Board of Governors of the Federal Reserve System

Annual transactions from unpublished BEA data on securities, commodities contracts, and investments investment in research and development (a portion of Fixed Asset Table 3.7I Investment in Private Intellectual Property Products by Industry, line 52, Finance and insurance, Securities, commodities contracts, and investments). Annual transactions are converted to seasonally adjusted quarterly transactions by calculating the ratio of the above series to annual data on private domestic investment in research and development (a portion of NIPA, Table 1.1.5 Gross Domestic Product, line 12, Private domestic, Nonresidential, Intellectual property products); multiplied by quarterly data on private domestic investment in research and development (a portion of line 12, Private domestic, Nonresidential, Intellectual property products). Unadjusted transactions are calculated as transactions at a seasonally adjusted annual rate divided by 4. Series has no stocks outstanding.