**************************************************************************************************************************************************************** ****** This do-file reproduces Tables 2, 4, 5 and 6 of Goetz, Laeven, Levine, (GLL), 2015 "Does the Geographic Expansion of Banks Reduce Risk?", JFE ******** ****** GLL report standardized coefficients and the reported coefficients in the paper display how a one standard deviation change ******** ****** in the independent variable is related to a change in terms of the independent variableÕs standard deviation. ******** ****** Please contact Martin Goetz (goetz@safe.uni-frankfurt.de) for information and details regarding the construction of Table 3 (Gravity Model) ******** ****** We use TSLS-command in our IV-estimation. Command and information availabe from NBER: http://www.nber.org/stata/efficient/fixed-effects.html ******** ****** to install: net from "http://www.nber.org/stata" ******** ****** net install tsls ******** **************************************************************************************************************************************************************** set more off capture program drop statistics_first program define statistics_first version 9.1 matrix F = e(first) local ffirst = F[3,1] estadd scalar ffirst = F[3,1] estadd scalar pr2first = F[2,1] end set matsize 11000 clear use GLL.dta qui tab quarterly, gen(d_t) egen msa_1Xy = group(msa_1 year_adjust) egen msa_1Xqu = group(msa_1 quarterly) ******************************************************** ******* Table 2 - Geographic Diversification and Bank Holding Company Risk - OLS Regressions ******************************************************** areg ln_real_ret_w3 HHI_deposits_inv ln_TA d_t* ,absorb(HH_rssd9001) robust cluster(msa_1Xy) outreg2 using "Table2.txt", replace bdec(3) drop( d_t* ) areg ln_real_ret_w3 HHI_deposits_inv ln_TA UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT d_t* ,absorb(HH_rssd9001) robust cluster(msa_1Xy) outreg2 using "Table2.txt", append bdec(3) drop( d_t* ) areg ln_real_ret_w3 HHI_deposits_inv ln_TA UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT q income_div asset_div INTERNATIONAL ROA CAR ln_TOI HHI_msa real_pi_growth real_pi_growth_2 d_t* ,absorb(HH_rssd9001) robust cluster(msa_1Xy) outreg2 using "Table2.txt", append bdec(3) drop( d_t* ) xi: areg ln_real_ret_w3 HHI_deposits_inv ln_TA UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT q income_div asset_div INTERNATIONAL ROA CAR ln_TOI i.HH_rssd9001 ,absorb(msa_1Xqu) robust cluster(msa_1Xy) outreg2 using "Table2.txt", append bdec(3) drop( _IHH_rssd90* ) xi: areg ln_resi_ret_w3 HHI_deposits_inv ln_TA UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT q income_div asset_div INTERNATIONAL ROA CAR ln_TOI i.HH_rssd9001 ,absorb(msa_1Xqu) robust cluster(msa_1Xy) outreg2 using "Table2.txt", append bdec(3) drop( _IHH_rssd90* ) xi: areg ln_z_real_ret_w3 HHI_deposits_inv ln_TA UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT q income_div asset_div INTERNATIONAL ROA CAR ln_TOI i.HH_rssd9001 ,absorb(msa_1Xqu) robust cluster(msa_1Xy) outreg2 using "Table2.txt", append bdec(3) drop( _IHH_rssd90* ) ************************************************************************************* ******* Table 4 - The Impact of Geographic Diversification on Bank Holding Company Risk - 2SLS Regressions ************************************************************************************* preserve xi: tsls ln_real_ret_w3 (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,replace demean fe(msa_1Xq) cluster(msa_1Xy) outreg2 using "Table4A.txt", replace label bdec(3) keep(HHI_deposits_inv) xi: areg HHI_deposits_inv HHI_gravity_BASIC ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,absorb(msa_1Xq) cluster(msa_1Xy) test