Filings, Insiders & OwnershipExtended setexperimental liveNew

TNIC product-market peer reversal spillover

Updated dailyData needs: highlong onlyshort onlylong short

2023

Lee, C. M. C., Sun, S. T., Wang, R., & Zhang, R. (2023). Technological Links and Predictable Returns (TNIC). Review of Financial Studies.

Read the paper →

In plain terms

When a company's product-market rivals jump or drop sharply, this one tends to move the opposite way next.

How it works

Propagates short-term REVERSAL across the Hoberg-Phillips TNIC product-market graph (direct, 1-hop, 5d lookback): when the text-based peer basket overshoots over a short window, the focal name mean-reverts with a lag as the overreaction unwinds along product-market links.

Live results

93 times picked on its own · 183 times inside a blend (177 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 183 such blended picks (177 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)

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Data dependencies

Entity graph edges
A data feed this strategy reads, refreshed on its normal schedule.
Daily prices
Adjusted-close OHLCV for every US-listed ticker; primary price feed.
Tnic peers
Hoberg-Phillips text-based industry classification peer lists (annual).

Expected edge

Short-horizon mean-reversion of a stock against an overreaction in its text-based product-market peer basket.

Related families

TNIC product-market peer reversal spillover (2-hop)Filings, Insiders & Ownership

When a company's product-market rivals (and their rivals) overreact, this one tends to move the opposite way next.

TNIC peer relative-value reversionFilings, Insiders & Ownership

When a company drifts away from its closest product-market rivals, it tends to drift back.

cross-graph consensus reversalFilings, Insiders & Ownership

Only bets that a stock will snap back when several different groups of related companies all overshoot in the same direction.

Explore TNIC product-market peer reversal spillover on alphactor.ai

See which tickers this family is currently firing on, with live signals and rankings.

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