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\u06a9\u0631\u06cc\u06ba\u06d4<\/p>\n<\/li>\n<li>\n<p>\u0688\u06cc\u0679\u0627 \u0641\u0631\u06cc\u0645\u0648\u06ba\u060c \u0641\u0646\u06a9\u0634\u0646\u0632\u060c \u0644\u0648\u067e\u0633\u060c \u0627\u0648\u0631 API \u06a9\u06cc \u062f\u0631\u062e\u0648\u0627\u0633\u062a\u0648\u06ba \u06a9\u0627 \u0628\u0646\u06cc\u0627\u062f\u06cc \u0639\u0644\u0645\u06d4<\/p>\n<\/li>\n<li>\n<p>EODHD API \u06a9\u0644\u06cc\u062f \u0627\u0633\u06a9\u0631\u06cc\u0646\u0631 \u062a\u06a9 \u0631\u0633\u0627\u0626\u06cc \u06a9\u06d2 \u0644\u06cc\u06d2\u060c \u0641\u0627\u0631\u0645 4 \u0641\u0627\u0626\u0644 \u06a9\u0631\u0646\u06d2 \u0627\u0648\u0631 EOD \u0627\u062e\u062a\u062a\u0627\u0645\u06cc \u067e\u0648\u0627\u0626\u0646\u0679\u0633 \u06a9\u0648 \u0631\u06cc\u06a9\u0627\u0631\u0688 \u06a9\u0631\u0646\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2<\/p>\n<\/li>\n<li>\n<p>\u0627\u0646 \u0627\u0633\u0679\u0627\u06a9\u0633 \u06a9\u06cc \u062a\u0639\u062f\u0627\u062f \u06a9\u0648 \u067e\u0648\u0631\u0627 \u06a9\u0631\u0646\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2 \u06a9\u0627\u0641\u06cc API \u06a9\u0631\u06cc\u0688\u0679\u0633 \u062c\u0646\u06c1\u06cc\u06ba \u0622\u067e \u062a\u062c\u0632\u06cc\u06c1 \u06a9\u0631\u0646\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0645\u0646\u062a\u062e\u0628 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<\/li>\n<\/ul>\n<p>\u067e\u0648\u0631\u06d2 \u06a9\u06cc\u0633 \u0627\u0633\u0679\u0688\u06cc \u0645\u06cc\u06ba 500 \u0633\u06cc\u06a9\u06cc\u0648\u0631\u0679\u06cc\u0632 \u0633\u06d2 \u0641\u0627\u0631\u0645 4 \u0688\u06cc\u0679\u0627 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06c1\u0648\u062a\u0627 \u06c1\u06d2\u06d4 \u0627\u06af\u0631 \u0622\u067e \u0628\u06c1\u062a \u0633\u0627\u0631\u06cc API \u06a9\u0627\u0644\u0632 \u06a9\u06cc\u06d2 \u0628\u063a\u06cc\u0631 \u06a9\u0648\u0688 \u06a9\u0648 \u0633\u0645\u062c\u06be\u0646\u0627 \u0686\u0627\u06c1\u062a\u06d2 \u06c1\u06cc\u06ba\u060c \u062a\u0648 \u0622\u067e \u067e\u06c1\u0644\u06d2 \u0686\u06be\u0648\u0679\u06d2 \u0646\u0645\u0648\u0646\u06d2 \u067e\u0631 \u0648\u0631\u06a9 \u0641\u0644\u0648 \u0686\u0644\u0627 \u0633\u06a9\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<p>\u0627\u06cc\u0648\u0646\u0679 \u06a9\u06d2 \u0645\u0637\u0627\u0644\u0639\u06c1 \u06cc\u0627 \u06a9\u0646\u0679\u0631\u0627\u0633\u0679 \u0645\u0645\u0627\u062b\u0644\u062a \u06a9\u06d2 \u0628\u0627\u0631\u06d2 \u0645\u06cc\u06ba \u067e\u06c1\u0644\u06d2 \u0633\u06d2 \u0639\u0644\u0645 \u06a9\u06cc \u0636\u0631\u0648\u0631\u062a \u0646\u06c1\u06cc\u06ba \u06c1\u06d2\u06d4 \u06c1\u0645 \u0627\u0646 \u062d\u0635\u0648\u06ba \u06a9\u0648 \u0645\u0631\u062d\u0644\u06c1 \u0648\u0627\u0631 \u0628\u0646\u0627\u0626\u06cc\u06ba \u06af\u06d2 \u062c\u06cc\u0633\u0627 \u06a9\u06c1 \u062a\u062c\u0632\u06cc\u06c1 \u0645\u06cc\u06ba \u0638\u0627\u06c1\u0631 \u06c1\u0648\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<h2 id=\"heading-import-the-required-packages\">\u0645\u0637\u0644\u0648\u0628\u06c1 \u067e\u06cc\u06a9\u06cc\u062c \u062d\u0627\u0635\u0644 \u06a9\u0631\u06cc\u06ba\u06d4<\/h2>\n<p>\u0627\u06cc\u06a9 \u0645\u06a9\u0645\u0644 \u0648\u0631\u06a9 \u0641\u0644\u0648 \u06a9\u06d2 \u0644\u06cc\u06d2 \u067e\u06cc\u06a9\u062c\u0648\u06ba \u06a9\u06d2 \u0635\u0631\u0641 \u0627\u06cc\u06a9 \u0686\u06be\u0648\u0679\u06d2 \u0633\u06cc\u0679 \u06a9\u06cc \u0636\u0631\u0648\u0631\u062a \u06c1\u0648\u062a\u06cc \u06c1\u06d2\u06d4 <code>requests<\/code> API \u06a9\u0627\u0644\u0648\u06ba \u06a9\u0648 \u06c1\u06cc\u0646\u0688\u0644 \u06a9\u0631\u06cc\u06ba\u060c <code>pandas<\/code> \u0627\u0648\u0631 <code>NumPy<\/code> SciPy \u0688\u06cc\u0679\u0627 \u06a9\u0627 \u0632\u06cc\u0627\u062f\u06c1 \u062a\u0631 \u06a9\u0627\u0645 \u06a9\u0631\u062a\u0627 \u06c1\u06d2 \u0627\u0648\u0631 \u0627\u06cc\u06a9 \u0633\u06d2 \u0627\u06cc\u06a9 \u0645\u0645\u0627\u062b\u0644 \u0627\u0644\u06af\u0648\u0631\u062a\u06be\u0645 \u0641\u0631\u0627\u06c1\u0645 \u06a9\u0631\u062a\u0627 \u06c1\u06d2 \u062c\u0648 \u0628\u0639\u062f \u0645\u06cc\u06ba \u06a9\u0646\u0679\u0631\u0648\u0644 \u06af\u0631\u0648\u067e\u0633 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06c1\u0648\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<pre><code class=\"language-python\">import json\nimport re\nimport numpy as np\nimport pandas as pd\nimport requests\nfrom scipy.optimize import linear_sum_assignment\n<\/code><\/pre>\n<p>\u06cc\u06c1 \u0645\u06a9\u0645\u0644 \u0633\u06cc\u0679 \u0627\u067e \u06c1\u06d2\u06d4 \u0627\u0636\u0627\u0641\u06cc \u0644\u0627\u0626\u0628\u0631\u06cc\u0631\u06cc\u0648\u06ba \u06cc\u0627 \u063a\u06cc\u0631 \u0636\u0631\u0648\u0631\u06cc \u0679\u0648\u0644\u0632 \u06a9\u0648 \u0634\u0627\u0645\u0644 \u06a9\u06cc\u06d2 \u0628\u063a\u06cc\u0631 \u0635\u0631\u0641 \u0648\u06c1\u06cc \u062d\u0627\u0635\u0644 \u06a9\u0631\u06cc\u06ba \u062c\u0648 \u0622\u067e \u06a9\u0648 \u0627\u067e\u0646\u06d2 \u062a\u062c\u0632\u06cc\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2 \u062f\u0631\u06a9\u0627\u0631 \u06c1\u06d2\u06d4 \u0627\u0646 \u067e\u06cc\u06a9\u062c\u0648\u06ba \u06a9\u0648 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u062a\u06d2 \u06c1\u0648\u0626\u06d2 \u0627\u0646\u0633\u0679\u0627\u0644 \u06a9\u0631\u06cc\u06ba: <code>pip<\/code> \u0645\u0627\u062d\u0648\u0644 \u0645\u06cc\u06ba \u062f\u0631\u0622\u0645\u062f \u06a9\u0631\u0646\u06d2 \u0633\u06d2 \u067e\u06c1\u0644\u06d2<\/p>\n<h2 id=\"heading-build-the-stock-universe\">\u0627\u067e\u0646\u06cc \u0627\u0633\u0679\u0627\u06a9 \u06a9\u06cc \u062f\u0646\u06cc\u0627 \u0628\u0646\u0627\u0626\u06cc\u06ba<\/h2>\n<p>\u0627\u067e\u0646\u06cc \u0627\u0646\u062f\u0631\u0648\u0646\u06cc \u0641\u0627\u0626\u0644\u0646\u06af \u062d\u0627\u0635\u0644 \u06a9\u0631\u0646\u06d2 \u0633\u06d2 \u067e\u06c1\u0644\u06d2\u060c \u0622\u067e \u06a9\u0648 \u062a\u0644\u0627\u0634 \u06a9\u0631\u0646\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2 \u06a9\u0645\u067e\u0646\u06cc\u0648\u06ba \u06a9\u06cc \u0641\u06c1\u0631\u0633\u062a \u06a9\u06cc \u0636\u0631\u0648\u0631\u062a \u06c1\u0648\u06af\u06cc\u06d4<\/p>\n<p>\u0627\u06cc\u06a9 \u0645\u0627\u0631\u06a9\u06cc\u0679 \u06a9\u06cc\u067e\u0679\u0644\u0627\u0626\u0632\u06cc\u0634\u0646 \u0633\u06cc\u06a9\u0679\u0631 \u06a9\u06d2 \u0633\u0627\u062a\u06be \u0634\u0631\u0648\u0639 \u06a9\u0631\u0646\u06d2 \u06a9\u06d2 \u0628\u062c\u0627\u0626\u06d2\u060c \u06c1\u0645 \u0645\u0627\u0626\u06cc\u06a9\u0631\u0648\u060c \u0645\u0688 \u0627\u0648\u0631 \u0644\u0627\u062c \u06a9\u06cc\u067e \u0627\u0633\u0679\u0627\u06a9\u0633 \u0645\u06cc\u06ba \u0627\u06cc\u06a9 \u0645\u0631\u06a9\u0628 \u06a9\u0627\u0626\u0646\u0627\u062a \u0628\u0646\u0627\u0626\u06cc\u06ba \u06af\u06d2\u06d4 \u06cc\u06c1 \u062a\u062c\u0632\u06cc\u06c1 \u0645\u06cc\u06ba \u062a\u06be\u0648\u0691\u0627 \u0633\u0627 \u062a\u063a\u06cc\u0631 \u0641\u0631\u0627\u06c1\u0645 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u060c \u0628\u062c\u0627\u0626\u06d2 \u0627\u0633 \u06a9\u06d2 \u06a9\u06c1 \u0645\u0627\u0631\u06a9\u06cc\u0679 \u06a9\u0627 \u0627\u06cc\u06a9 \u062d\u0635\u06c1 \u0646\u0645\u0648\u0646\u06d2 \u067e\u0631 \u062d\u0627\u0648\u06cc \u06c1\u0648\u06d4<\/p>\n<p>\u0645\u0627\u0631\u06a9\u06cc\u0679 \u06a9\u06cc\u067e\u0679\u0644\u0627\u0626\u0632\u06cc\u0634\u0646 \u06a9\u06cc \u0628\u0627\u0644\u0679\u06cc\u0627\u06ba \u06c1\u06cc\u06ba:<\/p>\n<ul>\n<li>\n<p><code>micro_cap<\/code>: $50 \u0645\u0644\u06cc\u0646 ~ $300 \u0645\u0644\u06cc\u0646<\/p>\n<\/li>\n<li>\n<p><code>small_cap<\/code>: USD 300 \u0645\u0644\u06cc\u0646 \u0633\u06d2 USD 2 \u0628\u0644\u06cc\u0646<\/p>\n<\/li>\n<li>\n<p><code>mid_cap<\/code>: USD 2 \u0628\u0644\u06cc\u0646 \u0633\u06d2 USD 10 \u0628\u0644\u06cc\u0646<\/p>\n<\/li>\n<li>\n<p><code>large_cap<\/code>: 10 \u0628\u0644\u06cc\u0646 \u0688\u0627\u0644\u0631 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1<\/p>\n<\/li>\n<\/ul>\n<p>\u06c1\u0631 \u0628\u0627\u0644\u0679\u06cc \u06a9\u06d2 \u0644\u06cc\u06d2\u060c \u06c1\u0645 500 \u0627\u0633\u06a9\u0631\u06cc\u0646\u0631 \u06a9\u06d2 \u0646\u062a\u0627\u0626\u062c \u0644\u06cc\u062a\u06d2 \u06c1\u06cc\u06ba\u060c \u062a\u0635\u0627\u062f\u0641\u06cc \u0637\u0648\u0631 \u067e\u0631 250 \u06a9\u0648 \u0645\u0646\u062a\u062e\u0628 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u060c \u0627\u0648\u0631 \u0627\u0646\u06c1\u06cc\u06ba 1,000 \u0627\u0633\u0679\u0627\u06a9 \u06a9\u0627\u0626\u0646\u0627\u062a \u0645\u06cc\u06ba \u062c\u0648\u0691 \u062f\u06cc\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<pre><code class=\"language-python\">def fetch_stocks(filters, cap):\n    api_key = 'YOUR EODHD API KEY'\n    base_url=\"https:\/\/eodhd.com\/api\/screener\"\n    all_stocks = []\n    for i in range(0,500,100):\n        params = {\n            \"api_token\": api_key,\n            \"filters\": json.dumps(filters),\n            \"sort\": \"market_capitalization.desc\",\n            \"limit\": 100,\n            \"offset\": i}\n        resp = requests.get(base_url, params = params).json()\n        stocks = list(pd.DataFrame(resp['data'])['code'])\n        all_stocks.append(stocks)\n    all_stocks = [item for sublist in all_stocks for item in sublist]\n    df = pd.DataFrame(columns = ['ticker', f'cap'])\n    df.ticker, df.cap = all_stocks, cap\n    df = df.sample(n = 250, random_state = 42)\n    return df\n\nmicro_filters = [\n    [\"exchange\", \"=\", \"us\"],\n    [\"market_capitalization\", \">=\", 50_000_000],\n    [\"market_capitalization\", \"<\", 300_000_000]\n]\n\nsmall_filters = [\n    [\"exchange\", \"=\", \"NYSE\"],\n    [\"market_capitalization\", \">=\", 300_000_000],\n    [\"market_capitalization\", \"<\", 2_000_000_000]\n]\n\nmid_filters = [\n    [\"exchange\", \"=\", \"NYSE\"],\n    [\"market_capitalization\", \">=\", 2_000_000_000],\n    [\"market_capitalization\", \"<\", 10_000_000_000]\n]\n\nlarge_filters = [\n    [\"exchange\", \"=\", \"NYSE\"],\n    [\"market_capitalization\", \">=\", 10_000_000_000]\n]\n\nmicro_stocks = fetch_stocks(micro_filters, 'micro_cap')\nsmall_stocks = fetch_stocks(small_filters, 'small_cap')\nmid_stocks = fetch_stocks(mid_filters, 'mid_cap')\nlarge_stocks = fetch_stocks(large_filters, 'large_cap')\n\nframes = [micro_stocks, small_stocks, mid_stocks, large_stocks]\nstocks_1000 = pd.concat(frames, ignore_index = True)\nstocks_1000 = stocks_1000.sample(frac = 1, random_state = 42).reset_index(drop = True)\nstocks_1000\n<\/code><\/pre>\n<p><strong>\u0645\u06cc\u0645\u0648<\/strong>: \u062a\u0628\u062f\u06cc\u0644\u06cc <code>YOUR EODHD API KEY<\/code> \u0627\u067e\u0646\u06cc \u0627\u0635\u0644\u06cc EODHD API \u06a9\u0644\u06cc\u062f \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u06cc\u06ba\u06d4 \u0627\u06af\u0631 \u0622\u067e \u06a9\u06d2 \u067e\u0627\u0633 \u0646\u06c1\u06cc\u06ba \u06c1\u06d2 \u062a\u0648\u060c \u0622\u067e \u0627\u0633\u06d2 EODHD \u0688\u0648\u06cc\u0644\u067e\u0631 \u0627\u06a9\u0627\u0624\u0646\u0679 \u06a9\u06be\u0648\u0644 \u06a9\u0631 \u062d\u0627\u0635\u0644 \u06a9\u0631 \u0633\u06a9\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<p>\u0627\u0633\u06a9\u0631\u06cc\u0646\u0631 \u0641\u06cc \u062f\u0631\u062e\u0648\u0627\u0633\u062a \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 100 \u0642\u0637\u0627\u0631\u06cc\u06ba \u0648\u0627\u067e\u0633 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u060c \u0644\u06c1\u0630\u0627 \u0644\u0648\u067e \u067e\u06c1\u0644\u06d2 500 \u0646\u062a\u0627\u0626\u062c \u0645\u06cc\u06ba \u067e\u0627\u0646\u0686 \u0628\u06cc\u0686\u0648\u06ba \u0645\u06cc\u06ba \u0645\u0646\u062a\u0642\u0644 \u06c1\u0648\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<p>\u067e\u06be\u0631 \u06c1\u0645 \u0627\u0646 \u0627\u0645\u06cc\u062f\u0648\u0627\u0631\u0648\u06ba \u0633\u06d2 250 \u0679\u06a9\u0631\u0632 \u06a9\u0627 \u0646\u0645\u0648\u0646\u06c1 \u0644\u06cc\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4 \u0627\u06cc\u06a9 \u0645\u0642\u0631\u0631\u06c1 \u0628\u06d2 \u062a\u0631\u062a\u06cc\u0628 \u0628\u06cc\u062c \u0627\u0646\u062a\u062e\u0627\u0628 \u06a9\u0648 \u062f\u0648\u0628\u0627\u0631\u06c1 \u0642\u0627\u0628\u0644 \u0628\u0646\u0627\u062a\u0627 \u06c1\u06d2\u060c \u0644\u06c1\u0630\u0627 \u0633\u06cc\u0644 \u06a9\u0648 \u062f\u0648\u0628\u0627\u0631\u06c1 \u0686\u0644\u0627\u0646\u06d2 \u0633\u06d2 \u0627\u06cc\u06a9 \u062c\u06cc\u0633\u06d2 \u0646\u0645\u0648\u0646\u06d2 \u0646\u06a9\u0644\u06cc\u06ba \u06af\u06d2\u06d4 \u0627\u0633 \u06a9\u06d2 \u0628\u0639\u062f \u06c1\u0645 \u0686\u0627\u0631 \u0645\u0627\u0631\u06a9\u06cc\u0679 \u06a9\u06cc\u067e\u0679\u0644\u0627\u0626\u0632\u06cc\u0634\u0646 \u0641\u0644\u0679\u0631\u0632 \u06a9\u06cc \u0648\u0636\u0627\u062d\u062a \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba \u0627\u0648\u0631 \u0627\u0646 \u0645\u06cc\u06ba \u0633\u06d2 \u06c1\u0631 \u0627\u06cc\u06a9 \u067e\u0631 \u0641\u0646\u06a9\u0634\u0646 \u0686\u0644\u0627\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<p>\u062d\u062a\u0645\u06cc \u0688\u06cc\u0679\u0627 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<code>NYSE<\/code>. \u0627\u06af\u0631\u0686\u06c1 \u06cc\u06c1 \u06a9\u06cc\u0633 \u0627\u0633\u0679\u0688\u06cc \u0645\u06cc\u06ba \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06c1\u0648\u0646\u06d2 \u0648\u0627\u0644\u0627 \u0627\u0633\u06a9\u0631\u06cc\u0646\u0631 \u0646\u0645\u0648\u0646\u06c1 \u06c1\u06d2\u060c \u0644\u06cc\u06a9\u0646 \u0627\u0633\u06d2 \u067e\u0648\u0631\u06cc \u0627\u0645\u0631\u06cc\u06a9\u06cc \u0627\u0633\u0679\u0627\u06a9 \u0645\u0627\u0631\u06a9\u06cc\u0679 \u06a9\u0627 \u0628\u0627\u0644\u06a9\u0644 \u0646\u0645\u0627\u0626\u0646\u062f\u06c1 \u0646\u0645\u0648\u0646\u06c1 \u0646\u06c1\u06cc\u06ba \u0633\u0645\u062c\u06be\u0627 \u062c\u0627\u0646\u0627 \u0686\u0627\u06c1\u06cc\u06d2\u06d4<\/p>\n<h2 id=\"heading-fetch-ceo-purchases-and-apply-the-date-filter\">\u0633\u06cc \u0627\u06cc \u0627\u0648 \u06a9\u06cc \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc\u0627\u06ba \u062d\u0627\u0635\u0644 \u06a9\u0631\u06cc\u06ba \u0627\u0648\u0631 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\u0648\u0636\u0627\u062d\u062a \u06a9\u0631\u06cc\u06ba\u060c \u0627\u0633\u06d2 \u067e\u06c1\u0644\u06d2 500 \u0627\u0633\u0679\u0627\u06a9\u0633 \u067e\u0631 \u0686\u0644\u0627\u0626\u06cc\u06ba\u060c \u0627\u0648\u0631 \u062a\u0645\u0627\u0645 \u0627\u06c1\u0644 \u0642\u0637\u0627\u0631\u0648\u06ba \u06a9\u0648 \u0627\u06cc\u06a9 \u0688\u06cc\u0679\u0627 \u0641\u0631\u06cc\u0645 \u0645\u06cc\u06ba \u062c\u0648\u0691\u06cc\u06ba\u06d4<\/p>\n<pre><code