concept · wiki/concept-nornen-stock-market-relative-alpha.md
Concept — nornen-stock market-relative alpha
의사결정 단위 = **종목의 net expected excess return vs benchmark**. 부족하면 no-trade; 충분하면 order-candidate (paper gate 후).
corpusprojectlayermodeltypeconceptdomainmarketsprojectnornen-stockstatusactiveupdated2026-07-18originowned
Concept — nornen-stock market-relative alpha
한 줄: 의사결정 단위 = 종목의 net expected excess return vs benchmark. 부족하면 no-trade; 충분하면 order-candidate (paper gate 후).
수식 축
raw_excess = r_symbol - r_bench
beta_adj_excess = r_symbol - β·r_bench
net_expected = E[excess] - cost - slippage - risk_penalty
게이트 체인
alpha_decision
→ no-trade | order_candidate
→ order_readiness_gate (paper buy)
→ user/review materialization
→ KIS paper (mode/allowlist)