RDP 2013-05: Liquidity Shocks and the US Housing Credit Crisis of 2007–2008 Equation (6)

Δ L_{i j} = γ + P R I V S H A R E_{i}^{'} β_{1} + P U B S H A R E_{i}^{'} β_{2} + Δ X_{i j}^{'} ϕ + Δ η_{j} + Δ ε_{i j}