The most standard identifiers, such as companies’ tickers and CUSIPs, tend to change over time. For example, if a company ceases to exist, its ticker may be reassigned to another company; a company may be allotted multiple CUSIPs caused by corporate structural changes. For these reasons, identifiers such as tickers or CUSIPs don’t work well with historical analysis.
For historical analysis on securities, researchers use permanent identifiers, such as PERMNO, PERMCO, and GVKEY that never change for the duration of the company’s life span regardless of the name changes or other instances and are never being reused.
PERMCO and PERMNO are unique permanent identification numbers assigned by CRSP to all companies listed in CRSP dataset.
GVKEY (Global Company Key) is a unique number assigned to each company in the Compustat-Capital IQ database.