{
  "ticker": "LUV",
  "company": "Southwest Airlines Co.",
  "cik": "0000092380",
  "exchange": "NYSE",
  "industry": "Industrials",
  "gics_sector": "Industrials",
  "from_state": "TX",
  "to_state": "TX",
  "market_cap_usdmm": 18000.0,
  "logo_url": "https://www.google.com/s2/favicons?domain=southwest.com&sz=128",
  "announcement_date_iso": null,
  "meeting_date_iso": null,
  "actual_effective_date_iso": null,
  "proposed_effective_date_iso": null,
  "status_label": "TX_INCUMBENT_21_552_ADOPTER",
  "transaction_status": "N/A",
  "vote_result": "N/A",
  "bucket_class": "COMPARATOR_TX_INCUMBENT",
  "panel_eligibility": "PANEL_C_TX_INCUMBENT_ADOPTER",
  "public_bucket_code": "F",
  "public_bucket_label": "Texas-incumbent \u00a721.552 adopter (comparator, not DE\u2192TX mover)",
  "public_tier": "VERIFIED_BESPOKE",
  "source_confidence": "VERIFIED_PRIMARY_SOURCE",
  "audit_status": "VERIFIED_EDGAR",
  "panel_b_dexit_mover": 0,
  "dashboard_cohort_flag": 0,
  "controlled": 0,
  "controller": "",
  "controller_source": "Widely held; large-cap airline",
  "approval_basis": "N/A \u2014 bylaws amendment by Board (no shareholder vote required for \u00a721.552 election)",
  "approval_standard": "Board approval; bylaws amendment under TBOC \u00a721.057",
  "edgar_accession": "0000092380-25-000119",
  "links": [
    {
      "label": "Coinbase IR \u2014 n/a"
    }
  ],
  "audit_notes": "[2026-04-30] v3.84-rev5x: LUV added as a TX-INCUMBENT 21.552 ADOPTER comparator (distinct from the DE->TX migrator cohort). Bespoke event-study battery from 02_BESPOKE/LUV_TBOC_21552_Analysis/luv_event_study_results.json + bespoke statutory-events runner output. Board adoption 2025-05-16, 8-K filing 2025-05-19 (after market close), T0 headline 2025-05-20, accession 0000092380-25-000119, Items 3.03/5.03/9.01.",
  "texas_statutory_adoptions": {
    "tboc_21_552": {
      "label": "SB 29 / TBOC \u00a721.552 derivative-action threshold",
      "adopted": true,
      "date": "2025-05-16",
      "source": "8-K Item 5.03",
      "url": "https://www.sec.gov/Archives/edgar/data/92380/000009238025000119/luv-20250516.htm"
    },
    "tboc_21_373": {
      "label": "SB 1057 / TBOC \u00a721.373 shareholder-proposal threshold",
      "adopted": null,
      "date": null,
      "source": null,
      "url": null
    }
  },
  "event_study_announcement_json": null,
  "event_study_outcome_json": null,
  "event_study_longrun_json": null,
  "car": {},
  "event_study_statutory_json": "{\"treated\":\"LUV\",\"company\":\"Southwest Airlines Co.\",\"_source\":\"02_BESPOKE/LUV_TBOC_21552_Analysis/luv_event_study_results.json\",\"events\":[{\"label\":\"LUV_21_552_next_trade_2025_05_20\",\"T0\":\"2025-05-20\",\"interpretation\":\"Headline T0: next trading day after 8-K filing (after-market-close rule)\",\"specifications\":[{\"name\":\"Market model (SPY benchmark)\",\"day0_ar\":0.0009212248795865728,\"p_value\":0.9641898557213606,\"p_label\":\"Patell-z p-value\",\"extra\":{\"alpha\":0.0003453887542142269,\"beta\":1.1980427085956087,\"sigma\":0.020476270957431507,\"r2\":0.36765351165498705,\"patell_z\":0.04489643840947429,\"bmp_p\":0.9641153790228756,\"corrado_p\":0.9541501262650394,\"n_valid_pre_days\":240.0}},{\"name\":\"Sector-augmented (SPY + JETS airline