/**********************************************************************************/
/*The following stata code generates all the tables reported in the paper titled***/
/*"The Monotoring Incentives of Transactional and Relationship Lenders: Evidence***/
/*from the Syndicated Loan Market"*************************************************/
/**********************************************************************************/

/*******************************************************************************************/
/***Three stata datasets need to be used to produce all the results: "tl_lenderlevel.dta",**/
/*"tl_facilitylevel.dta" and "tl_post_performance.dta". To run the code, please*************/
/*transfer ASCII data into stata dta format and save all three stata files in a directory***/
/*specified in cd "C:\.....". You could save the log file as well by assigning a file name**/
/*and replacing *** with the file name in log using ***.out, text replace*******************/
/*******************************************************************************************/  

set more off
set mem 2g
set matsize 100
cd "C:\Shao Pei\Research\File Probability of iipart\Data"
cap log close
log using sp.out, text replace

/***************/
/***Table 1*****/
/***************/

use tl_lenderlevel, clear

sort loanissueyear
codebook lenderid

codebook lenderid if  rank_pct20_noofloans==1

forval i=2000/2009{
	display `i'
	codebook lenderid if rank_pct20_noofloans==1 & loanissueyear==`i'
	}

*****The above code returns the total number of TLs in each year

use tl_facilitylevel, clear

sort loanissueyear

by loanissueyear: tab traded

*****The above code returns the total number of traded loans in each year

by loanissueyear: tab traded if  rank_top20_noofloans==1

*****The above code returns the total number of traded loans sundicated by TLs in each year

/***************/
/***Table 2*****/
/***************/

use tl_lenderlevel, clear
gen i=1
sort lenderid
by lenderid: egen noofresoldloans=total(traded)
by lenderid: egen noofloans=total(i)
keep if  rank_pct25_noofloans==1
sort  loanissueyear rank_noofloans
duplicates drop  lenderid  loanissueyear, force
sort  lenderid
gen n=1
by lenderid: egen avgrank_noofloans=mean(rank_noofloans)
by lenderid: egen totalratio=total(pct_trade_by_syn_noofloans)
gen avgratio=totalratio/10
by lenderid: egen totalpresent=total(n)
by lenderid: egen avglendermktshare_amt=mean(lendermktshare_amt)
duplicates drop lender, force
gsort - avgratio
order  lender avgratio noofresoldloans noofloans 

*****note: we combine the Lender "Bear Stearns" and "Bear Stearns & Co"


/***************/
/***Table 3*****/
/***************/

use tl_facilitylevel, clear

sort tlo

tabstat allindrawn facilityamt maturity revolver secured missingsecured repay corppurpose takeover lbo recap instloan levloan fcovenant traded at levg mkbk roa zscr meanedf noninvestmentgrade notrated leadlendershare nooflenders iipart noofii iishare mean_lbdistance crisis if sample==1, by(tlo) statistics(mean median n) columns(statistics)

for var allindrawn facilityamt maturity revolver secured missingsecured repay corppurpose takeover lbo recap instloan levloan fcovenant traded at levg mkbk roa zscr meanedf noninvestmentgrade notrated leadlendershare nooflenders iipart noofii iishare mean_lbdistance crisis: ttest X if sample==1, by(tlo)

for var allindrawn facilityamt maturity revolver secured missingsecured repay corppurpose takeover lbo recap instloan levloan fcovenant traded at levg mkbk roa zscr meanedf noninvestmentgrade notrated leadlendershare nooflenders iipart noofii iishare mean_lbdistance crisis: ranksum X if sample==1 , by(tlo)

/***************/
/***Table 4*****/
/***************/

use tl_post_performance, clear

gen roa_m1_pct=roa_m1*100
gen roa_1_pct=roa_1*100
gen roa_2_pct=roa_2*100
gen roa_0_pct=roa_0*100

gen edf_12_pct=edf_12*100
gen edf_24_pct=edf_24*100
gen edf_0_pct=edf_0*100

gen allindrawn_pct=allindrawn/100

reg roa_1_pct tlo  roa_m1_pct  edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1, robust cluster(gvkey)
outreg2 using table4.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_1") replace

reg roa_2_pct tlo roa_m1_pct  edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1, robust cluster(gvkey)
outreg2 using table4.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_2") append

reg edf_12_pct  tlo roa_m1_pct  edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1, robust cluster(gvkey)
outreg2 using table4.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("EDF_1") append

reg edf_24_pct  tlo roa_m1_pct  edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1, robust cluster(gvkey)
outreg2 using table4.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("EDF_2") append


reg zscr_1 tlo zscr_m1 roa_m1_pct  edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1, robust cluster(gvkey)
outreg2 using table4.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("zscr_1") append

reg zscr_2 tlo zscr_m1 roa_m1_pct  edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1, robust cluster(gvkey)
outreg2 using table4.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("zscr_2") append


