Analysis of VC investments and newspaper closures
Vitor
7/14/2022
Data
The variables were collected from two main data sources For the Venture Capital (VC) data we used Venture Express. The original data start at 1960 and has all the investments maded by VC firms in start ups. We aggregated the data at MSA level creating the following variables
VC_sum = All the investments made in all the companies at the same MSA
Investors = Total number of investment firms at the same MSA
sum_round_numbers = Total amount of investment rounds at the same MSA
num_comp_per_aggreg = Amount of invested companies aggregated at the same MSA
The second data source was the Media closures
We manually checked all the data and convert from county level to MSA, for that we had to drop 4 data points that had no matching with MSA. We use Media Closure as the exogenous shock to analyse if any of the VC variables would be affected by.
Analysis
We analyzed several variables, but we dropped the ones that were a clear spurious correlation.
The 3 analysis below are significant and the 2 additional not significant variables were mentioned at the end.
Diff in Diff all groups sum_round_numbers
This DV is related to the amount of investments rounds. This may signal more established companies, since it received more investments. As we can see it is significant I(post * treated) 1.3786e+02 7.4081e+00 18.6100 < 2.2e-16 ***
fit <- plm(sum_round_numbers ~ MSA + I(post*treated)+ factor(MSA) + factor(round_year), data=news_MSA_VC,index=c("MSA", "round_year"), model="pooling", effect="individual")
#options(max.print=1000000)
