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st: "cluster(firm)” vs “vce(cluster firm)”


From   "Julia Ke" <julia.ke@gmx.net>
To   statalist@hsphsun2.harvard.edu
Subject   st: "cluster(firm)” vs “vce(cluster firm)”
Date   Mon, 26 Nov 2012 22:48:22 +0100

Hi Statalist,

I am working on a panel data analysis whereby I use a country and time fixed effect and cluster by firm (panel).
My question concerns the clustering. The basic model I am using is of the form

Xi: regress y x1 x2 x3 x4 x5 i.country i.year

For the clustering, I am trying to understand the difference between adding “,cluster(firm)” and “vce(cluster firm)”. 

Is there anything else I should pay special attention to?

Many thanks!

Julia
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