HHI_gravity_BASIC estadd scalar ffirst = `r(F)' outreg2 using "Table4B.txt", replace bdec(3) adds(FTest , `e(ffirst)') label keep(HHI_gravity_BASIC) restore preserve xi: tsls ln_resi_ret_w3 (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,replace demean fe(msa_1Xq) cluster(msa_1Xy) outreg2 using "Table4A.txt", append label bdec(3) keep(HHI_deposits_inv) xi: areg HHI_deposits_inv HHI_gravity_BASIC ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,absorb(msa_1Xq) cluster(msa_1Xy) test HHI_gravity_BASIC estadd scalar ffirst = `r(F)' outreg2 using "Table4B.txt", append bdec(3) adds(FTest , `e(ffirst)') label keep(HHI_gravity_BASIC) restore preserve xi: tsls ln_z_real_ret_w3 (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,replace demean fe(msa_1Xq) cluster(msa_1Xy) outreg2 using "Table4A.txt", append label bdec(3) keep(HHI_deposits_inv) xi: areg HHI_deposits_inv HHI_gravity_BASIC ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,absorb(msa_1Xq) cluster(msa_1Xy) test HHI_gravity_BASIC estadd scalar ffirst = `r(F)' outreg2 using "Table4B.txt", append bdec(3) adds(FTest , `e(ffirst)') label keep(HHI_gravity_BASIC) restore ** get same sample for reduced form xtset msa_1Xq qui: xi: xtivreg2 ln_real_ret_w3 (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,fe gen tmp = e(sample) bys msa_1Xq: egen sam1 = sum(tmp) drop tmp xi: areg ln_real_ret_w3 HHI_gravity_BASIC ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 if sam1>1,absorb(msa_1Xq) cluster(msa_1Xy) outreg2 using "Table4C.txt", replace label bdec(3) keep(HHI_gravity_BASIC) xtset msa_1Xq qui: xi: xtivreg2 ln_resi_ret_w3 (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,fe gen tmp = e(sample) bys msa_1Xq: egen sam2 = sum(tmp) drop tmp xi: areg ln_resi_ret_w3 HHI_gravity_BASIC ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 if sam2>1 ,absorb(msa_1Xq) cluster(msa_1Xy) outreg2 using "Table4C.txt", append label bdec(3) keep(HHI_gravity_BASIC) xtset msa_1Xq qui: xi: xtivreg2 ln_z_real_ret_w3 (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,fe gen tmp = e(sample) bys msa_1Xq: egen sam3 = sum(tmp) drop tmp xi: areg ln_z_real_ret_w3 HHI_gravity_BASIC ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 if sam3>1,absorb(msa_1Xq) cluster(msa_1Xy) outreg2 using "Table4C.txt", append label bdec(3) keep(HHI_gravity_BASIC) ************************************************************************************* ***************** Table 5 - The Impact of Geographic Diversification on Bank Holding Company Risk - Robustness ************************************************************************************* *** 1) Alternative instrument preserve xi: tsls ln_real_ret_w3 (HHI_deposits_inv = HHI_gravity_DIST) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,replace demean fe(msa_1Xq) cluster(msa_1Xy) outreg2 using "Table5A.txt", replace label bdec(3) keep(HHI_deposits_inv) xi: areg HHI_deposits_inv HHI_gravity_DIST ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,absorb(msa_1Xq) cluster(msa_1Xy) test HHI_gravity_DIST estadd scalar ffirst = `r(F)' outreg2 using "Table5B.txt", replace bdec(3) adds(FTest , `e(ffirst)') label keep(HHI_gravity_DIST) restore preserve xi: tsls ln_resi_ret_w3 (HHI_deposits_inv = HHI_gravity_DIST) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,replace demean fe(msa_1Xq) cluster(msa_1Xy) outreg2 using "Table5A.txt", append label bdec(3) keep(HHI_deposits_inv) xi: areg HHI_deposits_inv HHI_gravity_DIST ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,absorb(msa_1Xq) cluster(msa_1Xy) test HHI_gravity_DIST estadd scalar ffirst = `r(F)' outreg2 using "Table5B.txt", append bdec(3) adds(FTest , `e(ffirst)') label keep(HHI_gravity_DIST) restore preserve xi: tsls