Welcome to the Hoberg-Phillips Data Library
NEW: Data extended to 2023 (overall coverage now 1989 to 2023)!
Data Provided by Gerard Hoberg and Gordon Phillips
TNIC Competition Data (Total Similarities and HHIs)
[TNIC Total Similarity and HHI Data] Firms having more competitors with more textually similar business descriptions in their 10-Ks likely face more competition as they are in markets with less differentiated products (higher total similarity equates to more competition through reduced differentiation). Firms with a higher HHI are in more concentrated markets and likely face less competition. [Download HHI/Total Similarity Data] [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
Product Market Fluidity Data (Competitive Threats)
[Product Market Fluidity Data] Product market fluidity measures the extent to which other firms in related markets are changing their product offerings in the current year relative to last year. Higher fluidity indicates potential rival firms are more agile and innovative in the product space. Firms facing more fluid markets face greater competitive threats. [Download HHI/Total Similarity Data] [View Readme for this Data] [More Fluidity Data (Advanced Users Only)]
* 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
Historical Fitted SIC-based Industry concentration data
[Historical Fitted SIC-based Industry concentration data] Note that this resource has become quite dated and might have limited use (it is based on 3-digit SIC codes and data coverage is from 1975 to 2005 and we are unable to provide updates). This data is based on a regression-based approach to account for private firms in HHI estimates (see study referenced below). [Download Fitted HHI Data] [View Readme for this Data]
* The following study provided the key innovations to the creation of this data:
- Real and Financial Industry Booms and Busts - Gerard Hoberg and Gordon Phillips, 2010, Journal of Finance, 65 (1), 45-86