Gerard Hoberg

University of Southern California - Marshall School of Business - Finance and Business Economics Department

Professor of Finance and Business Economics

Marshall School of Business

Los Angeles, CA 90089

United States

http://www-bcf.usc.edu/~hoberg/

SCHOLARLY PAPERS

34

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27,872

CITATIONS
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278

Scholarly Papers (34)

1.

Text-Based Network Industries and Endogenous Product Differentiation

Journal of Political Economy, Forthcoming
Number of pages: 69 Posted: 09 Dec 2009 Last Revised: 04 Jul 2015
Gerard Hoberg and Gordon M. Phillips
University of Southern California - Marshall School of Business - Finance and Business Economics Department and Dartmouth College - Tuck School of Business
Downloads 3,838 (2,228)
Citation 16

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Industry Classifications, Endogenous Barriers to Entry, Product Market Competition, Product Differentiation

2.

Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis

Number of pages: 48 Posted: 07 Aug 2008 Last Revised: 18 Aug 2011
Gerard Hoberg and Gordon M. Phillips
University of Southern California - Marshall School of Business - Finance and Business Economics Department and Dartmouth College - Tuck School of Business
Downloads 2,258 (5,526)
Citation 36

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Mergers, Product Markets, Text Analysis, Merger Strategies

3.

Product Market Threats, Payouts, and Financial Flexibility

Journal of Finance, Forthcoming
Number of pages: 55 Posted: 17 Mar 2011 Last Revised: 07 Sep 2012
University of Southern California - Marshall School of Business - Finance and Business Economics Department, Dartmouth College - Tuck School of Business and The Johns Hopkins Carey Business School
Downloads 1,850 (7,769)
Citation 10

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Dividends, Repurchases, Payout, Cash, Product Markets, Dynamic Product Markets, Competition

4.

The Information Content of IPO Prospectuses

Review of Financial Studies, Vol. 23, p. 2821-2864, 2010, AFA 2010 Atlanta Meetings Paper
Number of pages: 54 Posted: 15 Jan 2009 Last Revised: 22 Jan 2012
Kathleen Weiss Hanley and Gerard Hoberg
Lehigh University - College of Business & Economics and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 1,828 (7,947)
Citation 23

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IPOs, Disclosure, Underpricing, Initial Public Offerings, Book Building, Due Diligence, Equity Offerings

5.

Are Angels Different? An Analysis of Early Venture Financing

Robert H. Smith School Research Paper No. RHS 06-072
Number of pages: 54 Posted: 19 Mar 2008 Last Revised: 29 Oct 2014
University of Maryland - Robert H. Smith School of Business, University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of Maryland and University of Maryland - Robert H. Smith School of Business
Downloads 1,342 (13,104)
Citation 1

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Venture Capital, Angel Investors, Entrepreneurship, Control Rights, Term Sheets

6.
Downloads 1,228 ( 15,039)
Citation 41

Real and Financial Industry Booms and Busts

Journal of Finance, Forthcoming
Number of pages: 42 Posted: 21 Mar 2008 Last Revised: 29 Apr 2009
Gerard Hoberg and Gordon M. Phillips
University of Southern California - Marshall School of Business - Finance and Business Economics Department and Dartmouth College - Tuck School of Business
Downloads 1,207 (15,148)
Citation 41

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Product Markets, competition, stock, returns, booms, busts, analysts

Real and Financial Industry Booms and Busts

NBER Working Paper No. w14290
Number of pages: 46 Posted: 01 Sep 2008 Last Revised: 20 Jul 2010
Gerard Hoberg and Gordon M. Phillips
University of Southern California - Marshall School of Business - Finance and Business Economics Department and Dartmouth College - Tuck School of Business
Downloads 21 (511,286)
Citation 41

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7.

Optimized vs. Sort-Based Portfolios

AFA 2010 Atlanta Meetings Paper
Number of pages: 45 Posted: 14 Jan 2009 Last Revised: 28 Dec 2009
Gerard Hoberg and Ivo Welch
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA)
Downloads 1,122 (17,252)

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book-to-market, HML, characteristics, factors

8.

