I'm encountering problem using the Heckman two stage model. My data is about investors' info in stocks. I'm thinking about the first stage is whether they invested in GOODFIRM and the second stage DV is the amount of money invested.
My code is
heckman money IV control1 control2 control3 control4 control5 control6 control7 control8, select (GOODFIRM) twostep
but an error message showed that Dependent variable never censored because of selection: model would simplify to OLS regression
Does it mean that heckman two stage is not a good fit for my model?
I would be really grateful if anyone could help!
Here's part of the data:
Code:
* Example generated by -dataex-. For more info, type help dataex clear input str36 StockName str31 Investor byte control2 str35 LeadManager double control3 byte(GOODFIRM control4) int control1 byte control5 double control6 byte control7 double(IV control8) float money "DATADOG INC." "1 NORTH WEALTH SERVICES, LLC" 0 "Barclays Capital" 8.001 0 0 9 0 310.7 1 . 20.28940200805664 8.594154 "DATADOG INC." "1 NORTH WEALTH SERVICES, LLC" 0 "Credit Suisse" 8.501 0 0 9 0 310.7 1 . 20.28940200805664 8.594154 "DATADOG INC." "1 NORTH WEALTH SERVICES, LLC" 0 "Goldman Sachs & Co" 9.001 0 0 9 0 310.7 1 . 20.28940200805664 8.594154 "DATADOG INC." "1 NORTH WEALTH SERVICES, LLC" 0 "JP Morgan (JPM)" 9.001 0 0 9 0 310.7 1 . 20.28940200805664 8.594154 "DATADOG INC." "1 NORTH WEALTH SERVICES, LLC" 0 "Jefferies & Co Inc" 8.001 0 0 9 0 310.7 1 . 20.28940200805664 8.594154 "DATADOG INC." "1 NORTH WEALTH SERVICES, LLC" 0 "Morgan Stanley & Co" 9.001 0 0 9 0 310.7 1 . 20.28940200805664 8.594154 "DATADOG INC." "1 NORTH WEALTH SERVICES, LLC" 0 "RBC Capital Markets" 8.001 0 0 9 0 310.7 1 . 20.28940200805664 8.594154 "SMARTSHEET INC." "12 WEST CAPITAL MGMT, L.P." 0 "JP Morgan (JPM)" 9.001 0 0 13 0 125.3 1 .20000000298023224 18.97748565673828 13.36531 "SMARTSHEET INC." "12 WEST CAPITAL MGMT, L.P." 0 "Jefferies & Co Inc" 8.001 0 0 13 0 125.3 1 .20000000298023224 18.97748565673828 13.36531 "SMARTSHEET INC." "12 WEST CAPITAL MGMT, L.P." 0 "Morgan Stanley & Co" 9.001 0 0 13 0 125.3 1 .20000000298023224 18.97748565673828 13.36531 "NEURONETICS INC." "12 WEST CAPITAL MGMT, L.P." 0 "Piper Jaffray Inc" 7.501 0 0 15 0 46 1 . 18.353471755981445 12.138864 "SMARTSHEET INC." "12 WEST CAPITAL MGMT, L.P." 0 "RBC Capital Markets" 8.001 0 0 13 0 125.3 1 .25 18.97748565673828 13.36531 "NEURONETICS INC." "12 WEST CAPITAL MGMT, L.P." 0 "William Blair & Co" . 0 0 15 0 46 1 . 18.353471755981445 12.138864 "ONE STOP SYSTEMS INC." "1492 CAPITAL MANAGEMENT, LLC" 0 "Roth Capital Partners Inc" . 1 0 20 0 28.3 0 .5 16.75994873046875 14.042475 "THE LOVESAC CO." "1492 CAPITAL MANAGEMENT, LLC" 0 "Roth Capital Partners Inc" . 