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SUMMARY

This is the complete database of firm-year-specific scope values used in the primary reference paper listed below.  This data is computed using 
doc2vec and K-means clustering along with a procedure to map each firm to each of the centroid clusters.  The result is that we can count how many 
industries each firm likely belongs to.  The count of these industries for each firm in each year is the d2vscope variable contained in this file. 
If d2vscope is high, it implies that the given firm operates in a lot of different product markets in the given year.



****** NOTE:  Please read the technical descriptions below and the data and methods of the primary reference paper below before using the data.  



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********************************************** Citations *****************************************************
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This data is the result of a research project by Gerard Hoberg and Gordon Phillips.
The intent of the project is to scope across firms and over time, assess how firms are changing their
scope profiles in recent years, and understanding the links between scope and corporate finance policies.
The paper also illustrates how increases in scope likely offset decreases in HHIs over the past 25 years, and 
indicates that competition might not be declining rapidly as some studies suggst.
This article should be cited when using this data for the purpose of academic research.

Primary reference:
Scope, Scale and Concentration
Gerard Hoberg, and Gordon Phillips, Journal of Finance forthcoming (accepted 2023).

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Auxiliary reference 1: This articles is a precursor to the above scope paper.  In particular, it develops the original horizontal TNIC industries.

Text-Based Network Industries and Endogenous Product Differentiation
Gerard Hoberg and Gordon Phillips, Journal of Political Economy (October 2016), 124 (5) 1423-1465.

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Auxiliary reference 2: This articles is also a precursor.  It uses horizontal relatedness data (TNIC) to study mergers and acquisitions.
  This article is relevant especially because the the scope paper above also studies M&A.  The two papers are complementary as the theories
  and results for the two papers are distinct.  See the papers for details.

Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis
Gerard Hoberg and Gordon Phillips, Review of Financial Studies (October 2010) 23 (10), 3773-3811.



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********************************************** Technical Details *****************************************************
********************************************** Technical Details *****************************************************
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****** Please read the data and methods section of the above primary reference for complete details regarding how the variables are constructed.  ********


Technical Note 1) The database is a firm year panel and thus contains the fields: year, gvkey, d2vscope.  The d2vscope variable indicates the degree of 
product market scope for the given firm (gvkey) in the given year. 

Technical Note 2) Each file contains a gvkey, year, in addition to the scope variable.  It is important to note that we already did 
the merge to COMPUSTAT, so you do not have to repeat this.  The data contained here is not lagged.  Consider a COMPUSTAT firm with a fiscal year ending 
on Sept 30th, 1997, for example (i.e., the CSTAT variable datadate is 19970930).  The corresponding observations for this firm in the VTNIC database would have the
year set to 1997. These observations would be based on the product description of the 10-K report that was associated with this 9/30/1997 fiscal year end.  More generally, 
the year field in the TNIC database is always set to be the first four digits of the datadate variable (the year part) so the database uses the calendar year convention for
convenience.  Because this data is merged by fiscal year end, the pairwise links in this file should conveniently be viewed as being time-synchronous based on the year
identified as the first four digits of the datadate Compustat variable.