Product Market Peers and Relative Performance Evaluation

We are grateful to Brian D. Cadman (editor) and two anonymous reviewers for the comments that substantially improved our paper. We also thank Dirk Black, Ettore Croci (discussant), Patricia Dechow, John Donovan, Richard Frankel, Radhakrishnan Gopalan, Jerry Hoberg, Jared Jennings, Ranjani Krishnan, Ningzhong Li (discussant), Partha Mohanram, Kevin Murphy (discussant), Ram Natarajan, and workshop participants at the 2015 Conference on Convergence of Financial and Managerial Accounting Research, Washington University in St. Louis, 2016 American Finance Association Annual Meeting, 2016 MIT Asia Accounting Conference, 2016 Financial Management Association Conference, National University of Singapore, Korea University, and The University of North Carolina at Chapel Hill for helpful comments. We thank Gerard Hoberg and Gordon Phillips for providing the TNIC data. We are grateful for financial support from Amsterdam Business School, Krannert School of Management, Olin Business School, and Simon Business School. All errors remain our responsibility.

Sudarshan Jayaraman, University of Rochester, Simon Business School, Rochester, NY, USA; Todd Milbourn, Washington University in St. Louis, Olin Business School, St. Louis, MO, USA; Florian Peters, University of Amsterdam, Business School, Amsterdam, The Netherlands; Hojun Seo, Purdue University, Krannert School of Management, West Lafayette, IN, USA.

Supplemental material can be accessed by clicking the link in Appendix C.

Editor's note: Accepted by Brian D. Cadman, under the Senior Editorship of Mary E. Barth.