The website www.federalreserve.gov/releases/z1/current/default.htm provides data on sources of funds and an aggregate balance sheet for nonfarm nonfinancial corporations. Look at Table F.102 for the latest year. What proportion of the cash that companies needed was generated internally, and how much had to be raised on the financial markets? Is this the usual pattern? Now look at “new equity issues.” Were companies, on average, issuing new equity or buying their shares back?