ln_z_real_ret_w3 (HHI_deposits_inv = HHI_gravity_DIST) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,replace demean fe(msa_1Xq) cluster(msa_1Xy) outreg2 using "Table5A.txt", append label bdec(3) keep(HHI_deposits_inv) xi: areg HHI_deposits_inv HHI_gravity_DIST ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,absorb(msa_1Xq) cluster(msa_1Xy) test HHI_gravity_DIST estadd scalar ffirst = `r(F)' outreg2 using "Table5B.txt", append bdec(3) adds(FTest , `e(ffirst)') label keep(HHI_gravity_DIST) restore *** 2) Exclude NY preserve drop if ny==1 xi: tsls ln_real_ret_w3 (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,replace demean fe(msa_1Xq) cluster(msa_1Xy) outreg2 using "Table5A.txt", append label bdec(3) keep(HHI_deposits_inv) xi: areg HHI_deposits_inv HHI_gravity_BASIC ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,absorb(msa_1Xq) cluster(msa_1Xy) test HHI_gravity_BASIC estadd scalar ffirst = `r(F)' outreg2 using "Table5B.txt", append bdec(3) adds(FTest , `e(ffirst)') label keep(HHI_gravity_BASIC) restore preserve drop if ny==1 xi: tsls ln_resi_ret_w3 (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,replace demean fe(msa_1Xq) cluster(msa_1Xy) outreg2 using "Table5A.txt", append label bdec(3) keep(HHI_deposits_inv) xi: areg HHI_deposits_inv HHI_gravity_BASIC ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,absorb(msa_1Xq) cluster(msa_1Xy) test HHI_gravity_BASIC estadd scalar ffirst = `r(F)' outreg2 using "Table5B.txt", append bdec(3) adds(FTest , `e(ffirst)') label keep(HHI_gravity_BASIC) restore preserve drop if ny==1 xi: tsls ln_z_real_ret_w3 (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,replace demean fe(msa_1Xq) cluster(msa_1Xy) outreg2 using "Table5A.txt", append label bdec(3) keep(HHI_deposits_inv) xi: areg HHI_deposits_inv HHI_gravity_BASIC ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,absorb(msa_1Xq) cluster(msa_1Xy) test HHI_gravity_BASIC estadd scalar ffirst = `r(F)' outreg2 using "Table5B.txt", append bdec(3) adds(FTest , `e(ffirst)') label keep(HHI_gravity_BASIC) restore *** 3) Exclude BHCs with Subsidiaries that engage in International Banking Activities preserve drop if INTERNATIONAL==1 xi: tsls ln_real_ret_w3 (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,replace demean fe(msa_1Xq) cluster(msa_1Xy) outreg2 using "Table5A.txt", append label bdec(3) keep(HHI_deposits_inv) xi: areg HHI_deposits_inv HHI_gravity_BASIC ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,absorb(msa_1Xq) cluster(msa_1Xy) test HHI_gravity_BASIC estadd scalar ffirst = `r(F)' outreg2 using "Table5B.txt", append bdec(3) adds(FTest , `e(ffirst)') label keep(HHI_gravity_BASIC) restore preserve drop if INTERNATIONAL==1 xi: tsls ln_resi_ret_w3 (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,replace demean fe(msa_1Xq) cluster(msa_1Xy) outreg2 using "Table5A.txt", append label bdec(3) keep(HHI_deposits_inv) xi: areg HHI_deposits_inv HHI_gravity_BASIC ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,absorb(msa_1Xq) cluster(msa_1Xy) test HHI_gravity_BASIC estadd scalar ffirst = `r(F)' outreg2 using "Table5B.txt", append bdec(3) adds(FTest , `e(ffirst)') label keep(HHI_gravity_BASIC) restore preserve drop if INTERNATIONAL==1 xi: tsls ln_z_real_ret_w3 (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,replace demean fe(msa_1Xq) cluster(msa_1Xy) outreg2 using "Table5A.txt", append label bdec(3) keep(HHI_deposits_inv) xi: areg HHI_deposits_inv HHI_gravity_BASIC ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,absorb(msa_1Xq) cluster(msa_1Xy) test HHI_gravity_BASIC estadd scalar ffirst = `r(F)' outreg2 using "Table5B.txt", append bdec(3) adds(FTest , `e(ffirst)') label keep(HHI_gravity_BASIC) restore ************************************************************************************* ***************** Table 