Earnings call participation network & dynamics (ECPND)

A point-in-time factor capturing how informed attention shifts across companies and sectors, for quantitative research and data analytics.

US EQUITIESECPND - Historical research

Annualized return difference

+1.92 pp

Momentum + ECPND · 60% priority rule

Momentum26.81%CAGR after costs
With ECPND28.73%CAGR after costs
JAN 2023-SEP 2026 · DAILY · 10 BP PER TRADE

Selected after historical testing. 95% interval: -3.31 to +6.79 pp; includes zero.

Interaction structure holds meaning.

Participation and recurring connections may reveal informed attention. We translate these dynamics into a systematic factor for equity research.

Designed for a fair comparison.

One momentum ranking, two matched accounts. The selected 60% ECPND rule changes stock priority while prices, execution and costs stay the same.

Paired accounts.

01 - DESIGN

Compare 12-to-1-month momentum with the same ranking plus ECPND, using the same US candidate universe and daily decisions.

Stocks per account
50
Trading sessions
931

Shared execution.

02 - EXECUTION

Prior-close rankings feed the next close. Qlib TopkDropout replaces up to five holdings daily, retaining other positions and their share quantities.

Daily replacements
5 max.
Costs per trade
10 bp

Complete comparisons.

03 - VERIFICATION

The full grid retains favourable and unfavourable results across momentum and four model seeds. Selection and account arithmetic are checked internally.

Threshold settings
21
Primary-cost accounts checked
105

Evidence against a momentum baseline.

Matched US equity accounts, with and without the 60% ECPND overlay. The same momentum ranking, execution rules and trading costs.

Historical account profit and loss from January 2023. Momentum ends at +141.22%; momentum with the selected 60% ECPND rule at +155.06%. Both include 10 bp trading costs.

Account P/L from the same $1 million entry on 3 Jan 2023 · 10 bp per executed buy or sell · through 18 Sept 2026Mobile shows 2024-2026; the original 2023 investment basis is retained.

Historical research, not live performance

Adding ECPND's 60% priority rule raises historical momentum CAGR from 26.81% to 28.73%, a +1.92 percentage-point annualized difference after costs. The comparison follows two simulated accounts through 931 sessions, with every trade and daily value retained. This application was selected after examining the full threshold grid. Its individual 95% interval is -3.31 to +6.79 percentage points; the joint interval is -5.92 to +9.77. Both include zero, and the factor account underperforms in 2024 and 2025.

A separate Qlib / LightGBM reference averages 10.59% versus 13.17% CAGR under the same 60% rule; 3 of four model seeds improve. This is a US adaptation of published components. The original weekly 20% study, reference-model checks and complete threshold comparisons remain available, including unfavourable results. Existing forward studies keep their original rules; the selected 60% application has no live track record.

Transparent research and pricing.

Evaluate the factor with the research package, then access the ECPND score directly via API and integrate it into your workflows and models.

Get research package

Free

2 years of daily scores

Delivery
Public ZIP download
Historical data
Two years of daily scores · eight-week delay
Score records
Date, ticker & ECPND score
Evidence
Study results & cohort comparisons
Application
README & worked selection example
Additional
ECQDI research pack · new factor

Early access - ECPND

Billed quarterly

$1,850 USD / month

Delivery
Authenticated API access
Updates
Hourly checks · updates on change
New calls
Low-latency processing after transcript arrival
Score records
Timestamps & version identifiers
Integration
API documentation & integration support
Historical data
Full download of 5 years of historical scores

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Data & access FAQ

Understand factor coverage, historical data and update timing, with practical guidance on API access, independent evaluation and subscriptions.

What data is included in a subscription?

Each subscription provides authenticated API access to your selected factor across its covered US equity universe. You receive scores with publication timestamps and version identifiers, historical downloads, API documentation and integration support. Current scores are available as JSON or CSV. See the integration examples.

How often are scores updated?

The service checks for changes hourly and publishes an updated score set when relevant inputs change, including new or corrected calls and newly eligible history. Otherwise, the existing set remains available. Each response identifies when the data were checked and when the scores were published. See timing and data status.

What historical data is available?

Subscribers can download a five-year historical score release for their licensed factor as compressed CSV. The free research packages contain two years of daily scores, ending eight weeks before the package release date. Each download states its exact dates and coverage; historical releases are separate from ongoing API updates. See historical data delivery.

What does a missing score mean?

No eligible value is available for that stock and date under the factor's coverage, history or freshness rules. Missing values appear as null in JSON and blank fields in CSV; zero is a valid score. A day without a new company call does not automatically mean a missing score. See the score definitions.

Can I evaluate the data before subscribing?

Yes. The free research package includes historical scores, study results, cohort comparisons and a worked selection example. No account or payment is required. Use the supplied data to test the factor in your own models; the whitepapers explain the study design, application rules and limitations.

Are ECPND and ECQDI licensed separately?

Yes. Each factor requires its own active subscription. Both use the same API, and your account's API keys grant access to the factors you subscribe to. ECQDI material in the free research package is for evaluation and does not activate a paid subscription. Read the ECPND and ECQDI whitepapers.

Who may use the data, and what is the AUM limit?

The standard licence covers one legal entity with up to USD 250 million AUM. Internal use, copies and storage are permitted; data, scores and API access cannot be shared with another company, including an affiliate. Derived datasets, scores, models, reports and analytics may be used internally but may not be supplied as products or services to third parties, even if the original scores cannot be reconstructed. Each additional legal entity needs its own licence. If your AUM exceeds the limit, notify us promptly and within three calendar months at the latest, and agree an individual licence. We may request proportionate supporting evidence up to twice per rolling twelve months. See the data licence and AUM definition.

Will my early access terms change after the regular launch?

Your agreed early access price and licence scope continue while the same subscription remains uninterrupted and within its licence limits, even after the factor enters regular sale. New early access admissions are limited by the licence allocation and USD 1 billion of aggregate Licence AUM, whichever is reached first. This admission limit does not remove existing subscribers' agreed terms. New products or an AUM upgrade require a separate agreement. The service may be discontinued; unused prepaid access is then addressed under the Terms. See early access continuity.

How do quarterly billing and cancellation work?

The monthly price is billed every three months, plus applicable taxes. Subscriptions renew quarterly unless cancelled before renewal. You can cancel through your account and retain access until the end of the paid period. Cancellation stops future renewals; refunds are handled separately under the Refund Policy. See the billing terms.