Gerard Hoberg

Gerard Hoberg's research is primarily in the area of empirical corporate finance with a focus on innovation, mergers, IPOs, disclosure, informational environments, and industrial organization. His work often focuses on issues relating to important theories that have proved difficult to test, and to issues that are of importance to regulatory agencies and financial stability. He is known for methodological contributions that bring technologies from computational linguistics into finance.

Interests:

• Corporate Finance, Industrial Organization, IPOs, M&A, Payout Policy, Risk Management, and Empirical Asset Pricing.

Education

• PhD Yale University - Yale School of Management (2000 — 2004)
• Bachelor of Arts Yale University (1990 — 1994)

Companies

• Professor Of Finance University of Southern California - Marshall School of Business (2017)
• Associate Professor of Finance University of Southern California - Marshall School of Business (2014 — 2017)
• Associate Professor of Finance University of Maryland (2011 — 2014)
• Assistant Professor of Finance Smith School of Business, University of Maryland (2004 — 2011)
• Director Of Software Development Ferrand Consulting (1996 — 2000)
• Research Assistant Economists Incorporated (1994 — 1996)

REFEREED PUBLICATIONS

• Product Life Cycles in Corporate Finance (with Vojislav Maksimovic) Review of Financial Studies (forthcoming 2022).
• Rapidly Evolving Technologies and Startup Exits (with Don Bowen and Laurent Fresard) Management Science (forthcoming 2022).
• Buy-Side Competition and Momentum Profits (with Nitin Kumar and Nagpurnanand Prabhala) Review of Financial Studies (forthcoming 2021).
• Innovation Activities and Integration through Vertical Acquisitions (with Laurent Fresard and Gordon Phillips) Review of Financial Studies (July 2020) 33 (7) 2937-2976. [Oliver Williamson Award for best paper at ISNIE].
• Dynamic Interpretation of Emerging Risks in the Financial Sector (with Kathleen Hanley), Review of Financial Studies (Dec 2019) 32 (12) 4543–4603. [lead article and editor’s choice, funded by NSF Grant #1449578].
• Mutual Fund Competition, Managerial Skill, and Alpha Persistence (with Nitin Kumar and Nagpurnanand Prabhala), Review of Financial Studies, (May 2018) 31 (5), 1896-1929.
• The Offshoring Return Premium (with Katie Moon), Management Science, (June 2019) 65 (6) 2876–2899.
• Offshore Activities and Financial vs Operational Hedging (with Katie Moon), Journal of Financial Economics, (August 2017) 125 (2), 217-244 [lead article].
• Text-Based Industry Momentum (with Gordon Phillips) Journal of Financial and Quantitative Analysis, (December 2018) 53 (6), 2355-2388. [Sharpe Award for best paper in 2018 JFQA]
• Industry Choice and Product Language (with Gordon Phillips), Management Science, (August 2018) 64 (8), 3735-3755.
• Do Fraudulent Firms Produce Abnormal Disclosure? (with Craig Lewis) , Journal of Corporate Finance, (April 2017) 43, 58-85.
• Text-Based Network Industries and Endogenous Product Differentiation (with Gordon Phillips), Journal of Political Economy, (October 2016) 124 (5), 1423-1465.
• Does Product Market Competition Drive CVC Investment? Evidence from the U.S. IT Industry (with Keongtae Kim and Anand Gopal), Information Systems Research (June 2016) 27 (2), 259-281.
• Redefining Financial Constraints: a Text-Based Analysis (with Vojislav Maksimovic), Review of Financial Studies (May 2015) 28 (5), 1312-1352.
• Product Market Threats, Payouts, and Financial Flexibility (with Gordon Phillips and Nagpurnanand Prabhala), Journal of Finance (February 2014) 69 (1), 293-324.
• Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings, (with Kathleen Hanley), Journal of Financial Economics (February 2012) 103, 235-254.
• Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis, (with Gordon Phillips), Review of Financial Studies (October 2010) 23 (10), 3773-3811.
• The Information Content of IPO Prospectuses (with Kathleen Hanley), Review of Financial Studies (July 2010) 23 (7), 2821-64.
• Real and Financial Industry Booms and Busts (with Gordon Phillips), Journal of Finance (January 2010) 65 (1), 45-86.
• Disappearing Dividends, Catering, and Risk (with N.R. Prabhala), Review of Financial Studies (January 2009) 22 (1), 79-116.
• The Underwriter Persistence Phenomenon, Journal of Finance (June 2007) 62 (3), 1169-1206.