Beginning 1996, level is the sum of the market value of common and preferred equity for U.S. domestic nonfinancial corporations. The level of common equity is calculated from CRSP micro data as the sum of shares outstanding times share price at the end of the quarter. The level of total financial and nonfinancial preferred equity is benchmarked to data from Standard and Poor's and is calculated for other periods using a perpetual inventory method based on transactions data from Thomson Financial and the Standard and Poor's U.S. Preferred Stock Index. Total preferred stock is then allocated between financial and nonfinancial corporations using a ratio from Standard and Poor's Compustat. Prior to 1996, nonfinancial business' public corporate equities also includes nonfinancial business' closely held corporate equities ( FOF series FL103164123). Series has no transactions component. Data for the most recent ten years show no significant seasonality.
Last edited on: 06/10/2015