Visual Representation of Hoberg/Phillips Product Space

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

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)


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.


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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