0 0 20 1 123.5 0 .5 17.840862274169922 14.74574 "FLOOR & DECOR HOLDINGS INC." "1832 ASSET MANAGEMENT L.P." 0 "Barclays Capital" 8.001 0 1 17 1 1200.9 0 .34478022903203964 19.037450790405273 15.685943 "KEANE GROUP INC." "1832 ASSET MANAGEMENT L.P." 0 "CITIGROUP" 9.001 0 1 44 1 599.5 0 .5352564230561256 20.046857833862305 14.378322 "FLOOR & DECOR HOLDINGS INC." "1832 ASSET MANAGEMENT L.P." 0 "Credit Suisse" 8.501 0 1 17 1 1200.9 0 1.0531135722994804 19.037450790405273 15.685943 "ALLOGENE THERAPEUTICS INC." "ADAGE CAPITAL MANAGEMENT, L.P." 0 "COWEN" 7.001 0 0 1 0 960.6 1 1.0531135722994804 21.155048370361328 14.778685 "ALLOGENE THERAPEUTICS INC." "ADAGE CAPITAL MANAGEMENT, L.P." 0 "Goldman Sachs & Co" 9.001 0 0 1 0 960.6 1 .21978022903203964 21.155048370361328 14.778685 "FLOOR & DECOR HOLDINGS INC." "1832 ASSET MANAGEMENT L.P." 0 "Goldman Sachs & Co" 9.001 0 1 17 1 1200.9 0 .8447802290320396 19.037450790405273 15.685943 "ALLOGENE THERAPEUTICS INC." "ADAGE CAPITAL MANAGEMENT, L.P." 0 "JP Morgan (JPM)" 9.001 0 0 1 0 960.6 1 .8447802290320396 21.155048370361328 14.778685 "ALLOGENE THERAPEUTICS INC." "ADAGE CAPITAL MANAGEMENT, L.P." 0 "Jefferies & Co Inc" 8.001 0 0 1 0 960.6 1 .8031135722994804 21.155048370361328 14.778685 "KEANE GROUP INC." "1832 ASSET MANAGEMENT L.P." 0 "JP Morgan (JPM)" 9.001 0 1 44 1 599.5 0 .5531135722994804 20.046857833862305 14.378322 "FLOOR & DECOR HOLDINGS INC." "1832 ASSET MANAGEMENT L.P." 0 "Jefferies & Co Inc" 8.001 0 1 17 1 1200.9 0 . 19.037450790405273 15.685943 "FLOOR & DECOR HOLDINGS INC." "1832 ASSET MANAGEMENT L.P." 0 "Merrill Lynch & Co Inc" 8.501 0 1 17 1 1200.9 0 .3928571492433548 19.037450790405273 15.685943 "ALLOGENE THERAPEUTICS INC." "AMERICAN INTL GROUP INC" 0 "COWEN" 7.001 0 0 1 0 960.6 1 .3928571492433548 21.155048370361328 12.5481 "KEANE GROUP INC." "1832 ASSET MANAGEMENT L.P." 0 "Merrill Lynch & Co Inc" 8.501 0 1 44 1 599.5 0 .1428571492433548 20.046857833862305 14.378322 "ALLOGENE THERAPEUTICS INC." "AMERICAN INTL GROUP INC" 0 "Goldman Sachs & Co" 9.001 0 0 1 0 960.6 1 .46978022903203964 21.155048370361328 12.5481 "KEANE GROUP INC." "1832 ASSET MANAGEMENT L.P." 0 "Morgan Stanley & Co" 9.001 0 1 44 1 599.5 0 .21978022903203964 20.046857833862305 14.378322 "FLOOR & DECOR HOLDINGS INC." "1832 ASSET MANAGEMENT L.P." 0 "Piper Jaffray Inc" 7.501 0 1 17 1 1200.9 0 . 19.037450790405273 15.685943 "ALLOGENE THERAPEUTICS INC." "AMERICAN INTL GROUP INC" 0 "JP Morgan (JPM)" 9.001 0 0 1 0 960.6 1 .20192307978868485 21.155048370361328 12.5481 "FLOOR & DECOR HOLDINGS INC." "1832 ASSET MANAGEMENT L.P." 0 "UBS Investment Bank" 8.501 0 1 17 1 1200.9 0 .07692307978868484 19.037450790405273 15.685943 "FLOOR & DECOR HOLDINGS INC." "1832 ASSET MANAGEMENT L.P." 0 "Wells Fargo" 8.001 0 1 17 1 1200.9 0 .20192307978868485 19.037450790405273 15.685943 "ALLOGENE THERAPEUTICS INC." "AMERICAN INTL GROUP INC" 0 "Jefferies & Co Inc" 8.001 0 0 1 0 960.6 1 .20192307978868485 21.155048370361328 12.5481 "PINTEREST INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Allen & Co Inc" 8.001 0 0 11 0 926.5 1 .4761904925107956 21.077438354492188 10.594131 "SNAP INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Allen & Co Inc" 8.001 0 0 7 0 515.3 1 .3611111119389534 21.947040557861328 12.183315 "SONOS INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Allen & Co Inc" 8.001 0 0 16 0 1137 1 .1428571492433548 19.15464973449707 8.922658 "UBER TECHNOLOGIES INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Allen & Co Inc" 8.001 1 0 10 0 12244 1 .587301604449749 22.81513023376465 9.798127 "AVANTOR INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Barclays Capital" 8.001 0 0 115 1 5980.6 0 .2539682611823082 21.78728675842285 8.273847 "PINTEREST INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Barclays Capital" 8.001 0 0 11 0 926.5 1 .1428571492433548 21.077438354492188 10.594131 "SILVERGATE CAPITAL CORP" "1919 INVESTMENT COUNSEL, LLC" 0 "Barclays Capital" 8.001 0 0 32 0 90.9 0 .3206349313259125 17.504390716552734 13.641157 "SNAP INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Barclays Capital" 8.001 0 0 7 0 515.3 1 .2361111119389534 21.947040557861328 12.183315 "UBER TECHNOLOGIES INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Barclays Capital" 8.001 1 0 10 0 12244 1 .2539682611823082 22.81513023376465 9.798127 "AVANTOR INC." "1919 INVESTMENT COUNSEL, LLC" 0 "CITIGROUP" 9.001 0 0 115 1 5980.6 0 .2361111119389534 21.78728675842285 8.273847 "PINTEREST INC." "1919 INVESTMENT COUNSEL, LLC" 0 "CITIGROUP" 9.001 0 0 11 0 926.5 1 .125 21.077438354492188 10.594131 "UBER TECHNOLOGIES INC." "1919 INVESTMENT COUNSEL, LLC" 0 "CITIGROUP" 9.001 1 0 10 0 12244 1 .2361111119389534 22.81513023376465 9.798127 "AVANTOR INC." "1919 INVESTMENT COUNSEL, LLC" 0 "COWEN" 7.001 0 0 115 1 5980.6 0 .3333333432674408 21.78728675842285 8.273847 "I3 VERTICALS INC" "1919 INVESTMENT COUNSEL, LLC" 0 "COWEN" 7.001 0 0 6 0 311.2 1 . 18.275075912475586 13.977834 "AVANTOR INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Credit Suisse" 8.501 0 0 115 1 5980.6 0 .3789682611823082 21.78728675842285 8.273847 "PINTEREST INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Credit Suisse" 8.501 0 0 11 0 926.5 1 .2678571492433548 21.077438354492188 10.594131 "SNAP INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Credit Suisse" 8.501 0 0 7 0 515.3 1 .2361111119389534 21.947040557861328 12.183315 "BRIDGEWATER BANCSHARES INC" "1919 INVESTMENT COUNSEL, LLC" 0 "DA Davidson & Co Inc" 0 0 0 13 1 72.6 0 1 18.15996551513672 14.360738 "AVANTOR INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Deutsche Bank Securities Corp" 8.501 0 0 115 1 5980.6 0 .3789682611823082 21.78728675842285 8.273847 "PINTEREST INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Deutsche Bank Securities Corp" 8.501 0 0 11 0 926.5 1 .2678571492433548 21.077438354492188 10.594131 "SNAP INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Deutsche Bank Securities Corp" 8.501 0 0 7 0 515.3 1 .5611111149191856 21.947040557861328 12.183315 "UBER TECHNOLOGIES INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Deutsche Bank Securities Corp" 8.501 1 0 10 0 12244 1 .3789682611823082 22.81513023376465 9.798127 "AVANTOR INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Evercore" 7.001 0 0 115 1 5980.6 0 . 