Redefining Financial Constraints: A Text-Based Analysis

Number of pages: 55 Posted: 08 Sep 2011 Last Revised: 24 Oct 2014
Gerard Hoberg and Vojislav Maksimovic
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Maryland - Robert H. Smith School of Business
Downloads 1,050 (19,043)
Citation 6

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Financial Constraints, Research and Development, Equity Issuance, Asymmetric Information, Debt Overhang, Debt Issuance, Text-Based Analysis

9.

Disclosure, Business Change and Earnings Quality

Number of pages: 54 Posted: 04 May 2013 Last Revised: 09 Sep 2015
Meta Heuristica, LLC, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Maryland - Robert H. Smith School of Business
Downloads 1,001 (20,492)

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10-K, MD&A, Disclosure, Value Relevance, Text Analytics, Latent Dirichlet Allocation, Discretionary Accruals

10.
Downloads 995 ( 20,684)
Citation 26

Disappearing Dividends, Catering, and Risk

AFA 2007 Chicago Meetings Paper
Number of pages: 54 Posted: 22 Mar 2005 Last Revised: 16 Dec 2007
Gerard Hoberg and Nagpurnanand Prabhala
University of Southern California - Marshall School of Business - Finance and Business Economics Department and The Johns Hopkins Carey Business School
Downloads 995 (20,317)
Citation 26

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Dividends, idiosyncratic volatility, idiosyncratic risk

Disappearing Dividends, Catering, and Risk

The Review of Financial Studies, Vol. 22, Issue 1, pp. 79-116, 2009
Posted: 03 Jan 2009
Gerard Hoberg and Nagpurnanand Prabhala
University of Southern California - Marshall School of Business - Finance and Business Economics Department and The Johns Hopkins Carey Business School

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G15, G30, G38

11.

Do Fraudulent Firms Produce Abnormal Disclosure?

Vanderbilt Owen Graduate School of Management Research Paper No. 2298302, Robert H. Smith School Research Paper
Number of pages: 52 Posted: 26 Jul 2013 Last Revised: 23 Apr 2015
Gerard Hoberg and Craig M. Lewis
University of Southern California - Marshall School of Business - Finance and Business Economics Department and Vanderbilt University - Finance
Downloads 958 (21,903)

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Fraud, Disclosure, Herding, Litigation, Text Analytics, Enforcement

12.

Innovation Activities and Integration through Vertical Acquisitions

Number of pages: 50 Posted: 31 Mar 2013 Last Revised: 21 Dec 2018
University of Lugano, University of Southern California - Marshall School of Business - Finance and Business Economics Department and Dartmouth College - Tuck School of Business
Downloads 903 (23,798)

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Mergers and Acquisitions, Vertical Mergers, Vertical Integration

13.

Aged and Recent Market Betas in Securities Pricing

Number of pages: 56 Posted: 17 Dec 2009
Gerard Hoberg and Ivo Welch
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA)
Downloads 880 (24,741)
Citation 4

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market-beta, factor pricing, APT

14.

Product Market Uniqueness, Organizational Form and Stock Market Valuations

Number of pages: 45 Posted: 13 Oct 2012 Last Revised: 01 Sep 2014
Gerard Hoberg and Gordon M. Phillips
University of Southern California - Marshall School of Business - Finance and Business Economics Department and Dartmouth College - Tuck School of Business
Downloads 874 (24,990)

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stock market valuations, organizational form, conglomerate firms, uniqueness

15.

Text-Based Industry Momentum

Number of pages: 71 Posted: 04 Oct 2014 Last Revised: 01 Jul 2017
Gerard Hoberg and Gordon M. Phillips
University of Southern California - Marshall School of Business - Finance and Business Economics Department and Dartmouth College - Tuck School of Business
Downloads 845 (26,226)

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Momentum, Information Processing, Industry Shocks, Stock Returns, Alpha, Trading Strategies, Market Efficiency, Reversals

16.

Mutual Fund Competition, Managerial Skill, and Alpha Persistence

Forthcoming, Review of Financial Studies, Finance Down Under 2015 Building on the Best from the Cellars of Finance Paper, Robert H. Smith School Research Paper No. RHS 2422906
Number of pages: 97 Posted: 11 Apr 2014 Last Revised: 28 Sep 2017
Gerard Hoberg, Nitin Kumar and Nagpurnanand Prabhala
University of Southern California - Marshall School of Business - Finance and Business Economics Department, Indian School of Business (ISB), Hyderabad and The Johns Hopkins Carey Business School
Downloads 775 (29,575)
Citation 1

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Mutual funds, alpha, skill, persistence, competition, peers, benchmarking

17.

