RDP 9610: Share Prices and Investment Appendix B: Data Sources

Michael Andersen and Robert Subbaraman

December 1996

Series Construction Source
Share prices All Ordinaries Share Price and 50-Leaders Indices; daily closing figures. Monthly, quarterly and annual data are averages of the daily data. Real share prices are calculated using the private business fixed investment deflator. Australian Stock Exchange, Monthly Index Analysis. Earlier share price data from the Australian Stock Exchange's Indices and Yields Book (1991); ABS Quarterly National Accounts, Cat. No. 5206.0, Table 61.
General price level Gross domestic product price deflator. ABS Quarterly National Accounts, Cat. No. 5206.0, Table 61.
Corporate investment Nominal corporate gross fixed capital expenditure. Ratio to the nominal corporate net capital stock. Quarterly capital stock series is interpolated from the annual data. ABS Australian National Accounts, Capital Stock, Cat. No. 5221.0, Table 3.
Cost of capital 10-year Commonwealth Government bond yield. Quarterly data are averages of monthly data which are last business day of the month. RBA Bulletin, Table F2; ABS Quarterly National Accounts, Cat. No. 5206.0, Table 60; Reserve Bank of Australia, Occasional Paper 8, Table 3.23; The Butlin database, Reserve Bank of Australia Research Discussion Paper No. 7701.
Corporate cash flow Gross operating surplus of private corporate trading enterprises less interest payments. ABS Quarterly National Accounts, Cat. No. 5206.0, Table 64.
Return on capital (real) Corporate cash flow as a ratio to the nominal corporate capital stock. As per corporate cash flow. ABS Australian National Accounts, Capital Stock, Cat. No. 5221.0, Table 3.
Output gap Derived by fitting the Hodrick-Prescott filter to the log of real GDP. ABS Quarterly National Accounts, Cat. No. 5206.0, Table 48.
Equity raisings Includes new floats, rights issues, placements and dividend reinvestment of main board stocks. Real equity raisings are calculated using share prices as the deflator. Australian Stock Exchange, Monthly Index Analysis.
Oil prices Saudi Arabian light crude oil. Oil spot price, $ per barrel. Quarterly average. Datastream.
Net dividend payments Corporate dividend payments less receipts. ABS Annual National Accounts, Cat. No. 5204.0, Table 35.