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Wiki-peers: A dynamic measure of global firm networks

Author

Listed:
  • Fischer, Lukas
  • Hillert, Alexander
  • Ungeheuer, Michael
  • Müller, Sebastian

Abstract

We introduce Wiki-Peers, a dynamic measure of global firm connections based on hyperlinks between firms' Wikipedia pages. Our network covers roughly 80% of global equity market capitalization across 68 countries. Wiki-Peers is constructed from complete page revision histories without look-ahead bias and available in real time. Wikipedia links identify economically meaningful peers and help study how information shocks propagate across markets. We demonstrate the measure's usefulness in predicting international trade, stock return co-movement, and stock returns of global peer firms.

Suggested Citation

  • Fischer, Lukas & Hillert, Alexander & Ungeheuer, Michael & Müller, Sebastian, 2026. "Wiki-peers: A dynamic measure of global firm networks," SAFE Working Paper Series 497, Leibniz Institute for Financial Research SAFE.
    • Handle: RePEc:zbw:safewp:344093
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    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • F1 - International Economics - - Trade

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