Table 3:

Shock Balance Tests in the Autor et al. (2013) Setting

Panel A: Industry-Level Balance
Balance variable	Coef.	SE
Production workers’ share of employment, 1991	−0.011	(0.012)
Ratio of capital to value-added, 1991	−0.007	(0.019)
Log real wage (2007 USD), 1991	−0.005	(0.022)
Computer investment as share of total, 1990	0.750	(0.465)
High-tech equipment as share of total investment, 1990	0.532	(0.296)
# of industry-periods	794
Panel B: Regional Balance
Balance variable	Coef.	SE
Start-of-period % of college-educated population	0.915	(1.196)
Start-of-period % of foreign-born population	2.920	(0.952)
Start-of-period % of employment among women	−0.159	(0.521)
Start-of-period % of employment in routine occupations	−0.302	(0.272)
Start-of-period average offshorability index of occupations	0.087	(0.075)
Manufacturing employment growth, 1970s	0.543	(0.227)
Manufacturing employment growth, 1980s	0.055	(0.187)
# of region-periods	1,444

Notes: Panel A of this table reports coefficients from regressions of the industry-level covariates in Acemoglu et al. (2016) on the Autor et al. (2013) shocks, controlling for period indicators and weighting by average industry exposure shares. Standard errors are reported in parentheses and allow for clustering at the level of three-digit SIC codes. Panel B reports coefficients from regressions of commuting zone-level covariates and pre-trends from Autor et al. (2013) on the shift-share instrument, controlling for period indicators interacted with the lagged manufacturing share. Balance variables (the first five rows of this panel) vary across the two periods, while pre-trends (the last two rows) do not. SIC3-clustered exposure-robust standard errors are reported in parentheses and obtained from equivalent industry-level IV regressions as described in Section 6.2.3. Independent variables in both panels are normalized to have a variance of one in the sample.