/***************/
/***Table 5*****/
/***************/

use tl_post_performance, clear
g x=uniform()
sort x
g dif_roa_1= (roa_1- roa_m1)*100
bs r(att), reps(50): psmatch2 tlo lat_m1 mkbk notrated noninvestmentgrade edf_0 levg roa_m1 zscr_m1 allindrawn lloansize lmat sicd1-sicd10 year2000-year2009 if loanissueyear<=2007 & sample==1,  outcome(dif_roa_1) caliper(0.01) noreplacement descending

use tl_post_performance, clear
g x=uniform()
sort x
g dif_roa_2= (roa_2- roa_m1)*100
bs r(att), reps(50): psmatch2 tlo lat_m1 mkbk notrated noninvestmentgrade edf_0 levg roa_m1 zscr_m1 allindrawn lloansize lmat sicd1-sicd10 year2000-year2009 if loanissueyear<=2007 & sample==1,  outcome(dif_roa_2) caliper(0.01) noreplacement descending

use tl_post_performance, clear
g x=uniform()
sort x
g dif_edf_1= (edf_12- edf_0)*100
bs r(att), reps(50): psmatch2 tlo lat_m1 mkbk notrated noninvestmentgrade edf_0 levg roa_m1 zscr_m1 allindrawn lloansize lmat sicd1-sicd10 year2000-year2009 if loanissueyear<=2007 & sample==1,  outcome(dif_edf_1) caliper(0.01) noreplacement descending

use tl_post_performance, clear
g x=uniform()
sort x
g dif_edf_2= (edf_24-edf_0)*100
bs r(att), reps(50): psmatch2 tlo lat_m1 mkbk notrated noninvestmentgrade edf_0 levg roa_m1 zscr_m1 allindrawn lloansize lmat sicd1-sicd10 year2000-year2009 if loanissueyear<=2007 & sample==1,  outcome(dif_edf_2) caliper(0.01) noreplacement descending

use tl_post_performance, clear
g x=uniform()
sort x
g dif_zscr_1= zscr_1- zscr_m1
bs r(att), reps(50): psmatch2 tlo lat_m1 mkbk notrated noninvestmentgrade edf_0 levg zscr_m1 roa_m1 allindrawn lloansize lmat sicd1-sicd10 year2000-year2009 if loanissueyear<=2007 & sample==1,  outcome(dif_zscr_1) caliper(0.01) noreplacement descending

use tl_post_performance, clear
g x=uniform()
sort x
g dif_zscr_2= zscr_2- zscr_m1
bs r(att), reps(50): psmatch2 tlo lat_m1 mkbk notrated noninvestmentgrade edf_0 levg zscr_m1 roa_m1 allindrawn lloansize lmat sicd1-sicd10 year2000-year2009 if loanissueyear<=2007 & sample==1,  outcome(dif_zscr_2) caliper(0.01) noreplacement descending


/***************/
/***Table 6*****/
/***************/

use tl_post_performance, clear

gen roa_m1_pct=roa_m1*100
gen roa_1_pct=roa_1*100
gen roa_2_pct=roa_2*100
gen roa_0_pct=roa_0*100

gen edf_12_pct=edf_12*100
gen edf_24_pct=edf_24*100
gen edf_0_pct=edf_0*100

gen allindrawn_pct=allindrawn/100

xi: treatreg roa_1_pct roa_m1_pct edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover corppurpose lbo i.loanissueyear i.sic1 if loanissueyear<=2007 & sample==1, treat( tlo = roa_m1_pct edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender lnlbdistance  repay takeover corppurpose lbo i.loanissueyear i.sic1) twostep vce(conventional)
outreg2 using table6.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_1") replace

xi: treatreg roa_2_pct roa_m1_pct edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover corppurpose lbo i.loanissueyear i.sic1 if loanissueyear<=2007 & sample==1, treat( tlo = roa_m1_pct edf_0_pct zscr_m1  lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender lnlbdistance  repay takeover corppurpose lbo i.loanissueyear i.sic1) twostep vce(conventional)
outreg2 using table6.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_2") append

