Classification from evidence

#The rule

A multiplier change is booked only when it matches a published issuer corporate action. A match needs all of these:

• the version stands: it is Initial or Corrected, and no later cancellation names it. Scheduled announcements are never evidence. A cancellation voids only the version it names, so SCCOx's "[CANCELLED v4]" after delivery leaves the delivered v5 standing. A Corrected version delivered as a follow-on change, starting where the original ended, stands alongside the original (the LINx and NVOx withholding refunds);
• its multiplierOld and multiplierNew equal the chain values (within 4ε);
• its effective time equals the on-chain activation to the second;
• exactly one action matches.

Then the issuer's evidence, not its type label, decides the action type. Each type has its own page under Corporate actions listing the evidence it needs.

Evidence	Outcome
CashDividend	Cash dividend: income, valued from issuer net cash when trustworthy
CashDividend with zero gross, positive net and a note saying withholding was wrongly applied	Withholding refund: income, distinguishable from a new dividend
ForwardSplit, ReverseSplit whose unit ratio reconciles	Split: units rescaled, no income
StockDividend, delivered	Stock dividend: units rescaled, basis spread, no income
SpinOff	Basis allocation: (M_new − M_old) ÷ M_new of the position's value as principal, no income
UnitSplit 1:1 that cannot explain the change, with cash and a note naming warrants	Rights distribution: basis allocation, no income
StockMerger exchanging one listing of a company for another of the same company	Identity change: units rescaled, all basis carried over, lineage written
A type Corpact does not book automatically (mergers, redemptions, delistings, name changes)	Unclassified adjustment, shown with its reason and never booked
No matching action	Unclassified adjustment: no published issuer action matches

An unclassified adjustment is visible with its reason. It adds nothing to income and makes nothing available to convert.

#Why not trust the obvious signals

The size of the change. "Any increase is a dividend" is wrong 22 times in the recorded data set. Some are splits of up to +900%, some are spin-offs (HONx: +95.11%), one is a stock dividend, one a rights sale, and 6 are changes the issuer never explained. The largest real dividend is +2.93%, and 4 of the 6 spin-offs fall below it.

The label. The multiplier-history reason field says "Dividend" for spin-offs on GMEx, HONx, DFDVx and OPENx and for SCCOx's stock dividend, and "ReverseSplit" for the AZNx ADR conversion. The issuer's own corporate-action type says UnitSplit for KRAQx's rights sale. Across 654 changes, issuer evidence contradicts the history label 12 times.

#Valuing a dividend

USD comes only from issuer evidence: shares held at the event × issuer net cash per share. It is never a market price.

Situation	USD
Issuer publishes net cash	shares held × net cash
Only gross and withholding published	gross × (1 − withholding), with a warning
No issuer cash	null: the event is counted as unvalued
Cash implausible for the shares delivered	null, with a warning

The last check compares the reinvestment price the issuer's numbers imply, M_old × net ÷ (M_new − M_old), with the median across the same asset's other dividends. Outside a factor of 3, the issuer valuation is not used. STRCx implies $953,728 per share against a $94.80 median, so the dividend is kept and its USD is unknown.

#Re-classification

Classification re-runs whenever issuer evidence changes: a late record, a correction, a cancelled action. A changed outcome supersedes the stored one, which is kept as evidence, and the ledger journals the difference. See Corrections & the journal.