{
  "author": "Arhan Canli",
  "claim_boundary": "Immutable historical evidence only; no forward performance, admitted sleeve, live execution, or future-return claim.",
  "evidence_date": "2026-08-22",
  "family_key": "equity_insider_activity",
  "identities": [
    {
      "config_hash": "a18b907b9b8b4002",
      "configuration": {
        "cluster_days": 30,
        "costs": {
          "issuer_oneway": 0.0006,
          "spy_oneway": 0.0001
        },
        "filing_delay_sessions": 2,
        "hedge": "trailing_252d_spy_beta_clamped_0_3",
        "hold_sessions": 63,
        "mechanism": "clustered_form4_open_market_purchases",
        "min_insiders": 2,
        "min_value": 100000.0,
        "oos_start": "2016-01-01",
        "positioning": "equal_notional_gross_1",
        "prereg": "docs/design/PREREG_INSIDER_CLUSTERS.md",
        "probe": "insider_purchase_clusters"
      },
      "evidence_grade": "immutable_ledger_summary_with_optional_family_artifact",
      "hypothesis_key": "7c522581b35475e3",
      "ledger_source_path": "var/experiments.jsonl",
      "ledger_source_sha256": "b5a318c0997d980575f758451f509e0154eecbbb50d734e49a587d473062bd08",
      "result": {
        "annualized_sharpe": -0.9931387477992796,
        "artifact_era_dsr": null,
        "kurtosis": 16.467107498086687,
        "maximum_drawdown": null,
        "observations": 2669,
        "skew": -0.3087967709985932
      }
    },
    {
      "config_hash": "89b95c2e97f2b7f2",
      "configuration": {
        "cluster_days": 30,
        "costs": {
          "issuer_oneway": 0.0006,
          "spy_oneway": 0.0001
        },
        "filing_delay_sessions": 2,
        "hedge": "trailing_252d_spy_beta_clamped_0_3",
        "hold_sessions": 63,
        "mechanism": "clustered_form4_open_market_purchases",
        "min_insiders": 2,
        "min_value": 100000.0,
        "oos_start": "2016-01-01",
        "positioning": "equal_notional_gross_1",
        "prereg": "docs/design/PREREG_INSIDER_CLUSTERS.md",
        "probe": "insider_purchase_clusters",
        "return_aggregation": "weighted_simple_returns"
      },
      "evidence_grade": "immutable_ledger_summary_with_optional_family_artifact",
      "hypothesis_key": "d614fdc1daa2906c",
      "ledger_source_path": "var/experiments.jsonl",
      "ledger_source_sha256": "b5a318c0997d980575f758451f509e0154eecbbb50d734e49a587d473062bd08",
      "result": {
        "annualized_sharpe": -0.24327562849906975,
        "artifact_era_dsr": null,
        "kurtosis": 17.101003848389343,
        "maximum_drawdown": null,
        "observations": 2669,
        "skew": 0.2909259919436605
      }
    }
  ],
  "related_family_artifact": {
    "path": "artifacts/probe/insider_purchase_clusters/result.json",
    "sha256": "126ff81e3e47d96571095d7447d1f8fb9ce23737d8d6c4a7b7359a3a4982a97b"
  },
  "schema": "canli.alphac-equity-insider-activity-family.v1",
  "summary": {
    "admission_status": "NOT_ESTABLISHED_RESEARCH_ONLY",
    "broker_reconciled_forward_status": "NOT_ESTABLISHED",
    "capacity_status": "UNMEASURED_OR_NOT_FAMILY_WIDE",
    "distinct_hypothesis_identities": 2,
    "finite_sharpe_identities": 2,
    "maximum_annualized_sharpe": -0.24327562849906975,
    "minimum_annualized_sharpe": -0.9931387477992796,
    "positive_sharpe_identities": 0
  }
}