summary(fit) ## Pooling Model
##
## Call:
## plm(formula = sum_round_numbers ~ MSA + I(post * treated) + factor(MSA) +
## factor(round_year), data = news_MSA_VC, effect = "individual",
## model = "pooling", index = c("MSA", "round_year"))
##
## Balanced Panel: n = 318, T = 18, N = 5724
##
## Residuals:
## Min. 1st Qu. Median 3rd Qu. Max.
## -1279.0710 -8.4026 -1.7236 13.3082 1763.8218
##
## Coefficients: (317 dropped because of singularities)
## Estimate Std. Error t-value
## (Intercept) -1.9181e+01 1.8453e+01 -1.0395
## MSAAkron, OH 1.4556e+01 2.5421e+01 0.5726
## MSAAlbany-Schenectady-Troy, NY 2.3500e+01 2.5421e+01 0.9244
## MSAAlbany, GA 3.3333e-01 2.5421e+01 0.0131
## MSAAlbuquerque, NM -2.4187e+01 2.5897e+01 -0.9340
## MSAAlexandria, LA -5.5556e-02 2.5421e+01 -0.0022
## MSAAllentown-Bethlehem-Easton, PA 2.1278e+01 2.5421e+01 0.8370
## MSAAltoona, PA 9.6667e+00 2.5421e+01 0.3803
## MSAAmarillo, TX -2.7778e-01 2.5421e+01 -0.0109
## MSAAnchorage, AK -2.7778e-01 2.5421e+01 -0.0109
## MSAAnn Arbor, MI 8.2667e+01 2.5421e+01 3.2519
## MSAAnniston, AL -3.3333e-01 2.5421e+01 -0.0131
## MSAAppleton-Oshkosh-Neenah, WI 2.0000e+00 2.5421e+01 0.0787
## MSAAsheville, NC 1.6111e+01 2.5421e+01 0.6338
## MSAAthens, GA 3.1667e+00 2.5421e+01 0.1246
## MSAAtlanta, GA 4.3311e+02 2.5421e+01 17.0373
## MSAAtlantic-Cape May, NJ 5.5556e-02 2.5421e+01 0.0022
## MSAAuburn-Opelika, AL 3.3333e-01 2.5421e+01 0.0131
## MSAAugusta-Aiken, GA-SC 9.0502e-12 2.5421e+01 0.0000
## MSAAustin-San Marcos, TX 4.8611e+02 2.5421e+01 19.1221
## MSABakersfield, CA 4.0556e+00 2.5421e+01 0.1595
## MSABaltimore, MD 1.6567e+02 2.5421e+01 6.5168
## MSABangor, ME 3.1111e+00 2.5421e+01 0.1224
## MSABarnstable-Yarmouth, MA 1.0556e+00 2.5421e+01 0.0415
## MSABaton Rouge, LA 6.1111e+00 2.5421e+01 0.2404
## MSABeaumont-Port Arthur, TX 7.9369e-12 2.5421e+01 0.0000
## MSABellingham, WA 2.7778e-01 2.5421e+01 0.0109
## MSABenton Harbor, MI -2.7778e-01 2.5421e+01 -0.0109
## MSABergen-Passaic, NJ 7.1889e+01 2.5421e+01 2.8279
## MSABillings, MT -1.1111e-01 2.5421e+01 -0.0044
## MSABiloxi-Gulfport-Pascagoula, MS -2.7778e-01 2.5421e+01 -0.0109
## MSABinghamton, NY -1.1111e-01 2.5421e+01 -0.0044
## MSABirmingham, AL 3.0167e+01 2.5421e+01 1.1867
## MSABismarck, ND 3.8889e-01 2.5421e+01 0.0153
## MSABloomington-Normal, IL -1.6667e-01 2.5421e+01 -0.0066
## MSABloomington, IN -1.0484e+02 2.6066e+01 -4.0220
## MSABoise City, ID 1.0111e+01 2.5421e+01 0.3977
## MSABoston, MA-NH 1.8134e+03 2.5475e+01 71.1830
## MSABoulder-Longmont, CO 2.0911e+02 2.5421e+01 8.2258
## MSABrazoria, TX 6.1111e-01 2.5421e+01 0.0240
## MSABremerton, WA 1.0000e+00 2.5421e+01 0.0393
## MSABridgeport, CT 3.5444e+01 2.5421e+01 1.3943
## MSABrockton, MA 1.0667e+01 2.5421e+01 0.4196
## MSABrownsville-Harlingen-San Benito, TX -3.3333e-01 2.5421e+01 -0.0131
## MSABryan-College Station, TX 2.5556e+00 2.5421e+01 0.1005
## MSABuffalo-Niagara Falls, NY -1.1796e+01 2.5505e+01 -0.4625
## MSABurlington, VT 2.7056e+01 2.5421e+01 1.0643
## MSACaguas, PR -3.3333e-01 2.5421e+01 -0.0131
## MSACanton-Massillon, OH 1.1444e+01 2.5421e+01 0.4502
## MSACasper, WY -3.3333e-01 2.5421e+01 -0.0131
## MSACedar Rapids, IA 3.1111e+00 2.5421e+01 0.1224
## MSAChampaign-Urbana, IL 1.4944e+01 2.5421e+01 0.5879
## MSACharleston, SC 8.8333e+00 2.5421e+01 0.3475
## MSACharleston, WV -3.7796e+01 2.5505e+01 -1.4819
## MSACharlotte-Gastonia-Rock Hill, NC-SC 8.3389e+01 2.5421e+01 3.2803
## MSACharlottesville, VA 1.8278e+01 2.5421e+01 0.7190
## MSAChattanooga, TN-GA 1.2000e+01 2.5421e+01 0.4720
## MSACheyenne, WY -2.7778e-01 2.5421e+01 -0.0109
## MSAChicago, IL 4.8278e+02 2.5421e+01 18.9910
## MSAChico-Paradise, CA 1.0556e+00 2.5421e+01 0.0415
## MSACincinnati, OH-KY-IN 3.0876e+01 2.5978e+01 1.1885
## MSAClarksville-Hopkinsville, TN-KY -3.8889e-01 2.5421e+01 -0.0153
## MSACleveland-Lorain-Elyria, OH 1.0806e+02 2.5421e+01 4.2506
## MSAColorado Springs, CO 1.3389e+01 2.5421e+01 0.5267
## MSAColumbia, MO 1.7778e+00 2.5421e+01 0.0699
## MSAColumbia, SC 2.2222e+00 2.5421e+01 0.0874
## MSAColumbus, GA-AL 7.3889e+00 2.5421e+01 0.2907
## MSAColumbus, OH 6.9389e+01 2.5421e+01 2.7295
## MSACorpus Christi, TX 4.4444e-01 2.5421e+01 0.0175
## MSACorvallis, OR 1.5556e+00 2.5421e+01 0.0612
## MSADallas, TX 4.0783e+02 2.5421e+01 16.0429
## MSADanbury, CT 1.2278e+01 2.5421e+01 0.4830
## MSADanville, VA -3.3333e-01 2.5421e+01 -0.0131
## MSADavenport-Moline-Rock Island, IA-IL -1.1111e-01 2.5421e+01 -0.0044
## MSADayton-Springfield, OH 3.3333e+00 2.5421e+01 0.1311
## MSADaytona Beach, FL -8.4854e+01 2.5897e+01 -3.2766
## MSADecatur, IL -3.8889e-01 2.5421e+01 -0.0153
## MSADenver, CO 3.2125e+02 2.5821e+01 12.4412
## MSADes Moines, IA 5.3333e+00 2.5421e+01 0.2098
## MSADetroit, MI 9.3333e+01 2.5421e+01 3.6714
## MSADothan, AL -3.8889e-01 2.5421e+01 -0.0153
## MSADover, DE 1.0556e+00 2.5421e+01 0.0415
## MSADubuque, IA -2.2222e-01 2.5421e+01 -0.0087
## MSADuluth-Superior, MN-WI 1.8889e+00 2.5421e+01 0.0743
## MSADutchess County, NY 1.1111e-01 2.5421e+01 0.0044
## MSAEau Claire, WI 1.0556e+00 2.5421e+01 0.0415
## MSAEl Paso, TX 1.4726e-11 2.5421e+01 0.0000
## MSAElkhart-Goshen, IN 1.1667e+00 2.5421e+01 0.0459
## MSAElmira, NY -3.8889e-01 2.5421e+01 -0.0153
## MSAErie, PA 1.9444e+00 2.5421e+01 0.0765
## MSAEugene-Springfield, OR 1.6111e+00 2.5421e+01 0.0634
## MSAEvansville-Henderson, IN-KY 1.4444e+00 2.5421e+01 0.0568
## MSAFargo-Moorhead, ND-MN 1.1667e+00 2.5421e+01 0.0459
## MSAFayetteville-Springdale-Rogers, AR -3.4740e+01 2.5505e+01 -1.3621
## MSAFayetteville, NC -3.8889e-01 2.5421e+01 -0.0153
## MSAFitchburg-Leominster, MA 1.1111e-01 2.5421e+01 0.0044
## MSAFlagstaff, AZ-UT 5.5556e-02 2.5421e+01 0.0022
## MSAFlint, MI 1.1111e-01 2.5421e+01 0.0044
## MSAFlorence, AL -2.2222e-01 2.5421e+01 -0.0087
## MSAFlorence, SC -3.8889e-01 2.5421e+01 -0.0153
## MSAFort Collins-Loveland, CO 9.3333e+00 2.5421e+01 0.3671
## MSAFort Lauderdale, FL 6.5889e+01 2.5421e+01 2.5919
## MSAFort Myers-Cape Coral, FL 1.3333e+00 2.5421e+01 0.0524
## MSAFort Pierce-Port St. Lucie, FL 2.8333e+00 2.5421e+01 0.1115
## MSAFort Smith, AR-OK -2.7778e-01 2.5421e+01 -0.0109
## MSAFort Walton Beach, FL 2.2222e-01 2.5421e+01 0.0087
## MSAFort Wayne, IN -2.1755e+01 2.5451e+01 -0.8548
## MSAFort Worth-Arlington, TX 3.4500e+01 2.5421e+01 1.3571
## MSAFresno, CA 1.4444e+00 2.5421e+01 0.0568
## MSAGadsden, AL -3.8889e-01 2.5421e+01 -0.0153
## MSAGainesville, FL 1.8111e+01 2.5421e+01 0.7124
## MSAGalveston-Texas City, TX 1.0556e+00 2.5421e+01 0.0415
## MSAGary, IN 2.3889e+00 2.5421e+01 0.0940
## MSAGlens Falls, NY -3.3333e-01 2.5421e+01 -0.0131
## MSAGoldsboro, NC -3.3333e-01 2.5421e+01 -0.0131
## MSAGrand Forks, ND-MN 2.2222e-01 2.5421e+01 0.0087
## MSAGrand Junction, CO -1.6667e-01 2.5421e+01 -0.0066
## MSAGrand Rapids-Muskegon-Holland, MI 2.0889e+01 2.5421e+01 0.8217
## MSAGreat Falls, MT -2.2222e-01 2.5421e+01 -0.0087
## MSAGreeley, CO -1.1111e-01 2.5421e+01 -0.0044
## MSAGreen Bay, WI 3.3333e-01 2.5421e+01 0.0131
## MSAGreensboro--Winston Salem--High Point, N 1.8667e+01 2.5421e+01 0.7343
## MSAGreenville-Spartanburg-Anderson, SC 2.5167e+01 2.5421e+01 0.9900
## MSAHagerstown, MD 7.7778e-01 2.5421e+01 0.0306
## MSAHamilton-Middletown, OH 5.3333e+00 2.5421e+01 0.2098
## MSAHarrisburg-Lebanon-Carlisle, PA 1.3722e+01 2.5421e+01 0.5398
## MSAHartford, CT 6.5722e+01 2.5421e+01 2.5853
## MSAHickory-Morganton-Lenoir, NC 7.7778e-01 2.5421e+01 0.0306
## MSAHonolulu, HI 5.1667e+00 2.5421e+01 0.2032
## MSAHouma, LA 2.7778e-01 2.5421e+01 0.0109
## MSAHouston, TX 2.9578e+02 2.5421e+01 11.6350
## MSAHuntington-Ashland, WV-KY-OH 7.5913e-12 2.5421e+01 0.0000
## MSAHuntsville, AL 1.3778e+01 2.5421e+01 0.5420
## MSAIndianapolis, IN 7.5889e+01 2.5421e+01 2.9852
## MSAIowa City, IA 2.8333e+00 2.5421e+01 0.1115
## MSAJackson, MI 3.8889e-01 2.5421e+01 0.0153
## MSAJackson, MS 8.3333e+00 2.5421e+01 0.3278
## MSAJacksonville, FL 3.5722e+01 2.5421e+01 1.4052
## MSAJacksonville, NC -3.3333e-01 2.5421e+01 -0.0131
## MSAJamestown, NY -2.2222e-01 2.5421e+01 -0.0087
## MSAJanesville-Beloit, WI 3.8889e-01 2.5421e+01 0.0153
## MSAJersey City, NJ 4.3000e+01 2.5421e+01 1.6915
## MSAJohnson City-Kingsport-Bristol, TN-VA 3.2222e+00 2.5421e+01 0.1268
## MSAJohnstown, PA 1.5000e+00 2.5421e+01 0.0590
## MSAJoplin, MO -6.9210e+01 2.5690e+01 -2.6941
## MSAKalamazoo-Battle Creek, MI 9.8333e+00 2.5421e+01 0.3868
## MSAKankakee, IL -3.8889e-01 2.5421e+01 -0.0153
## MSAKansas City, MO-KS -1.2917e+01 2.5821e+01 -0.5003
## MSAKenosha, WI 1.1111e-01 2.5421e+01 0.0044
## MSAKilleen-Temple, TX 5.0000e-01 2.5421e+01 0.0197
## MSAKnoxville, TN 2.9722e+01 2.5421e+01 1.1692
## MSAKokomo, IN -3.8889e-01 2.5421e+01 -0.0153
## MSALa Crosse, WI-MN -2.7778e-01 2.5421e+01 -0.0109
## MSALafayette, IN 4.2222e+00 2.5421e+01 0.1661
## MSALafayette, LA 1.7222e+00 2.5421e+01 0.0677
## MSALake Charles, LA -3.3333e-01 2.5421e+01 -0.0131
## MSALakeland-Winter Haven, FL 2.3333e+00 2.5421e+01 0.0918
## MSALancaster, PA 1.5556e+00 2.5421e+01 0.0612
## MSALansing-East Lansing, MI 3.2778e+00 2.5421e+01 0.1289
## MSALas Cruces, NM -3.8889e-01 2.5421e+01 -0.0153
## MSALas Vegas, NV-AZ 2.1500e+01 2.5421e+01 0.8457
## MSALawrence, KS 3.6111e+00 2.5421e+01 0.1420
## MSALawrence, MA-NH 8.3500e+01 2.5421e+01 3.2846
## MSALewiston-Auburn, ME -1.6667e-01 2.5421e+01 -0.0066
## MSALexington-Fayette, KY -3.5240e+01 2.5505e+01 -1.3817
## MSALima, OH 2.1111e+00 2.5421e+01 0.0830
## MSALincoln, NE 9.0000e+00 2.5421e+01 0.3540
## MSALittle Rock-North Little Rock, AR 1.0389e+01 2.5421e+01 0.4087
## MSALongview-Marshall, TX 5.5556e-02 2.5421e+01 0.0022
## MSALos Angeles-Long Beach, CA 5.0921e+02 2.5541e+01 19.9370
## MSALouisville, KY-IN 3.6889e+01 2.5421e+01 1.4511
## MSALowell, MA-NH 1.2989e+02 2.5421e+01 5.1094
## MSALubbock, TX 5.8189e-12 2.5421e+01 0.0000
## MSALynchburg, VA 2.7778e-01 2.5421e+01 0.0109
## MSAMacon, GA 7.7778e-01 2.5421e+01 0.0306
## MSAMadison, WI 5.4556e+01 2.5421e+01 2.1460
## MSAManchester, NH 2.6111e+01 2.5421e+01 1.0271
## MSAMansfield, OH -3.8889e-01 2.5421e+01 -0.0153
## MSAMcAllen-Edinburg-Mission, TX 8.3333e-01 2.5421e+01 0.0328
## MSAMedford-Ashland, OR 1.6111e+00 2.5421e+01 0.0634
## MSAMelbourne-Titusville-Palm Bay, FL 1.1222e+01 2.5421e+01 0.4414
## MSAMemphis, TN-AR-MS 2.2889e+01 2.5421e+01 0.9004
## MSAMiami, FL -4.4528e+01 2.5821e+01 -1.7245
## MSAMiddlesex-Somerset-Hunterdon, NJ 1.4539e+02 2.5421e+01 5.7192
## MSAMilwaukee-Waukesha, WI 3.5778e+01 2.5421e+01 1.4074
## MSAMinneapolis-St. Paul, MN-WI 2.7700e+02 2.5421e+01 10.8963
## MSAMissoula, MT 5.4444e+00 2.5421e+01 0.2142
## MSAMobile, AL 2.4444e+00 2.5421e+01 0.0962
## MSAModesto, CA 2.2222e-01 2.5421e+01 0.0087
## MSAMonmouth-Ocean, NJ 2.2500e+01 2.5421e+01 0.8851
## MSAMonroe, LA -7.9369e+00 2.5425e+01 -0.3122
## MSAMontgomery, AL 2.7778e-01 2.5421e+01 0.0109
## MSAMuncie, IN 7.2222e-01 2.5421e+01 0.0284
## MSAMyrtle Beach, SC -2.7778e-01 2.5421e+01 -0.0109
## MSANaples, FL 4.4444e-01 2.5421e+01 0.0175
## MSANashua, NH 3.8111e+01 2.5421e+01 1.4992
## MSANashville, TN 1.6661e+02 2.5421e+01 6.5540
## MSANassau-Suffolk, NY 4.4500e+01 2.5421e+01 1.7505
## MSANew Bedford, MA -2.7778e-01 2.5421e+01 -0.0109
## MSANew Haven-Meriden, CT 1.1217e+02 2.5421e+01 4.4123
## MSANew London-Norwich, CT-RI 5.5556e+00 2.5421e+01 0.2185
## MSANew Orleans, LA -1.0050e+02 2.6160e+01 -3.8416
## MSANew York, NY 1.0642e+03 2.5897e+01 41.0941
## MSANewark, NJ 9.2111e+01 2.5421e+01 3.6234
## MSANewburgh, NY-PA -1.6667e-01 2.5421e+01 -0.0066
## MSANorfolk-Virginia Beach-Newport News, VA- 1.6111e+01 2.5421e+01 0.6338
## MSAOakland, CA 6.8106e+02 2.5421e+01 26.7906
## MSAOcala, FL 4.0556e+00 2.5421e+01 0.1595
## MSAOdessa-Midland, TX 8.6667e+00 2.5421e+01 0.3409
## MSAOklahoma City, OK 1.7833e+01 2.5421e+01 0.7015
## MSAOlympia, WA 3.2222e+00 2.5421e+01 0.1268
## MSAOmaha, NE-IA 2.1833e+01 2.5421e+01 0.8589
## MSAOrange County, CA 4.1878e+02 2.5421e+01 16.4734
## MSAOrlando, FL 1.5261e+02 2.5421e+01 6.0033
## MSAPanama City, FL -1.6667e-01 2.5421e+01 -0.0066
## MSAParkersburg-Marietta, WV-OH -1.6667e-01 2.5421e+01 -0.0066
## MSAPensacola, FL 7.2222e-01 2.5421e+01 0.0284
## MSAPeoria-Pekin, IL 2.1111e+00 2.5421e+01 0.0830
## MSAPhiladelphia, PA-NJ 3.7100e+02 2.5634e+01 14.4733
## MSAPhoenix, AZ 1.4156e+02 2.5421e+01 5.5684
## MSAPine Bluff, AR -8.0480e+00 2.5425e+01 -0.3165
## MSAPittsburgh, PA 3.0056e+02 2.5421e+01 11.8229
## MSAPittsfield, MA -4.0844e+01 2.5541e+01 -1.5991
## MSAPocatello, ID -3.3333e-01 2.5421e+01 -0.0131
## MSAPonce, PR -3.3333e-01 2.5421e+01 -0.0131
## MSAPortland-Vancouver, OR-WA 1.5250e+02 2.5421e+01 5.9989
## MSAPortland, ME 1.6278e+01 2.5421e+01 0.6403
## MSAPortsmouth-Rochester, NH-ME 3.2556e+01 2.5421e+01 1.2806
## MSAProvidence-Fall River-Warwick, RI-MA 5.4111e+01 2.5421e+01 2.1286
## MSAProvo-Orem, UT 5.3167e+01 2.5421e+01 2.0914
## MSAPueblo, CO -5.5556e-02 2.5421e+01 -0.0022
## MSAPunta Gorda, FL -3.8889e-01 2.5421e+01 -0.0153
## MSARacine, WI 1.1111e-01 2.5421e+01 0.0044
## MSARaleigh-Durham-Chapel Hill, NC 2.9711e+02 2.5421e+01 11.6874
## MSAReading, PA 2.3333e+00 2.5421e+01 0.0918
## MSARedding, CA -3.3333e-01 2.5421e+01 -0.0131
## MSAReno, NV 1.3444e+01 2.5421e+01 0.5289
## MSARichland-Kennewick-Pasco, WA 4.4444e-01 2.5421e+01 0.0175
## MSARichmond-Petersburg, VA 4.8000e+01 2.5421e+01 1.8882
## MSARiverside-San Bernardino, CA 6.5000e+00 2.5421e+01 0.2557
## MSARoanoke, VA 8.6667e+00 2.5421e+01 0.3409
## MSARochester, MN 1.8889e+00 2.5421e+01 0.0743
## MSARochester, NY 1.7656e+01 2.5541e+01 0.6913
## MSARockford, IL -1.1111e-01 2.5421e+01 -0.0044
## MSARocky Mount, NC -4.6344e+01 2.5541e+01 -1.8145
## MSASacramento, CA 3.0833e+01 2.5421e+01 1.2129
## MSASaginaw-Bay City-Midland, MI 6.6667e-01 2.5421e+01 0.0262
## MSASalem, OR 1.3812e-12 2.5421e+01 0.0000
## MSASalinas, CA 3.5000e+00 2.5421e+01 0.1377
## MSASalt Lake City-Ogden, UT 1.5578e+02 2.5421e+01 6.1278
## MSASan Angelo, TX -3.3333e-01 2.5421e+01 -0.0131
## MSASan Antonio, TX 2.9611e+01 2.5421e+01 1.1648
## MSASan Diego, CA 6.4356e+02 2.5634e+01 25.1060
## MSASan Francisco, CA 2.2840e+03 2.5690e+01 88.9050
## MSASan Jose, CA 1.8555e+03 2.5421e+01 72.9896
## MSASan Juan, PR 1.3333e+00 2.5421e+01 0.0524
## MSASan Luis Obispo-Atascadero-Paso Robles, 5.2778e+00 2.5421e+01 0.2076
## MSASanta Barbara-Santa Maria-Lompoc, CA 6.5833e+01 2.5421e+01 2.5897
## MSASanta Cruz-Watsonville, CA 2.4000e+01 2.5421e+01 0.9441
## MSASanta Fe, NM 7.3889e+00 2.5421e+01 0.2907
## MSASanta Rosa, CA 5.6444e+01 2.5421e+01 2.2204
## MSASarasota-Bradenton, FL 6.5000e+00 2.5421e+01 0.2557
## MSASavannah, GA 7.0266e-12 2.5421e+01 0.0000
## MSAScranton--Wilkes-Barre--Hazleton, PA 3.1667e+00 2.5421e+01 0.1246
## MSASeattle-Bellevue-Everett, WA 5.5144e+02 2.5421e+01 21.6921
## MSASharon, PA 8.3333e-01 2.5421e+01 0.0328
## MSASheboygan, WI -1.6667e-01 2.5421e+01 -0.0066
## MSASherman-Denison, TX 1.6667e-01 2.5421e+01 0.0066
## MSAShreveport, LA 6.2222e+00 2.5421e+01 0.2448
## MSASioux City, IA-NE -3.3333e-01 2.5421e+01 -0.0131
## MSASioux Falls, SD 4.7222e+00 2.5421e+01 0.1858
## MSASouth Bend, IN 3.7222e+00 2.5421e+01 0.1464
## MSASpokane, WA 1.1000e+01 2.5421e+01 0.4327
## MSASpringfield, IL -3.3333e-01 2.5421e+01 -0.0131
## MSASpringfield, MA 3.4444e+00 2.5421e+01 0.1355
## MSASpringfield, MO 2.5556e+00 2.5421e+01 0.1005
## MSASt. Cloud, MN 1.1667e+00 2.5421e+01 0.0459
## MSASt. Joseph, MO -3.3333e-01 2.5421e+01 -0.0131
## MSASt. Louis, MO-IL 1.1689e+02 2.5421e+01 4.5980
## MSAStamford-Norwalk, CT 9.8833e+01 2.5421e+01 3.8878
## MSAState College, PA 5.3333e+00 2.5421e+01 0.2098
## MSASteubenville-Weirton, OH-WV 6.7771e-12 2.5421e+01 0.0000
## MSAStockton-Lodi, CA 1.3333e+00 2.5421e+01 0.0524
## MSASumter, SC -3.3333e-01 2.5421e+01 -0.0131
## MSASyracuse, NY 2.5556e+00 2.5421e+01 0.1005
## MSATacoma, WA 1.6111e+00 2.5421e+01 0.0634
## MSATallahassee, FL 1.0556e+00 2.5421e+01 0.0415
## MSATampa-St. Petersburg-Clearwater, FL 3.9878e+01 2.5541e+01 1.5613
## MSAToledo, OH 4.6111e+00 2.5421e+01 0.1814
## MSATopeka, KS 5.5556e-01 2.5421e+01 0.0219
## MSATrenton, NJ 7.5056e+01 2.5421e+01 2.9525
## MSATucson, AZ -6.5584e+01 2.5821e+01 -2.5399
## MSATulsa, OK -6.6996e+00 2.5451e+01 -0.2632
## MSATyler, TX 8.3333e-01 2.5421e+01 0.0328
## MSAUnknown 2.6017e+02 2.5421e+01 10.2342
## MSAUtica-Rome, NY 6.6667e-01 2.5421e+01 0.0262
## MSAVallejo-Fairfield-Napa, CA 1.1500e+01 2.5421e+01 0.4524
## MSAVentura, CA 3.7667e+01 2.5421e+01 1.4817
## MSAVineland-Millville-Bridgeton, NJ -6.1440e+01 2.5634e+01 -2.3968
## MSAVisalia-Tulare-Porterville, CA 5.4444e+00 2.5421e+01 0.2142
## MSAWaco, TX 5.0000e-01 2.5421e+01 0.0197
## MSAWashington, DC-MD-VA-WV 4.9561e+02 2.6160e+01 18.9453
## MSAWaterbury, CT 8.2222e+00 2.5421e+01 0.3234
## MSAWaterloo-Cedar Falls, IA -3.8889e-01 2.5421e+01 -0.0153
## MSAWausau, WI -1.6667e-01 2.5421e+01 -0.0066
## MSAWest Palm Beach-Boca Raton, FL 7.2944e+01 2.5421e+01 2.8694
## MSAWheeling, WV-OH -3.8889e-01 2.5421e+01 -0.0153
## MSAWichita Falls, TX -3.8889e-01 2.5421e+01 -0.0153
## MSAWichita, KS -7.8473e+01 2.5821e+01 -3.0391
## MSAWilliamsport, PA -1.6667e-01 2.5421e+01 -0.0066
## MSAWilmington-Newark, DE-MD 2.1056e+01 2.5421e+01 0.8283
## MSAWilmington, NC 4.3889e+00 2.5421e+01 0.1726
## MSAWorcester, MA-CT 5.8333e+01 2.5421e+01 2.2947
## MSAYakima, WA 3.8889e-01 2.5421e+01 0.0153
## MSAYolo, CA 5.6111e+00 2.5421e+01 0.2207
## MSAYork, PA 2.2222e-01 2.5421e+01 0.0087
## MSAYoungstown-Warren, OH -2.7147e+00 2.5425e+01 -0.1068
## MSAYuma, AZ -3.8889e-01 2.5421e+01 -0.0153
## I(post * treated) 1.3786e+02 7.4081e+00 18.6100
## factor(round_year)2003 2.9560e-01 6.0481e+00 0.0489
## factor(round_year)2004 3.7736e+00 6.0481e+00 0.6239
## factor(round_year)2005 3.7619e+00 6.0483e+00 0.6220
## factor(round_year)2006 1.1363e+01 6.0486e+00 1.8786
## factor(round_year)2007 1.8835e+01 6.0489e+00 3.1138
## factor(round_year)2008 1.9934e+01 6.0503e+00 3.2947
## factor(round_year)2009 1.0203e+01 6.0546e+00 1.6852
## factor(round_year)2010 2.0851e+01 6.0546e+00 3.4438
## factor(round_year)2011 2.1625e+01 6.0569e+00 3.5704
## factor(round_year)2012 2.2712e+01 6.0611e+00 3.7471
## factor(round_year)2013 2.4438e+01 6.0611e+00 4.0320
## factor(round_year)2014 2.7154e+01 6.0698e+00 4.4736
## factor(round_year)2015 2.6558e+01 6.0784e+00 4.3693
## factor(round_year)2016 2.7084e+01 6.0808e+00 4.4540
## factor(round_year)2017 2.6795e+01 6.0858e+00 4.4030
## factor(round_year)2018 3.2585e+01 6.0858e+00 5.3542
## factor(round_year)2019 5.4294e+01 6.0939e+00 8.9095
## Pr(>|t|)
## (Intercept) 0.2986304
## MSAAkron, OH 0.5669593
## MSAAlbany-Schenectady-Troy, NY 0.3553104
## MSAAlbany, GA 0.9895387
## MSAAlbuquerque, NM 0.3503469
## MSAAlexandria, LA 0.9982564
## MSAAllentown-Bethlehem-Easton, PA 0.4026285
## MSAAltoona, PA 0.7037698
## MSAAmarillo, TX 0.9912822
## MSAAnchorage, AK 0.9912822
## MSAAnn Arbor, MI 0.0011536 **
## MSAAnniston, AL 0.9895387
## MSAAppleton-Oshkosh-Neenah, WI 0.9372950
## MSAAsheville, NC 0.5262635
## MSAAthens, GA 0.9008711
## MSAAtlanta, GA < 2.2e-16 ***
## MSAAtlantic-Cape May, NJ 0.9982564
## MSAAuburn-Opelika, AL 0.9895387
## MSAAugusta-Aiken, GA-SC 1.0000000
## MSAAustin-San Marcos, TX < 2.2e-16 ***
## MSABakersfield, CA 0.8732549
## MSABaltimore, MD 7.835e-11 ***
## MSABangor, ME 0.9026014
## MSABarnstable-Yarmouth, MA 0.9668811
## MSABaton Rouge, LA 0.8100353
## MSABeaumont-Port Arthur, TX 1.0000000
## MSABellingham, WA 0.9912822
## MSABenton Harbor, MI 0.9912822
## MSABergen-Passaic, NJ 0.0047029 **
## MSABillings, MT 0.9965128
## MSABiloxi-Gulfport-Pascagoula, MS 0.9912822
## MSABinghamton, NY 0.9965128
## MSABirmingham, AL 0.2354127
## MSABismarck, ND 0.9877953
## MSABloomington-Normal, IL 0.9947692
## MSABloomington, IN 5.849e-05 ***
## MSABoise City, ID 0.6908377
## MSABoston, MA-NH < 2.2e-16 ***
## MSABoulder-Longmont, CO 2.409e-16 ***
## MSABrazoria, TX 0.9808222
## MSABremerton, WA 0.9686232
## MSABridgeport, CT 0.1632920
## MSABrockton, MA 0.6747990
## MSABrownsville-Harlingen-San Benito, TX 0.9895387
## MSABryan-College Station, TX 0.9199292
## MSABuffalo-Niagara Falls, NY 0.6437459
## MSABurlington, VT 0.2872486
## MSACaguas, PR 0.9895387
## MSACanton-Massillon, OH 0.6525922
## MSACasper, WY 0.9895387
## MSACedar Rapids, IA 0.9026014
## MSAChampaign-Urbana, IL 0.5566453
## MSACharleston, SC 0.7282473
## MSACharleston, WV 0.1384203
## MSACharlotte-Gastonia-Rock Hill, NC-SC 0.0010437 **
## MSACharlottesville, VA 0.4721774
## MSAChattanooga, TN-GA 0.6369152
## MSACheyenne, WY 0.9912822
## MSAChicago, IL < 2.2e-16 ***
## MSAChico-Paradise, CA 0.9668811
## MSACincinnati, OH-KY-IN 0.2346833
## MSAClarksville-Hopkinsville, TN-KY 0.9877953
## MSACleveland-Lorain-Elyria, OH 2.168e-05 ***
## MSAColorado Springs, CO 0.5984392
## MSAColumbia, MO 0.9442501
## MSAColumbia, SC 0.9303446
## MSAColumbus, GA-AL 0.7713255
## MSAColumbus, OH 0.0063628 **
## MSACorpus Christi, TX 0.9860519
## MSACorvallis, OR 0.9512096
## MSADallas, TX < 2.2e-16 ***
## MSADanbury, CT 0.6291367
## MSADanville, VA 0.9895387
## MSADavenport-Moline-Rock Island, IA-IL 0.9965128
## MSADayton-Springfield, OH 0.8956829
## MSADaytona Beach, FL 0.0010572 **
## MSADecatur, IL 0.9877953
## MSADenver, CO < 2.2e-16 ***
## MSADes Moines, IA 0.8338341
## MSADetroit, MI 0.0002435 ***
## MSADothan, AL 0.9877953
## MSADover, DE 0.9668811
## MSADubuque, IA 0.9930257
## MSADuluth-Superior, MN-WI 0.9407720
## MSADutchess County, NY 0.9965128
## MSAEau Claire, WI 0.9668811
## MSAEl Paso, TX 1.0000000
## MSAElkhart-Goshen, IN 0.9633972
## MSAElmira, NY 0.9877953
## MSAErie, PA 0.9390333
## MSAEugene-Springfield, OR 0.9494693
## MSAEvansville-Henderson, IN-KY 0.9546907
## MSAFargo-Moorhead, ND-MN 0.9633972
## MSAFayetteville-Springdale-Rogers, AR 0.1732186
## MSAFayetteville, NC 0.9877953
## MSAFitchburg-Leominster, MA 0.9965128
## MSAFlagstaff, AZ-UT 0.9982564
## MSAFlint, MI 0.9965128
## MSAFlorence, AL 0.9930257
## MSAFlorence, SC 0.9877953
## MSAFort Collins-Loveland, CO 0.7135256
## MSAFort Lauderdale, FL 0.0095715 **
## MSAFort Myers-Cape Coral, FL 0.9581727
## MSAFort Pierce-Port St. Lucie, FL 0.9112600
## MSAFort Smith, AR-OK 0.9912822
## MSAFort Walton Beach, FL 0.9930257
## MSAFort Wayne, IN 0.3927138
## MSAFort Worth-Arlington, TX 0.1747988
## MSAFresno, CA 0.9546907
## MSAGadsden, AL 0.9877953
## MSAGainesville, FL 0.4762262
## MSAGalveston-Texas City, TX 0.9668811
## MSAGary, IN 0.9251353
## MSAGlens Falls, NY 0.9895387
## MSAGoldsboro, NC 0.9895387
## MSAGrand Forks, ND-MN 0.9930257
## MSAGrand Junction, CO 0.9947692
## MSAGrand Rapids-Muskegon-Holland, MI 0.4112815
## MSAGreat Falls, MT 0.9930257
## MSAGreeley, CO 0.9965128
## MSAGreen Bay, WI 0.9895387
## MSAGreensboro--Winston Salem--High Point, N 0.4628045
## MSAGreenville-Spartanburg-Anderson, SC 0.3222288
## MSAHagerstown, MD 0.9755934
## MSAHamilton-Middletown, OH 0.8338341
## MSAHarrisburg-Lebanon-Carlisle, PA 0.5893643
## MSAHartford, CT 0.0097552 **
## MSAHickory-Morganton-Lenoir, NC 0.9755934
## MSAHonolulu, HI 0.8389546
## MSAHouma, LA 0.9912822
## MSAHouston, TX < 2.2e-16 ***
## MSAHuntington-Ashland, WV-KY-OH 1.0000000
## MSAHuntsville, AL 0.5878580
## MSAIndianapolis, IN 0.0028463 **
## MSAIowa City, IA 0.9112600
## MSAJackson, MI 0.9877953
## MSAJackson, MS 0.7430699
## MSAJacksonville, FL 0.1600189
## MSAJacksonville, NC 0.9895387
## MSAJamestown, NY 0.9930257
## MSAJanesville-Beloit, WI 0.9877953
## MSAJersey City, NJ 0.0908016 .
## MSAJohnson City-Kingsport-Bristol, TN-VA 0.8991412
## MSAJohnstown, PA 0.9529500
## MSAJoplin, MO 0.0070806 **
## MSAKalamazoo-Battle Creek, MI 0.6989099
## MSAKankakee, IL 0.9877953
## MSAKansas City, MO-KS 0.6169176
## MSAKenosha, WI 0.9965128
## MSAKilleen-Temple, TX 0.9843086
## MSAKnoxville, TN 0.2423826
## MSAKokomo, IN 0.9877953
## MSALa Crosse, WI-MN 0.9912822
## MSALafayette, IN 0.8680930
## MSALafayette, LA 0.9459896
## MSALake Charles, LA 0.9895387
## MSALakeland-Winter Haven, FL 0.9268714
## MSALancaster, PA 0.9512096
## MSALansing-East Lansing, MI 0.8974118
## MSALas Cruces, NM 0.9877953
## MSALas Vegas, NV-AZ 0.3977333
## MSALawrence, KS 0.8870458
## MSALawrence, MA-NH 0.0010277 **
## MSALewiston-Auburn, ME 0.9947692
## MSALexington-Fayette, KY 0.1671152
## MSALima, OH 0.9338192
## MSALincoln, NE 0.7233286
## MSALittle Rock-North Little Rock, AR 0.6828004
## MSALongview-Marshall, TX 0.9982564
## MSALos Angeles-Long Beach, CA < 2.2e-16 ***
## MSALouisville, KY-IN 0.1468116
## MSALowell, MA-NH 3.343e-07 ***
## MSALubbock, TX 1.0000000
## MSALynchburg, VA 0.9912822
## MSAMacon, GA 0.9755934
## MSAMadison, WI 0.0319137 *
## MSAManchester, NH 0.3044051
## MSAMansfield, OH 0.9877953
## MSAMcAllen-Edinburg-Mission, TX 0.9738506
## MSAMedford-Ashland, OR 0.9494693
## MSAMelbourne-Titusville-Palm Bay, FL 0.6589067
## MSAMemphis, TN-AR-MS 0.3679592
## MSAMiami, FL 0.0846795 .
## MSAMiddlesex-Somerset-Hunterdon, NJ 1.128e-08 ***
## MSAMilwaukee-Waukesha, WI 0.1593702
## MSAMinneapolis-St. Paul, MN-WI < 2.2e-16 ***
## MSAMissoula, MT 0.8304244
## MSAMobile, AL 0.9233995
## MSAModesto, CA 0.9930257
## MSAMonmouth-Ocean, NJ 0.3761527
## MSAMonroe, LA 0.7549212
## MSAMontgomery, AL 0.9912822
## MSAMuncie, IN 0.9773362
## MSAMyrtle Beach, SC 0.9912822
## MSANaples, FL 0.9860519
## MSANashua, NH 0.1338872
## MSANashville, TN 6.125e-11 ***
## MSANassau-Suffolk, NY 0.0800902 .
## MSANew Bedford, MA 0.9912822
## MSANew Haven-Meriden, CT 1.043e-05 ***
## MSANew London-Norwich, CT-RI 0.8270179
## MSANew Orleans, LA 0.0001236 ***
## MSANew York, NY < 2.2e-16 ***
## MSANewark, NJ 0.0002935 ***
## MSANewburgh, NY-PA 0.9947692
## MSANorfolk-Virginia Beach-Newport News, VA- 0.5262635
## MSAOakland, CA < 2.2e-16 ***
## MSAOcala, FL 0.8732549
## MSAOdessa-Midland, TX 0.7331772
## MSAOklahoma City, OK 0.4830162
## MSAOlympia, WA 0.8991412
## MSAOmaha, NE-IA 0.3904582
## MSAOrange County, CA < 2.2e-16 ***
## MSAOrlando, FL 2.060e-09 ***
## MSAPanama City, FL 0.9947692
## MSAParkersburg-Marietta, WV-OH 0.9947692
## MSAPensacola, FL 0.9773362
## MSAPeoria-Pekin, IL 0.9338192
## MSAPhiladelphia, PA-NJ < 2.2e-16 ***
## MSAPhoenix, AZ 2.696e-08 ***
## MSAPine Bluff, AR 0.7516025
## MSAPittsburgh, PA < 2.2e-16 ***
## MSAPittsfield, MA 0.1098482
## MSAPocatello, ID 0.9895387
## MSAPonce, PR 0.9895387
## MSAPortland-Vancouver, OR-WA 2.116e-09 ***
## MSAPortland, ME 0.5219934
## MSAPortsmouth-Rochester, NH-ME 0.2003770
## MSAProvidence-Fall River-Warwick, RI-MA 0.0333356 *
## MSAProvo-Orem, UT 0.0365378 *
## MSAPueblo, CO 0.9982564
## MSAPunta Gorda, FL 0.9877953
## MSARacine, WI 0.9965128
## MSARaleigh-Durham-Chapel Hill, NC < 2.2e-16 ***
## MSAReading, PA 0.9268714
## MSARedding, CA 0.9895387
## MSAReno, NV 0.5969223
## MSARichland-Kennewick-Pasco, WA 0.9860519
## MSARichmond-Petersburg, VA 0.0590566 .
## MSARiverside-San Bernardino, CA 0.7982000
## MSARoanoke, VA 0.7331772
## MSARochester, MN 0.9407720
## MSARochester, NY 0.4894135
## MSARockford, IL 0.9965128
## MSARocky Mount, NC 0.0696596 .
## MSASacramento, CA 0.2252257
## MSASaginaw-Bay City-Midland, MI 0.9790792
## MSASalem, OR 1.0000000
## MSASalinas, CA 0.8904991
## MSASalt Lake City-Ogden, UT 9.542e-10 ***
## MSASan Angelo, TX 0.9895387
## MSASan Antonio, TX 0.2441476
## MSASan Diego, CA < 2.2e-16 ***
## MSASan Francisco, CA < 2.2e-16 ***
## MSASan Jose, CA < 2.2e-16 ***
## MSASan Juan, PR 0.9581727
## MSASan Luis Obispo-Atascadero-Paso Robles, 0.8355402
## MSASanta Barbara-Santa Maria-Lompoc, CA 0.0096324 **
## MSASanta Cruz-Watsonville, CA 0.3451681
## MSASanta Fe, NM 0.7713255
## MSASanta Rosa, CA 0.0264364 *
## MSASarasota-Bradenton, FL 0.7982000
## MSASavannah, GA 1.0000000
## MSAScranton--Wilkes-Barre--Hazleton, PA 0.9008711
## MSASeattle-Bellevue-Everett, WA < 2.2e-16 ***
## MSASharon, PA 0.9738506
## MSASheboygan, WI 0.9947692
## MSASherman-Denison, TX 0.9947692
## MSAShreveport, LA 0.8066492
## MSASioux City, IA-NE 0.9895387
## MSASioux Falls, SD 0.8526418
## MSASouth Bend, IN 0.8835947
## MSASpokane, WA 0.6652456
## MSASpringfield, IL 0.9895387
## MSASpringfield, MA 0.8922265
## MSASpringfield, MO 0.9199292
## MSASt. Cloud, MN 0.9633972
## MSASt. Joseph, MO 0.9895387
## MSASt. Louis, MO-IL 4.362e-06 ***
## MSAStamford-Norwalk, CT 0.0001024 ***
## MSAState College, PA 0.8338341
## MSASteubenville-Weirton, OH-WV 1.0000000
## MSAStockton-Lodi, CA 0.9581727
## MSASumter, SC 0.9895387
## MSASyracuse, NY 0.9199292
## MSATacoma, WA 0.9494693
## MSATallahassee, FL 0.9668811
## MSATampa-St. Petersburg-Clearwater, FL 0.1185004
## MSAToledo, OH 0.8560707
## MSATopeka, KS 0.9825654
## MSATrenton, NJ 0.0031662 **
## MSATucson, AZ 0.0111161 *
## MSATulsa, OK 0.7923810
## MSATyler, TX 0.9738506
## MSAUnknown < 2.2e-16 ***
## MSAUtica-Rome, NY 0.9790792
## MSAVallejo-Fairfield-Napa, CA 0.6510174
## MSAVentura, CA 0.1384812
## MSAVineland-Millville-Bridgeton, NJ 0.0165713 *
## MSAVisalia-Tulare-Porterville, CA 0.8304244
## MSAWaco, TX 0.9843086
## MSAWashington, DC-MD-VA-WV < 2.2e-16 ***
## MSAWaterbury, CT 0.7463770
## MSAWaterloo-Cedar Falls, IA 0.9877953
## MSAWausau, WI 0.9947692
## MSAWest Palm Beach-Boca Raton, FL 0.0041284 **
## MSAWheeling, WV-OH 0.9877953
## MSAWichita Falls, TX 0.9877953
## MSAWichita, KS 0.0023845 **
## MSAWilliamsport, PA 0.9947692
## MSAWilmington-Newark, DE-MD 0.4075596
## MSAWilmington, NC 0.8629367
## MSAWorcester, MA-CT 0.0217913 *
## MSAYakima, WA 0.9877953
## MSAYolo, CA 0.8253159
## MSAYork, PA 0.9930257
## MSAYoungstown-Warren, OH 0.9149724
## MSAYuma, AZ 0.9877953
## I(post * treated) < 2.2e-16 ***
## factor(round_year)2003 0.9610215
## factor(round_year)2004 0.5327039
## factor(round_year)2005 0.5339901
## factor(round_year)2006 0.0603507 .
## factor(round_year)2007 0.0018566 **
## factor(round_year)2008 0.0009918 ***
## factor(round_year)2009 0.0920077 .
## factor(round_year)2010 0.0005779 ***
## factor(round_year)2011 0.0003596 ***
## factor(round_year)2012 0.0001808 ***
## factor(round_year)2013 5.608e-05 ***
## factor(round_year)2014 7.849e-06 ***
## factor(round_year)2015 1.270e-05 ***
## factor(round_year)2016 8.598e-06 ***
## factor(round_year)2017 1.088e-05 ***
## factor(round_year)2018 8.947e-08 ***
## factor(round_year)2019 < 2.2e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Total Sum of Squares: 334140000
## Residual Sum of Squares: 31338000
## R-Squared: 0.90621
## Adj. R-Squared: 0.90038
## F-statistic: 155.409 on 335 and 5388 DF, p-value: < 2.22e-16fixed-effects
Following the instructions on the feols package we aggregate the analysis using Fixed Effects
est_comb = feols(sum_round_numbers~ MSA | treated^year_treated, news_MSA_VC )## Variables 'MSABloomington, IN', 'MSABoston, MA-NH' and 10 others have been removed because of collinearity (see $collin.var).summary(est_comb, vcov = "twoway")## OLS estimation, Dep. Var.: sum_round_numbers
