I am analysing stock returns for approximately 700 companies in Japan. My data is ordered like this:
Code:
* Example generated by -dataex-. To install: ssc install dataex clear input float firm_id long date str107 company double(stockprice market_value) float ret 1 200310 "77 BANK (#T) - 77 BANK (#T)" 3030 232266.8 . 1 200311 "77 BANK (#T) - 77 BANK (#T)" 2880 220768.4 -.04950495 1 200312 "77 BANK (#T) - 77 BANK (#T)" 2915 223451.4 .012152778 1 200401 "77 BANK (#T) - 77 BANK (#T)" 3020 231500.2 .036020584 1 200402 "77 BANK (#T) - 77 BANK (#T)" 2875 220385.1 -.04801324 1 200403 "77 BANK (#T) - 77 BANK (#T)" 3000 229967.1 .04347826 1 200404 "77 BANK (#T) - 77 BANK (#T)" 3280 251430.7 .09333333 1 200405 "77 BANK (#T) - 77 BANK (#T)" 3320 254496.9 .012195121 1 200406 "77 BANK (#T) - 77 BANK (#T)" 3340 256030.1 .006024096 1 200407 "77 BANK (#T) - 77 BANK (#T)" 3635 278643.5 .08832335 1 200408 "77 BANK (#T) - 77 BANK (#T)" 3540 271361.2 -.0261348 1 200409 "77 BANK (#T) - 77 BANK (#T)" 3250 249131 -.0819209 1 200410 "77 BANK (#T) - 77 BANK (#T)" 3185 244148.4 -.02 1 200411 "77 BANK (#T) - 77 BANK (#T)" 3165 242615.3 -.006279435 1 200412 "77 BANK (#T) - 77 BANK (#T)" 3310 253730.4 .04581359 1 200501 "77 BANK (#T) - 77 BANK (#T)" 3605 276343.8 .08912387 1 200502 "77 BANK (#T) - 77 BANK (#T)" 3765 288608.7 .0443828 1 200503 "77 BANK (#T) - 77 BANK (#T)" 3745 287075.6 -.005312085 1 200504 "77 BANK (#T) - 77 BANK (#T)" 3895 298573.9 .0400534 1 200505 "77 BANK (#T) - 77 BANK (#T)" 3575 274044.1 -.08215661 1 200506 "77 BANK (#T) - 77 BANK (#T)" 3455 264845.4 -.033566434 1 200507 "77 BANK (#T) - 77 BANK (#T)" 3435 263312.3 -.005788712 1 200508 "77 BANK (#T) - 77 BANK (#T)" 3325 254880.2 -.03202329 1 200509 "77 BANK (#T) - 77 BANK (#T)" 3790 290525.1 .13984962 1 200510 "77 BANK (#T) - 77 BANK (#T)" 4190 321187.4 .1055409 1 200511 "77 BANK (#T) - 77 BANK (#T)" 4810 368713.9 .14797136 1 200512 "77 BANK (#T) - 77 BANK (#T)" 4440 340351.3 -.07692308 1 200601 "77 BANK (#T) - 77 BANK (#T)" 4480 343417.6 .009009009 1 200602 "77 BANK (#T) - 77 BANK (#T)" 4425 339201.5 -.012276785 1 200603 "77 BANK (#T) - 77 BANK (#T)" 4250 325786.7 -.03954802 1 200604 "77 BANK (#T) - 77 BANK (#T)" 4610 353382.8 .08470588 1 200605 "77 BANK (#T) - 77 BANK (#T)" 4515 346100.5 -.020607375 1 200606 "77 BANK (#T) - 77 BANK (#T)" 4100 314288.4 -.09191584 1 200607 "77 BANK (#T) - 77 BANK (#T)" 3955 303173.3 -.035365853 1 200608 "77 BANK (#T) - 77 BANK (#T)" 4100 314288.4 .036662452 1 200609 "77 BANK (#T) - 77 BANK (#T)" 4270 327319.9 .04146342 1 200610 "77 BANK (#T) - 77 BANK (#T)" 4120 315821.5 -.035128806 1 200611 "77 BANK (#T) - 77 BANK (#T)" 3825 293208.1 -.07160194 1 200612 "77 BANK (#T) - 77 BANK (#T)" 3915 300107.1 .02352941 1 200701 "77 BANK (#T) - 77 BANK (#T)" 3775 289375.3 -.035759896 1 200702 "77 BANK (#T) - 77 BANK (#T)" 4065 311605.4 .0768212 1 200703 "77 BANK (#T) - 77 BANK (#T)" 4170 319654.3 .02583026 1 200704 "77 BANK (#T) - 77 BANK (#T)" 3805 291674.9 -.08752998 1 200705 "77 BANK (#T) - 77 BANK (#T)" 3965 303939.8 .04204993 1 200706 "77 BANK (#T) - 77 BANK (#T)" 4100 314288.4 .03404792 1 200707 "77 BANK (#T) - 77 BANK (#T)" 3975 304706.4 -.030487806 1 200708 "77 BANK (#T) - 77 BANK (#T)" 3915 300107.1 -.01509434 1 200709 "77 BANK (#T) - 77 BANK (#T)" 3905 299340.5 -.0025542784 1 200710 "77 BANK (#T) - 77 BANK (#T)" 3835 293974.6 -.017925736 1 200711 "77 BANK (#T) - 77 BANK (#T)" 3925 300873.6 .023468057 1 200712 "77 BANK (#T) - 77 BANK (#T)" 3710 284392.6 -.05477707 1 200801 "77 BANK (#T) - 77 BANK (#T)" 3495 267911.7 -.05795148 1 200802 "77 BANK (#T) - 77 BANK (#T)" 3320 254496.9 -.05007153 1 200803 "77 BANK (#T) - 77 BANK (#T)" 3000 229967.1 -.09638554 1 200804 "77 BANK (#T) - 77 BANK (#T)" 2885 221151.7 -.03833333 1 200805 "77 BANK (#T) - 77 BANK (#T)" 3060 234566.4 .06065858 1 200806 "77 BANK (#T) - 77 BANK (#T)" 3365 257946.4 .0996732 1 200807 "77 BANK (#T) - 77 BANK (#T)" 3390 259862.8 .00742942 1 200808 "77 BANK (#T) - 77 BANK (#T)" 3165 242615.3 -.06637168 1 200809 "77 BANK (#T) - 77 BANK (#T)" 3070 235333 -.0300158 1 200810 "77 BANK (#T) - 77 BANK (#T)" 2730 209270.1 -.11074919 1 200811 "77 BANK (#T) - 77 BANK (#T)" 2265 173625.1 -.17032968 1 200812 "77 BANK (#T) - 77 BANK (#T)" 2240 171708.8 -.011037528 1 200901 "77 BANK (#T) - 77 BANK (#T)" 2420 185506.8 .08035714 1 200902 "77 BANK (#T) - 77 BANK (#T)" 2235 171325.4 -.07644628 1 200903 "77 BANK (#T) - 77 BANK (#T)" 2260 173241.9 .011185682 1 200904 "77 BANK (#T) - 77 BANK (#T)" 2465 188956.4 .09070797 1 200905 "77 BANK (#T) - 77 BANK (#T)" 2475 189722.9 .004056795 1 200906 "77 BANK (#T) - 77 BANK (#T)" 2665 204287.5 .07676768 1 200907 "77 BANK (#T) - 77 BANK (#T)" 2805 215019.3 .05253283 1 200908 "77 BANK (#T) - 77 BANK (#T)" 2795 214252.8 -.003565062 1 200909 "77 BANK (#T) - 77 BANK (#T)" 2800 214636 .0017889087 1 200910 "77 BANK (#T) - 77 BANK (#T)" 2500 191639.3 -.10714286 1 200911 "77 BANK (#T) - 77 BANK (#T)" 2680 205437.4 .072 1 200912 "77 BANK (#T) - 77 BANK (#T)" 2700 206970.4 .007462686 1 201001 "77 BANK (#T) - 77 BANK (#T)" 2465 188956.4 -.08703703 1 201002 "77 BANK (#T) - 77 BANK (#T)" 2385 182823.9 -.03245436 1 201003 "77 BANK (#T) - 77 BANK (#T)" 2410 184740.3 .01048218 1 201004 "77 BANK (#T) - 77 BANK (#T)" 2665 204287.5 .10580913 1 201005 "77 BANK (#T) - 77 BANK (#T)" 2680 205437.4 .005628518 1 201006 "77 BANK (#T) - 77 BANK (#T)" 2355 180524.2 -.12126866 1 201007 "77 BANK (#T) - 77 BANK (#T)" 2365 181290.8 .0042462847 1 201008 "77 BANK (#T) - 77 BANK (#T)" 2290 175541.6 -.031712472 1 201009 "77 BANK (#T) - 77 BANK (#T)" 2130 163276.7 -.069869 1 201010 "77 BANK (#T) - 77 BANK (#T)" 2115 162126.9 -.007042253 1 201011 "77 BANK (#T) - 77 BANK (#T)" 1875 143729.5 -.11347517 1 201012 "77 BANK (#T) - 77 BANK (#T)" 2030 155611.1 .08266667 1 201101 "77 BANK (#T) - 77 BANK (#T)" 2155 165193.1 .06157636 1 201102 "77 BANK (#T) - 77 BANK (#T)" 2225 170558.9 .032482598 1 201103 "77 BANK (#T) - 77 BANK (#T)" 2615 200454.8 .1752809 1 201104 "77 BANK (#T) - 77 BANK (#T)" 2090 160210.4 -.2007648 1 201105 "77 BANK (#T) - 77 BANK (#T)" 1885 144496.1 -.09808613 1 201106 "77 BANK (#T) - 77 BANK (#T)" 1640 125715.4 -.12997347 1 201107 "77 BANK (#T) - 77 BANK (#T)" 1775 136063.9 .08231708 1 201108 "77 BANK (#T) - 77 BANK (#T)" 1730 132614.4 -.025352113 1 201109 "77 BANK (#T) - 77 BANK (#T)" 1570 120349.4 -.09248555 1 201110 "77 BANK (#T) - 77 BANK (#T)" 1655 126865.2 .05414013 1 201111 "77 BANK (#T) - 77 BANK (#T)" 1580 121116 -.04531722 1 201112 "77 BANK (#T) - 77 BANK (#T)" 1470 112683.9 -.06962025 1 201201 "77 BANK (#T) - 77 BANK (#T)" 1660 127248.5 .1292517 end
tsset firm_id date
egen quintiles_momentum = xtile(cumret121), by(date) nq(10)
forvalues i = 1(1)10 {
egen ew_return_quin_`i' = mean(ret) if quintiles_momentum==`i', by (date)
}
collapse ew_return*, by(date)
egen quintiles_momentum = xtile(cumret121), by(date) nq(10)
forvalues i = 1(1)10 {
egen ew_return_quin_`i' = mean(ret) if quintiles_momentum==`i', by (date)
}
collapse ew_return*, by(date)
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