Headlines Decoded

News events — earnings, M&A, regulation, industry shifts — explained at the level of mechanism.

• IPO Lockup Period: What Changes on the Day Insiders Can Sell — An IPO lockup period fixes the date when insiders may start selling. How the agreement works, what the research shows about expiry, and why an early waiver carries more information than the date itself.
• The September Effect in the Stock Market: Real, Small, and Unexplained — The september effect in the stock market holds up in the long-run averages, but the tilt is under one percentage point, the hit rate is near even, and no cause has been shown.
• Market Correction vs Bear Market: What Separates the Two Labels — A correction and a bear market are separated by a threshold the press agreed on. Here is what each label measures, and what neither of them can tell you.
• The Figma IPO First-Day Pop: What "Up 250% on Day One" Does Not Tell You — Figma's IPO priced at $33 and closed its first session at $115.50. A look at what a first-day pop measures, and what four decades of IPO data say about it.