ETF)\",\"day0_ar\":0.004564829281608139,\"p_value\":0.7847799088104885,\"p_label\":\"Patell-z p-value\",\"extra\":{\"alpha\":0.00041896146758064567,\"beta_SPY\":0.08581392798770715,\"beta_JETS\":0.8489485444199367,\"sigma\":0.016715147346016198,\"r2\":0.5803906247303959,\"patell_z\":0.27309536596433875,\"n_valid_pre_days\":240.0},\"is_headline\":true},{\"name\":\"Synthetic control (8-donor airline peer pool)\",\"day0_ar\":0.001956020195075181,\"p_value\":null,\"p_label\":\"no inference (placebo gate failed: pre-fit R\\u00b2 < 0)\",\"extra\":{\"donors\":[\"DAL\",\"UAL\",\"AAL\",\"ALK\",\"JBLU\",\"ALGT\",\"SKYW\",\"RYAAY\"],\"weights\":[[\"SKYW\",0.360896],[\"RYAAY\",0.226629],[\"AAL\",0.138568],[\"ALGT\",0.09968],[\"JBLU\",0.083081],[\"ALK\",0.065053],[\"DAL\",0.026093],[\"UAL\",0.0]],\"top_weight\":0.36089598946387197,\"is_concentrated\":false,\"pre_rmspe\":0.018554866035317853,\"fit_pearson\":0.7690599071880269,\"fit_r2_levels\":-0.2714213669561707,\"passes_pre_fit_gate\":false}},{\"name\":\"Robustness footnote: SPY +  XLI\",\"day0_ar\":0.001534433354749118,\"p_value\":0.9393948031685546,\"p_label\":\"Patell-z p-value (footnote spec)\",\"extra\":{\"alpha\":0.00016131266451470088,\"beta_SPY\":0.637086441510644,\"beta_XLI\":0.642363238672058,\"sigma\":0.020181803353011302,\"r2\":0.38829123308976166}},{\"name\":\"Robustness footnote: SPY +  USO\",\"day0_ar\":0.0008453926110356773,\"p_value\":0.9671325955463141,\"p_label\":\"Patell-z p-value (footnote spec)\",\"extra\":{\"alpha\":0.00035136334190189773,\"beta_SPY\":1.1888593522212505,\"beta_USO\":0.017803790719294152,\"sigma\":0.020516828125526805,\"r2\":0.36781351823157316}}],\"robustness\":{\"pretrend_test\":{\"slope_pct_per_day\":5.946025372863369e-06,\"p_slope\":0.755241140047409,\"verdict\":\"no_pretrend\"}},\"alternative_T0\":{\"T0_a_board_2025-05-16\":{\"T0_used\":\"2025-05-16\",\"day0_ar\":0.01766656921603041,\"patell_p\":0.39127920449730214,\"alpha\":0.0004835603933730526,\"beta\":1.1992049750972689,\"n_valid\":240},\"T0_b_filing_2025-05-19\":{\"T0_used\":\"2025-05-19\",\"day0_ar\":-0.004248455331208431,\"patell_p\":0.8366937225876745,\"alpha\":0.000488821499493856,\"beta\":1.1982260453249092,\"n_valid\":240},\"T0_c_next_trading_2025-05-20\":{\"T0_used\":\"2025-05-20\",\"day0_ar\":0.0009212248795865728,\"patell_p\":0.9641898557213606,\"alpha\":0.0003453887542142269,\"beta\":1.1980427085956087,\"n_valid\":240}},\"windowed_CARs\":{\"Day0\":{\"window\":[0,0],\"n_days\":1,\"CAR\":0.0009212248795865728,\"patell_z\":0.04498987542710897,\"patell_p\":0.9641153790228756,\"ar_daily\":[0.0009212248795865728],\"dates\":[\"2025-05-20\"]},\"CAR_-1_+1\":{\"window\":[-1,1],\"n_days\":3,\"CAR\":-0.006110397119777401,\"patell_z\":-0.1722891550562642,\"patell_p\":0.8632102098801504,\"ar_daily\":[-0.004104822030562219,0.0009212248795865728,-0.002926799968801755],\"dates\":[\"2025-05-19\",\"2025-05-20\",\"2025-05-21\"]},\"CAR_-2_+2\":{\"window\":[-2,2],\"n_days\":5,\"CAR\":-0.006433988289692664,\"patell_z\":-0.140522023879245,\"patell_p\":0.8882475525937636,\"ar_daily\":[0.01781210249834303,-0.004104822030562219,0.0009212248795865728,-0.002926799968801755,-0.018135693668258294],\"dates\":[\"2025-05-16\",\"2025-05-19\",\"2025-05-20\",\"2025-05-21\",\"2025-05-22\"]