Hello Everyone,

I would like to ask the following question. I am running a multilevel tobit regression in stata regarding M&A deals and the percentage of cash paid. I have the following classification: Cash only deals = 100, Stock Only deals = 0, Mixed deals = anything between 0 and 100. To make it more specific I have included both a lower limit of 0 and a higher limit of 100. However, after making a lot of research I still cannot understand the proper Tobit regression process. What I am doing right now is to go to statistics --> multilevel fixed effects --> tobit. After that a dialog opens where I need to specify my independent and my dependent variables, and below that there is a another dialog which says random fixed effects. In order to obtain my coefficients and interpret their meaning properly should I firstly run the tobit regression and then specify the random fixed effects or do it on the same time? Also in order to get the coefficients for all of three cases i.e. cash only, stock only , mixed should I use the meintreg function or just do the calculations via the random fixed effects?

Thanks in advance,
Theocharis