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

Welcome to the Hoberg-Phillips Data Library

<< NEW: All TNIC and Fluidity data now extended through 2015! >>

<< Also, more granular TNIC data is also available >>

Data provided by Gerard Hoberg (USC)

and Gordon Phillips (Dartmouth)


 

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.


 

10-K Text-based Fixed Industry Classifications (FIC-100,200,300,400,500) data

 

 

* 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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Last updated 12/15/16