## Observations: 5,724
## Fixed-effects: treated^year_treated: 13
## Standard-errors: Clustered (treated^year_treated)
## Estimate Std. Error
## MSAAkron, OH 1.455556e+01 1.816989e-10
## MSAAlbany-Schenectady-Troy, NY 2.350000e+01 1.839238e-10
## MSAAlbany, GA 3.333333e-01 1.774472e-10
## MSAAlbuquerque, NM -1.088389e+03 4.175414e-12
## MSAAlexandria, LA -5.555556e-02 1.771921e-10
## MSAAllentown-Bethlehem-Easton, PA 2.127778e+01 1.841756e-10
## MSAAltoona, PA 9.666667e+00 1.811475e-10
## MSAAmarillo, TX -2.777778e-01 1.788879e-10
## MSAAnchorage, AK -2.777778e-01 1.783330e-10
## MSAAnn Arbor, MI 8.266667e+01 1.968191e-10
## MSAAnniston, AL -3.333333e-01 1.784682e-10
## MSAAppleton-Oshkosh-Neenah, WI 2.000000e+00 1.776194e-10
## MSAAsheville, NC 1.611111e+01 1.827981e-10
## MSAAthens, GA 3.166667e+00 1.800721e-10
## MSAAtlanta, GA 4.331111e+02 2.289927e-10
## MSAAtlantic-Cape May, NJ 5.555556e-02 1.797190e-10
## MSAAuburn-Opelika, AL 3.333333e-01 1.781464e-10
## MSAAugusta-Aiken, GA-SC 1.680000e-10 1.798085e-10
## MSAAustin-San Marcos, TX 4.861111e+02 2.415342e-10
## MSABakersfield, CA 4.055556e+00 1.802812e-10
## MSABaltimore, MD 1.656667e+02 1.951710e-10
## MSABangor, ME 3.111111e+00 1.795992e-10
## MSABarnstable-Yarmouth, MA 1.055556e+00 1.797265e-10
## MSABaton Rouge, LA 6.111111e+00 1.831713e-10
## MSABeaumont-Port Arthur, TX 1.690000e-10 1.802113e-10
## MSABellingham, WA 2.777778e-01 1.811319e-10
## MSABenton Harbor, MI -2.777778e-01 1.799216e-10
## MSABergen-Passaic, NJ 7.188889e+01 1.968699e-10
## MSABillings, MT -1.111111e-01 1.798507e-10
## MSABiloxi-Gulfport-Pascagoula, MS -2.777778e-01 1.779302e-10
## MSABinghamton, NY -1.111111e-01 1.795619e-10
## MSABirmingham, AL 3.016667e+01 1.859361e-10
## MSABismarck, ND 3.888889e-01 1.782166e-10
## MSABloomington-Normal, IL -1.666667e-01 1.807840e-10
## MSABoise City, ID 1.011111e+01 1.820203e-10
## MSABoulder-Longmont, CO 2.091111e+02 2.045362e-10
## MSABrazoria, TX 6.111111e-01 1.812789e-10
## MSABremerton, WA 1.000000e+00 1.785163e-10
## MSABridgeport, CT 3.544444e+01 1.846827e-10
## MSABrockton, MA 1.066667e+01 1.836022e-10
## MSABrownsville-Harlingen-San Benito, TX -3.333333e-01 1.788710e-10
## MSABryan-College Station, TX 2.555556e+00 1.791870e-10
## MSABuffalo-Niagara Falls, NY 2.344444e+01 8.324000e-14
## MSABurlington, VT 2.705556e+01 1.843306e-10
## MSACaguas, PR -3.333333e-01 1.802012e-10
## MSACanton-Massillon, OH 1.144444e+01 1.819010e-10
## MSACasper, WY -3.333333e-01 1.779665e-10
## MSACedar Rapids, IA 3.111111e+00 1.806480e-10
## MSAChampaign-Urbana, IL 1.494444e+01 1.838234e-10
## MSACharleston, SC 8.833333e+00 1.808796e-10
## MSACharleston, WV -2.555556e+00 1.879100e-14
## MSACharlotte-Gastonia-Rock Hill, NC-SC 8.338889e+01 1.950331e-10
## MSACharlottesville, VA 1.827778e+01 1.856134e-10
## MSAChattanooga, TN-GA 1.200000e+01 1.835366e-10
## MSACheyenne, WY -2.777778e-01 1.804461e-10
## MSAChicago, IL 4.827778e+02 2.330954e-10
## MSAChico-Paradise, CA 1.055556e+00 1.799623e-10
## MSAClarksville-Hopkinsville, TN-KY -3.888889e-01 1.799867e-10
## MSACleveland-Lorain-Elyria, OH 1.080556e+02 1.982865e-10
## MSAColorado Springs, CO 1.338889e+01 1.830993e-10
## MSAColumbia, MO 1.777778e+00 1.809876e-10
## MSAColumbia, SC 2.222222e+00 1.803169e-10
## MSAColumbus, GA-AL 7.388889e+00 1.834915e-10
## MSAColumbus, OH 6.938889e+01 1.936492e-10
## MSACorpus Christi, TX 4.444444e-01 1.800501e-10
## MSACorvallis, OR 1.555556e+00 1.820673e-10
## MSADallas, TX 4.078333e+02 2.162221e-10
## MSADanbury, CT 1.227778e+01 1.842211e-10
## MSADanville, VA -3.333333e-01 1.804292e-10
## MSADavenport-Moline-Rock Island, IA-IL -1.111111e-01 1.809832e-10
## MSADayton-Springfield, OH 3.333333e+00 1.807839e-10
## MSADaytona Beach, FL -1.149056e+03 3.648420e-12
## MSADecatur, IL -3.888889e-01 1.803667e-10
## MSADenver, CO 3.997222e+02 2.430855e-12
## MSADes Moines, IA 5.333333e+00 1.819319e-10
## MSADetroit, MI 9.333333e+01 1.975299e-10
## MSADothan, AL -3.888889e-01 1.805567e-10
## MSADover, DE 1.055556e+00 1.803499e-10
## MSADubuque, IA -2.222222e-01 1.807139e-10
## MSADuluth-Superior, MN-WI 1.888889e+00 1.805956e-10
## MSADutchess County, NY 1.111111e-01 1.805719e-10
## MSAEau Claire, WI 1.055556e+00 1.783811e-10
## MSAEl Paso, TX 1.690000e-10 1.807206e-10
## MSAElkhart-Goshen, IN 1.166667e+00 1.806724e-10
## MSAElmira, NY -3.888889e-01 1.808760e-10
## MSAErie, PA 1.944444e+00 1.799667e-10
## MSAEugene-Springfield, OR 1.611111e+00 1.784207e-10
## MSAEvansville-Henderson, IN-KY 1.444444e+00 1.809470e-10
## MSAFargo-Moorhead, ND-MN 1.166667e+00 1.802011e-10
## MSAFayetteville-Springdale-Rogers, AR 5.000000e-01 4.217400e-14
## MSAFayetteville, NC -3.888889e-01 1.803363e-10
## MSAFitchburg-Leominster, MA 1.111111e-01 1.811192e-10
## MSAFlagstaff, AZ-UT 5.555556e-02 1.788524e-10
## MSAFlint, MI 1.111111e-01 1.786946e-10
## MSAFlorence, AL -2.222222e-01 1.806758e-10
## MSAFlorence, SC -3.888889e-01 1.781168e-10
## MSAFort Collins-Loveland, CO 9.333333e+00 1.816466e-10
## MSAFort Lauderdale, FL 6.588889e+01 1.915019e-10
## MSAFort Myers-Cape Coral, FL 1.333333e+00 1.813389e-10
## MSAFort Pierce-Port St. Lucie, FL 2.833333e+00 1.816047e-10
## MSAFort Smith, AR-OK -2.777778e-01 1.788575e-10
## MSAFort Walton Beach, FL 2.222222e-01 1.820118e-10
## MSAFort Wayne, IN -1.505556e+01 6.330000e-16
## MSAFort Worth-Arlington, TX 3.450000e+01 1.867128e-10
## MSAFresno, CA 1.444444e+00 1.806962e-10
## MSAGadsden, AL -3.888889e-01 1.803743e-10
## MSAGainesville, FL 1.811111e+01 1.849383e-10
## MSAGalveston-Texas City, TX 1.055556e+00 1.820903e-10
## MSAGary, IN 2.388889e+00 1.781026e-10
## MSAGlens Falls, NY -3.333333e-01 1.808929e-10
## MSAGoldsboro, NC -3.333333e-01 1.789851e-10
## MSAGrand Forks, ND-MN 2.222222e-01 1.805904e-10
## MSAGrand Junction, CO -1.666667e-01 1.780172e-10
## MSAGrand Rapids-Muskegon-Holland, MI 2.088889e+01 1.829577e-10
## MSAGreat Falls, MT -2.222222e-01 1.793305e-10
## MSAGreeley, CO -1.111111e-01 1.787258e-10
## MSAGreen Bay, WI 3.333333e-01 1.798109e-10
## MSAGreensboro--Winston Salem--High Point, N 1.866667e+01 1.823415e-10
## MSAGreenville-Spartanburg-Anderson, SC 2.516667e+01 1.824186e-10
## MSAHagerstown, MD 7.777778e-01 1.787756e-10
## MSAHamilton-Middletown, OH 5.333333e+00 1.787249e-10
## MSAHarrisburg-Lebanon-Carlisle, PA 1.372222e+01 1.834742e-10
## MSAHartford, CT 6.572222e+01 1.883185e-10
## MSAHickory-Morganton-Lenoir, NC 7.777778e-01 1.791328e-10
## MSAHonolulu, HI 5.166667e+00 1.829454e-10
## MSAHouma, LA 2.777778e-01 1.784488e-10
## MSAHouston, TX 2.957778e+02 1.953238e-10
## MSAHuntington-Ashland, WV-KY-OH 1.720000e-10 1.838369e-10
## MSAHuntsville, AL 1.377778e+01 1.827246e-10
## MSAIndianapolis, IN 7.588889e+01 1.937855e-10
## MSAIowa City, IA 2.833333e+00 1.825629e-10
## MSAJackson, MI 3.888889e-01 1.839324e-10
## MSAJackson, MS 8.333333e+00 1.848465e-10
## MSAJacksonville, FL 3.572222e+01 1.871291e-10
## MSAJacksonville, NC -3.333333e-01 1.831807e-10
## MSAJamestown, NY -2.222222e-01 1.836326e-10
## MSAJanesville-Beloit, WI 3.888889e-01 1.840313e-10
## MSAJersey City, NJ 4.300000e+01 1.896317e-10
## MSAJohnson City-Kingsport-Bristol, TN-VA 3.222222e+00 1.846419e-10
## MSAJohnstown, PA 1.500000e+00 1.835559e-10
## MSAJoplin, MO -2.353167e+03 6.486080e-13
## MSAKalamazoo-Battle Creek, MI 9.833333e+00 1.857514e-10
## MSAKankakee, IL -3.888889e-01 1.818413e-10
## MSAKansas City, MO-KS 6.555556e+01 1.522128e-12
## MSAKenosha, WI 1.111111e-01 1.833844e-10
## MSAKilleen-Temple, TX 5.000000e-01 1.814655e-10
## MSAKnoxville, TN 2.972222e+01 1.857082e-10
## MSAKokomo, IN -3.888889e-01 1.815220e-10
## MSALa Crosse, WI-MN -2.777778e-01 1.830380e-10
## MSALafayette, IN 4.222222e+00 1.827339e-10
## MSALafayette, LA 1.722222e+00 1.818751e-10
## MSALake Charles, LA -3.333333e-01 1.827551e-10
## MSALakeland-Winter Haven, FL 2.333333e+00 1.828514e-10
## MSALancaster, PA 1.555556e+00 1.810871e-10
## MSALansing-East Lansing, MI 3.277778e+00 1.824390e-10
## MSALas Cruces, NM -3.888889e-01 1.793406e-10
## MSALas Vegas, NV-AZ 2.150000e+01 1.829784e-10
## MSALawrence, KS 3.611111e+00 1.795230e-10
## MSALawrence, MA-NH 8.350000e+01 1.888763e-10
## MSALewiston-Auburn, ME -1.666667e-01 1.795754e-10
## MSALima, OH 2.111111e+00 1.817653e-10
## MSALincoln, NE 9.000000e+00 1.821160e-10
## MSALittle Rock-North Little Rock, AR 1.038889e+01 1.833134e-10
## MSALongview-Marshall, TX 5.555556e-02 1.811632e-10
## MSALos Angeles-Long Beach, CA 4.693333e+02 3.704793e-12
## MSALouisville, KY-IN 3.688889e+01 1.868820e-10
## MSALowell, MA-NH 1.298889e+02 1.941006e-10
## MSALubbock, TX 1.690000e-10 1.811386e-10
## MSALynchburg, VA 2.777778e-01 1.820668e-10
## MSAMacon, GA 7.777778e-01 1.835337e-10
## MSAMadison, WI 5.455556e+01 1.883694e-10
## MSAManchester, NH 2.611111e+01 1.867148e-10
## MSAMansfield, OH -3.888889e-01 1.835059e-10
## MSAMcAllen-Edinburg-Mission, TX 8.333333e-01 1.820760e-10
## MSAMedford-Ashland, OR 1.611111e+00 1.812713e-10
## MSAMelbourne-Titusville-Palm Bay, FL 1.122222e+01 1.821675e-10
## MSAMemphis, TN-AR-MS 2.288889e+01 1.823372e-10
## MSAMiami, FL 3.394444e+01 1.517694e-12
## MSAMiddlesex-Somerset-Hunterdon, NJ 1.453889e+02 1.954972e-10
## MSAMilwaukee-Waukesha, WI 3.577778e+01 1.837926e-10
## MSAMinneapolis-St. Paul, MN-WI 2.770000e+02 1.897107e-10
## MSAMissoula, MT 5.444444e+00 1.805595e-10
## MSAMobile, AL 2.444444e+00 1.806580e-10
## MSAModesto, CA 2.222222e-01 1.807501e-10
## MSAMonmouth-Ocean, NJ 2.250000e+01 1.846157e-10
## MSAMonroe, LA -5.222222e+00 2.011100e-14
## MSAMontgomery, AL 2.777778e-01 1.823632e-10
## MSAMuncie, IN 7.222222e-01 1.817079e-10
## MSAMyrtle Beach, SC -2.777778e-01 1.822703e-10
## MSANaples, FL 4.444444e-01 1.812509e-10
## MSANashua, NH 3.811111e+01 1.857383e-10
## MSANashville, TN 1.666111e+02 1.891142e-10
## MSANassau-Suffolk, NY 4.450000e+01 1.855613e-10
## MSANew Bedford, MA -2.777778e-01 1.819359e-10
## MSANew Haven-Meriden, CT 1.121667e+02 1.902609e-10
## MSANew London-Norwich, CT-RI 5.555556e+00 1.815353e-10
## MSANew Orleans, LA -5.961111e+02 1.486390e-13
## MSANewark, NJ 9.211111e+01 1.891028e-10
## MSANewburgh, NY-PA -1.666667e-01 1.818860e-10
## MSANorfolk-Virginia Beach-Newport News, VA- 1.611111e+01 1.825222e-10
## MSAOakland, CA 6.810556e+02 2.325689e-10
## MSAOcala, FL 4.055556e+00 1.800222e-10
## MSAOdessa-Midland, TX 8.666667e+00 1.810942e-10
## MSAOklahoma City, OK 1.783333e+01 1.815709e-10
## MSAOlympia, WA 3.222222e+00 1.816090e-10
## MSAOmaha, NE-IA 2.183333e+01 1.834410e-10
## MSAOrange County, CA 4.187778e+02 1.954509e-10
## MSAOrlando, FL 1.526111e+02 1.889765e-10
## MSAPanama City, FL -1.666667e-01 1.806471e-10
## MSAParkersburg-Marietta, WV-OH -1.666667e-01 1.795602e-10
## MSAPensacola, FL 7.222222e-01 1.794352e-10
## MSAPeoria-Pekin, IL 2.111111e+00 1.801615e-10
## MSAPhiladelphia, PA-NJ 4.324444e+02 1.843621e-12
## MSAPhoenix, AZ 1.415556e+02 1.920369e-10
## MSAPine Bluff, AR -5.333333e+00 1.694400e-14
## MSAPittsburgh, PA 3.005556e+02 1.885193e-10
## MSAPittsfield, MA -8.072222e+01 1.628065e-12
## MSAPocatello, ID -3.333333e-01 1.813337e-10
## MSAPonce, PR -3.333333e-01 1.819798e-10
## MSAPortland-Vancouver, OR-WA 1.525000e+02 1.901846e-10
## MSAPortland, ME 1.627778e+01 1.814092e-10
## MSAPortsmouth-Rochester, NH-ME 3.255556e+01 1.837999e-10
## MSAProvidence-Fall River-Warwick, RI-MA 5.411111e+01 1.851792e-10
## MSAProvo-Orem, UT 5.316667e+01 1.860492e-10
## MSAPueblo, CO -5.555556e-02 1.835616e-10
## MSAPunta Gorda, FL -3.888889e-01 1.831258e-10
## MSARacine, WI 1.111111e-01 1.850792e-10
## MSARaleigh-Durham-Chapel Hill, NC 2.971111e+02 1.892280e-10
## MSAReading, PA 2.333333e+00 1.856408e-10
## MSARedding, CA -3.333333e-01 1.850657e-10
## MSAReno, NV 1.344444e+01 1.852000e-10
## MSARichland-Kennewick-Pasco, WA 4.444444e-01 1.819653e-10
## MSARichmond-Petersburg, VA 4.800000e+01 1.843497e-10
## MSARiverside-San Bernardino, CA 6.500000e+00 1.825901e-10
## MSARoanoke, VA 8.666667e+00 1.814812e-10
## MSARochester, MN 1.888889e+00 1.821612e-10
## MSARochester, NY -2.222222e+01 1.567258e-12
## MSARockford, IL -1.111111e-01 1.815381e-10
## MSARocky Mount, NC -8.622222e+01 1.811331e-12
## MSASacramento, CA 3.083333e+01 1.834835e-10
## MSASaginaw-Bay City-Midland, MI 6.666667e-01 1.818430e-10
## MSASalem, OR 1.700000e-10 1.815187e-10
## MSASalinas, CA 3.500000e+00 1.824310e-10
## MSASalt Lake City-Ogden, UT 1.557778e+02 1.865748e-10
## MSASan Angelo, TX -3.333333e-01 1.823598e-10
## MSASan Antonio, TX 2.961111e+01 1.834767e-10
## MSASan Diego, CA 7.050000e+02 1.574635e-12
## MSASan Jose, CA 1.855500e+03 3.024012e-10
## MSASan Juan, PR 1.333333e+00 1.822357e-10
## MSASan Luis Obispo-Atascadero-Paso Robles, 5.277778e+00 1.828039e-10
## MSASanta Barbara-Santa Maria-Lompoc, CA 6.583333e+01 1.847031e-10
## MSASanta Cruz-Watsonville, CA 2.400000e+01 1.840854e-10
## MSASanta Fe, NM 7.388889e+00 1.840083e-10
## MSASanta Rosa, CA 5.644444e+01 1.852012e-10
## MSASarasota-Bradenton, FL 6.500000e+00 1.828033e-10
## MSASavannah, GA 1.720000e-10 1.837001e-10
## MSAScranton--Wilkes-Barre--Hazleton, PA 3.166667e+00 1.836215e-10
## MSASeattle-Bellevue-Everett, WA 5.514444e+02 2.027293e-10
## MSASharon, PA 8.333333e-01 1.841054e-10
## MSASheboygan, WI -1.666667e-01 1.843867e-10
## MSASherman-Denison, TX 1.666667e-01 1.843285e-10
## MSAShreveport, LA 6.222222e+00 1.835094e-10
## MSASioux City, IA-NE -3.333333e-01 1.824662e-10
## MSASioux Falls, SD 4.722222e+00 1.816925e-10
## MSASouth Bend, IN 3.722222e+00 1.832129e-10
## MSASpokane, WA 1.100000e+01 1.825982e-10
## MSASpringfield, IL -3.333333e-01 1.818506e-10
## MSASpringfield, MA 3.444444e+00 1.822392e-10
## MSASpringfield, MO 2.555556e+00 1.825999e-10
## MSASt. Cloud, MN 1.166667e+00 1.831351e-10
## MSASt. Joseph, MO -3.333333e-01 1.833935e-10
## MSASt. Louis, MO-IL 1.168889e+02 1.864252e-10
## MSAStamford-Norwalk, CT 9.883333e+01 1.856214e-10
## MSAState College, PA 5.333333e+00 1.839687e-10
## MSASteubenville-Weirton, OH-WV 1.720000e-10 1.834417e-10
## MSAStockton-Lodi, CA 1.333333e+00 1.832770e-10
## MSASumter, SC -3.333333e-01 1.840624e-10
## MSASyracuse, NY 2.555556e+00 1.833446e-10
## MSATacoma, WA 1.611111e+00 1.829208e-10
## MSATallahassee, FL 1.055556e+00 1.830787e-10
## MSAToledo, OH 4.611111e+00 1.823582e-10
## MSATopeka, KS 5.555556e-01 1.820069e-10
## MSATrenton, NJ 7.505556e+01 1.838924e-10
## MSATucson, AZ 1.288889e+01 1.425006e-12
## MSATyler, TX 8.333333e-01 1.836038e-10
## MSAUnknown 2.601667e+02 1.857756e-10
## MSAUtica-Rome, NY 6.666667e-01 1.837659e-10
## MSAVallejo-Fairfield-Napa, CA 1.150000e+01 1.847724e-10
## MSAVentura, CA 3.766667e+01 1.856398e-10
## MSAVisalia-Tulare-Porterville, CA 5.444444e+00 1.860474e-10
## MSAWaco, TX 5.000000e-01 1.853115e-10
## MSAWaterbury, CT 8.222222e+00 1.843150e-10
## MSAWaterloo-Cedar Falls, IA -3.888889e-01 1.846460e-10
## MSAWausau, WI -1.666667e-01 1.855421e-10
## MSAWest Palm Beach-Boca Raton, FL 7.294444e+01 1.878592e-10
## MSAWheeling, WV-OH -3.888889e-01 1.861510e-10
## MSAWichita Falls, TX -3.888889e-01 1.836123e-10
## MSAWilliamsport, PA -1.666667e-01 1.858765e-10
## MSAWilmington-Newark, DE-MD 2.105556e+01 1.859327e-10
## MSAWilmington, NC 4.388889e+00 1.870183e-10
## MSAWorcester, MA-CT 5.833333e+01 1.855383e-10
## MSAYakima, WA 3.888889e-01 1.856729e-10
## MSAYolo, CA 5.611111e+00 1.862120e-10
## MSAYork, PA 2.222222e-01 1.852119e-10
## MSAYuma, AZ -3.888889e-01 1.848208e-10
## t value Pr(>|t|)
## MSAAkron, OH 8.010813e+10 < 2.2e-16 ***
## MSAAlbany-Schenectady-Troy, NY 1.277703e+11 < 2.2e-16 ***
## MSAAlbany, GA 1.878493e+09 < 2.2e-16 ***
## MSAAlbuquerque, NM -2.606661e+14 < 2.2e-16 ***
## MSAAlexandria, LA -3.135330e+08 < 2.2e-16 ***
## MSAAllentown-Bethlehem-Easton, PA 1.155298e+11 < 2.2e-16 ***
## MSAAltoona, PA 5.336352e+10 < 2.2e-16 ***
## MSAAmarillo, TX -1.552804e+09 < 2.2e-16 ***
## MSAAnchorage, AK -1.557635e+09 < 2.2e-16 ***
## MSAAnn Arbor, MI 4.200134e+11 < 2.2e-16 ***
## MSAAnniston, AL -1.867747e+09 < 2.2e-16 ***
## MSAAppleton-Oshkosh-Neenah, WI 1.126003e+10 < 2.2e-16 ***
## MSAAsheville, NC 8.813608e+10 < 2.2e-16 ***
## MSAAthens, GA 1.758555e+10 < 2.2e-16 ***
## MSAAtlanta, GA 1.891375e+12 < 2.2e-16 ***
## MSAAtlantic-Cape May, NJ 3.091245e+08 < 2.2e-16 ***
## MSAAuburn-Opelika, AL 1.871120e+09 < 2.2e-16 ***
## MSAAugusta-Aiken, GA-SC 9.350820e-01 0.36818
## MSAAustin-San Marcos, TX 2.012597e+12 < 2.2e-16 ***
## MSABakersfield, CA 2.249572e+10 < 2.2e-16 ***
## MSABaltimore, MD 8.488283e+11 < 2.2e-16 ***
## MSABangor, ME 1.732252e+10 < 2.2e-16 ***
## MSABarnstable-Yarmouth, MA 5.873120e+09 < 2.2e-16 ***
## MSABaton Rouge, LA 3.336283e+10 < 2.2e-16 ***
## MSABeaumont-Port Arthur, TX 9.350820e-01 0.36818
## MSABellingham, WA 1.533567e+09 < 2.2e-16 ***
## MSABenton Harbor, MI -1.543882e+09 < 2.2e-16 ***
## MSABergen-Passaic, NJ 3.651593e+11 < 2.2e-16 ***
## MSABillings, MT -6.177962e+08 < 2.2e-16 ***
## MSABiloxi-Gulfport-Pascagoula, MS -1.561161e+09 < 2.2e-16 ***
## MSABinghamton, NY -6.187902e+08 < 2.2e-16 ***
## MSABirmingham, AL 1.622421e+11 < 2.2e-16 ***
## MSABismarck, ND 2.182114e+09 < 2.2e-16 ***
## MSABloomington-Normal, IL -9.219107e+08 < 2.2e-16 ***
## MSABoise City, ID 5.554937e+10 < 2.2e-16 ***
## MSABoulder-Longmont, CO 1.022367e+12 < 2.2e-16 ***
## MSABrazoria, TX 3.371111e+09 < 2.2e-16 ***
## MSABremerton, WA 5.601729e+09 < 2.2e-16 ***
## MSABridgeport, CT 1.919208e+11 < 2.2e-16 ***
## MSABrockton, MA 5.809662e+10 < 2.2e-16 ***
## MSABrownsville-Harlingen-San Benito, TX -1.863540e+09 < 2.2e-16 ***
## MSABryan-College Station, TX 1.426195e+10 < 2.2e-16 ***
## MSABuffalo-Niagara Falls, NY 2.816483e+14 < 2.2e-16 ***
## MSABurlington, VT 1.467773e+11 < 2.2e-16 ***
## MSACaguas, PR -1.849784e+09 < 2.2e-16 ***
## MSACanton-Massillon, OH 6.291580e+10 < 2.2e-16 ***
## MSACasper, WY -1.873011e+09 < 2.2e-16 ***
## MSACedar Rapids, IA 1.722195e+10 < 2.2e-16 ***
## MSAChampaign-Urbana, IL 8.129783e+10 < 2.2e-16 ***
## MSACharleston, SC 4.883544e+10 < 2.2e-16 ***
## MSACharleston, WV -1.359985e+14 < 2.2e-16 ***
## MSACharlotte-Gastonia-Rock Hill, NC-SC 4.275628e+11 < 2.2e-16 ***
## MSACharlottesville, VA 9.847229e+10 < 2.2e-16 ***
## MSAChattanooga, TN-GA 6.538204e+10 < 2.2e-16 ***
## MSACheyenne, WY -1.539395e+09 < 2.2e-16 ***
## MSAChicago, IL 2.071160e+12 < 2.2e-16 ***
## MSAChico-Paradise, CA 5.865425e+09 < 2.2e-16 ***
## MSAClarksville-Hopkinsville, TN-KY -2.160654e+09 < 2.2e-16 ***
## MSACleveland-Lorain-Elyria, OH 5.449466e+11 < 2.2e-16 ***
## MSAColorado Springs, CO 7.312366e+10 < 2.2e-16 ***
## MSAColumbia, MO 9.822649e+09 < 2.2e-16 ***
## MSAColumbia, SC 1.232398e+10 < 2.2e-16 ***
## MSAColumbus, GA-AL 4.026830e+10 < 2.2e-16 ***
## MSAColumbus, OH 3.583227e+11 < 2.2e-16 ***
## MSACorpus Christi, TX 2.468449e+09 < 2.2e-16 ***
## MSACorvallis, OR 8.543847e+09 < 2.2e-16 ***
## MSADallas, TX 1.886178e+12 < 2.2e-16 ***
## MSADanbury, CT 6.664695e+10 < 2.2e-16 ***
## MSADanville, VA -1.847447e+09 < 2.2e-16 ***
## MSADavenport-Moline-Rock Island, IA-IL -6.139305e+08 < 2.2e-16 ***
## MSADayton-Springfield, OH 1.843822e+10 < 2.2e-16 ***
## MSADaytona Beach, FL -3.149460e+14 < 2.2e-16 ***
## MSADecatur, IL -2.156101e+09 < 2.2e-16 ***
## MSADenver, CO 1.644369e+14 < 2.2e-16 ***
## MSADes Moines, IA 2.931501e+10 < 2.2e-16 ***
## MSADetroit, MI 4.725024e+11 < 2.2e-16 ***
## MSADothan, AL -2.153832e+09 < 2.2e-16 ***
## MSADover, DE 5.852820e+09 < 2.2e-16 ***
## MSADubuque, IA -1.229691e+09 < 2.2e-16 ***
## MSADuluth-Superior, MN-WI 1.045922e+10 < 2.2e-16 ***
## MSADutchess County, NY 6.153288e+08 < 2.2e-16 ***
## MSAEau Claire, WI 5.917417e+09 < 2.2e-16 ***
## MSAEl Paso, TX 9.350810e-01 0.36818
## MSAElkhart-Goshen, IN 6.457359e+09 < 2.2e-16 ***
## MSAElmira, NY -2.150031e+09 < 2.2e-16 ***
## MSAErie, PA 1.080447e+10 < 2.2e-16 ***
## MSAEugene-Springfield, OR 9.029843e+09 < 2.2e-16 ***
## MSAEvansville-Henderson, IN-KY 7.982693e+09 < 2.2e-16 ***
## MSAFargo-Moorhead, ND-MN 6.474248e+09 < 2.2e-16 ***
## MSAFayetteville-Springdale-Rogers, AR 1.185556e+13 < 2.2e-16 ***
## MSAFayetteville, NC -2.156465e+09 < 2.2e-16 ***
## MSAFitchburg-Leominster, MA 6.134696e+08 < 2.2e-16 ***
## MSAFlagstaff, AZ-UT 3.106223e+08 < 2.2e-16 ***
## MSAFlint, MI 6.217935e+08 < 2.2e-16 ***
## MSAFlorence, AL -1.229950e+09 < 2.2e-16 ***
## MSAFlorence, SC -2.183336e+09 < 2.2e-16 ***
## MSAFort Collins-Loveland, CO 5.138182e+10 < 2.2e-16 ***
## MSAFort Lauderdale, FL 3.440639e+11 < 2.2e-16 ***
## MSAFort Myers-Cape Coral, FL 7.352716e+09 < 2.2e-16 ***
## MSAFort Pierce-Port St. Lucie, FL 1.560165e+10 < 2.2e-16 ***
## MSAFort Smith, AR-OK -1.553067e+09 < 2.2e-16 ***
## MSAFort Walton Beach, FL 1.220922e+09 < 2.2e-16 ***
## MSAFort Wayne, IN -2.376919e+16 < 2.2e-16 ***
## MSAFort Worth-Arlington, TX 1.847758e+11 < 2.2e-16 ***
## MSAFresno, CA 7.993772e+09 < 2.2e-16 ***
## MSAGadsden, AL -2.156010e+09 < 2.2e-16 ***
## MSAGainesville, FL 9.793055e+10 < 2.2e-16 ***
## MSAGalveston-Texas City, TX 5.796881e+09 < 2.2e-16 ***
## MSAGary, IN 1.341299e+10 < 2.2e-16 ***
## MSAGlens Falls, NY -1.842711e+09 < 2.2e-16 ***
## MSAGoldsboro, NC -1.862353e+09 < 2.2e-16 ***
## MSAGrand Forks, ND-MN 1.230532e+09 < 2.2e-16 ***
## MSAGrand Junction, CO -9.362389e+08 < 2.2e-16 ***
## MSAGrand Rapids-Muskegon-Holland, MI 1.141733e+11 < 2.2e-16 ***
## MSAGreat Falls, MT -1.239177e+09 < 2.2e-16 ***
## MSAGreeley, CO -6.216849e+08 < 2.2e-16 ***
## MSAGreen Bay, WI 1.853799e+09 < 2.2e-16 ***
## MSAGreensboro--Winston Salem--High Point, N 1.023720e+11 < 2.2e-16 ***
## MSAGreenville-Spartanburg-Anderson, SC 1.379611e+11 < 2.2e-16 ***
## MSAHagerstown, MD 4.350582e+09 < 2.2e-16 ***
## MSAHamilton-Middletown, OH 2.984102e+10 < 2.2e-16 ***
## MSAHarrisburg-Lebanon-Carlisle, PA 7.479100e+10 < 2.2e-16 ***
## MSAHartford, CT 3.489950e+11 < 2.2e-16 ***
## MSAHickory-Morganton-Lenoir, NC 4.341905e+09 < 2.2e-16 ***
## MSAHonolulu, HI 2.824158e+10 < 2.2e-16 ***
## MSAHouma, LA 1.556625e+09 < 2.2e-16 ***
## MSAHouston, TX 1.514295e+12 < 2.2e-16 ***
## MSAHuntington-Ashland, WV-KY-OH 9.350770e-01 0.36818
## MSAHuntsville, AL 7.540189e+10 < 2.2e-16 ***
## MSAIndianapolis, IN 3.916128e+11 < 2.2e-16 ***
## MSAIowa City, IA 1.551977e+10 < 2.2e-16 ***
## MSAJackson, MI 2.114304e+09 < 2.2e-16 ***
## MSAJackson, MS 4.508245e+10 < 2.2e-16 ***
## MSAJacksonville, FL 1.908962e+11 < 2.2e-16 ***
## MSAJacksonville, NC -1.819697e+09 < 2.2e-16 ***
## MSAJamestown, NY -1.210146e+09 < 2.2e-16 ***
## MSAJanesville-Beloit, WI 2.113167e+09 < 2.2e-16 ***
## MSAJersey City, NJ 2.267553e+11 < 2.2e-16 ***
## MSAJohnson City-Kingsport-Bristol, TN-VA 1.745120e+10 < 2.2e-16 ***
## MSAJohnstown, PA 8.171900e+09 < 2.2e-16 ***
## MSAJoplin, MO -3.628026e+15 < 2.2e-16 ***
## MSAKalamazoo-Battle Creek, MI 5.293814e+10 < 2.2e-16 ***
## MSAKankakee, IL -2.138617e+09 < 2.2e-16 ***
## MSAKansas City, MO-KS 4.306836e+13 < 2.2e-16 ***
## MSAKenosha, WI 6.058920e+08 < 2.2e-16 ***
## MSAKilleen-Temple, TX 2.755345e+09 < 2.2e-16 ***
## MSAKnoxville, TN 1.600480e+11 < 2.2e-16 ***
## MSAKokomo, IN -2.142378e+09 < 2.2e-16 ***
## MSALa Crosse, WI-MN -1.517596e+09 < 2.2e-16 ***
## MSALafayette, IN 2.310586e+10 < 2.2e-16 ***
## MSALafayette, LA 9.469260e+09 < 2.2e-16 ***
## MSALake Charles, LA -1.823934e+09 < 2.2e-16 ***
## MSALakeland-Winter Haven, FL 1.276082e+10 < 2.2e-16 ***
## MSALancaster, PA 8.590096e+09 < 2.2e-16 ***
## MSALansing-East Lansing, MI 1.796643e+10 < 2.2e-16 ***
## MSALas Cruces, NM -2.168438e+09 < 2.2e-16 ***
## MSALas Vegas, NV-AZ 1.175002e+11 < 2.2e-16 ***
## MSALawrence, KS 2.011503e+10 < 2.2e-16 ***
## MSALawrence, MA-NH 4.420884e+11 < 2.2e-16 ***
## MSALewiston-Auburn, ME -9.281154e+08 < 2.2e-16 ***
## MSALima, OH 1.161449e+10 < 2.2e-16 ***
## MSALincoln, NE 4.941906e+10 < 2.2e-16 ***
## MSALittle Rock-North Little Rock, AR 5.667282e+10 < 2.2e-16 ***
## MSALongview-Marshall, TX 3.066603e+08 < 2.2e-16 ***
## MSALos Angeles-Long Beach, CA 1.266827e+14 < 2.2e-16 ***
## MSALouisville, KY-IN 1.973914e+11 < 2.2e-16 ***
## MSALowell, MA-NH 6.691834e+11 < 2.2e-16 ***
## MSALubbock, TX 9.350800e-01 0.36818
## MSALynchburg, VA 1.525692e+09 < 2.2e-16 ***
## MSAMacon, GA 4.237792e+09 < 2.2e-16 ***
## MSAMadison, WI 2.896201e+11 < 2.2e-16 ***
## MSAManchester, NH 1.398449e+11 < 2.2e-16 ***
## MSAMansfield, OH -2.119218e+09 < 2.2e-16 ***
## MSAMcAllen-Edinburg-Mission, TX 4.576843e+09 < 2.2e-16 ***
## MSAMedford-Ashland, OR 8.887844e+09 < 2.2e-16 ***
## MSAMelbourne-Titusville-Palm Bay, FL 6.160385e+10 < 2.2e-16 ***
## MSAMemphis, TN-AR-MS 1.255305e+11 < 2.2e-16 ***
## MSAMiami, FL 2.236580e+13 < 2.2e-16 ***
## MSAMiddlesex-Somerset-Hunterdon, NJ 7.436878e+11 < 2.2e-16 ***
## MSAMilwaukee-Waukesha, WI 1.946639e+11 < 2.2e-16 ***
## MSAMinneapolis-St. Paul, MN-WI 1.460118e+12 < 2.2e-16 ***
## MSAMissoula, MT 3.015318e+10 < 2.2e-16 ***
## MSAMobile, AL 1.353079e+10 < 2.2e-16 ***
## MSAModesto, CA 1.229445e+09 < 2.2e-16 ***
## MSAMonmouth-Ocean, NJ 1.218748e+11 < 2.2e-16 ***
## MSAMonroe, LA -2.596745e+14 < 2.2e-16 ***
## MSAMontgomery, AL 1.523212e+09 < 2.2e-16 ***
## MSAMuncie, IN 3.974632e+09 < 2.2e-16 ***
## MSAMyrtle Beach, SC -1.523988e+09 < 2.2e-16 ***
## MSANaples, FL 2.452095e+09 < 2.2e-16 ***
## MSANashua, NH 2.051871e+11 < 2.2e-16 ***
## MSANashville, TN 8.810079e+11 < 2.2e-16 ***
## MSANassau-Suffolk, NY 2.398130e+11 < 2.2e-16 ***
## MSANew Bedford, MA -1.526790e+09 < 2.2e-16 ***
## MSANew Haven-Meriden, CT 5.895412e+11 < 2.2e-16 ***
## MSANew London-Norwich, CT-RI 3.060316e+10 < 2.2e-16 ***
## MSANew Orleans, LA -4.010453e+15 < 2.2e-16 ***
## MSANewark, NJ 4.870956e+11 < 2.2e-16 ***
## MSANewburgh, NY-PA -9.163250e+08 < 2.2e-16 ***
## MSANorfolk-Virginia Beach-Newport News, VA- 8.826930e+10 < 2.2e-16 ***
## MSAOakland, CA 2.928404e+12 < 2.2e-16 ***
## MSAOcala, FL 2.252808e+10 < 2.2e-16 ***
## MSAOdessa-Midland, TX 4.785724e+10 < 2.2e-16 ***
## MSAOklahoma City, OK 9.821693e+10 < 2.2e-16 ***
## MSAOlympia, WA 1.774264e+10 < 2.2e-16 ***
## MSAOmaha, NE-IA 1.190210e+11 < 2.2e-16 ***
## MSAOrange County, CA 2.142624e+12 < 2.2e-16 ***
## MSAOrlando, FL 8.075666e+11 < 2.2e-16 ***
## MSAPanama City, FL -9.226092e+08 < 2.2e-16 ***
## MSAParkersburg-Marietta, WV-OH -9.281940e+08 < 2.2e-16 ***
## MSAPensacola, FL 4.024976e+09 < 2.2e-16 ***
## MSAPeoria-Pekin, IL 1.171788e+10 < 2.2e-16 ***
## MSAPhiladelphia, PA-NJ 2.345625e+14 < 2.2e-16 ***
## MSAPhoenix, AZ 7.371269e+11 < 2.2e-16 ***
## MSAPine Bluff, AR -3.147694e+14 < 2.2e-16 ***
## MSAPittsburgh, PA 1.594296e+12 < 2.2e-16 ***
## MSAPittsfield, MA -4.958168e+13 < 2.2e-16 ***
## MSAPocatello, ID -1.838232e+09 < 2.2e-16 ***
## MSAPonce, PR -1.831705e+09 < 2.2e-16 ***
## MSAPortland-Vancouver, OR-WA 8.018527e+11 < 2.2e-16 ***
## MSAPortland, ME 8.972962e+10 < 2.2e-16 ***
## MSAPortsmouth-Rochester, NH-ME 1.771250e+11 < 2.2e-16 ***
## MSAProvidence-Fall River-Warwick, RI-MA 2.922094e+11 < 2.2e-16 ***
## MSAProvo-Orem, UT 2.857667e+11 < 2.2e-16 ***
## MSAPueblo, CO -3.026535e+08 < 2.2e-16 ***
## MSAPunta Gorda, FL -2.123616e+09 < 2.2e-16 ***
## MSARacine, WI 6.003436e+08 < 2.2e-16 ***
## MSARaleigh-Durham-Chapel Hill, NC 1.570122e+12 < 2.2e-16 ***
## MSAReading, PA 1.256908e+10 < 2.2e-16 ***
## MSARedding, CA -1.801162e+09 < 2.2e-16 ***
## MSAReno, NV 7.259419e+10 < 2.2e-16 ***
## MSARichland-Kennewick-Pasco, WA 2.442468e+09 < 2.2e-16 ***
## MSARichmond-Petersburg, VA 2.603747e+11 < 2.2e-16 ***
## MSARiverside-San Bernardino, CA 3.559886e+10 < 2.2e-16 ***
## MSARoanoke, VA 4.775518e+10 < 2.2e-16 ***
## MSARochester, MN 1.036933e+10 < 2.2e-16 ***
## MSARochester, NY -1.417904e+13 < 2.2e-16 ***
## MSARockford, IL -6.120540e+08 < 2.2e-16 ***
## MSARocky Mount, NC -4.760159e+13 < 2.2e-16 ***
## MSASacramento, CA 1.680441e+11 < 2.2e-16 ***
## MSASaginaw-Bay City-Midland, MI 3.666166e+09 < 2.2e-16 ***
## MSASalem, OR 9.350800e-01 0.36818
## MSASalinas, CA 1.918534e+10 < 2.2e-16 ***
## MSASalt Lake City-Ogden, UT 8.349348e+11 < 2.2e-16 ***
## MSASan Angelo, TX -1.827889e+09 < 2.2e-16 ***
## MSASan Antonio, TX 1.613890e+11 < 2.2e-16 ***
## MSASan Diego, CA 4.477228e+14 < 2.2e-16 ***
## MSASan Jose, CA 6.135887e+12 < 2.2e-16 ***
## MSASan Juan, PR 7.316533e+09 < 2.2e-16 ***
## MSASan Luis Obispo-Atascadero-Paso Robles, 2.887125e+10 < 2.2e-16 ***
## MSASanta Barbara-Santa Maria-Lompoc, CA 3.564280e+11 < 2.2e-16 ***
## MSASanta Cruz-Watsonville, CA 1.303742e+11 < 2.2e-16 ***
## MSASanta Fe, NM 4.015519e+10 < 2.2e-16 ***
## MSASanta Rosa, CA 3.047737e+11 < 2.2e-16 ***
## MSASarasota-Bradenton, FL 3.555735e+10 < 2.2e-16 ***
## MSASavannah, GA 9.350770e-01 0.36818
## MSAScranton--Wilkes-Barre--Hazleton, PA 1.724562e+10 < 2.2e-16 ***
## MSASeattle-Bellevue-Everett, WA 2.720103e+12 < 2.2e-16 ***
## MSASharon, PA 4.526392e+09 < 2.2e-16 ***
## MSASheboygan, WI -9.038973e+08 < 2.2e-16 ***
## MSASherman-Denison, TX 9.041831e+08 < 2.2e-16 ***
## MSAShreveport, LA 3.390683e+10 < 2.2e-16 ***
## MSASioux City, IA-NE -1.826822e+09 < 2.2e-16 ***
## MSASioux Falls, SD 2.599019e+10 < 2.2e-16 ***
## MSASouth Bend, IN 2.031638e+10 < 2.2e-16 ***
## MSASpokane, WA 6.024154e+10 < 2.2e-16 ***
## MSASpringfield, IL -1.833007e+09 < 2.2e-16 ***
## MSASpringfield, MA 1.890068e+10 < 2.2e-16 ***
## MSASpringfield, MO 1.399538e+10 < 2.2e-16 ***
## MSASt. Cloud, MN 6.370524e+09 < 2.2e-16 ***
## MSASt. Joseph, MO -1.817585e+09 < 2.2e-16 ***
## MSASt. Louis, MO-IL 6.270016e+11 < 2.2e-16 ***
## MSAStamford-Norwalk, CT 5.324458e+11 < 2.2e-16 ***
## MSAState College, PA 2.899044e+10 < 2.2e-16 ***
## MSASteubenville-Weirton, OH-WV 9.350770e-01 0.36818
## MSAStockton-Lodi, CA 7.274963e+09 < 2.2e-16 ***
## MSASumter, SC -1.810980e+09 < 2.2e-16 ***
## MSASyracuse, NY 1.393854e+10 < 2.2e-16 ***
## MSATacoma, WA 8.807700e+09 < 2.2e-16 ***
## MSATallahassee, FL 5.765584e+09 < 2.2e-16 ***
## MSAToledo, OH 2.528600e+10 < 2.2e-16 ***
## MSATopeka, KS 3.052388e+09 < 2.2e-16 ***
## MSATrenton, NJ 4.081493e+11 < 2.2e-16 ***
## MSATucson, AZ 9.044797e+12 < 2.2e-16 ***
## MSATyler, TX 4.538759e+09 < 2.2e-16 ***
## MSAUnknown 1.400435e+12 < 2.2e-16 ***
## MSAUtica-Rome, NY 3.627803e+09 < 2.2e-16 ***
## MSAVallejo-Fairfield-Napa, CA 6.223873e+10 < 2.2e-16 ***
## MSAVentura, CA 2.029019e+11 < 2.2e-16 ***
## MSAVisalia-Tulare-Porterville, CA 2.926375e+10 < 2.2e-16 ***
## MSAWaco, TX 2.698160e+09 < 2.2e-16 ***
## MSAWaterbury, CT 4.460962e+10 < 2.2e-16 ***
## MSAWaterloo-Cedar Falls, IA -2.106132e+09 < 2.2e-16 ***
## MSAWausau, WI -8.982688e+08 < 2.2e-16 ***
## MSAWest Palm Beach-Boca Raton, FL 3.882932e+11 < 2.2e-16 ***
## MSAWheeling, WV-OH -2.089105e+09 < 2.2e-16 ***
## MSAWichita Falls, TX -2.117990e+09 < 2.2e-16 ***
## MSAWilliamsport, PA -8.966527e+08 < 2.2e-16 ***
## MSAWilmington-Newark, DE-MD 1.132429e+11 < 2.2e-16 ***
## MSAWilmington, NC 2.346769e+10 < 2.2e-16 ***
## MSAWorcester, MA-CT 3.144006e+11 < 2.2e-16 ***
## MSAYakima, WA 2.094484e+09 < 2.2e-16 ***
## MSAYolo, CA 3.013293e+10 < 2.2e-16 ***
## MSAYork, PA 1.199827e+09 < 2.2e-16 ***
## MSAYuma, AZ -2.104140e+09 < 2.2e-16 ***
## ... 12 variables were removed because of collinearity (MSABloomington, IN, MSABoston, MA-NH and 10 others [full set in $collin.var])
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
## RMSE: 78.3 Adj. R2: 0.888883
## Within R2: 0.836133#fixef(est_comb)[[1]]TWFE
# "Naive" TWFE DiD (note that the time to treatment for the never treated is -1000)
# (by using ref = c(-1, -1000) we exclude the period just before the treatment and
# the never treated)
res_twfe = feols(sum_round_numbers ~ i(years_to_treat, ref = c(-1, -1000)) | MSA + year, news_MSA_VC)
summary(res_twfe, vcov = "twoway")## OLS estimation, Dep. Var.: sum_round_numbers
## Observations: 5,724
## Fixed-effects: MSA: 318, year: 18
## Standard-errors: Clustered (MSA & year)
## Estimate Std. Error t value Pr(>|t|)
## years_to_treat::-17 -68.60664 48.7567 -1.407123 0.177411
## years_to_treat::-16 -69.17248 48.6074 -1.423084 0.172805
## years_to_treat::-15 -68.67094 47.2111 -1.454551 0.164009
## years_to_treat::-14 -182.04530 148.2521 -1.227944 0.236199
## years_to_treat::-13 -100.22385 77.8631 -1.287180 0.215282
## years_to_treat::-12 -99.74386 63.5628 -1.569216 0.135022
## years_to_treat::-11 -104.39481 62.4432 -1.671835 0.112860
## years_to_treat::-10 -108.90870 52.5283 -2.073332 0.053653 .
## years_to_treat::-9 -133.04392 75.8871 -1.753182 0.097583 .
## years_to_treat::-8 -134.98076 86.2186 -1.565564 0.135874
## years_to_treat::-7 -106.51360 70.5803 -1.509112 0.149631
## years_to_treat::-6 -100.58915 51.7032 -1.945512 0.068441 .
## years_to_treat::-5 -82.32156 35.7391 -2.303405 0.034154 *
## years_to_treat::-4 -65.47431 25.0619 -2.612504 0.018203 *
## years_to_treat::-3 -45.31014 21.4776 -2.109650 0.050016 .
## years_to_treat::-2 -26.87656 21.5686 -1.246098 0.229628
## years_to_treat::0 -3.49586 22.1801 -0.157613 0.876619
## years_to_treat::1 17.59503 18.6253 0.944686 0.358054
## years_to_treat::2 20.95392 32.0945 0.652883 0.522564
## years_to_treat::3 76.64898 46.8851 1.634825 0.120466
## years_to_treat::4 66.13507 33.9999 1.945154 0.068487 .
## years_to_treat::5 92.44571 40.2747 2.295380 0.034706 *
## years_to_treat::6 96.64735 52.3700 1.845470 0.082460 .
## years_to_treat::7 163.81718 72.5216 2.258874 0.037320 *
## years_to_treat::8 211.81915 113.0037 1.874444 0.078159 .
## years_to_treat::9 160.69613 81.0044 1.983794 0.063668 .
## years_to_treat::10 176.20537 106.8490 1.649106 0.117481
## years_to_treat::11 348.00484 220.6197 1.577397 0.133130
## years_to_treat::12 124.36231 62.6009 1.986591 0.063331 .
## years_to_treat::13 109.35419 61.8036 1.769383 0.094764 .
## years_to_treat::14 159.19519 60.8033 2.618199 0.017989 *
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
## RMSE: 71.9 Adj. R2: 0.905383
## Within R2: 0.112526Staggered difference-in-differences (Sun and Abraham, 2020)
As far as I can tell this is the correct approach for this data, we could also try Andrew Goodman-Bacon or callaway and sant’anna, however before we do that, we have to fully understand this results.
Although the TWFE, seems to be not so significant the staggered version is. With P value of 0.042507 (from the agregated ATT)
# To implement the Sun and Abraham (2020) method,
# we use the sunab(cohort, period) function
res_sa20 = feols(sum_round_numbers ~ sunab(year_treated, year) | MSA + year, cluster = ~MSA, news_MSA_VC)
summary(res_sa20, vcov = "twoway")## Variance contained negative values in the diagonal and was 'fixed' (a la Cameron, Gelbach & Miller 2011).## OLS estimation, Dep. Var.: sum_round_numbers
## Observations: 5,724
## Fixed-effects: MSA: 318, year: 18
## Standard-errors: Clustered (MSA & year)
## Estimate Std. Error t value Pr(>|t|)
## year::-17 23.66200 4.00004 5.915449 1.6947e-05 ***
## year::-16 23.72844 3.94891 6.008857 1.4092e-05 ***
## year::-15 19.91049 3.89653 5.109802 8.7142e-05 ***
## year::-14 -164.33741 3.64365 -45.102429 < 2.2e-16 ***
## year::-13 -66.54650 3.60148 -18.477561 1.0870e-12 ***
## year::-12 -59.05524 12.28901 -4.805534 1.6492e-04 ***
## year::-11 -63.48811 11.94309 -5.315885 5.6894e-05 ***
## year::-10 -81.16783 15.85088 -5.120713 8.5187e-05 ***
## year::-9 -119.36014 52.81004 -2.260179 3.7224e-02 *
## year::-8 -120.76224 54.49355 -2.216083 4.0617e-02 *
## year::-7 -105.46839 42.25368 -2.496076 2.3133e-02 *
## year::-6 -90.50762 37.11996 -2.438246 2.6028e-02 *
## year::-5 -73.00060 29.47132 -2.477005 2.4052e-02 *
## year::-4 -59.02844 21.83241 -2.703707 1.5058e-02 *
## year::-3 -45.89707 16.47916 -2.785158 1.2696e-02 *
## year::-2 -27.02786 16.50512 -1.637544 1.1989e-01
## year::0 -3.67843 8.01214 -0.459107 6.5197e-01
## year::1 7.22197 9.39256 0.768903 4.5250e-01
## year::2 10.46274 12.41308 0.842880 4.1100e-01
## year::3 59.29617 24.68786 2.401835 2.8022e-02 *
## year::4 61.01627 26.65746 2.288900 3.5157e-02 *
## year::5 75.70613 31.14522 2.430747 2.6427e-02 *
## year::6 58.76429 37.35016 1.573335 1.3407e-01
## year::7 125.32661 51.71583 2.423371 2.6826e-02 *
## year::8 171.83417 80.52066 2.134038 4.7702e-02 *
## year::9 134.46154 71.20990 1.888242 7.6182e-02 .
## year::10 151.47523 90.29505 1.677558 1.1172e-01
## year::11 342.57892 212.40500 1.612857 1.2518e-01
## year::12 48.28059 4.44769 10.855196 4.5903e-09 ***
## year::13 14.91142 22.63257 0.658848 5.1882e-01
## year::14 66.23077 54.18900 1.222218 2.3830e-01
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
## RMSE: 61.6 Adj. R2: 0.92833
## Within R2: 0.34947Plot
# Plot the two TWFE results
iplot(list(res_twfe, res_sa20), sep = 0.5)
summary(res_sa20, agg = "att")## OLS estimation, Dep. Var.: sum_round_numbers
## Observations: 5,724
## Fixed-effects: MSA: 318, year: 18
## Standard-errors: Clustered (MSA)
## Estimate Std. Error t value Pr(>|t|)
## ATT 67.1262 32.9577 2.03674 0.042507 *
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
## RMSE: 61.6 Adj. R2: 0.92833
## Within R2: 0.34947# Full disaggregation (you could have used summary instead of etable)
#head(etable(res_sa20, agg = FALSE), 20)Diff in Diff all groups Investors
This is the amount of investors in total. (very significant) I(post * treated) 9.6311e+01 6.0286e+00 15.9757 < 2.2e-16 ***
fit <- plm(Investors ~ MSA + I(post*treated)+ factor(MSA) + factor(round_year), data=news_MSA_VC,index=c("MSA", "round_year"), model="pooling", effect="individual")
#options(max.print=1000000)
