Reporting Issuers

Description

The total number of reporting issuers includes all entities that filed an annual report (10-K, 10-K/A, 10-KT, 10-KT/A, 20-F, 20-F/A, 40-F, or 40-F/A) in a rolling four-quarter period. 

Calculation Method 

We count the number of unique reporting issuers that filed an annual report (10-K, 10-K/A, 10-KT, 10-KT/A, 20-F, 20-F/A, 40-F, 40-F/A) in a rolling four-quarter period. Annual reports are identified using EDGAR. Reporting issuers are identified based on their Central Index Key (CIK), which is a unique number assigned by the U.S. Securities and Exchange Commission (SEC). The final dataset on reporting issuers contains only the most recently filed annual report for the most recent fiscal period for each CIK in each period. In cases where multiple CIKs file on the same form, each CIK is treated as a unique reporting issuer unless the filing pertains to an asset-backed security (ABS). A Form 10-K filing that pertains to an ABS may contain separate CIKs for the issuing entity, the depositor, the sponsor, and other entities. For these filings, we only count one reporting issuer to reflect the issuing entity with reporting obligations.

Data Source

Electronic Data Gathering, Analysis, and Retrieval (EDGAR).

Description

The number of reporting issuers (see “Total number of reporting issuers”) with securities identified as ordinary common shares from companies incorporated in the U.S. according to CRSP data.

Calculation Method 

The number of U.S. domiciled exchange listed companies is the number of issuers with CRSP security type as ordinary common shares from companies incorporated in the U.S. in a rolling four-quarter period. In cases where reporting issuers had multiple security types, ordinary common shares were prioritized.

Data Source

Electronic Data Gathering, Analysis, and Retrieval (EDGAR); Inline XBRL (eXtensible Business Reporting Language); CRSP Stock File, Center for Research in Security Prices, University of Chicago Booth School of Business (2026) (CRSP). 

Description

The number of reporting issuers (see “Total number of reporting issuers”) with securities identified as ordinary common shares from companies incorporated outside the U.S. according to CRSP data.

Calculation Method 

The number of foreign domiciled exchanged listed companies is the number of issuers with CRSP  security type as ordinary common shares from companies incorporated outside of the U.S. in a rolling four-quarter period. In cases where reporting issuers had multiple security types, ordinary common shares were prioritized.

Data Source

Electronic Data Gathering, Analysis, and Retrieval (EDGAR); Inline XBRL (eXtensible Business Reporting Language); CRSP Stock File, Center for Research in Security Prices, University of Chicago Booth School of Business (2026) (CRSP). 

Description

The number of reporting issuers (see “Total number of reporting issuers”) with securities identified as American depositary receipts (ADRs) according to CRSP data.

Calculation Method 

The number of ADRs is the number of reporting issuers with CRSP security type as equity and share type as ADR from companies incorporated outside of the U.S. in a rolling four-quarter period. In cases where reporting issuers had multiple security types, ordinary common shares were prioritized.

Data Source

Electronic Data Gathering, Analysis, and Retrieval (EDGAR); Inline XBRL (eXtensible Business Reporting Language); CRSP Stock File, Center for Research in Security Prices, University of Chicago Booth School of Business (2026) (CRSP). 

Description

The number of reporting issuers (see “Total number of reporting issuers”) with securities identified as real estate investment trusts (REITs) according to CRSP data.

Calculation Method

The number of REITs is the number of issuers with CRSP security type as ordinary common shares from REITs incorporated in the U.S. in a rolling four-quarter period. In cases where reporting issuers had multiple security types, ordinary common shares were prioritized.

Data Source

Electronic Data Gathering, Analysis, and Retrieval (EDGAR); Inline XBRL (eXtensible Business Reporting Language); CRSP Stock File, Center for Research in Security Prices, University of Chicago Booth School of Business (2026) (CRSP). 

Description

The number of reporting issuers (see “Total number of reporting issuers”) with securities identified as shares of beneficial interest (SBIs), units, or exchange traded funds according to CRSP data, other than real estate investment trusts (REITs) (categorized separately).

Calculation Method 

The number of units, certificates, and shares of beneficial interest (excl REITs) is the number of issuers with CRSP security type as shares of beneficial interest (SBIs), units, or exchange traded funds in a rolling four-quarter period. In cases where reporting issuers had multiple security types, ordinary common shares were prioritized.

Data Source

Electronic Data Gathering, Analysis, and Retrieval (EDGAR); Inline XBRL (eXtensible Business Reporting Language); CRSP Stock File, Center for Research in Security Prices, University of Chicago Booth School of Business (2026) (CRSP). 

Description

The number of reporting issuers (see “Total number of reporting issuers”) with securities identified as closed-end funds according to CRSP data.

Calculation Method 

The number of closed end funds is the number of issuers with CRSP security type as closed end fund in a rolling four-quarter period. In cases where reporting issuers had multiple security types, ordinary common shares were prioritized.

