# Log

• 2026-10-29 P0: read TASK.md, wrote contract.
• 2026-10-29 P1: audited data; clean balanced panel, no exclusions.
• 2026-10-29 P2: pooled OLS baseline beta_pooled=1.268.
• 2026-10-29 P3: LSDV two-way FE; CR1 cluster SE with firm FE not counted in K (nested in clusters, Stata xtreg/reghdfe convention); CI uses t(G-1). Alternative counting all FE recorded as se_cluster_allK_dfadj.
• 2026-10-29 P4: verification passed; gate receipt 20261030T034924.898523Z.json (only P5 items pending).
• 2026-10-29 P5: report and claims written; final gate run.
• 2026-10-29 P5 final gate 20261030T034946.701287Z.json PASSED.