},\"CAR_-5_+5\":{\"window\":[-5,5],\"n_days\":11,\"CAR\":0.03885535684754485,\"patell_z\":0.5721418177903231,\"patell_p\":0.5672259006124099,\"ar_daily\":[-0.007617610788365764,0.000999717640677683,0.008780558083438968,0.01781210249834303,-0.004104822030562219,0.0009212248795865728,-0.002926799968801755,-0.018135693668258294,-0.0004981633311825755,0.029996853162345082,0.01362799037032412],\"dates\":[\"2025-05-13\",\"2025-05-14\",\"2025-05-15\",\"2025-05-16\",\"2025-05-19\",\"2025-05-20\",\"2025-05-21\",\"2025-05-22\",\"2025-05-23\",\"2025-05-27\",\"2025-05-28\"]},\"CAR_-10_+10\":{\"window\":[-10,10],\"n_days\":21,\"CAR\":-0.001873610093178638,\"patell_z\":-0.019967270530277713,\"patell_p\":0.9840694816909659,\"ar_daily\":[0.0016896953069757779,0.009361540036188772,0.017396733884277264,0.004721527810660432,-0.03705110157896666,-0.007617610788365764,0.000999717640677683,0.008780558083438968,0.01781210249834303,-0.004104822030562219,0.0009212248795865728,-0.002926799968801755,-0.018135693668258294,-0.0004981633311825755,0.029996853162345082,0.01362799037032412,0.019857066877701182,-0.008794725612422944,-0.015182461863091065,-0.022580664245126024,-0.010146577556920224],\"dates\":[\"2025-05-06\",\"2025-05-07\",\"2025-05-08\",\"2025-05-09\",\"2025-05-12\",\"2025-05-13\",\"2025-05-14\",\"2025-05-15\",\"2025-05-16\",\"2025-05-19\",\"2025-05-20\",\"2025-05-21\",\"2025-05-22\",\"2025-05-23\",\"2025-05-27\",\"2025-05-28\",\"2025-05-29\",\"2025-05-30\",\"2025-06-02\",\"2025-06-03\",\"2025-06-04\"]},\"Post_+0_+5\":{\"window\":[0,5],\"n_days\":6,\"CAR\":0.02298541144401315,\"patell_z\":0.45827460220344524,\"patell_p\":0.6467551685217463,\"ar_daily\":[0.0009212248795865728,-0.002926799968801755,-0.018135693668258294,-0.0004981633311825755,0.029996853162345082,0.01362799037032412],\"dates\":[\"2025-05-20\",\"2025-05-21\",\"2025-05-22\",\"2025-05-23\",\"2025-05-27\",\"2025-05-28\"]},\"Post_+0_+20\":{\"window\":[0,20],\"n_days\":21,\"CAR\":-0.0476704825497858,\"patell_z\":-0.5080296187802947,\"patell_p\":0.611432571798217,\"ar_daily\":[0.0009212248795865728,-0.002926799968801755,-0.018135693668258294,-0.0004981633311825755,0.029996853162345082,0.01362799037032412,0.019857066877701182,-0.008794725612422944,-0.015182461863091065,-0.022580664245126024,-0.010146577556920224,0.011332394728769842,0.01877500411054262,0.0012631436221359968,0.01639509119184414,-0.022248594512812463,-0.03227922850027544,-0.013040736400665042,0.0030686465183722283,-0.013710396418800437,-0.0033638559330513213],\"dates\":[\"2025-05-20\",\"2025-05-21\",\"2025-05-22\",\"2025-05-23\",\"2025-05-27\",\"2025-05-28\",\"2025-05-29\",\"2025-05-30\",\"2025-06-02\",\"2025-06-03\",\"2025-06-04\",\"2025-06-05\",\"2025-06-06\",\"2025-06-09\",\"2025-06-10\",\"2025-06-11\",\"2025-06-12\",\"2025-06-13\",\"2025-06-16\",\"2025-06-17\",\"2025-06-18\"]},\"Post_+0_+60\":{\"window\":[0,60],\"n_days\":61,\"CAR\":-0.12782865291010653,\"patell_z\":-0.7993048108544932,\"patell_p\":0.42411369000470156,\"ar_daily\":[0.0009212248795865728,-0.002926799968801755,-0.018135693668258294,-0.0004981633311825755,0.029996853162345082,0.01362799037032412,0.019857066877701182,-0.008794725612422944,-0.015182461863091065,-0.022580664245126024,-0.0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