I am trying to estimate the Fama-Macbeth regression.
sort year
egen nogap=group(year)
xtset id nogap
asreg y a b c e f, fmb
My question is how to estimate the statistical difference between coefficients e and f.
My coefficient e is -.4804889 and coefficient f 1.518726. That means the difference e-f= -1.9992149
What is the t-statistic for the difference between e and f in a Fama-Macbeth regression?
Code:
* Example generated by -dataex-. To install: ssc install dataex clear input double(id year a b c e f y) 63338 2013 .32019138222775684 -.14293299143416738 -.18265910503173843 -.0336183367025084 .1036167557065325 .1505969494664003 25168 2001 -.07257588095352141 -.031054908910922708 .2272436972106465 -.03673899506634095 -.007384522041800373 .08863078375826251 21433 2015 .09933383651100974 -.0666491648344436 .0011321497719292486 -.06873297673350179 .009434581432743734 -.01132664437012263 24184 2004 .1414186736281474 -.05316966861098647 .10127555925902186 -.03394304560896446 -.0777193769630152 . 9619 2001 .030248852379801884 -.028412660062817105 .09214786180236773 0 -.060159458806475004 -.011607278625373816 4077 2010 .21103277799498052 -.03372387786760162 -.03699032677100806 -.04942553379324262 -.015323302770806263 . 63952 2003 .08912301441496132 . .0636824980962879 -.07527650419881676 -.005816306425760559 -.013948062219878724 27828 2001 .2082149833694103 -.04329232881051687 -.02480333667704979 -.022997729792513594 .0020484662900585766 .06630034376943528 186715 2012 -.3113526614567974 -.016214796520200532 .012523960483633146 -.07238830728398703 .004377396048363328 -.44989080226512823 14960 2000 .14799928010078586 -.053752474653548495 -.025916371707960885 -.002399664047033415 .0013198152258683954 .10787842431513697 12250 2010 -.0045436151346719186 -.012152013235101582 -.16552803532534305 -.04291291255549339 -.01633559075923305 -.2884059814986678 7074 1995 -.07753383779175105 -.046200575508899076 .018544175636789943 -.01129702653735479 -.11083875093253759 . 138205 2015 .17886151083574878 -.03428082240999722 .089110234514461 -.014552183920654972 -.09510908080276559 .12897089594825947 8958 2010 .27974446447339835 -.041735903563522775 -.06420682406684321 -.005466534358137268 -.0005578096283813255 .2158979548359608 64767 2010 .021638548282110374 -.021785150912747978 .01181030792416539 -.01732843094136481 -1.734723475976807e-18 . 63643 2012 .11981649215114859 -.07642529754904036 .11986045319903563 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2007 .10454382593400866 -.03848083124328198 -.020800625386795224 -.007126803687176314 -.000651444578352485 -.014545477197550628 31203 2008 .15773668165199428 -.12023654358079373 -.03167353340770769 -.18382109286116666 .02232611313001895 -.012718482502083413 133871 2016 -.4172688753633836 -.006314482776092368 .03919792768428853 -.09738997156266033 .02793066102564424 . 22619 2000 -.011853681123630189 -.026763389411946285 -.09742244173483562 -.0027473375520913716 0 -.21085250429451985 13169 2004 .05280718018724722 -.023181776505465622 -.21751444085616192 -.029054900722297494 .23698285434855693 -.1858399743569905 141846 2012 -.19921723915646006 -.0010037756699511925 .023372317892991986 -.014227829450225618 -.0009208951100469834 -.2006577903742637 133767 2001 .17829299155067554 -.0376516825759652 .08436495950272023 -.006157685736444053 -.1329850197967264 .1032908339076499 141382 2001 .14714717021717919 -.04961242692192457 .09905123339658443 -.05916001505734852 -.07849180680499965 .05984772528309648 4222 2006 .013943665234117551 -.02119028617993687 .030357266940542547 -.011472675932964282 .0005506294863669124 . 60931 1996 .059187361776978566 -.011504379388062359 .16778049656196162 -.008282066986685332 -.07532004380896634 .09709189608375339 4926 2002 .0856258171345244 -.05985195108582032 -.0057455543201388746 .0015518405223836353 .00772591916907884 .03832816587732288 14815 2001 -.015899581589958158 -.004509534444253564 .024460894753781784 -.007048599935629224 -.02452168538194534 -.04399193161079627 119574 2011 .061913917622788986 -.032811387112369125 .026637340251611786 -.035638237019924496 -.010089566119133645 .055771460697846026 1173 1999 -.06523975118773571 -.029387275309790857 .08634961061860215 -.036293285007591713 .061860214527109755 .011416527619214894 9602 1996 -.030178494755566464 -.03631233515303932 .0034962890265595277 -.13101883089002023 .13408575108875664 -.013020199561937212 66592 2011 .03306388755542479 -.01983162219778972 .17628051266962952 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