Research reference
Information timing
Record when a number was available, revised and tradable.
Information timingInformation timingInformation timingInformation timingInformation timing
Point-in-time fundamentals require more than a reporting date
Separate period end, public release, vendor availability and research decision time, while preserving original and revised values.
An earnings surprise needs an unrevised expectation
Match actual results to the correct estimate basis, fiscal period and pre-announcement consensus snapshot.
Event returns are not automatically tradable returns
Separate the announcement reaction from the return available after information processing, order submission and an eligible fill.
Corporate actions belong in the return ledger
Reconcile shares, cash and economic value through splits, dividends and mergers without double-counting adjustments.
Rebalancing needs a clock and a boundary rule
Specify observation, decision and execution times, then use explicit buffers to distinguish intentional persistence from stale holdings.