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The Hoberg and Maksimovic text-based measures of financial constraints are
based on firm disclosures in the capitalization and liquidity discussion of
firm 10-Ks.
The measures include four different constraint variables. (1) A general measure of the extent to
which firms are constrained, (2) a measure that is specific to constrained
firms attempting to access the equity market, (3) a measure that is specific
to constrained firms attempting to access the debt market, and (4) an
analogous measure specific to private placements of equity.
Note that this data was extended
through 2015 although we are unable to update further as the project was run
on an earlier version of the metaHeuristica platform that used a different
coding algorithm.
Hoberg
and Maksimovic
Data Library
Marshall School of Business
University of Southern California
Los Angeles, CA
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Welcome to the Hoberg-Maksimovic
Financial Constraints Repository
Data provided by Gerard Hoberg
(University of Southern California)
and Vojislav
Maksimovic (University of Maryland)
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10-K Text-Based Financial Constraint Data from:
Redefining Financial Constraints, 2015, Review
of Financial Studies 28 (5), 1312-1352.
* Please cite the
following paper when using this data or for reference when using extended versions.
Redefining Financial Constraints: a Text-Based
Analysis. [Download Paper]
Gerard Hoberg and
Vojislav Maksimovic, 2015, Review of
Financial Studies 28 (5), 1312-1352.
* Researchers needing time-extended versions of this kind of data might
consider the novel machine-learning application by Linn and Weagley (2023)
that extends these measures. See this website: [Go to LW Data Site]
.
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