Visual Representation of Hoberg/Maksimovic Product Space

The Hoberg and Maksimovic text-based measures of product life cycles are based on firm disclosures in their 10-Ks filed with the Securities and Exchange Commission. 

The measures are based on the Abernathy and Utterback (1979) life cycle and span four stages.  (1) Product development stage, (2) Process optimization stage, (3) Mature product stage, and (4) Product decline stage.

We thank Christopher Ball at metaHeuristica for access to outstanding text analytic tools that made this project possible.

Hoberg and Maksimovic
Data Library

USC Marshall School of Business


UMD Smith School of Business

Welcome to the Hoberg-Maksimovic Product Life Cycles Data Repository

<< Note: Life Cycle Data Extended through 2019! >>

Data provided by Gerard Hoberg (University of Southern California)

and Vojislav Maksimovic (University of Maryland)


Please Note the Following Papers Developed and Use this Data: 

Product Life Cycles in Corporate Finance,  Review of Financial Studies forthcoming. [download]

Life Cycles of Firm Disclosures, Working Paper. [download]


Data Repository Files:

Readme file for Life Cycle Database [click here]

Text-Based Product Life Cycle Data [click here]

* Please cite the following paper when using this data:


Product Life Cycles in Corporate Finance. [Download Paper]
Gerard Hoberg and Vojislav Maksimovic, 2022, Review of Financial Studies forthcoming.


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