Private research
Independent research into how corporate news travels through markets, and who it reaches last.
46.8523° N · 9.5322° E
Fig. 0 · Above the cloud
When a company discloses something, the market prices that company almost at once. Everyone is watching it. But revenue, supply and competition tie companies together, and news travels along those ties at different speeds.
SonaR studies that travel. When something is disclosed, we ask who else it touches, by how much, and whether their prices have noticed.
We write the question down before we look at the answer. Every hypothesis is registered before it is tested, and part of the evidence is kept sealed until the end.
The company in the news is the first to be priced. The ones it touches, its suppliers, competitors and customers, are often the last.
Every price carries a belief about what an event is worth. We measure what has already been paid, and study only what is left.
§ 3 · Correspondence
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