6 - The Impact of Geographic Diversification on Loan Quality - 2SLS Regressions ************************************************************************************* xtset msa_1Xq xi: xtivreg2 CHOFF_LOANS (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,fe first robust cluster(msa_1Xy) savefirst qui statistics_first outreg2 using "Table6A.txt", replace adds(FTest , `e(ffirst)') label bdec(3) keep(HHI_deposits_inv) est restore _xtivreg2_HHI_deposits_inv outreg2 using "Table6B.txt", replace bdec(3)label keep(HHI_gravity_BASIC) xi: xtivreg2 NPL_LOANS (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,fe first robust cluster(msa_1Xy) savefirst qui statistics_first outreg2 using "Table6A.txt", append adds(FTest , `e(ffirst)') label bdec(3) keep(HHI_deposits_inv) est restore _xtivreg2_HHI_deposits_inv outreg2 using "Table6B.txt", append bdec(3)label keep(HHI_gravity_BASIC) xi: xtivreg2 LLP_LOANS (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 ,fe first robust cluster(msa_1Xy) savefirst qui statistics_first outreg2 using "Table6A.txt", append adds(FTest , `e(ffirst)') label bdec(3) keep(HHI_deposits_inv) est restore _xtivreg2_HHI_deposits_inv outreg2 using "Table6B.txt", append bdec(3)label keep(HHI_gravity_BASIC) *** 2) Exclude NY xtset msa_1Xq xi: xtivreg2 CHOFF_LOANS (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 if ny==0,fe first robust cluster(msa_1Xy) savefirst qui statistics_first outreg2 using "Table6A.txt", append adds(FTest , `e(ffirst)') label bdec(3) keep(HHI_deposits_inv) est restore _xtivreg2_HHI_deposits_inv outreg2 using "Table6B.txt", append bdec(3)label keep(HHI_gravity_BASIC) xi: xtivreg2 NPL_LOANS (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 if ny==0,fe first robust cluster(msa_1Xy) savefirst qui statistics_first outreg2 using "Table6A.txt", append adds(FTest , `e(ffirst)') label bdec(3) keep(HHI_deposits_inv) est restore _xtivreg2_HHI_deposits_inv outreg2 using "Table6B.txt", append bdec(3)label keep(HHI_gravity_BASIC) xi: xtivreg2 LLP_LOANS (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 if ny==0,fe first robust cluster(msa_1Xy) savefirst qui statistics_first outreg2 using "Table6A.txt", append adds(FTest , `e(ffirst)') label bdec(3) keep(HHI_deposits_inv) est restore _xtivreg2_HHI_deposits_inv outreg2 using "Table6B.txt", append bdec(3)label keep(HHI_gravity_BASIC) *** 3) Exclude BHCs with Subsidiaries that engage in International Banking Activities xtset msa_1Xq ***CHOFF_LOANS xi: xtivreg2 CHOFF_LOANS (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 if INTERNATIONAL==0,fe first robust cluster(msa_1Xy) savefirst qui statistics_first outreg2 using "Table6A.txt", append adds(FTest , `e(ffirst)') label bdec(3) keep(HHI_deposits_inv) est restore _xtivreg2_HHI_deposits_inv outreg2 using "Table6B.txt", append bdec(3)label keep(HHI_gravity_BASIC) ** NPL_LOANS xi: xtivreg2 NPL_LOANS (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 if INTERNATIONAL==0,fe first robust cluster(msa_1Xy) savefirst qui statistics_first outreg2 using "Table6A.txt", append adds(FTest , `e(ffirst)') label bdec(3) keep(HHI_deposits_inv) est restore _xtivreg2_HHI_deposits_inv outreg2 using "Table6B.txt", append bdec(3)label keep(HHI_gravity_BASIC) ** LLP_LOANS xi: xtivreg2 LLP_LOANS (HHI_deposits_inv = HHI_gravity_BASIC) ln_TA q UNUSED_COM_LOANS TRANS_TOTAL_DEP UXT income_div asset_div HHI_msa ROA CAR ln_TOI INTERNATIONAL i.HH_rssd9001 if INTERNATIONAL==0,fe first robust cluster(msa_1Xy) savefirst qui statistics_first outreg2 using "Table6A.txt", append adds(FTest , `e(ffirst)') label bdec(3) keep(HHI_deposits_inv) est restore _xtivreg2_HHI_deposits_inv outreg2 using "Table6B.txt", append bdec(3)label keep(HHI_gravity_BASIC)