Picture of G. Hoberg

Gerard Hoberg

Professor of Finance

Marshall School of Business
University of Southern California


hoberg at marshall dot usc dot edu

Mailing Address:
HOH-2nd Floor
Los Angeles, CA 90089-0804

Office Location: HOH 811

Phone: 213.740.2348

Gerard Hoberg's Research

Selected Working Papers

         Vertical Acquisitions, Integration and the Boundaries of the Firm (with Laurent Fresard and Gordon Phillips). [Download Paper] | [Internet Appendix]

         Dynamic Interpretation of Emerging Systemic Risks (with Kathleen Hanley, funded by NSF Grant #1449578). [Download]

         Merger Integration and Merger Success (with Gordon Phillips). [Download]

         Disclosure, Business Change, and Earnings Quality (with Christopher Ball and Vojislav Maksimovic). [Download]

         The Stock Market, Product Uniqueness, and Comovement of Peer Firms (with Gordon Phillips). [Download]

         Can Anomalies Survive Insider Disagreements (with Deniz Anginer and Nejat Seyhun). [Download]

         Shocks to Industry Networks and Post-Earnings Announcement Drift (with Bok Baik, Jungbae Kim, and Peter Oh). [Download]

Published Articles

  Mutual Fund Competition, Managerial Skill, and Alpha Persistence (with Nitin Kumar and Nagpurnanand Prabhala)
Review of Financial Studies (Forthcoming). [Download]

  The Offshoring Return Premium (with Katie Moon)
Management Science (Forthcoming). [Download]

  Offshore Activities and Financial vs Operational Hedging (with Katie Moon)
Journal of Financial Economics (August 2017) 125 (2), 217-244 [lead article]. [Download]

  Text-Based Industry Momentum (with Gordon Phillips)
Journal of Financial and Quantitative Analysis (Forthcoming). [Download]

  Industry Choice and Product Language (with Gordon Phillips)
Management Science (Forthcoming). [Download]

  Do Fraudulent Firms Produce Abnormal Disclosure? (with Craig Lewis)
Journal of Corporate Finance (April 2017) 43, 58-85. [Download]

  Text-Based Network Industries and Endogenous Product Differentiation (with Gordon Phillips)
Journal of Political Economy (October 2016) 124 (5), 1423-1465. [Download]

  Does Product Market Competition Drive CVC Investment? Evidence from the U.S. IT Industry (with Keongtae Kim and Anand Gopal)
Information Systems Research (June 2016) 27 (2), 259-281. [Download]

  Redefining Financial Constraints: a Text-Based Analysis (with Vojislav Maksimovic)
Review of Financial Studies (May 2015) 28 (5), 1312-1352. [Download]

  Product Market Threats, Payouts, and Financial Flexibility (with Gordon Phillips and Nagpurnanand Prabhala),
Journal of Finance (February 2014) 69 (1), 293-324. [Download]

  Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings, (with Kathleen Hanley),
Journal of Financial Economics (February 2012) 103 (2), 235-254.. [Download]

  Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis, (with Gordon Phillips),
Review of Financial Studies (October 2010) 23 (10), 3773-3811. [Download]

  The Information Content of IPO Prospectuses (with Kathleen Hanley),
Review of Financial Studies (July 2010) 23 (7), 2821-64. [Download]

  Real and Financial Industry Booms and Busts (with Gordon Phillips),
Journal of Finance (January 2010) 65 (1), 45-86. [Download]

  Disappearing Dividends, Catering, and Risk (with N.R. Prabhala),
Review of Financial Studies (January 2009) 22 (1), 79-116. [Download]

  The Underwriter Persistence Phenomenon,
Journal of Finance (June 2007) 62 (3), 1169-1206. [Download]

Published Discussion

  Discussion of using unstructured and qualitative disclosures to explain accruals,
Journal of Accounting and Economics (Nov-Dec 2016) 62 (2-3), 228-233. [Download]


         Hoberg and Phillips Data Library. [Download Industry Data]

         Hoberg and Maksimovic (2015RFS). [Download Financial Constraints Data]

         Hoberg and Moon (2017JFE). [Download Offshoring Network Data]

         Jerry's SSRN Author Page. [View All Working Papers]

         OFR/NSF Grant on Emerging Risk Factors. [Project Site]

         WTNIC NSF Grant (joint with ISI) on Modeling Online Product Markets. [Project Site]

         Interests: Corporate Finance, Industrial Organization, IPOs, M&A, Payout Policy, Financial Constraints,
Product Markets, Municipal Bonds, and Empirical Asset Pricing.

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