xi: treatreg edf_12_pct roa_m1_pct edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover corppurpose lbo i.loanissueyear i.sic1 if loanissueyear<=2007 & sample==1, treat( tlo = roa_m1_pct edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender lnlbdistance  repay takeover corppurpose lbo i.loanissueyear i.sic1) twostep vce(conventional)
outreg2 using table6.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("edf_1") append

xi: treatreg edf_24_pct roa_m1_pct edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover corppurpose lbo i.loanissueyear i.sic1 if loanissueyear<=2007 & sample==1, treat( tlo = roa_m1_pct edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender lnlbdistance  repay takeover corppurpose lbo i.loanissueyear i.sic1) twostep vce(conventional)
outreg2 using table6.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("edf_2") append

xi: treatreg zscr_1 roa_m1_pct edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover corppurpose lbo i.loanissueyear i.sic1 if loanissueyear<=2007 & sample==1, treat( tlo = roa_m1_pct edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender lnlbdistance   repay takeover corppurpose lbo i.loanissueyear i.sic1) twostep vce(conventional)
outreg2 using table6.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("q_1") append

xi: treatreg zscr_2 roa_m1_pct edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover corppurpose lbo i.loanissueyear i.sic1 if loanissueyear<=2007 & sample==1, treat( tlo = roa_m1_pct edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender lnlbdistance  repay takeover corppurpose lbo i.loanissueyear i.sic1) twostep vce(conventional)
outreg2 using table6.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("q_2") append


/***************/
/***Table 7*****/
/***************/

use tl_post_performance, clear

gen roa_m1_pct=roa_m1*100
gen roa_1_pct=roa_1*100
gen roa_2_pct=roa_2*100
gen roa_0_pct=roa_0*100

gen edf_12_pct=edf_12*100
gen edf_24_pct=edf_24*100

gen edf_0_pct=edf_0*100

gen allindrawn_pct=allindrawn/100

gen zscr_12=zscr_1
replace zscr_12=-4 if zscr_1<-4 & zscr_1~=.
replace zscr_12=8 if zscr_1>8 & zscr_1~=.

gen zscr_24=zscr_2
replace zscr_24=-4 if zscr_2<-4 & zscr_2~=.
replace zscr_24=8 if zscr_2>8 & zscr_2~=.


reg roa_1_pct max_trade_ratio  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1, robust cluster(gvkey)
outreg2 using table7.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_1") replace

reg roa_2_pct max_trade_ratio  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1, robust cluster(gvkey)
outreg2 using table7.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_2") append

reg edf_12_pct max_trade_ratio  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1, robust cluster(gvkey)
outreg2 using table7.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("EDF_1") append

reg edf_24_pct  max_trade_ratio roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1, robust cluster(gvkey)
outreg2 using table7.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("EDF_2") append


reg zscr_12 max_trade_ratio  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1, robust cluster(gvkey)
outreg2 using table7.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ZSCR_1") append

reg zscr_24 max_trade_ratio roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1, robust cluster(gvkey)
outreg2 using table7.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ZSCR_2") append


/***************/
/***Table 8*****/
/***************/

use tl_post_performance, clear

gen roa_m1_pct=roa_m1*100
gen roa_1_pct=roa_1*100
gen roa_2_pct=roa_2*100

gen roa_0_pct=roa_0*100

gen edf_12_pct=edf_12*100
gen edf_24_pct=edf_24*100

gen edf_0_pct=edf_0*100

gen allindrawn_pct=allindrawn/100

gen iilev=(iipart==1 & levloan==1)

*****Excluding Term Loans

reg roa_1_pct tlo  roa_m1_pct  edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & revolver==1, robust cluster(gvkey)
reg roa_2_pct tlo  roa_m1_pct  edf_0_pct zscr_m1  lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & revolver==1, robust cluster(gvkey)
reg edf_12_pct tlo roa_m1_pct  edf_0_pct zscr_m1  lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & revolver==1, robust cluster(gvkey)
reg edf_24_pct tlo  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & revolver==1, robust cluster(gvkey)
reg zscr_1 tlo zscr_m1 roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & revolver==1, robust cluster(gvkey)
reg zscr_2 tlo zscr_m1 roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & revolver==1, robust cluster(gvkey)

