RDP2013-05: Liquidity Shocks and the US Housing Credit Crisis of 2007–2008 Equation (8)

Δ {\bar{L}}_{j} = γ + S A L E \bar{S} H A R E_{j}^{'} ρ + {\bar{X}}_{j}^{'} ϕ + Δ η_{j} + Δ {\bar{ε}}_{j}