University of Southern California

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Gerard Hoberg
Associate Professor of Finance and Business Economics

USC Marshall School of Business
Los Angeles, CA 90089-0804

Phone: 
213-740-2348
Education: 
Ph.D., M.Phil., M.A., B.A., Yale University

Overview

Gerard Hoberg's research interests include corporate finance, industrial organization, mergers, payout policy and corporate liquidity, and empirical asset pricing. His recent work in IPOs examines the role of prospectus disclosure and the role of the underwriter in resolving IPO prices and mitigating litigation exposure. His work on product markets examines the role of competition in industry booms, merger decisions, product innovation, payout policy and conservatism, and how industries form. Much of Hoberg's work also uses methods in computational linguistics to examine theories relating to corporate disclosures in Finance and Accounting. For example, the text-based approach provides new insights on industry classifications, innovation, financial constraints, and fraud. Prior to earning his doctorate, Hoberg worked as a vice president at a quantitative transaction optimization firm. His teaching interests include corporate finance and corporate restructuring.

Research

Hoberg, G., and Phillips, G. M. (2015) "Text-based network industries and endogenous product differentiation," Journal of Political Economy Accepted for Publication.
Kim, K., Gopal, A., and Hoberg, G. (2015) "Product Market Competition and Corporate Venture Capital Investment in the IT Industry: An Empirical Analysis," Information Systems Research Accepted for Publication.
Hoberg, G., and Maksimovic, V. (2015) "Redefining financial constraints: a text-based analysis," Review of Financial Studies, 28 (5), 1312–1352.
Hoberg, G., Phillips, G. M., and Prabhala, N. (2014) "Product market threats, payouts, and financial flexibility," The Journal of Finance, 69 (1), 293–324.
Hanley, K. W., and Hoberg, G. (2012) "Litigation risk, strategic disclosure and the underpricing of initial public offerings," Journal of Financial Economics, 103 (2), 235–254.
Hoberg, G., and Phillips, G. M. (2010) "Real and financial industry booms and busts," The Journal of Finance, 65 (1), 45–86.
Hanley, K. W., and Hoberg, G. (2010) "The information content of IPO prospectuses," Review of Financial Studies, 23 (7), 2821–2864.
Hoberg, G., and Phillips, G. M. (2010) "Product market synergies and competition in mergers and acquisitions: A text-based analysis," Review of Financial Studies, 23 (10), 3773–3811.
Hoberg, G., and Prabhala, N. R. (2009) "Disappearing dividends, catering, and risk," Review of financial studies, 22 (1), 79–116.
Hoberg, G. (2007) "The underwriter persistence phenomenon," The Journal of Finance, 62 (3), 1169–1206.