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Firm Level Data from ORBIS/AMADEUS Database

Firm Level data from ORBIS/AMADEUS DatabaseS ebnem Kalemli- OzcanUniversity of Maryland, CEPR and NBERNBER data Group, July 2015 orbis - amadeus Financial and Production DataORBIS Database provided by Bureau van Dijk (BvD) (2005 ),harmonized worldwide (150 million+ companies in 90+ countries). amadeus is the European subset of orbis (1996 ).Collected from official business registers, annual reports, newswires,and main features of the data :1 Balance sheets and profit and loss account (advantage over Census).2 Good coverage relative to Census iff one merges across differentvintages of data /across different many of small and private firms (advantage overCompustat/Worldscope). Listed firms are 1 percent of the industry classification (4-digit)5 Mimics official size distribution for most European countries (maybeothers)1 / 17 Coverage Relative to Eurostat (Manufacturing Wage Bill) / 17 Share of Total Wage Bill by Size Class (2006)other variablescompnet comparisonSpainItalyPortGermanyFranceNor wayRomaniaORBIS-AMADEUS1-19 + (SBS)1-19 + / 17 Firm Level Variables: ExampleBalance Sheet: Assets, Liabilities, Equit

Firm Level Data from ORBIS/AMADEUS Database S˘ebnem Kalemli-Ozcan University of Maryland, CEPR and NBER NBER Data Group, July 2015

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Transcription of Firm Level Data from ORBIS/AMADEUS Database

1 Firm Level data from ORBIS/AMADEUS DatabaseS ebnem Kalemli- OzcanUniversity of Maryland, CEPR and NBERNBER data Group, July 2015 orbis - amadeus Financial and Production DataORBIS Database provided by Bureau van Dijk (BvD) (2005 ),harmonized worldwide (150 million+ companies in 90+ countries). amadeus is the European subset of orbis (1996 ).Collected from official business registers, annual reports, newswires,and main features of the data :1 Balance sheets and profit and loss account (advantage over Census).2 Good coverage relative to Census iff one merges across differentvintages of data /across different many of small and private firms (advantage overCompustat/Worldscope). Listed firms are 1 percent of the industry classification (4-digit)5 Mimics official size distribution for most European countries (maybeothers)1 / 17 Coverage Relative to Eurostat (Manufacturing Wage Bill) / 17 Share of Total Wage Bill by Size Class (2006)other variablescompnet comparisonSpainItalyPortGermanyFranceNor wayRomaniaORBIS-AMADEUS1-19 + (SBS)1-19 + / 17 Firm Level Variables: ExampleBalance Sheet: Assets, Liabilities, Equity and Memo lines (numberof employees, export revenue)Assets: Tangible, Intangible, : Long Term Debt, Current Liabilities (Bank Loans,Creditors).

2 Shareholder Funds: Capital/EquityProfit and Loss Account: Sales, EBIT, EBITDA and Memo lines(materials, cost of employees, R&D)Panel data : changes in productivity and financial conditionsover / 17 Stylized Fact 1: Firm Leverage Patterns and MechanicsPaper: Leverage Across Firms, Banks, and Countries byKalemli-Ozcan, Sorensen, Yesiltas, JIE 2012 OECD CountriesNon-financial firms enter the crisis with low levels of leverage(debt/assets)Financial firms have procylical leverage if they are Work:SME (less than 250 employee) finance investment with short termdebt5 / 17 Stylized Fact 2: Misallocation of Capital Over Time(Europe)Paper: Capital Allocation and Productivity in South Europe byGopinath, Kalemli-Ozcan, Karabarbounis, Deviation of log(MRPK) Deviation of log(MRPK)200020052010 GERFRANOR6 / 17 Foreign and Domestic Ownership DataORBIS includes over 30 million ownership/subsidiary linksData shows full list of shareholders and subsidiaries in time feature of the ownership links:1 Nationality of the Owner2 Ultimate vs Direct3 Type and sector of OwnerIndustry-FDI: Parent company : Parent company is a bank, financial company,insurance company, mutual fund other financial / 17 Comparison to Official Aggregate FDI/equity FlowsOECD International Direct Investment Database :Bilateral foreigninvestment positions (more than 10% of ownership stake).

3 Coordinated Portfolio Investment Surveys (CPIS):Bilateralportfolio equity investment positions (less than 10% of ownershipstake). Limited time Level databases are based on the concept of residencewhich assigns ownership of financial flows to legal entities place legal entity (which is the direct owner) is often located in a taxheaven or financial ownership overstates exposure to financial centers andunderstates exposure of countries such as the / 17 Stylized Fact 1: US is the Main International InvestorPaper: Who Owns European Firms? by Kalemli-Ozcan,Korsun, Sorensen, Villegas-Sanchez, VolosovychResidents of the United States ultimately (directly) own 23%(15%) of Spanish, 25% (13%) of French, and 22% (8%) of Italianforeign investment America is a major source of foreign investment funds butthe OECD data and BvD direct ownership data , greatlyunderestimates significant share of North American investments are channeledthrough West European financial centers ( , Ireland and theUK).

