Research

RESEARCH · NOT THE CORE STANDARD

Research extension. This page is a study, not a measurement. The core standard is CEBE, Senior Claims %, CEBE mNAV and Claims Grade, each published with its formula and date. Studies here test priors against outcomes and can be retired; retired studies stay on the site with their correction notes. Nothing on this page enters a tracker figure.

The construction

Adjusted Claims % Specification v1 What the layer is, what it may touch, and the absence rules it follows.
Moneyness priors v1 The stated priors the conversion weight is computed from.
The conversion weight Convertible claims weighted continuously by moneyness instead of counted all or nothing.

The calibration studies

Calibration 1 The first run at the section 8 gate, and the finding that failed it.
Calibration 1 ruling log Every ruling made during the run, in the order it was made.
Calibration 2 The rulebook for the second run, published before any candidate was scored.
Calibration 3 Registration, the confirmation run, and the admission that followed.
Calibration D1 Pre-registration and seal-break scoring for the delivery weighting layer.

The core standard lives on the tracker, the company pages and the stack, and its construction is documented on the methodology page.