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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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The Cost of Equity Capital in Australia: What Can We Learn from International Equity Returns?

1 Sep 1991 RDP 9107
Anthony J. Richards
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1991/9107.html

Discussion

1 Sep 1991 RDP 9107
Anthony J. Richards
However, the assumption that the IAPM does hold across countries seems a reasonable starting point, as many studies of the cost of capital assume that the worldwide capital market is now ... And since there is apparently more unexplained variance in the
https://www.rba.gov.au/publications/rdp/1991/9107/discussion.html

References

1 Sep 1991 RDP 9107
Anthony J. Richards
Market Beta”, Review of Economics and Statistics, 68:452–459. Mehra, R. and E. ... Solnik, B.H. (1974), “An Equilibrium Model of the International Capital Market”, Journal of Economic Theory, 8:500–524.
https://www.rba.gov.au/publications/rdp/1991/9107/references.html

Measures of the Cost of Equity

1 Sep 1991 RDP 9107
Anthony J. Richards
RDP 9107: The Cost of Equity Capital in Australia: What can we Learn from International Equity Returns? ... However, in an integrated world capital market all investors have access to all markets, and it seems appropriate to look at all excess returns in
https://www.rba.gov.au/publications/rdp/1991/9107/measures-of-the-cost-of-equity.html

Conclusion

1 Sep 1991 RDP 9107
Anthony J. Richards
RDP 9107: The Cost of Equity Capital in Australia: What can we Learn from International Equity Returns? ... Hence the riskiness that is suggested by financial markets data may have a fundamental cause in the real economy.
https://www.rba.gov.au/publications/rdp/1991/9107/conclusion.html

Estimates of the IAPM

1 Sep 1991 RDP 9107
Anthony J. Richards
For some markets such as the US and Japan, this is hardly surprising since those markets constitute a significant proportion of the world market. ... Debt/market value ratios for 7 countries in 1987 from Borio (1990, p.
https://www.rba.gov.au/publications/rdp/1991/9107/estimates-of-the-iapm.html

Introduction

1 Sep 1991 RDP 9107
Anthony J. Richards
RDP 9107: The Cost of Equity Capital in Australia: What can we Learn from International Equity Returns? ... Section 6 considers whether or not this financial market risk has its origin in earnings risk in the real economy.
https://www.rba.gov.au/publications/rdp/1991/9107/introduction.html

The Cost of Equity – Theory

1 Sep 1991 RDP 9107
Anthony J. Richards
However, these factors are presumably becoming much less important as capital controls are removed and as new markets and instruments make international investment easier. ... they add, whether it be to the market portfolio, or the level of consumption.
https://www.rba.gov.au/publications/rdp/1991/9107/cost-of-equity-theory.html

Data – Stockmarket Returns

1 Sep 1991 RDP 9107
Anthony J. Richards
The indices include the largest companies in each of the national markets, and should be a very good proxy for the total market. ... The data indicate that there have been significant divergences in returns in different markets.
https://www.rba.gov.au/publications/rdp/1991/9107/data-stockmarket-returns.html

Can Stockmarket Risk be Explained by Real Earnings Risk in Australia?

1 Sep 1991 RDP 9107
Anthony J. Richards
RDP 9107: The Cost of Equity Capital in Australia: What can we Learn from International Equity Returns? ... That is, while the previous section looked at risk in financial markets, this section will analyse data from the real economy.
https://www.rba.gov.au/publications/rdp/1991/9107/can-stockmarket-risk-be-explained-by-real-earnings-risk-in-australia.html