Results obtained in Matlab version 7.10.0 after running demopanelscompare directly after Matlab was opened Results reported in Matlab paper are indicated >> demopanelscompare Pooled model with spatially lagged dependent variable, no fixed effects Dependent Variable = logcit R-squared = 0.3504 corr-squared = 0.2995 sigma^2 = 0.0327 Nobs,Nvar,#FE = 1380, 4, 3 log-likelihood = 394.57544 # of iterations = 1 min and max rho = -1.3924, 1.0000 total time in secs = 1.4840 time for optimiz = 0.2660 time for lndet = 0.0470 time for eigs = 0.7340 time for t-stats = 0.0930 No lndet approximation used *************************************************************** Variable Coefficient Asymptot t-stat z-probability intercept 2.649149 16.690302 0.000000 logp -0.759025 -19.195318 0.000000 logy 0.253923 10.127432 0.000000 W*dep.var. 0.189563 6.173944 0.000000 direct t-stat indirect t-stat total t-stat ans = -0.7642 -19.9941 -0.1707 -5.7618 -0.9349 -22.1216 0.2562 10.6002 0.0572 5.1699 0.3134 10.7289 Direct Coefficient t-stat t-prob lower 05 upper 95 logp -0.766077 -20.452653 0.000000 -0.841696 -0.695877 logy 0.256334 10.659193 0.000000 0.209184 0.304201 Indirect Coefficient t-stat t-prob lower 05 upper 95 logp -0.170935 -5.853636 0.000000 -0.228872 -0.114329 logy 0.057215 5.255482 0.000004 0.036976 0.079186 Total Coefficient t-stat t-prob lower 05 upper 95 logp -0.937012 -22.000409 0.000000 -1.030269 -0.856131 logy 0.313549 10.786241 0.000000 0.256581 0.370397 Pooled model with spatially lagged dependent variable, no fixed effects Dependent Variable = logcit R-squared = 0.4346 corr-squared = 0.3600 sigma^2 = 0.0285 Nobs,Nvar,#FE = 1380, 6, 5 log-likelihood = 475.5419 # of iterations = 1 min and max rho = -1.3924, 1.0000 total time in secs = 0.1250 time for optimiz = 0.0160 time for lndet = 0.0160 time for eigs = 0.0460 No lndet approximation used *************************************************************** Variable Coefficient Asymptot t-stat z-probability intercept 2.631341 15.820860 0.000000 logp -1.250674 -21.795938 0.000000 logy 0.554194 14.957778 0.000000 W*logp 0.780485 11.148678 0.000000 W*logy -0.444388 -10.114568 0.000000 W*dep.var. 0.336576 11.090923 0.000000 direct t-stat indirect t-stat total t-stat ans = -1.2161 -23.3866 0.5075 7.2653 -0.7086 -13.3295 0.5303 15.4833 -0.3664 -7.4704 0.1639 4.0665 Direct Coefficient t-stat t-prob lower 05 upper 95 logp -1.214549 -22.699019 0.000000 -1.317824 -1.110875 logy 0.528213 15.097459 0.000000 0.458332 0.592698 Indirect Coefficient t-stat t-prob lower 05 upper 95 logp 0.505157 7.364146 0.000000 0.367755 0.635877 logy -0.362380 -7.485479 0.000000 -0.458527 -0.266987 Total Coefficient t-stat t-prob lower 05 upper 95 logp -0.709393 -13.544731 0.000000 -0.809527 -0.613405 logy 0.165833 4.055646 0.000191 0.080061 0.239749 Pooled model with spatially lagged dependent variable and spatial fixed effects Dependent Variable = logcit R-squared = 0.8676 corr-squared = 0.5234 sigma^2 = 0.0069 Nobs,Nvar,#FE = 1380, 3, 48 log-likelihood = 1482.2985 # of iterations = 1 min and max rho = -1.3924, 1.0000 total time in secs = 0.1090 time for optimiz = 0.0160 time for lndet = 0.0160 time for eigs = 0.0150 No lndet approximation used *************************************************************** Variable Coefficient Asymptot t-stat z-probability logp -0.534876 -20.807166 0.000000 logy -0.000875 -0.056508 0.954937 W*dep.var. 0.292560 10.223471 0.000000 direct t-stat indirect t-stat total t-stat ans = -0.5470 -22.2726 -0.2092 -9.8368 -0.7562 -30.0031 -0.0010 -0.0613 -0.0004 -0.0605 -0.0014 -0.0612 Direct Coefficient t-stat t-prob lower 05 upper 95 logp -0.548367 -22.789037 0.000000 -0.596823 -0.501691 logy -0.000794 -0.053111 0.957874 -0.029943 0.028074 Indirect Coefficient t-stat t-prob lower 05 upper 95 logp -0.208204 -9.988928 0.000000 -0.251322 -0.168015 logy -0.000301 -0.051976 0.958773 -0.011258 0.012093 Total Coefficient t-stat t-prob lower 05 upper 95 logp -0.756571 -31.125359 0.000000 -0.805214 -0.709418 logy -0.001095 -0.052877 0.958059 -0.041935 0.039931 Pooled model with spatially lagged dependent variable and spatial fixed effects Dependent Variable = logcit R-squared = 0.8922 corr-squared = 0.5816 sigma^2 = 0.0056 Nobs,Nvar,#FE = 1380, 5, 50 log-likelihood = 1598.5145 # of iterations = 1 min and max rho = -1.3924, 1.0000 total time in secs = 0.0940 time for optimiz = 0.0000 time for lndet = 0.0160 time for eigs = 0.0160 No lndet approximation used *************************************************************** Variable Coefficient Asymptot t-stat z-probability logp -0.929823 -23.173025 0.000000 logy 0.548616 9.126029 0.000000 W*logp 0.579661 12.401508 0.000000 W*logy -0.577496 -9.476547 0.000000 W*dep.var. 0.457581 16.731949 0.000000 direct t-stat indirect t-stat total t-stat ans = -0.9069 -24.3744 0.2611 5.4752 -0.6458 -19.6973 0.4983 9.0996 -0.5515 -9.6442 -0.0532 -2.0413 Direct Coefficient t-stat t-prob lower 05 upper 95 logp -0.907199 -24.158138 0.000000 -0.982509 -0.831980 logy 0.499901 8.729322 0.000000 0.386247 0.614854 Indirect Coefficient t-stat t-prob lower 05 upper 95 logp 0.262604 5.795533 0.000001 0.171211 0.348126 logy -0.552013 -8.969823 0.000000 -0.674811 -0.431196 Total Coefficient t-stat t-prob lower 05 upper 95 logp -0.644596 -20.644520 0.000000 -0.705674 -0.584088 logy -0.052112 -1.934565 0.059208 -0.103756 0.000628 Pooled model with spatially lagged dependent variable and time period fixed effects Dependent Variable = logcit R-squared = 0.4567 corr-squared = 0.3371 sigma^2 = 0.0280 Nobs,Nvar,#FE = 1380, 3, 32 log-likelihood = 520.02584 # of iterations = 1 min and max rho = -1.3924, 1.0000 total time in secs = 0.0940 time for optimiz = 0.0000 time for lndet = 0.0160 time for eigs = 0.0160 time for t-stats = 0.0160 No lndet approximation used *************************************************************** Variable Coefficient Asymptot t-stat z-probability logp -1.160016 -21.423520 0.000000 logy 0.538739 17.257215 0.000000 W*dep.var. 0.151580 5.053641 0.000000 direct t-stat indirect t-stat total t-stat ans = -1.1699 -22.2819 -0.2005 -4.4286 -1.3704 -19.5773 0.5434 17.9486 0.0931 4.4324 0.6365 16.7520 Direct Coefficient t-stat t-prob lower 05 upper 95 logp -1.165610 -20.519306 0.000000 -1.272552 -1.055292 logy 0.540218 17.607693 0.000000 0.483459 0.603275 Indirect Coefficient t-stat t-prob lower 05 upper 95 logp -0.199686 -4.536175 0.000041 -0.285366 -0.112793 logy 0.092483 4.540829 0.000040 0.052766 0.134464 Total Coefficient t-stat t-prob lower 05 upper 95 logp -1.365297 -19.157714 0.000000 -1.504351 -1.224996 logy 0.632701 17.233008 0.000000 0.560097 0.708338 Pooled model with spatially lagged dependent variable and time period fixed effects Dependent Variable = logcit R-squared = 0.4688 corr-squared = 0.3458 sigma^2 = 0.0274 Nobs,Nvar,#FE = 1380, 5, 34 log-likelihood = 531.13715 # of iterations = 1 min and max rho = -1.3924, 1.0000 total time in secs = 0.0940 time for optimiz = 0.0160 time for lndet = 0.0310 time for eigs = 0.0160 No