Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry

Serguey Braguinsky; Atsushi Ohyama; Tetsuji Okazaki; Chad Syverson (2015) · American Economic Review

Published

October 10, 2026

import sys
from pathlib import Path

ROOT = next(
    p for p in [Path.cwd(), *Path.cwd().parents]
    if (p / "scripts/tranche50_report.py").exists()
)
sys.path.insert(0, str(ROOT / "scripts"))
from tranche50_report import report

report("aeraej-114")

Serguey Braguinsky; Atsushi Ohyama; Tetsuji Okazaki; Chad Syverson (2015). American Economic Review. Table 3.

Collection index · Results JSON · QMD · Reproduction code

Source specification

The source case-group cell means and case clustering are retained. The comparison adds case-by-treatment-group unit effects to the source case-year and calendar-year specification.

Source coefficient	Template on source sample	Source N	Template source-sample N
0.090657	0.097216	999	999

The source and comparison coefficients use different specifications or aggregation targets, as stated above; they are not an exact-replication comparison.

Role	Column
Outcome	tfp_avg
Treatment	after_case_treated
Unit	panel_id
Time	year
Cluster	case_id

1 retained control columns. after_case

Estimates below divide the outcome by its source-sample standard deviation, 0.155818. Static TWFE is the treatment coefficient. Dynamic TWFE, BJS and Sun–Abraham average supported post-treatment cells by observation count. CS-DID additionally reports an equal-event-time average.

Analysis sample and treatment timing

Observations	Units	Treated	Control units	Cohorts	Clusters
933	90	41	49	14	49

Sample restriction	Count
units without minus one removed	7
additional rows removed	99

Adoption is the first observed treated period. Initially treated units and units without an observed minus-one baseline are excluded. Post-adoption untreated rows are excluded for switching policies. The plot shows at most 100 seeded-sample units; estimation uses the full eligible sample. Empty cells remain missing.

y__d: 90 of 90 units shown (seed 20261008). All eligible units enter estimation. Purple: untreated; yellow: treated; white: unobserved.

Estimates

Estimator	Estimate (SD)	SE	95% lower	95% upper	Target	Status
Static TWFE	0.61086	0.13224	0.34498	0.87674	Coefficient	estimated
Dynamic TWFE	0.49549	0.12366	0.24686	0.74412	Treated cells	estimated
BJS / did2s	0.67796	0.13518	0.40617	0.94975	Treated cells	estimated
Sun–Abraham	0.46194	0.12856	0.20345	0.72044	Treated cells	estimated
CS-DID (equal event-time)	nan	nan	nan	nan	Equal post-event times	unidentified
SDID	nan	nan	nan	nan	Treated cells	unsupported
Matrix completion	nan	nan	nan	nan	Treated cells	unsupported
Horizontal ridge	nan	nan	nan	nan	Treated cells	unsupported
Multisynth (cohort-averaged)	nan	nan	nan	nan	Treated cells	unsupported
Multisynth (individual)	nan	nan	nan	nan	Treated cells	unsupported

Intervals use the configured clusters and the estimator’s available inference. Hollow points have no computed interval; no new refit-bootstrap batch is run.

Estimator	Reason
CS-DID (equal event-time)	UnidentifiedTarget: CS-DID cannot estimate 88 observed post-treatment group-time cells with the configured controls; no target cells were dropped. See csdid-group-time.json and package log.
SDID	sdid: this adapter does not implement covariate adjustment; controls retained.
Matrix completion	matrix-completion: this adapter does not implement covariate adjustment; controls retained.
Horizontal ridge	horizontal-ridge: this adapter does not implement covariate adjustment; controls retained.
Multisynth (cohort-averaged)	multisynth-cohort: this adapter does not implement covariate adjustment; controls retained.
Multisynth (individual)	multisynth-individual: this adapter does not implement covariate adjustment; controls retained.

Event studies

Cohort homogeneity

The imported TestingInEventStudies deviations design tests positive-event-time cohort deviations jointly. This is the homoskedastic nested-model F-test; the estimator confidence intervals above use clustered inference.

**y__d: F(67, 689) = 0.9366; p = 0.6211.** Homoskedastic nested-model F. 131 design columns.

Each line is a cohort deviation. The joint test restricts positive-event-time deviations to zero; event time 0 remains unrestricted.

Fitting settings and checks

Specification	Estimator	Settings	Pooling
y__d	CS-DID	{}	{}
y__d	SDID	{}	{}
y__d	Matrix completion	{}	{}
y__d	Horizontal ridge	{}	{}
y__d	Multisynth (cohort-averaged)	{}	{}
y__d	Multisynth (individual)	{}	{}

{
  "did2s_vs_direct_imputation_max_post_difference": 2.3054427256141707e-08,
  "package_aggregate_vs_estimable_cell_weights": null,
  "saturated_vs_deviations_relative_rss_difference": 4.2262747234860895e-09
}