Event#162tier 1live in productionNew
private placement drift
cadence: Dailydata: mediumshort only
paper
1989
Source
Wruck, K. H. (1989). "Equity Ownership Concentration and Firm Value." Journal of Financial Economics, 23(1), 3-28. Also Hertzel-Lemmon-Linck-Rees 2002 JF.
Read the paper →
What it checks
PIPE financings → distress signal → -23% over 3 years.
Mechanism
PIPEs go to firms that can't tap public markets → 3y -23% mean abnormal return.
No production champion data for this family yet. Stats appear once the discovery pipeline promotes at least one strategy with this family tag.
Signal rule
short between days 90-720 post-PIPE; hold 90/180/365d
Data dependencies
sec_form_d_filingsWorker data table — see services/worker schema.
sec_8k_eventsItem-coded 8-K events (1.01 material agreements, 4.02 non-reliance, etc.).
daily_pricesAdjusted-close OHLCV for every US-listed ticker; primary price feed.
Expected edge
- Paper alpha
- -23% CAR over 3y
- Paper window
- T+90d to T+720d
Hertzel et al 2002: -23% 3y.
Example tickers where this is likely to fire
Illustrative only — the signal fires based on the live data, not a fixed list.
Related families
Explore private placement drift on alphactor.ai
See which tickers this family is currently firing on, with live signals and rankings.