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The Effect of Leverage Buyouts on Innovation (view source)
Revision as of 15:17, 9 July 2020
, 15:17, 9 July 2020no edit summary
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=Version 2.3Revision following Rejection from JF=
==Discussion==
So, despite the graphs, the main results are here! The diff-in-diff coeffs show that an LBO reduces patent flows, grants, and purchases, and increases term expirations. Only the results on R&D are unexpected, though the hadlbo coefficient is significant, negative and about the same magnitude as the diff-in-diff coeff for R&D, so this would suggest that PE firms target firms with low R&D and then increase it back to conventional levels. The pair fixed effects leave the coefficients unchanged (versus no controls) but reduce the standard error. We should check/prove that this is correct.
==Get Version 1 Running Again==
The following files for version 1 were copied from the main dropbox folder (./LBO_Innovation_w_Egan) to a Version1 in E:\orojects\lbo:
*Datasetup.do
*masterv1-0.txt
*Analysis.do
*PreMergeRelevant.dta
*CPI.dta
*matchresultsV7.dta
*PatentStatistics.dta
I also copied over the 4 main compiled results files and the notes files:
*All Results.xlsx (contains raw copies from source files plus partially processed graphs)
*Graphs - Editted.xlsx (graphs with imperfect formatting but appears most recent)
*Tables - Most Recent.xlsx (seems to be production tables)
*Graphs - Most Recent.xlsx (graphs with imperfect formatting)
*Ed's Notes.txt
*Notes by Ed.xlsx (counts of LBOs in other papers, inc. Lerner)
I checked that Datasetup wouldn't overwrite any data files and renamed the log to lbov1-r2-3.log. Then I ran it. It didn't produce any excel sheets. Then I ran Analysis.do, without uncommenting the data build section. This built:
*BeforeVsAfter.xls and .log
*MainTTests.xls
*MatchComparisons.xls
*PropensityScore.xml and .log
*Distribution.log
*Checks.log
*DIDs.xml
*ProductionRegressions.log
*Ttestsv6.log
=Version 2=