237/253\"}},\"BHAR_to_now\":{\"T0\":\"2025-05-20\",\"last_date\":\"2026-04-29\",\"n_trading_days\":237,\"calendar_days\":344,\"BH_treated\":0.16513714304240779,\"BH_market\":0.20994754432641627,\"BHAR\":-0.04481040128400848,\"t_LBT\":0.11836338815377505,\"p_LBT\":0.9057797338296973},\"vs_peers\":{\"DAL\":{\"n_days\":237,\"BH_treated\":0.16513714304240779,\"BH_peer\":0.30665661994510107,\"BHAR_vs_peer\":-0.1415194769026933,\"t\":-0.2936705680502038,\"p_two_sided\":0.7690096464062164},\"UAL\":{\"n_days\":237,\"BH_treated\":0.16513714304240779,\"BH_peer\":0.12719409375032953,\"BHAR_vs_peer\":0.03794304929207826,\"t\":0.04310241490821822,\"p_two_sided\":0.965619894271728},\"AAL\":{\"n_days\":237,\"BH_treated\":0.16513714304240779,\"BH_peer\":-0.04637430463591108,\"BHAR_vs_peer\":0.21151144767831886,\"t\":0.5048379074045788,\"p_two_sided\":0.6136726885994541},\"ALK\":{\"n_days\":237,\"BH_treated\":0.16513714304240779,\"BH_peer\":-0.2851277987645048,\"BHAR_vs_peer\":0.45026494180691257,\"t\":1.2490160311751677,\"p_two_sided\":0.21165921042795866},\"JBLU\":{\"n_days\":237,\"BH_treated\":0.16513714304240779,\"BH_peer\":-0.02024289544013458,\"BHAR_vs_peer\":0.18538003848254236,\"t\":0.19098097124558658,\"p_two_sided\":0.8485405015030407},\"ALGT\":{\"n_days\":237,\"BH_treated\":0.16513714304240779,\"BH_peer\":0.35202325006389024,\"BHAR_vs_peer\":-0.18688610702148245,\"t\":-0.5297978892215002,\"p_two_sided\":0.5962520688604496},\"SKYW\":{\"n_days\":237,\"BH_treated\":0.16513714304240779,\"BH_peer\":-0.20962198128599807,\"BHAR_vs_peer\":0.37475912432840586,\"t\":1.1863236419770484,\"p_two_sided\":0.23549451357223972},\"RYAAY\":{\"n_days\":237,\"BH_treated\":0.16513714304240779,\"BH_peer\":0.014560972587538856,\"BHAR_vs_peer\":0.15057617045486893,\"t\":0.44265330241250195,\"p_two_sided\":0.6580165241744933}},\"vs_peers_summary\":{\"n_peers\":8,\"mean_BHAR_vs_peer\":0.13525364851486887,\"median_BHAR_vs_peer\":0.16797810446870565,\"min_BHAR_vs_peer\":-0.18688610702148245,\"max_BHAR_vs_peer\":0.45026494180691257},\"calendar_time_alpha\":{\"monthly_alpha\":0.01180706802174254,\"monthly_beta\":0.43455214630450967,\"n_months\":12,\"t_alpha\":0.309133876923734,\"p_alpha\":0.7572196903441883,\"annualized_alpha\":0.14168481626091048}},{\"label\":\"SB29_senate_passage_2025_04_03\",\"T0\":\"2025-04-03\",\"interpretation\":\"Senate engrossment (RV#159); passage near-certain in Senate\",\"specifications\":[{\"name\":\"Market model (SPY benchmark)\",\"day0_ar\":-0.06176365037653841,\"p_value\":0.004596847789502201,\"p_label\":\"Patell-z p-value\",\"extra\":{\"alpha\":0.00011358728811504758,\"beta\":0.7369860531939383,\"sigma\":0.020359124009694224,\"r2\":0.08824886341257543,\"patell_z\":-2.834005937500343,\"n_estimation_days\":240},\"is_headline\":true},{\"name\":\"Sector-augmented (SPY + JETS)\",\"day0_ar\":-0.02963130649266972,\"p_value\":0.07589924738984477,\"p_label\":\"approx Patell-z p-value (2-factor)\",\"extra\":{\"alpha\":0.0004867611304860874,\"beta_mkt\":-0.19702079764108704,\"beta_sec\":0.8766110866139123,\"sigma\":0.016693771274465675,\"r2\":0.386990710827233,\"patell_z\":-1.774991762226486}},{\"name\":\"Matched pair vs DAL (market-model-adjusted)\",\"day0_ar\":-0.014804563902174932,\"p_value\":0.6101604368239526,\"p_label\":\"two-sided 