summary(fit) ## Pooling Model
##
## Call:
## plm(formula = Investors ~ MSA + I(post * treated) + factor(MSA) +
## factor(round_year), data = news_MSA_VC, effect = "individual",
## model = "pooling", index = c("MSA", "round_year"))
##
## Balanced Panel: n = 318, T = 18, N = 5724
##
## Residuals:
## Min. 1st Qu. Median 3rd Qu. Max.
## -1108.51670 -6.42083 0.89124 4.60558 1575.90799
##
## Coefficients: (317 dropped because of singularities)
## Estimate Std. Error t-value
## (Intercept) -4.3278e+00 1.5017e+01 -0.2882
## MSAAkron, OH 9.3889e+00 2.0688e+01 0.4538
## MSAAlbany-Schenectady-Troy, NY 1.3167e+01 2.0688e+01 0.6365
## MSAAlbany, GA 2.7778e-01 2.0688e+01 0.0134
## MSAAlbuquerque, NM -2.8596e+01 2.1074e+01 -1.3569
## MSAAlexandria, LA -1.1111e-01 2.0688e+01 -0.0054
## MSAAllentown-Bethlehem-Easton, PA 1.4556e+01 2.0688e+01 0.7036
## MSAAltoona, PA 1.4444e+00 2.0688e+01 0.0698
## MSAAmarillo, TX -1.1111e-01 2.0688e+01 -0.0054
## MSAAnchorage, AK -1.1111e-01 2.0688e+01 -0.0054
## MSAAnn Arbor, MI 5.0222e+01 2.0688e+01 2.4277
## MSAAnniston, AL -2.2222e-01 2.0688e+01 -0.0107
## MSAAppleton-Oshkosh-Neenah, WI 1.0556e+00 2.0688e+01 0.0510
## MSAAsheville, NC 2.2222e+00 2.0688e+01 0.1074
## MSAAthens, GA 1.3889e+00 2.0688e+01 0.0671
## MSAAtlanta, GA 2.4622e+02 2.0688e+01 11.9020
## MSAAtlantic-Cape May, NJ 3.4719e-11 2.0688e+01 0.0000
## MSAAuburn-Opelika, AL 4.4444e-01 2.0688e+01 0.0215
## MSAAugusta-Aiken, GA-SC 2.2222e-01 2.0688e+01 0.0107
## MSAAustin-San Marcos, TX 3.1217e+02 2.0688e+01 15.0896
## MSABakersfield, CA 1.8889e+00 2.0688e+01 0.0913
## MSABaltimore, MD 1.0389e+02 2.0688e+01 5.0218
## MSABangor, ME 1.3333e+00 2.0688e+01 0.0645
## MSABarnstable-Yarmouth, MA 1.0000e+00 2.0688e+01 0.0483
## MSABaton Rouge, LA 4.2778e+00 2.0688e+01 0.2068
## MSABeaumont-Port Arthur, TX -1.6667e-01 2.0688e+01 -0.0081
## MSABellingham, WA 7.2222e-01 2.0688e+01 0.0349
## MSABenton Harbor, MI -1.1111e-01 2.0688e+01 -0.0054
## MSABergen-Passaic, NJ 4.3278e+01 2.0688e+01 2.0920
## MSABillings, MT 2.7778e-01 2.0688e+01 0.0134
## MSABiloxi-Gulfport-Pascagoula, MS -1.6667e-01 2.0688e+01 -0.0081
## MSABinghamton, NY 5.5556e-02 2.0688e+01 0.0027
## MSABirmingham, AL 1.4833e+01 2.0688e+01 0.7170
## MSABismarck, ND 8.3333e-01 2.0688e+01 0.0403
## MSABloomington-Normal, IL 1.6667e-01 2.0688e+01 0.0081
## MSABloomington, IN -7.3631e+01 2.1212e+01 -3.4711
## MSABoise City, ID 8.3889e+00 2.0688e+01 0.4055
## MSABoston, MA-NH 1.2568e+03 2.0731e+01 60.6229
## MSABoulder-Longmont, CO 1.2533e+02 2.0688e+01 6.0584
## MSABrazoria, TX 2.7778e-01 2.0688e+01 0.0134
## MSABremerton, WA 3.8889e-01 2.0688e+01 0.0188
## MSABridgeport, CT 2.1111e+01 2.0688e+01 1.0205
## MSABrockton, MA 3.3889e+00 2.0688e+01 0.1638
## MSABrownsville-Harlingen-San Benito, TX -2.2222e-01 2.0688e+01 -0.0107
## MSABryan-College Station, TX 2.1667e+00 2.0688e+01 0.1047
## MSABuffalo-Niagara Falls, NY -9.4753e+00 2.0755e+01 -0.4565
## MSABurlington, VT 1.3167e+01 2.0688e+01 0.6365
## MSACaguas, PR -2.2222e-01 2.0688e+01 -0.0107
## MSACanton-Massillon, OH 2.8333e+00 2.0688e+01 0.1370
## MSACasper, WY -2.2222e-01 2.0688e+01 -0.0107
## MSACedar Rapids, IA 1.0000e+00 2.0688e+01 0.0483
## MSAChampaign-Urbana, IL 9.1667e+00 2.0688e+01 0.4431
## MSACharleston, SC 8.0000e+00 2.0688e+01 0.3867
## MSACharleston, WV -2.5531e+01 2.0755e+01 -1.2301
## MSACharlotte-Gastonia-Rock Hill, NC-SC 3.7500e+01 2.0688e+01 1.8127
## MSACharlottesville, VA 1.0444e+01 2.0688e+01 0.5049
## MSAChattanooga, TN-GA 7.8889e+00 2.0688e+01 0.3813
## MSACheyenne, WY 2.7778e-01 2.0688e+01 0.0134
## MSAChicago, IL 2.8544e+02 2.0688e+01 13.7979
## MSAChico-Paradise, CA 1.0556e+00 2.0688e+01 0.0510
## MSACincinnati, OH-KY-IN -1.2169e+01 2.1141e+01 -0.5756
## MSAClarksville-Hopkinsville, TN-KY -2.7778e-01 2.0688e+01 -0.0134
## MSACleveland-Lorain-Elyria, OH 6.7889e+01 2.0688e+01 3.2816
## MSAColorado Springs, CO 5.7222e+00 2.0688e+01 0.2766
## MSAColumbia, MO 1.0000e+00 2.0688e+01 0.0483
## MSAColumbia, SC 2.0000e+00 2.0688e+01 0.0967
## MSAColumbus, GA-AL 1.8333e+00 2.0688e+01 0.0886
## MSAColumbus, OH 4.7278e+01 2.0688e+01 2.2853
## MSACorpus Christi, TX 7.2222e-01 2.0688e+01 0.0349
## MSACorvallis, OR 1.3333e+00 2.0688e+01 0.0645
## MSADallas, TX 2.1428e+02 2.0688e+01 10.3578
## MSADanbury, CT 7.6111e+00 2.0688e+01 0.3679
## MSADanville, VA -2.2222e-01 2.0688e+01 -0.0107
## MSADavenport-Moline-Rock Island, IA-IL 2.2222e-01 2.0688e+01 0.0107
## MSADayton-Springfield, OH 2.8889e+00 2.0688e+01 0.1396
## MSADaytona Beach, FL -5.9763e+01 2.1074e+01 -2.8358
## MSADecatur, IL -2.7778e-01 2.0688e+01 -0.0134
## MSADenver, CO 1.6348e+02 2.1013e+01 7.7798
## MSADes Moines, IA 5.1667e+00 2.0688e+01 0.2497
## MSADetroit, MI 5.3889e+01 2.0688e+01 2.6049
## MSADothan, AL -2.7778e-01 2.0688e+01 -0.0134
## MSADover, DE 1.2778e+00 2.0688e+01 0.0618
## MSADubuque, IA -5.5556e-02 2.0688e+01 -0.0027
## MSADuluth-Superior, MN-WI 5.5556e-01 2.0688e+01 0.0269
## MSADutchess County, NY 7.2222e-01 2.0688e+01 0.0349
## MSAEau Claire, WI 5.0000e-01 2.0688e+01 0.0242
## MSAEl Paso, TX -1.6667e-01 2.0688e+01 -0.0081
## MSAElkhart-Goshen, IN 8.3333e-01 2.0688e+01 0.0403
## MSAElmira, NY -2.7778e-01 2.0688e+01 -0.0134
## MSAErie, PA 1.1111e+00 2.0688e+01 0.0537
## MSAEugene-Springfield, OR 1.5000e+00 2.0688e+01 0.0725
## MSAEvansville-Henderson, IN-KY 8.8889e-01 2.0688e+01 0.0430
## MSAFargo-Moorhead, ND-MN 1.1111e+00 2.0688e+01 0.0537
## MSAFayetteville-Springdale-Rogers, AR -2.3142e+01 2.0755e+01 -1.1150
## MSAFayetteville, NC -2.7778e-01 2.0688e+01 -0.0134
## MSAFitchburg-Leominster, MA 1.6667e-01 2.0688e+01 0.0081
## MSAFlagstaff, AZ-UT 3.2044e-11 2.0688e+01 0.0000
## MSAFlint, MI 3.8889e-01 2.0688e+01 0.0188
## MSAFlorence, AL 3.4261e-11 2.0688e+01 0.0000
## MSAFlorence, SC -2.7778e-01 2.0688e+01 -0.0134
## MSAFort Collins-Loveland, CO 8.5000e+00 2.0688e+01 0.4109
## MSAFort Lauderdale, FL 3.3722e+01 2.0688e+01 1.6301
## MSAFort Myers-Cape Coral, FL 1.9444e+00 2.0688e+01 0.0940
## MSAFort Pierce-Port St. Lucie, FL 1.7778e+00 2.0688e+01 0.0859
## MSAFort Smith, AR-OK -1.6667e-01 2.0688e+01 -0.0081
## MSAFort Walton Beach, FL 2.2222e-01 2.0688e+01 0.0107
## MSAFort Wayne, IN -1.5052e+01 2.0712e+01 -0.7267
## MSAFort Worth-Arlington, TX 1.9944e+01 2.0688e+01 0.9641
## MSAFresno, CA 1.5000e+00 2.0688e+01 0.0725
## MSAGadsden, AL -2.7778e-01 2.0688e+01 -0.0134
## MSAGainesville, FL 6.8889e+00 2.0688e+01 0.3330
## MSAGalveston-Texas City, TX 6.1111e-01 2.0688e+01 0.0295
## MSAGary, IN 5.5556e-01 2.0688e+01 0.0269
## MSAGlens Falls, NY -2.2222e-01 2.0688e+01 -0.0107
## MSAGoldsboro, NC -1.6667e-01 2.0688e+01 -0.0081
## MSAGrand Forks, ND-MN 2.2222e-01 2.0688e+01 0.0107
## MSAGrand Junction, CO -5.5556e-02 2.0688e+01 -0.0027
## MSAGrand Rapids-Muskegon-Holland, MI 1.4000e+01 2.0688e+01 0.6767
## MSAGreat Falls, MT -1.6667e-01 2.0688e+01 -0.0081
## MSAGreeley, CO -1.6667e-01 2.0688e+01 -0.0081
## MSAGreen Bay, WI 6.1111e-01 2.0688e+01 0.0295
## MSAGreensboro--Winston Salem--High Point, N 1.0778e+01 2.0688e+01 0.5210
## MSAGreenville-Spartanburg-Anderson, SC 1.2833e+01 2.0688e+01 0.6203
## MSAHagerstown, MD 1.0556e+00 2.0688e+01 0.0510
## MSAHamilton-Middletown, OH 2.2222e+00 2.0688e+01 0.1074
## MSAHarrisburg-Lebanon-Carlisle, PA 6.2222e+00 2.0688e+01 0.3008
## MSAHartford, CT 3.5000e+01 2.0688e+01 1.6918
## MSAHickory-Morganton-Lenoir, NC 6.1111e-01 2.0688e+01 0.0295
## MSAHonolulu, HI 4.3333e+00 2.0688e+01 0.2095
## MSAHouma, LA 2.7778e-01 2.0688e+01 0.0134
## MSAHouston, TX 1.4639e+02 2.0688e+01 7.0762
## MSAHuntington-Ashland, WV-KY-OH 1.6667e-01 2.0688e+01 0.0081
## MSAHuntsville, AL 6.2222e+00 2.0688e+01 0.3008
## MSAIndianapolis, IN 4.9389e+01 2.0688e+01 2.3874
## MSAIowa City, IA 1.9444e+00 2.0688e+01 0.0940
## MSAJackson, MI 2.7778e-01 2.0688e+01 0.0134
## MSAJackson, MS 5.7222e+00 2.0688e+01 0.2766
## MSAJacksonville, FL 1.8000e+01 2.0688e+01 0.8701
## MSAJacksonville, NC -2.2222e-01 2.0688e+01 -0.0107
## MSAJamestown, NY 3.1934e-11 2.0688e+01 0.0000
## MSAJanesville-Beloit, WI 2.7778e-01 2.0688e+01 0.0134
## MSAJersey City, NJ 2.9944e+01 2.0688e+01 1.4475
## MSAJohnson City-Kingsport-Bristol, TN-VA 1.8333e+00 2.0688e+01 0.0886
## MSAJohnstown, PA 6.1111e-01 2.0688e+01 0.0295
## MSAJoplin, MO -4.8267e+01 2.0906e+01 -2.3088
## MSAKalamazoo-Battle Creek, MI 5.5556e+00 2.0688e+01 0.2685
## MSAKankakee, IL -2.7778e-01 2.0688e+01 -0.0134
## MSAKansas City, MO-KS -1.7912e+01 2.1013e+01 -0.8524
## MSAKenosha, WI 1.1111e-01 2.0688e+01 0.0054
## MSAKilleen-Temple, TX 2.2222e-01 2.0688e+01 0.0107
## MSAKnoxville, TN 8.1667e+00 2.0688e+01 0.3948
## MSAKokomo, IN -2.7778e-01 2.0688e+01 -0.0134
## MSALa Crosse, WI-MN -1.6667e-01 2.0688e+01 -0.0081
## MSALafayette, IN 3.8333e+00 2.0688e+01 0.1853
## MSALafayette, LA 2.1111e+00 2.0688e+01 0.1020
## MSALake Charles, LA -2.2222e-01 2.0688e+01 -0.0107
## MSALakeland-Winter Haven, FL 2.2222e+00 2.0688e+01 0.1074
## MSALancaster, PA 1.1111e+00 2.0688e+01 0.0537
## MSALansing-East Lansing, MI 2.6667e+00 2.0688e+01 0.1289
## MSALas Cruces, NM -2.7778e-01 2.0688e+01 -0.0134
## MSALas Vegas, NV-AZ 1.5111e+01 2.0688e+01 0.7304
## MSALawrence, KS 8.8889e-01 2.0688e+01 0.0430
## MSALawrence, MA-NH 4.2111e+01 2.0688e+01 2.0356
## MSALewiston-Auburn, ME 2.2222e-01 2.0688e+01 0.0107
## MSALexington-Fayette, KY -2.2864e+01 2.0755e+01 -1.1016
## MSALima, OH 6.1111e-01 2.0688e+01 0.0295
## MSALincoln, NE 6.5556e+00 2.0688e+01 0.3169
## MSALittle Rock-North Little Rock, AR 3.8333e+00 2.0688e+01 0.1853
## MSALongview-Marshall, TX 5.5556e-02 2.0688e+01 0.0027
## MSALos Angeles-Long Beach, CA 4.1929e+02 2.0785e+01 20.1726
## MSALouisville, KY-IN 1.9667e+01 2.0688e+01 0.9507
## MSALowell, MA-NH 7.7000e+01 2.0688e+01 3.7221
## MSALubbock, TX 5.5556e-02 2.0688e+01 0.0027
## MSALynchburg, VA 3.8889e-01 2.0688e+01 0.0188
## MSAMacon, GA 5.5556e-02 2.0688e+01 0.0027
## MSAMadison, WI 3.8722e+01 2.0688e+01 1.8718
## MSAManchester, NH 1.2333e+01 2.0688e+01 0.5962
## MSAMansfield, OH -2.7778e-01 2.0688e+01 -0.0134
## MSAMcAllen-Edinburg-Mission, TX 6.6667e-01 2.0688e+01 0.0322
## MSAMedford-Ashland, OR 9.4444e-01 2.0688e+01 0.0457
## MSAMelbourne-Titusville-Palm Bay, FL 8.0556e+00 2.0688e+01 0.3894
## MSAMemphis, TN-AR-MS 1.4278e+01 2.0688e+01 0.6902
## MSAMiami, FL -2.8523e+01 2.1013e+01 -1.3574
## MSAMiddlesex-Somerset-Hunterdon, NJ 9.5778e+01 2.0688e+01 4.6297
## MSAMilwaukee-Waukesha, WI 2.1778e+01 2.0688e+01 1.0527
## MSAMinneapolis-St. Paul, MN-WI 1.6428e+02 2.0688e+01 7.9409
## MSAMissoula, MT 2.7778e+00 2.0688e+01 0.1343
## MSAMobile, AL 8.8889e-01 2.0688e+01 0.0430
## MSAModesto, CA 2.7778e-01 2.0688e+01 0.0134
## MSAMonmouth-Ocean, NJ 1.3389e+01 2.0688e+01 0.6472
## MSAMonroe, LA -5.4617e+00 2.0690e+01 -0.2640
## MSAMontgomery, AL 5.5556e-01 2.0688e+01 0.0269
## MSAMuncie, IN 5.5556e-02 2.0688e+01 0.0027
## MSAMyrtle Beach, SC -1.1111e-01 2.0688e+01 -0.0054
## MSANaples, FL 5.5556e-01 2.0688e+01 0.0269
## MSANashua, NH 1.8889e+01 2.0688e+01 0.9131
## MSANashville, TN 9.0333e+01 2.0688e+01 4.3666
## MSANassau-Suffolk, NY 2.4444e+01 2.0688e+01 1.1816
## MSANew Bedford, MA -1.6667e-01 2.0688e+01 -0.0081
## MSANew Haven-Meriden, CT 5.7278e+01 2.0688e+01 2.7687
## MSANew London-Norwich, CT-RI 3.1667e+00 2.0688e+01 0.1531
## MSANew Orleans, LA -7.1759e+01 2.1289e+01 -3.3708
## MSANew York, NY 9.3818e+02 2.1074e+01 44.5178
## MSANewark, NJ 5.3833e+01 2.0688e+01 2.6022
## MSANewburgh, NY-PA -5.5556e-02 2.0688e+01 -0.0027
## MSANorfolk-Virginia Beach-Newport News, VA- 8.6667e+00 2.0688e+01 0.4189
## MSAOakland, CA 4.4861e+02 2.0688e+01 21.6851
## MSAOcala, FL 3.7778e+00 2.0688e+01 0.1826
## MSAOdessa-Midland, TX 5.9444e+00 2.0688e+01 0.2873
## MSAOklahoma City, OK 1.6500e+01 2.0688e+01 0.7976
## MSAOlympia, WA 2.9444e+00 2.0688e+01 0.1423
## MSAOmaha, NE-IA 1.4056e+01 2.0688e+01 0.6794
## MSAOrange County, CA 2.2189e+02 2.0688e+01 10.7257
## MSAOrlando, FL 3.8667e+01 2.0688e+01 1.8691
## MSAPanama City, FL -5.5556e-02 2.0688e+01 -0.0027
## MSAParkersburg-Marietta, WV-OH -1.1111e-01 2.0688e+01 -0.0054
## MSAPensacola, FL 7.2222e-01 2.0688e+01 0.0349
## MSAPeoria-Pekin, IL 1.3889e+00 2.0688e+01 0.0671
## MSAPhiladelphia, PA-NJ 2.0892e+02 2.0860e+01 10.0151
## MSAPhoenix, AZ 8.7222e+01 2.0688e+01 4.2162
## MSAPine Bluff, AR -5.6284e+00 2.0690e+01 -0.2720
## MSAPittsburgh, PA 1.2211e+02 2.0688e+01 5.9027
## MSAPittsfield, MA -3.0048e+01 2.0785e+01 -1.4457
## MSAPocatello, ID -2.2222e-01 2.0688e+01 -0.0107
## MSAPonce, PR -1.6667e-01 2.0688e+01 -0.0081
## MSAPortland-Vancouver, OR-WA 1.1294e+02 2.0688e+01 5.4595
## MSAPortland, ME 1.0889e+01 2.0688e+01 0.5264
## MSAPortsmouth-Rochester, NH-ME 1.6444e+01 2.0688e+01 0.7949
## MSAProvidence-Fall River-Warwick, RI-MA 3.2500e+01 2.0688e+01 1.5710
## MSAProvo-Orem, UT 4.0833e+01 2.0688e+01 1.9738
## MSAPueblo, CO 2.2222e-01 2.0688e+01 0.0107
## MSAPunta Gorda, FL -2.7778e-01 2.0688e+01 -0.0134
## MSARacine, WI 3.3333e-01 2.0688e+01 0.0161
## MSARaleigh-Durham-Chapel Hill, NC 1.7822e+02 2.0688e+01 8.6150
## MSAReading, PA 1.6667e+00 2.0688e+01 0.0806
## MSARedding, CA -2.2222e-01 2.0688e+01 -0.0107
## MSAReno, NV 6.8333e+00 2.0688e+01 0.3303
## MSARichland-Kennewick-Pasco, WA 5.0000e-01 2.0688e+01 0.0242
## MSARichmond-Petersburg, VA 1.6111e+01 2.0688e+01 0.7788
## MSARiverside-San Bernardino, CA 7.5556e+00 2.0688e+01 0.3652
## MSARoanoke, VA 5.0000e+00 2.0688e+01 0.2417
## MSARochester, MN 1.1111e+00 2.0688e+01 0.0537
## MSARochester, NY -6.8814e+00 2.0785e+01 -0.3311
## MSARockford, IL 2.6244e-11 2.0688e+01 0.0000
## MSARocky Mount, NC -3.2381e+01 2.0785e+01 -1.5579
## MSASacramento, CA 2.1722e+01 2.0688e+01 1.0500
## MSASaginaw-Bay City-Midland, MI 1.0000e+00 2.0688e+01 0.0483
## MSASalem, OR 2.7778e-01 2.0688e+01 0.0134
## MSASalinas, CA 1.7778e+00 2.0688e+01 0.0859
## MSASalt Lake City-Ogden, UT 9.3778e+01 2.0688e+01 4.5331
## MSASan Angelo, TX -2.2222e-01 2.0688e+01 -0.0107
## MSASan Antonio, TX 1.6556e+01 2.0688e+01 0.8003
## MSASan Diego, CA 3.9647e+02 2.0860e+01 19.0061
## MSASan Francisco, CA 2.0428e+03 2.0906e+01 97.7159
## MSASan Jose, CA 1.4186e+03 2.0688e+01 68.5733
## MSASan Juan, PR 1.6667e+00 2.0688e+01 0.0806
## MSASan Luis Obispo-Atascadero-Paso Robles, 3.9444e+00 2.0688e+01 0.1907
## MSASanta Barbara-Santa Maria-Lompoc, CA 3.3056e+01 2.0688e+01 1.5979
## MSASanta Cruz-Watsonville, CA 1.0333e+01 2.0688e+01 0.4995
## MSASanta Fe, NM 4.6667e+00 2.0688e+01 0.2256
## MSASanta Rosa, CA 3.5222e+01 2.0688e+01 1.7026
## MSASarasota-Bradenton, FL 4.8333e+00 2.0688e+01 0.2336
## MSASavannah, GA 2.7778e-01 2.0688e+01 0.0134
## MSAScranton--Wilkes-Barre--Hazleton, PA 2.2778e+00 2.0688e+01 0.1101
## MSASeattle-Bellevue-Everett, WA 3.9594e+02 2.0688e+01 19.1393
## MSASharon, PA 4.4444e-01 2.0688e+01 0.0215
## MSASheboygan, WI -5.5556e-02 2.0688e+01 -0.0027
## MSASherman-Denison, TX 1.1111e-01 2.0688e+01 0.0054
## MSAShreveport, LA 2.3889e+00 2.0688e+01 0.1155
## MSASioux City, IA-NE -2.2222e-01 2.0688e+01 -0.0107
## MSASioux Falls, SD 2.8889e+00 2.0688e+01 0.1396
## MSASouth Bend, IN 1.6667e+00 2.0688e+01 0.0806
## MSASpokane, WA 9.6667e+00 2.0688e+01 0.4673
## MSASpringfield, IL -2.2222e-01 2.0688e+01 -0.0107
## MSASpringfield, MA 3.8889e+00 2.0688e+01 0.1880
## MSASpringfield, MO 1.7778e+00 2.0688e+01 0.0859
## MSASt. Cloud, MN 1.0556e+00 2.0688e+01 0.0510
## MSASt. Joseph, MO 1.1111e-01 2.0688e+01 0.0054
## MSASt. Louis, MO-IL 6.9556e+01 2.0688e+01 3.3622
## MSAStamford-Norwalk, CT 5.2333e+01 2.0688e+01 2.5297
## MSAState College, PA 3.5000e+00 2.0688e+01 0.1692
## MSASteubenville-Weirton, OH-WV -5.5556e-02 2.0688e+01 -0.0027
## MSAStockton-Lodi, CA 1.1667e+00 2.0688e+01 0.0564
## MSASumter, SC -1.6667e-01 2.0688e+01 -0.0081
## MSASyracuse, NY 1.3889e+00 2.0688e+01 0.0671
## MSATacoma, WA 1.5000e+00 2.0688e+01 0.0725
## MSATallahassee, FL 5.0000e-01 2.0688e+01 0.0242
## MSATampa-St. Petersburg-Clearwater, FL 1.0174e+01 2.0785e+01 0.4895
## MSAToledo, OH 2.5556e+00 2.0688e+01 0.1235
## MSATopeka, KS 5.5556e-01 2.0688e+01 0.0269
## MSATrenton, NJ 3.9833e+01 2.0688e+01 1.9255
## MSATucson, AZ -4.7079e+01 2.1013e+01 -2.2405
## MSATulsa, OK -5.3852e+00 2.0712e+01 -0.2600
## MSATyler, TX 1.0000e+00 2.0688e+01 0.0483
## MSAUnknown 1.5767e+02 2.0688e+01 7.6213
## MSAUtica-Rome, NY 1.1111e-01 2.0688e+01 0.0054
## MSAVallejo-Fairfield-Napa, CA 8.6111e+00 2.0688e+01 0.4162
## MSAVentura, CA 2.0056e+01 2.0688e+01 0.9695
## MSAVineland-Millville-Bridgeton, NJ -4.2694e+01 2.0860e+01 -2.0467
## MSAVisalia-Tulare-Porterville, CA 3.6667e+00 2.0688e+01 0.1772
## MSAWaco, TX 4.4444e-01 2.0688e+01 0.0215
## MSAWashington, DC-MD-VA-WV 2.9107e+02 2.1289e+01 13.6727
## MSAWaterbury, CT 3.6111e+00 2.0688e+01 0.1746
## MSAWaterloo-Cedar Falls, IA -2.7778e-01 2.0688e+01 -0.0134
## MSAWausau, WI -5.5556e-02 2.0688e+01 -0.0027
## MSAWest Palm Beach-Boca Raton, FL 3.4000e+01 2.0688e+01 1.6435
## MSAWheeling, WV-OH -2.7778e-01 2.0688e+01 -0.0134
## MSAWichita Falls, TX -2.7778e-01 2.0688e+01 -0.0134
## MSAWichita, KS -5.5523e+01 2.1013e+01 -2.6423
## MSAWilliamsport, PA 3.2512e-11 2.0688e+01 0.0000
## MSAWilmington-Newark, DE-MD 1.7722e+01 2.0688e+01 0.8567
## MSAWilmington, NC 2.5556e+00 2.0688e+01 0.1235
## MSAWorcester, MA-CT 2.9444e+01 2.0688e+01 1.4233
## MSAYakima, WA 2.2222e-01 2.0688e+01 0.0107
## MSAYolo, CA 6.8889e+00 2.0688e+01 0.3330
## MSAYork, PA 1.1111e-01 2.0688e+01 0.0054
## MSAYoungstown-Warren, OH -4.0728e+00 2.0690e+01 -0.1968
## MSAYuma, AZ -2.7778e-01 2.0688e+01 -0.0134
## I(post * treated) 9.6311e+01 6.0286e+00 15.9757
## factor(round_year)2003 -2.0818e+00 4.9219e+00 -0.4230
## factor(round_year)2004 2.3239e+00 4.9219e+00 0.4722
## factor(round_year)2005 3.4194e+00 4.9220e+00 0.6947
## factor(round_year)2006 8.4845e+00 4.9222e+00 1.7237
## factor(round_year)2007 1.4301e+01 4.9225e+00 2.9053
## factor(round_year)2008 1.2317e+01 4.9237e+00 2.5016
## factor(round_year)2009 -6.0683e+00 4.9271e+00 -1.2316
## factor(round_year)2010 8.2789e-01 4.9271e+00 0.1680
## factor(round_year)2011 4.0429e+00 4.9290e+00 0.8202
## factor(round_year)2012 2.5431e+00 4.9324e+00 0.5156
## factor(round_year)2013 2.6752e+00 4.9324e+00 0.5424
## factor(round_year)2014 2.8810e+00 4.9395e+00 0.5833
## factor(round_year)2015 4.2104e+00 4.9465e+00 0.8512
## factor(round_year)2016 4.0441e-01 4.9484e+00 0.0817
## factor(round_year)2017 4.7641e+00 4.9525e+00 0.9620
## factor(round_year)2018 1.1591e+01 4.9525e+00 2.3405
## factor(round_year)2019 1.6264e+01 4.9591e+00 3.2797
## Pr(>|t|)
## (Intercept) 0.7732034
## MSAAkron, OH 0.6499598
## MSAAlbany-Schenectady-Troy, NY 0.5245069
## MSAAlbany, GA 0.9892874
## MSAAlbuquerque, NM 0.1748619
## MSAAlexandria, LA 0.9957148
## MSAAllentown-Bethlehem-Easton, PA 0.4817175
## MSAAltoona, PA 0.9443379
## MSAAmarillo, TX 0.9957148
## MSAAnchorage, AK 0.9957148
## MSAAnn Arbor, MI 0.0152291 *
## MSAAnniston, AL 0.9914298
## MSAAppleton-Oshkosh-Neenah, WI 0.9593084
## MSAAsheville, NC 0.9144609
## MSAAthens, GA 0.9464754
## MSAAtlanta, GA < 2.2e-16 ***
## MSAAtlantic-Cape May, NJ 1.0000000
## MSAAuburn-Opelika, AL 0.9828606
## MSAAugusta-Aiken, GA-SC 0.9914298
## MSAAustin-San Marcos, TX < 2.2e-16 ***
## MSABakersfield, CA 0.9272530
## MSABaltimore, MD 5.283e-07 ***
## MSABangor, ME 0.9486134
## MSABarnstable-Yarmouth, MA 0.9614484
## MSABaton Rouge, LA 0.8361889
## MSABeaumont-Port Arthur, TX 0.9935723
## MSABellingham, WA 0.9721520
## MSABenton Harbor, MI 0.9957148
## MSABergen-Passaic, NJ 0.0364873 *
## MSABillings, MT 0.9892874
## MSABiloxi-Gulfport-Pascagoula, MS 0.9935723
## MSABinghamton, NY 0.9978574
## MSABirmingham, AL 0.4733935
## MSABismarck, ND 0.9678698
## MSABloomington-Normal, IL 0.9935723
## MSABloomington, IN 0.0005223 ***
## MSABoise City, ID 0.6851224
## MSABoston, MA-NH < 2.2e-16 ***
## MSABoulder-Longmont, CO 1.468e-09 ***
## MSABrazoria, TX 0.9892874
## MSABremerton, WA 0.9850027
## MSABridgeport, CT 0.3075484
## MSABrockton, MA 0.8698842
## MSABrownsville-Harlingen-San Benito, TX 0.9914298
## MSABryan-College Station, TX 0.9165915
## MSABuffalo-Niagara Falls, NY 0.6480300
## MSABurlington, VT 0.5245069
## MSACaguas, PR 0.9914298
## MSACanton-Massillon, OH 0.8910686
## MSACasper, WY 0.9914298
## MSACedar Rapids, IA 0.9614484
## MSAChampaign-Urbana, IL 0.6577100
## MSACharleston, SC 0.6989885
## MSACharleston, WV 0.2187152
## MSACharlotte-Gastonia-Rock Hill, NC-SC 0.0699355 .
## MSACharlottesville, VA 0.6136727
## MSAChattanooga, TN-GA 0.7029690
## MSACheyenne, WY 0.9892874
## MSAChicago, IL < 2.2e-16 ***
## MSAChico-Paradise, CA 0.9593084
## MSACincinnati, OH-KY-IN 0.5648948
## MSAClarksville-Hopkinsville, TN-KY 0.9892874
## MSACleveland-Lorain-Elyria, OH 0.0010386 **
## MSAColorado Springs, CO 0.7820957
## MSAColumbia, MO 0.9614484
## MSAColumbia, SC 0.9229867
## MSAColumbus, GA-AL 0.9293869
## MSAColumbus, OH 0.0223321 *
## MSACorpus Christi, TX 0.9721520
## MSACorvallis, OR 0.9486134
## MSADallas, TX < 2.2e-16 ***
## MSADanbury, CT 0.7129558
## MSADanville, VA 0.9914298
## MSADavenport-Moline-Rock Island, IA-IL 0.9914298
## MSADayton-Springfield, OH 0.8889464
## MSADaytona Beach, FL 0.0045879 **
## MSADecatur, IL 0.9892874
## MSADenver, CO 8.647e-15 ***
## MSADes Moines, IA 0.8027916
## MSADetroit, MI 0.0092154 **
## MSADothan, AL 0.9892874
## MSADover, DE 0.9507517
## MSADubuque, IA 0.9978574
## MSADuluth-Superior, MN-WI 0.9785767
## MSADutchess County, NY 0.9721520
## MSAEau Claire, WI 0.9807186
## MSAEl Paso, TX 0.9935723
## MSAElkhart-Goshen, IN 0.9678698
## MSAElmira, NY 0.9892874
## MSAErie, PA 0.9571688
## MSAEugene-Springfield, OR 0.9422007
## MSAEvansville-Henderson, IN-KY 0.9657291
## MSAFargo-Moorhead, ND-MN 0.9571688
## MSAFayetteville-Springdale-Rogers, AR 0.2649016
## MSAFayetteville, NC 0.9892874
## MSAFitchburg-Leominster, MA 0.9935723
## MSAFlagstaff, AZ-UT 1.0000000
## MSAFlint, MI 0.9850027
## MSAFlorence, AL 1.0000000
## MSAFlorence, SC 0.9892874
## MSAFort Collins-Loveland, CO 0.6811798
## MSAFort Lauderdale, FL 0.1031437
## MSAFort Myers-Cape Coral, FL 0.9251196
## MSAFort Pierce-Port St. Lucie, FL 0.9315214
## MSAFort Smith, AR-OK 0.9935723
## MSAFort Walton Beach, FL 0.9914298
## MSAFort Wayne, IN 0.4674264
## MSAFort Worth-Arlington, TX 0.3350482
## MSAFresno, CA 0.9422007
## MSAGadsden, AL 0.9892874
## MSAGainesville, FL 0.7391491
## MSAGalveston-Texas City, TX 0.9764349
## MSAGary, IN 0.9785767
## MSAGlens Falls, NY 0.9914298
## MSAGoldsboro, NC 0.9935723
## MSAGrand Forks, ND-MN 0.9914298
## MSAGrand Junction, CO 0.9978574
## MSAGrand Rapids-Muskegon-Holland, MI 0.4986019
## MSAGreat Falls, MT 0.9935723
## MSAGreeley, CO 0.9935723
## MSAGreen Bay, WI 0.9764349
## MSAGreensboro--Winston Salem--High Point, N 0.6024021
## MSAGreenville-Spartanburg-Anderson, SC 0.5350587
## MSAHagerstown, MD 0.9593084
## MSAHamilton-Middletown, OH 0.9144609
## MSAHarrisburg-Lebanon-Carlisle, PA 0.7636000
## MSAHartford, CT 0.0907338 .
## MSAHickory-Morganton-Lenoir, NC 0.9764349
## MSAHonolulu, HI 0.8340922
## MSAHouma, LA 0.9892874
## MSAHouston, TX 1.671e-12 ***
## MSAHuntington-Ashland, WV-KY-OH 0.9935723
## MSAHuntsville, AL 0.7636000
## MSAIndianapolis, IN 0.0170033 *
## MSAIowa City, IA 0.9251196
## MSAJackson, MI 0.9892874
## MSAJackson, MS 0.7820957
## MSAJacksonville, FL 0.3842897
## MSAJacksonville, NC 0.9914298
## MSAJamestown, NY 1.0000000
## MSAJanesville-Beloit, WI 0.9892874
## MSAJersey City, NJ 0.1478248
## MSAJohnson City-Kingsport-Bristol, TN-VA 0.9293869
## MSAJohnstown, PA 0.9764349
## MSAJoplin, MO 0.0209951 *
## MSAKalamazoo-Battle Creek, MI 0.7882890
## MSAKankakee, IL 0.9892874
## MSAKansas City, MO-KS 0.3940086
## MSAKenosha, WI 0.9957148
## MSAKilleen-Temple, TX 0.9914298
## MSAKnoxville, TN 0.6930332
## MSAKokomo, IN 0.9892874
## MSALa Crosse, WI-MN 0.9935723
## MSALafayette, IN 0.8530030
## MSALafayette, LA 0.9187227
## MSALake Charles, LA 0.9914298
## MSALakeland-Winter Haven, FL 0.9144609
## MSALancaster, PA 0.9571688
## MSALansing-East Lansing, MI 0.8974398
## MSALas Cruces, NM 0.9892874
## MSALas Vegas, NV-AZ 0.4651492
## MSALawrence, KS 0.9657291
## MSALawrence, MA-NH 0.0418412 *
## MSALewiston-Auburn, ME 0.9914298
## MSALexington-Fayette, KY 0.2706791
## MSALima, OH 0.9764349
## MSALincoln, NE 0.7513433
## MSALittle Rock-North Little Rock, AR 0.8530030
## MSALongview-Marshall, TX 0.9978574
## MSALos Angeles-Long Beach, CA < 2.2e-16 ***
## MSALouisville, KY-IN 0.3418225
## MSALowell, MA-NH 0.0001996 ***
## MSALubbock, TX 0.9978574
## MSALynchburg, VA 0.9850027
## MSAMacon, GA 0.9978574
## MSAMadison, WI 0.0612928 .
## MSAManchester, NH 0.5510846
## MSAMansfield, OH 0.9892874
## MSAMcAllen-Edinburg-Mission, TX 0.9742934
## MSAMedford-Ashland, OR 0.9635886
## MSAMelbourne-Titusville-Palm Bay, FL 0.6970013
## MSAMemphis, TN-AR-MS 0.4901206
## MSAMiami, FL 0.1747055
## MSAMiddlesex-Somerset-Hunterdon, NJ 3.747e-06 ***
## MSAMilwaukee-Waukesha, WI 0.2925248
## MSAMinneapolis-St. Paul, MN-WI 2.424e-15 ***
## MSAMissoula, MT 0.8931915
## MSAMobile, AL 0.9657291
## MSAModesto, CA 0.9892874
## MSAMonmouth-Ocean, NJ 0.5175321
## MSAMonroe, LA 0.7918084
## MSAMontgomery, AL 0.9785767
## MSAMuncie, IN 0.9978574
## MSAMyrtle Beach, SC 0.9957148
## MSANaples, FL 0.9785767
## MSANashua, NH 0.3612530
## MSANashville, TN 1.286e-05 ***
## MSANassau-Suffolk, NY 0.2374149
## MSANew Bedford, MA 0.9935723
## MSANew Haven-Meriden, CT 0.0056470 **
## MSANew London-Norwich, CT-RI 0.8783476
## MSANew Orleans, LA 0.0007549 ***
## MSANew York, NY < 2.2e-16 ***
## MSANewark, NJ 0.0092877 **
## MSANewburgh, NY-PA 0.9978574
## MSANorfolk-Virginia Beach-Newport News, VA- 0.6752822
## MSAOakland, CA < 2.2e-16 ***
## MSAOcala, FL 0.8551097
## MSAOdessa-Midland, TX 0.7738595
## MSAOklahoma City, OK 0.4251477
## MSAOlympia, WA 0.8868250
## MSAOmaha, NE-IA 0.4968994
## MSAOrange County, CA < 2.2e-16 ***
## MSAOrlando, FL 0.0616655 .
## MSAPanama City, FL 0.9978574
## MSAParkersburg-Marietta, WV-OH 0.9957148
## MSAPensacola, FL 0.9721520
## MSAPeoria-Pekin, IL 0.9464754
## MSAPhiladelphia, PA-NJ < 2.2e-16 ***
## MSAPhoenix, AZ 2.525e-05 ***
## MSAPine Bluff, AR 0.7856083
## MSAPittsburgh, PA 3.795e-09 ***
## MSAPittsfield, MA 0.1483274
## MSAPocatello, ID 0.9914298
## MSAPonce, PR 0.9935723
## MSAPortland-Vancouver, OR-WA 4.987e-08 ***
## MSAPortland, ME 0.5986660
## MSAPortsmouth-Rochester, NH-ME 0.4267082
## MSAProvidence-Fall River-Warwick, RI-MA 0.1162421
## MSAProvo-Orem, UT 0.0484536 *
## MSAPueblo, CO 0.9914298
## MSAPunta Gorda, FL 0.9892874
## MSARacine, WI 0.9871450
## MSARaleigh-Durham-Chapel Hill, NC < 2.2e-16 ***
## MSAReading, PA 0.9357917
## MSARedding, CA 0.9914298
## MSAReno, NV 0.7411770
## MSARichland-Kennewick-Pasco, WA 0.9807186
## MSARichmond-Petersburg, VA 0.4361408
## MSARiverside-San Bernardino, CA 0.7149592
## MSARoanoke, VA 0.8090282
## MSARochester, MN 0.9571688
## MSARochester, NY 0.7405973
## MSARockford, IL 1.0000000
## MSARocky Mount, NC 0.1193078
## MSASacramento, CA 0.2937576
## MSASaginaw-Bay City-Midland, MI 0.9614484
## MSASalem, OR 0.9892874
## MSASalinas, CA 0.9315214
## MSASalt Lake City-Ogden, UT 5.939e-06 ***
## MSASan Angelo, TX 0.9914298
## MSASan Antonio, TX 0.4235906
## MSASan Diego, CA < 2.2e-16 ***
## MSASan Francisco, CA < 2.2e-16 ***
## MSASan Jose, CA < 2.2e-16 ***
## MSASan Juan, PR 0.9357917
## MSASan Luis Obispo-Atascadero-Paso Robles, 0.8487929
## MSASanta Barbara-Santa Maria-Lompoc, CA 0.1101347
## MSASanta Cruz-Watsonville, CA 0.6174501
## MSASanta Fe, NM 0.8215374
## MSASanta Rosa, CA 0.0887036 .
## MSASarasota-Bradenton, FL 0.8152769
## MSASavannah, GA 0.9892874
## MSAScranton--Wilkes-Barre--Hazleton, PA 0.9123310
## MSASeattle-Bellevue-Everett, WA < 2.2e-16 ***
## MSASharon, PA 0.9828606
## MSASheboygan, WI 0.9978574
## MSASherman-Denison, TX 0.9957148
## MSAShreveport, LA 0.9080730
## MSASioux City, IA-NE 0.9914298
## MSASioux Falls, SD 0.8889464
## MSASouth Bend, IN 0.9357917
## MSASpokane, WA 0.6403250
## MSASpringfield, IL 0.9914298
## MSASpringfield, MA 0.8508974
## MSASpringfield, MO 0.9315214
## MSASt. Cloud, MN 0.9593084
## MSASt. Joseph, MO 0.9957148
## MSASt. Louis, MO-IL 0.0007786 ***
## MSAStamford-Norwalk, CT 0.0114440 *
## MSAState College, PA 0.8656581
## MSASteubenville-Weirton, OH-WV 0.9978574
## MSAStockton-Lodi, CA 0.9550294
## MSASumter, SC 0.9935723
## MSASyracuse, NY 0.9464754
## MSATacoma, WA 0.9422007
## MSATallahassee, FL 0.9807186
## MSATampa-St. Petersburg-Clearwater, FL 0.6245107
## MSAToledo, OH 0.9016910
## MSATopeka, KS 0.9785767
## MSATrenton, NJ 0.0542222 .
## MSATucson, AZ 0.0251011 *
## MSATulsa, OK 0.7948709
## MSATyler, TX 0.9614484
## MSAUnknown 2.948e-14 ***
## MSAUtica-Rome, NY 0.9957148
## MSAVallejo-Fairfield-Napa, CA 0.6772459
## MSAVentura, CA 0.3323629
## MSAVineland-Millville-Bridgeton, NJ 0.0407406 *
## MSAVisalia-Tulare-Porterville, CA 0.8593260
## MSAWaco, TX 0.9828606
## MSAWashington, DC-MD-VA-WV < 2.2e-16 ***
## MSAWaterbury, CT 0.8614357
## MSAWaterloo-Cedar Falls, IA 0.9892874
## MSAWausau, WI 0.9978574
## MSAWest Palm Beach-Boca Raton, FL 0.1003370
## MSAWheeling, WV-OH 0.9892874
## MSAWichita Falls, TX 0.9892874
## MSAWichita, KS 0.0082574 **
## MSAWilliamsport, PA 1.0000000
## MSAWilmington-Newark, DE-MD 0.3916692
## MSAWilmington, NC 0.9016910
## MSAWorcester, MA-CT 0.1547082
## MSAYakima, WA 0.9914298
## MSAYolo, CA 0.7391491
## MSAYork, PA 0.9957148
## MSAYoungstown-Warren, OH 0.8439537
## MSAYuma, AZ 0.9892874
## I(post * treated) < 2.2e-16 ***
## factor(round_year)2003 0.6723408
## factor(round_year)2004 0.6368338
## factor(round_year)2005 0.4872608
## factor(round_year)2006 0.0848164 .
## factor(round_year)2007 0.0036842 **
## factor(round_year)2008 0.0123927 *
## factor(round_year)2009 0.2181459
## factor(round_year)2010 0.8665691
## factor(round_year)2011 0.4121242
## factor(round_year)2012 0.6061595
## factor(round_year)2013 0.5875857
## factor(round_year)2014 0.5597458
## factor(round_year)2015 0.3947003
## factor(round_year)2016 0.9348682
## factor(round_year)2017 0.3361133
## factor(round_year)2018 0.0192959 *
## factor(round_year)2019 0.0010459 **
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Total Sum of Squares: 203290000
## Residual Sum of Squares: 20753000
## R-Squared: 0.89791
## Adj. R-Squared: 0.89157
## F-statistic: 141.464 on 335 and 5388 DF, p-value: < 2.22e-16fixed-effects
est_comb = feols(Investors~ MSA | treated^year_treated, news_MSA_VC )## Variables 'MSABloomington, IN', 'MSABoston, MA-NH' and 10 others have been removed because of collinearity (see $collin.var).summary(est_comb, vcov = "twoway")## OLS estimation, Dep. Var.: Investors
