{
 "generatedAt": "2026-10-20",
 "lateFilings": {
  "status": "Passed (3 months): Late filers lagged similar-sized stocks by about 4% on average over the following 3 months (2012\u20132026). 1 month: not proven. Historical pattern only. Mostly small, hard-to-trade stocks. Not a prediction for any single company. Education only.",
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   "oldfilter|21|SPY": {
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   },
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   },
   "cap|63|IWC": {
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   }
  },
  "calendar": {
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   "avgStocks": 172.3,
   "SPY": {
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   },
   "IWM": {
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   },
   "IWC": {
    "meanMonthly": -1.56,
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    "months": 176
   }
  },
  "survivorship": {
   "counts": {
    "failed": 3739,
    "acquired": 537,
    "unknown": 26162,
    "nosubs": 0
   },
   "noPrice": 30438,
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    },
    "0|63|SPY": {
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     "flip": 30.2,
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    },
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     "ci": [
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     "flip": 35.2,
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    },
    "0|63|IWC": {
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     ]
    },
    "0|calendar": {
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     },
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     }
    },
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     ]
    },
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    },
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    },
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    },
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     "flip": 26.1,
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     "flip": 26.2,
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     ]
    },
    "-1.0|calendar": {
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     },
     "IWM": {
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     },
     "IWC": {
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      "months": 176
     }
    }
   }
  },
  "statusByHorizon": {
   "21": "Not proven",
   "63": "Passed: beats size-matched stocks"
  },
  "caveats": [
   "Survivorship: prices exist only for companies with a current ticker; 26,162 notices from delisted or never-listed companies could not be classified and are left out (counting them at 0% is shown only as a bound).",
   "Mostly small, illiquid stocks: real trades would be hard to fill at these prices.",
   "Trading costs and short-selling limits (borrow fees, unavailable shares) are not included and could erase the gap.",
   "This is a known effect in academic research on late filings, not a new discovery.",
   "Small companies broadly lagged in 2021\u20132026; the matched control is meant to remove that, and the gap shows up in both 2012\u20132020 and 2021\u20132026."
  ],
  "split3m": {
   "2012-2020": {
    "events": 2872,
    "meanVsControl": -3.9,
    "meanCI": [
     -5.42,
     -2.37
    ],
    "laggedControl": 61.4,
    "ci": [
     59.6,
     63.2
    ],
    "placebo": 55.8,
    "calendar": {
     "meanMonthly": -1.21,
     "nwT": -2.88,
     "months": 110
    }
   },
   "2021-2026": {
    "events": 3881,
    "meanVsControl": -4.16,
    "meanCI": [
     -5.55,
     -2.78
    ],
    "laggedControl": 60.3,
    "ci": [
     58.8,
     61.8
    ],
    "placebo": 55.5,
    "calendar": {
     "meanMonthly": -1.55,
     "nwT": -4.11,
     "months": 68
    }
   }
  }
 },
