# RDP 2005-12: Financial Constraints, the User Cost of Capital and Corporate Investment in Australia Equation (B3)

$${z}_{s,t}=\frac{\delta \left(1+{r}_{t}\right)}{{r}_{t}+\delta}$$

$${z}_{s,t}=\frac{\delta \left(1+{r}_{t}\right)}{{r}_{t}+\delta}$$