# Log

• 2026-10-30 P0: read TASK.md, wrote contract.
• 2026-10-30 P1: audited data; clean balanced panel, no exclusions needed.
• 2026-10-30 P2: pooled OLS baseline computed (beta_pooled).
• 2026-10-30 P3: analysis.py written. Decision: cluster small-sample factor G/(G-1)(N-1)/(N-K) with firm FE (nested in clusters) not counted in K (Stata xtreg/reghdfe convention); CI uses t(G-1). LSDV-all-dummies variant reported as sensitivity.
• 2026-10-30 P4: verification passed (see checks.md).
• 2026-10-30 P5: report and claims written.