Filings, Insiders & OwnershipExtended setexperimental liveNew

Item 8 01 Other Events Z

Updated weeklyData needs: lowshort only

2013

Cohen, L., Lou, D. & Malloy, C. (2013). "Playing Favorites: How Firms Prevent the Revelation of Bad News." Review of Financial Studies + Bushee, B., Matsumoto, D. & Miller, G. (2003). "Open Versus Closed Conference Calls." Review of Accounting Studies.

Read the paper →

In plain terms

When a company suddenly files many more 'Other Events' 8-Ks than usual, it often means they're staging bad news through catch-all disclosures — short for 1-3 months.

How it works

8-K Item 8.01 'Other Events' is the catch-all for material disclosures that don't fit a numbered item — Reg-FD press releases, partnership announcements, etc. A surge vs ticker baseline signals information-environment shock and (per Cohen-Lou-Malloy) negative drift when the shock is at the right tail.

Live results

2 times picked on its own · 7 times inside a blend (6 beat the stock) · updated 2026-06-06

This strategy is a frequent ingredient in blends that combine a few strategies on one stock. It has contributed to 7 such blended picks (6 of which beat simply holding the stock). Picking it on its own is only one of the ways it shows up.

How its picks scored vs. buy & hold

Each pick is graded on a recent year it was never tuned on, against simply owning the same stock

Where its edge concentrates

Share of picks in each company-size group that beat buy & hold

How often it trades

Active vs. patient. Bars on the left mean it waits for rare setups; bars on the right mean it trades often

Return vs. buy & hold

How much each pick beat or trailed simply owning the stock over the test year (extreme microcap moves trimmed)

Loading substrate evidence…

Data dependencies

Daily prices
Adjusted-close OHLCV for every US-listed ticker; primary price feed.
SEC 8k events
Item-coded 8-K events (1.01 material agreements, 4.02 non-reliance, etc.).

Expected edge

Reported return: -2 to -5% over 60d
Tested over: T+1 to T+90d

Cohen-Lou-Malloy 2013; ~-2 to -5% over 60d on velocity tail.

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When a company starts filing many more 8-Ks than usual, it's often because something bad is being staged — short the stock through the disclosure storm.

Item 4 02 Restatement ShortFilings, Insiders & Ownership

When a company tells the SEC their previous financial statements can't be trusted, it's the most negative 8-K disclosure they can file — short for six months.

Item 5 03 Governance Change ShortFilings, Insiders & Ownership

When a company quietly amends its charter or bylaws, it's often putting up takeover defenses or entrenching management — historically these moves predict ~3 months of underperformance.

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