Hello, I want to run Fama MacBeth Regression and see if changes in macro economy affects PE industry return.

I don't know if I need to calculate beta for each independent variable using bys, and run asreg fmb, or I just need to run asreg fmb directly? Thank you!

Because I watched tutorial https://www.statalist.org/forums/for...riant-variable, and looks like we need to calculate beta first, so I am a bit confused, thank you!