1[2 {"id":"C1","text":"The two-way FE estimate of beta is about 0.604.","results_keys":["beta_fe"],"status":"supported","caveat":"Causal reading requires strict exogeneity conditional on firm and year effects."},3 {"id":"C2","text":"The pooled OLS slope (1.268) is about twice the FE slope, indicating fixed effects correlated with x.","results_keys":["beta_pooled","beta_fe"],"status":"supported","caveat":"Descriptive comparison; the source of confounding is not identified."},4 {"id":"C3","text":"The firm-clustered SE (0.0451) exceeds the conventional SE (0.0326) by about 38%.","results_keys":["se_cluster","se_conventional"],"status":"supported","caveat":"Depends mildly on small-sample correction convention."},5 {"id":"C4","text":"The 95% CI for beta based on the clustered SE is [0.515, 0.694].","results_keys":["beta_ci_low","beta_ci_high","se_cluster","ci_t_critical_df_G_minus_1"],"status":"supported","caveat":"Asymptotic in number of firms (100); t(99) critical value used."},6 {"id":"C5","text":"The panel is balanced with 100 firms x 12 years, and all 1200 rows were analysed with no exclusions.","results_keys":["n_firms","n_years","n_analysed","n_input_rows","panel_balanced"],"status":"supported","caveat":""},7 {"id":"C6","text":"Alternative degrees-of-freedom conventions for the clustered SE give 0.0446-0.0471, not changing conclusions.","results_keys":["se_cluster_unadjusted_CR0","se_cluster_allK_dfadj","se_cluster_statsmodels_lsdv"],"status":"supported","caveat":""}8]9