Beginning in 1996, level estimated by FOF Section as the sum of the market value of holding companies 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 industries. A ratio of how much holding companies make up each industry?s market value from Standard and Poor's Compustat, with company name and CUSIPs of Y9LP, Y9SP, and FR2320 filers being used to identify holding companies, is used to split out the holding company share of the calculated market level values from SOI for each industry. 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 allocated to holding companies 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. Series has no transactions component. Data for the most recent ten years show no significant seasonality.
Last edited on: 02/22/2024