ppe_bln $ctrls_tl $ctrls_ss $sens_vars $samp1&samp2==1, r cl(gvkey_firm)
outreg2 using "table6a.doc", append nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

gen ppe_tl4_bln =_b[avgwroa_past2_3yr]*avgwroa_past2_3yr+_b[avgwbhr_past2_3yr]*avgwbhr_past2_3yr+_b[avglogmve_past2_3yr]*avglogmve_past2_3yr+_b[lognews_1yr]*lognews_1yr
gen ppe_ss4_bln =_b[peergr_small]*peergr_small+_b[board_busy]*board_busy+_b[dboardhired_pct]*dboardhired_pct+_b[dboardsz]*dboardsz+_b[dgindex]*dgindex+_b[dtotheldpct]*dtotheldpct+_b[dins_own_pct]*dins_own_pct+_b[dchair]*dchair+_b[dtenure]*dtenure+_b[sp500]*sp500

cumul ppe_tl4_bln $samp3, gen (cdf_ppe_tl4_bln)
cumul ppe_ss4_bln $samp3, gen (cdf_ppe_ss4_bln)

xi: reg log_pay cdf_ppe_tl4_bln cdf_ppe_ss4_bln cdf_logmatch_pay_bln $ctrls_comp i.sic2 i.year $samp3, r cl(gvkey_firm)
outreg2 using "table6b.doc", append drop(_I*) nolabel bdec(2) rdec(4) coefastr tstat tdec(2) adjr2

drop ppe_tl4_bln ppe_ss4_bln cdf_ppe_tl4_bln cdf_ppe_ss4_bln 

log close

clear all