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

E[ α i * | X it ,PUBLI C i ]=E[ α i | X it ,PUBLI C i ]θ X ¯ i χPUBLI C i =0 MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@671E@