lndet approximation used *************************************************************** Variable Coefficient Asymptot t-stat z-probability logp -1.265482 -22.032319 0.000000 logy 0.570010 15.623565 0.000000 W*logp 0.483038 4.814663 0.000001 W*logy -0.095656 -1.731019 0.083448 W*dep.var. 0.217566 6.592781 0.000000 direct t-stat indirect t-stat total t-stat ans = -1.2506 -21.7385 0.2512 2.3497 -0.9994 -9.2899 0.5716 15.9345 0.0332 0.5782 0.6048 11.1373 Direct Coefficient t-stat t-prob lower 05 upper 95 logp -1.254826 -21.685125 0.000000 -1.372242 -1.142970 logy 0.571883 15.895473 0.000000 0.495729 0.639487 Indirect Coefficient t-stat t-prob lower 05 upper 95 logp 0.257356 2.381779 0.021422 0.037451 0.469397 logy 0.034171 0.589254 0.558574 -0.076583 0.150569 Total Coefficient t-stat t-prob lower 05 upper 95 logp -0.997470 -9.061350 0.000000 -1.209327 -0.780381 logy 0.606053 11.459254 0.000000 0.505274 0.703440 Pooled model with spatially lagged dependent variable, spatial and time period fixed effects Dependent Variable = logcit R-squared = 0.9000 corr-squared = 0.3916 sigma^2 = 0.0053 Nobs,Nvar,#FE = 1380, 3, 77 log-likelihood = 1683.4749 # of iterations = 1 min and max rho = -1.3924, 1.0000 total time in secs = 0.0940 time for optimiz = 0.0160 time for lndet = 0.0160 time for eigs = 0.0160 No lndet approximation used *************************************************************** Variable Coefficient Asymptot t-stat z-probability logp -0.987567 -24.109110 0.000000 logy 0.448288 9.506096 0.000000 W*dep.var. 0.223602 7.892863 0.000000 direct t-stat indirect t-stat total t-stat ans = -1.0014 -24.8174 -0.2719 -6.2268 -1.2733 -20.0360 0.4554 9.6099 0.1232 5.8614 0.5786 9.8595 Direct Coefficient t-stat t-prob lower 05 upper 95 logp -1.003570 -24.363887 0.000000 -1.085087 -0.923385 logy 0.453874 9.908739 0.000000 0.365753 0.541129 Indirect Coefficient t-stat t-prob lower 05 upper 95 logp -0.273789 -6.367220 0.000000 -0.362515 -0.192596 logy 0.123407 6.112179 0.000000 0.085400 0.166808 Total Coefficient t-stat t-prob lower 05 upper 95 logp -1.277359 -20.122323 0.000000 -1.407063 -1.151649 logy 0.577281 10.244082 0.000000 0.467586 0.689920 ****** Reported in Matlab paper, no bias correction ******************* Pooled model with spatially lagged dependent variable, spatial and time period fixed effects Dependent Variable = logcit R-squared = 0.9012 corr-squared = 0.4001 sigma^2 = 0.0050 Nobs,Nvar,#FE = 1380, 5, 79 log-likelihood = 1691.3503 # of iterations = 1 min and max rho = -1.3925, 1.0000 total time in secs = 0.0780 time for optimiz = 0.0000 time for lndet = 0.0150 time for eigs = 0.0160 time for t-stats = 0.0160 No lndet approximation used *************************************************************** Variable Coefficient Asymptot t-stat z-probability logp -1.003081 -25.017435 0.000000 logy 0.600981 10.505004 0.000000 W*logp 0.044714 0.553144 0.580165 W*logy -0.291752 -3.732410 0.000190 W*dep.var. 0.219460 6.674367 0.000000 direct t-stat indirect t-stat total t-stat ans = -1.0149 -24.3447 -0.2101 -2.4041 -1.2250 -12.5647 0.5913 10.6233 -0.1941 -2.2888 0.3972 5.0507 Direct Coefficient t-stat t-prob lower 05 upper 95 logp -1.013697 -25.437249 0.000000 -1.095029 -0.934140 logy 0.593661 10.444123 0.000000 0.478562 0.705160 Indirect Coefficient t-stat t-prob lower 05 upper 95 logp -0.211152 -2.374152 0.021819 -0.392162 -0.044998 logy -0.194052 -2.267273 0.028118 -0.370789 -0.022385 Total Coefficient t-stat t-prob lower 05 upper 95 logp -1.224849 -12.371086 