Part I: Explaining car prices 1a) Create a table with summary statistics of your variables used in your assignment. Put at least the mean, standard deviation, min and max in Table 1. Also create a variable ln(price), the (natural) logarithm of the price, into your table.
Remark 1: Be sure that all your tables and figures are according to the Journal of Finance (JF) style. Example: See Table 1 of this article: https://onlinelibrary.wiley.com/doi/full/10.1111/jofi.12505 1b) Estimate a linear regression model with price as dependent variable and at least the following variables as independent variables: headroom, weight, length and turn. Put the estimated coefficients and standard errors, as well as the F test-statistic on the joint significance of all variables and the R-squared into Table 2, making use of outreg2. Remark 2: You are free to include other variables as well next to the four variables mentioned here, but do NOT include any dummy variable into your model yet.
Remark 3: In question 1d, 1f, and 1i you need to extend Table 2. Therefore, show in your report just once Table 2, containing all the joint estimation results from 1b, 1d, 1f and 1i.
Remark 4: See Stata lab 0 for more information about outreg2.
Remark 5: Sometimes outreg2 does not provide you all the results you need. You are allowed to change you table manually.
1c) Given the model of 1b, what is the exact interpretation of 1c1: the estimated constant? 1c2: the estimated length coefficient?
1d) Again estimate the model of 1b, but now also include the dummy variables ind_buick, ind_olds and foreign into the model. Extend Table 2 with a new column containing estimated coefficients, standard errors, the F-stat and the R-squared of your new model. Provide the exact theoretical model equation corresponding to your new model.
1e) Consider the estimated coefficients of the model of
1d. What is the interpretation of the estimated ind_buick coefficient?
1f) You hypothesize that, compared to the other car makes, the effect of weight and length on the car price is not only different for buicks, but also for olds. Estimate a new linear regression model by extending the model of 1b such that you are able to test your hypothesis.
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