Data Source

Electronic Data Gathering, Analysis, and Retrieval (EDGAR); Inline XBRL (eXtensible Business Reporting Language); CRSP Stock File, Center for Research in Security Prices, University of Chicago Booth School of Business (2026) (CRSP).

Description

The number of inactive issuers is the number of CRSP matches to reporting issuers (see “Total number of reporting issuers”) with no market capitalization.

Calculation Method 

The number of reporting issuers that matched with CRSP data but were missing data on either price or shares outstanding in a rolling four-quarter period.

Data Source

Electronic Data Gathering, Analysis, and Retrieval (EDGAR); Inline XBRL (eXtensible Business Reporting Language); CRSP Stock File, Center for Research in Security Prices, University of Chicago Booth School of Business (2026) (CRSP). 

Description

This category includes reporting issuers (see “Total number of reporting issuers”) that are not asset-backed securities whose shares trade on the over-the-counter (OTC) market, who do not have traded shares, or who have registered debt only. It may also include issuers not matched between the registrant universe and CRSP due to timing differences or the matching methodology.

Calculation Method 

This number includes all reporting issuers that did not match with CRSP and were not classified as asset-backed securities in a rolling four-quarter period. Reporting issuers that do not match with CRSP could have equity shares traded on the OTC market, have registered debt only, or not have traded shares at all. It is possible some reporting issuers did not match with CRSP due to timing issues driven by delistings, bankruptcies, mergers, name changes, or late filings. It is also possible that some reporting issuers that should have been matched with CRSP were missed by the matching methodology.

Data Source

Electronic Data Gathering, Analysis, and Retrieval (EDGAR); Inline XBRL (eXtensible Business Reporting Language); CRSP Stock File, Center for Research in Security Prices, University of Chicago Booth School of Business (2026) (CRSP). 

Description

The asset-backed securities (ABS) count is the number of ABS issuing entities subject to Exchange Act reporting requirements. 

Calculation Method 

The number of ABS is based on the number of filings in which the reporting issuer reports standard industrial classification (SIC) code 6189 or if an ABS class is reported in the EDGAR filing header file in a rolling four-quarter period.

Data Source

Electronic Data Gathering, Analysis, and Retrieval (EDGAR). 

Description

The number of reporting issuers identified as shell companies as indicated in EDGAR filings. Shell issuers are aggregated by the following categories: U.S. domiciled exchange listed companies, foreign domiciled exchange listed companies, ADRs, REITs, units, certificates, and shares of beneficial interest (excl REITs), closed end funds, inactive issuers, OTC and other, and ABS.

Calculation Method 

Shell company status is determined from the most recently filed annual report for the most recent fiscal period for each reporting issuer in a rolling four-quarter period by searching the relevant checkbox. To the extent possible, this process is automated with Inline XBRL tagged data. 

Data Source

Electronic Data Gathering, Analysis, and Retrieval (EDGAR); Inline XBRL (eXtensible Business Reporting Language).

Description

The number of reporting issuers that are identified as large accelerated filers (LAFs), accelerated filers (AFs), or non-accelerated filers (NAFs) as indicated in EDGAR filings. Reporting issuers for which filer status was not determined were classified “Not identified.”

Calculation Method 

LAF status, AF status, and NAF status are determined from the most recently filed annual report for the most recent fiscal period for each reporting issuer in a rolling four-quarter period by searching the relevant checkbox. To the extent possible, this process is automated with Inline XBRL tagged data. Any issuer that is not identified as LAF, AF, or NAF is classified as “Not identified.”

Data Source

Electronic Data Gathering, Analysis, and Retrieval (EDGAR); Inline XBRL (eXtensible Business Reporting Language). 

Description

The number of reporting issuers identified as emerging growth companies (EGCs) as indicated in EDGAR filings. EGCs are aggregated by filer status (i.e., LAF, AF, NAF, and Not identified).

Calculation Method 

EGC status is determined from the most recently filed annual report for the most recent fiscal period for each reporting issuer in a rolling four-quarter period by searching the relevant checkbox. To the extent possible, this process is automated with XBRL tagged data .  

Data Source

Electronic Data Gathering, Analysis, and Retrieval (EDGAR); Inline XBRL (eXtensible Business Reporting Language).

Description

The number of reporting issuers identified as smaller reporting companies (SRCs) as indicated in EDGAR filings. SRCs are aggregated by filer status (i.e., LAF, AF, NAF, and Not identified).

Calculation Method 

SRC status is determined from the most recently filed annual report for the most recent fiscal period for each reporting issuer in a rolling four-quarter period by searching the relevant checkbox. To the extent possible, this process is automated with Inline XBRL tagged data. 

Data Source

Electronic Data Gathering, Analysis, and Retrieval (EDGAR); Inline XBRL (eXtensible Business Reporting Language).