Data: Equity Share and Stock Returns

Daily Speculations
Data for April 10, 2003 column: "Why Stocks Should Rise 19% This Year"
http://moneycentral.msn.com/content/P45010.asp
Table shows proportion of equity raised to total equity plus debt
(All U.S. stocks 1927-2002)
	Equity Raised ($ mlns)	% Equity	Next year's return (%)
1927	1,724	27	37.9
1928	3,396	50	-11.9
1929	6.757	72	-28.5
1930	1,526	31	-47.1
1931	343	14	-15.1
1932	24	4	46.6
1933	152	40	-5.9
1934	35	7	41.4
1935	150	7	27.9
1936	552	12	-38.6
1937	760	31	25.2
1938	96	4	-5.5
1939	185	9	-15.3
1940	328	12	-17.9
1941	299	11	12.4
1942	129	12	19.4
1943	174	16	13.8
1944	512	16	30.7
1945	1,313	21	-11.9
1946	2,073	32	0
1947	1,502	24	-0.7
1948	932	16	10.3
1949	1,161	19	21.8
1950	1,445	23	16.5
1951	2,050	26	11.8
1952	1,930	20	-6.6
1953	1,815	20	45
1954	2,029	21	26.4
1955	3	28	2.6
1956	2,937	27	-14.3
1957	2,924	23	38.1
1958	1,905	16	8.5
1959	2,558	26	-3
1960	2,073	20	23.1
1961	3,744	28	-11.8
1962	1,736	16	18.9
1963	1,364	11	13
1964	3,091	22	9.1
1965	2,272	14	-13.1
1966	2,513	14	20.1
1967	2,844	11	7.7
1968	4,583	21	-11.4
1969	8,396	31	0.1
1970	8,680	22	10.8
1971	12,961	29	15.6
1972	13,061	31	-17.4
1973	11,122	33	-29.7
1974	6,247	16	31.5
1975	10,863	20	19.1
1976	11,094	21	-11.5
1977	11,777	22	1.1
1978	10,358	22	12.3
1979	11,325	22	25.8
1980	20,489	28	-9.7
1981	25,349	36	14.8
1982	30,562	36	17.3
1983	51,579	43	1.4
1984	22,628	17	26.3
1985	35,515	18	14.6
1986	61,830	16	2
1987	53,349	15	12.4
1988	42,455	11	27.3
1989	32,203	10	-6.6
1990	23,441	8	26.3
1991	65,268	15	4.5
1992	78,457	15	7.1
1993	101,554	14	-1.5
1994	60,398	12	34.1
1995	68,473	12	20.3
1996	112,546	20	31
1997	136,005	15	26.7
1998	96,636	9	19.5
1999	172,870	15	-10.1
2000	184,688	15	-13
2001	79,625	6	-23.4
2002	75,195	6
2003
Source: Federal Reserve Bulletin, Spec Duo updates