This study explores the dynamics of industry behavior through an analysis of regulatory filings, providing insights into the pressures and strategies shaping various sectors. Leveraging detailed financial data from the U.S. Securities and Exchange Commission (SEC), including over 83,000 10-K filings, we examine four key indicators: the frequency of 8-K filings, amendments to 10-Ks, address changes, and industry reclassifications. These indicators serve as proxies to measure external forces such as regulatory scrutiny, competitive pressure, and economic volatility.
Our findings reveal distinct patterns of filing behavior, with certain industries, such as Pharmaceutical Preparations, Metal Mining, and Programming Services, showing high levels of address changes, amended 10-Ks, and shifts in industry size—signals of underlying industry pressures. Additionally, industries like Patent Owners, Medicinal Products, and Retail experienced significant company transitions and frequent address changes, further reflecting industry realignments.
By introducing new metrics for assessing industry pressures and demonstrating the use of the open-source data language Malloy for replicable analysis, this research contributes both to the academic understanding of industry dynamics and to the practical tools available for data exploration.