Updated Peer Effect with more instruments and managers fixed effect

Tipping

Average effect(without manager)

• OLS

summary(peer_ols_effect_AvgTip_lag)$coefficients

                  Estimate  Std. Error   t value     Pr(>|t|)
avg_peerAvgTip -0.02069431 0.001882836 -10.99103 4.230675e-28

• IV

summary(peer_iv_effect_AvgTip_lag)$coefficients

                        Estimate  Std. Error   t value      Pr(>|t|)
`avg_peerAvgTip(fit)` -0.2401844 0.008683324 -27.66042 2.291909e-168

Average effect(with manager)

• OLS

summary(peer_ols_effect_AvgTip_lag_withmanager)$coefficients

                 Estimate  Std. Error  t value     Pr(>|t|)
avg_peerAvgTip 0.00682741 0.001844022 3.702455 0.0002135305

• IV

summary(peer_iv_effect_AvgTip_lag_withmanager)$coefficients

                         Estimate  Std. Error   t value    Pr(>|t|)
`avg_peerAvgTip(fit)` -0.04131634 0.009453336 -4.370557 1.23938e-05

Familiar VS Unfamilar(with managers)

summary(peer_iv_AvgTip_top_common_2weeks_withmanagers)$coefficients

                             Estimate  Std. Error   t value     Pr(>|t|)
`toptargetAvgTip(fit)`    -0.04538258 0.008877555 -5.112059 3.187161e-07
`commontargetAvgTip(fit)` -0.03348462 0.009770090 -3.427257 6.097313e-04

Star Vs Normal in tip(with managers)

summary(peer_iv_AvgTip_star_normal_in_tip_withmanagers)$coefficients

                             Estimate  Std. Error   t value     Pr(>|t|)
`startargetAvgTip(fit)`   -0.01382059 0.013242443 -1.043658 2.966438e-01
`normaltargetAvgTip(fit)` -0.07357412 0.007492556 -9.819629 9.298983e-23

Star Vs Normal in steal(with managers)

summary(peer_iv_AvgTip_star_normal_in_steal_withmanagers)$coefficients

                             Estimate  Std. Error   t value     Pr(>|t|)
`startargetAvgTip(fit)`   -0.09680519 0.009863760 -9.814229 9.806344e-23
`normaltargetAvgTip(fit)` -0.01277240 0.009562639 -1.335656 1.816620e-01

Stealcnt

Average effect(without manager)

• OLS

summary(peer_ols_effect_stealcnt_lag)$coefficients

                                  Estimate Std. Error   t value    Pr(>|t|)
log(avg_peerTotalStealCnt + 1) -0.01531499 0.00295601 -5.180967 2.20765e-07

• IV

summary(peer_iv_effect_stealcnt_lag)$coefficients

                                        Estimate Std. Error  t value     Pr(>|t|)
`log(avg_peerTotalStealCnt + 1)(fit)` 0.07174607 0.01842045 3.894914 9.823753e-05

Average effect(with managers)

• OLS

summary(peer_ols_effect_stealcnt_lag_withmanager)$coefficients

                                  Estimate  Std. Error   t value    Pr(>|t|)
log(avg_peerTotalStealCnt + 1) -0.02586377 0.002953486 -8.757032 2.00652e-18

• IV

summary(peer_iv_effect_stealcnt_lag_withmanager)$coefficients

                                        Estimate Std. Error  t value    Pr(>|t|)
`log(avg_peerTotalStealCnt + 1)(fit)` 0.07452311 0.02639035 2.823877 0.004744717

Familiar VS Unfamiliar

summary(peer_iv_stealcnt_top_common_2weeks_withmanagers)$coefficients

                                               Estimate Std. Error   t value     Pr(>|t|)
`log(toptargetTotalStealCount + 1)(fit)`    0.088645226 0.02162323 4.0995365 4.140058e-05
`log(commontargetTotalStealCount + 1)(fit)` 0.005691827 0.03215955 0.1769872 8.595185e-01

Star VS Normal in tip

summary(peer_iv_stealcnt_star_normal_in_tip_withmanagers)$coefficients

                                            Estimate Std. Error  t value     Pr(>|t|)
`log(startargetTotalStealCnt + 1)(fit)`   0.28167769 0.06348046 4.437235 9.113535e-06
`log(normaltargetTotalStealCnt + 1)(fit)` 0.06521538 0.05092506 1.280615 2.003295e-01

Star VS Normal in steal

summary(peer_iv_stealcnt_star_normal_in_steal_withmanagers)$coefficients

                                             Estimate Std. Error   t value  Pr(>|t|)
`log(startargetTotalStealCnt + 1)(fit)`    0.04317404 0.03235823  1.334252 0.1821216
`log(normaltargetTotalStealCnt + 1)(fit)` -0.32522701 0.28059157 -1.159076 0.2464255

Stealamt

Average effect(without manager)

• OLS

summary(peer_ols_effect_stealamt_lag)$coefficients

                                    Estimate Std. Error   t value      Pr(>|t|)
log(avg_peerTotalStealAmount + 1) -0.4887818 0.01851182 -26.40377 1.338055e-153

• IV

summary(peer_iv_effect_stealamt_lag)$coefficients

                                          Estimate Std. Error   t value      Pr(>|t|)
`log(avg_peerTotalStealAmount + 1)(fit)` -2.836469 0.07512396 -37.75718 7.876367e-312

Average effect(with manager)

• OLS

summary(peer_ols_effect_stealamt_lag_withmanager)$coefficients

                                    Estimate Std. Error   t value     Pr(>|t|)
log(avg_peerTotalStealAmount + 1) -0.1479189 0.01640104 -9.018874 1.902381e-19

• IV

summary(peer_iv_effect_stealamt_lag_withmanager)$coefficients

                                           Estimate Std. Error  t value     Pr(>|t|)
`log(avg_peerTotalStealAmount + 1)(fit)` -0.8281503 0.07575956 -10.9313 8.186207e-28

Familiar VS Unfamiliar

summary(peer_iv_stealamt_top_common_2weeks_withmanagers)$coefficients

                                               Estimate Std. Error   t value     Pr(>|t|)
`log(toptargetTotalStealAmount + 1)(fit)`    -0.5107933 0.08513745 -5.999632 1.978226e-09
`log(commontargetTotalStealAmount + 1)(fit)` -0.5024254 0.09629356 -5.217643 1.812447e-07

Star VS Normal in tip

summary(peer_iv_stealamt_star_normal_in_tip_withmanagers)$coefficients

                                               Estimate Std. Error    t value     Pr(>|t|)
`log(startargetTotalStealAmount + 1)(fit)`    0.4870193 0.32194156   1.512757 1.303419e-01
`log(normaltargetTotalStealAmount + 1)(fit)` -1.1186633 0.09915708 -11.281730 1.624638e-29

Star VS Normal in steal

summary(peer_iv_stealamt_star_normal_in_steal_withmanagers)$coefficients

                                               Estimate Std. Error   t value     Pr(>|t|)
`log(startargetTotalStealAmount + 1)(fit)`   -0.9408176 0.09660532 -9.738777 2.065929e-22
`log(normaltargetTotalStealAmount + 1)(fit)` -0.3405573 0.15306710 -2.224889 2.608895e-02