I thought the best way to run this regression was through an entity fixed effects model, controlilng both for issuers id and month of the issuance, something like: πππ‘ = πΌπ + π½πππ‘ + π’π + πππ‘. However, as you can see below, I have more than one time period for each issuer (one issuer issued more than one bond in the same month). So, when I tried to use 'xtset id month', I got the error message 'repeated time values within panel'. I know this is probably more of an lack of knowledge regarging which is the most appropriate model, but I would like to know if there is any advice you could give me?
Code:
* Example generated by -dataex-. To install: ssc install dataex clear input str6 ticker double(coupon issuedate size) byte tenor float(mnth id logsize) "ACCES" 15.5 21625.874675925923 33998957 5 21625 1 17.34184 "ADB" 4.4 18366.874675925923 367149939 2 18366 2 19.72128 "ADB" 7.18 18366.874675925923 195806943 3 18366 2 19.09264 "ADB" .5 18533.874675925923 56103825 7 18533 2 17.842714 "ADB" .5 18533.874675925923 30614167 7 18533 2 17.236973 "ADB" 4.35 18533.874675925923 104088416 4 18533 2 18.46075 "ADB" 7.02 18533.874675925923 15312514 4 18533 2 16.544182 "ADB" 3.14 19133.874675925923 14366736 4 19133 2 16.480427 "ADB" 2.81 19387.916342592594 28223921 4 19387 2 17.15568 "ADB" 3.41 19584.874675925923 30717117 4 19584 2 17.24033 "ADB" 2.125 20165.874675925923 5.000e+08 10 20165 2 20.03012 "ADB" 6.71 20221.874675925923 2338831 3 20221 2 14.665162 "ADB" 1 20681.874675925923 8.000e+08 3 20681 2 20.50012 "ADB" 1.75 20681.874675925923 5.000e+08 10 20681 2 20.03012 "ADB" 2.625 20907.874675925923 50000000 10 20907 2 17.727533 "ADB" 6 20962.874675925923 83070277 4 20962 2 18.235197 "ADB" 1.57 20963.874675925923 10200000 5 20963 2 16.137897 "ADB" 2 20963.874675925923 40564903 5 20963 2 17.518414 "ADB" 9.55 20963.874675925923 49547852 4 20963 2 17.718449 "ADB" 1.875 21040.874675925923 7.500e+08 5 21040 2 20.435583 "ADB" 2.375 21040.874675925923 5.000e+08 10 21040 2 20.03012 "ADB" 3.18 21137.916342592594 16889951 10 21137 2 16.64223 "ADB" 1.47 21209.916342592594 23864070 10 21209 2 16.987885 "ADB" 1.95 21264.874675925923 12903558 2 21264 2 16.373014 "ADB" 2.25 21303.874675925923 12903558 2 21303 2 16.373014 "ADB" .37 21360.874675925923 334096983 5 21360 2 19.62694 "ADB" .35 21380.874675925923 620880201 7 21380 2 20.24665 "ADB" 3.125 21452.874675925923 7.500e+08 10 21452 2 20.435583 "ADB" 2.45 21565.916342592594 749913861 5 21565 2 20.43547 "ADB" .295 21737.874675925923 467735777 7 21737 2 19.963413 "ADB" 1.6 21809.874675925923 148631576 11 21809 2 18.81698 "ADB" 1.5 21825.874675925923 98006546 3 21825 2 18.400545 "ADB" .625 21839.874675925923 296450889 7 21839 2 19.507393 "ADB" 0 21845.874675925923 776100251 10 21845 2 20.46979 "ADB" .8 22117.874675925923 50000000 10 22117 2 17.727533 "ADB" .29 22200.874675925923 47728140 8 22200 2 17.681032 "ADB" 10.12 22236.874675925923 8336391 2 22236 2 15.93614 "ADB" 10.1 22236.874675925923 21945745 2 22236 2 16.904083 "ADB" .253 22300.874675925923 143184421 7 22300 2 18.779644 "ADB" .603 22312.874675925923 36218011 30 22312 2 17.405067 "ADB" 6 22315.874675925923 75011720 5 22315 2 18.133156 "ADB" .75 22320.874675925923 941477743 5 22320 2 20.66296 "ADB" .715 22333.874675925923 41392013 30 22333 2 17.538599 "ADB" .92 22334.874675925923 51740016 40 22334 2 17.761742 "ADB" .8325 22342.874675925923 36218011 30 22342 2 17.405067 "ADB" 4.7 