Beginning 1996, level is the sum of the market value of common and preferred equity for U.S. domestic nonfinancial and financial 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. Level also includes corporate equities issued under federal financial stabilization programs by GSEs ( FOF series FL313064183), bank-holding companies ( FOF series FL313064163) and commercial banking ( FOF series FL313064173). Prior to 1996, all domestic sectors' public corporate equities also includes nonfinancial business' closely held corporate equities ( FOF series FL 883164123 ). Unadjusted transactions are calculated as the sum of all domestic sectors' unadjusted transactions, excluding other financial business.
Last edited on: 03/01/2024