Do Insiders Exploit Anomalies?

Marshall School of Business Working Paper No. 17-1
Number of pages: 60 Posted: 03 Jul 2015 Last Revised: 21 Nov 2018
Deniz Anginer, Gerard Hoberg and H. Nejat Seyhun
World Bank Research, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Michigan, Stephen M. Ross School of Business
Downloads 627 (39,381)

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Anomalies, behavioral finance, asset pricing, factor models, market efficiency, insider trading

18.
Downloads 612 ( 40,759)
Citation 7

Industry Choice and Product Language

Number of pages: 45 Posted: 05 Jun 2011 Last Revised: 01 Apr 2015
Gerard Hoberg and Gordon M. Phillips
University of Southern California - Marshall School of Business - Finance and Business Economics Department and Dartmouth College - Tuck School of Business
Downloads 596 (41,601)
Citation 7

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Conglomerates, Firm Organization, Industrial Organization, Product Market Competition, Conglomerate Valuation

Conglomerate Industry Choice and Product Differentiation

NBER Working Paper No. w17221
Number of pages: 50 Posted: 16 Jul 2011
Gerard Hoberg and Gordon M. Phillips
University of Southern California - Marshall School of Business - Finance and Business Economics Department and Dartmouth College - Tuck School of Business
Downloads 16 (542,097)
Citation 7

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19.

Do Underwriters Collaborate with Venture Capitalists in Ipos? Implications and Evidence

AFA 2006 Boston Meetings Paper
Number of pages: 52 Posted: 24 Mar 2005 Last Revised: 07 Apr 2009
Gerard Hoberg and H. Nejat Seyhun
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Michigan, Stephen M. Ross School of Business
Downloads 575 (44,137)
Citation 10

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IPOs, initial public offerings, intial returns, collaboration, venture capital, underwriter, strategic alliances, quid pro quos

20.

Dynamic Interpretation of Emerging Risks in the Financial Sector

Number of pages: 65 Posted: 11 Jun 2016 Last Revised: 29 Mar 2018
Kathleen Weiss Hanley and Gerard Hoberg
Lehigh University - College of Business & Economics and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 567 (44,944)

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Emerging Risk, Bank, Financial Institutions, Financial Crisis, Computational Linguistics, Text Analytics, Failure

21.

Offshore Activities and Financial vs Operational Hedging

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 56 Posted: 19 Jun 2014 Last Revised: 08 Sep 2016
Gerard Hoberg and S. Katie Moon
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Colorado at Boulder - Leeds School of Business
Downloads 541 (47,687)

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Offshore Activities, Operational Hedging, Financial Hedging, Global Consumption Risk, 10-K Filings

Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings

Number of pages: 44 Posted: 06 Nov 2009 Last Revised: 22 Jan 2012
Kathleen Weiss Hanley and Gerard Hoberg
Lehigh University - College of Business & Economics and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 342 (82,664)
Citation 12

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Initial Public Offerings, Litigation Risk, Liability Risk, Strategic Disclosure, IPO Prospectus, Text Analysis

Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings

FEDS Working Paper No. 2011-12
Number of pages: 45 Posted: 18 Apr 2011 Last Revised: 28 Aug 2014
Kathleen Weiss Hanley and Gerard Hoberg
Lehigh University - College of Business & Economics and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 165 (172,965)
Citation 12

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initial public offerings, disclosure, litigation, securities underwriting

23.

Does Product Market Competition Drive CVC Investment? Evidence from the U.S. IT Industry

Forthcoming at Information Systems Research
Number of pages: 59 Posted: 03 May 2013 Last Revised: 22 Sep 2016
Keongtae Kim, Anandasivam Gopal and Gerard Hoberg
Decision Science and Managerial Economics, Chinese University of Hong Kong, University of Maryland - Robert H. Smith School of Business and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 431 (63,561)

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information technology, product market competition, corporate venture capital, absorptive capacity, innovation, econometrics, text analysis

24.

The Underwriter Persistence Phenomenon

Number of pages: 51 Posted: 25 Jan 2005
Gerard Hoberg
University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 377 (74,584)
Citation 17

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Initial Public Offers, IPOs, corporate finance, underwriters, initial returns, underpricing

25.

