Hi everybody,

I'm using panel data to examine the effect of CEO age on tone and readability of annual reports for 5 years. I have used fixed effect and random effect. I am including year as dummies, however Stata is omitting year-dummy 2013 because of collinearity which make the total number of observations low. I am using the command:

local RHS1 "ceoage "
*/

local controls "liquidityratio netincome firmsize PriceToBookValue boardsize firmage"

foreach depvar in tone readability {
forval i = 1/1 {
xi: xtreg `depvar' `RHS`i'' i.year, re robust


Any help would be hugely appreciated.

Yours Sincerely,

dan billy