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.

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Hoberg and Phillips
Data Library


Robert H. Smith School of Business
University of Maryland
Van Munching Hall
University of Maryland
College Park, MD 20742-1815


Hoberg-Phillips Industry-Level Data

<< NOTE: All TNIC, FIC, and Fluidity data is now extended through 2011 >>

Data provided by Gerard Hoberg and Gordon Phillips


10-K Text-based Network (TNIC) Industry and FIC-300 Industry concentration data from Text-Based Network Industries and Endogenous Product Differentiation (2014 Working Paper).



Fitted SIC-based Industry concentration data from Hoberg and Phillips, 2010,
Journal of Finance 65 (1), 45-86.



10-K based Product Market Fluidity data from Product Market Threats, Payouts, and Financial Flexibility, 2014,
Journal of Finance 69 (1), 293-324.


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Last updated 07/15/10