The Offshoring Return Premium

Management Science (MS), Forthcoming
Number of pages: 49 Posted: 02 Jan 2014 Last Revised: 27 Aug 2017
Gerard Hoberg and S. Katie Moon
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Colorado at Boulder - Leeds School of Business
Downloads 368 (76,713)

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Offshore Activities, Stock Returns, Risk Premia, Global Trade Network, Consumption Risk

26.

Noise in Stock Returns as Natural Experiments: Forward- and Backward-Looking Market-Betas, Momentum, and Reversals

Number of pages: 49 Posted: 23 Mar 2009 Last Revised: 14 May 2009
Gerard Hoberg and Ivo Welch
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA)
Downloads 287 (101,103)

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27.

Product Integration and Merger Success

Tuck School of Business Working Paper No. 2933283, Marshall School of Business Working Paper No. 17-21
Number of pages: 47 Posted: 16 Mar 2017 Last Revised: 26 Aug 2018
Gerard Hoberg and Gordon M. Phillips
University of Southern California - Marshall School of Business - Finance and Business Economics Department and Dartmouth College - Tuck School of Business
Downloads 241 (121,309)

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mergers, integration, innovation, stock returns, product markets, text analysis

28.

Buy-Side Competition and Momentum Profits

Number of pages: 61 Posted: 01 Mar 2018 Last Revised: 18 May 2018
Gerard Hoberg, Nitin Kumar and Nagpurnanand Prabhala
University of Southern California - Marshall School of Business - Finance and Business Economics Department, Indian School of Business (ISB), Hyderabad and The Johns Hopkins Carey Business School
Downloads 234 (124,966)

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Momentum, Competition, Mutual Funds, Market Efficiency, Return Predictability

29.

Product Life Cycles in Corporate Finance

Number of pages: 62 Posted: 01 Jun 2018 Last Revised: 14 Jan 2019
Gerard Hoberg and Vojislav Maksimovic
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Maryland - Robert H. Smith School of Business
Downloads 212 (137,449)

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product life cycles, corporate investment, mergers, acquisitions, divestitures, tobins Q, text analysis

30.

Technological Disruptiveness and the Evolution of IPOs and Sell-Outs

Number of pages: 64 Posted: 25 Sep 2018 Last Revised: 14 Jan 2019
Virginia Tech - Department of Finance, Insurance, and Business Law, University of Lugano and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 174 (165,684)

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Initial Public Offerings (IPOs), Acquisitions, Sell-Outs, Technology, Disruptiveness, Venture Capital

31.

Shocks to Product Networks and Post-Earnings Announcement Drift

Number of pages: 71 Posted: 06 Jul 2016 Last Revised: 01 Jan 2018
Bok Baik, Gerard Hoberg, Jungbae Kim and Peter Oh
Seoul National University, University of Southern California - Marshall School of Business - Finance and Business Economics Department, New York University - Stern School of Business and McGill University - Desautels Faculty of Management
Downloads 153 (184,087)

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Product market, TNIC, Networks, Persistence, Inattention, Supply shocks, Post-earnings announcement drift

32.

Text-Based Network Industries and Endogenous Product Differentiation

NBER Working Paper No. w15991
Number of pages: 51 Posted: 17 May 2010 Last Revised: 12 Sep 2010
Gordon M. Phillips and Gerard Hoberg
Dartmouth College - Tuck School of Business and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 112 (234,881)
Citation 21

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33.

Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis

NBER Working Paper No. w14289
Number of pages: 56 Posted: 01 Sep 2008 Last Revised: 19 Jul 2010
Gerard Hoberg and Gordon M. Phillips
University of Southern California - Marshall School of Business - Finance and Business Economics Department and Dartmouth College - Tuck School of Business
Downloads 61 (339,452)
Citation 42

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34.

U.S. Innovation and Chinese Competition for Innovation Production

Tuck School of Business Working Paper No. 3294389
Number of pages: 51 Posted: 09 Dec 2018
Gerard Hoberg, Bruce Yuan Li and Gordon M. Phillips
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of Southern California, Marshall School of Business and Dartmouth College - Tuck School of Business
Downloads 46 (385,789)

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Innovation, competition, China, investment, internet penetration