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Someone might argue that Udry's empirical results are due to limited liability {which leads to sharecropping arrangements between borrowers and. lenders). In what way would

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Someone might argue that Udry's empirical results are due to limited liability {which leads to sharecropping arrangements between borrowers and. lenders). In what way would this person be right? Why can't this person's explanation fully account for Utiry's empirical results? Please refer to spacgc results at the tables to support your

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