Dear all,
We know "reg i.id i.year,vce(cl id)" is the same as "xtreg i.year,fe r",but why are the results of the two codes are different in standard error and t statistics.Here is the example.
Code:
. reg invest mvalue kstock i.company i.year,vce(cl company)

Linear regression                               Number of obs     =        200
                                                F(8, 9)           =          .
                                                Prob > F          =          .
                                                R-squared         =     0.9517
                                                Root MSE          =     51.725

                               (Std. Err. adjusted for 10 clusters in company)
------------------------------------------------------------------------------
             |               Robust
      invest |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      mvalue |      0.118      0.011    10.60   0.000        0.093       0.143
      kstock |      0.358      0.049     7.29   0.000        0.247       0.469
             |
     company |
          2  |    207.054     39.027     5.31   0.000      118.769     295.339
          3  |   -135.231     35.132    -3.85   0.004     -214.704     -55.758
          4  |     95.354     59.423     1.60   0.143      -39.070     229.778
          5  |     -5.439     50.629    -0.11   0.917     -119.969     109.092
          6  |    102.889     62.961     1.63   0.137      -39.539     245.316
          7  |     51.467     57.614     0.89   0.395      -78.864     181.798
          8  |     67.490     61.119     1.10   0.298      -70.770     205.751
          9  |     30.218     56.268     0.54   0.604      -97.070     157.505
         10  |    126.837     70.615     1.80   0.106      -32.905     286.579
             |
        year |
       1936  |    -19.197     21.243    -0.90   0.390      -67.251      28.857
       1937  |    -40.690     34.158    -1.19   0.264     -117.961      36.581
       1938  |    -39.226     16.150    -2.43   0.038      -75.760      -2.692
       1939  |    -69.470     27.708    -2.51   0.033     -132.151      -6.790
       1940  |    -44.235     17.829    -2.48   0.035      -84.567      -3.903
       1941  |    -18.804     18.317    -1.03   0.331      -60.239      22.630
       1942  |    -21.140     14.537    -1.45   0.180      -54.025      11.745
       1943  |    -42.978     12.874    -3.34   0.009      -72.100     -13.855
       1944  |    -43.099     11.285    -3.82   0.004      -68.627     -17.571
       1945  |    -55.683     15.601    -3.57   0.006      -90.976     -20.390
       1946  |    -31.169     21.467    -1.45   0.180      -79.730      17.392
       1947  |    -39.392     27.132    -1.45   0.180     -100.769      21.984
       1948  |    -43.717     39.900    -1.10   0.302     -133.978      46.544
       1949  |    -73.495     39.260    -1.87   0.094     -162.307      15.317
       1950  |    -75.896     37.766    -2.01   0.075     -161.328       9.536
       1951  |    -62.481     50.717    -1.23   0.249     -177.211      52.249
       1952  |    -64.632     52.917    -1.22   0.253     -184.339      55.075
       1953  |    -67.718     44.894    -1.51   0.166     -169.276      33.840
       1954  |    -93.526     32.560    -2.87   0.018     -167.182     -19.870
             |
       _cons |    -86.900     62.010    -1.40   0.195     -227.178      53.377
------------------------------------------------------------------------------

. xtreg invest mvalue kstock i.year,fe r

Fixed-effects (within) regression               Number of obs     =        200
Group variable: company                         Number of groups  =         10

R-sq:                                           Obs per group:
     within  = 0.7985                                         min =         20
     between = 0.8143                                         avg =       20.0
     overall = 0.8068                                         max =         20

                                                F(9,9)            =          .
corr(u_i, Xb)  = -0.3250                        Prob > F          =          .

                               (Std. Err. adjusted for 10 clusters in company)
------------------------------------------------------------------------------
             |               Robust
      invest |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      mvalue |      0.118      0.011    10.88   0.000        0.093       0.142
      kstock |      0.358      0.048     7.48   0.000        0.250       0.466
             |
        year |
       1936  |    -19.197     20.699    -0.93   0.378      -66.021      27.626
       1937  |    -40.690     33.283    -1.22   0.253     -115.982      34.602
       1938  |    -39.226     15.736    -2.49   0.034      -74.825      -3.628
       1939  |    -69.470     26.999    -2.57   0.030     -130.546      -8.395
       1940  |    -44.235     17.372    -2.55   0.031      -83.534      -4.936
       1941  |    -18.804     17.847    -1.05   0.320      -59.178      21.569
       1942  |    -21.140     14.165    -1.49   0.170      -53.183      10.903
       1943  |    -42.978     12.544    -3.43   0.008      -71.354     -14.601
       1944  |    -43.099     10.996    -3.92   0.004      -67.973     -18.224
       1945  |    -55.683     15.202    -3.66   0.005      -90.072     -21.294
       1946  |    -31.169     20.917    -1.49   0.170      -78.487      16.148
       1947  |    -39.392     26.437    -1.49   0.170      -99.197      20.413
       1948  |    -43.717     38.879    -1.12   0.290     -131.666      44.233
       1949  |    -73.495     38.254    -1.92   0.087     -160.033      13.043
       1950  |    -75.896     36.798    -2.06   0.069     -159.140       7.348
       1951  |    -62.481     49.418    -1.26   0.238     -174.272      49.311
       1952  |    -64.632     51.562    -1.25   0.242     -181.274      52.009
       1953  |    -67.718     43.745    -1.55   0.156     -166.675      31.239
       1954  |    -93.526     31.726    -2.95   0.016     -165.296     -21.756
             |
       _cons |    -32.836     19.783    -1.66   0.131      -77.588      11.915
-------------+----------------------------------------------------------------
     sigma_u |  91.798268
     sigma_e |  51.724523
         rho |  .75902159   (fraction of variance due to u_i)
------------------------------------------------------------------------------
I find that the standard error and t statistic of kstock are different in reg i.id and xtreg,fe command.I don't know why.



Many thanks in advance.
Raymond