class=\"language-python\">def fetch_ceo_purchases(ticker):\n    try:\n        api_key = 'YOUR EODHD API KEY'\n\n        all_form4 = []\n\n        for i in range(0,1000,100):\n            form4_url = f'https:\/\/eodhd.com\/api\/sec-filings\/{ticker}\/form4?api_token={api_key}&page[limit]=100&page[offset]={i}'\n            resp = requests.get(form4_url).json()['data']\n            all_form4.append(resp)\n\n        all_form4 = [item for sublist in all_form4 for item in sublist]\n\n        all_purchases = []\n\n        ceo_pattern = re.compile(\n            r'bceob|chief executive officer|co-chief executive officer|co-ceo|chief exec officer',\n            re.IGNORECASE\n        )\n\n        for filing in all_form4:\n            footnote_map = {\n                footnote['footnote_id']: footnote['text']\n                for footnote in filing.get('footnotes', [])\n            }\n\n            for transaction in filing.get('non_derivative', []):\n                officer_title = transaction.get('officer_title') or ''\n                security_title = transaction.get('security_title') or ''\n                shares_amount = transaction.get('shares_amount')\n                price_per_share = transaction.get('price_per_share')\n\n                is_ceo = bool(ceo_pattern.search(officer_title))\n\n                is_purchase = (\n                    transaction.get('is_officer') is True\n                    and is_ceo\n                    and transaction.get('transaction_code') == 'P'\n                    and transaction.get('acquired_or_disposed') == 'A'\n                    and shares_amount is not None\n                    and shares_amount > 0\n                    and price_per_share is not None\n                    and price_per_share > 0\n                    and 'common stock' in security_title.lower()\n                )\n\n                if not is_purchase:\n                    continue\n\n                linked_footnotes=\" \".join(\n                    footnote_map.get(footnote_id, '')\n                    for footnote_id in transaction.get('footnote_ids', [])\n                )\n\n                all_purchases.append({\n                    'ticker': ticker,\n                    'accession_number': filing['accession_number'],\n                    'filed_at': filing['filed_at'],\n                    'transaction_date': transaction['transaction_date'],\n                    'reporting_owner_cik': transaction['reporting_owner_cik'],\n                    'reporting_owner_name': transaction['reporting_owner_name'],\n                    'officer_title': officer_title,\n                    'security_title': security_title,\n                    'shares_amount': shares_amount,\n                    'price_per_share': price_per_share,\n                    'total_value': transaction.get('total_value'),\n                    'shares_owned_after': transaction.get('shares_owned_after'),\n                    'footnotes': linked_footnotes\n                })\n\n        return all_purchases\n    except:\n        return None\n\nall_ceo_purchases = []\n\nfor ticker in stocks_1000.ticker[:500]:\n    ticker = ticker + '.US'\n    ceo_purchases = fetch_ceo_purchases(ticker)\n    if ceo_purchases:\n        all_ceo_purchases.extend(ceo_purchases)\n        print(f'{len(ceo_purchases)} ceo purchases found in {ticker}')\n    else:\n        print(f'no transaction found in {ticker}')\n        \ncp_df = pd.DataFrame(all_ceo_purchases)\ncp_df.to_csv('ceo_purchases.csv')\n<\/code><\/pre>\n<p>\u06cc\u06c1 \u0641\u0646\u06a9\u0634\u0646 100 \u06a9\u06d2 \u0628\u06cc\u0686\u0648\u06ba \u0645\u06cc\u06ba \u0641\u0627\u0626\u0644 \u06a9\u0631\u0646\u06d2 \u06a9\u06cc \u062f\u0631\u062e\u0648\u0627\u0633\u062a \u06a9\u0631\u062a\u0627 \u06c1\u06d2 \u0627\u0648\u0631 \u0648\u0627\u067e\u0633 \u06a9\u06cc\u06d2 \u06af\u0626\u06d2 \u0635\u0641\u062d\u0627\u062a \u06a9\u0648 \u0627\u06cc\u06a9 \u0641\u06c1\u0631\u0633\u062a \u0645\u06cc\u06ba \u0636\u0645 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4 \u0627\u0633 \u06a9\u06d2 \u0628\u0639\u062f \u06c1\u0645 \u0627\u067e\u0646\u06d2 CEO \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06d2 \u0642\u0648\u0627\u0639\u062f \u06a9\u06d2 \u0645\u0637\u0627\u0628\u0642 \u062a\u0645\u0627\u0645 \u063a\u06cc\u0631 \u0627\u062e\u0630 \u06a9\u0631\u062f\u06c1 \u0644\u06cc\u0646 \u062f\u06cc\u0646 \u06a9\u06cc \u062c\u0627\u0646\u0686 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<p>\u0686\u0648\u0646\u06a9\u06c1 \u06c1\u0645 \u062a\u0645\u0627\u0645 \u062f\u0633\u062a\u0627\u0648\u06cc\u0632\u0627\u062a \u0645\u06cc\u06ba \u0628\u0627\u0644\u06a9\u0644 \u06cc\u06a9\u0633\u0627\u06ba \u0639\u0646\u0648\u0627\u0646\u0627\u062a \u06a9\u0627 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u0646\u06c1\u06cc\u06ba \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u060c \u0627\u0633 \u0644\u06cc\u06d2 \u06c1\u0645\u0627\u0631\u0627 CEO \u0679\u0627\u0626\u0679\u0644 \u0686\u06cc\u06a9 \u0631\u06cc\u06af\u0648\u0644\u0631 \u0627\u06cc\u06a9\u0633\u067e\u0631\u06cc\u0634\u0646\u0632 \u06a9\u0627 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4 \u0627\u06cc\u06a9 \u0633\u06cc \u0627\u06cc \u0627\u0648 \u0627\u0633 \u0637\u0631\u062d \u0638\u0627\u06c1\u0631 \u06c1\u0648 \u0633\u06a9\u062a\u0627 \u06c1\u06d2: <code>CEO<\/code>, <code>Chief Executive Officer<\/code>\u06cc\u0627 <code>Co-CEO<\/code>\u0644\u06c1\u0630\u0627\u060c \u0627\u06af\u0631 \u0622\u067e \u0628\u0627\u0644\u06a9\u0644 \u0627\u06cc\u06a9 \u0633\u0679\u0631\u0646\u06af \u0633\u06d2 \u0645\u0645\u0627\u062b\u0644 \u06c1\u06cc\u06ba\u060c \u062a\u0648 \u0622\u067e \u0627\u06cc\u06a9 \u062f\u0631\u0633\u062a \u0631\u06cc\u06a9\u0627\u0631\u0688 \u0633\u06d2 \u0645\u062d\u0631\u0648\u0645 \u06c1\u0648\u062c\u0627\u0626\u06cc\u06ba \u06af\u06d2\u06d4<\/p>\n<p>\u06cc\u06c1 \u0645\u0646\u0633\u0644\u06a9 \u0641\u0648\u0679 \u0646\u0648\u0679 \u06a9\u0648 \u0628\u06be\u06cc \u0645\u062d\u0641\u0648\u0638 \u0631\u06a9\u06be\u062a\u0627 \u06c1\u06d2\u06d4 \u0679\u0631\u0627\u0646\u0632\u06cc\u06a9\u0634\u0646 \u06a9\u0648\u0688 <code>P<\/code> \u06cc\u06c1 \u0645\u0641\u06cc\u062f \u06c1\u06d2\u060c \u0644\u06cc\u06a9\u0646 \u06cc\u06c1 \u0645\u06a9\u0645\u0644 \u06a9\u06c1\u0627\u0646\u06cc \u062e\u0648\u062f \u0646\u06c1\u06cc\u06ba \u0628\u062a\u0627\u062a\u0627\u06d4 \u0641\u0648\u0679 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\u0644\u06cc\u06d2 \u06c1\u0645 \u0646\u06d2 \u06cc\u06c1 \u0645\u0631\u062d\u0644\u06c1 \u06a9\u0627\u0626\u0646\u0627\u062a \u0645\u06cc\u06ba \u067e\u06c1\u0644\u06cc 500 \u0633\u06cc\u06a9\u06cc\u0648\u0631\u0679\u06cc\u0632 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0686\u0644\u0627\u06cc\u0627\u06d4 \u0628\u0691\u06d2 \u0646\u0645\u0648\u0646\u0648\u06ba \u06a9\u06d2 \u0644\u06cc\u06d2\u060c \u0627\u06cc\u06a9 \u06c1\u06cc \u0644\u0648\u067e \u06a9\u0648 \u062a\u0645\u0627\u0645 1,000 \u0627\u0633\u0679\u0627\u06a9 \u062a\u06a9 \u0628\u0691\u06be\u0627\u06cc\u0627 \u062c\u0627 \u0633\u06a9\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<p>\u0627\u06cc\u06a9 \u0628\u0627\u0631 \u0642\u0637\u0627\u0631\u06cc\u06ba \u062c\u0645\u0639 \u06c1\u0648\u062c\u0627\u0646\u06d2 \u06a9\u06d2 \u0628\u0639\u062f\u060c \u06c1\u0645 \u0688\u06cc\u0679\u0627\u0633\u06cc\u0679 \u06a9\u0648 2022 \u06a9\u06d2 \u0627\u0648\u0627\u0626\u0644 \u0627\u0648\u0631 2025 \u06a9\u06d2 \u0622\u062e\u0631 \u06a9\u06d2 \u062f\u0631\u0645\u06cc\u0627\u0646 \u0641\u0627\u0626\u0644 \u06a9\u0631\u062f\u06c1 \u062f\u0633\u062a\u0627\u0648\u06cc\u0632\u0627\u062a \u062a\u06a9 \u0645\u062d\u062f\u0648\u062f \u06a9\u0631\u062f\u06cc\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<pre><code class=\"language-python\">cp_df = cp_df[cp_df[\"filed_at\"].between(\"2022-01-01\",\"2025-12-31\")]\n\ncp_df.tail()\n<\/code><\/pre>\n<p><img decoding=\"async\" src=\"https:\/\/umang.pk\/wp-content\/uploads\/2026\/07\/1784140222_161_\u067e\u0627\u0626\u062a\u06be\u0648\u0646-\u06a9\u0627-\u0627\u0633\u062a\u0639\u0645\u0627\u0644-\u06a9\u0631\u062a\u06d2-\u06c1\u0648\u0626\u06d2-\u0627\u0646\u062f\u0631\u0648\u0646\u06cc-\u062a\u062c\u0627\u0631\u062a-\u06a9\u0627-\u062a\u062c\u0632\u06cc\u06c1-\u06a9\u06cc\u0633\u06d2.png\" alt=\"\u0633\u06cc \u0627\u06cc \u0627\u0648 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc\" style=\"display:block;margin:0 auto\" width=\"1958\" height=\"183\" loading=\"lazy\" title=\"\"><\/p>\n<p>\u06cc\u06c1 \u0627\u0628 \u0628\u06be\u06cc \u0627\u06cc\u06a9 \u0622\u0632\u0627\u062f \u0633\u06cc \u0627\u06cc \u0627\u0648 \u06a9\u06cc \u0637\u0631\u0641 \u0633\u06d2 \u062e\u0631\u06cc\u062f\u0646\u06d2 \u06a9\u06d2 \u0633\u06af\u0646\u0644 \u06a9\u06d2 \u0628\u062c\u0627\u0626\u06d2 \u0627\u06cc\u06a9 \u062e\u0627\u0645 \u0641\u0627\u0626\u0644\u0646\u06af \u0644\u0627\u0626\u0646 \u06c1\u06d2\u06d4 \u0627\u06af\u0631 \u0627\u0633\u0679\u0627\u06a9 \u06a9\u06d2 \u0645\u062e\u062a\u0644\u0641 \u0628\u0644\u0627\u06a9\u0633 \u0645\u062e\u062a\u0644\u0641 \u0642\u06cc\u0645\u062a\u0648\u06ba \u067e\u0631 \u062d\u0627\u0635\u0644 \u06a9\u06cc\u06d2 \u062c\u0627\u062a\u06d2 \u06c1\u06cc\u06ba\u060c \u062a\u0648 \u0627\u06cc\u06a9 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u0648 \u0645\u062a\u0639\u062f\u062f \u0642\u0637\u0627\u0631\u0648\u06ba \u0645\u06cc\u06ba \u062a\u0642\u0633\u06cc\u0645 \u06a9\u06cc\u0627 \u062c\u0627 \u0633\u06a9\u062a\u0627 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\u0627\u06cc \u0627\u0648<\/strong>, <strong>\u0641\u0627\u0626\u0644\u0646\u06af<\/strong>\u0627\u0648\u0631 <strong>\u0644\u06cc\u0646 \u062f\u06cc\u0646<\/strong> \u062a\u0627\u0631\u06cc\u062e<\/p>\n<p>\u06c1\u0631 \u06af\u0631\u0648\u067e \u06a9\u06d2 \u0644\u06cc\u06d2\u060c \u062d\u0635\u06c1 \u0627\u0648\u0631 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06cc \u06a9\u0644 \u0642\u06cc\u0645\u062a \u0634\u0627\u0645\u0644 \u06a9\u0631\u06cc\u06ba\u06d4 \u067e\u06be\u0631 \u06c1\u0645 \u0648\u0632\u0646\u06cc \u0627\u0648\u0633\u0637 \u0642\u06cc\u0645\u062a \u06a9\u0627 \u062d\u0633\u0627\u0628 \u0644\u06af\u0627\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<p><em><strong>\u0648\u0632\u0646\u06cc \u0627\u0648\u0633\u0637 \u0642\u06cc\u0645\u062a = \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06cc \u06a9\u0644 \u0642\u06cc\u0645\u062a \/ \u062e\u0631\u06cc\u062f\u06d2 \u06af\u0626\u06d2 \u06a9\u0644 \u062d\u0635\u0635<\/strong><\/em><\/p>\n<p>\u0627\u06af\u0644\u0627 \u0628\u0644\u0627\u06a9 \u0627\u06cc\u06a9 \u0645\u06a9\u0645\u0644 \u062c\u0645\u0639 \u06a9\u0631\u062a\u0627 \u06c1\u06d2 \u0627\u0648\u0631 \u0641\u06cc \u06cc\u0648\u0645\u06cc\u06c1 CEO \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06d2 \u0627\u06cc\u0648\u0646\u0679 \u0645\u06cc\u06ba \u0627\u06cc\u06a9 \u0642\u0637\u0627\u0631 \u062a\u06cc\u0627\u0631 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<pre><code class=\"language-python\">cp_df['purchase_value'] = (\n    cp_df['shares_amount'] * cp_df['price_per_share']\n)\n\ngroup_columns = [\n    'ticker',\n    'reporting_owner_cik',\n    'reporting_owner_name',\n    'officer_title',\n    'accession_number',\n    'filed_at',\n    'transaction_date'\n]\n\ndaily_events = (\n    cp_df.groupby(\n        group_columns,\n        as_index=False,\n        dropna=False\n    )\n    .agg(\n        shares_purchased=('shares_amount', 'sum'),\n        total_purchase_value=('purchase_value', 'sum'),\n        transaction_rows=('shares_amount', 'size'),\n        shares_owned_after=('shares_owned_after', 'max')\n    )\n)\n\ndaily_events['weighted_average_price'] = (\n    daily_events['total_purchase_value']\n    \/ daily_events['shares_purchased']\n)\n\ndaily_events.filed_at = pd.to_datetime(daily_events.filed_at)\ndaily_events.to_csv('ceo_purchases_grouped.csv')\ndaily_events.tail()\n<\/code><\/pre>\n<p>\u06a9\u06c1 <code>purchase_value<\/code> \u06a9\u0627\u0644\u0645 \u062c\u0645\u0639 \u06c1\u0648\u0646\u06d2 \u0633\u06d2 \u067e\u06c1\u0644\u06d2 \u062a\u0645\u0627\u0645 \u062e\u0627\u0645 \u0642\u0637\u0627\u0631\u0648\u06ba \u06a9\u0648 \u0688\u0627\u0644\u0631 \u06a9\u06cc \u0642\u06cc\u0645\u062a \u0641\u0631\u0627\u06c1\u0645 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4 \u0627\u06cc\u06a9 \u0628\u0627\u0631 \u0642\u0637\u0627\u0631\u0648\u06ba \u06a9\u06d2 \u06af\u0631\u0648\u067e \u06c1\u0648\u0646\u06d2 \u06a9\u06d2 \u0628\u0639\u062f\u060c \u0622\u067e 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\u067e\u0631\u0686\u06cc\u0632 \u0688\u06cc\u0679\u0627\u0633\u06cc\u0679 \u0645\u06cc\u06ba \u0646\u0645\u0627\u0626\u0646\u062f\u06af\u06cc \u06a9\u0631\u0646\u06d2 \u0648\u0627\u0644\u06d2 \u062a\u0645\u0627\u0645 \u0679\u06a9\u0631\u0632 \u06a9\u06d2 \u0644\u06cc\u06d2 \u06cc\u0648\u0645\u06cc\u06c1 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0642\u06cc\u0645\u062a\u0648\u06ba \u06a9\u06d2 EODHD \u06a9\u06d2 \u062a\u0627\u0631\u06cc\u062e\u06cc EOD \u0627\u062e\u062a\u062a\u0627\u0645\u06cc \u067e\u0648\u0627\u0626\u0646\u0679\u0633 \u0644\u06cc\u062a\u0627 \u06c1\u06d2 \u0627\u0648\u0631 \u0627\u0646\u06c1\u06cc\u06ba \u0627\u06cc\u06a9 \u0688\u06cc\u0679\u0627 \u0641\u0631\u06cc\u0645 \u0645\u06cc\u06ba \u06cc\u06a9\u062c\u0627 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<pre><code class=\"language-python\">tickers = list(cp_df.ticker.unique())\nhistorical_eod_entries = []\n\ndef fetch_historical_eod(ticker):\n    api_key = 'YOUR EODHD API KEY'\n    historical_url = f'https:\/\/eodhd.com\/api\/eod\/{ticker}?from=2021-01-01&to=2025-12-31&period=d&api_token={api_key}&fmt=json'\n    historical_resp = requests.get(historical_url).json()\n    historical_filtered = []\n    for item in historical_resp:\n        item['ticker'] = ticker\n        keys = ['ticker', 'date', 'adjusted_close']\n        item = {key: item.get(key) for key in keys}\n        historical_filtered.append(item)\n    return historical_filtered\n\nfor ticker in tickers:\n    try:\n        historical_eod = fetch_historical_eod(ticker)\n        historical_eod_entries.extend(historical_eod)\n        print(f'{ticker} done')\n    except:\n        print(f'{ticker} error')\n<\/code><\/pre>\n<p>\u06cc\u06c1 \u06a9\u0648\u0688 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0688\u06cc\u0679\u0627 \u0644\u06cc\u062a\u0627 \u06c1\u06d2 \u0627\u0648\u0631 \u0641\u06cc \u0679\u06a9\u0631 \u0641\u06cc \u062a\u062c\u0627\u0631\u062a\u06cc \u062f\u0646 \u0627\u06cc\u06a9 \u0642\u06cc\u0645\u062a \u06a9\u06cc 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1<\/strong><\/em><\/p>\n<p>\u0642\u062f\u0631 <code>-0.20<\/code> \u0627\u0633 \u06a9\u0627 \u0645\u0637\u0644\u0628 \u06cc\u06c1 \u06c1\u06d2 \u06a9\u06c1 \u0627\u0633\u0679\u0627\u06a9 \u06a9\u06cc \u0642\u06cc\u0645\u062a \u0627\u0633 \u06a9\u06cc \u0628\u0646\u062f \u06c1\u0648\u0646\u06d2 \u0648\u0627\u0644\u06cc \u0628\u0644\u0646\u062f\u06cc \u0633\u06d2 20% \u0646\u06cc\u0686\u06d2 \u06c1\u06d2\u06d4 \u0642\u062f\u0631 <code>-0.35<\/code> \u0627\u0633 \u06a9\u0627 \u0645\u0637\u0644\u0628 \u06c1\u06d2 \u06a9\u06c1 \u06cc\u06c1 \u0627\u0633 \u0686\u0648\u0679\u06cc \u0633\u06d2 35% \u0646\u06cc\u0686\u06d2 \u06c1\u06d2\u06d4<\/p>\n<p>\u0627\u06af\u0644\u0627 \u0628\u0644\u0627\u06a9 \u06c1\u0631 \u0627\u0633\u0679\u0627\u06a9 \u06a9\u06cc \u0642\u06cc\u0645\u062a \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u06a9\u0648 \u062a\u0631\u062a\u06cc\u0628 \u062f\u06cc\u062a\u0627 \u06c1\u06d2\u060c \u0631\u0648\u0644\u0646\u06af \u06c1\u0627\u0626\u06cc\u0632 \u06a9\u0627 \u062d\u0633\u0627\u0628 \u0644\u06af\u0627\u062a\u0627 \u06c1\u06d2\u060c \u0627\u0648\u0631 \u0646\u062a\u0627\u0626\u062c \u06a9\u0648 \u0627\u0639\u0634\u0627\u0631\u06cc\u06c1 \u0627\u0648\u0631 \u0641\u06cc\u0635\u062f \u06a9\u0645\u06cc \u0648\u0627\u0644\u06d2 \u06a9\u0627\u0644\u0645\u0648\u06ba \u0645\u06cc\u06ba \u062a\u0628\u062f\u06cc\u0644 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<pre><code class=\"language-python\">historical_df = pd.DataFrame(historical_eod_entries)\nhistorical_df['date'] = pd.to_datetime(historical_df.date)\n\nhistorical_df['rolling_high_252'] = (historical_df.groupby('ticker')['adjusted_close'].transform\n                                     (lambda prices: prices.rolling(window=252, min_periods=200).max()))\n\nhistorical_df['drawdown'] = (historical_df['adjusted_close']\/ historical_df['rolling_high_252']- 1)\nhistorical_df['drawdown_pct'] = (historical_df['drawdown'] * 100)\n<\/code><\/pre>\n<p>\u06a9\u06c1 <code>min_periods=200<\/code> \u062f\u0644\u06cc\u0644 \u0641\u0648\u0631\u06cc \u0648\u0636\u0627\u062d\u062a \u06a9\u0627 \u0645\u062a\u0642\u0627\u0636\u06cc \u06c1\u06d2\u06d4<\/p>\n<p>\u0645\u06a9\u0645\u0644 \u0631\u0648\u0644\u0646\u06af \u067e\u06cc\u0631\u06cc\u0688 \u0645\u06cc\u06ba 252 \u062a\u062c\u0627\u0631\u062a\u06cc \u062f\u0646 \u0634\u0627\u0645\u0644 \u06c1\u06cc\u06ba\u060c \u0644\u06cc\u06a9\u0646 \u0628\u0627\u0644\u06a9\u0644 252 \u0645\u0634\u0627\u06c1\u062f\u0627\u062a \u06a9\u06cc \u0636\u0631\u0648\u0631\u062a \u0628\u06c1\u062a \u0633\u06cc \u0627\u0628\u062a\u062f\u0627\u0626\u06cc \u0642\u0637\u0627\u0631\u0648\u06ba \u06a9\u0648 \u06c1\u0679\u0627 \u062f\u06cc\u062a\u06cc \u06c1\u06d2\u06d4 200 \u0633\u06cc\u0634\u0646\u0632 \u06a9\u06d2 \u0628\u0639\u062f \u062d\u0633\u0627\u0628 \u06a9\u06cc \u0627\u062c\u0627\u0632\u062a \u062f\u06cc\u0646\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0627\u0628 \u0628\u06be\u06cc \u062a\u0627\u0631\u06cc\u062e\u06cc \u0688\u06cc\u0679\u0627 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\u0686\u0627\u06c1\u06cc\u06d2\u06d4 \u0641\u0627\u0631\u0645 4 \u0679\u0631\u06cc\u0688\u0646\u06af \u0633\u06cc\u0634\u0646 \u0633\u06d2 \u067e\u06c1\u0644\u06d2\u060c \u0627\u0633 \u06a9\u06d2 \u062f\u0648\u0631\u0627\u0646\u060c \u06cc\u0627 \u0628\u0639\u062f \u0645\u06cc\u06ba \u062f\u0627\u062e\u0644 \u06a9\u06cc\u0627 \u062c\u0627 \u0633\u06a9\u062a\u0627 \u06c1\u06d2\u060c \u0627\u0633 \u0644\u06cc\u06d2 \u06c1\u0648 \u0633\u06a9\u062a\u0627 \u06c1\u06d2 \u06a9\u06c1 \u0641\u0627\u0626\u0644 \u06a9\u06d2 \u0638\u0627\u06c1\u0631 \u06c1\u0648\u0646\u06d2 \u06a9\u06d2 \u0648\u0642\u062a \u0627\u0633 \u062f\u0646 \u06a9\u06cc \u0622\u062e\u0631\u06cc \u062a\u0627\u0631\u06cc\u062e \u0645\u0639\u0644\u0648\u0645 \u0646\u06c1 \u06c1\u0648\u06d4<\/p>\n<p>\u0627\u0633 \u06a9\u06d2 \u0628\u062c\u0627\u0626\u06d2\u060c \u06c1\u0645 \u062c\u0645\u0639 \u06a9\u0631\u0627\u0646\u06d2 \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u0633\u06d2 \u067e\u06c1\u0644\u06d2 \u062d\u0627\u0644\u06cc\u06c1 \u0645\u06a9\u0645\u0644 \u0634\u062f\u06c1 \u0644\u06cc\u0646 \u062f\u06cc\u0646 \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<p>\u0645\u0646\u062f\u0631\u062c\u06c1 \u0630\u06cc\u0644 \u0628\u0644\u0627\u06a9 \u0645\u0646\u062f\u0631\u062c\u06c1 \u0630\u06cc\u0644 \u0633\u06d2 \u0645\u0645\u0627\u062b\u0644 \u06a9\u0686\u06be \u06a9\u0631\u062a\u0627 \u06c1\u06d2: <code>merge_asof()<\/code>. \u0628\u0627\u0642\u0627\u0639\u062f\u06c1 \u0627\u0646\u0636\u0645\u0627\u0645 \u06a9\u06d2 \u0628\u0631\u0639\u06a9\u0633\u060c \u06c1\u0631 \u0641\u0627\u0626\u0644\u0646\u06af \u06a9\u0648 \u0642\u0631\u06cc\u0628 \u062a\u0631\u06cc\u0646 \u0645\u0646\u062a\u0642\u0644\u06cc \u06a9\u06cc \u0642\u06cc\u0645\u062a \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u0633\u06d2 \u0645\u0644\u0627\u06cc\u0627 \u062c\u0627 \u0633\u06a9\u062a\u0627 \u06c1\u06d2 \u0628\u062c\u0627\u0626\u06d2 \u0627\u0633 \u06a9\u06d2 \u06a9\u06c1 \u062f\u0648 \u062a\u0627\u0631\u06cc\u062e\u06cc\u06ba \u0627\u06cc\u06a9 \u062c\u06cc\u0633\u06cc \u06c1\u0648\u06ba\u06d4<\/p>\n<pre><code class=\"language-python\">cp_df.filed_at = pd.to_datetime(cp_df.filed_at)\n\nprice_columns = ['ticker', 'date', 'adjusted_close', 'rolling_high_252', 'drawdown', 'drawdown_pct']\n\nanalysis_df = pd.merge_asof(\n    cp_df.sort_values(['filed_at', 'ticker']),\n    historical_df[price_columns].sort_values(['date', 'ticker']),\n    by='ticker',\n    left_on='filed_at',\n    right_on='date',\n    direction='backward',\n    allow_exact_matches=False\n)\n\nanalysis_df = analysis_df.rename(columns={'date': 'price_date'})\n<\/code><\/pre>\n<p>\u0628\u0646\u06cc\u0627\u062f\u06cc \u062a\u0631\u062a\u06cc\u0628\u0627\u062a \u06cc\u06c1 \u06c1\u06cc\u06ba\u06d4 <code>allow_exact_matches=False<\/code>. \u06cc\u06c1 \u0622\u067e \u06a9\u0648 \u0622\u067e \u06a9\u06cc 10 \u0645\u0627\u0631\u0686 \u06a9\u06cc \u0648\u0627\u067e\u0633\u06cc \u067e\u0631 10 \u0645\u0627\u0631\u0686 \u06a9\u06cc \u0627\u062e\u062a\u062a\u0627\u0645\u06cc \u0642\u06cc\u0645\u062a \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u0646\u06d2 \u0633\u06d2 \u0631\u0648\u06a9\u062a\u0627 \u06c1\u06d2\u06d4 \u0627\u0633 \u06a9\u06d2 \u0628\u062c\u0627\u0626\u06d2\u060c \u0627\u0646\u0636\u0645\u0627\u0645 10 \u0645\u0627\u0631\u0686 \u0633\u06d2 \u067e\u06c1\u0644\u06d2 \u062a\u0627\u0632\u06c1 \u062a\u0631\u06cc\u0646 \u062f\u0633\u062a\u06cc\u0627\u0628 \u062a\u062c\u0627\u0631\u062a\u06cc \u062f\u0646 \u06a9\u0627 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<p>\u0636\u0645 \u0634\u062f\u06c1 \u0688\u06cc\u0679\u0627 \u0641\u0631\u06cc\u0645 \u0627\u0628 \u0627\u0633 \u0637\u0631\u062d \u0644\u06af\u062a\u0627 \u06c1\u06d2:<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/umang.pk\/wp-content\/uploads\/2026\/07\/1784140222_535_\u067e\u0627\u0626\u062a\u06be\u0648\u0646-\u06a9\u0627-\u0627\u0633\u062a\u0639\u0645\u0627\u0644-\u06a9\u0631\u062a\u06d2-\u06c1\u0648\u0626\u06d2-\u0627\u0646\u062f\u0631\u0648\u0646\u06cc-\u062a\u062c\u0627\u0631\u062a-\u06a9\u0627-\u062a\u062c\u0632\u06cc\u06c1-\u06a9\u06cc\u0633\u06d2.png\" alt=\"\u0636\u0645 \u0634\u062f\u06c1 \u0688\u06cc\u0679\u0627\u0633\u06cc\u0679\" style=\"display:block;margin:0 auto\" width=\"2266\" height=\"183\" loading=\"lazy\" title=\"\"><\/p>\n<p>\u0636\u0645 \u0634\u062f\u06c1 \u0688\u06cc\u0679\u0627 \u0641\u0631\u06cc\u0645 \u0645\u06cc\u06ba \u0627\u0628 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06cc \u0645\u0639\u0644\u0648\u0645\u0627\u062a \u06a9\u06d2 \u0633\u0627\u062a\u06be \u0634\u0627\u0645\u0644 \u06c1\u06cc\u06ba:<\/p>\n<ul>\n<li>\n<p><code>price_date<\/code>: \u0645\u06cc\u0686 \u0645\u06cc\u06ba \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06c1\u0648\u0646\u06d2 \u0648\u0627\u0644\u06cc \u0679\u0631\u06cc\u0688\u0646\u06af \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e<\/p>\n<\/li>\n<li>\n<p><code>adjusted_close<\/code>: \u062f\u0646 \u06a9\u06cc \u0627\u0633\u0679\u0627\u06a9 \u06a9\u06cc \u0642\u06cc\u0645\u062a<\/p>\n<\/li>\n<li>\n<p><code>rolling_high_252<\/code>: \u067e\u0686\u06be\u0644\u06d2 \u0633\u0627\u0644 \u0645\u06cc\u06ba \u0633\u0628 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u0642\u06cc\u0645\u062a<\/p>\n<\/li>\n<li>\n<p><code>drawdown<\/code>: \u0627\u0639\u0634\u0627\u0631\u06cc\u06c1 \u0646\u0645\u0628\u0631\u0648\u06ba \u0645\u06cc\u06ba \u06a9\u0645\u06cc \u062f\u06a9\u06be\u0627\u0626\u06cc\u06ba\u06d4<\/p>\n<\/li>\n<li>\n<p><code>drawdown_pct<\/code>: \u0641\u06cc\u0635\u062f \u06a9\u06d2 \u0637\u0648\u0631 \u067e\u0631 \u0648\u06c1\u06cc \u06a9\u0645\u06cc \u062f\u06a9\u06be\u0627\u0626\u06cc\u06ba\u06d4<\/p>\n<\/li>\n<\/ul>\n<p>\u0645\u062b\u0627\u0644 \u06a9\u06d2 \u0637\u0648\u0631 \u067e\u0631\u060c <code>drawdown_pct<\/code> \u0642\u062f\u0631 <code>-32.4<\/code> \u0627\u0633 \u06a9\u0627 \u0645\u0637\u0644\u0628 \u06c1\u06d2 \u06a9\u06c1 \u0631\u067e\u0648\u0631\u0679 \u0633\u06d2 \u067e\u06c1\u0644\u06d2 \u0622\u062e\u0631\u06cc \u062a\u062c\u0627\u0631\u062a\u06cc \u062f\u0646 \u0627\u0633\u0679\u0627\u06a9 \u0627\u067e\u0646\u06cc 252 \u062f\u0646 \u06a9\u06cc \u0628\u0644\u0646\u062f \u062a\u0631\u06cc\u0646 \u0633\u0637\u062d \u0633\u06d2 32.4% \u0646\u06cc\u0686\u06d2 \u06c1\u06d2\u06d4<\/p>\n<p>\u0627\u0628 \u06c1\u0645 \u062f\u0648\u0646\u0648\u06ba \u062c\u0627\u0646\u062a\u06d2 \u06c1\u06cc\u06ba \u06a9\u06c1 CEO \u0646\u06d2 \u062e\u0631\u06cc\u062f\u0627 \u0627\u0648\u0631 \u062c\u0628 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u0639\u0648\u0627\u0645\u06cc \u06c1\u0648 \u06af\u0626\u06cc \u062a\u0648 \u0627\u0633\u0679\u0627\u06a9 \u06a9\u06cc \u0642\u06cc\u0645\u062a \u06a9\u062a\u0646\u06cc \u06af\u0631 \u06af\u0626\u06cc\u06d4<\/p>\n<p>\u0627\u06af\u0644\u0627 \u0645\u0633\u0626\u0644\u06c1 \u062f\u0648\u0628\u0627\u0631\u06c1 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u0627 \u06c1\u06d2\u06d4 \u0627\u06cc\u06a9 \u0633\u06cc \u0627\u06cc \u0627\u0648 \u062c\u0648 \u06a9\u0626\u06cc \u06c1\u0641\u062a\u0648\u06ba \u06a9\u06d2 \u062f\u0648\u0631\u0627\u0646 \u0645\u062a\u0639\u062f\u062f \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u0631\u062a\u0627 \u06c1\u06d2 \u0627\u0633\u06d2 \u062e\u0648\u062f \u0628\u062e\u0648\u062f \u0645\u062a\u0639\u062f\u062f \u0622\u0632\u0627\u062f \u0633\u06af\u0646\u0644 \u0646\u06c1\u06cc\u06ba \u0628\u0646\u0627\u0646\u0627 \u0686\u0627\u06c1\u06cc\u06d2\u06d4<\/p>\n<h2 id=\"heading-convert-purchase-events-into-episodes\">\u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06d2 \u0648\u0627\u0642\u0639\u0627\u062a \u06a9\u0648 \u0627\u0642\u0633\u0627\u0637 \u0645\u06cc\u06ba \u062a\u0628\u062f\u06cc\u0644 \u06a9\u0631\u06cc\u06ba\u06d4<\/h2>\n<p>\u0627\u0633 \u0648\u0642\u062a\u060c \u0688\u06cc\u0679\u0627 \u0633\u06cc\u0679 \u0645\u06cc\u06ba \u0627\u06cc\u06a9 \u0642\u0637\u0627\u0631 \u0641\u06cc CEO \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u06c1\u06d2\u06d4 \u06cc\u06c1 \u062e\u0627\u0645 \u0641\u0627\u0631\u0645 4 \u0644\u0627\u0626\u0646\u0648\u06ba \u06a9\u06d2 \u0633\u0627\u062a\u06be \u06a9\u0627\u0645 \u06a9\u0631\u0646\u06d2 \u0633\u06d2 \u0628\u06c1\u062a\u0631 \u06c1\u06d2\u060c \u0644\u06cc\u06a9\u0646 \u067e\u06be\u0631 \u0628\u06be\u06cc \u0627\u0646\u06c1\u06cc \u0628\u0646\u06cc\u0627\u062f\u06cc \u0641\u06cc\u0635\u0644\u0648\u06ba \u06a9\u0627 \u0632\u06cc\u0627\u062f\u06c1 \u062d\u0633\u0627\u0628 \u0644\u06af\u0627 \u0633\u06a9\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<p>\u062a\u0635\u0648\u0631 \u06a9\u0631\u06cc\u06ba \u06a9\u06c1 \u0633\u06cc \u0627\u06cc \u0627\u0648 \u067e\u06cc\u0631 \u06a9\u0648 \u0627\u0633\u0679\u0627\u06a9 \u062e\u0631\u06cc\u062f\u062a\u0627 \u06c1\u06d2\u060c \u0627\u06af\u0644\u06d2 \u06c1\u0641\u062a\u06d2 \u062f\u0648\u0628\u0627\u0631\u06c1\u060c \u0627\u0648\u0631 \u062f\u0648 \u06c1\u0641\u062a\u06d2 \u0628\u0639\u062f \u062f\u0648\u0628\u0627\u0631\u06c1\u06d4 \u0633\u062e\u062a\u06cc \u0633\u06d2 \u0628\u0648\u0644\u06cc\u06ba\u060c \u06cc\u06c1 \u062a\u06cc\u0646 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06d2 \u0648\u0627\u0642\u0639\u0627\u062a \u06c1\u06cc\u06ba\u06d4 \u0627\u0642\u062a\u0635\u0627\u062f\u06cc \u0637\u0648\u0631 \u067e\u0631\u060c \u06cc\u06c1 \u0627\u06cc\u06a9 \u0645\u0633\u0644\u0633\u0644 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u0645\u06c1\u0645 \u06c1\u0648 \u0633\u06a9\u062a\u06cc \u06c1\u06d2\u06d4<\/p>\n<p>\u062a\u06cc\u0646\u0648\u06ba \u06a9\u0648 \u0622\u0632\u0627\u062f \u0633\u06af\u0646\u0644 \u06a9\u06d2 \u0637\u0648\u0631 \u067e\u0631 \u0628\u0631\u062a\u0627\u0624 \u06a9\u0631\u0646\u06d2 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\u062e\u0631\u06cc\u062f\u06cc\u06ba\u06d4<\/strong>.