Research Data
Managerial Ability Data
Below is a dataset providing the MA-Score, the measure of managerial ability developed in Demerjian, Lev, and McVay (2012). The data was generated in February 2011, and covers the years 1980 through 2009. In addition to the data file, we also provide a file describing the data. We are making the data available for private academic use. If you use this data in a study, please reference the article:
Demerjian, P., B. Lev, and S. McVay. 2012. Quantifying Managerial Ability: A New Measure and Validity Tests. Management Science 58(7): 1229-1248.
Data - Data in CSV File (through 2009)
Data - MA-Score Description (2009)
A detailed description of the estimation is available in Demerjian, Lev and McVay (2012).
We released the 2022 MA Score dataset on February 17, 2024. As above, please reference the original article when you use this updated dataset.
Please note: We have updated the calculation; please see the data description document for details. Additionally, we have analyzed the impact of reporting under ASC 842 on the calculation of the MA Score; please see the research note.
Data - Data in CSV File (through 2022)
Data - MA-Score Description File (2022)
Research Note - ASC 842
Probability of Covenant Violation Data
Below is a dataset providing PVIOL, the measure of aggregate covenant violation probability developed in Demerjian and Owens (2016). The data was generated in December 2015, and covers all Dealscan loan packages with sufficient data. In addition to the data file, we also provide a file describing the data. We are making the data available for private academic use. If you use the data, please reference the article:
Demerjian, P. and E. Owens. 2016. Measuring Financial Covenant Strictness in Private Debt Contracts. Journal of Accounting and Economics (2016)
Data - Data in CSV File
Data - PVIOL Description
The newest update of this data includes observations through May, 2020; as above, please reference the original article if you use the dataset.
Data - Data in CSV File (May 2020 update)
Below is a dataset providing the MA-Score, the measure of managerial ability developed in Demerjian, Lev, and McVay (2012). The data was generated in February 2011, and covers the years 1980 through 2009. In addition to the data file, we also provide a file describing the data. We are making the data available for private academic use. If you use this data in a study, please reference the article:
Demerjian, P., B. Lev, and S. McVay. 2012. Quantifying Managerial Ability: A New Measure and Validity Tests. Management Science 58(7): 1229-1248.
Data - Data in CSV File (through 2009)
Data - MA-Score Description (2009)
A detailed description of the estimation is available in Demerjian, Lev and McVay (2012).
We released the 2022 MA Score dataset on February 17, 2024. As above, please reference the original article when you use this updated dataset.
Please note: We have updated the calculation; please see the data description document for details. Additionally, we have analyzed the impact of reporting under ASC 842 on the calculation of the MA Score; please see the research note.
Data - Data in CSV File (through 2022)
Data - MA-Score Description File (2022)
Research Note - ASC 842
Probability of Covenant Violation Data
Below is a dataset providing PVIOL, the measure of aggregate covenant violation probability developed in Demerjian and Owens (2016). The data was generated in December 2015, and covers all Dealscan loan packages with sufficient data. In addition to the data file, we also provide a file describing the data. We are making the data available for private academic use. If you use the data, please reference the article:
Demerjian, P. and E. Owens. 2016. Measuring Financial Covenant Strictness in Private Debt Contracts. Journal of Accounting and Economics (2016)
Data - Data in CSV File
Data - PVIOL Description
The newest update of this data includes observations through May, 2020; as above, please reference the original article if you use the dataset.
Data - Data in CSV File (May 2020 update)