基于文本的动态网络化行业与内生产品差异化（JPE2016）

题目: Text-Based Network Industries and Endogenous Product Differentiation（文本网络化行业分类与内生产品差异化）

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：该文运用年报文本中的公司向市场提供产品的相关词汇，构造了基于年报产品词汇的动态网络化行业分类。主要工作是构建文本网络化行业分类，指标验证以及实际应用。

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：非常经典的一篇文章，今天又读了引言，还是感觉有新的体会