## Observations: 5,724
## Fixed-effects: treated^year_treated: 13
## Standard-errors: Clustered (treated^year_treated)
## Estimate Std. Error
## MSAAkron, OH 9.388889e+00 1.277275e-10
## MSAAlbany-Schenectady-Troy, NY 1.316667e+01 1.311644e-10
## MSAAlbany, GA 2.777778e-01 1.249253e-10
## MSAAlbuquerque, NM -9.667778e+02 3.658550e-12
## MSAAlexandria, LA -1.111111e-01 1.243814e-10
## MSAAllentown-Bethlehem-Easton, PA 1.455556e+01 1.306891e-10
## MSAAltoona, PA 1.444444e+00 1.254472e-10
## MSAAmarillo, TX -1.111111e-01 1.249515e-10
## MSAAnchorage, AK -1.111111e-01 1.240242e-10
## MSAAnn Arbor, MI 5.022222e+01 1.349566e-10
## MSAAnniston, AL -2.222222e-01 1.238346e-10
## MSAAppleton-Oshkosh-Neenah, WI 1.055556e+00 1.255798e-10
## MSAAsheville, NC 2.222222e+00 1.245552e-10
## MSAAthens, GA 1.388889e+00 1.238646e-10
## MSAAtlanta, GA 2.462222e+02 1.555621e-10
## MSAAtlantic-Cape May, NJ 1.170000e-10 1.251867e-10
## MSAAuburn-Opelika, AL 4.444444e-01 1.242009e-10
## MSAAugusta-Aiken, GA-SC 2.222222e-01 1.254481e-10
## MSAAustin-San Marcos, TX 3.121667e+02 2.459302e-10
## MSABakersfield, CA 1.888889e+00 1.254113e-10
## MSABaltimore, MD 1.038889e+02 1.612199e-10
## MSABangor, ME 1.333333e+00 1.254899e-10
## MSABarnstable-Yarmouth, MA 1.000000e+00 1.240351e-10
## MSABaton Rouge, LA 4.277778e+00 1.259592e-10
## MSABeaumont-Port Arthur, TX -1.666667e-01 1.242467e-10
## MSABellingham, WA 7.222222e-01 1.247944e-10
## MSABenton Harbor, MI -1.111111e-01 1.240394e-10
## MSABergen-Passaic, NJ 4.327778e+01 1.337543e-10
## MSABillings, MT 2.777778e-01 1.244844e-10
## MSABiloxi-Gulfport-Pascagoula, MS -1.666667e-01 1.250600e-10
## MSABinghamton, NY 5.555556e-02 1.241357e-10
## MSABirmingham, AL 1.483333e+01 1.302153e-10
## MSABismarck, ND 8.333333e-01 1.255657e-10
## MSABloomington-Normal, IL 1.666667e-01 1.248233e-10
## MSABoise City, ID 8.388889e+00 1.278229e-10
## MSABoulder-Longmont, CO 1.253333e+02 1.645191e-10
## MSABrazoria, TX 2.777778e-01 1.248265e-10
## MSABremerton, WA 3.888889e-01 1.253961e-10
## MSABridgeport, CT 2.111111e+01 1.303673e-10
## MSABrockton, MA 3.388889e+00 1.252707e-10
## MSABrownsville-Harlingen-San Benito, TX -2.222222e-01 1.244921e-10
## MSABryan-College Station, TX 2.166667e+00 1.247397e-10
## MSABuffalo-Niagara Falls, NY 1.338889e+01 6.962000e-14
## MSABurlington, VT 1.316667e+01 1.304649e-10
## MSACaguas, PR -2.222222e-01 1.249709e-10
## MSACanton-Massillon, OH 2.833333e+00 1.263902e-10
## MSACasper, WY -2.222222e-01 1.246707e-10
## MSACedar Rapids, IA 1.000000e+00 1.246660e-10
## MSAChampaign-Urbana, IL 9.166667e+00 1.282908e-10
## MSACharleston, SC 8.000000e+00 1.287103e-10
## MSACharleston, WV -2.666667e+00 3.151000e-14
## MSACharlotte-Gastonia-Rock Hill, NC-SC 3.750000e+01 1.332007e-10
## MSACharlottesville, VA 1.044444e+01 1.294736e-10
## MSAChattanooga, TN-GA 7.888889e+00 1.277714e-10
## MSACheyenne, WY 2.777778e-01 1.247581e-10
## MSAChicago, IL 2.854444e+02 2.264012e-10
## MSAChico-Paradise, CA 1.055556e+00 1.252150e-10
## MSAClarksville-Hopkinsville, TN-KY -2.777778e-01 1.247792e-10
## MSACleveland-Lorain-Elyria, OH 6.788889e+01 1.368559e-10
## MSAColorado Springs, CO 5.722222e+00 1.255965e-10
## MSAColumbia, MO 1.000000e+00 1.259202e-10
## MSAColumbia, SC 2.000000e+00 1.243544e-10
## MSAColumbus, GA-AL 1.833333e+00 1.240909e-10
## MSAColumbus, OH 4.727778e+01 1.328251e-10
## MSACorpus Christi, TX 7.222222e-01 1.253189e-10
## MSACorvallis, OR 1.333333e+00 1.243951e-10
## MSADallas, TX 2.142778e+02 1.452735e-10
## MSADanbury, CT 7.611111e+00 1.283487e-10
## MSADanville, VA -2.222222e-01 1.243096e-10
## MSADavenport-Moline-Rock Island, IA-IL 2.222222e-01 1.255089e-10
## MSADayton-Springfield, OH 2.888889e+00 1.251909e-10
## MSADaytona Beach, FL -9.979444e+02 3.009950e-12
## MSADecatur, IL -2.777778e-01 1.242243e-10
## MSADenver, CO 2.190000e+02 1.882350e-12
## MSADes Moines, IA 5.166667e+00 1.274110e-10
## MSADetroit, MI 5.388889e+01 1.343510e-10
## MSADothan, AL -2.777778e-01 1.250414e-10
## MSADover, DE 1.277778e+00 1.256170e-10
## MSADubuque, IA -5.555556e-02 1.247936e-10
## MSADuluth-Superior, MN-WI 5.555556e-01 1.250288e-10
## MSADutchess County, NY 7.222222e-01 1.249920e-10
## MSAEau Claire, WI 5.000000e-01 1.266387e-10
## MSAEl Paso, TX -1.666667e-01 1.257099e-10
## MSAElkhart-Goshen, IN 8.333333e-01 1.257099e-10
## MSAElmira, NY -2.777778e-01 1.263716e-10
## MSAErie, PA 1.111111e+00 1.268204e-10
## MSAEugene-Springfield, OR 1.500000e+00 1.267185e-10
## MSAEvansville-Henderson, IN-KY 8.888889e-01 1.254077e-10
## MSAFargo-Moorhead, ND-MN 1.111111e+00 1.260148e-10
## MSAFayetteville-Springdale-Rogers, AR -2.777778e-01 2.753000e-14
## MSAFayetteville, NC -2.777778e-01 1.247032e-10
## MSAFitchburg-Leominster, MA 1.666667e-01 1.250207e-10
## MSAFlagstaff, AZ-UT 1.190000e-10 1.268095e-10
## MSAFlint, MI 3.888889e-01 1.266427e-10
## MSAFlorence, AL 1.170000e-10 1.252513e-10
## MSAFlorence, SC -2.777778e-01 1.272533e-10
## MSAFort Collins-Loveland, CO 8.500000e+00 1.286698e-10
## MSAFort Lauderdale, FL 3.372222e+01 1.329710e-10
## MSAFort Myers-Cape Coral, FL 1.944444e+00 1.263517e-10
## MSAFort Pierce-Port St. Lucie, FL 1.777778e+00 1.265519e-10
## MSAFort Smith, AR-OK -1.666667e-01 1.275987e-10
## MSAFort Walton Beach, FL 2.222222e-01 1.255621e-10
## MSAFort Wayne, IN -9.666667e+00 2.530000e-15
## MSAFort Worth-Arlington, TX 1.994444e+01 1.304955e-10
## MSAFresno, CA 1.500000e+00 1.258974e-10
## MSAGadsden, AL -2.777778e-01 1.265312e-10
## MSAGainesville, FL 6.888889e+00 1.275438e-10
## MSAGalveston-Texas City, TX 6.111111e-01 1.256195e-10
## MSAGary, IN 5.555556e-01 1.275218e-10
## MSAGlens Falls, NY -2.222222e-01 1.265823e-10
## MSAGoldsboro, NC -1.666667e-01 1.274847e-10
## MSAGrand Forks, ND-MN 2.222222e-01 1.269074e-10
## MSAGrand Junction, CO -5.555556e-02 1.276971e-10
## MSAGrand Rapids-Muskegon-Holland, MI 1.400000e+01 1.297138e-10
## MSAGreat Falls, MT -1.666667e-01 1.273479e-10
## MSAGreeley, CO -1.666667e-01 1.266600e-10
## MSAGreen Bay, WI 6.111111e-01 1.264024e-10
## MSAGreensboro--Winston Salem--High Point, N 1.077778e+01 1.306661e-10
## MSAGreenville-Spartanburg-Anderson, SC 1.283333e+01 1.299951e-10
## MSAHagerstown, MD 1.055556e+00 1.278373e-10
## MSAHamilton-Middletown, OH 2.222222e+00 1.276107e-10
## MSAHarrisburg-Lebanon-Carlisle, PA 6.222222e+00 1.283212e-10
## MSAHartford, CT 3.500000e+01 1.328209e-10
## MSAHickory-Morganton-Lenoir, NC 6.111111e-01 1.271017e-10
## MSAHonolulu, HI 4.333333e+00 1.272759e-10
## MSAHouma, LA 2.777778e-01 1.270383e-10
## MSAHouston, TX 1.463889e+02 1.338912e-10
## MSAHuntington-Ashland, WV-KY-OH 1.666667e-01 1.263435e-10
## MSAHuntsville, AL 6.222222e+00 1.277370e-10
## MSAIndianapolis, IN 4.938889e+01 1.330739e-10
## MSAIowa City, IA 1.944444e+00 1.272641e-10
## MSAJackson, MI 2.777778e-01 1.263923e-10
## MSAJackson, MS 5.722222e+00 1.276673e-10
## MSAJacksonville, FL 1.800000e+01 1.303559e-10
## MSAJacksonville, NC -2.222222e-01 1.268407e-10
## MSAJamestown, NY 1.190000e-10 1.272351e-10
## MSAJanesville-Beloit, WI 2.777778e-01 1.267723e-10
## MSAJersey City, NJ 2.994444e+01 1.318698e-10
## MSAJohnson City-Kingsport-Bristol, TN-VA 1.833333e+00 1.270250e-10
## MSAJohnstown, PA 6.111111e-01 1.280138e-10
## MSAJoplin, MO -2.091111e+03 4.594300e-13
## MSAKalamazoo-Battle Creek, MI 5.555556e+00 1.288408e-10
## MSAKankakee, IL -2.777778e-01 1.277169e-10
## MSAKansas City, MO-KS 3.761111e+01 1.235850e-12
## MSAKenosha, WI 1.111111e-01 1.279226e-10
## MSAKilleen-Temple, TX 2.222222e-01 1.277055e-10
## MSAKnoxville, TN 8.166667e+00 1.300413e-10
## MSAKokomo, IN -2.777778e-01 1.276143e-10
## MSALa Crosse, WI-MN -1.666667e-01 1.281384e-10
## MSALafayette, IN 3.833333e+00 1.282714e-10
## MSALafayette, LA 2.111111e+00 1.278124e-10
## MSALake Charles, LA -2.222222e-01 1.273728e-10
## MSALakeland-Winter Haven, FL 2.222222e+00 1.264818e-10
## MSALancaster, PA 1.111111e+00 1.269271e-10
## MSALansing-East Lansing, MI 2.666667e+00 1.270388e-10
## MSALas Cruces, NM -2.777778e-01 1.274319e-10
## MSALas Vegas, NV-AZ 1.511111e+01 1.302618e-10
## MSALawrence, KS 8.888889e-01 1.280298e-10
## MSALawrence, MA-NH 4.211111e+01 1.323372e-10
## MSALewiston-Auburn, ME 2.222222e-01 1.269378e-10
## MSALima, OH 6.111111e-01 1.272461e-10
## MSALincoln, NE 6.555556e+00 1.278556e-10
## MSALittle Rock-North Little Rock, AR 3.833333e+00 1.275873e-10
## MSALongview-Marshall, TX 5.555556e-02 1.274344e-10
## MSALos Angeles-Long Beach, CA 4.091111e+02 3.593630e-12
## MSALouisville, KY-IN 1.966667e+01 1.295426e-10
## MSALowell, MA-NH 7.700000e+01 1.370831e-10
## MSALubbock, TX 5.555556e-02 1.272064e-10
## MSALynchburg, VA 3.888889e-01 1.273650e-10
## MSAMacon, GA 5.555556e-02 1.269100e-10
## MSAMadison, WI 3.872222e+01 1.314310e-10
## MSAManchester, NH 1.233333e+01 1.297592e-10
## MSAMansfield, OH -2.777778e-01 1.273483e-10
## MSAMcAllen-Edinburg-Mission, TX 6.666667e-01 1.271186e-10
## MSAMedford-Ashland, OR 9.444444e-01 1.279099e-10
## MSAMelbourne-Titusville-Palm Bay, FL 8.055556e+00 1.289360e-10
## MSAMemphis, TN-AR-MS 1.427778e+01 1.293471e-10
## MSAMiami, FL 2.700000e+01 1.101780e-12
## MSAMiddlesex-Somerset-Hunterdon, NJ 9.577778e+01 1.422118e-10
## MSAMilwaukee-Waukesha, WI 2.177778e+01 1.302645e-10
## MSAMinneapolis-St. Paul, MN-WI 1.642778e+02 1.342060e-10
## MSAMissoula, MT 2.777778e+00 1.277228e-10
## MSAMobile, AL 8.888889e-01 1.275358e-10
## MSAModesto, CA 2.777778e-01 1.270497e-10
## MSAMonmouth-Ocean, NJ 1.338889e+01 1.297991e-10
## MSAMonroe, LA -1.388889e+00 4.690000e-15
## MSAMontgomery, AL 5.555556e-01 1.264691e-10
## MSAMuncie, IN 5.555556e-02 1.267465e-10
## MSAMyrtle Beach, SC -1.111111e-01 1.266579e-10
## MSANaples, FL 5.555556e-01 1.266670e-10
## MSANashua, NH 1.888889e+01 1.304015e-10
## MSANashville, TN 9.033333e+01 1.397041e-10
## MSANassau-Suffolk, NY 2.444444e+01 1.301513e-10
## MSANew Bedford, MA -1.666667e-01 1.268880e-10
## MSANew Haven-Meriden, CT 5.727778e+01 1.316516e-10
## MSANew London-Norwich, CT-RI 3.166667e+00 1.276050e-10
## MSANew Orleans, LA -3.628333e+02 4.054000e-14
## MSANewark, NJ 5.383333e+01 1.305630e-10
## MSANewburgh, NY-PA -5.555556e-02 1.264505e-10
## MSANorfolk-Virginia Beach-Newport News, VA- 8.666667e+00 1.284432e-10
## MSAOakland, CA 4.486111e+02 1.802156e-10
## MSAOcala, FL 3.777778e+00 1.267757e-10
## MSAOdessa-Midland, TX 5.944444e+00 1.282826e-10
## MSAOklahoma City, OK 1.650000e+01 1.290063e-10
## MSAOlympia, WA 2.944444e+00 1.265038e-10
## MSAOmaha, NE-IA 1.405556e+01 1.287401e-10
## MSAOrange County, CA 2.218889e+02 1.364907e-10
## MSAOrlando, FL 3.866667e+01 1.310921e-10
## MSAPanama City, FL -5.555556e-02 1.272144e-10
## MSAParkersburg-Marietta, WV-OH -1.111111e-01 1.273344e-10
## MSAPensacola, FL 7.222222e-01 1.277131e-10
## MSAPeoria-Pekin, IL 1.388889e+00 1.273650e-10
## MSAPhiladelphia, PA-NJ 2.516111e+02 1.337320e-12
## MSAPhoenix, AZ 8.722222e+01 1.371633e-10
## MSAPine Bluff, AR -1.555556e+00 4.000000e-15
## MSAPittsburgh, PA 1.221111e+02 1.389734e-10
## MSAPittsfield, MA -4.022222e+01 1.559130e-12
## MSAPocatello, ID -2.222222e-01 1.275932e-10
## MSAPonce, PR -1.666667e-01 1.277507e-10
## MSAPortland-Vancouver, OR-WA 1.129444e+02 1.399560e-10
## MSAPortland, ME 1.088889e+01 1.293847e-10
## MSAPortsmouth-Rochester, NH-ME 1.644444e+01 1.301163e-10
## MSAProvidence-Fall River-Warwick, RI-MA 3.250000e+01 1.311120e-10
## MSAProvo-Orem, UT 4.083333e+01 1.302242e-10
## MSAPueblo, CO 2.222222e-01 1.275535e-10
## MSAPunta Gorda, FL -2.777778e-01 1.277207e-10
## MSARacine, WI 3.333333e-01 1.281118e-10
## MSARaleigh-Durham-Chapel Hill, NC 1.782222e+02 1.318499e-10
## MSAReading, PA 1.666667e+00 1.280535e-10
## MSARedding, CA -2.222222e-01 1.282659e-10
## MSAReno, NV 6.833333e+00 1.280778e-10
## MSARichland-Kennewick-Pasco, WA 5.000000e-01 1.277596e-10
## MSARichmond-Petersburg, VA 1.611111e+01 1.294945e-10
## MSARiverside-San Bernardino, CA 7.555556e+00 1.288480e-10
## MSARoanoke, VA 5.000000e+00 1.282574e-10
## MSARochester, MN 1.111111e+00 1.283634e-10
## MSARochester, NY -1.705556e+01 1.762030e-12
## MSARockford, IL 1.200000e-10 1.282612e-10
## MSARocky Mount, NC -4.255556e+01 1.685810e-12
## MSASacramento, CA 2.172222e+01 1.292715e-10
## MSASaginaw-Bay City-Midland, MI 1.000000e+00 1.276762e-10
## MSASalem, OR 2.777778e-01 1.278975e-10
## MSASalinas, CA 1.777778e+00 1.278668e-10
## MSASalt Lake City-Ogden, UT 9.377778e+01 1.354960e-10
## MSASan Angelo, TX -2.222222e-01 1.279923e-10
## MSASan Antonio, TX 1.655556e+01 1.292929e-10
## MSASan Diego, CA 4.391667e+02 1.322120e-12
## MSASan Jose, CA 1.418611e+03 2.169202e-10
## MSASan Juan, PR 1.666667e+00 1.277685e-10
## MSASan Luis Obispo-Atascadero-Paso Robles, 3.944444e+00 1.276055e-10
## MSASanta Barbara-Santa Maria-Lompoc, CA 3.305556e+01 1.298681e-10
## MSASanta Cruz-Watsonville, CA 1.033333e+01 1.268407e-10
## MSASanta Fe, NM 4.666667e+00 1.277039e-10
## MSASanta Rosa, CA 3.522222e+01 1.292704e-10
## MSASarasota-Bradenton, FL 4.833333e+00 1.280662e-10
## MSASavannah, GA 2.777778e-01 1.276237e-10
## MSAScranton--Wilkes-Barre--Hazleton, PA 2.277778e+00 1.283799e-10
## MSASeattle-Bellevue-Everett, WA 3.959444e+02 1.539274e-10
## MSASharon, PA 4.444444e-01 1.280468e-10
## MSASheboygan, WI -5.555556e-02 1.282937e-10
## MSASherman-Denison, TX 1.111111e-01 1.281278e-10
## MSAShreveport, LA 2.388889e+00 1.277638e-10
## MSASioux City, IA-NE -2.222222e-01 1.279314e-10
## MSASioux Falls, SD 2.888889e+00 1.276042e-10
## MSASouth Bend, IN 1.666667e+00 1.273238e-10
## MSASpokane, WA 9.666667e+00 1.277132e-10
## MSASpringfield, IL -2.222222e-01 1.285091e-10
## MSASpringfield, MA 3.888889e+00 1.283147e-10
## MSASpringfield, MO 1.777778e+00 1.284099e-10
## MSASt. Cloud, MN 1.055556e+00 1.283580e-10
## MSASt. Joseph, MO 1.111111e-01 1.282876e-10
## MSASt. Louis, MO-IL 6.955556e+01 1.295749e-10
## MSAStamford-Norwalk, CT 5.233333e+01 1.298369e-10
## MSAState College, PA 3.500000e+00 1.292950e-10
## MSASteubenville-Weirton, OH-WV -5.555556e-02 1.288524e-10
## MSAStockton-Lodi, CA 1.166667e+00 1.282549e-10
## MSASumter, SC -1.666667e-01 1.284614e-10
## MSASyracuse, NY 1.388889e+00 1.279006e-10
## MSATacoma, WA 1.500000e+00 1.281470e-10
## MSATallahassee, FL 5.000000e-01 1.284018e-10
## MSAToledo, OH 2.555556e+00 1.279436e-10
## MSATopeka, KS 5.555556e-01 1.286088e-10
## MSATrenton, NJ 3.983333e+01 1.296568e-10
## MSATucson, AZ 8.444444e+00 1.002710e-12
## MSATyler, TX 1.000000e+00 1.286033e-10
## MSAUnknown 1.576667e+02 1.284253e-10
## MSAUtica-Rome, NY 1.111111e-01 1.278465e-10
## MSAVallejo-Fairfield-Napa, CA 8.611111e+00 1.278173e-10
## MSAVentura, CA 2.005556e+01 1.283019e-10
## MSAVisalia-Tulare-Porterville, CA 3.666667e+00 1.283538e-10
## MSAWaco, TX 4.444444e-01 1.292439e-10
## MSAWaterbury, CT 3.611111e+00 1.286180e-10
## MSAWaterloo-Cedar Falls, IA -2.777778e-01 1.288837e-10
## MSAWausau, WI -5.555556e-02 1.284838e-10
## MSAWest Palm Beach-Boca Raton, FL 3.400000e+01 1.300911e-10
## MSAWheeling, WV-OH -2.777778e-01 1.291041e-10
## MSAWichita Falls, TX -2.777778e-01 1.291725e-10
## MSAWilliamsport, PA 1.200000e-10 1.285007e-10
## MSAWilmington-Newark, DE-MD 1.772222e+01 1.289619e-10
## MSAWilmington, NC 2.555556e+00 1.288558e-10
## MSAWorcester, MA-CT 2.944444e+01 1.289438e-10
## MSAYakima, WA 2.222222e-01 1.291307e-10
## MSAYolo, CA 6.888889e+00 1.287333e-10
## MSAYork, PA 1.111111e-01 1.289373e-10
## MSAYuma, AZ -2.777778e-01 1.289673e-10
## t value Pr(>|t|)
## MSAAkron, OH 7.350719e+10 < 2.2e-16 ***
## MSAAlbany-Schenectady-Troy, NY 1.003830e+11 < 2.2e-16 ***
## MSAAlbany, GA 2.223551e+09 < 2.2e-16 ***
## MSAAlbuquerque, NM -2.642513e+14 < 2.2e-16 ***
## MSAAlexandria, LA -8.933096e+08 < 2.2e-16 ***
## MSAAllentown-Bethlehem-Easton, PA 1.113754e+11 < 2.2e-16 ***
## MSAAltoona, PA 1.151436e+10 < 2.2e-16 ***
## MSAAmarillo, TX -8.892340e+08 < 2.2e-16 ***
## MSAAnchorage, AK -8.958827e+08 < 2.2e-16 ***
## MSAAnn Arbor, MI 3.721362e+11 < 2.2e-16 ***
## MSAAnniston, AL -1.794509e+09 < 2.2e-16 ***
## MSAAppleton-Oshkosh-Neenah, WI 8.405455e+09 < 2.2e-16 ***
## MSAAsheville, NC 1.784127e+10 < 2.2e-16 ***
## MSAAthens, GA 1.121296e+10 < 2.2e-16 ***
## MSAAtlanta, GA 1.582790e+12 < 2.2e-16 ***
## MSAAtlantic-Cape May, NJ 9.352410e-01 0.36810
## MSAAuburn-Opelika, AL 3.578432e+09 < 2.2e-16 ***
## MSAAugusta-Aiken, GA-SC 1.771428e+09 < 2.2e-16 ***
## MSAAustin-San Marcos, TX 1.269330e+12 < 2.2e-16 ***
## MSABakersfield, CA 1.506155e+10 < 2.2e-16 ***
## MSABaltimore, MD 6.443925e+11 < 2.2e-16 ***
## MSABangor, ME 1.062503e+10 < 2.2e-16 ***
## MSABarnstable-Yarmouth, MA 8.062231e+09 < 2.2e-16 ***
## MSABaton Rouge, LA 3.396161e+10 < 2.2e-16 ***
## MSABeaumont-Port Arthur, TX -1.341417e+09 < 2.2e-16 ***
## MSABellingham, WA 5.787297e+09 < 2.2e-16 ***
## MSABenton Harbor, MI -8.957729e+08 < 2.2e-16 ***
## MSABergen-Passaic, NJ 3.235616e+11 < 2.2e-16 ***
## MSABillings, MT 2.231426e+09 < 2.2e-16 ***
## MSABiloxi-Gulfport-Pascagoula, MS -1.332694e+09 < 2.2e-16 ***
## MSABinghamton, NY 4.475391e+08 < 2.2e-16 ***
## MSABirmingham, AL 1.139139e+11 < 2.2e-16 ***
## MSABismarck, ND 6.636633e+09 < 2.2e-16 ***
## MSABloomington-Normal, IL 1.335221e+09 < 2.2e-16 ***
## MSABoise City, ID 6.562899e+10 < 2.2e-16 ***
## MSABoulder-Longmont, CO 7.618163e+11 < 2.2e-16 ***
## MSABrazoria, TX 2.225311e+09 < 2.2e-16 ***
## MSABremerton, WA 3.101283e+09 < 2.2e-16 ***
## MSABridgeport, CT 1.619356e+11 < 2.2e-16 ***
## MSABrockton, MA 2.705252e+10 < 2.2e-16 ***
## MSABrownsville-Harlingen-San Benito, TX -1.785031e+09 < 2.2e-16 ***
## MSABryan-College Station, TX 1.736950e+10 < 2.2e-16 ***
## MSABuffalo-Niagara Falls, NY 1.923086e+14 < 2.2e-16 ***
## MSABurlington, VT 1.009212e+11 < 2.2e-16 ***
## MSACaguas, PR -1.778192e+09 < 2.2e-16 ***
## MSACanton-Massillon, OH 2.241736e+10 < 2.2e-16 ***
## MSACasper, WY -1.782474e+09 < 2.2e-16 ***
## MSACedar Rapids, IA 8.021432e+09 < 2.2e-16 ***
## MSAChampaign-Urbana, IL 7.145225e+10 < 2.2e-16 ***
## MSACharleston, SC 6.215508e+10 < 2.2e-16 ***
## MSACharleston, WV -8.462394e+13 < 2.2e-16 ***
## MSACharlotte-Gastonia-Rock Hill, NC-SC 2.815299e+11 < 2.2e-16 ***
## MSACharlottesville, VA 8.066854e+10 < 2.2e-16 ***
## MSAChattanooga, TN-GA 6.174221e+10 < 2.2e-16 ***
## MSACheyenne, WY 2.226531e+09 < 2.2e-16 ***
## MSAChicago, IL 1.260790e+12 < 2.2e-16 ***
## MSAChico-Paradise, CA 8.429946e+09 < 2.2e-16 ***
## MSAClarksville-Hopkinsville, TN-KY -2.226155e+09 < 2.2e-16 ***
## MSACleveland-Lorain-Elyria, OH 4.960610e+11 < 2.2e-16 ***
## MSAColorado Springs, CO 4.556036e+10 < 2.2e-16 ***
## MSAColumbia, MO 7.941539e+09 < 2.2e-16 ***
## MSAColumbia, SC 1.608307e+10 < 2.2e-16 ***
## MSAColumbus, GA-AL 1.477412e+10 < 2.2e-16 ***
## MSAColumbus, OH 3.559400e+11 < 2.2e-16 ***
## MSACorpus Christi, TX 5.763077e+09 < 2.2e-16 ***
## MSACorvallis, OR 1.071853e+10 < 2.2e-16 ***
## MSADallas, TX 1.474996e+12 < 2.2e-16 ***
## MSADanbury, CT 5.930028e+10 < 2.2e-16 ***
## MSADanville, VA -1.787651e+09 < 2.2e-16 ***
## MSADavenport-Moline-Rock Island, IA-IL 1.770570e+09 < 2.2e-16 ***
## MSADayton-Springfield, OH 2.307587e+10 < 2.2e-16 ***
## MSADaytona Beach, FL -3.315489e+14 < 2.2e-16 ***
## MSADecatur, IL -2.236098e+09 < 2.2e-16 ***
## MSADenver, CO 1.163438e+14 < 2.2e-16 ***
## MSADes Moines, IA 4.055118e+10 < 2.2e-16 ***
## MSADetroit, MI 4.011052e+11 < 2.2e-16 ***
## MSADothan, AL -2.221486e+09 < 2.2e-16 ***
## MSADover, DE 1.017201e+10 < 2.2e-16 ***
## MSADubuque, IA -4.451797e+08 < 2.2e-16 ***
## MSADuluth-Superior, MN-WI 4.443422e+09 < 2.2e-16 ***
## MSADutchess County, NY 5.778147e+09 < 2.2e-16 ***
## MSAEau Claire, WI 3.948241e+09 < 2.2e-16 ***
## MSAEl Paso, TX -1.325804e+09 < 2.2e-16 ***
## MSAElkhart-Goshen, IN 6.629020e+09 < 2.2e-16 ***
## MSAElmira, NY -2.198103e+09 < 2.2e-16 ***
## MSAErie, PA 8.761293e+09 < 2.2e-16 ***
## MSAEugene-Springfield, OR 1.183726e+10 < 2.2e-16 ***
## MSAEvansville-Henderson, IN-KY 7.087990e+09 < 2.2e-16 ***
## MSAFargo-Moorhead, ND-MN 8.817309e+09 < 2.2e-16 ***
## MSAFayetteville-Springdale-Rogers, AR -1.009118e+13 < 2.2e-16 ***
## MSAFayetteville, NC -2.227511e+09 < 2.2e-16 ***
## MSAFitchburg-Leominster, MA 1.333112e+09 < 2.2e-16 ***
## MSAFlagstaff, AZ-UT 9.352350e-01 0.36811
## MSAFlint, MI 3.070757e+09 < 2.2e-16 ***
## MSAFlorence, AL 9.352400e-01 0.36810
## MSAFlorence, SC -2.182873e+09 < 2.2e-16 ***
## MSAFort Collins-Loveland, CO 6.606057e+10 < 2.2e-16 ***
## MSAFort Lauderdale, FL 2.536058e+11 < 2.2e-16 ***
## MSAFort Myers-Cape Coral, FL 1.538914e+10 < 2.2e-16 ***
## MSAFort Pierce-Port St. Lucie, FL 1.404782e+10 < 2.2e-16 ***
## MSAFort Smith, AR-OK -1.306178e+09 < 2.2e-16 ***
## MSAFort Walton Beach, FL 1.769819e+09 < 2.2e-16 ***
## MSAFort Wayne, IN -3.815350e+15 < 2.2e-16 ***
## MSAFort Worth-Arlington, TX 1.528363e+11 < 2.2e-16 ***
## MSAFresno, CA 1.191447e+10 < 2.2e-16 ***
## MSAGadsden, AL -2.195330e+09 < 2.2e-16 ***
## MSAGainesville, FL 5.401195e+10 < 2.2e-16 ***
## MSAGalveston-Texas City, TX 4.864779e+09 < 2.2e-16 ***
## MSAGary, IN 4.356552e+09 < 2.2e-16 ***
## MSAGlens Falls, NY -1.755555e+09 < 2.2e-16 ***
## MSAGoldsboro, NC -1.307347e+09 < 2.2e-16 ***
## MSAGrand Forks, ND-MN 1.751057e+09 < 2.2e-16 ***
## MSAGrand Junction, CO -4.350573e+08 < 2.2e-16 ***
## MSAGrand Rapids-Muskegon-Holland, MI 1.079299e+11 < 2.2e-16 ***
## MSAGreat Falls, MT -1.308751e+09 < 2.2e-16 ***
## MSAGreeley, CO -1.315859e+09 < 2.2e-16 ***
## MSAGreen Bay, WI 4.834648e+09 < 2.2e-16 ***
## MSAGreensboro--Winston Salem--High Point, N 8.248337e+10 < 2.2e-16 ***
## MSAGreenville-Spartanburg-Anderson, SC 9.872168e+10 < 2.2e-16 ***
## MSAHagerstown, MD 8.257025e+09 < 2.2e-16 ***
## MSAHamilton-Middletown, OH 1.741407e+10 < 2.2e-16 ***
## MSAHarrisburg-Lebanon-Carlisle, PA 4.848943e+10 < 2.2e-16 ***
## MSAHartford, CT 2.635127e+11 < 2.2e-16 ***
## MSAHickory-Morganton-Lenoir, NC 4.808049e+09 < 2.2e-16 ***
## MSAHonolulu, HI 3.404678e+10 < 2.2e-16 ***
## MSAHouma, LA 2.186566e+09 < 2.2e-16 ***
## MSAHouston, TX 1.093342e+12 < 2.2e-16 ***
## MSAHuntington-Ashland, WV-KY-OH 1.319155e+09 < 2.2e-16 ***
## MSAHuntsville, AL 4.871120e+10 < 2.2e-16 ***
## MSAIndianapolis, IN 3.711389e+11 < 2.2e-16 ***
## MSAIowa City, IA 1.527882e+10 < 2.2e-16 ***
## MSAJackson, MI 2.197743e+09 < 2.2e-16 ***
## MSAJackson, MS 4.482136e+10 < 2.2e-16 ***
## MSAJacksonville, FL 1.380835e+11 < 2.2e-16 ***
## MSAJacksonville, NC -1.751979e+09 < 2.2e-16 ***
## MSAJamestown, NY 9.352340e-01 0.36811
## MSAJanesville-Beloit, WI 2.191155e+09 < 2.2e-16 ***
## MSAJersey City, NJ 2.270759e+11 < 2.2e-16 ***
## MSAJohnson City-Kingsport-Bristol, TN-VA 1.443285e+10 < 2.2e-16 ***
## MSAJohnstown, PA 4.773791e+09 < 2.2e-16 ***
## MSAJoplin, MO -4.551527e+15 < 2.2e-16 ***
## MSAKalamazoo-Battle Creek, MI 4.311953e+10 < 2.2e-16 ***
## MSAKankakee, IL -2.174949e+09 < 2.2e-16 ***
## MSAKansas City, MO-KS 3.043327e+13 < 2.2e-16 ***
## MSAKenosha, WI 8.685809e+08 < 2.2e-16 ***
## MSAKilleen-Temple, TX 1.740114e+09 < 2.2e-16 ***
## MSAKnoxville, TN 6.280055e+10 < 2.2e-16 ***
## MSAKokomo, IN -2.176698e+09 < 2.2e-16 ***
## MSALa Crosse, WI-MN -1.300677e+09 < 2.2e-16 ***
## MSALafayette, IN 2.988456e+10 < 2.2e-16 ***
## MSALafayette, LA 1.651727e+10 < 2.2e-16 ***
## MSALake Charles, LA -1.744660e+09 < 2.2e-16 ***
## MSALakeland-Winter Haven, FL 1.756950e+10 < 2.2e-16 ***
## MSALancaster, PA 8.753933e+09 < 2.2e-16 ***
## MSALansing-East Lansing, MI 2.099097e+10 < 2.2e-16 ***
## MSALas Cruces, NM -2.179814e+09 < 2.2e-16 ***
## MSALas Vegas, NV-AZ 1.160057e+11 < 2.2e-16 ***
## MSALawrence, KS 6.942826e+09 < 2.2e-16 ***
## MSALawrence, MA-NH 3.182107e+11 < 2.2e-16 ***
## MSALewiston-Auburn, ME 1.750638e+09 < 2.2e-16 ***
## MSALima, OH 4.802592e+09 < 2.2e-16 ***
## MSALincoln, NE 5.127310e+10 < 2.2e-16 ***
## MSALittle Rock-North Little Rock, AR 3.004479e+10 < 2.2e-16 ***
## MSALongview-Marshall, TX 4.359540e+08 < 2.2e-16 ***
## MSALos Angeles-Long Beach, CA 1.138434e+14 < 2.2e-16 ***
## MSALouisville, KY-IN 1.518162e+11 < 2.2e-16 ***
## MSALowell, MA-NH 5.617030e+11 < 2.2e-16 ***
## MSALubbock, TX 4.367355e+08 < 2.2e-16 ***
## MSALynchburg, VA 3.053343e+09 < 2.2e-16 ***
## MSAMacon, GA 4.377556e+08 < 2.2e-16 ***
## MSAMadison, WI 2.946201e+11 < 2.2e-16 ***
## MSAManchester, NH 9.504782e+10 < 2.2e-16 ***
## MSAMansfield, OH -2.181245e+09 < 2.2e-16 ***
## MSAMcAllen-Edinburg-Mission, TX 5.244447e+09 < 2.2e-16 ***
## MSAMedford-Ashland, OR 7.383669e+09 < 2.2e-16 ***
## MSAMelbourne-Titusville-Palm Bay, FL 6.247715e+10 < 2.2e-16 ***
## MSAMemphis, TN-AR-MS 1.103834e+11 < 2.2e-16 ***
## MSAMiami, FL 2.450571e+13 < 2.2e-16 ***
## MSAMiddlesex-Somerset-Hunterdon, NJ 6.734868e+11 < 2.2e-16 ***
## MSAMilwaukee-Waukesha, WI 1.671812e+11 < 2.2e-16 ***
## MSAMinneapolis-St. Paul, MN-WI 1.224072e+12 < 2.2e-16 ***
## MSAMissoula, MT 2.174848e+10 < 2.2e-16 ***
## MSAMobile, AL 6.969722e+09 < 2.2e-16 ***
## MSAModesto, CA 2.186370e+09 < 2.2e-16 ***
## MSAMonmouth-Ocean, NJ 1.031508e+11 < 2.2e-16 ***
## MSAMonroe, LA -2.962731e+14 < 2.2e-16 ***
## MSAMontgomery, AL 4.392816e+09 < 2.2e-16 ***
## MSAMuncie, IN 4.383200e+08 < 2.2e-16 ***
## MSAMyrtle Beach, SC -8.772539e+08 < 2.2e-16 ***
## MSANaples, FL 4.385955e+09 < 2.2e-16 ***
## MSANashua, NH 1.448518e+11 < 2.2e-16 ***
## MSANashville, TN 6.466045e+11 < 2.2e-16 ***
## MSANassau-Suffolk, NY 1.878156e+11 < 2.2e-16 ***
## MSANew Bedford, MA -1.313494e+09 < 2.2e-16 ***
## MSANew Haven-Meriden, CT 4.350707e+11 < 2.2e-16 ***
## MSANew London-Norwich, CT-RI 2.481616e+10 < 2.2e-16 ***
## MSANew Orleans, LA -8.950449e+15 < 2.2e-16 ***
## MSANewark, NJ 4.123168e+11 < 2.2e-16 ***
## MSANewburgh, NY-PA -4.393461e+08 < 2.2e-16 ***
## MSANorfolk-Virginia Beach-Newport News, VA- 6.747468e+10 < 2.2e-16 ***
## MSAOakland, CA 2.489303e+12 < 2.2e-16 ***
## MSAOcala, FL 2.979891e+10 < 2.2e-16 ***
## MSAOdessa-Midland, TX 4.633868e+10 < 2.2e-16 ***
## MSAOklahoma City, OK 1.279007e+11 < 2.2e-16 ***
## MSAOlympia, WA 2.327555e+10 < 2.2e-16 ***
## MSAOmaha, NE-IA 1.091778e+11 < 2.2e-16 ***
## MSAOrange County, CA 1.625671e+12 < 2.2e-16 ***
## MSAOrlando, FL 2.949579e+11 < 2.2e-16 ***
## MSAPanama City, FL -4.367080e+08 < 2.2e-16 ***
## MSAParkersburg-Marietta, WV-OH -8.725933e+08 < 2.2e-16 ***
## MSAPensacola, FL 5.655035e+09 < 2.2e-16 ***
## MSAPeoria-Pekin, IL 1.090480e+10 < 2.2e-16 ***
## MSAPhiladelphia, PA-NJ 1.881460e+14 < 2.2e-16 ***
## MSAPhoenix, AZ 6.359004e+11 < 2.2e-16 ***
## MSAPine Bluff, AR -3.887260e+14 < 2.2e-16 ***
## MSAPittsburgh, PA 8.786653e+11 < 2.2e-16 ***
## MSAPittsfield, MA -2.579787e+13 < 2.2e-16 ***
## MSAPocatello, ID -1.741646e+09 < 2.2e-16 ***
## MSAPonce, PR -1.304624e+09 < 2.2e-16 ***
## MSAPortland-Vancouver, OR-WA 8.069995e+11 < 2.2e-16 ***
## MSAPortland, ME 8.415902e+10 < 2.2e-16 ***
## MSAPortsmouth-Rochester, NH-ME 1.263827e+11 < 2.2e-16 ***
## MSAProvidence-Fall River-Warwick, RI-MA 2.478797e+11 < 2.2e-16 ***
## MSAProvo-Orem, UT 3.135619e+11 < 2.2e-16 ***
## MSAPueblo, CO 1.742188e+09 < 2.2e-16 ***
## MSAPunta Gorda, FL -2.174884e+09 < 2.2e-16 ***
## MSARacine, WI 2.601895e+09 < 2.2e-16 ***
## MSARaleigh-Durham-Chapel Hill, NC 1.351705e+12 < 2.2e-16 ***
## MSAReading, PA 1.301540e+10 < 2.2e-16 ***
## MSARedding, CA -1.732512e+09 < 2.2e-16 ***
## MSAReno, NV 5.335300e+10 < 2.2e-16 ***
## MSARichland-Kennewick-Pasco, WA 3.913601e+09 < 2.2e-16 ***
## MSARichmond-Petersburg, VA 1.244154e+11 < 2.2e-16 ***
## MSARiverside-San Bernardino, CA 5.863930e+10 < 2.2e-16 ***
## MSARoanoke, VA 3.898409e+10 < 2.2e-16 ***
## MSARochester, MN 8.655979e+09 < 2.2e-16 ***
## MSARochester, NY -9.679488e+12 < 2.2e-16 ***
## MSARockford, IL 9.352310e-01 0.36811
## MSARocky Mount, NC -2.524337e+13 < 2.2e-16 ***
## MSASacramento, CA 1.680356e+11 < 2.2e-16 ***
## MSASaginaw-Bay City-Midland, MI 7.832314e+09 < 2.2e-16 ***
## MSASalem, OR 2.171879e+09 < 2.2e-16 ***
## MSASalinas, CA 1.390335e+10 < 2.2e-16 ***
## MSASalt Lake City-Ogden, UT 6.921073e+11 < 2.2e-16 ***
## MSASan Angelo, TX -1.736216e+09 < 2.2e-16 ***
## MSASan Antonio, TX 1.280470e+11 < 2.2e-16 ***
## MSASan Diego, CA 3.321693e+14 < 2.2e-16 ***
## MSASan Jose, CA 6.539784e+12 < 2.2e-16 ***
## MSASan Juan, PR 1.304443e+10 < 2.2e-16 ***
## MSASan Luis Obispo-Atascadero-Paso Robles, 3.091124e+10 < 2.2e-16 ***
## MSASanta Barbara-Santa Maria-Lompoc, CA 2.545317e+11 < 2.2e-16 ***
## MSASanta Cruz-Watsonville, CA 8.146701e+10 < 2.2e-16 ***
## MSASanta Fe, NM 3.654288e+10 < 2.2e-16 ***
## MSASanta Rosa, CA 2.724692e+11 < 2.2e-16 ***
## MSASarasota-Bradenton, FL 3.774090e+10 < 2.2e-16 ***
## MSASavannah, GA 2.176538e+09 < 2.2e-16 ***
## MSAScranton--Wilkes-Barre--Hazleton, PA 1.774248e+10 < 2.2e-16 ***
## MSASeattle-Bellevue-Everett, WA 2.572280e+12 < 2.2e-16 ***
## MSASharon, PA 3.470954e+09 < 2.2e-16 ***
## MSASheboygan, WI -4.330341e+08 < 2.2e-16 ***
## MSASherman-Denison, TX 8.671894e+08 < 2.2e-16 ***
## MSAShreveport, LA 1.869770e+10 < 2.2e-16 ***
## MSASioux City, IA-NE -1.737042e+09 < 2.2e-16 ***
## MSASioux Falls, SD 2.263945e+10 < 2.2e-16 ***
## MSASouth Bend, IN 1.308998e+10 < 2.2e-16 ***
## MSASpokane, WA 7.569043e+10 < 2.2e-16 ***
## MSASpringfield, IL -1.729233e+09 < 2.2e-16 ***
## MSASpringfield, MA 3.030743e+10 < 2.2e-16 ***
## MSASpringfield, MO 1.384455e+10 < 2.2e-16 ***
## MSASt. Cloud, MN 8.223530e+09 < 2.2e-16 ***
## MSASt. Joseph, MO 8.661097e+08 < 2.2e-16 ***
## MSASt. Louis, MO-IL 5.367980e+11 < 2.2e-16 ***
## MSAStamford-Norwalk, CT 4.030697e+11 < 2.2e-16 ***
## MSAState College, PA 2.706988e+10 < 2.2e-16 ***
## MSASteubenville-Weirton, OH-WV -4.311564e+08 < 2.2e-16 ***
## MSAStockton-Lodi, CA 9.096466e+09 < 2.2e-16 ***
## MSASumter, SC -1.297407e+09 < 2.2e-16 ***
## MSASyracuse, NY 1.085913e+10 < 2.2e-16 ***
## MSATacoma, WA 1.170531e+10 < 2.2e-16 ***
## MSATallahassee, FL 3.894028e+09 < 2.2e-16 ***
## MSAToledo, OH 1.997408e+10 < 2.2e-16 ***
## MSATopeka, KS 4.319733e+09 < 2.2e-16 ***
## MSATrenton, NJ 3.072212e+11 < 2.2e-16 ***
## MSATucson, AZ 8.421634e+12 < 2.2e-16 ***
## MSATyler, TX 7.775851e+09 < 2.2e-16 ***
## MSAUnknown 1.227691e+12 < 2.2e-16 ***
## MSAUtica-Rome, NY 8.690978e+08 < 2.2e-16 ***
## MSAVallejo-Fairfield-Napa, CA 6.737048e+10 < 2.2e-16 ***
## MSAVentura, CA 1.563153e+11 < 2.2e-16 ***
## MSAVisalia-Tulare-Porterville, CA 2.856688e+10 < 2.2e-16 ***
## MSAWaco, TX 3.438804e+09 < 2.2e-16 ***
## MSAWaterbury, CT 2.807625e+10 < 2.2e-16 ***
## MSAWaterloo-Cedar Falls, IA -2.155260e+09 < 2.2e-16 ***
## MSAWausau, WI -4.323935e+08 < 2.2e-16 ***
## MSAWest Palm Beach-Boca Raton, FL 2.613554e+11 < 2.2e-16 ***
## MSAWheeling, WV-OH -2.151580e+09 < 2.2e-16 ***
## MSAWichita Falls, TX -2.150441e+09 < 2.2e-16 ***
## MSAWilliamsport, PA 9.352300e-01 0.36811
## MSAWilmington-Newark, DE-MD 1.374221e+11 < 2.2e-16 ***
## MSAWilmington, NC 1.983268e+10 < 2.2e-16 ***
## MSAWorcester, MA-CT 2.283510e+11 < 2.2e-16 ***
## MSAYakima, WA 1.720910e+09 < 2.2e-16 ***
## MSAYolo, CA 5.351288e+10 < 2.2e-16 ***
## MSAYork, PA 8.617454e+08 < 2.2e-16 ***
## MSAYuma, AZ -2.153862e+09 < 2.2e-16 ***
## ... 12 variables were removed because of collinearity (MSABloomington, IN, MSABoston, MA-NH and 10 others [full set in $collin.var])
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
## RMSE: 62.0 Adj. R2: 0.885239
## Within R2: 0.829864#fixef(est_comb)[[1]]TWFE
# "Naive" TWFE DiD (note that the time to treatment for the never treated is -1000)
# (by using ref = c(-1, -1000) we exclude the period just before the treatment and
# the never treated)
res_twfe = feols(Investors ~ i(years_to_treat, ref = c(-1, -1000)) | MSA + year, news_MSA_VC)
summary(res_twfe, vcov = "twoway")## Variance contained negative values in the diagonal and was 'fixed' (a la Cameron, Gelbach & Miller 2011).## OLS estimation, Dep. Var.: Investors