21.78728675842285 8.273847 "AVANTOR INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Goldman Sachs & Co" 9.001 0 0 115 1 5980.6 0 1.212301604449749 21.78728675842285 8.273847 "CADENCE BANCORP" "1919 INVESTMENT COUNSEL, LLC" 0 "Goldman Sachs & Co" 9.001 0 0 7 0 453.2 0 .9539682641625404 18.82614517211914 14.508657 "PINTEREST INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Goldman Sachs & Co" 9.001 0 0 11 0 926.5 1 1.1011904925107956 21.077438354492188 10.594131 "SNAP INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Goldman Sachs & Co" 9.001 0 0 7 0 515.3 1 .8111111149191856 21.947040557861328 12.183315 "SONOS INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Goldman Sachs & Co" 9.001 0 0 16 0 1137 1 1.092857152223587 19.15464973449707 8.922658 "UBER TECHNOLOGIES INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Goldman Sachs & Co" 9.001 1 0 10 0 12244 1 1.212301604449749 22.81513023376465 9.798127 "AVANTOR INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Guggenheim Securities" . 0 0 115 1 5980.6 0 . 21.78728675842285 8.273847 "COASTAL FINANCIAL CORP,EVERETT" "1919 INVESTMENT COUNSEL, LLC" 0 "HOVDE-GRP" . 0 0 21 0 40.6 1 . 17.536977767944336 13.676249 "UBER TECHNOLOGIES INC." "1919 INVESTMENT COUNSEL, LLC" 0 "HSBC" 8.001 1 0 10 0 12244 1 0 22.81513023376465 9.798127 "AVANTOR INC." "1919 INVESTMENT COUNSEL, LLC" 0 "JP Morgan (JPM)" 9.001 0 0 115 1 5980.6 0 .8789682611823082 21.78728675842285 8.273847 "CADENCE BANCORP" "1919 INVESTMENT COUNSEL, LLC" 0 "JP Morgan (JPM)" 9.001 0 0 7 0 453.2 0 .9539682641625404 18.82614517211914 14.508657 "HBT FINANCIAL INC" "1919 INVESTMENT COUNSEL, LLC" 0 "JP Morgan (JPM)" 9.001 1 0 99 0 172.2 0 .9456349313259125 18.704355239868164 13.77469 "PINTEREST INC." "1919 INVESTMENT COUNSEL, LLC" 0 "JP Morgan (JPM)" 9.001 0 0 11 0 926.5 1 .7678571492433548 21.077438354492188 10.594131 "SNAP INC." "1919 INVESTMENT COUNSEL, LLC" 0 "JP Morgan (JPM)" 9.001 0 0 7 0 515.3 1 .8111111149191856 21.947040557861328 12.183315 "AVANTOR INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Jefferies & Co Inc" 8.001 0 0 115 1 5980.6 0 . 21.78728675842285 8.273847 "COASTAL FINANCIAL CORP,EVERETT" "1919 INVESTMENT COUNSEL, LLC" 0 "Keefe Bruyette & Woods Inc" 0 0 0 21 0 40.6 1 .3333333432674408 17.536977767944336 13.676249 "CROSSFIRST BANKSHARES INC" "1919 INVESTMENT COUNSEL, LLC" 0 "Keefe Bruyette & Woods Inc" 0 0 0 12 0 216.3 0 1.1666666865348816 18.437223434448242 14.657078 "FIRST WESTERN FINANCIAL INC" "1919 INVESTMENT COUNSEL, LLC" 0 "Keefe Bruyette & Woods Inc" 0 0 0 16 0 65.7 0 .8333333432674408 17.44051742553711 14.552674 "HBT FINANCIAL INC" "1919 INVESTMENT COUNSEL, LLC" 0 "Keefe Bruyette & Woods Inc" 0 1 0 99 0 172.2 0 1.5000000298023224 18.704355239868164 13.77469 "LEVEL ONE BANCORP INC" "1919 INVESTMENT COUNSEL, LLC" 0 "Keefe Bruyette & Woods Inc" 0 0 0 11 0 64.4 0 0 17.330036163330078 14.334588 "SILVERGATE CAPITAL CORP" "1919 INVESTMENT COUNSEL, LLC" 0 "Keefe Bruyette & Woods Inc" 0 0 0 32 0 90.9 0 1.5000000298023224 17.504390716552734 13.641157 "I3 VERTICALS INC" "1919 INVESTMENT COUNSEL, LLC" 0 "KeyBanc Capital Markets " 0 0 0 6 0 311.2 1 . 