Welcome to the Hoberg-Phillips Advanced Users Portal
NEW: Data extended to 2023 (overall coverage now 1989 to 2023)!
Data Provided by Gerard Hoberg and Gordon Phillips
Complete 10-K TNIC Industry Data (TNIC-All)
[TNIC-All Industry Classification Data] This data is likely only valuable to researchers more deeply knowledgeable about TNIC industries and the network form of the data. A network classification has one textual similarity calculation for each pair of firms in each year and hence is a large database when this is tabulated over many years. This data is between 4-5 gigabytes zipped. The baseline TNIC database is typically more useful as it only contains similarity scores for firm-pairs that are highly related and thus in the same industry. This version has similarity scores for all firm pairs, even those pairs that have very little relatedness. [Download TNIC-All Data (4-5GB)] [View Readme for this Data]
* The following study provided the key innovations to the creation of this data:
- Text-Based Network Industries and Endogenous Product Differentiation - Gerard Hoberg and Gordon Phillips, 2016, Journal of Political Economy, 124 (5), 1423-1465
Augmented Product Market Fluidity data (Includes self fluidity)
[Augmented Product Market Fluidity Data] The baseline product market fluidity database only contains the product market fluidity measure, which indicates the extent to which rivals are evolving in the product space (competitive threat). Overwhelmingly, this is what is most useful to researchers examining fluidity and is a property of a firm's overall market. The primary research paper also produced a separate measure of firm-specific fluidity (known as self-fluidity), which measures the extent to which each firm itself is evolving relative to its last year's 10-K product description. This self fluidity measure is more endogenous and used in fewer analyses and we thus provide it here primarily to ensure researchers do not inadvertently confuse these two measures. It important to read the primary reference paper below to understand these measures and their differences before using this data. [Download Augmented Fluidity Data] [View Readme for this Data]
* The following study provided the key innovations to the creation of this data:
- Product Market Threats, Payouts, and Financial Flexibility - Gerard Hoberg, Gordon Phillips, and Nagpurnanand Prabhala, 2014, Journal of Finance, 69 (1), 293-324