Library Help: Teaching and learning

Wharton Research Data Services (WRDS) is a system designed to give researchers access to a range of financial databases (such as CRSP, Compustat and LSPD) though a common interface with integrated support. You can access support with WRDS in a variety of different ways. 

WRDS 2-factor authentication help

If you have problems with using Duo and WRDS 2-factor authentication, visit:

• WRDS Two-Factor Authentication by Duo Security

WRDS Getting Started FAQs

WRDS Getting Started FAQs are also an excellent source of support. To access these, go to ‘Support > Getting Started > Frequently Asked Questions (FAQs)’.

Help tab within each data set

One you have navigated through the menus and chosen precisely which dataset you wish to query, you will reach a page like the one shown above. In addition to the ‘Query Form’, there are four tabs to help you create your query: ‘Variable Descriptions’, ‘Manuals and Overviews’, ‘FAQs’, and ‘Dataset List’. The contents of these tabs will vary slightly from dataset to dataset but have generally the same format.

• Query Form: In order to find specific data in WRDS to match the requirements for your project you, will need to create a query which outlines these requirements. The basic search process is the same for every dataset in WRDS. Choose a date range, choose which companies or securities to search, choose which variables (data items) you would like, select an output format, then submit. There are sometimes question mark icons next to the names of the variables which open a pop-up window with more details about it.
• Tip: If you are downloading CUSIP or GVKEY codes, we recommend you choose to download as a CSV file rather than an Excel file. You can then carefully import the CSV files into Excel, making sure that the CUSIP or GVKEY columns are interpreted in text format. This will prevent any leading zeros being lost or any codes breaking and appearing in scientific format.
• Variable Descriptions: Via the ‘Variable Descriptions’ tab you can view a list of all the variables available for download, as well as the range of dates available. You can use the search function in the browser (Ctrl/Cmd+F) to find specific items. There are columns for name, type and description; the name will be most useful if you use WRDS Cloud or SAS to access the data directly.
• Manuals and Overviews: On the ‘Manuals and Overviews’ tab a number of PDFs and other manuals will be available (depending on the dataset you are using), describing the data included and how they were collected
• FAQs: Most databases have a knowledge base of answers to common questions available for you to browse. Each dataset features an ‘FAQs’ tab.
• Dataset List: The ‘Dataset List’ tab of each dataset is where you can find technical details of the data behind the scenes.

Classroom Tools

Quoting the website, “Classroom Tools by WRDS is a teaching and learning toolkit designed specifically for faculty who are introducing finance and business concepts in the classroom”. There are sets of slides and lesson plans for many topics that can be studied on WRDS. These materials can also be used by individuals, the 'Introduction to Web Queries', ‘Getting Started’ and ‘Understanding Identifiers’ packages are particularly relevant.

Contact WRDS Support

If you are still stuck after looking at all of the information sources listed above, try also the Business Research Plus blog or Google Group (below). If you are still stuck, may wish to speak to the WRDS support desk. Go to ‘Support > Contact WRDS Support’ to send a message. They may take a day or two to respond. Please note, this option is not advised for those using class accounts, as any reply would be sent to the course tutor and not the individual enquirer.

Alternative sources of support: blog and Google Group

We have written many WRDS posts on the Business Research Plus blog. These cover the WRDS platform itself, WRDS Cloud and databases within it such as LSPD and Compustat, as well as posts about how to combine data from multiple databases.

In addition to the blog there is a wrdssas Google Group containing discussions and community support for many of the same issues. There is an assumption on some of the posts that the reader has a basic understanding of the SAS programming environment but you should still find useful information here.

Finally, the Google Group replaces the old WRDS Forum, whose archive of 450 threads about the WRDS platform, using datasets within WRDS and accessing them programmatically is still available to read on the Wayback Machine.