| bys industry year: egen m_lit = median( lit ) |
| winsor2 company industry m_lit lit,cuts(1 99)replace |
| xi:reg company industry i.year if lit >= m_lit,r |
| xi:reg company industry i.year if lit < m_lit,r |
| (1) | (2) |
| High | Low |
VARIABLES | company | company |
| | |
industry | 0.116*** | 0.0866 |
| (0.0349) | (0.0529) |
_Iyear_2016 | 0.197 | |
| (0.276) | |
o._Iyear_2017 | - | |
| | |
_Iyear_2018 | 0.00920 | -0.351 |
| (0.201) | (0.356) |
_Iyear_2019 | -0.235 | -0.661** |
| (0.186) | (0.334) |
_Iyear_2020 | -0.238 | -0.630* |
| (0.187) | (0.338) |
o._Iyear_2016 | | - |
| | |
_Iyear_2017 | | -0.138 |
| | (0.382) |
Constant | 10.92*** | 11.59*** |
| (0.464) | (0.740) |
| | |
Observations | 1,133 | 831 |
R-squared | 0.011 | 0.015 |
Robust standard errors in parentheses
*** p<0.01, ** p<0.05, * p<0.1
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