prepare the data merge the restatement data to the company data by gvkey and where the companys fiscal year end

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To prepare the data, merge the restatement data to the company data by gvkey and where the company's fiscal year end (datadate) is between the restatement beginning date (res_begin_date) and the restatement ending date (res_end_date). The restatement identifier variable is YREST.

Create the following variables that will be used to explain and predict restatements (the X variables):

Percent revenue growth: revenue is revt and growth is the percent change from year t-1 to year t.

Accruals: net income (ni) minus operating cash flows (oancf) then the difference is divided by year t-1 revenue.

Net short term assets: current assets (act) minus current liabilities (lct) then the difference divided by total assets (at).

Percent asset growth: total assets is at and growth is the percent change from year t-1 to year t. Loss: a dummy variable equal to one if net income (ni) is less than zero Natural log of 1 + total assets.

Removing missing values with the MISS function. With ungrouped data, use the OUTL function to winsorize the outliers for all continuous X variables.

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