Trade and Investment under Policy Uncertainty: Theory and Firm Evidence

Kyle Handley; Nuno Limao (2015) · American Economic Journal: Economic Policy

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-420", tranche="tranche150")

Kyle Handley; Nuno Limao (2015). American Economic Journal: Economic Policy. Table 1, column 1: EU-10 accession and aggregate exports.

Source specification

This is the paper’s original binary-accession specification in Table 1, not its continuous-uncertainty headline in Table 3. The EU-Spain interaction and macro controls are retained. Source point estimates are replicated; comparison inference clusters by country rather than using the source HC1 covariance.

Source coefficient Template on source sample Source N Template source-sample N
0.23188 0.23188 1305 1304

Source-to-template coefficient difference: 4.27e-14, in original outcome units.

Role Column
Outcome ln_total_all
Treatment eu_10_post
Unit country
Time year
Cluster country

4 retained control columns. eu_es_post; ln_rgdp; ln_def; ln_ex

Estimates below divide the outcome by its source-sample standard deviation, 3.06543. 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
1303 138 9 129 1 138
Sample restriction Count
additional rows removed 1

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: 100 of 138 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 0.075644 0.035468 0.0055075 0.14578 Coefficient estimated
Dynamic TWFE 0.034941 0.03725 -0.038718 0.1086 Treated cells estimated
BJS / did2s 0.076517 0.035222 0.0068691 0.14617 Treated cells estimated
Sun–Abraham 0.034941 0.03725 -0.038718 0.1086 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 5 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: homogeneity test not identified.** Only one treated cohort remains on the common supported sample.

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": 3.115375720591507e-08,
  "package_aggregate_vs_estimable_cell_weights": null
}