Abstract
1636 Table 3 in Apesteguia and Palacios-Huerta (2010) reports standard errors without clustering at the shoot-out level. Clustering increases the standard errors reported in the table by a factor of square root of two, leaving unchanged the coefficient estimates of any of the variables. As a result, the size of the average treatment effect remains unchanged: kicking first causes around a 64–36 percent advantage in the most complete specifications of columns 3 and 6. Further, it does not materially change the significance of the estimates: the coefficients in these columns have a t-statistic of 2.58 and 2.56, respectively, which means that the effect is significant beyond the p = 0.01 level.
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