{
  "schema": "canli.alphac-repurchase-issuance-overlap-audit.v1",
  "stage": "identity_governance_no_new_returns",
  "return_data_opened_by_this_audit": false,
  "return_hypotheses_spent_by_this_audit": 0,
  "classification": "SAME_ECONOMIC_FAMILY_DISTINCT_MEASUREMENT",
  "economic_family": "corporate_equity_supply",
  "prior_identity": {
    "id": "eq_net_issuance",
    "measurement": "year-over-year log change in split-adjusted basic shares",
    "direction": "long net repurchasers, short net issuers",
    "source_sha256": "300a8c31895d0efbe06c1858099faa25a5454b20ffffacd67f87b7f433ec4fb4"
  },
  "proposed_identity": {
    "id": "repurchase_issuance_flow",
    "measurement": "filing-known completed cash repurchases versus contamination-resolved completed issuance",
    "proposal_sha256": "a6eb0e08236e8445b3470367e909fe6120068c836bb2cf543b474a6e22693e6e"
  },
  "prior_trial_account": {
    "ledger_records": [
      {
        "ledger": "var/experiments.jsonl",
        "line": 119,
        "config_hash": "6f975d14e246fd87",
        "hypothesis_key_excluding_window": "ec0e61ae6c3a06c4",
        "sharpe_ann": null,
        "n_obs": 5384,
        "start": 946684800000,
        "end": 1780272000000,
        "instrument_count": 6820,
        "allocator": "rank",
        "rebalance_bars": 63
      },
      {
        "ledger": "var_sharadar/experiments.jsonl",
        "line": 1,
        "config_hash": "f6c688ee24fe01d7",
        "hypothesis_key_excluding_window": "f8d284c62e7be731",
        "sharpe_ann": -0.12892535585660012,
        "n_obs": 3873,
        "start": 1262304000000,
        "end": 1780272000000,
        "instrument_count": 4980,
        "allocator": "rank",
        "rebalance_bars": 63
      },
      {
        "ledger": "var_sharadar/experiments.jsonl",
        "line": 6,
        "config_hash": "8ce99f5c7b0447ef",
        "hypothesis_key_excluding_window": "da0157b02b4dad5a",
        "sharpe_ann": -0.3112743437896463,
        "n_obs": 3369,
        "start": 1325376000000,
        "end": 1780272000000,
        "instrument_count": 4701,
        "allocator": "rank",
        "rebalance_bars": 63
      }
    ],
    "distinct_config_hashes": 3,
    "distinct_hypothesis_keys_excluding_window": 3,
    "walkforward_folds_not_independent_trials": 62
  },
  "prior_outcomes": {
    "source_correct_full_window_rerun": {
      "sharpe": 0.14814008749165788,
      "vol_ann": 0.06722364102171516,
      "max_dd": 0.1748371304261177
    },
    "latest_sealed_sweep": {
      "sharpe": -0.3112743437896463,
      "dsr": 0.00010209846752985413,
      "n_trials_at_run": 6,
      "clears_dsr_gate": false,
      "max_drawdown": 0.371066,
      "artifact_sha256": "37de83acc2c1b259d0d3e27a9c68db16c60cffd5842dbf344df2b4236381d3be"
    }
  },
  "governance": {
    "may_count_as_new_economic_family": false,
    "may_count_toward_ten_new_independent_sleeves": false,
    "feasibility_audit_may_continue_without_returns": true,
    "fresh_standalone_trial_budget": false,
    "required_family_trial_floor": 4,
    "required_future_controls": [
      "include every prior corporate-equity-supply trial in union DSR accounting",
      "residualize against the frozen broad eq_net_issuance signal",
      "prove positive mean-zero marginal book contribution",
      "use an untouched post-declaration holdout and publish a null",
      "admit only as a replacement or same-family refinement, never as independent breadth"
    ]
  },
  "decision": "CONTINUE_DATA_FEASIBILITY_SAME_FAMILY",
  "claim_boundary": "Completed flows may be a cleaner measurement, but cleanliness is not economic independence. No return sign, Sharpe, correlation, admission, or new-sleeve claim is authorized by this audit.",
  "lineage": {
    "rerun_result_sha256": "9a36093ab36fcf6ef66c2955d0cc29ed8105d894815b2042c1511787a8cfdf33",
    "sweep_summary_sha256": "1c08971157c1af90255adf04f5518e65319cdd1f71e665a3dac0f861c30e31d7"
  },
  "content_hash": "sha256:5924a643ecd1c82e69f5289cdf5c9d83bc3a81779d0935e6be057723b7efced7"
}