<\/p>\n<p>\u0627\u0635\u0648\u0644 \u0633\u0627\u062f\u06c1 \u06c1\u06cc\u06ba\u06d4 \u0627\u06cc\u06a9 \u06c1\u06cc \u0627\u0633\u0679\u0627\u06a9 \u06a9\u06d2 \u0627\u06cc\u06a9 \u06c1\u06cc \u0633\u06cc \u0627\u06cc \u0627\u0648 \u06a9\u06cc \u0637\u0631\u0641 \u0633\u06d2 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u0627\u06cc\u06a9 \u0627\u06cc\u067e\u06cc \u0633\u0648\u0688 \u0628\u0646\u062a\u06cc \u06c1\u06d2 \u0627\u06af\u0631 \u0641\u0627\u0626\u0644\u0646\u06af \u06a9\u06cc \u0645\u0633\u0644\u0633\u0644 \u062a\u0627\u0631\u06cc\u062e\u06cc\u06ba 28 \u06a9\u06cc\u0644\u0646\u0688\u0631 \u062f\u0646\u0648\u06ba \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u0646\u06c1\u06cc\u06ba \u06c1\u0648\u062a\u06cc \u06c1\u06cc\u06ba\u06d4<\/p>\n<p>\u0633\u0628 \u0633\u06d2 \u067e\u06c1\u0644\u06d2\u060c \u06c1\u0645 \u062f\u0633\u062a\u06cc\u0627\u0628 \u06a9\u0645\u06cc\u0648\u06ba \u06a9\u06d2 \u0628\u063a\u06cc\u0631 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06d2 \u0648\u0627\u0642\u0639\u0627\u062a \u06a9\u0648 \u06c1\u0679\u0627\u062a\u06d2 \u06c1\u06cc\u06ba\u060c \u0628\u0627\u0642\u06cc \u0642\u0637\u0627\u0631\u0648\u06ba \u06a9\u0648 \u0679\u06a9\u0631\u060c \u0633\u06cc \u0627\u06cc \u0627\u0648\u060c \u0627\u0648\u0631 \u062c\u0645\u0639 \u06a9\u0631\u0627\u0646\u06d2 \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u06a9\u06d2 \u062d\u0633\u0627\u0628 \u0633\u06d2 \u062a\u0631\u062a\u06cc\u0628 \u062f\u06cc\u062a\u06d2 \u06c1\u06cc\u06ba\u060c \u0627\u0648\u0631 \u067e\u0686\u06be\u0644\u06cc \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06d2 \u0628\u0639\u062f \u06a9\u06d2 \u062f\u0646\u0648\u06ba \u06a9\u06cc \u062a\u0639\u062f\u0627\u062f \u06a9\u0627 \u062d\u0633\u0627\u0628 \u0644\u06af\u0627\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<pre><code class=\"language-python\">purchase_events = analysis_df.dropna(subset=[\"drawdown\"])\npurchase_events.filed_at = pd.to_datetime(purchase_events.filed_at)\npurchase_events = purchase_events.sort_values([\"ticker\", \"reporting_owner_cik\", \"filed_at\"])\npurchase_events[\"days_since_previous\"] = purchase_events.groupby([\"ticker\", \"reporting_owner_cik\"])[\"filed_at\"].diff().dt.days\npurchase_events[\"new_episode\"] = purchase_events[\"days_since_previous\"].isna() | (purchase_events[\"days_since_previous\"] > 28)\npurchase_events[\"episode_id\"] = purchase_events.groupby([\"ticker\", \"reporting_owner_cik\"])[\"new_episode\"].cumsum()\n<\/code><\/pre>\n<p>\u06a9\u0633\u06cc \u0628\u06be\u06cc \u0679\u06a9\u0631 \u0633\u06cc \u0627\u06cc \u0627\u0648 \u06a9\u06d2 \u0627\u0645\u062a\u0632\u0627\u062c \u06a9\u06d2 \u0644\u06cc\u06d2 \u067e\u06c1\u0644\u06cc \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u062e\u0648\u062f \u0628\u062e\u0648\u062f \u0627\u06cc\u06a9 \u0646\u06cc\u0627 \u0627\u06cc\u067e\u06cc \u0633\u0648\u0688 \u0634\u0631\u0648\u0639 \u06a9\u0631 \u062f\u06cc\u062a\u06cc \u06c1\u06d2 \u06a9\u06cc\u0648\u0646\u06a9\u06c1 \u0645\u0648\u0627\u0632\u0646\u06c1 \u06a9\u0631\u0646\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2 \u06a9\u0648\u0626\u06cc \u067e\u0686\u06be\u0644\u06cc \u06af\u0630\u0627\u0631\u0634\u0627\u062a \u0646\u06c1\u06cc\u06ba \u06c1\u06cc\u06ba\u06d4<\/p>\n<p>\u0627\u0633 \u06a9\u06d2 \u0628\u0639\u062f\u060c \u0627\u06cc\u06a9 \u0646\u06cc\u0627 \u0627\u06cc\u067e\u06cc \u0633\u0648\u0688 \u0635\u0631\u0641 \u0627\u0633 \u0635\u0648\u0631\u062a \u0645\u06cc\u06ba \u0634\u0631\u0648\u0639 \u06c1\u0648\u06af\u0627 \u062c\u0628 \u067e\u0686\u06be\u0644\u06cc \u062f\u0631\u062e\u0648\u0627\u0633\u062a \u06a9\u0627 \u0648\u0642\u0641\u06c1 28 \u062f\u0646 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06c1\u0648\u06d4 28 \u062f\u0646 \u06cc\u0627 \u0627\u0633 \u0633\u06d2 \u06a9\u0645 \u06a9\u06cc \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc\u0627\u06ba \u0627\u0633\u06cc \u0627\u06cc\u067e\u06cc \u0633\u0648\u0688 \u0645\u06cc\u06ba \u0631\u06c1\u062a\u06cc \u06c1\u06cc\u06ba\u06d4<\/p>\n<p>\u06a9\u0644 \u0686\u0644 \u0631\u06c1\u0627 \u06c1\u06d2 <code>new_episode<\/code> \u06c1\u0645 \u06c1\u0631 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06d2 \u0622\u0631\u0688\u0631 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0627\u06cc\u06a9 \u0645\u0646\u0641\u0631\u062f \u0634\u0646\u0627\u062e\u062a \u06a9\u0646\u0646\u062f\u06c1 \u0641\u0631\u0627\u06c1\u0645 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<p>\u0627\u0628 \u0686\u0648\u0646\u06a9\u06c1 \u06c1\u0631 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u0627 \u0648\u0627\u0642\u0639\u06c1 \u0627\u06cc\u06a9 \u0627\u06cc\u067e\u06cc \u0633\u0648\u0688 \u0633\u06d2 \u062a\u0639\u0644\u0642 \u0631\u06a9\u06be\u062a\u0627 \u06c1\u06d2\u060c \u06c1\u0645 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06d2 \u0622\u0631\u0688\u0631 \u06a9\u06d2 \u0630\u0631\u06cc\u0639\u06d2 \u0648\u0627\u0642\u0639\u0627\u062a \u06a9\u0648 \u0627\u06cc\u06a9 \u0642\u0637\u0627\u0631 \u0645\u06cc\u06ba \u0633\u0645\u06cc\u0679 \u0633\u06a9\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<p>\u06c1\u0631 \u0627\u06cc\u067e\u06cc \u0633\u0648\u0688 \u06a9\u06d2 \u0644\u06cc\u06d2\u060c \u06c1\u0645 \u0641\u0627\u0626\u0644 \u06a9\u0631\u0646\u06d2 \u06a9\u06cc \u067e\u06c1\u0644\u06cc \u0627\u0648\u0631 \u0622\u062e\u0631\u06cc \u062a\u0627\u0631\u06cc\u062e\u06cc\u06ba \u0631\u06a9\u06be\u062a\u06d2 \u06c1\u06cc\u06ba\u060c \u0627\u06cc\u06a9\u0648\u06cc\u0679\u06cc \u0627\u0648\u0631 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06cc \u0642\u06cc\u0645\u062a\u0648\u06ba \u0645\u06cc\u06ba \u0627\u0636\u0627\u0641\u06c1 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u060c \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06cc \u0633\u0631\u06af\u0631\u0645\u06cc \u06a9\u0627 \u062d\u0633\u0627\u0628 \u0644\u06af\u0627\u062a\u06d2 \u06c1\u06cc\u06ba\u060c \u0627\u0648\u0631 \u0641\u0627\u0626\u0644\u0646\u06af \u06a9\u06cc \u067e\u06c1\u0644\u06cc \u062a\u0627\u0631\u06cc\u062e \u0633\u06d2 \u06c1\u0648\u0646\u06d2 \u0648\u0627\u0644\u06d2 \u0646\u0642\u0635\u0627\u0646\u0627\u062a \u06a9\u0648 \u0645\u062d\u0641\u0648\u0638 \u0631\u06a9\u06be\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<pre><code class=\"language-python\">episodes = purchase_events.groupby([\"ticker\", \"reporting_owner_cik\", \"reporting_owner_name\", \"episode_id\"], \n                               as_index=False).agg(first_filing_date=(\"filed_at\", \"min\"), \n                                                   last_filing_date=(\"filed_at\", \"max\"),\n                                                   first_transaction_date=(\"transaction_date\", \"min\"),\n                                                   total_shares=(\"shares_purchased\", \"sum\"),\n                                                   total_purchase_value=(\"total_purchase_value\", \"sum\"),\n                                                   purchase_days=(\"filed_at\", \"nunique\"),\n                                                   transaction_events=(\"filed_at\", \"size\"),\n                                                   initial_drawdown=(\"drawdown\", \"first\"), \n                                                   initial_drawdown_pct=(\"drawdown_pct\", \"first\"))\n<\/code><\/pre>\n<p>\u06cc\u06c1\u0627\u06ba \u062f\u0648 \u0633\u0631\u06af\u0631\u0645\u06cc\u0627\u06ba \u0634\u0645\u0627\u0631 \u06c1\u0648\u062a\u06cc \u06c1\u06cc\u06ba:<\/p>\n<p>\u06a9\u0644 \u062d\u0635\u0635 \u0627\u0648\u0631 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06cc \u0642\u06cc\u0645\u062a \u067e\u0648\u0631\u06cc \u0642\u0633\u0637 \u067e\u0631 \u0645\u062d\u06cc\u0637 \u06c1\u06d2\u06d4 \u062a\u0627\u06c1\u0645\u060c \u06a9\u0645\u06cc \u067e\u06c1\u0644\u06cc \u0641\u0627\u0626\u0644\u0646\u06af \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u0633\u06d2 \u06c1\u0648\u062a\u06cc \u06c1\u06d2 \u062c\u0628 \u0633\u06af\u0646\u0644 \u0634\u0631\u0648\u0639 \u06c1\u0648\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<p>\u06cc\u06c1 \u062a\u0641\u0635\u06cc\u0644 20% \u0641\u0644\u0679\u0631 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0627\u06c1\u0645 \u06c1\u06d2\u06d4<\/p>\n<p>\u06c1\u0645 \u06a9\u06c1\u062a\u06d2 \u06c1\u06cc\u06ba \u06a9\u06c1 \u0648\u0627\u0642\u0639\u06c1 \u0627\u0633 \u0648\u0642\u062a \u0634\u0631\u0648\u0639 \u06c1\u0648\u062a\u0627 \u06c1\u06d2 \u062c\u0628 \u0627\u0633\u0679\u0627\u06a9 \u06a9\u06cc \u0642\u06cc\u0645\u062a \u0627\u067e\u0646\u06cc \u0686\u0648\u0679\u06cc \u0633\u06d2 18% \u0646\u06cc\u0686\u06d2 \u06c1\u0648\u062a\u06cc \u06c1\u06d2\u060c \u0627\u0648\u0631 \u067e\u06be\u0631 \u06a9\u0645\u06cc 24% \u062a\u06a9 \u067e\u06c1\u0646\u0686\u0646\u06d2 \u06a9\u06d2 \u0628\u0639\u062f CEO \u062f\u0648\u0628\u0627\u0631\u06c1 \u062e\u0631\u06cc\u062f\u062a\u0627 \u06c1\u06d2\u06d4 \u06cc\u06c1 \u06a9\u06c1\u0646\u0627 \u06af\u0645\u0631\u0627\u06c1 \u06a9\u0646 \u06c1\u0648\u06af\u0627 \u06a9\u06c1 \u0642\u0633\u0637 20 \u0641\u06cc\u0635\u062f \u06a9\u0645\u06cc \u06a9\u06d2 \u0628\u0639\u062f \u0634\u0631\u0648\u0639 \u06c1\u0648\u0626\u06cc\u06d4<\/p>\n<p>\u0644\u06c1\u0630\u0627\u060c \u06c1\u0645 \u067e\u06c1\u0644\u06d2 \u0627\u0646 \u06a9\u0648 \u06af\u0631\u0648\u067e \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba \u0627\u0648\u0631 \u067e\u06be\u0631 \u0627\u0633 \u06a9\u0627 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u062a\u06d2 \u06c1\u0648\u0626\u06d2 \u0627\u06cc\u06a9 \u062d\u062f \u06a9\u0627 \u0627\u0637\u0644\u0627\u0642 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba: <code>initial_drawdown<\/code>.<\/p>\n<pre><code class=\"language-python\">episodes_20 = episodes[episodes[\"initial_drawdown\"] <= -0.20].copy()\n\nprint(\"All purchase episodes:\", len(episodes))\nprint(\"20% drawdown episodes:\", len(episodes_20))\nprint(\"Tickers represented:\", episodes_20[\"ticker\"].nunique())\n\nepisodes_20\n<\/code><\/pre>\n<p><img decoding=\"async\" src=\"https:\/\/umang.pk\/wp-content\/uploads\/2026\/07\/1784140222_23_\u067e\u0627\u0626\u062a\u06be\u0648\u0646-\u06a9\u0627-\u0627\u0633\u062a\u0639\u0645\u0627\u0644-\u06a9\u0631\u062a\u06d2-\u06c1\u0648\u0626\u06d2-\u0627\u0646\u062f\u0631\u0648\u0646\u06cc-\u062a\u062c\u0627\u0631\u062a-\u06a9\u0627-\u062a\u062c\u0632\u06cc\u06c1-\u06a9\u06cc\u0633\u06d2.png\" alt=\"\u0627\u0642\u0633\u0627\u0637 \u062e\u0631\u06cc\u062f\u06cc\u06ba\u06d4\" style=\"display:block;margin:0 auto\" width=\"562\" height=\"135\" loading=\"lazy\" title=\"\"><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/umang.pk\/wp-content\/uploads\/2026\/07\/1784140222_193_\u067e\u0627\u0626\u062a\u06be\u0648\u0646-\u06a9\u0627-\u0627\u0633\u062a\u0639\u0645\u0627\u0644-\u06a9\u0631\u062a\u06d2-\u06c1\u0648\u0626\u06d2-\u0627\u0646\u062f\u0631\u0648\u0646\u06cc-\u062a\u062c\u0627\u0631\u062a-\u06a9\u0627-\u062a\u062c\u0632\u06cc\u06c1-\u06a9\u06cc\u0633\u06d2.png\" alt=\"\u0627\u0642\u0633\u0627\u0637 \u062e\u0631\u06cc\u062f\u06cc\u06ba\u06d4\" style=\"display:block;margin:0 auto\" width=\"1742\" height=\"333\" loading=\"lazy\" title=\"\"><\/p>\n<p>\u0627\u0628 \u06c1\u0645 \u0646\u06d2 \u062f\u06c1\u0631\u0627\u0626\u06cc \u062c\u0627\u0646\u06d2 \u0648\u0627\u0644\u06cc \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc\u0648\u06ba \u06a9\u0648 137 \u0627\u0646\u0641\u0631\u0627\u062f\u06cc CEO \u062e\u0631\u06cc\u062f\u0646\u06d2 \u0648\u0627\u0644\u06d2 \u0627\u06cc\u067e\u06cc \u0633\u0648\u0688\u0632 \u062a\u06a9 \u06a9\u0645 \u06a9\u0631 \u062f\u06cc\u0627 \u06c1\u06d2 \u062c\u0648 \u0627\u0633 \u0648\u0642\u062a \u0634\u0631\u0648\u0639 \u06c1\u0648\u0627 \u062c\u0628 \u0627\u0633\u0679\u0627\u06a9 \u0627\u067e\u0646\u06cc \u067e\u0686\u06be\u0644\u06cc \u0628\u0644\u0646\u062f\u06cc \u0633\u06d2 \u06a9\u0645 \u0627\u0632 \u06a9\u0645 20% \u0646\u06cc\u0686\u06d2 \u062a\u06be\u0627\u06d4<\/p>\n<p>\u06cc\u06c1 \u0648\u0627\u0642\u0639\u06c1 \u0627\u06cc\u06a9 \u062d\u0642\u06cc\u0642\u06cc \u0627\u0634\u0627\u0631\u06c1 \u06c1\u06d2 \u062c\u0633\u06d2 \u06c1\u0645 \u0648\u0642\u062a \u06a9\u06d2 \u0633\u0627\u062a\u06be \u0633\u0627\u062a\u06be \u0641\u0627\u0644\u0648 \u06a9\u0631\u06cc\u06ba \u06af\u06d2\u06d4 \u0627\u06af\u0644\u0627\u060c \u06c1\u0645 \u0627\u0628\u062a\u062f\u0627\u0626\u06cc \u0631\u067e\u0648\u0631\u0679 \u06a9\u06d2 \u0628\u0639\u062f \u067e\u06c1\u0644\u06d2 \u062a\u062c\u0627\u0631\u062a\u06cc \u062f\u0646 \u0645\u06cc\u06ba \u062f\u0627\u062e\u0644 \u06c1\u0648\u06ba \u06af\u06d2 \u0627\u0648\u0631 \u067e\u06cc\u0645\u0627\u0626\u0634 \u06a9\u0631\u06cc\u06ba \u06af\u06d2 \u06a9\u06c1 1 \u0645\u0627\u06c1\u060c 3 \u0645\u0627\u06c1\u060c 6 \u0645\u0627\u06c1\u060c \u0627\u0648\u0631 12 \u0645\u0627\u06c1 \u0645\u06cc\u06ba \u06a9\u06cc\u0627 \u06c1\u0648\u0627 \u06c1\u06d2\u06d4<\/p>\n<h2 id=\"heading-calculate-returns-after-ceo-purchases\">\u0633\u06cc \u0627\u06cc \u0627\u0648 \u06a9\u06cc \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06d2 \u0628\u0639\u062f \u0645\u0646\u0627\u0641\u0639 \u06a9\u0627 \u062d\u0633\u0627\u0628 \u0644\u06af\u0627\u0626\u06cc\u06ba\u06d4<\/h2>\n<p>\u0627\u0628 137 CEO \u062e\u0631\u06cc\u062f\u0646\u06d2 \u0648\u0627\u0644\u06d2 \u0627\u06cc\u067e\u06cc \u0633\u0648\u0688\u0632 \u06c1\u0648 \u0686\u06a9\u06d2 \u06c1\u06cc\u06ba \u062c\u06c1\u0627\u06ba \u0627\u0633\u0679\u0627\u06a9 \u0627\u067e\u0646\u06cc 252 \u062f\u0646 \u06a9\u06cc \u0628\u0644\u0646\u062f \u062a\u0631\u06cc\u0646 \u0633\u0637\u062d \u0633\u06d2 \u06a9\u0645 \u0627\u0632 \u06a9\u0645 20% \u0646\u06cc\u0686\u06d2 \u0634\u0631\u0648\u0639 \u06c1\u0648\u0627\u06d4<\/p>\n<p>\u0627\u06af\u0644\u0627 \u0633\u0648\u0627\u0644 \u0622\u0633\u0627\u0646 \u06c1\u06d2\u06d4 \u0627\u0646 \u062f\u0633\u062a\u0627\u0648\u06cc\u0632\u0627\u062a \u06a9\u06d2 \u062c\u0627\u0631\u06cc \u06c1\u0648\u0646\u06d2 \u06a9\u06d2 \u0628\u0639\u062f \u06a9\u06cc\u0627 \u06c1\u0648\u0627\u061f<\/p>\n<p>\u06c1\u0645 \u0627\u06cc\u067e\u06cc \u0633\u0648\u0688 \u06a9\u06d2 \u067e\u06c1\u0644\u06d2 \u062f\u0627\u062e\u0644\u06d2 \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u06a9\u06d2 \u0637\u0648\u0631 \u067e\u0631 \u062c\u0645\u0639 \u06a9\u0631\u0627\u0626\u06d2 \u062c\u0627\u0646\u06d2 \u06a9\u06d2 \u0628\u0639\u062f \u067e\u06c1\u0644\u0627 \u062a\u062c\u0627\u0631\u062a\u06cc \u062f\u0646 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4 \u06cc\u06c1 \u0679\u06cc\u0633\u0679 \u06a9\u0648 \u062d\u0642\u06cc\u0642\u062a \u067e\u0633\u0646\u062f\u0627\u0646\u06c1 \u0631\u06a9\u06be\u062a\u0627 \u06c1\u06d2\u06d4 \u0628\u06cc\u0631\u0648\u0646\u06cc \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631 \u0627\u0633 \u0648\u0642\u062a \u062a\u06a9 \u06a9\u0627\u0631\u0631\u0648\u0627\u0626\u06cc \u0646\u06c1\u06cc\u06ba \u06a9\u0631 \u0633\u06a9\u062a\u06d2 \u062c\u0628 \u062a\u06a9 \u06a9\u06c1 \u0641\u0627\u0631\u0645 4 \u0638\u0627\u06c1\u0631 \u0646\u06c1 \u06c1\u0648 \u062c\u0627\u0626\u06d2\u060c \u0627\u0648\u0631 \u06c1\u0645 \u06c1\u0641\u062a\u06d2 \u06a9\u06d2 \u0622\u062e\u0631 \u06cc\u0627 \u0628\u0627\u0632\u0627\u0631 \u06a9\u06cc \u0686\u06be\u0679\u06cc\u0648\u06ba \u067e\u0631 \u062c\u0645\u0639 \u06a9\u0631\u0627\u0626\u06cc \u06af\u0626\u06cc \u062f\u0633\u062a\u0627\u0648\u06cc\u0632\u0627\u062a \u067e\u0631 \u06a9\u0627\u0631\u0631\u0648\u0627\u0626\u06cc \u06a9\u0631\u0646\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0627\u06af\u0644\u06d2 \u062a\u062c\u0627\u0631\u062a\u06cc \u0633\u06cc\u0634\u0646 \u06a9\u0627 \u0628\u06be\u06cc \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<p>\u0622\u0645\u062f\u0646\u06cc \u06a9\u06cc \u062d\u062f\u0648\u062f \u062f\u0631\u062c \u0630\u06cc\u0644 \u06c1\u06cc\u06ba:<\/p>\n<ul>\n<li>\n<p>1 \u0645\u06c1\u06cc\u0646\u06c1: 21 \u062a\u062c\u0627\u0631\u062a\u06cc \u062f\u0646<\/p>\n<\/li>\n<li>\n<p>3 \u0645\u0627\u06c1: 63 \u062a\u062c\u0627\u0631\u062a\u06cc \u062f\u0646<\/p>\n<\/li>\n<li>\n<p>6 \u0645\u0627\u06c1: 126 \u062a\u062c\u0627\u0631\u062a\u06cc \u062f\u0646<\/p>\n<\/li>\n<li>\n<p>12 \u0645\u06c1\u06cc\u0646\u06d2: 252 \u062a\u062c\u0627\u0631\u062a\u06cc \u062f\u0646<\/p>\n<\/li>\n<\/ul>\n<h3 id=\"heading-organize-the-price-history-by-ticker\">\u0642\u06cc\u0645\u062a \u06a9\u06cc \u062a\u0641\u0635\u06cc\u0644\u0627\u062a \u06a9\u0648 \u0679\u06a9\u0631\u0632 \u0645\u06cc\u06ba \u062a\u0631\u062a\u06cc\u0628 \u062f\u06cc\u06ba\u06d4<\/h3>\n<p>\u0631\u06cc\u0679\u0631\u0646 \u06a9\u0627 \u062d\u0633\u0627\u0628 \u0644\u06af\u0627\u0646\u06d2 \u0633\u06d2 \u067e\u06c1\u0644\u06d2\u060c \u06c1\u0645 \u06c1\u0631 \u0627\u0633\u0679\u0627\u06a9 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0627\u06cc\u06a9 \u0627\u0644\u06af\u060c \u062a\u0627\u0631\u06cc\u062e\u06cc \u0637\u0648\u0631 \u067e\u0631 \u062a\u0631\u062a\u06cc\u0628 \u062f\u06cc \u06af\u0626\u06cc \u0642\u06cc\u0645\u062a \u06a9\u06cc \u0633\u06cc\u0631\u06cc\u0632 \u062a\u06cc\u0627\u0631 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<p>\u06cc\u06c1 \u0648\u0627\u067e\u0633\u06cc \u06a9\u06d2 \u0641\u0646\u06a9\u0634\u0646 \u06a9\u0648 \u062f\u0631\u0633\u062a \u0627\u0646\u062f\u0631\u0627\u062c \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u062a\u0644\u0627\u0634 \u06a9\u0631\u0646\u06d2 \u0627\u0648\u0631 \u067e\u06be\u0631 \u067e\u0648\u0631\u06d2 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0688\u06cc\u0679\u0627 \u0641\u0631\u06cc\u0645 \u06a9\u0648 \u0628\u0627\u0631 \u0628\u0627\u0631 \u0641\u0644\u0679\u0631 \u06a9\u06cc\u06d2 \u0628\u063a\u06cc\u0631 \u0679\u0631\u06cc\u0688\u0646\u06af \u0633\u06cc\u0634\u0646\u0632 \u06a9\u06cc \u0627\u06cc\u06a9 \u0645\u0642\u0631\u0631\u06c1 \u062a\u0639\u062f\u0627\u062f \u06a9\u0648 \u0622\u06af\u06d2 \u0628\u0691\u06be\u0627\u0646\u06d2 \u06a9\u06cc \u0627\u062c\u0627\u0632\u062a \u062f\u06cc\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<pre><code class=\"language-python\">episodes_20 = episodes_20.reset_index(drop = True)\nepisodes_20['first_filing_date'] = pd.to_datetime(episodes_20['first_filing_date'])\nhistorical_df['date'] = pd.to_datetime(historical_df['date'])\n\nprices = historical_df[['ticker', 'date', 'adjusted_close']].dropna().sort_values(['ticker', 'date'])\nprice_map = {ticker: group.reset_index(drop=True) for ticker, group in prices.groupby('ticker')}\n<\/code><\/pre>\n<p><code>price_map<\/code>    \u0627\u06cc\u06a9 \u0644\u063a\u062a \u062c\u06c1\u0627\u06ba \u06c1\u0631 \u0679\u06a9\u0631 \u0627\u067e\u0646\u06cc \u062a\u0627\u0631\u06cc\u062e \u06a9\u06d2 \u0688\u06cc\u0679\u0627 \u0641\u0631\u06cc\u0645 \u0627\u0648\u0631 \u0627\u06cc\u0688\u062c\u0633\u0679 \u0634\u062f\u06c1 \u0627\u062e\u062a\u062a\u0627\u0645\u06cc \u0642\u06cc\u0645\u062a \u06a9\u06cc \u0637\u0631\u0641 \u0627\u0634\u0627\u0631\u06c1 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<p>\u0645\u062b\u0627\u0644 \u06a9\u06d2 \u0637\u0648\u0631 \u067e\u0631\u060c <code>price_map['AAT.US']<\/code> \u06a9\u06d2 \u0644\u06cc\u06d2 \u0635\u0631\u0641 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0642\u06cc\u0645\u062a\u06cc\u06ba \u0634\u0627\u0645\u0644 \u06c1\u06cc\u06ba\u06d4 <code>AAT.US<\/code>\u0648\u06c1 \u067e\u06c1\u0644\u06d2 \u0633\u06d2 \u06c1\u06cc \u0633\u0628 \u0633\u06d2 \u067e\u0631\u0627\u0646\u06d2 \u0633\u06d2 \u0646\u0626\u06d2 \u0645\u06cc\u06ba \u062a\u0631\u062a\u06cc\u0628 \u062f\u06cc\u0626\u06d2 \u06af\u0626\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<h3 id=\"heading-find-the-entry-date-and-calculate-forward-returns\">\u062f\u0627\u062e\u0644\u06d2 \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u062a\u0644\u0627\u0634 \u06a9\u0631\u06cc\u06ba \u0627\u0648\u0631 \u0645\u0633\u062a\u0642\u0628\u0644 \u06a9\u06d2 \u0645\u0646\u0627\u0641\u0639 \u06a9\u0627 \u062d\u0633\u0627\u0628 \u0644\u06af\u0627\u0626\u06cc\u06ba\u06d4<\/h3>\n<p>\u0627\u0628 \u0622\u067e \u0627\u06cc\u06a9 \u0627\u06cc\u0633\u0627 \u0641\u0646\u06a9\u0634\u0646 \u0644\u06a9\u06be \u0633\u06a9\u062a\u06d2 \u06c1\u06cc\u06ba \u062c\u0648 \u0627\u06cc\u06a9 \u0648\u0642\u062a \u0645\u06cc\u06ba \u0627\u06cc\u06a9 \u067e\u0631\u0686\u06cc\u0632\u0646\u06af \u0627\u06cc\u067e\u06cc\u0633\u0648\u0688 \u067e\u0631 \u06a9\u0627\u0631\u0631\u0648\u0627\u0626\u06cc \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<p>\u06cc\u06c1 \u0641\u0646\u06a9\u0634\u0646 \u0645\u0646\u062f\u0631\u062c\u06c1 \u0630\u06cc\u0644 \u06a9\u0627\u0645 \u06a9\u0631\u062a\u0627 \u06c1\u06d2:<\/p>\n<ol>\n<li>\n<p>\u0627\u0633\u0679\u0627\u06a9 \u06a9\u06cc \u0642\u06cc\u0645\u062a \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u062a\u0644\u0627\u0634 \u06a9\u0631\u06cc\u06ba\u06d4<\/p>\n<\/li>\n<li>\n<p>\u062c\u0645\u0639 \u06a9\u0631\u0627\u0646\u06d2 \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u06a9\u06d2 \u0628\u0639\u062f \u067e\u06c1\u0644\u0627 \u062a\u062c\u0627\u0631\u062a\u06cc \u062f\u0646 \u062a\u0644\u0627\u0634 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<\/li>\n<li>\n<p>\u062f\u0646 \u06a9\u06cc \u0627\u06cc\u0688\u062c\u0633\u0679 \u0634\u062f\u06c1 \u0627\u062e\u062a\u062a\u0627\u0645\u06cc \u0642\u06cc\u0645\u062a \u06a9\u0648 \u062f\u0627\u062e\u0644\u06c1 \u0642\u06cc\u0645\u062a \u06a9\u06d2 \u0637\u0648\u0631 \u067e\u0631 \u0645\u062d\u0641\u0648\u0638 \u06a9\u0631\u06cc\u06ba\u06d4<\/p>\n<\/li>\n<li>\n<p>21\u060c 63\u060c 126\u060c 252 \u062a\u062c\u0627\u0631\u062a\u06cc \u0633\u06cc\u0634\u0646\u0632 \u06a9\u06d2 \u0630\u0631\u06cc\u0639\u06d2 \u0622\u06af\u06d2 \u0628\u0691\u06be\u06cc\u06ba\u06d4<\/p>\n<\/li>\n<li>\n<p>\u06c1\u0631 \u062f\u0648\u0631 \u0645\u06cc\u06ba \u0645\u0646\u0627\u0641\u0639 \u06a9\u0627 \u062d\u0633\u0627\u0628 \u0644\u06af\u0627\u0626\u06cc\u06ba\u06d4<\/p>\n<\/li>\n<\/ol>\n<pre><code class=\"language-python\">def calculate_forward_returns(row):\n    ticker_prices = price_map.get(row['ticker'])\n\n    if ticker_prices is None:\n        return pd.Series(dtype=\"object\")\n\n    dates = ticker_prices['date'].to_numpy(dtype=\"datetime64[ns]\")\n    entry_index = np.searchsorted(dates, np.datetime64(row['first_filing_date']), side=\"right\")\n\n    if entry_index >= len(ticker_prices):\n        return pd.Series(dtype=\"object\")\n\n    entry_date = ticker_prices.loc[entry_index, 'date']\n    entry_price = ticker_prices.loc[entry_index, 'adjusted_close']\n\n    result = {'entry_date': entry_date, 'entry_price': entry_price}\n    horizons = {'1m': 21, '3m': 63, '6m': 126, '12m': 252}\n\n    for label, days in horizons.items():\n        target_index = entry_index + days\n\n        if target_index < len(ticker_prices):\n            target_price = ticker_prices.loc[target_index, 'adjusted_close']\n            result[f'date_{label}'] = ticker_prices.loc[target_index, 'date']\n            result[f'return_{label}'] = target_price \/ entry_price - 1\n        else:\n            result[f'date_{label}'] = pd.NaT\n            result[f'return_{label}'] = np.nan\n\n    return pd.Series(result)\n\nforward_returns = episodes_20.apply(calculate_forward_returns, axis=1)\nepisode_returns = pd.concat([episodes_20.reset_index(drop=True), forward_returns], axis=1)\n\nepisode_returns\n<\/code><\/pre>\n<p>\u0646\u062a\u06cc\u062c\u06d2 \u0645\u06cc\u06ba \u0622\u0646\u06d2 \u0648\u0627\u0644\u06d2 \u0688\u06cc\u0679\u0627 \u0641\u0631\u06cc\u0645 \u0645\u06cc\u06ba \u0627\u06cc\u067e\u06cc \u0633\u0648\u0688 \u06a9\u06cc \u062a\u0641\u0635\u06cc\u0644\u0627\u062a\u060c \u062f\u0627\u062e\u0644\u06d2 \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e\u060c \u0627\u0646\u062f\u0631\u0627\u062c \u06a9\u06cc \u0642\u06cc\u0645\u062a\u060c \u0627\u0648\u0631 \u06c1\u0631 \u0645\u062f\u062a \u06a9\u06d2 \u0644\u06cc\u06d2 \u0622\u06af\u06d2 \u06a9\u06cc \u0648\u0627\u067e\u0633\u06cc \u0634\u0627\u0645\u0644 \u06c1\u0648\u062a\u06cc \u06c1\u06d2\u06d4<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/umang.pk\/wp-content\/uploads\/2026\/07\/1784140222_972_\u067e\u0627\u0626\u062a\u06be\u0648\u0646-\u06a9\u0627-\u0627\u0633\u062a\u0639\u0645\u0627\u0644-\u06a9\u0631\u062a\u06d2-\u06c1\u0648\u0626\u06d2-\u0627\u0646\u062f\u0631\u0648\u0646\u06cc-\u062a\u062c\u0627\u0631\u062a-\u06a9\u0627-\u062a\u062c\u0632\u06cc\u06c1-\u06a9\u06cc\u0633\u06d2.png\" alt=\"\u0633\u06cc \u0627\u06cc \u0627\u0648 \u067e\u0631\u0686\u06cc\u0632 \u0644\u06cc\u0688\u0646\u06af \u0631\u06cc\u0679\u0631\u0646\" style=\"display:block;margin:0 auto\" width=\"2598\" height=\"333\" loading=\"lazy\" title=\"\"><\/p>\n<h3 id=\"heading-summarize-the-raw-returns\">\u062e\u0627\u0645 \u0622\u0645\u062f\u0646\u06cc \u06a9\u0627 \u062e\u0644\u0627\u0635\u06c1<\/h3>\n<p>\u0627\u06af\u0631\u0686\u06c1 \u0627\u0646\u0641\u0631\u0627\u062f\u06cc \u0627\u0642\u0633\u0627\u0637 \u06a9\u0648 \u062f\u06cc\u06a9\u06be\u0646\u0627 \u0645\u0641\u06cc\u062f \u06c1\u06d2 \u0644\u06cc\u06a9\u0646 \u0645\u062e\u062a\u0635\u0631\u0627\u064b \u067e\u0648\u0631\u06d2 \u0646\u0645\u0648\u0646\u06d2 \u06a9\u0648 \u062f\u06cc\u06a9\u06be\u0646\u0627 \u0628\u06be\u06cc \u0636\u0631\u0648\u0631\u06cc \u06c1\u06d2\u06d4<\/p>\n<p>\u06c1\u0631 \u0627\u0641\u0642 \u06a9\u06d2 \u0644\u06cc\u06d2 \u06c1\u0645 \u062d\u0633\u0627\u0628 \u0644\u06af\u0627\u062a\u06d2 \u06c1\u06cc\u06ba:<\/p>\n<pre><code class=\"language-python\">summary = []\n\nfor horizon in ['1m', '3m', '6m', '12m']:\n    returns = episode_returns[f'return_{horizon}'].dropna()\n\n    summary.append({\n        'horizon': horizon,\n        'observations': len(returns),\n        'mean_return': returns.mean(),\n        'median_return': returns.median(),\n        'positive_rate': (returns > 0).mean()\n    })\n\nsummary_df = pd.DataFrame(summary)\nsummary_df\n<\/code><\/pre>\n<p><img decoding=\"async\" src=\"https:\/\/umang.pk\/wp-content\/uploads\/2026\/07\/1784140222_268_\u067e\u0627\u0626\u062a\u06be\u0648\u0646-\u06a9\u0627-\u0627\u0633\u062a\u0639\u0645\u0627\u0644-\u06a9\u0631\u062a\u06d2-\u06c1\u0648\u0626\u06d2-\u0627\u0646\u062f\u0631\u0648\u0646\u06cc-\u062a\u062c\u0627\u0631\u062a-\u06a9\u0627-\u062a\u062c\u0632\u06cc\u06c1-\u06a9\u06cc\u0633\u06d2.png\" alt=\"\u0622\u06af\u06d2 \u06a9\u06cc \u0648\u0627\u067e\u0633\u06cc \u06a9\u0627 \u062e\u0644\u0627\u0635\u06c1\" style=\"display:block;margin:0 auto\" width=\"960\" height=\"306\" loading=\"lazy\" title=\"\"><\/p>\n<p>\u067e\u06c1\u0644\u06cc \u0646\u0638\u0631 \u0645\u06cc\u06ba\u060c \u0646\u062a\u0627\u0626\u062c \u0627\u0645\u06cc\u062f \u0627\u0641\u0632\u0627 \u0646\u0638\u0631 \u0622\u062a\u06d2 \u06c1\u06cc\u06ba. \u0627\u0648\u0633\u0637 \u0648\u0627\u067e\u0633\u06cc 3 \u0645\u0627\u06c1 \u06a9\u06d2 \u0628\u0639\u062f 11.9% \u0627\u0648\u0631 12 \u0645\u0627\u06c1 \u06a9\u06d2 \u0628\u0639\u062f 35.4% \u062a\u06a9 \u067e\u06c1\u0646\u0686 \u06af\u0626\u06cc\u06d4 \u0632\u06cc\u0627\u062f\u06c1 \u062a\u0631 12 \u0645\u0627\u06c1 \u06a9\u06d2 \u0645\u0634\u0627\u06c1\u062f\u0627\u062a \u0628\u06be\u06cc \u0645\u062b\u0628\u062a \u062a\u06be\u06d2\u06d4<\/p>\n<p>\u0644\u06cc\u06a9\u0646 \u06cc\u06c1 \u0648\u06c1 \u062c\u06af\u06c1 \u06c1\u06d2 \u062c\u06c1\u0627\u06ba \u063a\u0644\u0637 \u0646\u062a\u06cc\u062c\u06c1 \u0627\u062e\u0630 \u06a9\u0631\u0646\u0627 \u0622\u0633\u0627\u0646 \u06c1\u06d2\u06d4<\/p>\n<p>\u06cc\u06c1 \u0646\u0645\u0628\u0631 \u06c1\u0645\u06cc\u06ba \u0628\u062a\u0627\u062a\u06d2 \u06c1\u06cc\u06ba \u06a9\u06c1 CEO \u06a9\u06d2 \u062e\u0631\u06cc\u062f\u0646\u06d2 \u06a9\u06d2 \u0628\u0639\u062f \u06a9\u06cc\u0627 \u06c1\u0648\u0627\u06d4 \u0648\u06c1 \u06c1\u0645\u06cc\u06ba \u06cc\u06c1 \u0646\u06c1\u06cc\u06ba \u0628\u062a\u0627\u062a\u06d2 \u06a9\u06c1 \u0627\u0633 \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u06a9\u0627 \u06a9\u062a\u0646\u0627 \u062d\u0635\u06c1 \u062e\u0648\u062f \u0633\u06cc \u0627\u06cc \u0627\u0648 \u06a9\u06cc \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc\u0648\u06ba \u0633\u06d2 \u0622\u06cc\u0627\u06d4<\/p>\n<p>\u0627\u0633\u0679\u0627\u06a9 \u06a9\u06cc \u0642\u06cc\u0645\u062a \u067e\u06c1\u0644\u06d2 \u06c1\u06cc 20 \u0641\u06cc\u0635\u062f \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631 \u0686\u06a9\u06cc \u06c1\u06d2\u06d4 \u06c1\u0648 \u0633\u06a9\u062a\u0627 \u06c1\u06d2 \u0627\u0646 \u0645\u06cc\u06ba \u0633\u06d2 \u06a9\u0686\u06be \u0646\u06d2 \u0635\u0631\u0641 \u0627\u0633 \u0644\u06cc\u06d2 \u0648\u0627\u067e\u0633 \u0628\u0627\u0624\u0646\u0633 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\u0645\u06cc\u06ba \u062a\u06be\u0627 \u0644\u06cc\u06a9\u0646 \u0642\u0631\u06cc\u0628 \u0645\u06cc\u06ba \u06a9\u0648\u0626\u06cc CEO \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u0646\u06c1\u06cc\u06ba \u06c1\u0648\u0626\u06cc\u06d4<\/p>\n<p>\u0627\u06cc\u06a9 \u062f\u0631\u0633\u062a \u06a9\u0646\u0679\u0631\u0648\u0644 \u06a9\u0648 \u062f\u0631\u062c \u0630\u06cc\u0644 \u0686\u06be \u0627\u0635\u0648\u0644\u0648\u06ba \u067e\u0631 \u067e\u0648\u0631\u0627 \u0627\u062a\u0631\u0646\u0627 \u0686\u0627\u06c1\u06cc\u06d2:<\/p>\n<ul>\n<li>\n<p>\u0627\u06cc\u06a9 \u06c1\u06cc \u0679\u06a9\u0631<\/p>\n<\/li>\n<li>\n<p>\u0627\u0633\u06cc \u0633\u0627\u0644<\/p>\n<\/li>\n<li>\n<p>5% \u067e\u0648\u0627\u0626\u0646\u0679\u0633 \u06a9\u06d2 \u0627\u0646\u062f\u0631 \u06af\u0631\u06cc\u06ba\u06d4<\/p>\n<\/li>\n<li>\n<p>180 \u062f\u0646\u0648\u06ba \u06a9\u06d2 \u0627\u0646\u062f\u0631<\/p>\n<\/li>\n<li>\n<p>CEO \u06a9\u0648 28 \u062f\u0646\u0648\u06ba \u0633\u06d2 \u067e\u06c1\u0644\u06d2 \u06cc\u0627 \u0628\u0639\u062f \u0645\u06cc\u06ba \u0646\u06c1\u06cc\u06ba \u062e\u0631\u06cc\u062f\u0627 \u062c\u0627 \u0633\u06a9\u062a\u0627<\/p>\n<\/li>\n<li>\n<p>\u0635\u0631\u0641 \u0627\u06cc\u06a9 \u0628\u0627\u0631 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u06cc\u06ba\u06d4<\/p>\n<\/li>\n<\/ul>\n<p>\u06c1\u0631 CEO \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u0627 \u0648\u0627\u0642\u0639\u06c1 \u0628\u06be\u06cc \u0635\u0631\u0641 \u0627\u06cc\u06a9 \u0628\u0627\u0631 \u0645\u0644\u0627\u06cc\u0627 \u062c\u0627\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<h3 id=\"heading-create-the-control-candidates\">\u06a9\u0646\u0679\u0631\u0648\u0644 \u0627\u0645\u06cc\u062f\u0648\u0627\u0631 \u0628\u0646\u0627\u0626\u06cc\u06ba<\/h3>\n<p>\u0622\u0626\u06cc\u06d2 2022 \u0627\u0648\u0631 2025 \u06a9\u06d2 \u062f\u0631\u0645\u06cc\u0627\u0646 \u062a\u0645\u0627\u0645 \u062a\u062c\u0627\u0631\u062a\u06cc \u062f\u0646\u0648\u06ba \u06a9\u0648 \u062a\u0644\u0627\u0634 \u06a9\u0631\u06a9\u06d2 \u0634\u0631\u0648\u0639 \u06a9\u0631\u06cc\u06ba \u062c\u0628 \u0627\u0633\u0679\u0627\u06a9 \u06a9\u06cc \u0642\u06cc\u0645\u062a \u0627\u0633 \u06a9\u06cc \u067e\u0686\u06be\u0644\u06cc \u0628\u0644\u0646\u062f\u06cc \u0633\u06d2 20% \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u0646\u06cc\u0686\u06d2 \u062a\u06be\u06cc\u06d4<\/p>\n<p>\u0644\u06cc\u06a9\u0646 \u0627\u06cc\u06a9 \u0645\u0633\u0626\u0644\u06c1 \u06c1\u06d2\u06d4 \u0627\u0633\u0679\u0627\u06a9 \u0645\u06c1\u06cc\u0646\u0648\u06ba \u062a\u06a9 \u0627\u0633 \u062d\u062f \u0633\u06d2 \u0646\u06cc\u0686\u06d2 \u0631\u06c1 \u0633\u06a9\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4 \u0627\u06af\u0631 \u06c1\u0645 \u0631\u0648\u0632\u0627\u0646\u06c1 \u062a\u062c\u0627\u0631\u062a\u06cc \u062f\u0646 \u06a9\u0648 \u0628\u0631\u0642\u0631\u0627\u0631 \u0631\u06a9\u06be\u062a\u06d2 \u06c1\u06cc\u06ba\u060c \u062a\u0648 \u0627\u06cc\u06a9 \u0637\u0648\u06cc\u0644 \u06a9\u0645\u06cc \u0633\u06cc\u0646\u06a9\u0691\u0648\u06ba \u062a\u0642\u0631\u06cc\u0628\u0627\u064b \u0627\u06cc\u06a9 \u062c\u06cc\u0633\u06d2 \u06a9\u0646\u0679\u0631\u0648\u0644 \u06a9\u06d2 \u0627\u0645\u06cc\u062f\u0648\u0627\u0631 \u067e\u06cc\u062f\u0627 \u06a9\u0631 \u0633\u06a9\u062a\u06cc \u06c1\u06d2\u06d4<\/p>\n<p>\u0627\u0633 \u06a9\u0648 \u0631\u0648\u06a9\u0646\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2\u060c \u06c1\u0645 \u06c1\u0631 \u0645\u0633\u0644\u0633\u0644 \u06a9\u0645\u06cc \u06a9\u06cc \u0645\u062f\u062a \u06a9\u0648 28 \u062f\u0646 \u06a9\u06d2 \u0628\u0644\u0627\u06a9\u0633 \u0645\u06cc\u06ba \u062a\u0642\u0633\u06cc\u0645 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba \u0627\u0648\u0631 \u06c1\u0631 \u0628\u0644\u0627\u06a9 \u0645\u06cc\u06ba \u0627\u06cc\u06a9 \u0627\u0645\u06cc\u062f\u0648\u0627\u0631 \u0631\u06a9\u06be\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<pre><code class=\"language-python\">hist = historical_df[['ticker', 'date', 'adjusted_close', 'rolling_high_252', 'drawdown', 'drawdown_pct']].dropna(subset=['drawdown'])\n\nhist['date'] = pd.to_datetime(hist['date'])\nhist = hist[hist['date'].between('2022-01-01', '2025-12-31')].sort_values(['ticker', 'date'])\n\nhist['below_20'] = hist['drawdown'] <= -0.20\nhist['previous_below_20'] = hist.groupby('ticker')['below_20'].shift().fillna(False)\nhist['new_state'] = hist['below_20'].ne(hist['previous_below_20'])\nhist['drawdown_segment'] = hist.groupby('ticker')['new_state'].cumsum()\n\ncontrol_candidates = hist[hist['below_20']].copy()\n\ncontrol_candidates['segment_start'] = control_candidates.groupby(['ticker', 'drawdown_segment'])['date'].transform('min')\ncontrol_candidates['anchor_block'] = ((control_candidates['date'] - control_candidates['segment_start']).dt.days \/\/ 28)\ncontrol_candidates = control_candidates.sort_values(['ticker', 'date']).drop_duplicates(['ticker', 'drawdown_segment', 'anchor_block'])\n\ncontrol_candidates = control_candidates.reset_index(drop = True)\ncontrol_candidates\n<\/code><\/pre>\n<p><img decoding=\"async\" src=\"https:\/\/umang.pk\/wp-content\/uploads\/2026\/07\/1784140223_840_\u067e\u0627\u0626\u062a\u06be\u0648\u0646-\u06a9\u0627-\u0627\u0633\u062a\u0639\u0645\u0627\u0644-\u06a9\u0631\u062a\u06d2-\u06c1\u0648\u0626\u06d2-\u0627\u0646\u062f\u0631\u0648\u0646\u06cc-\u062a\u062c\u0627\u0631\u062a-\u06a9\u0627-\u062a\u062c\u0632\u06cc\u06c1-\u06a9\u06cc\u0633\u06d2.png\" alt=\"\u06a9\u0646\u0679\u0631\u0648\u0644 \u0627\u0645\u06cc\u062f\u0648\u0627\u0631\" style=\"display:block;margin:0 auto\" width=\"1294\" height=\"333\" loading=\"lazy\" title=\"\"><\/p>\n<p><code>below_20<\/code>    \u0648\u06c1 \u062a\u0627\u0631\u06cc\u062e \u062f\u06a9\u06be\u0627\u062a\u0627 \u06c1\u06d2 \u062c\u0628 \u06a9\u0645\u06cc \u06a9\u06cc \u062d\u062f \u06af\u0632\u0631 \u06af\u0626\u06cc \u062a\u06be\u06cc\u06d4<\/p>\n<p><code>drawdown_segment<\/code>    \u067e\u06be\u0631 \u06c1\u0645 \u0627\u06cc\u06a9 \u0645\u0633\u0644\u0633\u0644 \u06a9\u0645\u06cc \u06a9\u0648 \u062f\u0648\u0633\u0631\u06d2 \u0633\u06d2 \u0627\u0644\u06af \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4 \u0627\u06af\u0631 \u0627\u0633\u0679\u0627\u06a9 \u062d\u062f \u0633\u06d2 \u0627\u0648\u067e\u0631 \u0628\u062d\u0627\u0644 \u06c1\u0648\u062a\u0627 \u06c1\u06d2 \u0627\u0648\u0631 \u0628\u0639\u062f \u0645\u06cc\u06ba \u0648\u0627\u067e\u0633 \u062f\u06c1\u0644\u06cc\u0632 \u0633\u06d2 \u0646\u06cc\u0686\u06d2 \u0622\u062c\u0627\u062a\u0627 \u06c1\u06d2\u060c \u062a\u0648 \u0648\u06c1 \u0633\u06cc\u06af\u0645\u0646\u0679 \u0627\u06cc\u06a9 \u0646\u06cc\u0627 \u0633\u06cc\u06af\u0645\u0646\u0679 \u0628\u0646 \u062c\u0627\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<p>\u06c1\u0631 \u0637\u0628\u0642\u06c1 \u06a9\u06d2 \u0627\u0646\u062f\u0631 <code>anchor_block<\/code> \u06c1\u0645 \u0632\u0648\u0627\u0644 \u06a9\u06d2 \u0634\u0631\u0648\u0639 \u06c1\u0648\u0646\u06d2 \u06a9\u06d2 \u062f\u0646 \u0633\u06d2 28 \u062f\u0646 \u06a9\u06cc \u0645\u062f\u062a \u06a9\u0627 \u062d\u0633\u0627\u0628 \u0644\u06af\u0627\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4 \u0627\u06cc\u06a9 \u0642\u0637\u0627\u0631 \u0641\u06cc \u0628\u0644\u0627\u06a9 \u0631\u06a9\u06be\u0646\u06d2 \u0633\u06d2 \u0622\u067e \u06a9\u0648 \u062a\u0627\u0631\u06cc\u062e\u0648\u06ba \u06a9\u0627 \u0627\u06cc\u06a9 \u0642\u0627\u0628\u0644 \u0627\u0646\u062a\u0638\u0627\u0645 \u0633\u06cc\u0679 \u062d\u0627\u0635\u0644 \u06a9\u0631\u0646\u06d2 \u06a9\u06cc \u0627\u062c\u0627\u0632\u062a \u0645\u0644\u062a\u06cc \u06c1\u06d2 \u0628\u063a\u06cc\u0631 \u06c1\u0631 \u0633\u06cc\u0634\u0646 \u06a9\u0648 \u0646\u0626\u06d2 \u0627\u06cc\u0648\u0646\u0679 \u06a9\u06cc \u0637\u0631\u062d \u06a9\u0645\u06cc \u06a9\u06d2 \u0633\u0627\u062a\u06be \u0633\u0644\u0648\u06a9 \u06a9\u06cc\u06d2 \u0628\u063a\u06cc\u0631\u06d4<\/p>\n<p>\u06cc\u06c1 \u062a\u0627\u0631\u06cc\u062e\u06cc\u06ba \u0635\u0631\u0641 \u0645\u0645\u06a9\u0646\u06c1 \u06a9\u0646\u0679\u0631\u0648\u0644\u0632 \u06c1\u06cc\u06ba\u06d4 \u06c1\u0645\u06cc\u06ba \u0627\u0628 \u0628\u06be\u06cc \u06c1\u0631 \u0686\u06cc\u0632 \u0633\u06d2 \u0686\u06be\u0679\u06a9\u0627\u0631\u0627 \u062d\u0627\u0635\u0644 \u06a9\u0631\u0646\u06d2 \u06a9\u06cc \u0636\u0631\u0648\u0631\u062a \u06c1\u06d2 \u062c\u0648 \u0633\u06cc \u0627\u06cc \u0627\u0648 \u06a9\u06cc \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06d2 \u0633\u0627\u062a\u06be \u06c1\u0648\u0627 \u062a\u06be\u0627\u06d4<\/p>\n<h3 id=\"heading-remove-dates-near-ceo-purchases\">\u0633\u06cc \u0627\u06cc \u0627\u0648 \u06a9\u06cc \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc\u0648\u06ba \u06a9\u06d2 \u0642\u0631\u06cc\u0628 \u062a\u0627\u0631\u06cc\u062e\u06cc\u06ba \u06c1\u0679\u0627 \u062f\u06cc\u06ba\u06d4<\/h3>\n<p>\u0628\u063a\u06cc\u0631 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06d2 \u06a9\u0646\u0679\u0631\u0648\u0644 \u0627\u0646\u062f\u0631\u0648\u0646\u06cc \u0633\u06af\u0646\u0644\u0632 \u0633\u06d2 \u0645\u06a9\u0645\u0644 \u0637\u0648\u0631 \u067e\u0631 \u0627\u0644\u06af \u06c1\u0648\u0646\u06d2 \u0686\u0627\u06c1\u0626\u06cc\u06ba\u06d4<\/p>\n<p>\u0645\u062b\u0627\u0644 \u06a9\u06d2 \u0637\u0648\u0631 \u067e\u0631\u060c CEO \u0641\u0627\u0626\u0644 \u06a9\u0631\u0646\u06d2 \u0633\u06d2 \u062a\u06cc\u0646 \u062f\u0646 \u067e\u06c1\u0644\u06d2 \u0648\u0627\u067e\u0633\u06cc \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u06a9\u06d2 \u0646\u062a\u06cc\u062c\u06d2 \u0645\u06cc\u06ba \u06a9\u0646\u0679\u0631\u0648\u0644 \u06a9\u06cc \u06a9\u0645\u06cc \u06c1\u0648 \u0633\u06a9\u062a\u06cc \u06c1\u06d2\u06d4 \u06c1\u0648\u0633\u06a9\u062a\u0627 \u06c1\u06d2 \u06a9\u06c1 \u0644\u06cc\u0646 \u062f\u06cc\u0646 \u067e\u06c1\u0644\u06d2 \u06c1\u06cc \u06c1\u0648\u0686\u06a9\u0627 \u06c1\u0648 \u06cc\u0627 \u062f\u0633\u062a\u0627\u0648\u06cc\u0632\u0627\u062a \u0627\u0628\u06be\u06cc \u0638\u0627\u06c1\u0631 \u0646\u06c1 \u06c1\u0648\u06ba\u06d4<\/p>\n<p>\u0644\u06c1\u0630\u0627\u060c \u06c1\u0645 \u0627\u06cc\u0648\u0646\u0679\u0633 \u0688\u06cc\u0679\u0627\u0633\u06cc\u0679 \u0645\u06cc\u06ba \u062a\u0645\u0627\u0645 CEO \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06cc \u062c\u0645\u0639 \u06a9\u0631\u0627\u0646\u06d2 \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e\u0648\u06ba \u06a9\u06d2 \u0633\u0627\u062a\u06be \u0633\u0627\u062a\u06be 137 \u0627\u0642\u0633\u0627\u0637 \u06a9\u0648 \u062c\u0645\u0639 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba \u062c\u0648 20% \u06a9\u06cc \u062d\u062f \u0633\u06d2 \u06af\u0632\u0631 \u0686\u06a9\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<pre><code class=\"language-python\">purchase_dates = analysis_df[['ticker', 'filed_at']].dropna().drop_duplicates()\npurchase_dates['filed_at'] = pd.to_datetime(purchase_dates['filed_at'])\npurchase_dates = purchase_dates.rename(columns={'filed_at': 'purchase_date'})\npurchase_dates\n<\/code><\/pre>\n<p><img decoding=\"async\" src=\"https:\/\/umang.pk\/wp-content\/uploads\/2026\/07\/1784140223_642_\u067e\u0627\u0626\u062a\u06be\u0648\u0646-\u06a9\u0627-\u0627\u0633\u062a\u0639\u0645\u0627\u0644-\u06a9\u0631\u062a\u06d2-\u06c1\u0648\u0626\u06d2-\u0627\u0646\u062f\u0631\u0648\u0646\u06cc-\u062a\u062c\u0627\u0631\u062a-\u06a9\u0627-\u062a\u062c\u0632\u06cc\u06c1-\u06a9\u06cc\u0633\u06d2.png\" alt=\"\u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e\" style=\"display:block;margin:0 auto\" width=\"281\" height=\"406\" loading=\"lazy\" title=\"\"><\/p>\n<p>\u0627\u0628\u060c \u06c1\u0631 \u0627\u0645\u06cc\u062f\u0648\u0627\u0631 \u06a9\u06d2 \u0644\u06cc\u06d2\u060c \u06c1\u0645\u06cc\u06ba \u067e\u06c1\u0644\u06d2 \u0642\u0631\u06cc\u0628 \u062a\u0631\u06cc\u0646 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06cc \u0631\u067e\u0648\u0631\u0679 \u062a\u0644\u0627\u0634 \u06a9\u0631\u0646\u06d2 \u06a9\u06cc \u0636\u0631\u0648\u0631\u062a \u06c1\u06d2\u060c \u0627\u0633 \u06a9\u06d2 \u0628\u0639\u062f \u0642\u0631\u06cc\u0628 \u062a\u0631\u06cc\u0646 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06cc \u0631\u067e\u0648\u0631\u0679\u06d4<\/p>\n<p>\u062f\u0648 <code>merge_asof()<\/code> \u0622\u067e\u0631\u06cc\u0634\u0646\u0632 \u0627\u0633 \u06a9\u0648 \u0633\u0646\u0628\u06be\u0627\u0644\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4 \u067e\u06c1\u0644\u0627 \u067e\u06cc\u0686\u06be\u06d2 \u06a9\u06cc \u0637\u0631\u0641 \u0627\u0648\u0631 \u062f\u0648\u0633\u0631\u0627 \u0622\u06af\u06d2 \u062a\u0644\u0627\u0634 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<pre><code class=\"language-python\">control_candidates = pd.merge_asof(\n    control_candidates.sort_values('date'),\n    purchase_dates.sort_values('purchase_date'),\n    by='ticker',\n    left_on='date',\n    right_on='purchase_date',\n    direction='backward'\n)\n\ncontrol_candidates = control_candidates.rename(columns={'purchase_date': 'previous_purchase_date'})\n\ncontrol_candidates = pd.merge_asof(\n    control_candidates.sort_values('date'),\n    purchase_dates.sort_values('purchase_date'),\n    by='ticker',\n    left_on='date',\n    right_on='purchase_date',\n    direction='forward'\n)\n\ncontrol_candidates = control_candidates.rename(columns={'purchase_date': 'next_purchase_date'})\n<\/code><\/pre>\n<p>\u0627\u0628 \u06c1\u0631 \u0627\u0645\u06cc\u062f\u0648\u0627\u0631 \u062f\u0648\u0646\u0648\u06ba \u0637\u0631\u0641 \u0633\u06d2 \u0642\u0631\u06cc\u0628\u06cc \u0633\u06cc \u0627\u06cc \u0627\u0648 \u06a9\u0648 \u062c\u0627\u0646\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<p>\u06c1\u0645 \u0627\u0646 \u062f\u0633\u062a\u0627\u0648\u06cc\u0632\u0627\u062a \u0633\u06d2 \u0641\u0627\u0635\u0644\u06d2 \u06a9\u0627 \u062d\u0633\u0627\u0628 \u0644\u06af\u0627 \u0633\u06a9\u062a\u06d2 \u06c1\u06cc\u06ba \u0627\u0648\u0631 \u0635\u0631\u0641 \u0627\u0646 \u062a\u0627\u0631\u06cc\u062e\u0648\u06ba \u06a9\u0648 \u0631\u06a9\u06be \u0633\u06a9\u062a\u06d2 \u06c1\u06cc\u06ba \u062c\u0648 \u062f\u0648\u0646\u0648\u06ba \u062f\u0633\u062a\u0627\u0648\u06cc\u0632\u0627\u062a \u06a9\u06d2 \u0639\u0644\u0627\u0648\u06c1 28 \u062f\u0646 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06c1\u06cc\u06ba\u06d4<\/p>\n<pre><code class=\"language-python\">days_from_previous = (control_candidates['date'] - control_candidates['previous_purchase_date']).dt.days\ndays_to_next = (control_candidates['next_purchase_date'] - control_candidates['date']).dt.days\n\nfar_from_previous = control_candidates['previous_purchase_date'].isna() | (days_from_previous > 28)\nfar_from_next = control_candidates['next_purchase_date'].isna() | (days_to_next > 28)\n\ncontrol_candidates = control_candidates[far_from_previous & far_from_next]\ncontrol_candidates\n<\/code><\/pre>\n<p>\u0627\u06af\u0631 \u067e\u0686\u06be\u0644\u06cc \u06cc\u0627 \u0627\u06af\u0644\u06cc \u062f\u0633\u062a\u0627\u0648\u06cc\u0632 \u063a\u0627\u0626\u0628 \u06c1\u06d2 \u062a\u0648 \u06cc\u06c1 \u0679\u06be\u06cc\u06a9 \u06c1\u06d2\u06d4 \u0627\u0633 \u06a9\u0627 \u0633\u06cc\u062f\u06be\u0627 \u0645\u0637\u0644\u0628 \u06c1\u06d2 \u06a9\u06c1 \u062f\u0633\u062a\u06cc\u0627\u0628 \u0688\u06cc\u0679\u0627 \u0633\u06cc\u0679 \u06a9\u06d2 \u0627\u0646\u062f\u0631 \u0627\u0645\u06cc\u062f\u0648\u0627\u0631\u0648\u06ba \u06a9\u06cc \u0637\u0631\u0641 \u0633\u06d2 \u06a9\u0648\u0626\u06cc \u0633\u06cc \u0627\u06cc \u0627\u0648 \u062e\u0631\u06cc\u062f \u0646\u06c1\u06cc\u06ba \u062a\u06be\u0627\u06d4<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/umang.pk\/wp-content\/uploads\/2026\/07\/1784140223_437_\u067e\u0627\u0626\u062a\u06be\u0648\u0646-\u06a9\u0627-\u0627\u0633\u062a\u0639\u0645\u0627\u0644-\u06a9\u0631\u062a\u06d2-\u06c1\u0648\u0626\u06d2-\u0627\u0646\u062f\u0631\u0648\u0646\u06cc-\u062a\u062c\u0627\u0631\u062a-\u06a9\u0627-\u062a\u062c\u0632\u06cc\u06c1-\u06a9\u06cc\u0633\u06d2.png\" alt=\"\u0641\u0644\u0679\u0631 \u0634\u062f\u06c1 \u0627\u0645\u06cc\u062f\u0648\u0627\u0631\" style=\"display:block;margin:0 auto\" width=\"1640\" height=\"333\" loading=\"lazy\" title=\"\"><\/p>\n<p>\u0627\u0633 \u0645\u0642\u0627\u0645 \u067e\u0631\u060c \u0628\u0627\u0642\u06cc \u062a\u0645\u0627\u0645 \u0642\u0637\u0627\u0631\u06cc\u06ba \u062a\u0627\u0631\u06cc\u062e\u0648\u06ba \u06a9\u06cc \u0646\u0645\u0627\u0626\u0646\u062f\u06af\u06cc \u06a9\u0631\u062a\u06cc \u06c1\u06cc\u06ba \u0627\u06af\u0631:<\/p>\n<ul>\n<li>\n<p>\u0627\u0633\u0679\u0627\u06a9 \u06a9\u06cc \u0642\u06cc\u0645\u062a\u06cc\u06ba \u06a9\u0645 \u0627\u0632 \u06a9\u0645 20 \u0641\u06cc\u0635\u062f \u06af\u0631 \u06af\u0626\u06cc<\/p>\n<\/li>\n<li>\n<p>\u0648\u06c1 \u062a\u0627\u0631\u06cc\u062e \u0633\u06cc \u0627\u06cc \u0627\u0648 \u06a9\u06cc \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06d2 \u0642\u0631\u06cc\u0628 \u0646\u06c1\u06cc\u06ba \u062a\u06be\u06cc\u06d4<\/p>\n<\/li>\n<li>\n<p>\u0688\u0631\u0627 \u0688\u0627\u0624\u0646 \u06a9\u0627 \u062d\u0633\u0627\u0628 \u0644\u06af\u0627\u0646\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0627\u0633\u0679\u0627\u06a9 \u06a9\u06d2 \u067e\u0627\u0633 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0642\u06cc\u0645\u062a \u06a9\u0627 \u06a9\u0627\u0641\u06cc \u0688\u06cc\u0679\u0627 \u062a\u06be\u0627\u06d4<\/p>\n<\/li>\n<\/ul>\n<h3 id=\"heading-match-purchase-episodes-with-controls\">\u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06cc \u0627\u0642\u0633\u0627\u0637 \u06a9\u0648 \u06a9\u0646\u0679\u0631\u0648\u0644 \u06a9\u06d2 \u0633\u0627\u062a\u06be \u0645\u06cc\u0686 \u06a9\u0631\u06cc\u06ba\u06d4<\/h3>\n<p>\u0627\u0628 \u0627\u0635\u0644 \u0645\u0645\u0627\u062b\u0644\u062a \u06c1\u0648\u062a\u06cc \u06c1\u06d2\u06d4<\/p>\n<p>\u06c1\u0645 \u0633\u0628 \u0633\u06d2 \u067e\u06c1\u0644\u06d2 \u06c1\u0631 CEO \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06d2 \u0627\u06cc\u067e\u06cc \u0633\u0648\u0688 \u0627\u0648\u0631 \u06c1\u0631 \u06a9\u0646\u0679\u0631\u0648\u0644 \u0627\u0645\u06cc\u062f\u0648\u0627\u0631 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0627\u06cc\u06a9 \u0645\u0646\u0641\u0631\u062f \u0634\u0646\u0627\u062e\u062a \u06a9\u0646\u0646\u062f\u06c1 \u0641\u0631\u0627\u06c1\u0645 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4 \u0686\u0648\u0646\u06a9\u06c1 \u0645\u06cc\u0686\u0632 \u0627\u06cc\u06a9 \u06c1\u06cc \u0627\u0633\u0679\u0627\u06a9 \u0627\u0648\u0631 \u0633\u0627\u0644 \u0633\u06d2 \u0622\u0646\u06d2 \u0686\u0627\u06c1\u0626\u06cc\u06ba\u060c \u0627\u0633 \u0644\u06cc\u06d2 \u06c1\u0645 \u06a9\u06cc\u0644\u0646\u0688\u0631 \u0633\u0627\u0644 \u0628\u06be\u06cc \u0646\u06a9\u0627\u0644\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<pre><code class=\"language-python\">purchase_pool = episodes_20.reset_index(drop = True)\n\npurchase_pool['first_filing_date'] = pd.to_datetime(purchase_pool['first_filing_date'])\npurchase_pool['year'] = purchase_pool['first_filing_date'].dt.year\npurchase_pool['purchase_id'] = np.arange(len(purchase_pool))\n\ncontrol_candidates['year'] = control_candidates['date'].dt.year\ncontrol_candidates['control_id'] = np.arange(len(control_candidates))\n<\/code><\/pre>\n<p>\u0645\u0645\u0627\u062b\u0644\u062a \u06c1\u0631 \u0679\u06a9\u0631 \u0633\u0627\u0644 \u06a9\u06d2 \u06af\u0631\u0648\u067e \u0645\u06cc\u06ba \u0627\u0644\u06af \u0627\u0644\u06af \u06c1\u0648\u062a\u06cc \u06c1\u06d2\u06d4<\/p>\n<p>\u06c1\u0645 \u06a9\u06c1\u062a\u06d2 \u06c1\u06cc\u06ba \u06a9\u06c1 \u062c\u0628 \u0627\u0633\u0679\u0627\u06a9 32% \u06af\u0631 \u062c\u0627\u062a\u0627 \u06c1\u06d2 \u062a\u0648 \u0633\u06cc \u0627\u06cc \u0627\u0648 \u062e\u0631\u06cc\u062f\u062a\u0627 \u06c1\u06d2\u06d4 \u06c1\u0645 \u0628\u0627\u0626 \u0628\u06cc\u06a9 \u062a\u0627\u0631\u06cc\u062e\u0648\u06ba \u06a9\u06cc \u062a\u0644\u0627\u0634 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba \u062c\u0648 \u0627\u0633\u06cc \u0627\u0633\u0679\u0627\u06a9 \u0627\u0648\u0631 \u0633\u0627\u0644 \u06a9\u06d2 \u0644\u06cc\u06d2 32% \u0688\u0631\u0627 \u0688\u0627\u0624\u0646 \u06a9\u06d2 \u0642\u0631\u06cc\u0628 \u062a\u06be\u06cc\u06ba\u060c \u062c\u0628\u06a9\u06c1 \u062a\u0627\u0631\u06cc\u062e \u06a9\u06d2 \u0648\u0642\u0641\u0648\u06ba \u06a9\u0648 180 \u062f\u0646\u0648\u06ba \u06a9\u06d2 \u0627\u0646\u062f\u0631 \u0631\u06a9\u06be\u062a\u06d2 \u06c1\u0648\u0626\u06d2.<\/p>\n<p>\u0627\u06cc\u06a9 \u062c\u0648\u0691\u0627 \u0635\u0631\u0641 \u0627\u0633 \u0635\u0648\u0631\u062a \u0645\u06cc\u06ba \u062f\u0631\u0633\u062a \u06c1\u06d2 \u062c\u0628:<\/p>\n<p>\u0627\u06af\u0644\u0627 \u0628\u0644\u0627\u06a9 \u0645\u0645\u06a9\u0646\u06c1 \u062c\u0648\u0691\u06cc \u0628\u0646\u0627\u062a\u0627 \u0627\u0648\u0631 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4 <code>linear_sum_assignment()<\/code> \u0648\u0646 \u0679\u0648 \u0648\u0646 \u0645\u06cc\u0686 \u0633\u06cc\u0679 \u0645\u0646\u062a\u062e\u0628 \u06a9\u0631\u06cc\u06ba\u06d4<\/p>\n<pre><code class=\"language-python\">matches = []\nmax_drawdown_gap = 0.05\nmax_calendar_gap = 180\n\nfor (ticker, year), purchases in purchase_pool.groupby(['ticker', 'year']):\n    controls = control_candidates[(control_candidates['ticker'] == ticker) & (control_candidates['year'] == year)].copy()\n\n    if controls.empty:\n        continue\n\n    purchase_drawdowns = purchases['initial_drawdown'].to_numpy()[:, None]\n    control_drawdowns = controls['drawdown'].to_numpy()[None, :]\n    drawdown_cost = np.abs(purchase_drawdowns - control_drawdowns)\n\n    purchase_dates = purchases['first_filing_date'].to_numpy(dtype=\"datetime64[D]\")\n    control_dates = controls['date'].to_numpy(dtype=\"datetime64[D]\")\n    calendar_gap = np.abs((purchase_dates[:, None] - control_dates[None, :]).astype('timedelta64[D]').astype(int))\n\n    valid = (drawdown_cost <= max_drawdown_gap) &#038; (calendar_gap <= max_calendar_gap)\n\n    if not valid.any():\n        continue\n\n    cost = drawdown_cost + calendar_gap \/ 1000000\n    cost[~valid] = 1000000\n\n    row_indices, column_indices = linear_sum_assignment(cost)\n    keep = cost[row_indices, column_indices] < 1000000\n\n    selected = pd.DataFrame({\n        'purchase_id': purchases.iloc[row_indices[keep]]['purchase_id'].to_numpy(),\n        'control_id': controls.iloc[column_indices[keep]]['control_id'].to_numpy(),\n        'drawdown_gap': drawdown_cost[row_indices[keep], column_indices[keep]],\n        'calendar_gap_days': calendar_gap[row_indices[keep], column_indices[keep]]\n    })\n\n    matches.append(selected)\n\nmatched_pairs = pd.concat(matches, ignore_index=True)\n<\/code><\/pre>\n<p>\u0645\u0631\u06a9\u0632\u06cc \u062e\u06cc\u0627\u0644 \u06cc\u06c1 \u06c1\u06d2 \u06a9\u06c1 \u06a9\u0648\u0688 \u067e\u06c1\u0644\u06d2 \u0638\u0627\u06c1\u0631 \u06c1\u0648\u0646\u06d2 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u0622\u0633\u0627\u0646 \u06c1\u06d2\u06d4<\/p>\n<p><code>drawdown_cost<\/code>    \u06cc\u06c1 \u067e\u06cc\u0645\u0627\u0626\u0634 \u06a9\u0631\u062a\u0627 \u06c1\u06d2 \u06a9\u06c1 \u062f\u0648 \u0632\u0648\u0627\u0644 \u06a9\u062a\u0646\u06d2 \u0641\u0627\u0635\u0644\u06d2 \u067e\u0631 \u06c1\u06cc\u06ba\u06d4 \u0633\u06d2 \u062e\u0631\u06cc\u062f\u06cc\u06ba\u06d4 <code>-0.32<\/code> \u0627\u0648\u0631 \u06a9\u0646\u0679\u0631\u0648\u0644 \u06c1\u06d2\u06d4 <code>-0.34<\/code> \u0627\u06cc\u06a9 \u0641\u0631\u0642 \u06c1\u06d2 <code>0.02<\/code>\u06cc\u0627 2 \u0641\u06cc\u0635\u062f \u067e\u0648\u0627\u0626\u0646\u0679\u0633\u06d4<\/p>\n<p>\u06a9\u06cc\u0644\u0646\u0688\u0631 \u06a9\u0627 \u0641\u0627\u0635\u0644\u06c1 \u0628\u06c1\u062a \u0686\u06be\u0648\u0679\u06d2 \u0679\u0627\u0626\u06cc \u0628\u0631\u06cc\u06a9\u0631 \u06a9\u06d2 \u0637\u0648\u0631 \u067e\u0631 \u0634\u0627\u0645\u0644 \u06a9\u06cc\u0627 \u062c\u0627\u062a\u0627 \u06c1\u06d2\u06d4 \u0688\u0631\u0627\u067e \u0645\u0645\u0627\u062b\u0644\u062a \u0627\u06cc\u06a9 \u0627\u06c1\u0645 \u062a\u0631\u062c\u06cc\u062d \u0628\u0646\u06cc \u06c1\u0648\u0626\u06cc \u06c1\u06d2\u060c \u0644\u06cc\u06a9\u0646 \u0642\u0631\u06cc\u0628\u06cc \u062a\u0627\u0631\u06cc\u062e\u0648\u06ba \u06a9\u0648 \u062a\u0631\u062c\u06cc\u062d \u062f\u06cc \u062c\u0627\u062a\u06cc \u06c1\u06d2 \u062c\u0628 \u062f\u0648 \u06a9\u0646\u0679\u0631\u0648\u0644 \u062a\u0642\u0631\u06cc\u0628\u0627\u064b \u06cc\u06a9\u0633\u0627\u06ba \u0642\u0631\u06cc\u0628 \u06c1\u0648\u06ba\u06d4<\/p>\n<p><code>linear_sum_assignment()<\/code>    \u0627\u06cc\u06a9 \u06c1\u06cc \u06a9\u0646\u0679\u0631\u0648\u0644 \u06a9\u0648 \u0645\u062a\u0639\u062f\u062f \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06d2 \u0627\u0642\u0633\u0627\u0637 \u067e\u0631 \u0645\u0646\u062a\u0642\u0644 \u06c1\u0648\u0646\u06d2 \u0633\u06d2 \u0631\u0648\u06a9\u062a\u0627 \u06c1\u06d2\u06d4 \u0648\u0646 \u0679\u0648 \u0648\u0646 \u0645\u06cc\u0686\u0648\u06ba \u06a9\u0627 \u0627\u06cc\u06a9 \u0633\u06cc\u0679 \u062a\u0644\u0627\u0634 \u06a9\u0631\u06cc\u06ba \u062c\u0648 \u06af\u0631\u0648\u067e\u0648\u06ba \u0645\u06cc\u06ba \u0645\u0634\u062a\u0631\u06a9\u06c1 \u0644\u0627\u06af\u062a \u06a9\u0648 \u06a9\u0645 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<h3 id=\"heading-build-the-final-matched-dataset\">\u062d\u062a\u0645\u06cc \u0645\u0645\u0627\u062b\u0644 \u0688\u06cc\u0679\u0627\u0633\u06cc\u0679 \u06a9\u06cc \u062a\u0639\u0645\u06cc\u0631<\/h3>\n<p>\u0645\u06cc\u0686 \u06a9\u06d2 \u0646\u062a\u0627\u0626\u062c \u0645\u06cc\u06ba \u0635\u0631\u0641 \u0645\u0648\u062c\u0648\u062f\u06c1 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc ID\u060c \u06a9\u0646\u0679\u0631\u0648\u0644 ID\u060c \u0627\u0648\u0631 \u0641\u0627\u0635\u0644\u06d2 \u06a9\u06cc \u067e\u06cc\u0645\u0627\u0626\u0634 \u0634\u0627\u0645\u0644 \u06c1\u0648\u062a\u06cc \u06c1\u06d2\u06d4<\/p>\n<p>\u0622\u062e\u0631\u06cc \u0645\u0631\u062d\u0644\u06c1 \u0627\u0635\u0644 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u0627\u0648\u0631 \u06a9\u0646\u0679\u0631\u0648\u0644 \u06a9\u06cc \u062a\u0641\u0635\u06cc\u0644\u0627\u062a \u06a9\u0648 \u062f\u0648\u0628\u0627\u0631\u06c1 \u062c\u0648\u0691\u06d2 \u0645\u06cc\u06ba \u0636\u0645 \u06a9\u0631\u06a9\u06d2 \u062f\u0648\u0646\u0648\u06ba \u0627\u0637\u0631\u0627\u0641 \u06a9\u06d2 \u0631\u06cc\u0679\u0631\u0646 \u06a9\u0627 \u062d\u0633\u0627\u0628 \u0644\u06af\u0627\u0646\u0627 \u06c1\u06d2\u06d4<\/p>\n<pre><code class=\"language-python\">selected_controls = control_candidates[['control_id', 'ticker', 'date', 'adjusted_close', 'drawdown', 'drawdown_pct']].rename(columns={'ticker': 'control_ticker',\n                                                                                                                                       'date': 'control_date',\n                                                                                                                                       'adjusted_close': 'control_signal_price',\n                                                                                                                                       'drawdown': 'control_drawdown',\n                                                                                                                                       'drawdown_pct': 'control_drawdown_pct'})\n\nmatched_sample = matched_pairs.merge(purchase_pool,on='purchase_id',how='left').merge(selected_controls,on='control_id',how='left')\nmatched_sample\n<\/code><\/pre>\n<p>\u06c1\u0631 \u0642\u0637\u0627\u0631 \u0645\u06cc\u06ba \u0627\u0628 \u0627\u06cc\u06a9 CEO \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u0627 \u0627\u06cc\u067e\u06cc \u0633\u0648\u0688 \u0627\u0648\u0631 \u0645\u062a\u0639\u0644\u0642\u06c1 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06cc \u0645\u0646\u0633\u0648\u062e\u06cc \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u0634\u0627\u0645\u0644 \u06c1\u06d2\u06d4<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/umang.pk\/wp-content\/uploads\/2026\/07\/1784140223_458_\u067e\u0627\u0626\u062a\u06be\u0648\u0646-\u06a9\u0627-\u0627\u0633\u062a\u0639\u0645\u0627\u0644-\u06a9\u0631\u062a\u06d2-\u06c1\u0648\u0626\u06d2-\u0627\u0646\u062f\u0631\u0648\u0646\u06cc-\u062a\u062c\u0627\u0631\u062a-\u06a9\u0627-\u062a\u062c\u0632\u06cc\u06c1-\u06a9\u06cc\u0633\u06d2.png\" alt=\"\u062d\u062a\u0645\u06cc \u06a9\u0646\u0679\u0631\u0648\u0644 \u06af\u0631\u0648\u067e\" style=\"display:block;margin:0 auto\" width=\"2876\" height=\"333\" loading=\"lazy\" title=\"\"><\/p>\n<p>\u0627\u0628 \u06c1\u0645\u0627\u0631\u06d2 \u067e\u0627\u0633 \u062f\u0648 \u06af\u0631\u0648\u06c1 \u06c1\u06cc\u06ba \u062c\u0648 \u06c1\u0645 \u0627\u0635\u0644 \u0645\u06cc\u06ba \u0634\u0631\u0648\u0639 \u0633\u06d2 \u0686\u0627\u06c1\u062a\u06d2 \u062a\u06be\u06d2\u06d4 \u06cc\u0639\u0646\u06cc\u060c \u0627\u06cc\u06a9 \u06af\u0631\u0648\u067e \u062c\u06c1\u0627\u06ba CEO \u0628\u0691\u06cc \u06a9\u0645\u06cc \u06a9\u06d2 \u0628\u0639\u062f \u062e\u0631\u06cc\u062f\u062a\u0627 \u06c1\u06d2 \u0627\u0648\u0631 \u0627\u06cc\u06a9 \u06af\u0631\u0648\u067e \u062c\u06c1\u0627\u06ba \u0627\u06cc\u06a9 \u06c1\u06cc \u0627\u0633\u0679\u0627\u06a9 \u0645\u06cc\u06ba \u0642\u0631\u06cc\u0628\u06cc CEO \u06a9\u06cc \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06d2 \u0628\u063a\u06cc\u0631 \u0627\u0633\u06cc \u0637\u0631\u062d \u06a9\u06cc \u06a9\u0645\u06cc \u0648\u0627\u0642\u0639 \u06c1\u0648\u062a\u06cc \u06c1\u06d2\u06d4<\/p>\n<h2 id=\"heading-compare-ceo-purchases-against-similar-no-purchase-drawdowns\">\u0633\u06cc \u0627\u06cc \u0627\u0648 \u06a9\u06cc \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc\u0648\u06ba \u0633\u06d2 \u0627\u0633\u06cc \u0637\u0631\u062d \u06a9\u06cc \u063a\u06cc\u0631 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06cc \u0634\u0631\u062d \u06a9\u0627 \u0645\u0648\u0627\u0632\u0646\u06c1 \u06a9\u0631\u06cc\u06ba\u06d4<\/h2>\n<p>\u06cc\u06c1 \u0648\u06c1 \u062c\u06af\u06c1 \u06c1\u06d2 \u062c\u06c1\u0627\u06ba \u0648\u0631\u06a9 \u0641\u0644\u0648 \u0622\u062e\u0631 \u06a9\u0627\u0631 \u067e\u06a9\u0691 \u0644\u06cc\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<p>\u06c1\u0631 \u0642\u0637\u0627\u0631 <code>matched_sample<\/code> \u0627\u06cc\u06a9 \u06c1\u06cc \u0627\u0633\u0679\u0627\u06a9 \u06a9\u06d2 \u0644\u06cc\u06d2 \u062f\u0648 \u062a\u0627\u0631\u06cc\u062e\u0648\u06ba \u067e\u0631 \u0645\u0634\u062a\u0645\u0644 \u06c1\u06d2\u06d4<\/p>\n<p>\u0627\u0633 \u0645\u0642\u0627\u0645 \u0633\u06d2\u060c \u062f\u0648\u0646\u0648\u06ba \u0627\u0637\u0631\u0627\u0641 \u06a9\u06d2 \u0633\u0627\u062a\u06be \u0628\u0627\u0644\u06a9\u0644 \u06cc\u06a9\u0633\u0627\u06ba \u0633\u0644\u0648\u06a9 \u06a9\u06cc\u0627 \u062c\u0627\u0646\u0627 \u0686\u0627\u06c1\u06cc\u06d2\u06d4 \u0641\u0627\u0626\u0644 \u06a9\u0631\u0646\u06d2 \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u06a9\u06d2 \u0628\u0639\u062f CEO \u06a9\u06cc \u0637\u0631\u0641 \u067e\u06c1\u0644\u06d2 \u062a\u062c\u0627\u0631\u062a\u06cc \u062f\u0646 \u0645\u06cc\u06ba \u062f\u0627\u062e\u0644 \u06c1\u0648\u062a\u0627 \u06c1\u06d2\u06d4 \u06a9\u0646\u0679\u0631\u0648\u0644 \u0633\u0627\u0626\u06cc\u0688 \u0645\u06cc\u0686\u0646\u06af \u0688\u0627\u0624\u0646 \u0688\u06d2 \u06a9\u06d2 \u0628\u0639\u062f \u067e\u06c1\u0644\u06d2 \u062a\u062c\u0627\u0631\u062a\u06cc \u062f\u0646 \u0645\u06cc\u06ba \u062f\u0627\u062e\u0644 \u06c1\u0648\u062a\u0627 \u06c1\u06d2\u06d4 \u062f\u0648\u0646\u0648\u06ba \u0627\u06cc\u06a9 \u062c\u06cc\u0633\u06cc \u0627\u06cc\u0688\u062c\u0633\u0679 \u0634\u062f\u06c1 \u0642\u06cc\u0645\u062a\u06cc\u06ba \u0627\u0648\u0631 \u0627\u06cc\u06a9 \u06c1\u06cc \u0648\u0627\u067e\u0633\u06cc \u06a9\u06cc \u062d\u062f \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<p>\u067e\u06c1\u0644\u06d2\u060c \u0622\u0626\u06cc\u06d2 \u062f\u0648 \u0633\u06af\u0646\u0644 \u0688\u06cc\u0679 \u06a9\u0627\u0644\u0645 \u062a\u06cc\u0627\u0631 \u06a9\u0631\u06cc\u06ba \u0627\u0648\u0631 \u0679\u06a9\u0631 \u0633\u0637\u062d \u06a9\u06cc \u0642\u06cc\u0645\u062a \u06a9\u0627 \u0646\u0642\u0634\u06c1 \u062f\u0648\u0628\u0627\u0631\u06c1 \u0628\u0646\u0627\u0626\u06cc\u06ba \u062c\u0648 \u06c1\u0645 \u0646\u06d2 \u067e\u06c1\u0644\u06d2 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u06cc\u0627 \u062a\u06be\u0627\u06d4<\/p>\n<pre><code class=\"language-python\">matched_sample['first_filing_date'] = pd.to_datetime(matched_sample['first_filing_date'])\nmatched_sample['control_date'] = pd.to_datetime(matched_sample['control_date'])\nhistorical_df['date'] = pd.to_datetime(historical_df['date'])\n\nprices = historical_df[['ticker', 'date', 'adjusted_close']].dropna().sort_values(['ticker', 'date'])\nprice_map = {ticker: group.reset_index(drop=True) for ticker, group in prices.groupby('ticker')}\n<\/code><\/pre>\n<p>\u0642\u06cc\u0645\u062a \u06a9\u0627 \u0646\u0642\u0634\u06c1 \u06c1\u0631 \u0679\u06a9\u0631 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0627\u06cc\u06a9 \u0645\u0646\u0641\u0631\u062f \u0622\u0631\u0688\u0631 \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u0641\u0631\u0627\u06c1\u0645 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4 \u06cc\u06c1 \u0622\u067e \u06a9\u0648 \u06c1\u0631 \u06af\u0631\u0648\u067e \u06a9\u06d2 \u0644\u06cc\u06d2 \u0627\u0644\u06af \u0627\u0644\u06af \u0645\u0646\u0637\u0642 \u0644\u06a9\u06be\u0646\u06d2 \u06a9\u06d2 \u0628\u062c\u0627\u0626\u06d2 \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e\u0648\u06ba \u0627\u0648\u0631 \u06a9\u0646\u0679\u0631\u0648\u0644 \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e\u0648\u06ba \u062f\u0648\u0646\u0648\u06ba \u06a9\u06d2 \u0644\u06cc\u06d2 \u0648\u0627\u067e\u0633\u06cc \u06a9\u0627 \u0627\u06cc\u06a9 \u0641\u0646\u06a9\u0634\u0646 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u0646\u06d2 \u06a9\u06cc \u0627\u062c\u0627\u0632\u062a \u062f\u06cc\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<h3 id=\"heading-calculate-forward-returns-from-any-signal-date\">\u062a\u0645\u0627\u0645 \u0633\u06af\u0646\u0644 \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e\u0648\u06ba \u0633\u06d2 \u0622\u06af\u06d2 \u06a9\u06cc \u0648\u0627\u067e\u0633\u06cc \u06a9\u0627 \u062d\u0633\u0627\u0628 \u0644\u06af\u0627\u0626\u06cc\u06ba\u06d4<\/h3>\n<p>\u0645\u0646\u062f\u0631\u062c\u06c1 \u0630\u06cc\u0644 \u0641\u0646\u06a9\u0634\u0646 \u0635\u0631\u0641 \u062f\u0648 \u0627\u0646 \u067e\u0679 \u0644\u06cc\u062a\u0627 \u06c1\u06d2: \u0627\u06cc\u06a9 \u0679\u06a9\u0631 \u0627\u0648\u0631 \u0627\u06cc\u06a9 \u0633\u06af\u0646\u0644 \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e\u06d4<\/p>\n<p>\u0627\u0633 \u062a\u0627\u0631\u06cc\u062e \u06a9\u06d2 \u0628\u0639\u062f \u067e\u06c1\u0644\u0627 \u062a\u062c\u0627\u0631\u062a\u06cc \u0633\u06cc\u0634\u0646 \u062a\u0644\u0627\u0634 \u06a9\u0631\u06cc\u06ba\u060c \u0627\u0646\u0679\u0631\u06cc \u067e\u0631\u0627\u0626\u0633 \u06a9\u06d2 \u0637\u0648\u0631 \u067e\u0631 \u0627\u06cc\u0688\u062c\u0633\u0679 \u0628\u0646\u062f \u06a9\u0627 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u06cc\u06ba\u060c \u0627\u0648\u0631 21\u060c 63\u060c 126\u060c \u0627\u0648\u0631 252 \u062a\u062c\u0627\u0631\u062a\u06cc \u062f\u0646\u0648\u06ba \u06a9\u06d2 \u0628\u0639\u062f \u0648\u0627\u067e\u0633\u06cc \u06a9\u0627 \u062d\u0633\u0627\u0628 \u0644\u06af\u0627\u0626\u06cc\u06ba\u06d4<\/p>\n<pre><code class=\"language-python\">def get_forward_returns(ticker, signal_date):\n    result = {\n        'entry_date': pd.NaT,\n        'entry_price': np.nan,\n        'return_1m': np.nan,\n        'return_3m': np.nan,\n        'return_6m': np.nan,\n        'return_12m': np.nan\n    }\n\n    ticker_prices = price_map.get(ticker)\n\n    if ticker_prices is None or pd.isna(signal_date):\n        return pd.Series(result)\n\n    dates = ticker_prices['date'].to_numpy(dtype=\"datetime64[ns]\")\n    entry_index = np.searchsorted(dates, np.datetime64(signal_date), side=\"right\")\n\n    if entry_index >= len(ticker_prices):\n        return pd.Series(result)\n\n    entry_price = ticker_prices.loc[entry_index, 'adjusted_close']\n    result['entry_date'] = ticker_prices.loc[entry_index, 'date']\n    result['entry_price'] = entry_price\n\n    for label, days in {'1m': 21, '3m': 63, '6m': 126, '12m': 252}.items():\n        target_index = entry_index + days\n\n        if target_index < len(ticker_prices):\n            target_price = ticker_prices.loc[target_index, 'adjusted_close']\n            result[f'return_{label}'] = target_price \/ entry_price - 1\n\n    return pd.Series(result)\n<\/code><\/pre>\n<p>\u0627\u06c1\u0645 \u062a\u0641\u0635\u06cc\u0644\u0627\u062a \u06cc\u06c1 \u06c1\u06cc\u06ba\u06d4 <code>side=\"right\"<\/code>.<\/p>\n<p>\u06cc\u06c1 \u062f\u0648\u0646\u0648\u06ba \u06af\u0631\u0648\u06c1\u0648\u06ba \u06a9\u0648 \u0633\u06af\u0646\u0644 \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u0645\u06cc\u06ba \u062f\u0627\u062e\u0644 \u06c1\u0648\u0646\u06d2 \u0633\u06d2 \u0631\u0648\u06a9\u062a\u0627 \u06c1\u06d2\u06d4 \u0633\u06cc \u0627\u06cc \u0627\u0648 \u06a9\u06cc \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u06a9\u06cc \u0631\u067e\u0648\u0631\u0679\u0646\u06af \u0631\u067e\u0648\u0631\u0679\u0646\u06af \u06a9\u06d2 \u0628\u0639\u062f \u0634\u0631\u0648\u0639 \u06c1\u0648\u062a\u06cc \u06c1\u06d2\u060c \u0627\u0648\u0631 \u06a9\u0646\u0679\u0631\u0648\u0644 \u0631\u067e\u0648\u0631\u0679\u0646\u06af \u0645\u0645\u0627\u062b\u0644 \u0648\u0627\u067e\u0633\u06cc \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u06a9\u06d2 \u0628\u0639\u062f \u0634\u0631\u0648\u0639 \u06c1\u0648\u062a\u06cc \u06c1\u06d2\u06d4<\/p>\n<p>\u06cc\u06c1 \u0641\u0646\u06a9\u0634\u0646 \u062a\u0645\u0627\u0645 \u0622\u0624\u0679 \u067e\u0679 \u06a9\u06d2 \u0644\u06cc\u06d2 \u06af\u0645 \u0634\u062f\u06c1 \u0627\u0642\u062f\u0627\u0631 \u06a9\u06d2 \u0633\u0627\u062a\u06be \u0634\u0631\u0648\u0639 \u06c1\u0648\u062a\u0627 \u06c1\u06d2\u06d4 \u0627\u06af\u0631 \u0679\u06a9\u0631 \u062f\u0633\u062a\u06cc\u0627\u0628 \u0646\u06c1\u06cc\u06ba \u06c1\u06d2 \u06cc\u0627 \u06a9\u0633\u06cc \u062e\u0627\u0635 \u0645\u062f\u062a \u06a9\u06d2 \u0644\u06cc\u06d2 \u0645\u0633\u062a\u0642\u0628\u0644 \u06a9\u06cc \u0642\u06cc\u0645\u062a\u0648\u06ba \u06a9\u06cc \u06a9\u0627\u0641\u06cc \u062a\u0627\u0631\u06cc\u062e \u0646\u06c1\u06cc\u06ba \u06c1\u06d2\u060c \u062a\u0648 \u0648\u06c1 \u0645\u0646\u0627\u0641\u0639 \u0645\u0646\u062f\u0631\u062c\u06c1 \u0630\u06cc\u0644 \u0637\u0648\u0631 \u067e\u0631 \u0628\u0631\u0642\u0631\u0627\u0631 \u0631\u06a9\u06be\u06d2 \u062c\u0627\u062a\u06d2 \u06c1\u06cc\u06ba: <code>NaN<\/code>.<\/p>\n<h3 id=\"heading-apply-the-same-return-logic-to-both-groups\">\u062f\u0648\u0646\u0648\u06ba \u06af\u0631\u0648\u067e\u0648\u06ba \u067e\u0631 \u0627\u06cc\u06a9 \u06c1\u06cc \u0648\u0627\u067e\u0633\u06cc \u06a9\u06cc \u0645\u0646\u0637\u0642 \u06a9\u0627 \u0627\u0637\u0644\u0627\u0642 \u06a9\u0631\u06cc\u06ba\u06d4<\/h3>\n<p>\u0627\u0628 \u06c1\u0645 \u062a\u0645\u0627\u0645 \u0645\u0645\u0627\u062b\u0644 \u062c\u0648\u0691\u0648\u06ba \u06a9\u06d2 \u0644\u06cc\u06d2 \u062f\u0648 \u0628\u0627\u0631 \u0641\u0646\u06a9\u0634\u0646 \u0686\u0644\u0627\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/p>\n<p>\u067e\u06c1\u0644\u0627 \u067e\u0627\u0633 CEO \u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u0679\u06a9\u0631 \u0627\u0648\u0631 \u062c\u0645\u0639 \u06a9\u0631\u0627\u0646\u06d2 \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u06a9\u0627 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4 \u062f\u0648\u0633\u0631\u0627 \u06a9\u0646\u0679\u0631\u0648\u0644 \u0679\u06a9\u0631 \u0627\u0648\u0631 \u06a9\u0646\u0679\u0631\u0648\u0644 \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u06a9\u0627 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4 \u0648\u0627\u067e\u0633 \u06a9\u06cc\u06d2 \u06af\u0626\u06d2 \u06a9\u0627\u0644\u0645 \u067e\u06c1\u0644\u06d2 \u0633\u06d2 \u0644\u06af\u0627\u0626\u06d2 \u06af\u0626\u06d2 \u06c1\u06cc\u06ba \u062a\u0627\u06a9\u06c1 \u0622\u067e \u0622\u0633\u0627\u0646\u06cc \u0633\u06d2 \u062f\u0648\u0646\u0648\u06ba \u0633\u06cc\u0679\u0648\u06ba \u06a9\u06d2 \u062f\u0631\u0645\u06cc\u0627\u0646 \u0641\u0631\u0642 \u06a9\u0631 \u0633\u06a9\u06cc\u06ba\u06d4<\/p>\n<pre><code class=\"language-python\">purchase_returns = matched_sample.apply(lambda row: get_forward_returns(row['ticker'], row['first_filing_date']), axis=1).add_prefix('purchase_')\ncontrol_returns = matched_sample.apply(lambda row: get_forward_returns(row['control_ticker'], row['control_date']), axis=1).add_prefix('control_')\nmatched_returns = pd.concat([\n    matched_sample.reset_index(drop=True),\n    purchase_returns.reset_index(drop=True),\n    control_returns.reset_index(drop=True)], axis=1)\n<\/code><\/pre>\n<p>\u0646\u062a\u06cc\u062c\u06c1 \u062e\u06cc\u0632 \u0688\u06cc\u0679\u0627 \u0641\u0631\u06cc\u0645 \u0627\u0628 \u062f\u0648\u0646\u0648\u06ba \u0646\u062a\u0627\u0626\u062c \u06a9\u0648 \u0633\u0627\u062a\u06be \u0633\u0627\u062a\u06be \u0631\u06a9\u06be\u062a\u0627 \u06c1\u06d2\u06d4<\/p>\n<p>\u062a\u0645\u0627\u0645 \u062c\u0648\u0691\u06d2 \u062a\u0645\u0627\u0645 \u0627\u0641\u0642 \u067e\u0631 \u0632\u0646\u062f\u06c1 \u0646\u06c1\u06cc\u06ba \u0631\u06c1\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4 \u0627\u06cc\u06a9 \u062c\u0648\u0691\u0627 \u0635\u0631\u0641 \u0627\u0633 \u0635\u0648\u0631\u062a \u0645\u06cc\u06ba \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u06cc\u0627 \u062c\u0627 \u0633\u06a9\u062a\u0627 \u06c1\u06d2 \u062c\u0628 \u062f\u0648\u0646\u0648\u06ba \u0641\u0631\u06cc\u0642\u06cc\u0646 \u06a9\u06d2 \u067e\u0627\u0633 \u0645\u0633\u062a\u0642\u0628\u0644 \u06a9\u06cc \u0642\u06cc\u0645\u062a \u06a9\u06cc \u06a9\u0627\u0641\u06cc 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\u0644\u06cc\u06d2 \u0627\u0648\u0633\u0637 \u0648\u0627\u067e\u0633\u06cc\u06d4<\/p>\n<\/li>\n<li>\n<p>\u06c1\u0631 \u06af\u0631\u0648\u067e \u06a9\u06d2 \u0644\u06cc\u06d2 \u062f\u0631\u0645\u06cc\u0627\u0646\u06cc \u0648\u0627\u067e\u0633\u06cc\u06d4<\/p>\n<\/li>\n<li>\n<p>\u0645\u0645\u0627\u062b\u0644 \u062c\u0648\u0691\u0648\u06ba \u06a9\u06d2 \u0627\u0646\u062f\u0631 \u0627\u0648\u0633\u0637 \u0648\u0627\u067e\u0633\u06cc \u06a9\u0627 \u0641\u0631\u0642<\/p>\n<\/li>\n<li>\n<p>\u0645\u0645\u0627\u062b\u0644 \u062c\u0648\u0691\u0648\u06ba \u06a9\u06d2 \u0627\u0646\u062f\u0631 \u0627\u0648\u0633\u0637 \u0648\u0627\u067e\u0633\u06cc \u06a9\u0627 \u0641\u0631\u0642<\/p>\n<\/li>\n<li>\n<p>\u0648\u0627\u067e\u0633\u06cc \u06a9\u06cc \u0645\u062b\u0628\u062a \u0634\u0631\u062d<\/p>\n<\/li>\n<li>\n<p>\u062c\u0648\u0691\u0648\u06ba \u06a9\u0627 \u0641\u06cc\u0635\u062f \u062c\u0633 \u0645\u06cc\u06ba CEO-\u0628\u0627\u0626\u06cc \u0633\u0627\u0626\u06cc\u0688 \u06a9\u0646\u0679\u0631\u0648\u0644 \u062c\u06cc\u062a\u062a\u06cc \u06c1\u06d2\u06d4<\/p>\n<\/li>\n<\/ul>\n<pre><code class=\"language-python\">comparison = []\n\nfor horizon in ['1m', '3m', '6m', '12m']:\n    purchase_col = f'purchase_return_{horizon}'\n    control_col = f'control_return_{horizon}'\n    valid = matched_returns[[purchase_col, control_col]].dropna()\n    differences = valid[purchase_col] - valid[control_col]\n\n    comparison.append({\n        'horizon': horizon,\n        'matched_pairs': len(valid),\n        'purchase_mean': valid[purchase_col].mean(),\n        'control_mean': valid[control_col].mean(),\n        'mean_difference': differences.mean(),\n        'purchase_median': valid[purchase_col].median(),\n        'control_median': valid[control_col].median(),\n        'median_difference': differences.median(),\n        'purchase_positive_rate': (valid[purchase_col] > 0).mean(),\n        'control_positive_rate': (valid[control_col] > 0).mean(),\n        'purchase_win_rate': (valid[purchase_col] > valid[control_col]).mean()\n    })\n\ncomparison_df = pd.DataFrame(comparison)\ncomparison_df\n<\/code><\/pre>\n<p>\u062c\u0648\u0691\u06d2 \u06a9\u06d2 \u062d\u0633\u0627\u0628 \u0633\u06d2 \u0627\u0639\u062f\u0627\u062f\u0648\u0634\u0645\u0627\u0631 \u06cc\u06c1\u0627\u06ba \u0627\u06c1\u0645 \u06c1\u06cc\u06ba\u06d4<\/p>\n<p><code>median_difference<\/code>    \u06cc\u06c1 \u0627\u0633 \u06a9\u0627 \u0645\u06cc\u0688\u06cc\u0646 \u06c1\u06d2:<\/p>\n<p><em><strong>CEO-\u062e\u0631\u06cc\u062f\u0627\u0631\u06cc \u0622\u0645\u062f\u0646\u06cc \u0633\u06d2 \u0645\u0645\u0627\u062b\u0644 \u06a9\u0646\u0679\u0631\u0648\u0644 \u0622\u0645\u062f\u0646\u06cc<\/strong><\/em><\/p>\n<p>\u06c1\u0631 \u062c\u0648\u0691\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2\u06d4 \u06cc\u06c1 \u0635\u0631\u0641 \u0645\u06cc\u0688\u06cc\u0646 \u0633\u06cc \u0627\u06cc \u0627\u0648 \u0645\u0627\u0626\u0646\u0633 \u0645\u06cc\u0688\u06cc\u0646 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src=\"https:\/\/umang.pk\/wp-content\/uploads\/2026\/07\/1784140223_623_\u067e\u0627\u0626\u062a\u06be\u0648\u0646-\u06a9\u0627-\u0627\u0633\u062a\u0639\u0645\u0627\u0644-\u06a9\u0631\u062a\u06d2-\u06c1\u0648\u0626\u06d2-\u0627\u0646\u062f\u0631\u0648\u0646\u06cc-\u062a\u062c\u0627\u0631\u062a-\u06a9\u0627-\u062a\u062c\u0632\u06cc\u06c1-\u06a9\u06cc\u0633\u06d2.png\" alt=\"\u062d\u062a\u0645\u06cc \u0645\u0648\u0627\u0632\u0646\u06c1\" style=\"display:block;margin:0 auto\" width=\"1408\" height=\"153\" loading=\"lazy\" title=\"\"><\/p>\n<p>\u0627\u06cc\u06a9 \u0645\u0627\u06c1 \u06a9\u06cc \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u06a9\u0645\u0632\u0648\u0631 \u0631\u06c1\u06cc\u06d4 CEO \u062e\u0631\u06cc\u062f\u0646\u06d2 \u0648\u0627\u0644\u06d2 \u0627\u06cc\u067e\u06cc \u0633\u0648\u0688\u0632 \u0627\u0648\u0633\u0637\u060c \u062f\u0631\u0645\u06cc\u0627\u0646\u06cc \u062c\u0648\u0691\u06cc \u06a9\u06d2 \u0641\u0631\u0642\u060c \u0645\u062b\u0628\u062a 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\u0645\u06cc\u0688\u06cc\u0646 \u062c\u0648\u0691\u0627 \u0641\u0627\u0626\u062f\u06c1 \u062d\u0627\u0635\u0644 \u06a9\u06cc\u0627\u060c \u0627\u0648\u0631 \u062c\u06cc\u062a \u06a9\u06cc \u0634\u0631\u062d 59.6% \u062a\u06be\u06cc\u06d4<\/p>\n<p>6 \u0645\u0627\u06c1 \u0627\u0648\u0631 12 \u0645\u0627\u06c1 \u06a9\u06cc \u0627\u0648\u0633\u0637 \u0639\u0627\u0645 \u062c\u0648\u0691\u06cc \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u0645\u0636\u0628\u0648\u0637 \u0644\u06af \u0631\u06c1\u06cc \u062a\u06be\u06cc\u06d4 12 \u0645\u0627\u06c1 \u06a9\u06d2 \u0628\u0639\u062f\u060c CEO \u06af\u0631\u0648\u067e \u0646\u06d2 \u0627\u0648\u0633\u0637\u0627\u064b \u062a\u0642\u0631\u06cc\u0628\u0627\u064b 10 \u0641\u06cc\u0635\u062f \u067e\u0648\u0627\u0626\u0646\u0679\u0633 \u0632\u06cc\u0627\u062f\u06c1 \u062d\u0627\u0635\u0644 \u06a9\u06cc\u06d2\u060c \u0644\u06cc\u06a9\u0646 \u0645\u0642\u0627\u0628\u0644\u06d2 \u0645\u06cc\u06ba \u0635\u0631\u0641 37.9 \u0641\u06cc\u0635\u062f 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