Changes

But Marcos's spec isn't very grounded. He clusters standard errors at the year level but uses no fixed effects. We want to know what goes on inside markets, implying market-level fixed effects. He believes that "Since non-match speci�c specific variables are not used in the structural model, we have to interact VC or Startup speci�c specific variables." I'm not sure that this is correct. He goes on to say that "Therefore, the main specifi�cation specification is one which every match-specifi�c specific variable has a quadratic interaction, and startup and VC variables are interacted with each other. Also, we exclude industry code from the model because it is a discrete variable, and