 "insiderBuys": {
  "universe": "Top 500 US-listed companies by market cap at the start of each month, using only data public at the time: the latest share count from a 10-K or 10-Q filed before that month, times the as-traded price at the prior month end. Only companies with a current ticker and price history can be ranked (survivorship). Alphabet (2015-2024) and Berkshire (after 2015) report share counts only per share class and are missing.",
  "fix": "An earlier version of this test (Oct 20) showed insider buys lagging by about 1.6% a month. That came from a bug in the size ranking: it multiplied old share counts by split- and dividend-adjusted prices, which shrank companies that later split (Apple by 28x) and let the wrong companies into the top 500. It also missed Exxon's filings under its old SEC number. After the fix, Apple, Microsoft, JPMorgan, Exxon and Johnson & Johnson are in the top 500 every month from 2012 to 2026.",
  "events": 6985,
  "runs": {
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    "raw": 6985,
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    "hit": 49.5,
    "ci": [
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    ],
    "base": 50.6,
    "mean": -0.15,
    "meanCI": [
     -0.36,
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    ],
    "flip": 50.5,
    "flipMean": 0.15,
    "beats": false,
    "years": [
     "2012",
     "2026"
    ]
   },
   "cap|21|IWM": {
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    "hit": 48.9,
    "ci": [
     47.4,
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    ],
    "base": 50.6,
    "mean": -0.02,
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     "flip": 56.0,
     "flipMean": 2.3,
     "beats": false,
     "years": [
      "2021",
      "2026"
     ]
    },
    "IWC": {
     "raw": 44520,
     "indep": 27653,
     "hit": 44.1,
     "ci": [
      43.5,
      44.7
     ],
     "base": 54.6,
     "mean": -2.57,
     "meanCI": [
      -2.89,
      -2.24
     ],
     "flip": 55.9,
     "flipMean": 2.57,
     "beats": false,
     "years": [
      "2021",
      "2026"
     ]
    }
   },
   "trainCalendar": {
    "months": 107,
    "avgStocks": 945.7,
    "SPY": {
     "meanMonthly": -0.04,
     "nwT": -0.18,
     "months": 107
    },
    "IWM": {
     "meanMonthly": 0.07,
     "nwT": 0.54,
     "months": 107
    },
    "IWC": {
     "meanMonthly": 0.07,
     "nwT": 0.45,
     "months": 107
    }
   },
   "testCalendar": {
    "months": 68,
    "avgStocks": 1460.0,
    "SPY": {
     "meanMonthly": -1.17,
     "nwT": -4.0,
     "months": 68
    },
    "IWM": {
     "meanMonthly": -0.6,
     "nwT": -2.99,
     "months": 68
    },
    "IWC": {
     "meanMonthly": -0.63,
     "nwT": -2.36,
     "months": 68
    }
   },
   "confirmed": false,
   "samples": [
    {
     "ticker": "SPIR",
     "filed": "2023-03-24",
     "link": "https://www.sec.gov/Archives/edgar/data/1816017/000095017023009745/",
     "entry": "2023-03-27",
     "exit": "2023-06-27",
     "stock": -34.45,
     "bench": 10.42,
     "excess": -44.87,
     "right": false
    },
    {
     "ticker": "NXPL",
     "filed": "2022-01-11",
     "link": "https://www.sec.gov/Archives/edgar/data/1058307/000149315222000920/",
     "entry": "2022-01-12",
     "exit": "2022-04-13",
     "stock": -42.17,
     "bench": -5.59,
     "excess": -36.58,
     "right": false
    },
    {
     "ticker": "ARQT",
     "filed": "2023-09-27",
     "link": "https://www.sec.gov/Archives/edgar/data/1787306/000178730623000109/",
     "entry": "2023-09-28",
     "exit": "2023-12-28",
     "stock": -40.43,
     "bench": 11.69,
     "excess": -52.13,
     "right": false
    }
   ],
   "status": "Not confirmed"
  },
  "8-K 5.02 CFO departure": {
   "rule": {
    "horizonDays": 63,
    "direction": "up",
    "chosenOn": "2012-2020"
   },
   "train": {
    "SPY": {
