Hello, I am currently attempting to run regression models on 5 stocks: JPM, PFE, FB, AMZN, and PEP. (2011-2015) I have combined this data with fama french factors over the past 5 years as well. I have written code to sort the data and run descriptive statistics, however, I am not able to run the regressions because of the error: ERROR: No valid observations are found. I only see this error at the bottom of my code when I attempt to run two regression models. It staes, for example, "ERROR: No valid observations are found. NOTE: The above message was for the following BY group: Ticker Symbol=JPM" I'm not sure why I keep getting this error or how to fix it, it's the only thing preventing me from running a clean output. Here is my full code: data one; Set x1.portfolio; run; data two; set x1.famafrench; run; data one; set one; month = month(date); year = year(date); run; proc sort data = one; by month year; run; data two; set two; month = month(ffdate); year = year(ffdate); run; proc sort data = two; by month year; run; data all; merge one two; by month year; ex_ret = ret - RF; run; proc sort data = all; by ticker; run; proc means data = all; var ret vwretd rf; run; proc means data = all; by ticker; var ret vwretd rf; Title 'Descriptive Statistics by Ticker'; run; proc reg data = all; by ticker; model ex_ret = mktrf; Title 'CAPM Regression Models'; run; proc reg data = all; by ticker; model ex_ret = smb hml mktrf umd; title '4 Factor Regression'; run; If anyone coud help it would be EXTREMELY appreciated.
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