## Observations: 5,724
## Fixed-effects: MSA: 318, year: 18
## Standard-errors: Clustered (MSA & year)
## Estimate Std. Error t value Pr(>|t|)
## years_to_treat::-17 -31.39842 19.5109 -1.609274 0.125968
## years_to_treat::-16 -29.52499 18.8975 -1.562372 0.136623
## years_to_treat::-15 -31.15552 19.0166 -1.638335 0.119726
## years_to_treat::-14 -60.74612 42.1722 -1.440429 0.167910
## years_to_treat::-13 -37.48601 28.8020 -1.301506 0.210448
## years_to_treat::-12 -34.98786 21.3418 -1.639403 0.119502
## years_to_treat::-11 -38.98351 21.4679 -1.815896 0.087065 .
## years_to_treat::-10 -30.75762 23.2304 -1.324026 0.203022
## years_to_treat::-9 -63.03364 68.3557 -0.922141 0.369358
## years_to_treat::-8 -55.35792 65.9906 -0.838876 0.413180
## years_to_treat::-7 -52.17071 54.1793 -0.962926 0.349083
## years_to_treat::-6 -50.86652 33.7764 -1.505977 0.150428
## years_to_treat::-5 -37.40936 29.8709 -1.252369 0.227391
## years_to_treat::-4 -29.38861 23.0873 -1.272931 0.220176
## years_to_treat::-3 -15.41265 20.6198 -0.747469 0.464995
## years_to_treat::-2 -22.10083 25.7603 -0.857942 0.402859
## years_to_treat::0 6.31606 20.5204 0.307794 0.761978
## years_to_treat::1 15.47426 22.2493 0.695495 0.496143
## years_to_treat::2 37.06405 37.0299 1.000923 0.330899
## years_to_treat::3 68.02399 46.6639 1.457744 0.163137
## years_to_treat::4 62.04935 59.0223 1.051286 0.307843
## years_to_treat::5 73.35915 50.9973 1.438491 0.168451
## years_to_treat::6 93.93707 75.8379 1.238657 0.232304
## years_to_treat::7 159.43313 113.1700 1.408793 0.176925
## years_to_treat::8 216.63122 158.8980 1.363335 0.190561
## years_to_treat::9 128.64131 102.3592 1.256763 0.225834
## years_to_treat::10 147.98654 117.3396 1.261182 0.224276
## years_to_treat::11 240.11839 180.3261 1.331579 0.200579
## years_to_treat::12 67.21990 56.3909 1.192034 0.249623
## years_to_treat::13 84.18361 58.4567 1.440101 0.168001
## years_to_treat::14 116.45629 58.9373 1.975935 0.064622 .
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
## RMSE: 58.8 Adj. R2: 0.895986
## Within R2: 0.089247Staggered difference-in-differences (Sun and Abraham, 2020)
P value of ATT 0.092976 It is not consistent with the first analysis
# To implement the Sun and Abraham (2020) method,
# we use the sunab(cohort, period) function
res_sa20 = feols(Investors ~ sunab(year_treated, year) | MSA + year, cluster = ~MSA, news_MSA_VC)
summary(res_sa20, vcov = "twoway")## Variance contained negative values in the diagonal and was 'fixed' (a la Cameron, Gelbach & Miller 2011).## OLS estimation, Dep. Var.: Investors
## Observations: 5,724
## Fixed-effects: MSA: 318, year: 18
## Standard-errors: Clustered (MSA & year)
## Estimate Std. Error t value Pr(>|t|)
## year::-17 3.817016 2.15545 1.770866 9.4510e-02 .
## year::-16 5.792541 2.14440 2.701246 1.5136e-02 *
## year::-15 0.797203 2.55368 0.312178 7.5870e-01
## year::-14 -43.372960 2.27909 -19.030819 6.7287e-13 ***
## year::-13 -21.412238 2.65796 -8.055903 3.3193e-07 ***
## year::-12 -20.263869 10.32405 -1.962783 6.6249e-02 .
## year::-11 -23.899068 12.75152 -1.874214 7.8192e-02 .
## year::-10 -19.678710 11.65572 -1.688330 1.0961e-01
## year::-9 -40.254545 33.15023 -1.214307 2.4123e-01
## year::-8 -32.075000 31.63901 -1.013780 3.2490e-01
## year::-7 -47.769650 23.22992 -2.056385 5.5431e-02 .
## year::-6 -40.489760 18.84101 -2.149023 4.6328e-02 *
## year::-5 -29.313721 16.36574 -1.791163 9.1088e-02 .
## year::-4 -22.927156 11.61652 -1.973669 6.4900e-02 .
## year::-3 -16.531906 9.63334 -1.716114 1.0431e-01
## year::-2 -22.657452 13.41929 -1.688424 1.0959e-01
## year::0 5.598011 9.82396 0.569833 5.7624e-01
## year::1 10.294550 12.47766 0.825038 4.2078e-01
## year::2 31.839764 20.98341 1.517378 1.4755e-01
## year::3 61.073427 30.02594 2.034022 5.7859e-02 .
## year::4 56.761027 36.74516 1.544721 1.4082e-01
## year::5 64.137794 35.32396 1.815702 8.7096e-02 .
## year::6 79.373303 50.85530 1.560767 1.3700e-01
## year::7 144.011724 75.06220 1.918565 7.1991e-02 .
## year::8 198.474775 102.44742 1.937333 6.9502e-02 .
## year::9 88.969988 75.37288 1.180398 2.5410e-01
## year::10 109.507576 87.29513 1.254452 2.2665e-01
## year::11 223.591409 169.66433 1.317846 2.0504e-01
## year::12 -12.034091 17.87897 -0.673086 5.0994e-01
## year::13 -5.689977 2.97110 -1.915110 7.2458e-02 .
## year::14 17.339161 12.09004 1.434169 1.6966e-01
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
## RMSE: 48.2 Adj. R2: 0.927942
## Within R2: 0.389428Plot
# Plot the two TWFE results
iplot(list(res_twfe, res_sa20), sep = 0.5)
summary(res_sa20, agg = "att")## OLS estimation, Dep. Var.: Investors
## Observations: 5,724
## Fixed-effects: MSA: 318, year: 18
## Standard-errors: Clustered (MSA)
## Estimate Std. Error t value Pr(>|t|)
## ATT 64.9382 38.5394 1.68498 0.092976 .
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
## RMSE: 48.2 Adj. R2: 0.927942
## Within R2: 0.389428# Full disaggregation (you could have used summary instead of etable)
#head(etable(res_sa20, agg = FALSE), 20)Diff in Diff all num_comp_per_aggreg
This is how many companies we aggregated to form the MSA, showing if the MSA has more or less companies (most have a very small number)
Also very significant I(post * treated) 2.7788e+01 1.4895e+00 18.6563 < 2.2e-16 ***
fit <- plm(num_comp_per_aggreg ~ MSA + I(post*treated)+ factor(MSA) + factor(round_year), data=news_MSA_VC,index=c("MSA", "round_year"), model="pooling", effect="individual")
#options(max.print=1000000)
