RDP 8707: Asymmetric Information and Bid-Ask Spreads in the Eurocurrency Markets Equation (11)

S t+j − S t =α+ β 1 r t,j − β 2 r t,j * + ε t+j MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaae4uamaaBaaaleaacaqG0bGaey4kaSIaaeOAaaqabaGccqGHsislcaqGtbWaaSbaaSqaaiaabshaaeqaaOGaeyypa0JaeqySdeMaey4kaSIaeqOSdi2aaSbaaSqaaiaaigdaaeqaaOGaaeOCamaaBaaaleaacaqG0bGaaiilaiaabQgaaeqaaOGaeyOeI0IaeqOSdi2aaSbaaSqaaiaaikdaaeqaaOGaaeOCamaaDaaaleaacaqG0bGaaiilaiaabQgaaeaacaGGQaaaaOGaey4kaSIaeqyTdu2aaSbaaSqaaiaabshacqGHRaWkcaqGQbaabeaaaaa@53F7@