*****Excluding Leverage Loans

reg roa_1_pct tlo  roa_m1_pct  edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & levloan~=1, robust cluster(gvkey)
reg roa_2_pct tlo  roa_m1_pct  edf_0_pct zscr_m1  lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & levloan~=1, robust cluster(gvkey)
reg edf_12_pct tlo roa_m1_pct  edf_0_pct zscr_m1  lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & levloan~=1, robust cluster(gvkey)
reg edf_24_pct tlo  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & levloan~=1, robust cluster(gvkey)
reg zscr_1 tlo zscr_m1 roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & levloan~=1, robust cluster(gvkey)
reg zscr_2 tlo zscr_m1 roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & levloan~=1, robust cluster(gvkey)

*****Excluding Institutional Loans

reg roa_1_pct tlo  roa_m1_pct  edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & instloan~=1, robust cluster(gvkey)
reg roa_2_pct tlo  roa_m1_pct  edf_0_pct zscr_m1  lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & instloan~=1, robust cluster(gvkey)
reg edf_12_pct tlo roa_m1_pct  edf_0_pct zscr_m1  lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & instloan~=1, robust cluster(gvkey)
reg edf_24_pct tlo  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & instloan~=1, robust cluster(gvkey)
reg zscr_1 tlo zscr_m1 roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & instloan~=1, robust cluster(gvkey)
reg zscr_2 tlo zscr_m1 roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & instloan~=1, robust cluster(gvkey)

*****Excluding Non-bank Participated Leveraged Loans

reg roa_1_pct tlo  roa_m1_pct  edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & iilev~=1, robust cluster(gvkey)
reg roa_2_pct tlo  roa_m1_pct  edf_0_pct zscr_m1  lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & iilev~=1, robust cluster(gvkey)
reg edf_12_pct tlo roa_m1_pct  edf_0_pct zscr_m1  lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & iilev~=1, robust cluster(gvkey)
reg edf_24_pct tlo  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & iilev~=1, robust cluster(gvkey)
reg zscr_1 tlo zscr_m1 roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & iilev~=1, robust cluster(gvkey)
reg zscr_2 tlo zscr_m1 roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 & iilev~=1, robust cluster(gvkey)


/***************/
/***Table 9*****/
/***************/

use tl_post_performance, clear

gen roa_m1_pct=roa_m1*100
gen roa_1_pct=roa_1*100
gen roa_2_pct=roa_2*100

gen roa_0_pct=roa_0*100


gen edf_12_pct=edf_12*100
gen edf_24_pct=edf_24*100

gen edf_0_pct=edf_0*100

gen allindrawn_pct=allindrawn/100

gen zscr_12=zscr_1
replace zscr_12=-4 if zscr_1<-4 & zscr_1~=.
replace zscr_12=8 if zscr_1>8 & zscr_1~=.

gen zscr_24=zscr_2
replace zscr_24=-4 if zscr_2<-4 & zscr_2~=.
replace zscr_24=8 if zscr_2>8 & zscr_2~=.


gen new_loan=(pure_tlo==1 | nonrel_nontlo==1)

*************Panel A: new loan

reg roa_1_pct tlo  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & new_loan==1, robust cluster(gvkey)
outreg2 using table9a.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_1") replace

reg roa_2_pct tlo  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & new_loan==1, robust cluster(gvkey)
outreg2 using table9a.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_2") append

reg edf_12_pct tlo  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & new_loan==1, robust cluster(gvkey)
outreg2 using table9a.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("EDF_1") append

reg edf_24_pct  tlo roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & new_loan==1, robust cluster(gvkey)
outreg2 using table9a.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("EDF_2") append


reg zscr_12 tlo  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & new_loan==1, robust cluster(gvkey)
outreg2 using table9a.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ZSCR_1") append

reg zscr_24 tlo roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & new_loan==1, robust cluster(gvkey)
outreg2 using table9a.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ZSCR_2") append

*************Panel B: repeated lending

reg roa_1_pct tlo  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & new_loan==0, robust cluster(gvkey)
outreg2 using table9b.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_1") replace

reg roa_2_pct tlo  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & new_loan==0, robust cluster(gvkey)
outreg2 using table9b.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_2") append

reg edf_12_pct tlo  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & new_loan==0, robust cluster(gvkey)
outreg2 using table9b.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("EDF_1") append

reg edf_24_pct  tlo roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & new_loan==0, robust cluster(gvkey)
outreg2 using table9b.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("EDF_2") append

reg zscr_12 tlo  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & new_loan==0, robust cluster(gvkey)
outreg2 using table9b.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("zscr_1") append

reg zscr_24 tlo roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & new_loan==0, robust cluster(gvkey)
outreg2 using table9b.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("zscr_2") append