     "raw": 26012,
     "indep": 17734,
     "hit": 46.9,
     "ci": [
      46.2,
      47.7
     ],
     "base": 53.1,
     "mean": 0.29,
     "meanCI": [
      -0.06,
      0.65
     ],
     "flip": 53.1,
     "flipMean": -0.29,
     "beats": false,
     "years": [
      "2012",
      "2020"
     ]
    },
    "IWM": {
     "raw": 26012,
     "indep": 17734,
     "hit": 47.5,
     "ci": [
      46.8,
      48.3
     ],
     "base": 52.3,
     "mean": 0.2,
     "meanCI": [
      -0.14,
      0.55
     ],
     "flip": 52.5,
     "flipMean": -0.2,
     "beats": false,
     "years": [
      "2012",
      "2020"
     ]
    },
    "IWC": {
     "raw": 26012,
     "indep": 17734,
     "hit": 47.4,
     "ci": [
      46.7,
      48.1
     ],
     "base": 52.5,
     "mean": -0.17,
     "meanCI": [
      -0.51,
      0.18
     ],
     "flip": 52.6,
     "flipMean": 0.17,
     "beats": false,
     "years": [
      "2012",
      "2020"
     ]
    }
   },
   "test": {
    "SPY": {
     "raw": 24350,
     "indep": 17126,
     "hit": 38.6,
     "ci": [
      37.9,
      39.4
     ],
     "base": 58.9,
     "mean": -4.84,
     "meanCI": [
      -5.27,
      -4.41
     ],
     "flip": 61.4,
     "flipMean": 4.84,
     "beats": false,
     "years": [
      "2021",
      "2026"
     ]
    },
    "IWM": {
     "raw": 24350,
     "indep": 17126,
     "hit": 42.7,
     "ci": [
      41.9,
      43.4
     ],
     "base": 54.5,
     "mean": -3.07,
     "meanCI": [
      -3.5,
      -2.64
     ],
     "flip": 57.3,
     "flipMean": 3.07,
     "beats": false,
     "years": [
      "2021",
      "2026"
     ]
    },
    "IWC": {
     "raw": 24350,
     "indep": 17126,
     "hit": 42.7,
     "ci": [
      42.0,
      43.4
     ],
     "base": 54.6,
     "mean": -3.33,
     "meanCI": [
      -3.76,
      -2.9
     ],
     "flip": 57.3,
     "flipMean": 3.33,
     "beats": false,
     "years": [
      "2021",
      "2026"
     ]
    }
   },
   "trainCalendar": {
    "months": 107,
    "avgStocks": 555.0,
    "SPY": {
     "meanMonthly": -0.01,
     "nwT": -0.05,
     "months": 107
    },
    "IWM": {
     "meanMonthly": 0.09,
     "nwT": 0.71,
     "months": 107
    },
    "IWC": {
     "meanMonthly": 0.1,
     "nwT": 0.65,
     "months": 107
    }
   },
   "testCalendar": {
    "months": 68,
    "avgStocks": 866.8,
    "SPY": {
     "meanMonthly": -1.36,
     "nwT": -4.42,
     "months": 68
    },
    "IWM": {
     "meanMonthly": -0.79,
     "nwT": -3.55,
     "months": 68
    },
    "IWC": {
     "meanMonthly": -0.83,
     "nwT": -2.99,
     "months": 68
    }
   },
   "confirmed": false,
   "samples": [
    {
     "ticker": "LEU",
     "filed": "2024-08-07",
     "link": "https://www.sec.gov/Archives/edgar/data/1065059/000106505924000071/",
     "entry": "2024-08-08",
     "exit": "2024-11-06",
     "stock": 100,
     "bench": 11.72,
     "excess": 88.28,
     "right": true
    },
    {
     "ticker": "BXSL",
     "filed": "2022-08-30",
     "link": "https://www.sec.gov/Archives/edgar/data/1736035/000119312522234089/",
     "entry": "2022-08-31",
     "exit": "2022-11-30",
     "stock": 3.53,
     "bench": 3.59,
     "excess": -0.05,
     "right": false
    },
    {
     "ticker": "HUBS",
     "filed": "2025-05-08",
     "link": "https://www.sec.gov/Archives/edgar/data/1404655/000095017025066998/",
     "entry": "2025-05-09",
     "exit": "2025-08-11",
     "stock": -30.22,
     "bench": 13.02,
     "excess": -43.24,
     "right": false
    }
   ],
   "status": "Not confirmed"
  },
  "Schedule 13D": {
   "rule": {
    "horizonDays": 21,
    "direction": "up",
    "chosenOn": "2012-2020"
   },
   "train": {
    "SPY": {
     "raw": 3667,
     "indep": 3252,
     "hit": 46.8,
     "ci": [
      45.1,
      48.5
     ],
     "base": 54.2,
     "mean": 0.72,
     "meanCI": [
      0.07,
      1.38
     ],
     "flip": 53.2,
     "flipMean": -0.72,
