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Shares of stock traded in a stock market. Equities represent the residual claim or interest of the most junior class of investors in assets, after all liabilities are paid.
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What are necessary adjustments to returns in CRSP?
I guess this is a pretty straight forward and basic question.
I am using the entire CRSP universe from 1962-2016 and my goal is to replicate a research paper. However, I realized that the average (va …