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About the Author(s)

Gordon Phillips Profile

Gordon Phillips is a research associate in the NBER’s Corporate Finance Program and part of the Conference on Research and Income and Wealth. He is currently the Laurence F. Whittemore Professor of Business Administration at Dartmouth College. He has been a visiting professor at Duke, Harvard, HEC, INSEAD, MIT, and Tsinghua University.

His research has focused on the interaction of finance with industrial organization and studies how financial decisions impact firms’ strategic decisions and contracting in financial markets. Recent research has been on applying computational linguistics to firm financial statements and patent text to analyze merger synergies, dividends, and product market competition. His work also includes studies on how firms organize across multiple markets, Chapter 11 bankruptcy, and how leveraged buyouts and other forms of high debt influence firms’ and rivals’ investment decisions. 

Phillips received his bachelor’s degree in economics and mathematical methods in the social sciences (MMSS) from Northwestern University and his PhD from Harvard. His research has received support from multiple National Science Foundation grants. He grew up in the Chicago area and lives in Hanover, NH with his spouse. He has three children, with one in college and two recently graduated.

Endnotes

1. Text-Based Network Industries and Endogenous Product Differentiation,” Hoberg G, Phillips G. NBER Working Paper 15991, May 2010, revised February 2012, and Journal of Political Economy 124(5), October 2016, pp. 1423–1465.   Go to ⤴︎
2. Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis,” Hoberg G, Phillips G. NBER Working Paper 14289, August 2008, revised February 2012, and The Review of Financial Studies 23(10), October 2010, pp. 3773–3811. Go to ⤴︎
3. Text-Based Network Industries and Endogenous Product Differentiation,” Hoberg G, Phillips G. NBER Working Paper 15991, May 2010, revised February 2012, and Journal of Political Economy 124(5), October 2016, pp. 1423–1465.   Go to ⤴︎
4. Ibid.   Go to ⤴︎
5. R&D and the Incentives from Merger and Acquisition Activity,” Phillips G, Zhdanov A.  NBER Working Paper 18346, August 2012, and The Review of Financial Studies 26(1), January 2013, pp. 34–78.   Go to ⤴︎
6. Text-Based Industry Momentum,” Hoberg G, Phillips G. Journal of Financial and Quantitative Analysis 53(6), December 2018, pp. 2355–2388.   Go to ⤴︎
7. "CEOs and the Product Market: When Are Powerful CEOs Beneficial?" Li M, Lu Y, Phillips G. Journal of Financial and Quantitative Analysis 54(6), December 2019, pp. 2295–2326. Go to ⤴︎
8. "Does Industry Competition Influence Analyst Coverage Decisions and Career Outcomes?" Li X, Hsu C, Ma, Z, Phillips G. Journal of Financial and Quantitative Analysis 54(6), January 2021, pp. 1-51. Go to ⤴︎
9. Product Differentiation and Oligopoly: A Network Approach,” Pellegrino B. University of Maryland Working Paper, 2019.   Go to ⤴︎
10. Product Market Threats, Payouts and Financial Flexibility,” Hoberg G, Phillips G, Prabhala N. The Journal of Finance 69(1), February 2014, pp. 293–324.   Go to ⤴︎
11. Innovation Activities and Integration through Vertical Acquisitions,” Frésard L, Hoberg G, Phillips G. Review of Financial Studies 33(7), July 2020, pp. 2937–2976.   Go to ⤴︎
12. Intellectual Property Protection Lost and Competition: An Examination Using Machine Learning,” Acikalin U, Caskurlu T, Hoberg G, Phillips G. NBER Working Paper 30671, November 2022.   Go to ⤴︎
13.  “Scope, Scale and Concentration: The 21st Century Firm,” Hoberg G, Phillips G. NBER Working Paper 30672, November 2022, and Tuck School of Business Working Paper 3746660, 2021.   Go to ⤴︎

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