Economic theory suggests that production complementarity is an important driver of sectoral co-movements and business cycle fluctuations. We operationalize this concept using a measure of production complementarity proximity () between any two companies. We show firms from different industries but are closely aligned in exhibit strong co-movement in their operating, investing, and financing activities, as well as quarterly earnings revisions and monthly returns. We further document a lead-lag effect in their returns, such that a long-short strategy based on recent peer returns yields a monthly 6-factor alpha of 122 basis points. This inter-industry momentum spillover effect is not explained by other network-based mechanisms, such as shared analyst coverage. We conclude information transmission takes place along complementarity networks, but stock prices do not update instantaneously.

中文翻译：

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跨行业生产互补和信息传递

经济理论表明，生产互补性是部门联动和经济周期波动的重要驱动力。我们使用任意两家公司之间的生产互补性接近度（）来衡量这一概念。我们展示了来自不同行业但密切相关的公司在运营、投资和融资活动以及季度盈利修正和月度回报方面表现出强烈的联动性。我们进一步记录了它们回报的领先滞后效应，这样基于近期同行回报的多空策略产生了 122 个基点的每月 6 因子 alpha。这种行业间动量溢出效应无法用其他基于网络的机制（例如共享分析师报道）来解释。我们得出的结论是，信息传输是沿着互补网络进行的，但股票价格不会立即更新。