Corporate Actions

Read these first

1. 01Computing Adjustment Factors for Price History

   Raw historical prices are full of fake jumps caused by splits and dividends. An adjustment factor rewrites the past so a chart shows what an investor actually earned, not what the ticker happened to print.

2. 02Declaration, Record, Ex and Pay Dates

   Every dividend, split or spin-off moves through the same four dates in the same order. Getting the order backwards is the single most common data-quality bug in equity research.

3. 03The Merger Deal Spread and Its Components

   After a merger is announced, the target's stock trades a few percent below the offer price. That gap is the deal spread, and it is the market's running estimate of the chance the deal falls apart.

Then the rest

1. 04Adjusting Volume and Shares Outstanding Data
2. 05Corporate Action Data Feeds and the Golden Copy
3. 06Entitlements, Record Dates and the Settlement Lag
4. 07Mandatory, Voluntary and Mandatory-With-Choice Events
5. 08Reconstructing a Total Return Series
6. 09Special Dividends and Contract Adjustments
7. 10Ticker Changes, CUSIP/ISIN Mapping and Symbology
8. 11Hedging a Stock-for-Stock Deal
9. 12How Index Providers Handle Corporate Actions
10. 13TERP and Trading Nil-Paid Rights
11. 14When-Issued Trading Around a Spin-Off
12. 15Collar Deals and Cash/Stock Elections with Proration
13. 16OCC Option Contract Adjustments