     "beats": false,
     "years": [
      "2012",
      "2020"
     ]
    },
    "IWM": {
     "raw": 3667,
     "indep": 3252,
     "hit": 47.4,
     "ci": [
      45.7,
      49.1
     ],
     "base": 53.7,
     "mean": 0.69,
     "meanCI": [
      0.04,
      1.34
     ],
     "flip": 52.6,
     "flipMean": -0.69,
     "beats": false,
     "years": [
      "2012",
      "2020"
     ]
    },
    "IWC": {
     "raw": 3667,
     "indep": 3252,
     "hit": 46.9,
     "ci": [
      45.2,
      48.6
     ],
     "base": 53.8,
     "mean": 0.6,
     "meanCI": [
      -0.05,
      1.25
     ],
     "flip": 53.1,
     "flipMean": -0.6,
     "beats": false,
     "years": [
      "2012",
      "2020"
     ]
    }
   },
   "test": {
    "SPY": {
     "raw": 3832,
     "indep": 3474,
     "hit": 39.1,
     "ci": [
      37.5,
      40.7
     ],
     "base": 59.2,
     "mean": -2.81,
     "meanCI": [
      -3.63,
      -2.0
     ],
     "flip": 60.9,
     "flipMean": 2.81,
     "beats": false,
     "years": [
      "2021",
      "2026"
     ]
    },
    "IWM": {
     "raw": 3832,
     "indep": 3474,
     "hit": 41.1,
     "ci": [
      39.5,
      42.7
     ],
     "base": 56.9,
     "mean": -2.31,
     "meanCI": [
      -3.11,
      -1.5
     ],
     "flip": 58.9,
     "flipMean": 2.31,
     "beats": false,
     "years": [
      "2021",
      "2026"
     ]
    },
    "IWC": {
     "raw": 3832,
     "indep": 3474,
     "hit": 41.5,
     "ci": [
      39.8,
      43.1
     ],
     "base": 57.1,
     "mean": -2.5,
     "meanCI": [
      -3.31,
      -1.7
     ],
     "flip": 58.5,
     "flipMean": 2.5,
     "beats": false,
     "years": [
      "2021",
      "2026"
     ]
    }
   },
   "trainCalendar": {
    "months": 107,
    "avgStocks": 29.6,
    "SPY": {
     "meanMonthly": 0.19,
     "nwT": 0.38,
     "months": 107
    },
    "IWM": {
     "meanMonthly": 0.3,
     "nwT": 0.69,
     "months": 107
    },
    "IWC": {
     "meanMonthly": 0.3,
     "nwT": 0.68,
     "months": 107
    }
   },
   "testCalendar": {
    "months": 68,
    "avgStocks": 49.7,
    "SPY": {
     "meanMonthly": -2.53,
     "nwT": -3.96,
     "months": 68
    },
    "IWM": {
     "meanMonthly": -1.96,
     "nwT": -3.2,
     "months": 68
    },
    "IWC": {
     "meanMonthly": -1.99,
     "nwT": -3.04,
     "months": 68
    }
   },
   "confirmed": false,
   "samples": [
    {
     "ticker": "SPWH",
     "filed": "2023-06-28",
     "link": "https://www.sec.gov/Archives/edgar/data/1132105/000105885423000024/",
     "entry": "2023-06-29",
     "exit": "2023-07-31",
     "stock": 12.9,
     "bench": 4.49,
     "excess": 8.41,
     "right": true
    },
    {
     "ticker": "AISP",
     "filed": "2022-01-12",
     "link": "https://www.sec.gov/Archives/edgar/data/1842566/000121390022001733/",
     "entry": "2022-01-13",
     "exit": "2022-02-14",
     "stock": -0.21,
     "bench": -5.49,
     "excess": 5.29,
     "right": true
    },
    {
     "ticker": "GNK",
     "filed": "2023-12-29",
     "link": "https://www.sec.gov/Archives/edgar/data/1326200/000110465923130212/",
     "entry": "2024-01-02",
     "exit": "2024-02-01",
     "stock": 8.19,
     "bench": 3.5,
     "excess": 4.69,
     "right": true
    }
   ],
   "status": "Not confirmed"
  }
 },
 "caveats": [
  "Every 2021-2026 test, even 'any officer or director change' (about 1,460 stocks a month), trailed SPY, IWM and IWC. Part of what these tests pick up is that small listed companies lagged badly in 2021-2026, not only the filing itself.",
  "The CFO-departure filter (8-K Item 5.02 filings whose text mentions the CFO and a departure word, via EDGAR full-text search) matched more than half of all 5.02 filings, so it is a loose proxy, not a clean CFO-departure list.",
  "Universe: companies with a current exchange ticker and Yahoo price history, so delisted firms are missing (survivorship)."
