Short-Flow#67tier 1live in productionNew

`transcript tone x short interest`

cadence: Dailydata: mediumshort only

2023

Cookson, Engelberg & Mullins (2023) *RFS*: "Echo Chambers" + Jiang-Li

Mechanism

Cookson, Engelberg & Mullins (2023) *RFS*: "Echo Chambers" + Jiang-Li (2024) extension. The compound signal: a negative tone shift on the earnings call followed by rising FINRA short-volume in the next 5 days predicts continued downside over a 20-day hold. The cross-table version adds ~30% to plain transcript-tone alpha because short-flow corroborates the negative narrative —…

Data dependencies

daily_prices
Adjusted-close OHLCV for every US-listed ticker; primary price feed.
earnings_call_transcripts
Full earnings-call transcripts (prepared + Q&A), tokenised.
short_volume
Worker data table — see services/worker schema.

Expected edge

The cross-table version adds ~30% to plain transcript-tone alpha because short-flow corroborates the negative narrative — the market is acting on it, not just reading it.

Illustrative pattern only

NOT a backtest

Illustrative pattern only — see /app for live backtests and the actual current equity curve.

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transcript tone x short interest