summary(fit) ## Pooling Model
##
## Call:
## plm(formula = num_comp_per_aggreg ~ MSA + I(post * treated) +
## factor(MSA) + factor(round_year), data = news_MSA_VC, effect = "individual",
## model = "pooling", index = c("MSA", "round_year"))
##
## Balanced Panel: n = 318, T = 18, N = 5724
##
## Residuals:
## Min. 1st Qu. Median 3rd Qu. Max.
## -303.20525 -1.58423 -0.19169 2.06024 338.84661
##
## Coefficients: (317 dropped because of singularities)
## Estimate Std. Error t-value
## (Intercept) -2.8083e+00 3.7102e+00 -0.7569
## MSAAkron, OH 5.5556e+00 5.1113e+00 1.0869
## MSAAlbany-Schenectady-Troy, NY 5.7778e+00 5.1113e+00 1.1304
## MSAAlbany, GA 1.1111e-01 5.1113e+00 0.0217
## MSAAlbuquerque, NM -8.3034e+00 5.2069e+00 -1.5947
## MSAAlexandria, LA -1.1111e-01 5.1113e+00 -0.0217
## MSAAllentown-Bethlehem-Easton, PA 5.7222e+00 5.1113e+00 1.1195
## MSAAltoona, PA 7.2222e-01 5.1113e+00 0.1413
## MSAAmarillo, TX -1.1111e-01 5.1113e+00 -0.0217
## MSAAnchorage, AK -1.1111e-01 5.1113e+00 -0.0217
## MSAAnn Arbor, MI 1.7056e+01 5.1113e+00 3.3368
## MSAAnniston, AL -1.6667e-01 5.1113e+00 -0.0326
## MSAAppleton-Oshkosh-Neenah, WI 8.3333e-01 5.1113e+00 0.1630
## MSAAsheville, NC 8.8889e-01 5.1113e+00 0.1739
## MSAAthens, GA 7.7778e-01 5.1113e+00 0.1522
## MSAAtlanta, GA 9.2000e+01 5.1113e+00 17.9993
## MSAAtlantic-Cape May, NJ 1.9019e-12 5.1113e+00 0.0000
## MSAAuburn-Opelika, AL 2.2222e-01 5.1113e+00 0.0435
## MSAAugusta-Aiken, GA-SC 1.1111e-01 5.1113e+00 0.0217
## MSAAustin-San Marcos, TX 1.0317e+02 5.1113e+00 20.1840
## MSABakersfield, CA 6.6667e-01 5.1113e+00 0.1304
## MSABaltimore, MD 4.0278e+01 5.1113e+00 7.8801
## MSABangor, ME 5.5556e-01 5.1113e+00 0.1087
## MSABarnstable-Yarmouth, MA 4.4444e-01 5.1113e+00 0.0870
## MSABaton Rouge, LA 2.0000e+00 5.1113e+00 0.3913
## MSABeaumont-Port Arthur, TX -1.1111e-01 5.1113e+00 -0.0217
## MSABellingham, WA 2.7778e-01 5.1113e+00 0.0543
## MSABenton Harbor, MI -1.1111e-01 5.1113e+00 -0.0217
## MSABergen-Passaic, NJ 1.5722e+01 5.1113e+00 3.0760
## MSABillings, MT 1.8754e-12 5.1113e+00 0.0000
## MSABiloxi-Gulfport-Pascagoula, MS -1.1111e-01 5.1113e+00 -0.0217
## MSABinghamton, NY 6.8321e-12 5.1113e+00 0.0000
## MSABirmingham, AL 7.5000e+00 5.1113e+00 1.4673
## MSABismarck, ND 1.6667e-01 5.1113e+00 0.0326
## MSABloomington-Normal, IL -5.5556e-02 5.1113e+00 -0.0109
## MSABloomington, IN -2.1113e+01 5.2410e+00 -4.0285
## MSABoise City, ID 3.8889e+00 5.1113e+00 0.7608
## MSABoston, MA-NH 3.4916e+02 5.1220e+00 68.1679
## MSABoulder-Longmont, CO 4.1500e+01 5.1113e+00 8.1192
## MSABrazoria, TX 2.1386e-12 5.1113e+00 0.0000
## MSABremerton, WA 2.2222e-01 5.1113e+00 0.0435
## MSABridgeport, CT 7.1111e+00 5.1113e+00 1.3912
## MSABrockton, MA 1.5000e+00 5.1113e+00 0.2935
## MSABrownsville-Harlingen-San Benito, TX -1.6667e-01 5.1113e+00 -0.0326
## MSABryan-College Station, TX 7.7778e-01 5.1113e+00 0.1522
## MSABuffalo-Niagara Falls, NY -9.9680e-01 5.1280e+00 -0.1944
## MSABurlington, VT 4.5556e+00 5.1113e+00 0.8913
## MSACaguas, PR -1.6667e-01 5.1113e+00 -0.0326
## MSACanton-Massillon, OH 1.3333e+00 5.1113e+00 0.2609
## MSACasper, WY -1.6667e-01 5.1113e+00 -0.0326
## MSACedar Rapids, IA 6.1111e-01 5.1113e+00 0.1196
## MSAChampaign-Urbana, IL 3.9444e+00 5.1113e+00 0.7717
## MSACharleston, SC 3.2222e+00 5.1113e+00 0.6304
## MSACharleston, WV -7.2746e+00 5.1280e+00 -1.4186
## MSACharlotte-Gastonia-Rock Hill, NC-SC 1.8111e+01 5.1113e+00 3.5433
## MSACharlottesville, VA 5.0000e+00 5.1113e+00 0.9782
## MSAChattanooga, TN-GA 3.5000e+00 5.1113e+00 0.6848
## MSACheyenne, WY -1.1111e-01 5.1113e+00 -0.0217
## MSAChicago, IL 1.1044e+02 5.1113e+00 21.6078
## MSAChico-Paradise, CA 3.8889e-01 5.1113e+00 0.0761
## MSACincinnati, OH-KY-IN 1.2083e+00 5.2233e+00 0.2313
## MSAClarksville-Hopkinsville, TN-KY -2.2222e-01 5.1113e+00 -0.0435
## MSACleveland-Lorain-Elyria, OH 2.5889e+01 5.1113e+00 5.0650
## MSAColorado Springs, CO 2.4444e+00 5.1113e+00 0.4782
## MSAColumbia, MO 3.3333e-01 5.1113e+00 0.0652
## MSAColumbia, SC 1.0556e+00 5.1113e+00 0.2065
## MSAColumbus, GA-AL 7.2222e-01 5.1113e+00 0.1413
## MSAColumbus, OH 1.9944e+01 5.1113e+00 3.9020
## MSACorpus Christi, TX 3.8889e-01 5.1113e+00 0.0761
## MSACorvallis, OR 2.7778e-01 5.1113e+00 0.0543
## MSADallas, TX 8.2222e+01 5.1113e+00 16.0863
## MSADanbury, CT 2.2222e+00 5.1113e+00 0.4348
## MSADanville, VA -1.6667e-01 5.1113e+00 -0.0326
## MSADavenport-Moline-Rock Island, IA-IL 4.4442e-12 5.1113e+00 0.0000
## MSADayton-Springfield, OH 1.4444e+00 5.1113e+00 0.2826
## MSADaytona Beach, FL -1.6637e+01 5.2069e+00 -3.1951
## MSADecatur, IL -2.2222e-01 5.1113e+00 -0.0435
## MSADenver, CO 5.9018e+01 5.1917e+00 11.3677
## MSADes Moines, IA 2.1111e+00 5.1113e+00 0.4130
## MSADetroit, MI 2.5722e+01 5.1113e+00 5.0324
## MSADothan, AL -2.2222e-01 5.1113e+00 -0.0435
## MSADover, DE 5.5556e-01 5.1113e+00 0.1087
## MSADubuque, IA -5.5556e-02 5.1113e+00 -0.0109
## MSADuluth-Superior, MN-WI 3.8889e-01 5.1113e+00 0.0761
## MSADutchess County, NY 1.6667e-01 5.1113e+00 0.0326
## MSAEau Claire, WI 2.2222e-01 5.1113e+00 0.0435
## MSAEl Paso, TX -1.1111e-01 5.1113e+00 -0.0217
## MSAElkhart-Goshen, IN 6.6667e-01 5.1113e+00 0.1304
## MSAElmira, NY -2.2222e-01 5.1113e+00 -0.0435
## MSAErie, PA 8.3333e-01 5.1113e+00 0.1630
## MSAEugene-Springfield, OR 7.7778e-01 5.1113e+00 0.1522
## MSAEvansville-Henderson, IN-KY 6.1111e-01 5.1113e+00 0.1196
## MSAFargo-Moorhead, ND-MN 6.1111e-01 5.1113e+00 0.1196
## MSAFayetteville-Springdale-Rogers, AR -6.1079e+00 5.1280e+00 -1.1911
## MSAFayetteville, NC -2.2222e-01 5.1113e+00 -0.0435
## MSAFitchburg-Leominster, MA 5.5556e-02 5.1113e+00 0.0109
## MSAFlagstaff, AZ-UT 5.5556e-02 5.1113e+00 0.0109
## MSAFlint, MI 2.2222e-01 5.1113e+00 0.0435
## MSAFlorence, AL -1.1111e-01 5.1113e+00 -0.0217
## MSAFlorence, SC -2.2222e-01 5.1113e+00 -0.0435
## MSAFort Collins-Loveland, CO 2.7222e+00 5.1113e+00 0.5326
## MSAFort Lauderdale, FL 1.5389e+01 5.1113e+00 3.0107
## MSAFort Myers-Cape Coral, FL 8.3333e-01 5.1113e+00 0.1630
## MSAFort Pierce-Port St. Lucie, FL 8.3333e-01 5.1113e+00 0.1630
## MSAFort Smith, AR-OK -1.1111e-01 5.1113e+00 -0.0217
## MSAFort Walton Beach, FL 1.1111e-01 5.1113e+00 0.0217
## MSAFort Wayne, IN -3.9647e+00 5.1173e+00 -0.7748
## MSAFort Worth-Arlington, TX 1.0667e+01 5.1113e+00 2.0869
## MSAFresno, CA 8.3333e-01 5.1113e+00 0.1630
## MSAGadsden, AL -2.2222e-01 5.1113e+00 -0.0435
## MSAGainesville, FL 2.5000e+00 5.1113e+00 0.4891
## MSAGalveston-Texas City, TX 2.2222e-01 5.1113e+00 0.0435
## MSAGary, IN 5.0000e-01 5.1113e+00 0.0978
## MSAGlens Falls, NY -1.6667e-01 5.1113e+00 -0.0326
## MSAGoldsboro, NC -1.6667e-01 5.1113e+00 -0.0326
## MSAGrand Forks, ND-MN 1.9425e-12 5.1113e+00 0.0000
## MSAGrand Junction, CO -5.5556e-02 5.1113e+00 -0.0109
## MSAGrand Rapids-Muskegon-Holland, MI 5.6667e+00 5.1113e+00 1.1087
## MSAGreat Falls, MT -1.1111e-01 5.1113e+00 -0.0217
## MSAGreeley, CO -1.1111e-01 5.1113e+00 -0.0217
## MSAGreen Bay, WI 1.6667e-01 5.1113e+00 0.0326
## MSAGreensboro--Winston Salem--High Point, N 4.2778e+00 5.1113e+00 0.8369
## MSAGreenville-Spartanburg-Anderson, SC 5.7778e+00 5.1113e+00 1.1304
## MSAHagerstown, MD 5.5556e-02 5.1113e+00 0.0109
## MSAHamilton-Middletown, OH 1.1111e+00 5.1113e+00 0.2174
## MSAHarrisburg-Lebanon-Carlisle, PA 3.2222e+00 5.1113e+00 0.6304
## MSAHartford, CT 1.3611e+01 5.1113e+00 2.6629
## MSAHickory-Morganton-Lenoir, NC 4.4444e-01 5.1113e+00 0.0870
## MSAHonolulu, HI 1.7222e+00 5.1113e+00 0.3369
## MSAHouma, LA 1.6667e-01 5.1113e+00 0.0326
## MSAHouston, TX 6.8611e+01 5.1113e+00 13.4234
## MSAHuntington-Ashland, WV-KY-OH -5.5556e-02 5.1113e+00 -0.0109
## MSAHuntsville, AL 2.8333e+00 5.1113e+00 0.5543
## MSAIndianapolis, IN 2.0111e+01 5.1113e+00 3.9346
## MSAIowa City, IA 1.0000e+00 5.1113e+00 0.1956
## MSAJackson, MI 1.6667e-01 5.1113e+00 0.0326
## MSAJackson, MS 1.6667e+00 5.1113e+00 0.3261
## MSAJacksonville, FL 9.0000e+00 5.1113e+00 1.7608
## MSAJacksonville, NC -1.6667e-01 5.1113e+00 -0.0326
## MSAJamestown, NY -5.5556e-02 5.1113e+00 -0.0109
## MSAJanesville-Beloit, WI 2.2222e-01 5.1113e+00 0.0435
## MSAJersey City, NJ 9.4444e+00 5.1113e+00 1.8478
## MSAJohnson City-Kingsport-Bristol, TN-VA 9.4444e-01 5.1113e+00 0.1848
## MSAJohnstown, PA 4.4444e-01 5.1113e+00 0.0870
## MSAJoplin, MO -1.4005e+01 5.1653e+00 -2.7114
## MSAKalamazoo-Battle Creek, MI 2.8889e+00 5.1113e+00 0.5652
## MSAKankakee, IL -2.2222e-01 5.1113e+00 -0.0435
## MSAKansas City, MO-KS 1.5737e+00 5.1917e+00 0.3031
## MSAKenosha, WI 1.9520e-12 5.1113e+00 0.0000
## MSAKilleen-Temple, TX 1.6667e-01 5.1113e+00 0.0326
## MSAKnoxville, TN 3.3333e+00 5.1113e+00 0.6521
## MSAKokomo, IN -2.2222e-01 5.1113e+00 -0.0435
## MSALa Crosse, WI-MN -1.1111e-01 5.1113e+00 -0.0217
## MSALafayette, IN 1.1667e+00 5.1113e+00 0.2283
## MSALafayette, LA 1.2778e+00 5.1113e+00 0.2500
## MSALake Charles, LA -1.6667e-01 5.1113e+00 -0.0326
## MSALakeland-Winter Haven, FL 6.1111e-01 5.1113e+00 0.1196
## MSALancaster, PA 5.0000e-01 5.1113e+00 0.0978
## MSALansing-East Lansing, MI 1.5556e+00 5.1113e+00 0.3043
## MSALas Cruces, NM -2.2222e-01 5.1113e+00 -0.0435
## MSALas Vegas, NV-AZ 7.1111e+00 5.1113e+00 1.3912
## MSALawrence, KS 5.5556e-01 5.1113e+00 0.1087
## MSALawrence, MA-NH 1.1611e+01 5.1113e+00 2.2716
## MSALewiston-Auburn, ME -5.5556e-02 5.1113e+00 -0.0109
## MSALexington-Fayette, KY -6.1079e+00 5.1280e+00 -1.1911
## MSALima, OH 3.3333e-01 5.1113e+00 0.0652
## MSALincoln, NE 2.4444e+00 5.1113e+00 0.4782
## MSALittle Rock-North Little Rock, AR 2.1111e+00 5.1113e+00 0.4130
## MSALongview-Marshall, TX 5.5556e-02 5.1113e+00 0.0109
## MSALos Angeles-Long Beach, CA 1.4263e+02 5.1354e+00 27.7732
## MSALouisville, KY-IN 7.7778e+00 5.1113e+00 1.5217
## MSALowell, MA-NH 1.9889e+01 5.1113e+00 3.8911
## MSALubbock, TX -5.5556e-02 5.1113e+00 -0.0109
## MSALynchburg, VA 1.6667e-01 5.1113e+00 0.0326
## MSAMacon, GA 1.1111e-01 5.1113e+00 0.0217
## MSAMadison, WI 1.3000e+01 5.1113e+00 2.5434
## MSAManchester, NH 4.3333e+00 5.1113e+00 0.8478
## MSAMansfield, OH -2.2222e-01 5.1113e+00 -0.0435
## MSAMcAllen-Edinburg-Mission, TX 1.1111e-01 5.1113e+00 0.0217
## MSAMedford-Ashland, OR 3.8889e-01 5.1113e+00 0.0761
## MSAMelbourne-Titusville-Palm Bay, FL 2.5556e+00 5.1113e+00 0.5000
## MSAMemphis, TN-AR-MS 6.6667e+00 5.1113e+00 1.3043
## MSAMiami, FL -1.2596e+00 5.1917e+00 -0.2426
## MSAMiddlesex-Somerset-Hunterdon, NJ 2.7389e+01 5.1113e+00 5.3585
## MSAMilwaukee-Waukesha, WI 1.1000e+01 5.1113e+00 2.1521
## MSAMinneapolis-St. Paul, MN-WI 5.5556e+01 5.1113e+00 10.8691
## MSAMissoula, MT 1.1111e+00 5.1113e+00 0.2174
## MSAMobile, AL 6.6667e-01 5.1113e+00 0.1304
## MSAModesto, CA 2.2222e-01 5.1113e+00 0.0435
## MSAMonmouth-Ocean, NJ 5.2222e+00 5.1113e+00 1.0217
## MSAMonroe, LA -1.6549e+00 5.1120e+00 -0.3237
## MSAMontgomery, AL 2.7778e-01 5.1113e+00 0.0543
## MSAMuncie, IN 5.5556e-02 5.1113e+00 0.0109
## MSAMyrtle Beach, SC -1.1111e-01 5.1113e+00 -0.0217
## MSANaples, FL 2.7778e-01 5.1113e+00 0.0543
## MSANashua, NH 6.5556e+00 5.1113e+00 1.2826
## MSANashville, TN 3.6056e+01 5.1113e+00 7.0541
## MSANassau-Suffolk, NY 1.2278e+01 5.1113e+00 2.4021
## MSANew Bedford, MA -1.1111e-01 5.1113e+00 -0.0217
## MSANew Haven-Meriden, CT 1.6833e+01 5.1113e+00 3.2933
## MSANew London-Norwich, CT-RI 1.4444e+00 5.1113e+00 0.2826
## MSANew Orleans, LA -1.8546e+01 5.2599e+00 -3.5259
## MSANew York, NY 2.9086e+02 5.2069e+00 55.8613
## MSANewark, NJ 2.2111e+01 5.1113e+00 4.3259
## MSANewburgh, NY-PA 3.2396e-12 5.1113e+00 0.0000
## MSANorfolk-Virginia Beach-Newport News, VA- 4.2222e+00 5.1113e+00 0.8261
## MSAOakland, CA 1.2078e+02 5.1113e+00 23.6295
## MSAOcala, FL 2.2222e-01 5.1113e+00 0.0435
## MSAOdessa-Midland, TX 2.8889e+00 5.1113e+00 0.5652
## MSAOklahoma City, OK 6.7222e+00 5.1113e+00 1.3152
## MSAOlympia, WA 5.0000e-01 5.1113e+00 0.0978
## MSAOmaha, NE-IA 6.0000e+00 5.1113e+00 1.1739
## MSAOrange County, CA 7.6833e+01 5.1113e+00 15.0320
## MSAOrlando, FL 1.5444e+01 5.1113e+00 3.0216
## MSAPanama City, FL -1.1111e-01 5.1113e+00 -0.0217
## MSAParkersburg-Marietta, WV-OH -5.5556e-02 5.1113e+00 -0.0109
## MSAPensacola, FL 5.0000e-01 5.1113e+00 0.0978
## MSAPeoria-Pekin, IL 3.8889e-01 5.1113e+00 0.0761
## MSAPhiladelphia, PA-NJ 8.8538e+01 5.1540e+00 17.1785
## MSAPhoenix, AZ 3.5056e+01 5.1113e+00 6.8584
## MSAPine Bluff, AR -1.7660e+00 5.1120e+00 -0.3455
## MSAPittsburgh, PA 5.3667e+01 5.1113e+00 10.4996
## MSAPittsfield, MA -8.1517e+00 5.1354e+00 -1.5874
## MSAPocatello, ID -1.6667e-01 5.1113e+00 -0.0326
## MSAPonce, PR -1.6667e-01 5.1113e+00 -0.0326
## MSAPortland-Vancouver, OR-WA 3.7167e+01 5.1113e+00 7.2714
## MSAPortland, ME 4.5000e+00 5.1113e+00 0.8804
## MSAPortsmouth-Rochester, NH-ME 5.8889e+00 5.1113e+00 1.1521
## MSAProvidence-Fall River-Warwick, RI-MA 1.1611e+01 5.1113e+00 2.2716
## MSAProvo-Orem, UT 1.5722e+01 5.1113e+00 3.0760
## MSAPueblo, CO 5.5556e-02 5.1113e+00 0.0109
## MSAPunta Gorda, FL -2.2222e-01 5.1113e+00 -0.0435
## MSARacine, WI 1.1111e-01 5.1113e+00 0.0217
## MSARaleigh-Durham-Chapel Hill, NC 5.2167e+01 5.1113e+00 10.2061
## MSAReading, PA 1.1111e+00 5.1113e+00 0.2174
## MSARedding, CA -1.6667e-01 5.1113e+00 -0.0326
## MSAReno, NV 3.3333e+00 5.1113e+00 0.6521
## MSARichland-Kennewick-Pasco, WA 1.6667e-01 5.1113e+00 0.0326
## MSARichmond-Petersburg, VA 7.0556e+00 5.1113e+00 1.3804
## MSARiverside-San Bernardino, CA 3.3333e+00 5.1113e+00 0.6521
## MSARoanoke, VA 1.0000e+00 5.1113e+00 0.1956
## MSARochester, MN 4.4444e-01 5.1113e+00 0.0870
## MSARochester, NY 1.9038e+00 5.1354e+00 0.3707
## MSARockford, IL -5.5556e-02 5.1113e+00 -0.0109
## MSARocky Mount, NC -9.4851e+00 5.1354e+00 -1.8470
## MSASacramento, CA 8.1111e+00 5.1113e+00 1.5869
## MSASaginaw-Bay City-Midland, MI 3.8889e-01 5.1113e+00 0.0761
## MSASalem, OR -5.5556e-02 5.1113e+00 -0.0109
## MSASalinas, CA 8.8889e-01 5.1113e+00 0.1739
## MSASalt Lake City-Ogden, UT 3.4778e+01 5.1113e+00 6.8041
## MSASan Angelo, TX -1.6667e-01 5.1113e+00 -0.0326
## MSASan Antonio, TX 7.2222e+00 5.1113e+00 1.4130
## MSASan Diego, CA 1.0765e+02 5.1540e+00 20.8866
## MSASan Francisco, CA 5.4149e+02 5.1653e+00 104.8333
## MSASan Jose, CA 3.7461e+02 5.1113e+00 73.2905
## MSASan Juan, PR 1.0000e+00 5.1113e+00 0.1956
## MSASan Luis Obispo-Atascadero-Paso Robles, 1.4444e+00 5.1113e+00 0.2826
## MSASanta Barbara-Santa Maria-Lompoc, CA 1.2278e+01 5.1113e+00 2.4021
## MSASanta Cruz-Watsonville, CA 3.2778e+00 5.1113e+00 0.6413
## MSASanta Fe, NM 1.4444e+00 5.1113e+00 0.2826
## MSASanta Rosa, CA 8.8333e+00 5.1113e+00 1.7282
## MSASarasota-Bradenton, FL 2.9444e+00 5.1113e+00 0.5761
## MSASavannah, GA 1.1111e-01 5.1113e+00 0.0217
## MSAScranton--Wilkes-Barre--Hazleton, PA 1.4444e+00 5.1113e+00 0.2826
## MSASeattle-Bellevue-Everett, WA 1.2072e+02 5.1113e+00 23.6186
## MSASharon, PA 3.8889e-01 5.1113e+00 0.0761
## MSASheboygan, WI -1.1111e-01 5.1113e+00 -0.0217
## MSASherman-Denison, TX -5.5556e-02 5.1113e+00 -0.0109
## MSAShreveport, LA 1.4444e+00 5.1113e+00 0.2826
## MSASioux City, IA-NE -1.6667e-01 5.1113e+00 -0.0326
## MSASioux Falls, SD 1.5000e+00 5.1113e+00 0.2935
## MSASouth Bend, IN 8.8889e-01 5.1113e+00 0.1739
## MSASpokane, WA 2.6667e+00 5.1113e+00 0.5217
## MSASpringfield, IL -1.6667e-01 5.1113e+00 -0.0326
## MSASpringfield, MA 1.5556e+00 5.1113e+00 0.3043
## MSASpringfield, MO 8.3333e-01 5.1113e+00 0.1630
## MSASt. Cloud, MN 6.6667e-01 5.1113e+00 0.1304
## MSASt. Joseph, MO -1.6667e-01 5.1113e+00 -0.0326
## MSASt. Louis, MO-IL 2.5222e+01 5.1113e+00 4.9346
## MSAStamford-Norwalk, CT 2.1333e+01 5.1113e+00 4.1737
## MSAState College, PA 2.1111e+00 5.1113e+00 0.4130
## MSASteubenville-Weirton, OH-WV -5.5556e-02 5.1113e+00 -0.0109
## MSAStockton-Lodi, CA 4.4444e-01 5.1113e+00 0.0870
## MSASumter, SC -1.6667e-01 5.1113e+00 -0.0326
## MSASyracuse, NY 6.6667e-01 5.1113e+00 0.1304
## MSATacoma, WA 7.7778e-01 5.1113e+00 0.1522
## MSATallahassee, FL 1.6667e-01 5.1113e+00 0.0326
## MSATampa-St. Petersburg-Clearwater, FL 1.0737e+01 5.1354e+00 2.0908
## MSAToledo, OH 1.4444e+00 5.1113e+00 0.2826
## MSATopeka, KS 2.2222e-01 5.1113e+00 0.0435
## MSATrenton, NJ 1.1611e+01 5.1113e+00 2.2716
## MSATucson, AZ -1.3315e+01 5.1917e+00 -2.5647
## MSATulsa, OK 1.2019e+00 5.1173e+00 0.2349
## MSATyler, TX 2.7778e-01 5.1113e+00 0.0543
## MSAUnknown 7.0444e+01 5.1113e+00 13.7820
## MSAUtica-Rome, NY 5.5556e-02 5.1113e+00 0.0109
## MSAVallejo-Fairfield-Napa, CA 2.7778e+00 5.1113e+00 0.5435
## MSAVentura, CA 7.2222e+00 5.1113e+00 1.4130
## MSAVineland-Millville-Bridgeton, NJ -1.2406e+01 5.1540e+00 -2.4071
## MSAVisalia-Tulare-Porterville, CA 5.0000e-01 5.1113e+00 0.0978
## MSAWaco, TX 2.7778e-01 5.1113e+00 0.0543
## MSAWashington, DC-MD-VA-WV 1.1101e+02 5.2599e+00 21.1050
## MSAWaterbury, CT 1.3889e+00 5.1113e+00 0.2717
## MSAWaterloo-Cedar Falls, IA -2.2222e-01 5.1113e+00 -0.0435
## MSAWausau, WI -5.5556e-02 5.1113e+00 -0.0109
## MSAWest Palm Beach-Boca Raton, FL 1.5778e+01 5.1113e+00 3.0868
## MSAWheeling, WV-OH -2.2222e-01 5.1113e+00 -0.0435
## MSAWichita Falls, TX -2.2222e-01 5.1113e+00 -0.0435
## MSAWichita, KS -1.5371e+01 5.1917e+00 -2.9606
## MSAWilliamsport, PA 3.0520e-12 5.1113e+00 0.0000
## MSAWilmington-Newark, DE-MD 7.9444e+00 5.1113e+00 1.5543
## MSAWilmington, NC 1.2222e+00 5.1113e+00 0.2391
## MSAWorcester, MA-CT 7.2222e+00 5.1113e+00 1.4130
## MSAYakima, WA 2.2222e-01 5.1113e+00 0.0435
## MSAYolo, CA 1.8333e+00 5.1113e+00 0.3587
## MSAYork, PA 1.1111e-01 5.1113e+00 0.0217
## MSAYoungstown-Warren, OH -7.6603e-01 5.1120e+00 -0.1498
## MSAYuma, AZ -2.2222e-01 5.1113e+00 -0.0435
## I(post * treated) 2.7788e+01 1.4895e+00 18.6563
## factor(round_year)2003 -4.8113e-01 1.2161e+00 -0.3956
## factor(round_year)2004 6.9182e-01 1.2161e+00 0.5689
## factor(round_year)2005 1.2718e+00 1.2161e+00 1.0458
## factor(round_year)2006 3.0303e+00 1.2161e+00 2.4917
## factor(round_year)2007 4.6536e+00 1.2162e+00 3.8263
## factor(round_year)2008 4.1147e+00 1.2165e+00 3.3824
## factor(round_year)2009 3.0358e-01 1.2174e+00 0.2494
## factor(round_year)2010 2.7155e+00 1.2174e+00 2.2307
## factor(round_year)2011 3.1760e+00 1.2178e+00 2.6079
## factor(round_year)2012 3.4233e+00 1.2187e+00 2.8090
## factor(round_year)2013 3.1245e+00 1.2187e+00 2.5639
## factor(round_year)2014 3.2222e+00 1.2204e+00 2.6402
## factor(round_year)2015 3.3726e+00 1.2221e+00 2.7596
## factor(round_year)2016 3.5305e+00 1.2226e+00 2.8877
## factor(round_year)2017 4.4595e+00 1.2236e+00 3.6445
## factor(round_year)2018 6.2614e+00 1.2236e+00 5.1171
## factor(round_year)2019 7.6785e+00 1.2253e+00 6.2668
## Pr(>|t|)
## (Intercept) 0.4491384
## MSAAkron, OH 0.2771244
## MSAAlbany-Schenectady-Troy, NY 0.2583630
## MSAAlbany, GA 0.9826576
## MSAAlbuquerque, NM 0.1108372
## MSAAlexandria, LA 0.9826576
## MSAAllentown-Bethlehem-Easton, PA 0.2629686
## MSAAltoona, PA 0.8876394
## MSAAmarillo, TX 0.9826576
## MSAAnchorage, AK 0.9826576
## MSAAnn Arbor, MI 0.0008532 ***
## MSAAnniston, AL 0.9739889
## MSAAppleton-Oshkosh-Neenah, WI 0.8704956
## MSAAsheville, NC 0.8619460
## MSAAthens, GA 0.8790604
## MSAAtlanta, GA < 2.2e-16 ***
## MSAAtlantic-Cape May, NJ 1.0000000
## MSAAuburn-Opelika, AL 0.9653233
## MSAAugusta-Aiken, GA-SC 0.9826576
## MSAAustin-San Marcos, TX < 2.2e-16 ***
## MSABakersfield, CA 0.8962316
## MSABaltimore, MD 3.929e-15 ***
## MSABangor, ME 0.9134515
## MSABarnstable-Yarmouth, MA 0.9307121
## MSABaton Rouge, LA 0.6955997
## MSABeaumont-Port Arthur, TX 0.9826576
## MSABellingham, WA 0.9566618
## MSABenton Harbor, MI 0.9826576
## MSABergen-Passaic, NJ 0.0021088 **
## MSABillings, MT 1.0000000
## MSABiloxi-Gulfport-Pascagoula, MS 0.9826576
## MSABinghamton, NY 1.0000000
## MSABirmingham, AL 0.1423444
## MSABismarck, ND 0.9739889
## MSABloomington-Normal, IL 0.9913283
## MSABloomington, IN 5.690e-05 ***
## MSABoise City, ID 0.4467870
## MSABoston, MA-NH < 2.2e-16 ***
## MSABoulder-Longmont, CO 5.765e-16 ***
## MSABrazoria, TX 1.0000000
## MSABremerton, WA 0.9653233
## MSABridgeport, CT 0.1642080
## MSABrockton, MA 0.7691771
## MSABrownsville-Harlingen-San Benito, TX 0.9739889
## MSABryan-College Station, TX 0.8790604
## MSABuffalo-Niagara Falls, NY 0.8458834
## MSABurlington, VT 0.3728254
## MSACaguas, PR 0.9739889
## MSACanton-Massillon, OH 0.7942113
## MSACasper, WY 0.9739889
## MSACedar Rapids, IA 0.9048359
## MSAChampaign-Urbana, IL 0.4403216
## MSACharleston, SC 0.5284539
## MSACharleston, WV 0.1560767
## MSACharlotte-Gastonia-Rock Hill, NC-SC 0.0003985 ***
## MSACharlottesville, VA 0.3280091
## MSAChattanooga, TN-GA 0.4935284
## MSACheyenne, WY 0.9826576
## MSAChicago, IL < 2.2e-16 ***
## MSAChico-Paradise, CA 0.9393552
## MSACincinnati, OH-KY-IN 0.8170663
## MSAClarksville-Hopkinsville, TN-KY 0.9653233
## MSACleveland-Lorain-Elyria, OH 4.220e-07 ***
## MSAColorado Springs, CO 0.6324980
## MSAColumbia, MO 0.9480055
## MSAColumbia, SC 0.8363978
## MSAColumbus, GA-AL 0.8876394
## MSAColumbus, OH 9.656e-05 ***
## MSACorpus Christi, TX 0.9393552
## MSACorvallis, OR 0.9566618
## MSADallas, TX < 2.2e-16 ***
## MSADanbury, CT 0.6637506
## MSADanville, VA 0.9739889
## MSADavenport-Moline-Rock Island, IA-IL 1.0000000
## MSADayton-Springfield, OH 0.7774966
## MSADaytona Beach, FL 0.0014056 **
## MSADecatur, IL 0.9653233
## MSADenver, CO < 2.2e-16 ***
## MSADes Moines, IA 0.6796036
## MSADetroit, MI 5.001e-07 ***
## MSADothan, AL 0.9653233
## MSADover, DE 0.9134515
## MSADubuque, IA 0.9913283
## MSADuluth-Superior, MN-WI 0.9393552
## MSADutchess County, NY 0.9739889
## MSAEau Claire, WI 0.9653233
## MSAEl Paso, TX 0.9826576
## MSAElkhart-Goshen, IN 0.8962316
## MSAElmira, NY 0.9653233
## MSAErie, PA 0.8704956
## MSAEugene-Springfield, OR 0.8790604
## MSAEvansville-Henderson, IN-KY 0.9048359
## MSAFargo-Moorhead, ND-MN 0.9048359
## MSAFayetteville-Springdale-Rogers, AR 0.2336740
## MSAFayetteville, NC 0.9653233
## MSAFitchburg-Leominster, MA 0.9913283
## MSAFlagstaff, AZ-UT 0.9913283
## MSAFlint, MI 0.9653233
## MSAFlorence, AL 0.9826576
## MSAFlorence, SC 0.9653233
## MSAFort Collins-Loveland, CO 0.5943416
## MSAFort Lauderdale, FL 0.0026182 **
## MSAFort Myers-Cape Coral, FL 0.8704956
## MSAFort Pierce-Port St. Lucie, FL 0.8704956
## MSAFort Smith, AR-OK 0.9826576
## MSAFort Walton Beach, FL 0.9826576
## MSAFort Wayne, IN 0.4385117
## MSAFort Worth-Arlington, TX 0.0369467 *
## MSAFresno, CA 0.8704956
## MSAGadsden, AL 0.9653233
## MSAGainesville, FL 0.6247835
## MSAGalveston-Texas City, TX 0.9653233
## MSAGary, IN 0.9220772
## MSAGlens Falls, NY 0.9739889
## MSAGoldsboro, NC 0.9739889
## MSAGrand Forks, ND-MN 1.0000000
## MSAGrand Junction, CO 0.9913283
## MSAGrand Rapids-Muskegon-Holland, MI 0.2676307
## MSAGreat Falls, MT 0.9826576
## MSAGreeley, CO 0.9826576
## MSAGreen Bay, WI 0.9739889
## MSAGreensboro--Winston Salem--High Point, N 0.4026735
## MSAGreenville-Spartanburg-Anderson, SC 0.2583630
## MSAHagerstown, MD 0.9913283
## MSAHamilton-Middletown, OH 0.8279186
## MSAHarrisburg-Lebanon-Carlisle, PA 0.5284539
## MSAHartford, CT 0.0077693 **
## MSAHickory-Morganton-Lenoir, NC 0.9307121
## MSAHonolulu, HI 0.7361733
## MSAHouma, LA 0.9739889
## MSAHouston, TX < 2.2e-16 ***
## MSAHuntington-Ashland, WV-KY-OH 0.9913283
## MSAHuntsville, AL 0.5793794
## MSAIndianapolis, IN 8.438e-05 ***
## MSAIowa City, IA 0.8448961
## MSAJackson, MI 0.9739889
## MSAJackson, MS 0.7443814
## MSAJacksonville, FL 0.0783295 .
## MSAJacksonville, NC 0.9739889
## MSAJamestown, NY 0.9913283
## MSAJanesville-Beloit, WI 0.9653233
## MSAJersey City, NJ 0.0646933 .
## MSAJohnson City-Kingsport-Bristol, TN-VA 0.8534125
## MSAJohnstown, PA 0.9307121
## MSAJoplin, MO 0.0067205 **
## MSAKalamazoo-Battle Creek, MI 0.5719653
## MSAKankakee, IL 0.9653233
## MSAKansas City, MO-KS 0.7618131
## MSAKenosha, WI 1.0000000
## MSAKilleen-Temple, TX 0.9739889
## MSAKnoxville, TN 0.5143341
## MSAKokomo, IN 0.9653233
## MSALa Crosse, WI-MN 0.9826576
## MSALafayette, IN 0.8194594
## MSALafayette, LA 0.8026048
## MSALake Charles, LA 0.9739889
## MSALakeland-Winter Haven, FL 0.9048359
## MSALancaster, PA 0.9220772
## MSALansing-East Lansing, MI 0.7608842
## MSALas Cruces, NM 0.9653233
## MSALas Vegas, NV-AZ 0.1642080
## MSALawrence, KS 0.9134515
## MSALawrence, MA-NH 0.0231472 *
## MSALewiston-Auburn, ME 0.9913283
## MSALexington-Fayette, KY 0.2336740
## MSALima, OH 0.9480055
## MSALincoln, NE 0.6324980
## MSALittle Rock-North Little Rock, AR 0.6796036
## MSALongview-Marshall, TX 0.9913283
## MSALos Angeles-Long Beach, CA < 2.2e-16 ***
## MSALouisville, KY-IN 0.1281488
## MSALowell, MA-NH 0.0001010 ***
## MSALubbock, TX 0.9913283
## MSALynchburg, VA 0.9739889
## MSAMacon, GA 0.9826576
## MSAMadison, WI 0.0110065 *
## MSAManchester, NH 0.3965919
## MSAMansfield, OH 0.9653233
## MSAMcAllen-Edinburg-Mission, TX 0.9826576
## MSAMedford-Ashland, OR 0.9393552
## MSAMelbourne-Titusville-Palm Bay, FL 0.6171100
## MSAMemphis, TN-AR-MS 0.1921890
## MSAMiami, FL 0.8083070
## MSAMiddlesex-Somerset-Hunterdon, NJ 8.742e-08 ***
## MSAMilwaukee-Waukesha, WI 0.0314349 *
## MSAMinneapolis-St. Paul, MN-WI < 2.2e-16 ***
## MSAMissoula, MT 0.8279186
## MSAMobile, AL 0.8962316
## MSAModesto, CA 0.9653233
## MSAMonmouth-Ocean, NJ 0.3069702
## MSAMonroe, LA 0.7461534
## MSAMontgomery, AL 0.9566618
## MSAMuncie, IN 0.9913283
## MSAMyrtle Beach, SC 0.9826576
## MSANaples, FL 0.9566618
## MSANashua, NH 0.1997029
## MSANashville, TN 1.957e-12 ***
## MSANassau-Suffolk, NY 0.0163360 *
## MSANew Bedford, MA 0.9826576
## MSANew Haven-Meriden, CT 0.0009964 ***
## MSANew London-Norwich, CT-RI 0.7774966
## MSANew Orleans, LA 0.0004255 ***
## MSANew York, NY < 2.2e-16 ***
## MSANewark, NJ 1.546e-05 ***
## MSANewburgh, NY-PA 1.0000000
## MSANorfolk-Virginia Beach-Newport News, VA- 0.4088106
## MSAOakland, CA < 2.2e-16 ***
## MSAOcala, FL 0.9653233
## MSAOdessa-Midland, TX 0.5719653
## MSAOklahoma City, OK 0.1885110
## MSAOlympia, WA 0.9220772
## MSAOmaha, NE-IA 0.2405011
## MSAOrange County, CA < 2.2e-16 ***
## MSAOrlando, FL 0.0025261 **
## MSAPanama City, FL 0.9826576
## MSAParkersburg-Marietta, WV-OH 0.9913283
## MSAPensacola, FL 0.9220772
## MSAPeoria-Pekin, IL 0.9393552
## MSAPhiladelphia, PA-NJ < 2.2e-16 ***
## MSAPhoenix, AZ 7.744e-12 ***
## MSAPine Bluff, AR 0.7297564
## MSAPittsburgh, PA < 2.2e-16 ***
## MSAPittsfield, MA 0.1124888
## MSAPocatello, ID 0.9739889
## MSAPonce, PR 0.9739889
## MSAPortland-Vancouver, OR-WA 4.066e-13 ***
## MSAPortland, ME 0.3786827
## MSAPortsmouth-Rochester, NH-ME 0.2493202
## MSAProvidence-Fall River-Warwick, RI-MA 0.0231472 *
## MSAProvo-Orem, UT 0.0021088 **
## MSAPueblo, CO 0.9913283
## MSAPunta Gorda, FL 0.9653233
## MSARacine, WI 0.9826576
## MSARaleigh-Durham-Chapel Hill, NC < 2.2e-16 ***
## MSAReading, PA 0.8279186
## MSARedding, CA 0.9739889
## MSAReno, NV 0.5143341
## MSARichland-Kennewick-Pasco, WA 0.9739889
## MSARichmond-Petersburg, VA 0.1675276
## MSARiverside-San Bernardino, CA 0.5143341
## MSARoanoke, VA 0.8448961
## MSARochester, MN 0.9307121
## MSARochester, NY 0.7108536
## MSARockford, IL 0.9913283
## MSARocky Mount, NC 0.0648017 .
## MSASacramento, CA 0.1125960
## MSASaginaw-Bay City-Midland, MI 0.9393552
## MSASalem, OR 0.9913283
## MSASalinas, CA 0.8619460
## MSASalt Lake City-Ogden, UT 1.128e-11 ***
## MSASan Angelo, TX 0.9739889
## MSASan Antonio, TX 0.1577178
## MSASan Diego, CA < 2.2e-16 ***
## MSASan Francisco, CA < 2.2e-16 ***
## MSASan Jose, CA < 2.2e-16 ***
## MSASan Juan, PR 0.8448961
## MSASan Luis Obispo-Atascadero-Paso Robles, 0.7774966
## MSASanta Barbara-Santa Maria-Lompoc, CA 0.0163360 *
## MSASanta Cruz-Watsonville, CA 0.5213694
## MSASanta Fe, NM 0.7774966
## MSASanta Rosa, CA 0.0840115 .
## MSASarasota-Bradenton, FL 0.5645965
## MSASavannah, GA 0.9826576
## MSAScranton--Wilkes-Barre--Hazleton, PA 0.7774966
## MSASeattle-Bellevue-Everett, WA < 2.2e-16 ***
## MSASharon, PA 0.9393552
## MSASheboygan, WI 0.9826576
## MSASherman-Denison, TX 0.9913283
## MSAShreveport, LA 0.7774966
## MSASioux City, IA-NE 0.9739889
## MSASioux Falls, SD 0.7691771
## MSASouth Bend, IN 0.8619460
## MSASpokane, WA 0.6018884
## MSASpringfield, IL 0.9739889
## MSASpringfield, MA 0.7608842
## MSASpringfield, MO 0.8704956
## MSASt. Cloud, MN 0.8962316
## MSASt. Joseph, MO 0.9739889
## MSASt. Louis, MO-IL 8.274e-07 ***
## MSAStamford-Norwalk, CT 3.044e-05 ***
## MSAState College, PA 0.6796036
## MSASteubenville-Weirton, OH-WV 0.9913283
## MSAStockton-Lodi, CA 0.9307121
## MSASumter, SC 0.9739889
## MSASyracuse, NY 0.8962316
## MSATacoma, WA 0.8790604
## MSATallahassee, FL 0.9739889
## MSATampa-St. Petersburg-Clearwater, FL 0.0365907 *
## MSAToledo, OH 0.7774966
## MSATopeka, KS 0.9653233
## MSATrenton, NJ 0.0231472 *
## MSATucson, AZ 0.0103537 *
## MSATulsa, OK 0.8143175
## MSATyler, TX 0.9566618
## MSAUnknown < 2.2e-16 ***
## MSAUtica-Rome, NY 0.9913283
## MSAVallejo-Fairfield-Napa, CA 0.5868384
## MSAVentura, CA 0.1577178
## MSAVineland-Millville-Bridgeton, NJ 0.0161151 *
## MSAVisalia-Tulare-Porterville, CA 0.9220772
## MSAWaco, TX 0.9566618
## MSAWashington, DC-MD-VA-WV < 2.2e-16 ***
## MSAWaterbury, CT 0.7858416
## MSAWaterloo-Cedar Falls, IA 0.9653233
## MSAWausau, WI 0.9913283
## MSAWest Palm Beach-Boca Raton, FL 0.0020333 **
## MSAWheeling, WV-OH 0.9653233
## MSAWichita Falls, TX 0.9653233
## MSAWichita, KS 0.0030836 **
## MSAWilliamsport, PA 1.0000000
## MSAWilmington-Newark, DE-MD 0.1201755
## MSAWilmington, NC 0.8110212
## MSAWorcester, MA-CT 0.1577178
## MSAYakima, WA 0.9653233
## MSAYolo, CA 0.7198479
## MSAYork, PA 0.9826576
## MSAYoungstown-Warren, OH 0.8808893
## MSAYuma, AZ 0.9653233
## I(post * treated) < 2.2e-16 ***
## factor(round_year)2003 0.6923808
## factor(round_year)2004 0.5694444
## factor(round_year)2005 0.2957099
## factor(round_year)2006 0.0127422 *
## factor(round_year)2007 0.0001315 ***
## factor(round_year)2008 0.0007236 ***
## factor(round_year)2009 0.8030805
## factor(round_year)2010 0.0257441 *
## factor(round_year)2011 0.0091351 **
## factor(round_year)2012 0.0049872 **
## factor(round_year)2013 0.0103778 *
## factor(round_year)2014 0.0083091 **
## factor(round_year)2015 0.0058067 **
## factor(round_year)2016 0.0038964 **
## factor(round_year)2017 0.0002704 ***
## factor(round_year)2018 3.210e-07 ***
## factor(round_year)2019 3.971e-10 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Total Sum of Squares: 15713000
## Residual Sum of Squares: 1266900
## R-Squared: 0.91937
## Adj. R-Squared: 0.91436
## F-statistic: 183.395 on 335 and 5388 DF, p-value: < 2.22e-16fixed-effects
est_comb = feols(num_comp_per_aggreg~ MSA | treated^year_treated, news_MSA_VC )## Variables 'MSABloomington, IN', 'MSABoston, MA-NH' and 10 others have been removed because of collinearity (see $collin.var).summary(est_comb, vcov = "twoway")## OLS estimation, Dep. Var.: num_comp_per_aggreg
