Alpha Factor Research Cycle overview

Manages the end-to-end alpha factor discovery process — generating candidate factors from fundamental, technical, and alternative data sources, running single-sort quintile analysis with proper neutralization, evaluating multi-factor combination using orthogonalization and risk-model residualization, analyzing factor decay profiles and half-lives, testing factor crowding via turnover correlation analysis, and estimating factor capacity constraints. Produces factor tearsheets with IC/IR time-series, factor exposure summaries, and production readiness assessments. Excludes portfolio optimization and execution.