Diego Restrepo-Tobon and Subal C. Kumbhakar, "Enjoying the Quiet Life under Deregulation? Not Quite", Journal of Applied Econometrics, Vol. 29, No. 2, 2014, pp. 333-343. The data and code used for replication are from: Michael Koetter, James W. Kolari, and Laura Spierdijk (KKS), Enjoying the Quiet Life under Deregulation? Evidence from Adjusted Lerner Indices for U.S. Banks. Review of Economics and Statistics, 2012, Vol. 94, No. 2, 462-480. To obtain the results in KKS, we use the code and data kindly provided by KKS. These files are supposed to be posted at the ReStat Data Archive as well. However, it seems they are no longer there. So, we provide the dataset here. Reference to these data should cite the paper by KKS. Data files: 2b_QLH.txt is the original data file from KKS but in ASCII format. It has 145 variables for 342868 observations. The name of the variables are at the end of this readme file. Further description of each variable can be found in the KKS paper. This file is an ASCII file in DOS format. It is compressed in the file rtk-data.rar. An "unrar" program will be needed to extract it. Code files: SFA_JAE.txt gives efficiency estimates and lerner indexes (LIMDEP). regressions_JAE.txt gives the regression results (STATA). These files are ASCII files in DOS format. They are zipped in the file rtk-code.zip. Unix/Linux users should use "unzip -a". To run the code: Step 1: Run regressions_JAE.txt in STATA from line 1 to 20. Step 2: Run SFA_JAE.txt in LIMDEP Step 3: Run regressions_JAE.txt in STATA from line 22 on. The file 2b_QLH.txt has the following variables: Variable Name: Brief description year: Year inflation: Inflation entity: Entity ID date: Date Acquisitions: Number of acquisitions conducted by the bank Cash: Cash and balances due from depository institutions (0010) OBSS: All other stocks, bonds, securities (0380) ToInvSec: Total investment securities (0390) TSec: U.S. Treasury securities (0400) GoCoOb: US Government and corporation obligations (0600) StPaOb: State and political subdivisions obligations (0900) TrAccSec1000: Trading account securities (1000) SecHoMa1254: Securities hold to maturity (1254) ToLoLe: Total loans and leases (1400) REL: Loans secured by real estate (2081) IBL: Interbank loans (1489) AL: Agricultural loans (1590) CIL: Commercial and industrial loans (1600) IL: Loans to individuals (1975) FL: Foreign loans (2081) UnIncLo: Unearned income on loans (2123) FA: Premises and fixed assets (2145) TrAccSec2146: Trading account securities (2146) LeFiRe: Lease financing receivables (2165) TA: Gross total assets Deposits: Total deposits (2200) FFP: Fed funds purchased (2800) OBMDNT: Other borrowed money and demand notes issued to treasury (2835) OBM: Other borrowed money (2850) LLR: Loan loss reserves (3123) Equity: Gross total equity (3210) OI: Operating income (4000) LoInc: Interest and fee income from loans (4010) FedInc: Income from Fed funds sold (4020) IE: Interest expenses (4073) NII: Noninterest income (4079) NIE: Noninterest expenses (4093) II: Interest income (4107) OPEX: Total operating expenses (4130) W: Salaries (4135) FTE: Full time equivalent employees (4150) IED: Interest expenses on deposits (4170) IEFF: Interest expenses on fed funds (4180) FAE: Expenditure on fixed assets (4217) LLP: Loan loss provisions (4230) PATBEOI: Profits after tax before extraordinary items and adjustments (4300) PBTBEOI: Profits before tax before extraordinary items and adjustments (4301) Tax: Applicable income tax (4302) EOI: Extraordinary items and adjustments net off tax (4320) REC: Recoveries on allowances for loans and leases (4605) CHO: Not used FDIC: FDIC bank identifier county: county msa: metropolitan statistica area state: State bhc: bank holding company leadbank: leadbank name: entity name SecHoMa1754: Securities hold to maturity (1754) SecHoFS: Securities hold for sale (1773) FSSI: Realized gains (losses) on for-sale securities (3196) HTMI: Realized gains (losses) on hold-to-maturity securities (3521) statename: Statename intra1: Intrastate branching by M&A intra2: Intrastate branching completely free inter: Interstate branching permitted GSP1: Current Gross State Product, NAIC (nsa): millions of dollars RGSP1: Real Gross State Product, NAIC(NSA): millions of chained 2000 dollars RGSP1pc: Real Gross State Product per Capita, NAIC (NSA): chained 2000 dollars GSP2: Current Gross State Product, SIC (nsa): millions of dollars PI: Personal Income: millions of dollars DPI: Disposable Personal Income: millions of dollars Pnsa: Population (NSA): in persons. Lnsa: Civilian Labour force (NSA): in persons. Ensa: Employment level (NSA): in persons. Lsa: Civilian Labour force (SA): in persons. Esa: Employment level (SA): in persons. Unsa: Unemployment level (NSA): in persons. Usa: Unemployment level (SA): in persons. unsa: Unemployment rate (NSA): in '%' of Lnsa. usa: Unemployment rate (SA): in '%' of Lsa. hd: Prop. of population (>=25yr) with high school degree or higher: in '%'. bd: Prop. of population (>=25yr) with Bachelor degree or higher: in '%'. HPI: House Price Index (Sales Price Data,SA): 1991Q1=100 eth1: Chinese, in persons. eth2: Filipino, in persons. eth3: Japanese, in persons. eth4: Asian Indian, in persons. eth5: Korean, in persons. eth6: Vietnamese, in persons. eth7: Cambodian, in persons. eth8: Hmong, in persons. eth9: Laotian, in persons. eth10: Thai, in persons. eth11: Other Asian, in persons. eth12: Hawaiian, in persons. eth13: Samoan, in persons. eth14: Guamanian, in persons. eth15: Other Pacific islanders, in persons. eth16: Mexican, in persons. eth17: Puerto Rican, in persons. eth18: Cuban, in persons. eth19: Other Hispanic, in persons. can: Not used bri1: deregulation indicator dummy coded such that a '1' indicates more restrictive regulation. bri2: deregulation indicator dummy coded such that a '1' indicates more restrictive regulation. bri3: deregulation indicator dummy coded such that a '1' indicates more restrictive regulation. bri4: deregulation indicator dummy coded such that a '1' indicates more restrictive regulation. bri5: deregulation indicator dummy coded such that a '1' indicates more restrictive regulation. bri: deregulation indicator dummy coded such that a '1' indicates more restrictive regulation. pol: Not used Y1: Securities Y2: Gross total loans W1: Cost of fixed assets W2: Cost of labor TIE: Not used TBM: Not used W3: Cost of borrowed funds TOC: Total operating cost PAT: Profits after tax REV: Total revenues PBT: Profits after tax Z: Gross total equity ER: Equity ratio ROA: Return on assets PBTneg: Positive PBT NPDPBT: Negative profit dummy PATneg: Positive PAT NPDPAT: Negative profit dummy SFA: Not used w1c1: Not used w1c99: Not used w2c1: Not used w2c99: Not used w3c1: Not used w3c99: Not used SUMROA: Not used MEANROA: Not used VARROA: Not used SDROA: Not used i_SDROA: Not used ZSCORE: (ROA+ER)/SD_ROA preceding 4 years ZSCORE2: (ROA+ER)/SD_ROA w interpolated leading 3 years SDROA2: Not used ZSCORE3: (ROA+ER)/SD_ROA replacing preceding 3 years with overall bank SD_ROA If you have any questions please email Diego Restrepo at drestre1 [AT] binghamton.edu