Corporate network analysis

Skill HHFinAi/claude-equity-research-skills/corporate-network-analysis

Institutional-quality equity research skills for Claude AI — systematizing the fundamental analysis playbook from buy-side investing into reusable, AI-executable frameworks.

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npx -y skills add HHFinAi/claude-equity-research-skills --skill corporate-network-analysis

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Systematic framework for analyzing corporate networks to generate investment alpha. Use when analyzing supplier-customer relationships, director interlocks, executive networks, insider holdings patterns, or identifying M&A signals through board connections. Triggers on supply chain analysis, customer momentum, board interlock, director network, connected party analysis, relationship mapping, or network-based investment research.

SKILL.md

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Corporate Network Analysis

Exploit slow information diffusion through supply chain relationships and director interlocks to identify predictable stock returns. Academic research shows customer momentum yields ~150bps monthly alpha; board centrality generates ~4.68% annual risk-adjusted returns.

Core Investment Theses

Supply Chain Momentum: When a customer gets a big order, upstream suppliers benefit with a lag (40% of shock diffuses over subsequent months)
Director Interlock Signals: Shared board members facilitate information flow, M&A activity, and strategic alignment
Cross-Holding Synergies: Executives/directors with positions in multiple companies may orchestrate beneficial strategic moves

Workflow

Phase 1: Identify Target Company Networks

1. Map supplier-customer relationships (>5% revenue materiality)
2. Identify board members and their other directorships
3. Track executive cross-company positions
4. Document insider holdings across connected firms

Phase 2: Data Collection

Use free data sources in this priority order:

Relationship Type	Primary Source	How to Access
Suppliers/Customers	SEC 10-K Item 1/7	EDGAR full-text search
Board Members	DEF 14A Proxy	EDGAR company filings
Insider Transactions	Form 3/4/5	EDGAR insider filings
Beneficial Ownership	Schedule 13D/13G	EDGAR ownership filings
Institutional Holdings	Form 13F	EDGAR quarterly filings

See references/sec-data-guide.md for detailed extraction procedures.

Phase 3: Network Construction

Build network graphs connecting companies through:

Customer-supplier links (weighted by revenue %)
Shared directors (first-degree: direct; second-degree: shared third board)
Executive overlaps
Cross-insider holdings

Calculate centrality metrics:

Degree: Number of direct connections
Betweenness: Importance in information flow paths
Closeness: Speed of information propagation

See references/network-metrics.md for calculation methods.

Phase 4: Signal Generation

Customer Momentum Signal:

1. Calculate weighted 12-month returns of major customers
2. Rank universe by customer momentum
3. Long top quintile, short bottom quintile
4. Optimal: 4th-layer relationships (less crowded)

Board Connection Signals:

New shared director between firms → potential M&A signal
Director clustered buying across positions → information signal
High centrality + adverse event → watch for network contagion

See references/signal-generation.md for detailed procedures.

Phase 5: Due Diligence Checklist

Before acting on network signals, verify:

Relationship confirmed via multiple sources
Revenue materiality >5%
Network position shows high centrality
Relationship stable (duration >2 years)
Information asymmetry present (limited analyst coverage)
Sufficient liquidity for execution
No MNPI exposure risk

Phase 6: Compliance Review

Permissible:

All public SEC filings (10-K, DEF 14A, Form 4, 13D, 13F)
Public earnings calls and press releases
Mosaic theory: combining immaterial public info

Prohibited:

Material non-public information from any source
Shadow trading: using MNPI about Company A to trade Company B

See references/compliance-guide.md for legal boundaries.

Output Templates

When completing analysis, produce:

Network Map: Visual or tabular representation of company relationships
Signal Summary: Ranked opportunities with confidence scores
Due Diligence Notes: Verification status for each relationship
Risk Factors: Data quality issues, concentration risks, compliance flags

Key Academic References

Cohen & Frazzini (2008): Customer-supplier momentum, 1.37-1.55% monthly alpha
Ali & Hirshleifer (2020): Shared analyst coverage unifies spillover effects
Larcker, So & Wang (2013): Board centrality predicts returns
Cai & Sevilir (2012): Board connections in M&A transactions

See references/academic-papers.md for full bibliography.

Data Quality Considerations

SEC disclosures only capture >10% revenue customers
Companies may strategically withhold customer names
Board data has survivorship bias (failed firms disappear)
Post-publication alpha decay affects well-known signals
Multi-source verification essential for high-confidence signals