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RBA Glossary definition for capital market

capital market – A market for medium to long-term financial instruments. Financial instruments traded in the capital market include shares, and bonds issued by the Australian Government, State governments, corporate borrowers and financial institutions.

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Share-Market Efficiency

1 Dec 1996 RDP 9610
Michael Andersen and Robert Subbaraman
when the capital markets may have been less liquid. ... Reflecting the changes in Australian financial markets in the eighties, there is evidence that the liquidity in the market has improved and share price inefficiencies have been reduced.
https://www.rba.gov.au/publications/rdp/1996/9610/share-market-efficiency.html

References

1 Dec 1996 RDP 9610
Michael Andersen and Robert Subbaraman
987–1007. Fama, E.F. (1970), ‘Efficient Capital Markets: A Review of Theory and Empirical Work’, Journal of Finance, 25(2), pp. ... 383–417. Fama, E.F. (1991), ‘Efficient Capital Markets : II’, Journal of Finance, 46(5), December, pp.
https://www.rba.gov.au/publications/rdp/1996/9610/references.html

Introduction

1 Dec 1996 RDP 9610
Michael Andersen and Robert Subbaraman
Increasingly, however, it has been recognised that share markets may not be efficient processors of information and may deviate from their fundamental value for extended periods. ... capital or to improve their balance sheets (Fischer and Merton 1984;
https://www.rba.gov.au/publications/rdp/1996/9610/introduction.html

Share Prices And Investment – Empirical Results

1 Dec 1996 RDP 9610
Michael Andersen and Robert Subbaraman
Four-variable VAR. Investment, share prices, real cost of capital, real return on capital. ... The return on capital, the discount rate and net dividend payments are all highly significant and correctly signed.
https://www.rba.gov.au/publications/rdp/1996/9610/share-prices-and-investment-empirical-results.html

Share Prices and Investment – Some Theory

1 Dec 1996 RDP 9610
Michael Andersen and Robert Subbaraman
I. is the marginal cost of capital and α is the cost of adjusting the existing capital stock. ... Equation (4) illustrates that when the market value of capital exceeds its replacement cost (q>1), a firm is able to increase its value by investing.
https://www.rba.gov.au/publications/rdp/1996/9610/share-prices-and-investment-some-theory.html