題目: Text-Based Network Industries and Endogenous Product Differentiation（文本網(wǎng)絡化行業(yè)分類與內(nèi)生產(chǎn)品差異化）

作者: Gerard Hoberg,Gordon Phillips

摘要: We study how firms differ from their competitors using new time-varying measures of product similarity based on text-based analysis of firm 10-K product descriptions. This year-by-year set of product similarity measures allows us to generate a new set of industries in which firms can have their own distinct set of competitors. Our new sets of competitors explain specific discussion of high competition, rivals identified by managers as peer firms, and changes to industry competitors following exogenous industry shocks. We also find evidence that firm R&D and advertising are associated with subsequent differentiation from competitors, consistent with theories of endogenous product differentiation.

概述：該文運用年報文本中的公司向市場提供產(chǎn)品的相關(guān)詞匯，構(gòu)造了基于年報產(chǎn)品詞匯的動態(tài)網(wǎng)絡化行業(yè)分類。主要工作是構(gòu)建文本網(wǎng)絡化行業(yè)分類，指標驗證以及實際應用。

Our paper is based on the premise that product similarity is core to classifying industries and that empirical work can benefit from more flexible measures of industry membership, product differentiation, and changes in both as they occur in each year

In this network, a firm’s competitors are analogous to a Facebook circle of friends, where each firm can have its own distinct set of competitors. Because each firm pair has a continuous degree of relatedness, the analogy is that some pairs are close friends and some pairs are more distant acquaintances.

Our research contributes to existing strands of literature using text analysis to address economic and financial theories, product markets, and mergers and acquisitions.

ps：非常經(jīng)典的一篇文章，今天又讀了引言，還是感覺有新的體會