I have a panel dataset with 13 countries and 10 years (1999-2009).
I'm trying to calculate share/percentage of the average firm market capitalization to average stock market capitalization for each country within the 10 year period.
My numbers does not makes sense, and besides US, all of them are way above 100%.
I cross-checked with my data, and I see that some individual firms have a reported value of market capitalization that exceeds total stock market capitalization for a given year.
I deleted all company ID duplicates so the same firm does not occur in the country sample twice.
Is it really possible that the firm market capitalization can exceed stock market capitalization for a given year, if so, what is the theory?
As you may discover, this is not my field at all, but I am trying to figure out the extent or significance of my sample size to the stock market/ or the national economy in general (for each country).