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Appendix B: Tobin's q Models

6 May 2018 RDP 2018-05
Jonathan Hambur and Gianni La Cava
s investment opportunities given it includes the market value of equity (Caballero 1999). ... Table B1 contains the results using the cost of debt in the Tobin's q model.
https://www.rba.gov.au/publications/rdp/2018/2018-05/appendix-b.html

Do Interest Rates Affect Business Investment? Evidence from Australian Company-level Data

1 Apr 2018 RDP 2018-05
Jonathan Hambur and Gianni La Cava
Due to adjustment costs, the company's actual capital stock (k. i,t. ) ... s investment opportunities given it includes the market value of equity (Caballero 1999).
https://www.rba.gov.au/publications/rdp/2018/2018-05/full.html

Appendix C: Multiple Imputation Model

6 May 2018 RDP 2018-05
Jonathan Hambur and Gianni La Cava
where Z. i,t. is a vector of variables taken from the company's balance sheet that may be related to its riskiness, demand for credit, and interest rates more generally. ... It also includes a number of indicators that take on the value one if: the
https://www.rba.gov.au/publications/rdp/2018/2018-05/appendix-c.html

Reduced-form Model

6 May 2018 RDP 2018-05
Jonathan Hambur and Gianni La Cava
Due to adjustment costs, the company's actual capital stock (k. i,t. ) ... Companies have noted this as part of the RBA's business liaison programme (Lane and Rosewall 2015).
https://www.rba.gov.au/publications/rdp/2018/2018-05/reduced-form-model.html

Do Interest Rates Affect Business Investment? Evidence from Australian Company-level Data

6 May 2018 RDP 2018-05
Jonathan Hambur and Gianni La Cava
https://www.rba.gov.au/publications/rdp/2018/2018-05/sections.html

Accounting for Sample Selection

6 May 2018 RDP 2018-05
Jonathan Hambur and Gianni La Cava
where Z. i,t. is a vector of variables taken from the company's balance sheet that may be related to the company's riskiness, demand for credit, and interest rates
https://www.rba.gov.au/publications/rdp/2018/2018-05/accounting-for-sample-selection.html

References

6 May 2018 RDP 2018-05
Jonathan Hambur and Gianni La Cava
Cockerell L and S Pennings (2007), ‘Private Business Investment in Australia’, RBA Research Discussion Paper No 2007-09. ... Dunne T, MJ Roberts and L Samuelson (1988), ‘Patterns of Firm Entry and Exit in U.S.
https://www.rba.gov.au/publications/rdp/2018/2018-05/references.html

Introduction

6 May 2018 RDP 2018-05
Jonathan Hambur and Gianni La Cava
A 1 per cent decrease in the interest rate paid on debt is associated with the investment rate (investment divided by the previous period's capital stock) rising by – percentage points,
https://www.rba.gov.au/publications/rdp/2018/2018-05/introduction.html

Data and Stylised Facts

6 May 2018 RDP 2018-05
Jonathan Hambur and Gianni La Cava
Figure 4: Sectoral Earning Yields. Analyst expectations of yields in one year's time. ... We scale both measures of investment by the previous period's capital stock, measured at the (real) replacement cost.
https://www.rba.gov.au/publications/rdp/2018/2018-05/data-and-stylised-facts.html