RDP 2016-03: Why Do Companies Hold Cash?
Equation
C
A
S
H
i
j
t
=
α
+
β
M
O
R
N
I
N
G
i
+
γ
X
i
j
t
+
δ
(
M
O
R
N
I
N
G
i
∗
X
i
j
t
)
+
μ
j
+
λ
t
+
ε
i
j
t
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