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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
Marshall School of Business
University of Southern California
Los Angeles, CA
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Hoberg-Phillips
Advanced Data Options
<<
NEW: Data extended to 2021 (overall coverage now 1989 to 2021)!
>>
<<
Advanced-User-Only Data >>
Data provided by Gerard Hoberg
(USC)
and Gordon Phillips
(Dartmouth)
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Complete 10-K TNIC Industry Data (Entire TNIC Database
Containing All Pairs)
* The complete TNIC database
contains pairwise scores for all firm pairs in each year and is a huge
database. It is not recommended for most projects b/c most projects are interested
in industry analysis, for example using a granularity equivalent to
three-digit SIC industries. To get that, please go back to the main page as
that is the default download. Using the entire database has little value to
most projects b/c distant peers are not very informative and a database
this size is unwieldy.
** Please cite the following 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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Augmented 10-K Product Market Fluidity data (Includes
both product market fluidity and self fluidity).
* The augmented fluidity
database is not recommended for most studies because the added variable, self fluidity, is not as focal in this area of research
as is the primary variable (product market fluidity), which is included in
the main fluidity database. The self fluidity
variable is a function of the 10-K of one firm only and is a highly
endogenous variable. However, it might be useful for some advanced users
considering more targeted tests so we include it here.
* Please cite the following
study when referring to this 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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