PANEL Procedure

The heteroscedasticity consistent covariance matrix estimator (HCCME) was enhanced by adding the CLUSTER option for the plain sandwich form (HC0), the degrees-of-freedom-adjusted form (HC1), and two types of leverage-adjusted estimators (HC2 and HC3). The CLUSTER option enables you to calculate a cluster-corrected covariance matrix and provides cluster-adjusted standard errors for parameter estimates.