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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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Capital Structure: Theory and Evidence

1 Dec 1993 RDP 9313
Geoffrey Shuetrim, Philip Lowe and Steve Morling
An assumption in the Modigliani-Miller value-invariance proposition is that capital markets are frictionless (there are no transaction costs and transactions occur instantaneously). ... Similarly, where debt finance is used, information is provided to
https://www.rba.gov.au/publications/rdp/1993/9313/capital-structure-theory-evidence.html

Introduction

1 Dec 1993 RDP 9313
Geoffrey Shuetrim, Philip Lowe and Steve Morling
Download the Paper 105. KB. This paper examines the determinants of capital structure decisions made by Australian non-financial corporations. ... The mix of debt funds and equity funds (leverage) employed by a firm define its capital structure.
https://www.rba.gov.au/publications/rdp/1993/9313/introduction.html

Summary and Conclusions

1 Dec 1993 RDP 9313
Geoffrey Shuetrim, Philip Lowe and Steve Morling
Download the Paper 105. KB. The theoretical and empirical literature identifies a wide variety of possible influences on corporate capital structures. ... Our results suggest that large firms enjoy considerable advantages over their smaller competitors
https://www.rba.gov.au/publications/rdp/1993/9313/summary-conclusions.html

Results

1 Dec 1993 RDP 9313
Geoffrey Shuetrim, Philip Lowe and Steve Morling
The results are generally consistent with our a priori expectations, outlined in Section 2.4, and suggest that firm, institutional and macro-economic factors combine to affect capital structure decisions. ... A reliance on internal funds may also reflect
https://www.rba.gov.au/publications/rdp/1993/9313/results.html

Empirical Model

1 Dec 1993 RDP 9313
Geoffrey Shuetrim, Philip Lowe and Steve Morling
Many factors that influence individual firms' capital structure may be common within organisational structures and industrial groupings. ... Also, firms in the same industry often face common product and/or factor markets and are likely to have similar
https://www.rba.gov.au/publications/rdp/1993/9313/empirical-model.html

References

1 Dec 1993 RDP 9313
Geoffrey Shuetrim, Philip Lowe and Steve Morling
Masulis (1980), ‘Optimal Capital Structure Under Corporate and Personal Taxation’,. Journal of Financial Economics. , ... Ramirez (1991), ‘The Effect of Business Risk on Corporate Capital Structure: Theory and Evidence’,.
https://www.rba.gov.au/publications/rdp/1993/9313/references.html