RDP 2016-03: Why Do Companies Hold Cash? Equation

E[ ε it | X it ,PUBLI C i ]=0 E[ α i | X it ,PUBLI C i ]0 MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceaqabeaacaWGfbWaamWaaeaacqaH1oqzdaWgaaWcbaGaamyAaiaadshaaeqaaOGaaiiFaiaadIfadaWgaaWcbaGaamyAaiaadshaaeqaaOGaaiilaiaadcfacaWGvbGaamOqaiaadYeacaWGjbGaam4qamaaBaaaleaacaWGPbaabeaaaOGaay5waiaaw2faaiabg2da9iaaicdaaeaacaWGfbWaamWaaeaacqaHXoqydaWgaaWcbaGaamyAaaqabaGccaGG8bGaamiwamaaBaaaleaacaWGPbGaamiDaaqabaGccaGGSaGaamiuaiaadwfacaWGcbGaamitaiaadMeacaWGdbWaaSbaaSqaaiaadMgaaeqaaaGccaGLBbGaayzxaaGaeyiyIKRaaGimaaaaaa@5B91@