The Hoberg and Maksimovic text-based measures of financial constraints are
based on firm disclosures in the capitalization and liquidity discussion of
The measures include four different constraint variables. (1) A general measure of the extent to
which firms are constrained, (2) a measure that is specific to constrained
firms attempting to access the equity market, (3) a measure that is specific
to constrained firms attempting to access the debt market, and (4) an
analogous measure specific to private placements of equity.
Hoberg and Maksimovic
Marshall School of Business
University of Southern California
Los Angeles, CA
to the Hoberg-Maksimovic Financial Constraints Repository
Note: Financial Constraints Data Extended through 2015! >>
Data provided by Gerard Hoberg
(University of Southern California)
Maksimovic (University of Maryland)
10-K Text-Based Financial Constraint Data from:
Redefining Financial Constraints, 2015, Review
of Financial Studies 28 (5), 1312-1352.
* Please cite the following
paper when using this data.
Financial Constraints: a Text-Based Analysis. [Download Paper]
Gerard Hoberg and Vojislav Maksimovic, 2015, Review of Financial Studies 28 (5), 1312-1352.
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