The presence of foreign funds has grown as a result of distribution agreements with Italian banks, while Italian banking groups have moved part of their operations abroad. Asset management strategies are still subordinated in large part to those of the controlling companies.
The results of estimating these types of models on aggregate Australian data have been generally disappointing (for instance, see Cockerell L and S Pennings (2007), “Private Business Investment in Australia”, RBA Research Discussion Paper No 2007–09).