Hello everybody, I hope this is the right place where i should post this.

I'm working on my dissertation and I should analyse the effects of regulation on the amount of capital raised in Initial Coin Offerings.

My sample is a panel data which indicates observations for countries distributed by quarters. The dep variable is the amount raised, indep. variables are three dummies that indicate the presence of a regulation, taxation or a ban in a specific country, controls are the gdp per capita, population density, population and % of tertiary education for every country and every year. I also added 2 indeces for technological development. All the indep + controls are lagged by 1 year.

My professor said to me to use "xttobit" command or "xtdhreg" command. The problem is that I can't find interesting results and I'm wandering if I have structured the model wrongly.

I used this code:
"xtset country_id quarter_id

xttobit lamount llaw lban ltax llgdp llpop ldensity ledu zlict zlgci, ll(0)

xtdhreg lamount llaw lban ltax llgdp llpop ldensity ledu zlict zlgci, hd(llaw lban ltax lgdp ldensity lpop ledu zlgci zlict)"

Some questions:
- Which is the best method to use? Are there some preliminar analysis that i should make in order to find it?
- I should also analyse the interaction with regulations and other two indicators. I multiplied the regulation with the indicator and introduced the result in the command's text. Is it right?

Thank you so much.