*hmuspan2.doc
Last update Nov. 20, 1994
Bronwyn H. Hall
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The following SAS job reads the data for the large panel of
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US firms that was used to compute productivity estimates in
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the following papers:
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Hall, Bronwyn H. "Industrial Research During the 1980s: Did
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the Rate of Return Fall?," Brookings Papers on Economic
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Activity Micro (1993,2): 286-343.
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Mairesse, Jacques, and Bronwyn H. Hall. "Estimating the
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Productivity of Research and Development: An Exploration of
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GMM Methods Using Data on French and United States Manufacturing
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Firms," in Wagner, Karin (ed), International Comaprisons of
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Productivity.
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options ls=80 ;
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======= mkhmpan.sas =======
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The large US Productivity Panel, 1960-1990, Unbalanced.
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Non-manufacturing and Foreign Firms Removed.
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Good sales, employment, net capital, and R&D capital.
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Both capitals (physical and R&D) are lagged one year;
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that is, they are beginning of year.
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There are 24,221 observations with between 2 and 32 years
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per firm (many with around 20 years). The number of firms
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is around 2000.
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Bronwyn H. Hall
July 14, 1993
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The data are the following:
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cusip
6-character company id (Compustat CNUM).
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source indicator for source of data (1=old 157 firms sample;
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2=new panel; 3=both).
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sample dummy =1 if firm in old (Griliches-Mairesse) 157 firms
sample.
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year
year of data.
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sic
4-digit sic code from Compustat (DNUM).
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sales
nominal sales (millions).
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emply
fulltime employment (1000s).
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inv
nominal capital expenditures (millions).
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rnd
nominal R&D expenditures (millions); (some missing values
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filled in).
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netplt nominal P&E, beginning of year (millions).
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rstock nominal R&D capital, beginning of year (millions). This
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has been constructed using a perpetual inventory with a
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depreciation rate of 15%, as described in Hall (1990),
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"The Manufacturing Sector Manufacturing File," NBER
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Working Paper No. 3366.
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profit nominal operating income before R&D and after interest
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deduction (a measure of cash flow available for investment)
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(millions).
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groplt nominal gross P&E, beginning of year (millions).
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kgam,kfgam
ignore.
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All values are nominal, and for the fiscal year of data (see
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Compustat for details).
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data hmuspan2 ;
file "hmuspan2.dat" ;
put (cusip source sample year sic sales emply inv rnd
netplt rstock profit groplt kgam kfgam)
($6. 3*3.0 5.0 4*12.5/6*12.5) ;