## Observations: 5,724
## Fixed-effects: treated^year_treated: 13
## Standard-errors: Clustered (treated^year_treated)
## Estimate Std. Error
## MSAAkron, OH 5.555556e+00 1.977220e-11
## MSAAlbany-Schenectady-Troy, NY 5.777778e+00 1.991070e-11
## MSAAlbany, GA 1.111111e-01 2.212301e-11
## MSAAlbuquerque, NM -2.991667e+02 1.050610e-12
## MSAAlexandria, LA -1.111111e-01 2.228368e-11
## MSAAllentown-Bethlehem-Easton, PA 5.722222e+00 1.981608e-11
## MSAAltoona, PA 7.222222e-01 2.177576e-11
## MSAAmarillo, TX -1.111111e-01 2.212975e-11
## MSAAnchorage, AK -1.111111e-01 2.214874e-11
## MSAAnn Arbor, MI 1.705556e+01 1.846099e-11
## MSAAnniston, AL -1.666667e-01 2.212004e-11
## MSAAppleton-Oshkosh-Neenah, WI 8.333333e-01 2.198603e-11
## MSAAsheville, NC 8.888889e-01 2.166045e-11
## MSAAthens, GA 7.777778e-01 2.181006e-11
## MSAAtlanta, GA 9.200000e+01 5.405080e-12
## MSAAtlantic-Cape May, NJ -2.062170e-11 2.206365e-11
## MSAAuburn-Opelika, AL 2.222222e-01 2.175479e-11
## MSAAugusta-Aiken, GA-SC 1.111111e-01 2.217806e-11
## MSAAustin-San Marcos, TX 1.031667e+02 3.195840e-12
## MSABakersfield, CA 6.666667e-01 2.146017e-11
## MSABaltimore, MD 4.027778e+01 1.414669e-11
## MSABangor, ME 5.555556e-01 2.148056e-11
## MSABarnstable-Yarmouth, MA 4.444444e-01 2.169478e-11
## MSABaton Rouge, LA 2.000000e+00 2.084372e-11
## MSABeaumont-Port Arthur, TX -1.111111e-01 2.201764e-11
## MSABellingham, WA 2.777778e-01 2.177206e-11
## MSABenton Harbor, MI -1.111111e-01 2.212214e-11
## MSABergen-Passaic, NJ 1.572222e+01 1.867720e-11
## MSABillings, MT -2.044230e-11 2.187176e-11
## MSABiloxi-Gulfport-Pascagoula, MS -1.111111e-01 2.185611e-11
## MSABinghamton, NY -2.050450e-11 2.193825e-11
## MSABirmingham, AL 7.500000e+00 1.971035e-11
## MSABismarck, ND 1.666667e-01 2.181917e-11
## MSABloomington-Normal, IL -5.555556e-02 2.188295e-11
## MSABoise City, ID 3.888889e+00 2.046892e-11
## MSABoulder-Longmont, CO 4.150000e+01 1.408718e-11
## MSABrazoria, TX -2.046540e-11 2.189642e-11
## MSABremerton, WA 2.222222e-01 2.167112e-11
## MSABridgeport, CT 7.111111e+00 1.959653e-11
## MSABrockton, MA 1.500000e+00 2.107746e-11
## MSABrownsville-Harlingen-San Benito, TX -1.666667e-01 2.195851e-11
## MSABryan-College Station, TX 7.777778e-01 2.145100e-11
## MSABuffalo-Niagara Falls, NY 5.111111e+00 2.454000e-14
## MSABurlington, VT 4.555556e+00 2.034230e-11
## MSACaguas, PR -1.666667e-01 2.191480e-11
## MSACanton-Massillon, OH 1.333333e+00 2.132295e-11
## MSACasper, WY -1.666667e-01 2.162598e-11
## MSACedar Rapids, IA 6.111111e-01 2.151490e-11
## MSAChampaign-Urbana, IL 3.944444e+00 2.030204e-11
## MSACharleston, SC 3.222222e+00 2.041608e-11
## MSACharleston, WV -1.166667e+00 2.138000e-14
## MSACharlotte-Gastonia-Rock Hill, NC-SC 1.811111e+01 1.849695e-11
## MSACharlottesville, VA 5.000000e+00 1.987170e-11
## MSAChattanooga, TN-GA 3.500000e+00 2.059767e-11
## MSACheyenne, WY -1.111111e-01 2.185231e-11
## MSAChicago, IL 1.104444e+02 3.842950e-12
## MSAChico-Paradise, CA 3.888889e-01 2.177442e-11
## MSAClarksville-Hopkinsville, TN-KY -2.222222e-01 2.169418e-11
## MSACleveland-Lorain-Elyria, OH 2.588889e+01 1.642045e-11
## MSAColorado Springs, CO 2.444444e+00 2.100687e-11
## MSAColumbia, MO 3.333333e-01 2.141594e-11
## MSAColumbia, SC 1.055556e+00 2.132561e-11
## MSAColumbus, GA-AL 7.222222e-01 2.143556e-11
## MSAColumbus, OH 1.994444e+01 1.811373e-11
## MSACorpus Christi, TX 3.888889e-01 2.164332e-11
## MSACorvallis, OR 2.777778e-01 2.167138e-11
## MSADallas, TX 8.222222e+01 9.836420e-12
## MSADanbury, CT 2.222222e+00 2.076669e-11
## MSADanville, VA -1.666667e-01 2.180650e-11
## MSADavenport-Moline-Rock Island, IA-IL -2.006750e-11 2.147080e-11
## MSADayton-Springfield, OH 1.444444e+00 2.078649e-11
## MSADaytona Beach, FL -3.075000e+02 8.952100e-13
## MSADecatur, IL -2.222222e-01 2.149275e-11
## MSADenver, CO 7.438889e+01 6.154300e-13
## MSADes Moines, IA 2.111111e+00 2.092207e-11
## MSADetroit, MI 2.572222e+01 1.628501e-11
## MSADothan, AL -2.222222e-01 2.164477e-11
## MSADover, DE 5.555556e-01 2.137495e-11
## MSADubuque, IA -5.555556e-02 2.136416e-11
## MSADuluth-Superior, MN-WI 3.888889e-01 2.121763e-11
## MSADutchess County, NY 1.666667e-01 2.128902e-11
## MSAEau Claire, WI 2.222222e-01 2.168638e-11
## MSAEl Paso, TX -1.111111e-01 2.152359e-11
## MSAElkhart-Goshen, IN 6.666667e-01 2.113794e-11
## MSAElmira, NY -2.222222e-01 2.151746e-11
## MSAErie, PA 8.333333e-01 2.137887e-11
## MSAEugene-Springfield, OR 7.777778e-01 2.143377e-11
## MSAEvansville-Henderson, IN-KY 6.111111e-01 2.101232e-11
## MSAFargo-Moorhead, ND-MN 6.111111e-01 2.126409e-11
## MSAFayetteville-Springdale-Rogers, AR 1.400000e-14 1.486000e-14
## MSAFayetteville, NC -2.222222e-01 2.137684e-11
## MSAFitchburg-Leominster, MA 5.555556e-02 2.114797e-11
## MSAFlagstaff, AZ-UT 5.555556e-02 2.152420e-11
## MSAFlint, MI 2.222222e-01 2.148873e-11
## MSAFlorence, AL -1.111111e-01 2.114544e-11
## MSAFlorence, SC -2.222222e-01 2.166757e-11
## MSAFort Collins-Loveland, CO 2.722222e+00 2.054436e-11
## MSAFort Lauderdale, FL 1.538889e+01 1.867204e-11
## MSAFort Myers-Cape Coral, FL 8.333333e-01 2.090386e-11
## MSAFort Pierce-Port St. Lucie, FL 8.333333e-01 2.083738e-11
## MSAFort Smith, AR-OK -1.111111e-01 2.151978e-11
## MSAFort Walton Beach, FL 1.111111e-01 2.115200e-11
## MSAFort Wayne, IN -5.166667e+00 4.430000e-15
## MSAFort Worth-Arlington, TX 1.066667e+01 1.882896e-11
## MSAFresno, CA 8.333333e-01 2.107675e-11
## MSAGadsden, AL -2.222222e-01 2.141295e-11
## MSAGainesville, FL 2.500000e+00 2.032680e-11
## MSAGalveston-Texas City, TX 2.222222e-01 2.093387e-11
## MSAGary, IN 5.000000e-01 2.115251e-11
## MSAGlens Falls, NY -1.666667e-01 2.137327e-11
## MSAGoldsboro, NC -1.666667e-01 2.136185e-11
## MSAGrand Forks, ND-MN -2.009240e-11 2.149740e-11
## MSAGrand Junction, CO -5.555556e-02 2.131668e-11
## MSAGrand Rapids-Muskegon-Holland, MI 5.666667e+00 2.015929e-11
## MSAGreat Falls, MT -1.111111e-01 2.145327e-11
## MSAGreeley, CO -1.111111e-01 2.135065e-11
## MSAGreen Bay, WI 1.666667e-01 2.131182e-11
## MSAGreensboro--Winston Salem--High Point, N 4.277778e+00 2.004206e-11
## MSAGreenville-Spartanburg-Anderson, SC 5.777778e+00 2.020920e-11
## MSAHagerstown, MD 5.555556e-02 2.112134e-11
## MSAHamilton-Middletown, OH 1.111111e+00 2.100185e-11
## MSAHarrisburg-Lebanon-Carlisle, PA 3.222222e+00 2.065075e-11
## MSAHartford, CT 1.361111e+01 1.906179e-11
## MSAHickory-Morganton-Lenoir, NC 4.444444e-01 2.113999e-11
## MSAHonolulu, HI 1.722222e+00 2.088084e-11
## MSAHouma, LA 1.666667e-01 2.125669e-11
## MSAHouston, TX 6.861111e+01 1.403888e-11
## MSAHuntington-Ashland, WV-KY-OH -5.555556e-02 2.128622e-11
## MSAHuntsville, AL 2.833333e+00 2.071199e-11
## MSAIndianapolis, IN 2.011111e+01 1.863702e-11
## MSAIowa City, IA 1.000000e+00 2.098526e-11
## MSAJackson, MI 1.666667e-01 2.107427e-11
## MSAJackson, MS 1.666667e+00 2.063916e-11
## MSAJacksonville, FL 9.000000e+00 1.949251e-11
## MSAJacksonville, NC -1.666667e-01 2.105020e-11
## MSAJamestown, NY -5.555556e-02 2.115701e-11
## MSAJanesville-Beloit, WI 2.222222e-01 2.088442e-11
## MSAJersey City, NJ 9.444444e+00 1.959777e-11
## MSAJohnson City-Kingsport-Bristol, TN-VA 9.444444e-01 2.078554e-11
## MSAJohnstown, PA 4.444444e-01 2.071427e-11
## MSAJoplin, MO -5.555000e+02 7.432000e-14
## MSAKalamazoo-Battle Creek, MI 2.888889e+00 2.055256e-11
## MSAKankakee, IL -2.222222e-01 2.101200e-11
## MSAKansas City, MO-KS 1.694444e+01 4.243500e-13
## MSAKenosha, WI -1.962700e-11 2.099949e-11
## MSAKilleen-Temple, TX 1.666667e-01 2.106096e-11
## MSAKnoxville, TN 3.333333e+00 2.022743e-11
## MSAKokomo, IN -2.222222e-01 2.100250e-11
## MSALa Crosse, WI-MN -1.111111e-01 2.093833e-11
## MSALafayette, IN 1.166667e+00 2.064480e-11
## MSALafayette, LA 1.277778e+00 2.079722e-11
## MSALake Charles, LA -1.666667e-01 2.104071e-11
## MSALakeland-Winter Haven, FL 6.111111e-01 2.101238e-11
## MSALancaster, PA 5.000000e-01 2.088271e-11
## MSALansing-East Lansing, MI 1.555556e+00 2.075369e-11
## MSALas Cruces, NM -2.222222e-01 2.096449e-11
## MSALas Vegas, NV-AZ 7.111111e+00 1.972203e-11
## MSALawrence, KS 5.555556e-01 2.063781e-11
## MSALawrence, MA-NH 1.161111e+01 1.941011e-11
## MSALewiston-Auburn, ME -5.555556e-02 2.080928e-11
## MSALima, OH 3.333333e-01 2.113765e-11
## MSALincoln, NE 2.444444e+00 2.030405e-11
## MSALittle Rock-North Little Rock, AR 2.111111e+00 2.043932e-11
## MSALongview-Marshall, TX 5.555556e-02 2.086860e-11
## MSALos Angeles-Long Beach, CA 1.318889e+02 7.679000e-13
## MSALouisville, KY-IN 7.777778e+00 1.995732e-11
## MSALowell, MA-NH 1.988889e+01 1.891408e-11
## MSALubbock, TX -5.555556e-02 2.100883e-11
## MSALynchburg, VA 1.666667e-01 2.066191e-11
## MSAMacon, GA 1.111111e-01 2.111964e-11
## MSAMadison, WI 1.300000e+01 1.953570e-11
## MSAManchester, NH 4.333333e+00 2.016007e-11
## MSAMansfield, OH -2.222222e-01 2.095499e-11
## MSAMcAllen-Edinburg-Mission, TX 1.111111e-01 2.079855e-11
## MSAMedford-Ashland, OR 3.888889e-01 2.082429e-11
## MSAMelbourne-Titusville-Palm Bay, FL 2.555556e+00 2.042218e-11
## MSAMemphis, TN-AR-MS 6.666667e+00 2.010565e-11
## MSAMiami, FL 1.411111e+01 3.834400e-13
## MSAMiddlesex-Somerset-Hunterdon, NJ 2.738889e+01 1.803581e-11
## MSAMilwaukee-Waukesha, WI 1.100000e+01 1.968835e-11
## MSAMinneapolis-St. Paul, MN-WI 5.555556e+01 1.611415e-11
## MSAMissoula, MT 1.111111e+00 2.080903e-11
## MSAMobile, AL 6.666667e-01 2.083962e-11
## MSAModesto, CA 2.222222e-01 2.106877e-11
## MSAMonmouth-Ocean, NJ 5.222222e+00 2.006163e-11
## MSAMonroe, LA -8.888889e-01 3.250000e-15
## MSAMontgomery, AL 2.777778e-01 2.101197e-11
## MSAMuncie, IN 5.555556e-02 2.085721e-11
## MSAMyrtle Beach, SC -1.111111e-01 2.101052e-11
## MSANaples, FL 2.777778e-01 2.116402e-11
## MSANashua, NH 6.555556e+00 2.023816e-11
## MSANashville, TN 3.605556e+01 1.774823e-11
## MSANassau-Suffolk, NY 1.227778e+01 1.999112e-11
## MSANew Bedford, MA -1.111111e-01 2.119674e-11
## MSANew Haven-Meriden, CT 1.683333e+01 1.991053e-11
## MSANew London-Norwich, CT-RI 1.444444e+00 2.076748e-11
## MSANew Orleans, LA -1.295556e+02 4.392000e-14
## MSANewark, NJ 2.211111e+01 1.903440e-11
## MSANewburgh, NY-PA -1.975130e-11 2.113258e-11
## MSANorfolk-Virginia Beach-Newport News, VA- 4.222222e+00 2.036858e-11
## MSAOakland, CA 1.207778e+02 1.273992e-11
## MSAOcala, FL 2.222222e-01 2.083317e-11
## MSAOdessa-Midland, TX 2.888889e+00 2.051830e-11
## MSAOklahoma City, OK 6.722222e+00 2.015900e-11
## MSAOlympia, WA 5.000000e-01 2.063937e-11
## MSAOmaha, NE-IA 6.000000e+00 1.998480e-11
## MSAOrange County, CA 7.683333e+01 1.633870e-11
## MSAOrlando, FL 1.544444e+01 1.974912e-11
## MSAPanama City, FL -1.111111e-01 2.098203e-11
## MSAParkersburg-Marietta, WV-OH -5.555556e-02 2.090243e-11
## MSAPensacola, FL 5.000000e-01 2.081902e-11
## MSAPeoria-Pekin, IL 3.888889e-01 2.074258e-11
## MSAPhiladelphia, PA-NJ 1.009444e+02 3.475500e-13
## MSAPhoenix, AZ 3.505556e+01 1.818891e-11
## MSAPine Bluff, AR -1.000000e+00 2.920000e-15
## MSAPittsburgh, PA 5.366667e+01 1.757973e-11
## MSAPittsfield, MA -1.888889e+01 3.185000e-13
## MSAPocatello, ID -1.666667e-01 2.097038e-11
## MSAPonce, PR -1.666667e-01 2.094569e-11
## MSAPortland-Vancouver, OR-WA 3.716667e+01 1.871585e-11
## MSAPortland, ME 4.500000e+00 2.048837e-11
## MSAPortsmouth-Rochester, NH-ME 5.888889e+00 2.033400e-11
## MSAProvidence-Fall River-Warwick, RI-MA 1.161111e+01 2.004989e-11
## MSAProvo-Orem, UT 1.572222e+01 2.013449e-11
## MSAPueblo, CO 5.555556e-02 2.089144e-11
## MSAPunta Gorda, FL -2.222222e-01 2.097019e-11
## MSARacine, WI 1.111111e-01 2.051727e-11
## MSARaleigh-Durham-Chapel Hill, NC 5.216667e+01 1.786712e-11
## MSAReading, PA 1.111111e+00 2.061042e-11
## MSARedding, CA -1.666667e-01 2.069866e-11
## MSAReno, NV 3.333333e+00 2.047640e-11
## MSARichland-Kennewick-Pasco, WA 1.666667e-01 2.078928e-11
## MSARichmond-Petersburg, VA 7.055556e+00 2.022956e-11
## MSARiverside-San Bernardino, CA 3.333333e+00 2.058931e-11
## MSARoanoke, VA 1.000000e+00 2.056451e-11
## MSARochester, MN 4.444444e-01 2.059263e-11
## MSARochester, NY -8.833333e+00 3.507000e-13
## MSARockford, IL -5.555556e-02 2.063639e-11
## MSARocky Mount, NC -2.022222e+01 3.464700e-13
## MSASacramento, CA 8.111111e+00 2.004513e-11
## MSASaginaw-Bay City-Midland, MI 3.888889e-01 2.086038e-11
## MSASalem, OR -5.555556e-02 2.095179e-11
## MSASalinas, CA 8.888889e-01 2.106565e-11
## MSASalt Lake City-Ogden, UT 3.477778e+01 1.899250e-11
## MSASan Angelo, TX -1.666667e-01 2.096280e-11
## MSASan Antonio, TX 7.222222e+00 2.048861e-11
## MSASan Diego, CA 1.200556e+02 2.912800e-13
## MSASan Jose, CA 3.746111e+02 1.662159e-11
## MSASan Juan, PR 1.000000e+00 2.087982e-11
## MSASan Luis Obispo-Atascadero-Paso Robles, 1.444444e+00 2.080559e-11
## MSASanta Barbara-Santa Maria-Lompoc, CA 1.227778e+01 2.041531e-11
## MSASanta Cruz-Watsonville, CA 3.277778e+00 2.051992e-11
## MSASanta Fe, NM 1.444444e+00 2.061178e-11
## MSASanta Rosa, CA 8.833333e+00 2.001877e-11
## MSASarasota-Bradenton, FL 2.944444e+00 2.019551e-11
## MSASavannah, GA 1.111111e-01 2.060665e-11
## MSAScranton--Wilkes-Barre--Hazleton, PA 1.444444e+00 2.065920e-11
## MSASeattle-Bellevue-Everett, WA 1.207222e+02 1.708871e-11
## MSASharon, PA 3.888889e-01 2.059435e-11
## MSASheboygan, WI -1.111111e-01 2.060958e-11
## MSASherman-Denison, TX -5.555556e-02 2.052428e-11
## MSAShreveport, LA 1.444444e+00 2.059268e-11
## MSASioux City, IA-NE -1.666667e-01 2.080318e-11
## MSASioux Falls, SD 1.500000e+00 2.067077e-11
## MSASouth Bend, IN 8.888889e-01 2.082621e-11
## MSASpokane, WA 2.666667e+00 2.071898e-11
## MSASpringfield, IL -1.666667e-01 2.079939e-11
## MSASpringfield, MA 1.555556e+00 2.053416e-11
## MSASpringfield, MO 8.333333e-01 2.078061e-11
## MSASt. Cloud, MN 6.666667e-01 2.059544e-11
## MSASt. Joseph, MO -1.666667e-01 2.059037e-11
## MSASt. Louis, MO-IL 2.522222e+01 1.976617e-11
## MSAStamford-Norwalk, CT 2.133333e+01 2.000618e-11
## MSAState College, PA 2.111111e+00 2.034065e-11
## MSASteubenville-Weirton, OH-WV -5.555556e-02 2.076181e-11
## MSAStockton-Lodi, CA 4.444444e-01 2.069720e-11
## MSASumter, SC -1.666667e-01 2.072907e-11
## MSASyracuse, NY 6.666667e-01 2.069616e-11
## MSATacoma, WA 7.777778e-01 2.039248e-11
## MSATallahassee, FL 1.666667e-01 2.061064e-11
## MSAToledo, OH 1.444444e+00 2.031527e-11
## MSATopeka, KS 2.222222e-01 2.055952e-11
## MSATrenton, NJ 1.161111e+01 2.023969e-11
## MSATucson, AZ 2.055556e+00 3.586600e-13
## MSATyler, TX 2.777778e-01 2.035072e-11
## MSAUnknown 7.044444e+01 1.969259e-11
## MSAUtica-Rome, NY 5.555556e-02 2.060262e-11
## MSAVallejo-Fairfield-Napa, CA 2.777778e+00 2.062921e-11
## MSAVentura, CA 7.222222e+00 2.058570e-11
## MSAVisalia-Tulare-Porterville, CA 5.000000e-01 2.069832e-11
## MSAWaco, TX 2.777778e-01 2.054072e-11
## MSAWaterbury, CT 1.388889e+00 2.085472e-11
## MSAWaterloo-Cedar Falls, IA -2.222222e-01 2.070606e-11
## MSAWausau, WI -5.555556e-02 2.058127e-11
## MSAWest Palm Beach-Boca Raton, FL 1.577778e+01 2.028600e-11
## MSAWheeling, WV-OH -2.222222e-01 2.061485e-11
## MSAWichita Falls, TX -2.222222e-01 2.068326e-11
## MSAWilliamsport, PA -1.927700e-11 2.062521e-11
## MSAWilmington-Newark, DE-MD 7.944444e+00 2.029470e-11
## MSAWilmington, NC 1.222222e+00 2.031257e-11
## MSAWorcester, MA-CT 7.222222e+00 2.030508e-11
## MSAYakima, WA 2.222222e-01 2.032013e-11
## MSAYolo, CA 1.833333e+00 2.036225e-11
## MSAYork, PA 1.111111e-01 2.039953e-11
## MSAYuma, AZ -2.222222e-01 2.063956e-11
## t value Pr(>|t|)
## MSAAkron, OH 2.809781e+11 < 2.2e-16 ***
## MSAAlbany-Schenectady-Troy, NY 2.901845e+11 < 2.2e-16 ***
## MSAAlbany, GA 5.022424e+09 < 2.2e-16 ***
## MSAAlbuquerque, NM -2.847552e+14 < 2.2e-16 ***
## MSAAlexandria, LA -4.986210e+09 < 2.2e-16 ***
## MSAAllentown-Bethlehem-Easton, PA 2.887667e+11 < 2.2e-16 ***
## MSAAltoona, PA 3.316635e+10 < 2.2e-16 ***
## MSAAmarillo, TX -5.020893e+09 < 2.2e-16 ***
## MSAAnchorage, AK -5.016589e+09 < 2.2e-16 ***
## MSAAnn Arbor, MI 9.238698e+11 < 2.2e-16 ***
## MSAAnniston, AL -7.534646e+09 < 2.2e-16 ***
## MSAAppleton-Oshkosh-Neenah, WI 3.790285e+10 < 2.2e-16 ***
## MSAAsheville, NC 4.103742e+10 < 2.2e-16 ***
## MSAAthens, GA 3.566142e+10 < 2.2e-16 ***
## MSAAtlanta, GA 1.702103e+13 < 2.2e-16 ***
## MSAAtlantic-Cape May, NJ -9.346470e-01 0.36840
## MSAAuburn-Opelika, AL 1.021487e+10 < 2.2e-16 ***
## MSAAugusta-Aiken, GA-SC 5.009956e+09 < 2.2e-16 ***
## MSAAustin-San Marcos, TX 3.228158e+13 < 2.2e-16 ***
## MSABakersfield, CA 3.106530e+10 < 2.2e-16 ***
## MSABaltimore, MD 2.847151e+12 < 2.2e-16 ***
## MSABangor, ME 2.586318e+10 < 2.2e-16 ***
## MSABarnstable-Yarmouth, MA 2.048623e+10 < 2.2e-16 ***
## MSABaton Rouge, LA 9.595214e+10 < 2.2e-16 ***
## MSABeaumont-Port Arthur, TX -5.046459e+09 < 2.2e-16 ***
## MSABellingham, WA 1.275845e+10 < 2.2e-16 ***
## MSABenton Harbor, MI -5.022621e+09 < 2.2e-16 ***
## MSABergen-Passaic, NJ 8.417870e+11 < 2.2e-16 ***
## MSABillings, MT -9.346440e-01 0.36840
## MSABiloxi-Gulfport-Pascagoula, MS -5.083756e+09 < 2.2e-16 ***
## MSABinghamton, NY -9.346450e-01 0.36840
## MSABirmingham, AL 3.805108e+11 < 2.2e-16 ***
## MSABismarck, ND 7.638543e+09 < 2.2e-16 ***
## MSABloomington-Normal, IL -2.538760e+09 < 2.2e-16 ***
## MSABoise City, ID 1.899899e+11 < 2.2e-16 ***
## MSABoulder-Longmont, CO 2.945941e+12 < 2.2e-16 ***
## MSABrazoria, TX -9.346460e-01 0.36840
## MSABremerton, WA 1.025430e+10 < 2.2e-16 ***
## MSABridgeport, CT 3.628760e+11 < 2.2e-16 ***
## MSABrockton, MA 7.116606e+10 < 2.2e-16 ***
## MSABrownsville-Harlingen-San Benito, TX -7.590073e+09 < 2.2e-16 ***
## MSABryan-College Station, TX 3.625834e+10 < 2.2e-16 ***
## MSABuffalo-Niagara Falls, NY 2.082386e+14 < 2.2e-16 ***
## MSABurlington, VT 2.239449e+11 < 2.2e-16 ***
## MSACaguas, PR -7.605210e+09 < 2.2e-16 ***
## MSACanton-Massillon, OH 6.253044e+10 < 2.2e-16 ***
## MSACasper, WY -7.706779e+09 < 2.2e-16 ***
## MSACedar Rapids, IA 2.840409e+10 < 2.2e-16 ***
## MSAChampaign-Urbana, IL 1.942881e+11 < 2.2e-16 ***
## MSACharleston, SC 1.578276e+11 < 2.2e-16 ***
## MSACharleston, WV -5.457461e+13 < 2.2e-16 ***
## MSACharlotte-Gastonia-Rock Hill, NC-SC 9.791402e+11 < 2.2e-16 ***
## MSACharlottesville, VA 2.516142e+11 < 2.2e-16 ***
## MSAChattanooga, TN-GA 1.699221e+11 < 2.2e-16 ***
## MSACheyenne, WY -5.084640e+09 < 2.2e-16 ***
## MSAChicago, IL 2.873947e+13 < 2.2e-16 ***
## MSAChico-Paradise, CA 1.785989e+10 < 2.2e-16 ***
## MSAClarksville-Hopkinsville, TN-KY -1.024340e+10 < 2.2e-16 ***
## MSACleveland-Lorain-Elyria, OH 1.576625e+12 < 2.2e-16 ***
## MSAColorado Springs, CO 1.163641e+11 < 2.2e-16 ***
## MSAColumbia, MO 1.556473e+10 < 2.2e-16 ***
## MSAColumbia, SC 4.949708e+10 < 2.2e-16 ***
## MSAColumbus, GA-AL 3.369271e+10 < 2.2e-16 ***
## MSAColumbus, OH 1.101068e+12 < 2.2e-16 ***
## MSACorpus Christi, TX 1.796808e+10 < 2.2e-16 ***
## MSACorvallis, OR 1.281773e+10 < 2.2e-16 ***
## MSADallas, TX 8.358962e+12 < 2.2e-16 ***
## MSADanbury, CT 1.070090e+11 < 2.2e-16 ***
## MSADanville, VA -7.642980e+09 < 2.2e-16 ***
## MSADavenport-Moline-Rock Island, IA-IL -9.346420e-01 0.36840
## MSADayton-Springfield, OH 6.948957e+10 < 2.2e-16 ***
## MSADaytona Beach, FL -3.434932e+14 < 2.2e-16 ***
## MSADecatur, IL -1.033940e+10 < 2.2e-16 ***
## MSADenver, CO 1.208733e+14 < 2.2e-16 ***
## MSADes Moines, IA 1.009036e+11 < 2.2e-16 ***
## MSADetroit, MI 1.579503e+12 < 2.2e-16 ***
## MSADothan, AL -1.026679e+10 < 2.2e-16 ***
## MSADover, DE 2.599096e+10 < 2.2e-16 ***
## MSADubuque, IA -2.600409e+09 < 2.2e-16 ***
## MSADuluth-Superior, MN-WI 1.832857e+10 < 2.2e-16 ***
## MSADutchess County, NY 7.828761e+09 < 2.2e-16 ***
## MSAEau Claire, WI 1.024709e+10 < 2.2e-16 ***
## MSAEl Paso, TX -5.162294e+09 < 2.2e-16 ***
## MSAElkhart-Goshen, IN 3.153886e+10 < 2.2e-16 ***
## MSAElmira, NY -1.032753e+10 < 2.2e-16 ***
## MSAErie, PA 3.897929e+10 < 2.2e-16 ***
## MSAEugene-Springfield, OR 3.628750e+10 < 2.2e-16 ***
## MSAEvansville-Henderson, IN-KY 2.908347e+10 < 2.2e-16 ***
## MSAFargo-Moorhead, ND-MN 2.873911e+10 < 2.2e-16 ***
## MSAFayetteville-Springdale-Rogers, AR 9.414590e-01 0.36504
## MSAFayetteville, NC -1.039547e+10 < 2.2e-16 ***
## MSAFitchburg-Leominster, MA 2.626992e+09 < 2.2e-16 ***
## MSAFlagstaff, AZ-UT 2.581074e+09 < 2.2e-16 ***
## MSAFlint, MI 1.034134e+10 < 2.2e-16 ***
## MSAFlorence, AL -5.254614e+09 < 2.2e-16 ***
## MSAFlorence, SC -1.025598e+10 < 2.2e-16 ***
## MSAFort Collins-Loveland, CO 1.325046e+11 < 2.2e-16 ***
## MSAFort Lauderdale, FL 8.241676e+11 < 2.2e-16 ***
## MSAFort Myers-Cape Coral, FL 3.986505e+10 < 2.2e-16 ***
## MSAFort Pierce-Port St. Lucie, FL 3.999224e+10 < 2.2e-16 ***
## MSAFort Smith, AR-OK -5.163209e+09 < 2.2e-16 ***
## MSAFort Walton Beach, FL 5.252985e+09 < 2.2e-16 ***
## MSAFort Wayne, IN -1.165279e+15 < 2.2e-16 ***
## MSAFort Worth-Arlington, TX 5.665031e+11 < 2.2e-16 ***
## MSAFresno, CA 3.953803e+10 < 2.2e-16 ***
## MSAGadsden, AL -1.037794e+10 < 2.2e-16 ***
## MSAGainesville, FL 1.229903e+11 < 2.2e-16 ***
## MSAGalveston-Texas City, TX 1.061544e+10 < 2.2e-16 ***
## MSAGary, IN 2.363786e+10 < 2.2e-16 ***
## MSAGlens Falls, NY -7.797904e+09 < 2.2e-16 ***
## MSAGoldsboro, NC -7.802071e+09 < 2.2e-16 ***
## MSAGrand Forks, ND-MN -9.346420e-01 0.36840
## MSAGrand Junction, CO -2.606201e+09 < 2.2e-16 ***
## MSAGrand Rapids-Muskegon-Holland, MI 2.810946e+11 < 2.2e-16 ***
## MSAGreat Falls, MT -5.179215e+09 < 2.2e-16 ***
## MSAGreeley, CO -5.204110e+09 < 2.2e-16 ***
## MSAGreen Bay, WI 7.820385e+09 < 2.2e-16 ***
## MSAGreensboro--Winston Salem--High Point, N 2.134401e+11 < 2.2e-16 ***
## MSAGreenville-Spartanburg-Anderson, SC 2.858984e+11 < 2.2e-16 ***
## MSAHagerstown, MD 2.630304e+09 < 2.2e-16 ***
## MSAHamilton-Middletown, OH 5.290539e+10 < 2.2e-16 ***
## MSAHarrisburg-Lebanon-Carlisle, PA 1.560342e+11 < 2.2e-16 ***
## MSAHartford, CT 7.140519e+11 < 2.2e-16 ***
## MSAHickory-Morganton-Lenoir, NC 2.102388e+10 < 2.2e-16 ***
## MSAHonolulu, HI 8.247857e+10 < 2.2e-16 ***
## MSAHouma, LA 7.840668e+09 < 2.2e-16 ***
## MSAHouston, TX 4.887220e+12 < 2.2e-16 ***
## MSAHuntington-Ashland, WV-KY-OH -2.609930e+09 < 2.2e-16 ***
## MSAHuntsville, AL 1.367968e+11 < 2.2e-16 ***
## MSAIndianapolis, IN 1.079095e+12 < 2.2e-16 ***
## MSAIowa City, IA 4.765249e+10 < 2.2e-16 ***
## MSAJackson, MI 7.908538e+09 < 2.2e-16 ***
## MSAJackson, MS 8.075264e+10 < 2.2e-16 ***
## MSAJacksonville, FL 4.617158e+11 < 2.2e-16 ***
## MSAJacksonville, NC -7.917581e+09 < 2.2e-16 ***
## MSAJamestown, NY -2.625870e+09 < 2.2e-16 ***
## MSAJanesville-Beloit, WI 1.064057e+10 < 2.2e-16 ***
## MSAJersey City, NJ 4.819141e+11 < 2.2e-16 ***
## MSAJohnson City-Kingsport-Bristol, TN-VA 4.543756e+10 < 2.2e-16 ***
## MSAJohnstown, PA 2.145595e+10 < 2.2e-16 ***
## MSAJoplin, MO -7.474468e+15 < 2.2e-16 ***
## MSAKalamazoo-Battle Creek, MI 1.405611e+11 < 2.2e-16 ***
## MSAKankakee, IL -1.057597e+10 < 2.2e-16 ***
## MSAKansas City, MO-KS 3.993027e+13 < 2.2e-16 ***
## MSAKenosha, WI -9.346400e-01 0.36840
## MSAKilleen-Temple, TX 7.913537e+09 < 2.2e-16 ***
## MSAKnoxville, TN 1.647927e+11 < 2.2e-16 ***
## MSAKokomo, IN -1.058075e+10 < 2.2e-16 ***
## MSALa Crosse, WI-MN -5.306590e+09 < 2.2e-16 ***
## MSALafayette, IN 5.651142e+10 < 2.2e-16 ***
## MSALafayette, LA 6.143983e+10 < 2.2e-16 ***
## MSALake Charles, LA -7.921151e+09 < 2.2e-16 ***
## MSALakeland-Winter Haven, FL 2.908338e+10 < 2.2e-16 ***
## MSALancaster, PA 2.394326e+10 < 2.2e-16 ***
## MSALansing-East Lansing, MI 7.495321e+10 < 2.2e-16 ***
## MSALas Cruces, NM -1.059993e+10 < 2.2e-16 ***
## MSALas Vegas, NV-AZ 3.605669e+11 < 2.2e-16 ***
## MSALawrence, KS 2.691930e+10 < 2.2e-16 ***
## MSALawrence, MA-NH 5.981990e+11 < 2.2e-16 ***
## MSALewiston-Auburn, ME -2.669749e+09 < 2.2e-16 ***
## MSALima, OH 1.576965e+10 < 2.2e-16 ***
## MSALincoln, NE 1.203920e+11 < 2.2e-16 ***
## MSALittle Rock-North Little Rock, AR 1.032868e+11 < 2.2e-16 ***
## MSALongview-Marshall, TX 2.662160e+09 < 2.2e-16 ***
## MSALos Angeles-Long Beach, CA 1.717528e+14 < 2.2e-16 ***
## MSALouisville, KY-IN 3.897205e+11 < 2.2e-16 ***
## MSALowell, MA-NH 1.051539e+12 < 2.2e-16 ***
## MSALubbock, TX -2.644390e+09 < 2.2e-16 ***
## MSALynchburg, VA 8.066373e+09 < 2.2e-16 ***
## MSAMacon, GA 5.261033e+09 < 2.2e-16 ***
## MSAMadison, WI 6.654484e+11 < 2.2e-16 ***
## MSAManchester, NH 2.149464e+11 < 2.2e-16 ***
## MSAMansfield, OH -1.060474e+10 < 2.2e-16 ***
## MSAMcAllen-Edinburg-Mission, TX 5.342252e+09 < 2.2e-16 ***
## MSAMedford-Ashland, OR 1.867478e+10 < 2.2e-16 ***
## MSAMelbourne-Titusville-Palm Bay, FL 1.251363e+11 < 2.2e-16 ***
## MSAMemphis, TN-AR-MS 3.315818e+11 < 2.2e-16 ***
## MSAMiami, FL 3.680103e+13 < 2.2e-16 ***
## MSAMiddlesex-Somerset-Hunterdon, NJ 1.518584e+12 < 2.2e-16 ***
## MSAMilwaukee-Waukesha, WI 5.587060e+11 < 2.2e-16 ***
## MSAMinneapolis-St. Paul, MN-WI 3.447627e+12 < 2.2e-16 ***
## MSAMissoula, MT 5.339562e+10 < 2.2e-16 ***
## MSAMobile, AL 3.199035e+10 < 2.2e-16 ***
## MSAModesto, CA 1.054747e+10 < 2.2e-16 ***
## MSAMonmouth-Ocean, NJ 2.603090e+11 < 2.2e-16 ***
## MSAMonroe, LA -2.732684e+14 < 2.2e-16 ***
## MSAMontgomery, AL 1.321998e+10 < 2.2e-16 ***
## MSAMuncie, IN 2.663614e+09 < 2.2e-16 ***
## MSAMyrtle Beach, SC -5.288356e+09 < 2.2e-16 ***
## MSANaples, FL 1.312500e+10 < 2.2e-16 ***
## MSANashua, NH 3.239205e+11 < 2.2e-16 ***
## MSANashville, TN 2.031502e+12 < 2.2e-16 ***
## MSANassau-Suffolk, NY 6.141616e+11 < 2.2e-16 ***
## MSANew Bedford, MA -5.241896e+09 < 2.2e-16 ***
## MSANew Haven-Meriden, CT 8.454487e+11 < 2.2e-16 ***
## MSANew London-Norwich, CT-RI 6.955319e+10 < 2.2e-16 ***
## MSANew Orleans, LA -2.950065e+15 < 2.2e-16 ***
## MSANewark, NJ 1.161640e+12 < 2.2e-16 ***
## MSANewburgh, NY-PA -9.346380e-01 0.36840
## MSANorfolk-Virginia Beach-Newport News, VA- 2.072910e+11 < 2.2e-16 ***
## MSAOakland, CA 9.480259e+12 < 2.2e-16 ***
## MSAOcala, FL 1.066675e+10 < 2.2e-16 ***
## MSAOdessa-Midland, TX 1.407957e+11 < 2.2e-16 ***
## MSAOklahoma City, OK 3.334601e+11 < 2.2e-16 ***
## MSAOlympia, WA 2.422554e+10 < 2.2e-16 ***
## MSAOmaha, NE-IA 3.002282e+11 < 2.2e-16 ***
## MSAOrange County, CA 4.702536e+12 < 2.2e-16 ***
## MSAOrlando, FL 7.820321e+11 < 2.2e-16 ***
## MSAPanama City, FL -5.295536e+09 < 2.2e-16 ***
## MSAParkersburg-Marietta, WV-OH -2.657851e+09 < 2.2e-16 ***
## MSAPensacola, FL 2.401650e+10 < 2.2e-16 ***
## MSAPeoria-Pekin, IL 1.874834e+10 < 2.2e-16 ***
## MSAPhiladelphia, PA-NJ 2.904448e+14 < 2.2e-16 ***
## MSAPhoenix, AZ 1.927304e+12 < 2.2e-16 ***
## MSAPine Bluff, AR -3.421252e+14 < 2.2e-16 ***
## MSAPittsburgh, PA 3.052759e+12 < 2.2e-16 ***
## MSAPittsfield, MA -5.930618e+13 < 2.2e-16 ***
## MSAPocatello, ID -7.947718e+09 < 2.2e-16 ***
## MSAPonce, PR -7.957087e+09 < 2.2e-16 ***
## MSAPortland-Vancouver, OR-WA 1.985839e+12 < 2.2e-16 ***
## MSAPortland, ME 2.196368e+11 < 2.2e-16 ***
## MSAPortsmouth-Rochester, NH-ME 2.896079e+11 < 2.2e-16 ***
## MSAProvidence-Fall River-Warwick, RI-MA 5.791108e+11 < 2.2e-16 ***
## MSAProvo-Orem, UT 7.808601e+11 < 2.2e-16 ***
## MSAPueblo, CO 2.659250e+09 < 2.2e-16 ***
## MSAPunta Gorda, FL -1.059705e+10 < 2.2e-16 ***
## MSARacine, WI 5.415492e+09 < 2.2e-16 ***
## MSARaleigh-Durham-Chapel Hill, NC 2.919701e+12 < 2.2e-16 ***
## MSAReading, PA 5.391016e+10 < 2.2e-16 ***
## MSARedding, CA -8.052051e+09 < 2.2e-16 ***
## MSAReno, NV 1.627890e+11 < 2.2e-16 ***
## MSARichland-Kennewick-Pasco, WA 8.016953e+09 < 2.2e-16 ***
## MSARichmond-Petersburg, VA 3.487746e+11 < 2.2e-16 ***
## MSARiverside-San Bernardino, CA 1.618963e+11 < 2.2e-16 ***
## MSARoanoke, VA 4.862746e+10 < 2.2e-16 ***
## MSARochester, MN 2.158269e+10 < 2.2e-16 ***
## MSARochester, NY -2.518801e+13 < 2.2e-16 ***
## MSARockford, IL -2.692116e+09 < 2.2e-16 ***
## MSARocky Mount, NC -5.836590e+13 < 2.2e-16 ***
## MSASacramento, CA 4.046425e+11 < 2.2e-16 ***
## MSASaginaw-Bay City-Midland, MI 1.864247e+10 < 2.2e-16 ***
## MSASalem, OR -2.651590e+09 < 2.2e-16 ***
## MSASalinas, CA 4.219612e+10 < 2.2e-16 ***
## MSASalt Lake City-Ogden, UT 1.831132e+12 < 2.2e-16 ***
## MSASan Angelo, TX -7.950590e+09 < 2.2e-16 ***
## MSASan Antonio, TX 3.524994e+11 < 2.2e-16 ***
## MSASan Diego, CA 4.121604e+14 < 2.2e-16 ***
## MSASan Jose, CA 2.253762e+13 < 2.2e-16 ***
## MSASan Juan, PR 4.789313e+10 < 2.2e-16 ***
## MSASan Luis Obispo-Atascadero-Paso Robles, 6.942579e+10 < 2.2e-16 ***
## MSASanta Barbara-Santa Maria-Lompoc, CA 6.014005e+11 < 2.2e-16 ***
## MSASanta Cruz-Watsonville, CA 1.597364e+11 < 2.2e-16 ***
## MSASanta Fe, NM 7.007859e+10 < 2.2e-16 ***
## MSASanta Rosa, CA 4.412527e+11 < 2.2e-16 ***
## MSASarasota-Bradenton, FL 1.457970e+11 < 2.2e-16 ***
## MSASavannah, GA 5.392002e+09 < 2.2e-16 ***
## MSAScranton--Wilkes-Barre--Hazleton, PA 6.991774e+10 < 2.2e-16 ***
## MSASeattle-Bellevue-Everett, WA 7.064442e+12 < 2.2e-16 ***
## MSASharon, PA 1.888328e+10 < 2.2e-16 ***
## MSASheboygan, WI -5.391236e+09 < 2.2e-16 ***
## MSASherman-Denison, TX -2.706821e+09 < 2.2e-16 ***
## MSAShreveport, LA 7.014360e+10 < 2.2e-16 ***
## MSASioux City, IA-NE -8.011596e+09 < 2.2e-16 ***
## MSASioux Falls, SD 7.256623e+10 < 2.2e-16 ***
## MSASouth Bend, IN 4.268127e+10 < 2.2e-16 ***
## MSASpokane, WA 1.287064e+11 < 2.2e-16 ***
## MSASpringfield, IL -8.013057e+09 < 2.2e-16 ***
## MSASpringfield, MA 7.575453e+10 < 2.2e-16 ***
## MSASpringfield, MO 4.010149e+10 < 2.2e-16 ***
## MSASt. Cloud, MN 3.236963e+10 < 2.2e-16 ***
## MSASt. Joseph, MO -8.094397e+09 < 2.2e-16 ***
## MSASt. Louis, MO-IL 1.276030e+12 < 2.2e-16 ***
## MSAStamford-Norwalk, CT 1.066337e+12 < 2.2e-16 ***
## MSAState College, PA 1.037878e+11 < 2.2e-16 ***
## MSASteubenville-Weirton, OH-WV -2.675853e+09 < 2.2e-16 ***
## MSAStockton-Lodi, CA 2.147365e+10 < 2.2e-16 ***
## MSASumter, SC -8.040238e+09 < 2.2e-16 ***
## MSASyracuse, NY 3.221209e+10 < 2.2e-16 ***
## MSATacoma, WA 3.814043e+10 < 2.2e-16 ***
## MSATallahassee, FL 8.086437e+09 < 2.2e-16 ***
## MSAToledo, OH 7.110143e+10 < 2.2e-16 ***
## MSATopeka, KS 1.080872e+10 < 2.2e-16 ***
## MSATrenton, NJ 5.736804e+11 < 2.2e-16 ***
## MSATucson, AZ 5.731187e+12 < 2.2e-16 ***
## MSATyler, TX 1.364953e+10 < 2.2e-16 ***
## MSAUnknown 3.577206e+12 < 2.2e-16 ***
## MSAUtica-Rome, NY 2.696529e+09 < 2.2e-16 ***
## MSAVallejo-Fairfield-Napa, CA 1.346527e+11 < 2.2e-16 ***
## MSAVentura, CA 3.508368e+11 < 2.2e-16 ***
## MSAVisalia-Tulare-Porterville, CA 2.415655e+10 < 2.2e-16 ***
## MSAWaco, TX 1.352327e+10 < 2.2e-16 ***
## MSAWaterbury, CT 6.659828e+10 < 2.2e-16 ***
## MSAWaterloo-Cedar Falls, IA -1.073223e+10 < 2.2e-16 ***
## MSAWausau, WI -2.699326e+09 < 2.2e-16 ***
## MSAWest Palm Beach-Boca Raton, FL 7.777668e+11 < 2.2e-16 ***
## MSAWheeling, WV-OH -1.077971e+10 < 2.2e-16 ***
## MSAWichita Falls, TX -1.074406e+10 < 2.2e-16 ***
## MSAWilliamsport, PA -9.346340e-01 0.36840
## MSAWilmington-Newark, DE-MD 3.914542e+11 < 2.2e-16 ***
## MSAWilmington, NC 6.017074e+10 < 2.2e-16 ***
## MSAWorcester, MA-CT 3.556855e+11 < 2.2e-16 ***
## MSAYakima, WA 1.093606e+10 < 2.2e-16 ***
## MSAYolo, CA 9.003591e+10 < 2.2e-16 ***
## MSAYork, PA 5.446749e+09 < 2.2e-16 ***
## MSAYuma, AZ -1.076681e+10 < 2.2e-16 ***
## ... 12 variables were removed because of collinearity (MSABloomington, IN, MSABoston, MA-NH and 10 others [full set in $collin.var])
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
## RMSE: 15.6 Adj. R2: 0.906039
## Within R2: 0.861849#fixef(est_comb)[[1]]TWFE
# "Naive" TWFE DiD (note that the time to treatment for the never treated is -1000)
# (by using ref = c(-1, -1000) we exclude the period just before the treatment and
# the never treated)
res_twfe = feols(num_comp_per_aggreg ~ i(years_to_treat, ref = c(-1, -1000)) | MSA + year, news_MSA_VC) #Why we need to exclude the period just before?
summary(res_twfe, vcov = "twoway")## OLS estimation, Dep. Var.: num_comp_per_aggreg
## Observations: 5,724
## Fixed-effects: MSA: 318, year: 18
## Standard-errors: Clustered (MSA & year)
## Estimate Std. Error t value Pr(>|t|)
## years_to_treat::-17 -9.60820 6.33965 -1.515571 0.1480008
## years_to_treat::-16 -9.19186 6.24439 -1.472018 0.1592872
## years_to_treat::-15 -10.04152 6.22240 -1.613768 0.1249848
## years_to_treat::-14 -22.19039 16.48499 -1.346097 0.1959483
## years_to_treat::-13 -13.92507 10.15207 -1.371648 0.1880062
## years_to_treat::-12 -14.87090 8.01287 -1.855877 0.0808918 .
## years_to_treat::-11 -15.23408 6.70957 -2.270502 0.0364683 *
## years_to_treat::-10 -14.28985 6.16180 -2.319103 0.0330987 *
## years_to_treat::-9 -23.04617 15.28767 -1.507501 0.1500404
## years_to_treat::-8 -22.23966 16.50957 -1.347077 0.1956386
## years_to_treat::-7 -16.20553 13.12496 -1.234710 0.2337332
## years_to_treat::-6 -14.60651 7.70231 -1.896379 0.0750363 .
## years_to_treat::-5 -12.93607 6.24102 -2.072752 0.0537131 .
## years_to_treat::-4 -8.04228 2.94650 -2.729434 0.0142696 *
## years_to_treat::-3 -5.75757 1.88544 -3.053707 0.0071821 **
## years_to_treat::-2 -3.63285 3.95060 -0.919567 0.3706636
## years_to_treat::0 3.41309 4.96342 0.687648 0.5009498
## years_to_treat::1 4.94744 3.68913 1.341089 0.1975360
## years_to_treat::2 9.45358 7.84808 1.204572 0.2448714
## years_to_treat::3 18.27152 10.25864 1.781087 0.0927730 .
## years_to_treat::4 14.81127 9.97199 1.485287 0.1557756
## years_to_treat::5 23.50251 11.96857 1.963685 0.0661365 .
## years_to_treat::6 25.28526 15.28005 1.654790 0.1163103
## years_to_treat::7 39.71592 21.01399 1.889975 0.0759364 .
## years_to_treat::8 52.89851 32.01456 1.652327 0.1168162
## years_to_treat::9 36.28941 21.59068 1.680791 0.1110831
## years_to_treat::10 38.10867 24.90849 1.529947 0.1444246
## years_to_treat::11 67.30879 43.10452 1.561525 0.1368222
## years_to_treat::12 21.44396 12.64416 1.695958 0.1081282
## years_to_treat::13 22.31305 13.51268 1.651267 0.1170344
## years_to_treat::14 47.57515 14.87133 3.199118 0.0052575 **
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
## RMSE: 14.5 Adj. R2: 0.918476
## Within R2: 0.110821Staggered difference-in-differences (Sun and Abraham, 2020)
# To implement the Sun and Abraham (2020) method,
# we use the sunab(cohort, period) function
res_sa20 = feols(num_comp_per_aggreg ~ sunab(year_treated, year) | MSA + year, cluster = ~MSA, news_MSA_VC)
summary(res_sa20, vcov = "twoway")## Variance contained negative values in the diagonal and was 'fixed' (a la Cameron, Gelbach & Miller 2011).## OLS estimation, Dep. Var.: num_comp_per_aggreg
## Observations: 5,724
## Fixed-effects: MSA: 318, year: 18
## Standard-errors: Clustered (MSA & year)
## Estimate Std. Error t value Pr(>|t|)
## year::-17 3.953380 0.715671 5.524021 3.7177e-05 ***
## year::-16 4.362471 0.746287 5.845569 1.9471e-05 ***
## year::-15 2.463636 0.761811 3.233922 4.8780e-03 **
## year::-14 -13.588578 0.624472 -21.760104 7.5083e-14 ***
## year::-13 -6.030769 0.646389 -9.329936 4.2369e-08 ***
## year::-12 -7.900233 4.058821 -1.946435 6.8322e-02 .
## year::-11 -8.134732 4.261707 -1.908797 7.3318e-02 .
## year::-10 -8.630342 3.806990 -2.266973 3.6725e-02 *
## year::-9 -16.483741 9.491205 -1.736738 1.0052e-01
## year::-8 -15.539685 9.714478 -1.599642 1.2810e-01
## year::-7 -14.189231 6.996831 -2.027951 5.8535e-02 .
## year::-6 -11.963911 6.153481 -1.944251 6.8604e-02 .
## year::-5 -10.928261 5.289891 -2.065876 5.4429e-02 .
## year::-4 -6.597319 3.461155 -1.906104 7.3688e-02 .
## year::-3 -5.914008 3.074287 -1.923700 7.1302e-02 .
## year::-2 -3.713942 2.791124 -1.330626 2.0089e-01
## year::0 3.251420 2.926030 1.111205 2.8195e-01
## year::1 3.233422 2.824176 1.144908 2.6811e-01
## year::2 7.774536 4.361832 1.782401 9.2552e-02 .
## year::3 15.679617 6.765233 2.317676 3.3193e-02 *
## year::4 12.502421 7.263887 1.721175 1.0337e-01
## year::5 19.461221 9.046225 2.151308 4.6122e-02 *
## year::6 18.468943 10.934409 1.689066 1.0946e-01
## year::7 32.862814 15.158840 2.167898 4.4651e-02 *
## year::8 44.659341 22.818769 1.957132 6.6959e-02 .
## year::9 24.884324 18.484787 1.346206 1.9591e-01
## year::10 26.978147 20.147763 1.339014 1.9820e-01
## year::11 60.075924 42.771958 1.404563 1.7816e-01
## year::12 1.585664 1.713715 0.925279 3.6777e-01
## year::13 0.715618 2.495736 0.286736 7.7778e-01
## year::14 25.503497 14.224807 1.792889 9.0802e-02 .
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
## RMSE: 12.1 Adj. R2: 0.940885
## Within R2: 0.376054Plot
# Plot the two TWFE results
iplot(list(res_twfe, res_sa20), sep = 0.5)
summary(res_sa20, agg = "att")## OLS estimation, Dep. Var.: num_comp_per_aggreg
## Observations: 5,724
## Fixed-effects: MSA: 318, year: 18
## Standard-errors: Clustered (MSA)
## Estimate Std. Error t value Pr(>|t|)
## ATT 16.6011 8.42515 1.97042 0.04966 *
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
## RMSE: 12.1 Adj. R2: 0.940885
## Within R2: 0.376054# Full disaggregation (you could have used summary instead of etable)
#head(etable(res_sa20, agg = FALSE), 20)Additional tests
Diff in Diff all groups mean_total_investors
This is the number of investors divided by investment rounds. Not so significant I(post * treated) -1.6802e-01 8.6785e-02 -1.9360 0.0529157 . (we have the results if needed)
Diff in Diff all groups Log VC SUM
In this first analysis we are looking at total investments made by VCs, however the results seems to be not significant. (we have the results if needed)