*********Panel C: multiple categories

reg roa_1_pct pure_tlo tlo_rel nonrel_nontlo  roa_m1_pct  edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007, robust cluster(gvkey)
outreg2 using table9c.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_1") replace

reg roa_2_pct pure_tlo tlo_rel nonrel_nontlo roa_m1_pct  edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007, robust cluster(gvkey)
outreg2 using table9c.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_2") append

reg edf_12_pct pure_tlo tlo_rel nonrel_nontlo roa_m1_pct  edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007, robust cluster(gvkey)
outreg2 using table9c.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("EDF_1") append

reg edf_24_pct  pure_tlo tlo_rel nonrel_nontlo roa_m1_pct  edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007, robust cluster(gvkey)
outreg2 using table9c.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("EDF_2") append

reg zscr_1 pure_tlo tlo_rel nonrel_nontlo roa_m1_pct  edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007, robust cluster(gvkey)
outreg2 using table9c.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_1") append

reg zscr_2 pure_tlo tlo_rel nonrel_nontlo roa_m1_pct  edf_0_pct zscr_m1 mkbk lat_m1 levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007, robust cluster(gvkey)
outreg2 using table9c.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_2") append


/****************/
/***Table 10*****/
/****************/

use tl_post_performance, clear

gen roa_m1_pct=roa_m1*100
gen roa_1_pct=roa_1*100
gen roa_2_pct=roa_2*100

gen roa_0_pct=roa_0*100


gen edf_12_pct=edf_12*100
gen edf_24_pct=edf_24*100

gen edf_0_pct=edf_0*100

gen allindrawn_pct=allindrawn/100

gen zscr_12=zscr_1
replace zscr_12=-4 if zscr_1<-4 & zscr_1~=.
replace zscr_12=8 if zscr_1>8 & zscr_1~=.

gen zscr_24=zscr_2
replace zscr_24=-4 if zscr_2<-4 & zscr_2~=.
replace zscr_24=8 if zscr_2>8 & zscr_2~=.

****Panel A: TL AND SIZE

sum at_m1 if sample==1,d

gen small=(at_m1<=1683.639 & at_m1~=.)

gen tlo_small=tlo*small

reg roa_1_pct tlo small tlo_small roa_m1_pct edf_0_pct zscr_m1  lat_m1 mkbk levg noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 , robust cluster(gvkey)
outreg2 using table10a.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_1") replace

reg roa_2_pct tlo small tlo_small  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg  noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 , robust cluster(gvkey)
outreg2 using table10a.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_2") append

reg edf_12_pct tlo small tlo_small  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg  noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 , robust cluster(gvkey)
outreg2 using table10a.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("EDF_1") append

reg edf_24_pct tlo small tlo_small  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg  noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 , robust cluster(gvkey)
outreg2 using table10a.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("EDF2_1") append

reg zscr_12 tlo small tlo_small  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg  noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 , robust cluster(gvkey)
outreg2 using table10a.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("zSCR_1") append

reg zscr_24 tlo small tlo_small  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg  noninvestmentgrade notrated allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1 , robust cluster(gvkey)
outreg2 using table10a.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("zSCR_1") append


****Panel B: TL AND RATED

gen tlo_notrated=tlo*notrated

reg roa_1_pct tlo notrated tlo_notrated roa_m1_pct edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1, robust cluster(gvkey)
outreg2 using table10b.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_1") replace

reg roa_2_pct tlo notrated tlo_notrated   roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg  noninvestmentgrade allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1, robust cluster(gvkey)
outreg2 using table10b.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_1") append

reg edf_12_pct tlo notrated tlo_notrated   roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1, robust cluster(gvkey)
outreg2 using table10b.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_1") append

reg edf_24_pct tlo notrated tlo_notrated  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1, robust cluster(gvkey)
outreg2 using table10b.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_1") append

reg zscr_12 tlo notrated tlo_notrated  roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1, robust cluster(gvkey)
outreg2 using table10b.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_1") append

reg zscr_24 tlo notrated  notrated tlo_notrated   roa_m1_pct  edf_0_pct zscr_m1 lat_m1 mkbk levg noninvestmentgrade allindrawn_pct lloansize lmat fcovenant instloan llender  repay takeover lbo otherpurpose year2000-year2009  sicd1-sicd10 if loanissueyear<=2007 & sample==1, robust cluster(gvkey)
outreg2 using table10b.xls,  nolabel bracket aster(se) bdec(3) rdec(3) sdec(2) ctitle("ROA_1") append