4 The ultimate ownership data show that more than 10% of theGerman, British, and Dutch foreign investment stocks have theirultimate owners in Far East and Central Asia9 / 17 Stylized Fact 2: FDI and TFPP aper: Foreign Ownership, Selection, and Productivity byFons-Rosen, Kalemli-Ozcan, Sorensen, Villegas-Sanchez,VolosovychBoth financial and industrial foreign investors select highproductivity domestic firms to invest inAccounting for such selection, even a 100 percent increase inindustrial FDI has a small effect on TFP (2-3 percent increase)after 4 years of initial investment10 / 17 Issues with the DatasetThe download is not reasons for this:Sources: WRDS (Wharton), BvD Web, disksAMADEUS provide most recent 10 years for the same company where orbis provides 5 most recent yearsAMADEUS drops the firm if firm did not report anything in the last 5 yearswhere orbis keeps the firm as long as firm is active (not exit)Example: If a company file info last time in 2007 but still active in business registry, amadeus 2013download will not include this company, however info on 2002-2007 will be in orbis -2013 for the samecompanyReporting lagof 2 years so coverage of 2007, 2008 from 2009 download/diskwill be bad but will be good from 2010+ download/diskCapping:Online (WRDS, BvD) caps number of firms/observations that can bedownloaded in certain period of time.

5 Researcher will not notice this sincedownload will not crash but come as missing observationsUpdate:For the same firm, same variable that is missing in 2007, can be therein 2010 since info is updated build a panel of maximum coverage over time one has to use: orbis -2005, orbis -2009, orbis -2013, amadeus (WRDS)-2010, amadeus -201411 / 17 Issues with the DatasetThe download is not reasons for this:Sources: WRDS (Wharton), BvD Web, disksAMADEUS provide most recent 10 years for the same company where orbis provides 5 most recent yearsAMADEUS drops the firm if firm did not report anything in the last 5 yearswhere orbis keeps the firm as long as firm is active (not exit)Example: If a company file info last time in 2007 but still active in business registry, amadeus 2013download will not include this company, however info on 2002-2007 will be in orbis -2013 for the samecompanyReporting lagof 2 years so coverage of 2007, 2008 from 2009 download/diskwill be bad but will be good from 2010+ download/diskCapping:Online (WRDS, BvD) caps number of firms/observations that can bedownloaded in certain period of time: researcher will not notice this sincedownload will not crash but come as missing observationsUpdate:For the same firm, same variable that is missing in 2007, can be therein 2010 since info is updated build a panel of maximum coverage over time one has to use.

6 orbis -2005, orbis -2009, orbis -2013, amadeus (WRDS)-2010, amadeus -201411 / 17 Issues with the DatasetThe download is not reasons for this:Sources: WRDS (Wharton), BvD Web, disksAMADEUS provide most recent 10 years for the same company where orbis provides 5 most recent yearsAMADEUS drops the firm if firm did not report anything in the last 5 yearswhere orbis keeps the firm as long as firm is active (not exit)Example: If a company file info last time in 2007 but still active in business registry, amadeus 2013download will not include this company, however info on 2002-2007 will be in orbis -2013 for the samecompanyReporting lagof 2 years so coverage of 2007, 2008 from 2009 download/diskwill be bad but will be good from 2010+ download/diskCapping:Online (WRDS, BvD) caps number of firms/observations that can bedownloaded in certain period of time: researcher will not notice this sincedownload will not crash but come as missing observationsUpdate:For the same firm, same variable that is missing in 2007, can be therein 2010 since info is updated build a panel of maximum coverage over time one has to use: orbis -2005, orbis -2009, orbis -2013, amadeus (WRDS)-2010, amadeus -201411 / 17 Table: orbis - amadeus to WRDS, 2006, Manufacturing, SpainSeveral VintagesDirect WRDS DownloadPanel B: Wage + C: + / 17 LimitationsIt is a big pain to work with this data .

7 Products are not userfriendly, not designed for researchers, there can be mistakes andBvD is slow to respondCleaning and merging different vintages requires several stepsMerge via firm ids but firm ids change, sector classification change,firms can change sectorsUnits are different across countries (both currency and numeraire),sometimes BVD variables for harmonization may not work How to Construct Nationally Representative Firm LevelData from ORBIS/AMADEUS Database ? by Kalemli-Ozcan,S rensen, Villegas-Sanchez, Volosovych, and Yesiltas13 / 17 LimitationsData is collected from business registries and commercialized, so subscription (with historical disks, only 6) will be around50,000-60,000 and each additional year will be around25,000-35,000 (more outside universities)Direct access via WRDSOnly foreign ownership not retainedOECD has its own internal orbis universities also have direct subscription to ORBIS14 / 17 ConclusionAdvantages: data set has an advantage over Compustat type data given thenon listed firm coverageData set also has an advantage over Census type data given thelinks between production and financial dataThe dataset is ideal.

8 If we want to connect real and financial variables at the firm Level ,going outside the realm of listed firms and achieving nationalrepresentationAlternative: collect the data country by country via national centralbanks or statistical officesIf we want to measure international flows of FDI and portfolioequity investment correctly in terms of direct and ultimateinvestors/risk / 17 Share of Total Gross Output by Size Class (2006)BackSpainItalyPortugalGermanyFranc eNorwayORBIS-AMADEUS1-19 + (SBS)0-19 + :Size Distribution: BvD vs. OECD and CompnetBackBased on Employment0-1 to 1920 to 249+250 CountryBvD ES CN BvD ES CN BvD ES CNBelgium :Each cell gives the share of number of firms of the corresponding sizegroup in total economy from the relevant data source for the given year (%).

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