 ],
 "control": {
  "Late-filing notices|21": {
   "events": 8630,
   "noSizeOrPrice": 4195,
   "vsControl": {
    "n": 8630,
    "hitDown": 58.8,
    "ci": [
     57.7,
     59.8
    ],
    "meanExcess": -1.33,
    "meanCI": [
     -2.0,
     -0.66
    ],
    "beatsPlacebo": true
   },
   "vsEW": {
    "n": 8630,
    "hitDown": 59.4,
    "ci": [
     58.4,
     60.4
    ],
    "meanExcess": -1.44,
    "meanCI": [
     -2.11,
     -0.76
    ]
   },
   "placeboHitDown": 56.4,
   "calendar": {
    "control": {
     "meanMonthly": -0.25,
     "nwT": -0.43,
     "months": 176
    },
    "ew": {
     "meanMonthly": 0.07,
     "nwT": 0.11,
     "months": 176
    },
    "avgStocks": 50.1
   },
   "samples": [
    {
     "ticker": "AAME",
     "filed": "2023-05-22",
     "link": "https://www.sec.gov/Archives/edgar/data/8177/0001140361-23-025901.txt",
     "entry": "2023-05-23",
     "exit": "2023-06-23",
     "decile": 2,
     "stock": -1.86,
     "control": -2.0,
     "controlN": 330,
     "ew": 1.76,
     "vsControl": 0.14,
     "vsEW": -3.62
    },
    {
     "ticker": "SNTW",
     "filed": "2018-12-17",
     "link": "https://www.sec.gov/Archives/edgar/data/1619096/0001091818-18-000243.txt",
     "entry": "2018-12-18",
     "exit": "2019-01-18",
     "decile": 1,
     "stock": -13.37,
     "control": 10.95,
     "controlN": 268,
     "ew": 8.34,
     "vsControl": -24.31,
     "vsEW": -21.71
    },
    {
     "ticker": "AXIM",
     "filed": "2024-08-13",
     "link": "https://www.sec.gov/Archives/edgar/data/1514946/0001096906-24-001686.txt",
     "entry": "2024-08-14",
     "exit": "2024-09-13",
     "decile": 1,
     "stock": -36.36,
     "control": 0.02,
     "controlN": 319,
     "ew": 4.57,
     "vsControl": -36.39,
     "vsEW": -40.93
    }
   ]
  },
  "Late-filing notices|63": {
   "events": 6746,
   "noSizeOrPrice": 4198,
   "vsControl": {
    "n": 6746,
    "hitDown": 60.8,
    "ci": [
     59.7,
     62.0
    ],
    "meanExcess": -4.07,
    "meanCI": [
     -5.09,
     -3.04
    ],
    "beatsPlacebo": true
   },
   "vsEW": {
    "n": 6746,
    "hitDown": 63.3,
    "ci": [
     62.1,
     64.4
    ],
    "meanExcess": -5.96,
    "meanCI": [
     -6.99,
     -4.93
    ]
   },
   "placeboHitDown": 55.7,
   "calendar": {
    "control": {
     "meanMonthly": -1.34,
     "nwT": -5.13,
     "months": 176
    },
    "ew": {
     "meanMonthly": -0.97,
     "nwT": -2.71,
     "months": 176
    },
    "avgStocks": 139.2
   },
   "samples": [
    {
     "ticker": "TOON",
     "filed": "2020-05-15",
     "link": "https://www.sec.gov/Archives/edgar/data/1355848/0001683168-20-001621.txt",
     "entry": "2020-05-18",
     "exit": "2020-08-17",
     "decile": 1,
     "stock": 12.32,
     "control": 31.33,
     "controlN": 258,
     "ew": 21.03,
     "vsControl": -19.01,
     "vsEW": -8.71
    },
    {
     "ticker": "LBSR",
     "filed": "2016-12-15",
     "link": "https://www.sec.gov/Archives/edgar/data/1172178/0001493152-16-015933.txt",
     "entry": "2016-12-16",
     "exit": "2017-03-21",
     "decile": 1,
     "stock": 13.33,
     "control": 13.68,
     "controlN": 240,
     "ew": 2.59,
     "vsControl": -0.34,
     "vsEW": 10.75
    },
    {
     "ticker": "AXON",
     "filed": "2021-11-04",
     "link": "https://www.sec.gov/Archives/edgar/data/1069183/0001558370-21-014598.txt",
     "entry": "2021-11-05",
     "exit": "2022-02-07",
     "decile": 9,
     "stock": -20.9,
     "control": -9.31,
     "controlN": 342,
     "ew": -14.81,
     "vsControl": -11.6,
     "vsEW": -6.09
    }
   ]
  },
  "8-K 4.01 auditor change|21": {
   "events": 2530,
   "noSizeOrPrice": 850,
   "vsControl": {
    "n": 2530,
    "hitDown": 55.9,
    "ci": [
     53.9,
     57.8
    ],
    "meanExcess": -0.51,
    "meanCI": [
     -1.38,
     0.36
    ],
    "beatsPlacebo": false
   },
   "vsEW": {
    "n": 2530,
    "hitDown": 57.2,
    "ci": [
     55.2,
     59.1
    ],
    "meanExcess": -0.83,
    "meanCI": [
     -1.7,
     0.05
    ]
   },
   "placeboHitDown": 54.2,
   "calendar": {
    "control": {
     "meanMonthly": -0.83,
     "nwT": -1.62,
     "months": 176
    },
    "ew": {
     "meanMonthly": -0.89,
     "nwT": -1.7,
     "months": 176
