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Yes it does. According to the Verbeeks guide to modern econometrics (pp418) standard panel fixed effects binary model assumes that error has “a symmetric distribution with distribution function $F(.)$, i.i.d. across individuals and time and independent of all $x_{is}$” [with the model being $y_{it}^*=x_{it}’ \beta+ \alpha_i+u_{it}$]. Just a two pages later ...


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