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.