0.000000 -1.419813 -1.033454 logy 0.399609 5.193672 0.000005 0.251127 0.549832 Wald_spatial_lag = 14.8284 prob_spatial_lag = 6.0264e-004 LR_spatial_lag = 15.7526 prob_spatial_lag = 3.7964e-004 Wald_spatial_error = 8.9801 prob_spatial_error = 0.0112 LR_spatial_error = 8.2292 prob_spatial_error = 0.0163 ****** Reported in Matlab paper, bias correction ******************* Pooled model with spatially lagged dependent variable, spatial and time period fixed effects Dependent Variable = logcit R-squared = 0.9017 corr-squared = 0.4000 sigma^2 = 0.0052 Nobs,Nvar,#FE = 1380, 5, 79 log-likelihood = 1691.3759 # of iterations = 1 min and max rho = -1.3924, 1.0000 total time in secs = 0.0780 time for optimiz = 0.0160 time for lndet = 0.0310 No lndet approximation used *************************************************************** Variable Coefficient Asymptot t-stat z-probability logp -1.001206 -24.355690 0.000000 logy 0.602656 10.274737 0.000000 W*logp 0.093210 1.134717 0.256494 W*logy -0.313922 -3.926342 0.000086 W*dep.var. 0.264229 8.246668 0.000000 direct t-stat indirect t-stat total t-stat ans = -1.0125 -24.7307 -0.2195 -2.2581 -1.2320 -11.3068 0.5935 10.4529 -0.1967 -2.1545 0.3969 4.6066 Direct Coefficient t-stat t-prob lower 05 upper 95 logp -1.012400 -23.933781 0.000000 -1.092917 -0.937222 logy 0.594166 10.672116 0.000000 0.491638 0.703438 Indirect Coefficient t-stat t-prob lower 05 upper 95 logp -0.215476 -2.217154 0.031594 -0.408555 -0.018448 logy -0.195833 -2.178702 0.034514 -0.372470 -0.019189 Total Coefficient t-stat t-prob lower 05 upper 95 logp -1.227876 -11.263502 0.000000 -1.446994 -1.011002 logy 0.398333 4.622766 0.000031 0.228811 0.565518 Wald_spatial_lag = 17.9630 prob_spatial_lag = 1.2572e-004 LR_spatial_lag = 15.8022 prob_spatial_lag = 3.7034e-004 Wald_spatial_error = 8.1848 prob_spatial_error = 0.0167 LR_spatial_error = 8.2811 prob_spatial_error = 0.0159 ****** Reported in Matlab paper, random effects ******************* Pooled model with spatially lagged dependent variable and spatial random effects Dependent Variable = logcit R-squared = 0.8797 corr-squared = 0.3172 sigma^2 = 0.0052 Nobs,Nvar = 1380, 5 log-likelihood = -366.27624 # of iterations = 17 min and max rho = -1.3923, 1.0000 total time in secs = 1.4530 time for optimiz = 1.4060 time for lndet = 0.0320 time for t-stats = 0.0150 No lndet approximation used *************************************************************** Variable Coefficient Asymptot t-stat z-probability logp -1.007194 -24.912118 0.000000 logy 0.593441 10.706147 0.000000 W*logp 0.065809 0.813255 0.416072 W*logy -0.270797 -3.554944 0.000378 W*dep.var. 0.223718 6.817523 0.000000 teta 0.086655 6.806051 0.000000 direct t-stat indirect t-stat total t-stat ans = -1.0182 -24.6387 -0.1988 -2.2783 -1.2169 -12.4330 0.5859 10.6841 -0.1693 -2.0272 0.4166 5.4495 Direct Coefficient t-stat t-prob lower 05 upper 95 logp -1.017678 -25.025109 0.000000 -1.098082 -0.940380 logy 0.583143 10.526905 0.000000 0.477042 0.687611 Indirect Coefficient t-stat t-prob lower 05 upper 95 logp -0.195425 -2.193198 0.033387 -0.373187 -0.023451 logy -0.171000 -2.059332 0.045149 -0.338982 -0.006622 Total Coefficient t-stat t-prob lower 05 upper 95 logp -1.213103 -12.210511 0.000000 -1.401227 -1.017660 logy 0.412143 5.367349 0.000003 0.268883 0.563041 Wald_spatial_lag = 13.9016 prob_spatial_lag = 9.5786e-004 Wald_spatial_error = 7.3758 prob_spatial_error = 0.0250 Hausman test-statistic, degrees of freedom and probability = 30.6145, 5, 0.0000 >>