NEGATIVE net issuance of equity since 1994?

[Barnet Wagman <wagman@xxxxxxxxxxxx>]

I happened to be perusing the FOF (March 2000) and came
across something a bit surprising.

Since 1994, the net value of stock issues in the U.S. has been
negative.  Of course this series was negative during the LBO
mania of the late 1980s, but I wouldn't have expected that
to be the case now.  (I realize that IPO's are a small fraction
of the market, but still.)

Does this reflect some idyosyncracy of the Fed's accounting?
If not, how do we account for this?

--
Barnet Wagman

email: wagman@xxxxxxxxxxxx