> For the complete documentation index, see [llms.txt](https://docs.alphanume.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.alphanume.com/documentation/datasets/dilution/overview.md).

# Overview

The **Dilution** dataset captures U.S. equity dilution risk at the moment it enters the market.

It is a point-in-time record of **S-1 registration statements**, enriched with market context and lifecycle tracking, designed for traders and researchers who need to identify and manage dilution-driven risk with precision.

Each record represents a filing **as it was known on the filing date**, labeled for its dilutive impact and supplemented with forward-resolving outcomes such as whether the offering later became effective or was withdrawn.

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#### What This Dataset Represents

* Initial **S-1 filings**, captured at filing time
* A binary **dilutive classification**, indicating whether the filing represents meaningful equity dilution
* Point-in-time firm characteristics, including market capitalization measured **one trading day prior** to filing to avoid look-ahead bias
* Full **lifecycle resolution**, tracking if and when a filing becomes effective or is withdrawn

This allows users to study both:

* the **immediate signal** introduced by a filing, and
* the **eventual outcome** of that filing over time.

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#### Why Dilution Matters

Equity dilution is one of the most persistent structural headwinds in public markets, particularly in small- and mid-cap equities.

S-1 filings often precede:

* secondary offerings
* resale pressure
* changes in float and liquidity
* prolonged price underperformance

By labeling and normalizing these filings at the moment they occur, the dataset enables systematic approaches to:

* risk filtering
* short-biased strategies
* event-driven research
* post-filing lifecycle analysis

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#### Point-in-Time Integrity

All features are constructed to preserve **point-in-time correctness**:

* Market capitalization is measured using data available **before** the filing date
* Dilution labels reflect filing content, not future price action
* Lifecycle fields (e.g. effectiveness or withdrawal) are updated only as those events occur

Historical records are never rewritten — only lifecycle status fields evolve.

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#### Update Schedule

* **New filings** are ingested nightly at **11:00 PM ET**
* **Lifecycle statuses** (effective / withdrawn) are checked and updated every morning at **7:00 AM ET**

This ensures the dataset remains both timely and historically reliable.

***

#### Designed for Systematic Use

The Dilution dataset is built for:

* programmatic ingestion
* backtesting without leakage
* production-grade trading and monitoring pipelines

If you can query it, you can trade it.