Visual Representation of Hoberg/Maksimovic Product Space

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

Welcome to the Hoberg-Maksimovic Financial Constraints Repository

Data provided by Gerard Hoberg (University of Southern California)

and Vojislav Maksimovic (University of Maryland)


10-K Text-Based Financial Constraint Data from: 
Redefining Financial Constraints, 2015, Review of Financial Studies 28 (5), 1312-1352.


Readme file for Financial Constraints Database [click here]

Text-Based Financial Constraints Data [click here]

* Please cite the following paper when using this data.


Redefining Financial Constraints: a Text-Based Analysis. [Download Paper]
Gerard Hoberg and Vojislav Maksimovic, 2015, Review of Financial Studies 28 (5), 1312-1352.


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