Although previous researchers have compared FFA and SCF estimates, often the
estimates were not on the same definitional basis. For example, FFA estimates of total
corporate equity include shares of closely held corporations. Previous research had
counted only the value of publicly traded shares and determined that the FFA estimates
were inexplicably higher than the SCF estimates. However, when the value of closely
held shares is added to the SCF estimate of corporate equity, the SCF estimates are, in
fact, higher than the FFA estimates.