Gerard Hoberg

Professor of Finance and Business Economics
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Ph.D., M.Phil., M.A., B.A., Yale University

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.

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Deniz Anginer, Gerard Hoberg, Nejat Seyhun () "Can Anomalies Survive Insider Disagreements ,".
Gerard Hoberg, Nitin Kumar, Nagpurnanand Prabhala () "Competition and Momentum Profits ,".
Gerard Hoberg, Kathleen Hanley () "Dynamic Interpretation of Emerging Systemic Risks ,".
Gerard Hoberg, Gordon Phillips () "Merger Integration and Merger Success ,".
Gerard Hoberg, Vojislav Maksimovic () "Product Life Cycles in Corporate Finance ,".
Bok Baik, Gerard Hoberg, Jungbae Kim, Peter Oh () "Shocks to Industry Networks and Post-Earnings Announcement Drift ,".
Laurent Fresard, Gerard Hoberg, Gordon Phillips () "Vertical Acquisitions, Integration and the Boundaries of the Firm ,".
Gerard Hoberg, Nitin Kumar, Nagpurnanand Prabhala () "Mutual Fund Competition, Managerial Skill, and Alpha Persistence ,"  Review of Financial Studies, Forthcoming.
Gerard Hoberg, Gordon Phillips () "Text-Based Industry Momentum ,"  Journal of Financial and Quantitative Analysis, Forthcoming.
Gerard Hoberg, Gordon Phillips () "Industry Choice and Product Language ,"  Management Science, Forthcoming.
Gerard Hoberg, Katie Moon () "Offshore Activities and Financial vs Operational Hedging ,"  Journal of Financial Economics  125, 217-244.
Gerard Hoberg, Katie Moon () "The Offshoring Return Premium ,"  Management Science, Forthcoming.
Gerard Hoberg, Craig Lewis () "Do Fraudulent Firms Produce Abnormal Disclosure? ,"  Journal of Corporate Finance  43, 58-85.
Gerard Hoberg () "Discussion of using unstructured and qualitative disclosures to explain accruals ,"  Journal of Accounting and Economics  62, 228-233.
Gerard Hoberg, Gordon Phillips () " Text-based network industries and endogenous product differentiation ,"  Journal of Political Economy  124, 1423-1465.
Keongtae Kim, Anandasivam Gopal, Gerard Hoberg () "Product Market Competition and Corporate Venture Capital Investment in the IT Industry: An Empirical Analysis ,"  Information Systems Research  27, 259-281.
Gerard Hoberg, Vojislav Maksimovic () "Redefining financial constraints: a text-based analysis ,"  Review of Financial Studies  28, 1312–1352.
Gerard Hoberg, Gordon Phillips, Nagpurnanand Prabhala () "Product market threats, payouts, and financial flexibility ,"  The Journal of Finance  69, 293–324.
Kathleen Hanley, Gerard Hoberg () "Litigation risk, strategic disclosure and the underpricing of initial public offerings ,"  Journal of Financial Economics  103, 235–254.
Gerard Hoberg, Gordon Phillips () "Product market synergies and competition in mergers and acquisitions: A text-based analysis ,"  Review of Financial Studies  23, 3773–3811.
Gerard Hoberg, Gordon Phillips () "Real and financial industry booms and busts ,"  The Journal of Finance  65, 45–86.
Kathleen Hanley, Gerard Hoberg () "The information content of IPO prospectuses ,"  Review of Financial Studies  23, 2821–2864.
Gerard Hoberg, Nagpurnanand Prabhala () "Disappearing dividends, catering, and risk ,"  Review of financial studies  22, 79–116.
Gerard Hoberg () "The underwriter persistence phenomenon ,"  The Journal of Finance  62, 1169–1206.