RDP 9211: Dividends and Taxation: A Preliminary Investigation
Equation (3′)
D
i,t
-D
i,t-1
=
β
1
(
D
i,t-1
-D
i,t-2
)
+β
2
(
X
i,t
-X
i,t-1
)
+
(
ε
i,t
+ε
i,t-1
)
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