Board of Governors of the Federal Reserve System

Beginning in 1996, stocks outstanding estimated by FOF Section as the sum of the market value of financial and nonfinancial C-corporations and S-corporations. The market value of S-corporations is estimated by multiplying the net worth data of S-corporations in financial and nonfinancial industries (identified by 2-digit NAICS codes)from the IRS SOI Table S Corporation Returns: Balance Sheet and Income Statement Items, by Major Industry, by the average ratio of market value to net worth from Standard and Poor's Compustat for public companies in the same nonfinancial and financial industries. The market value of C-corporations is estimated by multiplying the revenue data of companies that appear on Forbes' annual list of America's Largest Private Companies by the ratio of total market value to total revenue of public companies from Standard and Poor's Compustat with similar industry, employment, and revenue profiles. The total market value of C-corporations is split between financial, nonfinancial and eREIT corporations using the same splits available from the S-corporations calculations. The total market value of C-corporations and S-corporations is adjusted downward by 25 percent to reflect the lack of liquidity of closely held shares. Prior to 1996, all domestic sectors' public corporate equities also includes all domestic sectors' closely held corporate equities (FOF series FL883164123). Series has no transactions component.