United States Court of Appeals FOR THE SECOND CIRCUIT
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Furthermore, Fisher’s estimate and the estimate based on NYSE and Flow of Funds
data are very close to that found by Jovanovic and Rousseau (2001). Jovanovic and Rousseau
use data from all of the major and minor exchanges, such as the NYSE, the regional exchanges,
and the over-the-counter market. They compute estimates of the market value of all domestic
corporations comparable to estimates of the Flow of Funds after 1945. (See their appendix
for details.) Their data are annual, so we took their end-of-year estimates and inflated them
to get an estimate of the market capitalization at the peak in 1929. Doing this, we find a
market...
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United States Court of Appeals FOR THE SECOND CIRCUIT
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United States Court of Appeals FOR THE SECOND CIRCUIT
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