    },
    "avgStocks": 14.9
   },
   "samples": [
    {
     "ticker": "PALI",
     "filed": "2022-09-26",
     "link": "https://www.sec.gov/Archives/edgar/data/1357459/000149315222026761/",
     "entry": "2022-09-27",
     "exit": "2022-10-26",
     "decile": 1,
     "stock": -9.09,
     "control": -2.36,
     "controlN": 365,
     "ew": 5.31,
     "vsControl": -6.73,
     "vsEW": -14.4
    },
    {
     "ticker": "EXLS",
     "filed": "2018-02-06",
     "link": "https://www.sec.gov/Archives/edgar/data/1297989/000114420418005796/",
     "entry": "2018-02-07",
     "exit": "2018-03-09",
     "decile": 7,
     "stock": 0.31,
     "control": 4.99,
     "controlN": 262,
     "ew": 4.03,
     "vsControl": -4.68,
     "vsEW": -3.72
    },
    {
     "ticker": "METC",
     "filed": "2023-11-06",
     "link": "https://www.sec.gov/Archives/edgar/data/1687187/000110465923114761/",
     "entry": "2023-11-07",
     "exit": "2023-12-07",
     "decile": 5,
     "stock": 50.88,
     "control": 7.94,
     "controlN": 388,
     "ew": 6.61,
     "vsControl": 42.93,
     "vsEW": 44.26
    }
   ]
  },
  "8-K 4.01 auditor change|63": {
   "events": 2388,
   "noSizeOrPrice": 851,
   "vsControl": {
    "n": 2388,
    "hitDown": 56.6,
    "ci": [
     54.6,
     58.6
    ],
    "meanExcess": -1.47,
    "meanCI": [
     -2.74,
     -0.21
    ],
    "beatsPlacebo": true
   },
   "vsEW": {
    "n": 2388,
    "hitDown": 57.5,
    "ci": [
     55.5,
     59.5
    ],
    "meanExcess": -2.14,
    "meanCI": [
     -3.42,
     -0.85
    ]
   },
   "placeboHitDown": 54.2,
   "calendar": {
    "control": {
     "meanMonthly": -0.28,
     "nwT": -1.05,
     "months": 176
    },
    "ew": {
     "meanMonthly": -0.31,
     "nwT": -1.1,
     "months": 176
    },
    "avgStocks": 43.7
   },
   "samples": [
    {
     "ticker": "EBF",
     "filed": "2022-12-14",
     "link": "https://www.sec.gov/Archives/edgar/data/33002/000095017022026548/",
     "entry": "2022-12-15",
     "exit": "2023-03-20",
     "decile": 5,
     "stock": -4.36,
     "control": -5.67,
     "controlN": 376,
     "ew": -1.01,
     "vsControl": 1.31,
     "vsEW": -3.35
    },
    {
     "ticker": "SMBK",
     "filed": "2018-03-27",
     "link": "https://www.sec.gov/Archives/edgar/data/1038773/000103877318000012/",
     "entry": "2018-03-28",
     "exit": "2018-06-27",
     "decile": 3,
     "stock": 10.15,
     "control": 8.99,
     "controlN": 259,
     "ew": 6.87,
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    "avgStocks": 28.7
   },
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     "link": "https://www.sec.gov/Archives/edgar/data/836690/000110465914001199/",
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    "avgStocks": 66.8
   },
   "samples": [
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     "link": "https://www.sec.gov/Archives/edgar/data/1736946/000173694624000017/",
     "entry": "2024-04-02",
     "exit": "2024-07-02",
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     "link": "https://www.sec.gov/Archives/edgar/data/1374328/000185173422000597/",
     "entry": "2022-10-10",
     "exit": "2023-01-10",
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    {
     "ticker": "CIIT",
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     "link": "https://www.sec.gov/Archives/edgar/data/1557798/000168316824006360/",
     "entry": "2024-09-16",
     "exit": "2024-12-13",
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 },
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   "63": {
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 },
 "eventCountNote": "The first late-filing test (Oct 20) counted 6,067 events at 1 month and 5,971 at 3 months. It dropped windows that started under $1 or moved more than 500% (about 4,150 windows), and it counted a company again only after a 63-trading-day gap for both horizons. The stress tests keep every window and cap returns at plus or minus 100% instead (12,530 and 12,262 windows), and use a gap equal to the holding period (21 days for 1 month, 63 for 3 months), giving 11,297 and 8,763. With the old filter and the 63-day gap, the stress-test code gives back exactly 5,971."
}