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The Hoberg and Phillips Text Based Industry Classifications have a spatial
representation. All firms have a location in a product market space shaped as
a unit sphere. Competitive product markets are areas of the sphere where many
firms are located. Concentrated areas are sparsely populated.
Some regions of the product space have no firms residing there, as some text
descriptions of products would describe products with no demand, such as the
word combination: "eggs", "paint" and
"gardening".
The best way to tap the full research power of this product market grid is to
use the Text-based Network Industry Classifications (TNIC), which is a
network way of identifying competitors to each firm. Competitors are firms
residing in close proximity in product space to each firm based on a
continuous measure of similarity. Another key benefit of TNIC industries is
that industry composition is updated annually, and our own research indicates
that the product market space itself thus dynamically changes over time. As a
result, static fixed-location FIC classifications miss out on much of the picture.
Hoberg and Phillips
Data Library
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Welcome
to the Hoberg-Phillips Data Library
<<
NEW: Data extended to 2021 (overall coverage now 1989 to 2021)!
>>
Data provided by Gerard Hoberg
(USC)
and Gordon Phillips
(Dartmouth)
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10-K Text-based Network Industry Classifications (TNIC)
data
* TNIC data is the richest form
of the textual network project (an unrestricted network). The benefits are
outlined in the readme file above, and in
the Hoberg and Phillips (2010RFS, 2016JPE) papers noted below. The baseline
version above is the "standard version" meant for most research projects.
** Please cite the following two studies that provided key innovations when
referring to this data:
Text-Based Network Industries
and Endogenous Product Differentiation.[Download
Paper]
Gerard Hoberg and Gordon Phillips, 2016, Journal of Political
Economy 124 (5), 1423-1465.
Product
Market Synergies and Competition in Mergers and Acquisitions: A Text-Based
Analysis.[Download
Paper]
Gerard Hoberg and Gordon Phillips, 2010, Review of Financial Studies
23 (10), 3773-3811.
*** The following paper also uses the above data:
Product Market Threats, Payouts, and Financial Flexibility [Download
Paper]
Gerard Hoberg, Gordon Phillips and Nagpurnanand Prabhala, 2014, Journal
of Finance 69 (1), 293-324.
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10-K Text-based Fixed Industry Classifications
(FIC-100,200,300,400,500) data
- Download
Data (* we do not recommend this data for most projects as TNIC
data above is superior on all dimensions)
* This data can be used in the
same way SIC or NAICS industry controls are used. However, its transitivity
restriction renders it to be
less informative than the full TNIC database above. We include this analog for
convenience, although we do not recommend using
this network as the above TNIC database is better. See readme file above
for more.
** Please cite the following two studies that provided key innovations when
referring to this data:
Text-Based Network Industries
and Endogenous Product Differentiation.[Download
Paper]
Gerard Hoberg and Gordon Phillips, 2016, Journal of Political
Economy 124 (5), 1423-1465.
Product
Market Synergies and Competition in Mergers and Acquisitions: A Text-Based
Analysis. [Download
Paper]
Gerard Hoberg and Gordon Phillips, 2010, Review of Financial Studies
23 (10), 3773-3811.
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