{"paper":{"title":"Learned Sectors: A fundamentals-driven sector reclassification project","license":"http://creativecommons.org/licenses/by-sa/4.0/","headline":"","cross_cats":["econ.EM"],"primary_cat":"q-fin.GN","authors_text":"Rukmal Weerawarana, Yiyi Zhu, Yuzhen He","submitted_at":"2019-05-31T02:13:00Z","abstract_excerpt":"Market sectors play a key role in the efficient flow of capital through the modern Global economy. We analyze existing sectorization heuristics, and observe that the most popular - the GICS (which informs the S&P 500), and the NAICS (published by the U.S. Government) - are not entirely quantitatively driven, but rather appear to be highly subjective and rooted in dogma. Building on inferences from analysis of the capital structure irrelevance principle and the Modigliani-Miller theoretic universe conditions, we postulate that corporation fundamentals - particularly those components specific to"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1906.03935","kind":"arxiv","version":1},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"}