Review of Financial Studies· 2013Q1
Common Errors: How to (and Not to) Control for Unobserved Heterogeneity
- 1,141citations
- Q1SCImago
- 2013year
Short summary
Demeaning dependent variables or adding group means as controls are inconsistent and distort inference for unobserved heterogeneity; fixed effects estimators are consistent and recommended.
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General Economics, Econometrics and FinanceEconomics, Econometrics and Finance