The quant fund use case is the most interesting angle here. WARN filings have the rare property of being legally mandated with specific timing (60-day advance notice), which makes the signal horizon predictable in a way that most alternative data is not.

The big caveat: compliance is uneven. Companies under 100 employees are exempt, and there is a documented pattern of employers paying WARN Act penalties retroactively rather than filing -- especially in fast-moving situations where 60 days advance notice is operationally inconvenient. So the signal has systematic gaps at exactly the moments of highest market interest.

Have you looked at coverage rates vs. announced layoffs (e.g., correlation with Challenger Gray reports or JOLTS)? That gap number is basically the signal noise floor for any quant strategy built on this data.

> and there is a documented pattern of employers paying WARN Act penalties retroactively rather than filing -- especially in fast-moving situations where 60 days advance notice is operationally inconvenient.

Oh, I got a solution for that. Don't just go for WARN Act penalties. Go after offenders with the hammer called SEC and market manipulation regulations. That kind of stuff really hurts.