22350.874675925923 53843392 3 22350 2 17.80159 "ADB" 2.15 22532.874675925923 133606703 10 22532 2 18.710411 "ADB" 1.8 22532.874675925923 140524399 15 22532 2 18.760891 "ADB" .6 22627.874675925923 38367096 2 22627 2 17.462711 "ADB" 14.5 22936.874675925923 7337761 2 22936 2 15.808544 "ADNA" 4.375 22530.874675925923 7.500e+08 3 22530 3 20.435583 "ADNA" 4.375 22530.874675925923 7.500e+08 3 22530 3 20.435583 "ADNARE" 4.625 21836.874675925923 3.625e+08 20 21836 4 19.708534 "ADNARE" 4.625 21836.874675925923 3.625e+08 20 21836 4 19.708534 "ADNGN" 6.25 21709.874675925923 5.000e+08 6 21709 5 20.03012 "ADNGN" 6.25 21709.874675925923 5.000e+08 6 21709 5 20.03012 "AESOC" 4.7133 21655.874675925923 120223159 10 21655 6 18.60486 "AESOC" 4.7133 21655.874675925923 33550867 10 21655 6 17.328573 "AFDB" 4.52 18349.874675925923 61384460 4 18349 7 17.932667 "AFDB" 4.68 18408.874675925923 56611583 4 18408 7 17.851725 "AFDB" 4.35 18408.874675925923 26820632 4 18408 7 17.104683 "AFDB" .5 18470.874675925923 7135164 7 18470 7 15.780546 "AFDB" 4.42 18499.874675925923 11462412 3 18499 7 16.254583 "AFDB" .5 18533.874675925923 7514248 10 18533 7 15.832312 "AFDB" .5 18562.916342592594 6154319 6 18562 7 15.632665 "AFDB" 3.71 18562.916342592594 28560046 4 18562 7 17.167519 "AFDB" 4.8 18562.916342592594 45594931 4 18562 7 17.635307 "AFDB" .75 19648.874675925923 5.000e+08 3 19648 7 20.03012 "AFDB" 1.75 19793.874675925923 89266585 5 19793 7 18.307138 "AFDB" 1.375 20438.916342592594 5.000e+08 3 20438 7 20.03012 "AFDB" .375 20788.916342592594 114729422 6 20788 7 18.558086 "AFDB" 3.5 20802.916342592594 94583730 15 20802 7 18.364996 "AFDB" 3 21523.916342592594 5.000e+08 3 21523 7 20.03012 "AFDB" .375 21649.874675925923 190912562 5 21649 7 19.067326 "AFDB" .25 22391.874675925923 95456281 5 22391 7 18.37418 "AFDB" .823 22685.874675925923 143184421 5 22685 7 18.779644 "AFFNN" 1.205 22187.874675925923 158881474 5 22187 8 18.883669 "AGBKC" 4.15 20380.916342592594 85178875 2 20380 9 18.260263 "AGBKC" 2.75 20380.916342592594 5.000e+08 5 20380 9 20.03012 "AGBKC" 2.125 20380.916342592594 4.000e+08 3 20380 9 19.806974 "AGBKC" 2.4 22937.874675925923 2071851821 3 22937 9 21.45171 "AGBKC" 2.4 22937.874675925923 2129471890 3 22937 9 21.47914 "AGBKC" 2.8 22937.874675925923 690617273 5 22937 9 20.353096 "AGBKC" 2.8 22937.874675925923 709823963 5 22937 9 20.38053 "AGBKCK" 2.25 22704.874675925923 3.000e+08 5 22704 10 19.51929 "AGBKCK" 2 22704.874675925923 6.000e+08 3 22704 10 20.21244 "AGBKFH" 3.68 21702.874675925923 483691533 3 21702 11 19.99696 "AGDBC" 3.79 20808.916342592594 1612305112 3 20808 12 21.20093 "AGDBC" 4.48 21138.916342592594 1612305112 2 21138 12 21.20093 "AGDBC" 3.18 21858.874675925923 348063375 3 21858 12 19.667894 "AGDBC" 2 22545.874675925923 1419647927 2 22545 12 21.073675 "AGSPA" .5 22572.874675925923 103480033 5 22572 13 18.45489 "AGUA" 8.65 20997.874675925923 206675622 10 20997 14 19.14666 "AGUAS" 1.8 21257.874675925923 57039000 7 21257 15 17.859245 "AGUAS" 2.5 21622.874675925923 76052000 25 21622 15 18.146929 "AHWLIA" 3.99 21739.874675925923 85178875 3 21739 16 18.260263 "AHWLIA" 3.8 22822.874675925923 88018171 3 22822 16 18.293055 "AIAUT" 1.75 22656.874675925923 1.000e+09 5 22656 17 20.723267 "AIAUT" 1.75 22656.874675925923 1.000e+09 5 22656 17 20.723267 "AJBAN" 4.6 21502.916342592594 41437036 3 21502 18 17.539686 end format %tdnn/dd/CCYY issuedate
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