Bulletin – June Quarter 2016 Equation (1)

Retur n it = α i + B i Retur n t M + E i ΔTW I t + ε it . MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaamOuaiaadwgacaWG0bGaamyDaiaadkhacaWGUbWaaSbaaSqaaiaadMgacaWG0baabeaakiabg2da9iabeg7aHnaaBaaaleaacaWGPbaabeaakiabgUcaRiaadkeadaWgaaWcbaGaamyAaaqabaGccaWGsbGaamyzaiaadshacaWG1bGaamOCaiaad6gadaqhaaWcbaGaamiDaaqaaiaad2eaaaGccqGHRaWkcaWGfbWaaSbaaSqaaiaadMgaaeqaaOGaaeiLdiaadsfacaWGxbGaamysamaaBaaaleaacaWG0baabeaakiabgUcaRiabew7aLnaaBaaaleaacaWGPbGaamiDaaqabaGccaGGUaaaaa@58D9@