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p-value\",\"extra\":{\"ar_firm_day0\":0.0011250411658572858,\"ar_peer_day0\":-0.048087160239174365,\"se_delta\":0.030441220233392283,\"t\":1.6166303790624226,\"peer\":\"DAL\"}},{\"name\":\"Raw differential vs DAL\",\"day0_ar\":0.049419165480045546,\"p_value\":null,\"p_label\":\"no inference (point estimate)\",\"extra\":{\"firm_return\":0.002872209897757383,\"peer_return\":-0.04654695558228816}}],\"BHAR\":{\"BHAR_1mo\":{\"firm_BH\":0.011153562505545889,\"mkt_BH\":0.016014664480765495,\"BHAR\":-0.004861101975219606,\"n_days\":21},\"BHAR_3mo\":{\"firm_BH\":-0.01603642024139662,\"mkt_BH\":0.10086411337550771,\"BHAR\":-0.11690053361690433,\"n_days\":63},\"BHAR_6mo\":{\"firm_BH\":0.07457558613298909,\"mkt_BH\":0.16969416988759356,\"BHAR\":-0.09511858375460447,\"n_days\":126},\"BHAR_12mo\":null}},{\"label\":\"LUV_21_552_board_2025_05_16\",\"T0\":\"2025-05-16\",\"interpretation\":\"Board adoption of Fifth Amended and Restated Bylaws (\\u00a721.552 election); 8-K acc 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benchmark)\",\"day0_ar\":-0.004021888921548443,\"p_value\":0.8454541963669167,\"p_label\":\"Patell-z p-value\",\"extra\":{\"alpha\":0.00025624329842821136,\"beta\":1.201965321625125,\"sigma\":0.020590421516934385,\"r2\":0.36053312001796967,\"patell_z\":-0.19492176324148086,\"n_estimation_days\":240},\"is_headline\":true},{\"name\":\"Sector-augmented (SPY + JETS)\",\"day0_ar\":-0.004095961265211661,\"p_value\":0.8074502605704743,\"p_label\":\"approx Patell-z p-value (2-factor)\",\"extra\":{\"alpha\":0.0004128836279195605,\"beta_mkt\":0.09329497377544105,\"beta_sec\":0.8566788342170228,\"sigma\":0.016806241600865565,\"r2\":0.5739811789240539,\"patell_z\":-0.24371667160852362}},{\"name\":\"Matched pair vs DAL (market-model-adjusted)\",\"day0_ar\":-0.008403031236432358,\"p_value\":0.7828375744299216,\"p_label\":\"two-sided p-value\",\"extra\":{\"ar_firm_day0\":-0.004021888921548443,\"ar_peer_day0\":0.004381142314883916,\"se_delta\":0.030470174702938863,\"t\":-0.2757788991482836,\"peer\":\"DAL\"}},{\"name\":\"Raw differential vs DAL\",\"day0_ar\":-0.007740050171412438,\"p_value\":null,\"p_label\":\"no inference (point estimate)\",\"extra\":{\"firm_return\":-0.002451637527178363,\"peer_return\":0.005288412644234075}}],\"BHAR\":{\"BHAR_1mo\":{\"firm_BH\":-0.038373035503122654,\"mkt_BH\":0.004354078287477581,\"BHAR\":-0.042727113790600235,\"n_days\":21},\"BHAR_3mo\":{\"firm_BH\":-0.025102749571671246,\"mkt_BH\":0.07876186593747914,\"BHAR\":-0.10386461550915038,\"n_days\":63},\"BHAR_6mo\":{\"firm_BH\":-0.011562106955086748,\"mkt_BH\":0.12547516678836912,\"BHAR\":-0.13703727374345587,\"n_days\":126},\"BHAR_12mo\":null}}],\"_source_runner\":\"yfinance pull 2026-04-30\",\"_run_at\":\"2026-04-30T20:04:51.746733\"}",
  "_evidence_strength": {
    "badge": "FORTHCOMING",
    "score": 15,
    "max": 100,
    "components": {
      "source_confidence": 0,
      "vote_totals": 0,
      "effective_date": 0,
      "car_estimate": 0,
      "edgar_accession": 15
    }
  },
  "_context_callout": "Mid-to-large-cap firm ($18.0B) with sufficient market depth for reliable event-study identification.",
  "_generated_at": "2026-04-30"
}