18.275075912475586 13.977834 "AVANTOR INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Merrill Lynch & Co Inc" 8.501 0 0 115 1 5980.6 0 .2361111119389534 21.78728675842285 8.273847 "PINTEREST INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Merrill Lynch & Co Inc" 8.501 0 0 11 0 926.5 1 .125 21.077438354492188 10.594131 "UBER TECHNOLOGIES INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Merrill Lynch & Co Inc" 8.501 1 0 10 0 12244 1 .2361111119389534 22.81513023376465 9.798127 "AVANTOR INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Morgan Stanley & Co" 9.001 0 0 115 1 5980.6 0 .4761904925107956 21.78728675842285 8.273847 "SNAP INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Morgan Stanley & Co" 9.001 0 0 7 0 515.3 1 .6861111149191856 21.947040557861328 12.183315 "SONOS INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Morgan Stanley & Co" 9.001 0 0 16 0 1137 1 .46785715222358704 19.15464973449707 8.922658 "UBER TECHNOLOGIES INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Morgan Stanley & Co" 9.001 1 0 10 0 12244 1 .4761904925107956 22.81513023376465 9.798127 "AVANTOR INC." "1919 INVESTMENT COUNSEL, LLC" 0 "Piper Jaffray Inc" 7.501 0 0 115 1 5980.6 0 .3333333432674408 21.78728675842285 8.273847 "LEVEL ONE BANCORP INC" "1919 INVESTMENT COUNSEL, LLC" 0 "Piper Jaffray Inc" 7.501 0 0 11 0 64.4 0 . 17.330036163330078 14.334588 "AVANTOR INC." "1919 INVESTMENT COUNSEL, LLC" 0 "RBC Capital Markets" 8.001 0 0 115 1 5980.6 0 .1111111119389534 21.78728675842285 8.273847 "PINTEREST INC." "1919 INVESTMENT COUNSEL, LLC" 0 "RBC Capital Markets" 8.001 0 0 11 0 926.5 1 . 21.077438354492188 10.594131 "UBER TECHNOLOGIES INC." "1919 INVESTMENT COUNSEL, LLC" 0 "RBC Capital Markets" 8.001 1 0 10 0 12244 1 .1111111119389534 22.81513023376465 9.798127 "CROSSFIRST BANKSHARES INC" "1919 INVESTMENT COUNSEL, LLC" 0 "Raymond James & Associates Inc" 7.501 0 0 12 0 216.3 0 1.0000000298023224 18.437223434448242 14.657078 "I3 VERTICALS INC" "1919 INVESTMENT COUNSEL, LLC" 0 "Raymond James & Associates Inc" 7.501 0 0 6 0 311.2 1 .6666666865348816 18.275075912475586 13.977834 "LEVEL ONE BANCORP INC" "1919 INVESTMENT COUNSEL, LLC" 0 "Raymond James & Associates Inc" 7.501 0 0 11 0 64.4 0 .3333333432674408 17.330036163330078 14.334588 "MERCHANTS BANCORP" "1919 INVESTMENT COUNSEL, LLC" 0 "Raymond James & Associates Inc" 7.501 0 0 27 0 142.1 0 .5 18.42068099975586 13.997832 "BRIDGEWATER BANCSHARES INC" "1919 INVESTMENT COUNSEL, LLC" 0 "Sandler O'Neill Partners" 7.501 0 0 13 1 72.6 0 .3333333432674408 18.15996551513672 14.360738 "FIRST WESTERN FINANCIAL INC" "1919 INVESTMENT COUNSEL, LLC" 0 "Sandler O'Neill Partners" 7.501 0 0 16 0 65.7 0 .8333333432674408 17.44051742553711 14.552674 "MERCHANTS BANCORP" "1919 INVESTMENT COUNSEL, LLC" 0 "Sandler O'Neill Partners" 7.501 0 0 27 0 142.1 0 . 18.42068099975586 13.997832 "CROSSFIRST BANKSHARES INC" "1919 INVESTMENT COUNSEL, LLC" 0 "Stephens Inc" 0 0 0 12 0 216.3 0 .6666666865348816 18.437223434448242 14.657078 end
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