You cannot estimate coefficients for variables that do not change over time (e.g., race, gender, institutional origin). xtreg investment capital market_value, fe Use code with caution. Random Effects (RE) The RE model assumes that αialpha sub i
5. Exclusive & Dynamic Panels: The Arellano-Bond GMM Estimator When your model includes a lagged dependent variable ( Yi,t−1cap Y sub i comma t minus 1 end-sub stata panel data exclusive
Is your data (one row per year) or "wide" (one row per person)? You cannot estimate coefficients for variables that do