Board of Governors of the Federal Reserve System

Beginning 1996, level is the sum of the market value of common and preferred equity for holding companies. 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, using company name and CUSIPs of Y9LP, Y9SP, and FR2320 filers to identify holding companies. 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 to holding companies by applying the holding companies' share of total domestic financial corporate equity to the financial portion of the preferred stock, using a ratio from Standard and Poor's Compustat to split out preferred stock between financial and nonfinancial corporations. Level also includes corporate equities issued under the federal financial stabilization programs by bank-holding companies ( FL313064163) and commercial banking ( Fl313064173). Prior to 1996, holding companies' public corporate equities also includes holding companies' closely held corporate equities ( FOF series FL733164123). Beginning 1990:Q3, unadjusted transactions from FR Board FR Y-9LP report, schedule PI-A, part III, sum of Proceeds from issuance of common stock (BHCP6607) and Proceeds from issuance of preferred stock (BHCP6619), less Payment to repurchase common stock (BHCP8518), and less Payment to repurchase preferred stock (BHCP6741). Data for the most recent ten years show no significant seasonality.