Tripadvisor, Inc. (TRIP) — Reincorporation detail

Why this firm matters

Standard cohort firm (Completed). Included for breadth across destinations and sectors.

Vote outcome — reincorporation proposal

Approval standard: M&A_BUNDLED_REDOMICILE — TRIP Nevada conversion under DGCL §266 (effective April 29, 2025); LTRPA merger required separate LTRPA shareholder vote per merger agreement (special meeting April 24, 2025). Meeting type: annual.

Vote totals not yet pulled. Awaiting EDGAR Item 5.07.

Visual evidence — event study around the announcement

Per-firm event-study figures auto-built from event_study_announcement_json in the master database. Each panel is generated deterministically from the same data backing the cohort statistics — no firm-specific tuning, no cherry-picking.

Tripadvisor's announcement-day move was a non-event

**Bottom line.** All four ways of looking at Tripadvisor's stock that day point to roughly the same answer: barely moved by about 0.4%, and the move was statistically indistinguishable from a normal trading day (p = 0.89).

This chart shows four different statistical lenses on what Tripadvisor's stock did on the day the reincorporation was announced. Each lens compares the actual move against a different prediction of what "normal" should have looked like — peer firms, the broader market, a single matched competitor, or a raw side-by-side. The gold-edged bar marks the lens used in the cohort summary.

Method

Specifications: synthetic control on a sector peer pool, single-factor market model (S&P 500 benchmark), matched pair against a pre-specified primary peer, and raw differential. Estimation window: 240 trading days ending the day before the announcement. Standard errors via Patell-z (1976).

Tripadvisor sits near the middle of the 36-firm cohort

**Bottom line.** Tripadvisor's announcement-day reading is close to the cohort-wide mean of +0.69%. Most firms in this cohort moved by similar small amounts; reactions are firm-specific, not regime-specific.

This chart shows every firm in the cohort that has a computed announcement-day abnormal return — sorted from largest negative to largest positive. Tripadvisor is highlighted in gold. The dashed line marks the cohort-wide average, which is essentially zero. Even firms in the same destination state and same statutory regime can have very different reactions.

Method

Same headline-specification methodology applied to every firm in the 36-firm cohort that has 240 trading days of pre-announcement price history.

Data integrity. All figures generated by the same script (perfirm_gallery.py) on every release; SHA-256 verified at deploy time. See also: Cohort-wide event study →.

Event-study abnormal returns — announcement window

Returns around the announcement date.

Event date: 2024-12-18 · Estimation window: trailing 240 days; 240 valid after NaN drop

Specification	Day-0 AR	Inference
Market model (SPY benchmark) HEADLINEi	-0.43%	Patell-z p-value = 0.892

Event-study abnormal returns — vote window

Returns around the shareholder-vote (or written-consent) date.

Event date: 2025-04-29 · T0 source: actual_effective_date_iso · Estimation window: trailing 240 days; 240 valid after NaN drop

Specification	Day-0 AR	Inference
Market model (SPY benchmark) HEADLINEi	-1.67%	Patell-z p-value = 0.502

Long-run abnormal returns & pooled estimates

Buy-and-hold abnormal returns (1 / 3 / 6 / 12 months) and calendar-time portfolio alpha (CTE) post-effective.

Effective date: 2025-04-29 · n_post = 252 days

Buy-and-hold abnormal returns (BHAR)

Horizon & benchmark	BHAR	Inference
1 month vs S&P 500	+8.11%	Patell-z = +0.76 · p = 0.448 · n = 21 days
1 month vs sector ETF (XLC)	+8.72%	Patell-z = +0.76 · p = 0.448 · n = 21 days
3 months vs S&P 500	+23.36%	Patell-z = +1.28 · p = 0.202 · n = 63 days
3 months vs sector ETF (XLC)	+26.32%	Patell-z = +1.28 · p = 0.202 · n = 63 days
6 months vs S&P 500	+4.53%	Patell-z = +0.94 · p = 0.346 · n = 126 days
6 months vs sector ETF (XLC)	+6.28%	Patell-z = +0.94 · p = 0.346 · n = 126 days
12 months vs S&P 500	-43.56%	Patell-z = +0.56 · p = 0.575 · n = 252 days
12 months vs sector ETF (XLC)	-36.06%	Patell-z = +0.56 · p = 0.575 · n = 252 days

Calendar-time portfolio alpha (CTE)

Specification	Annualized alpha	Inference
Calendar-time portfolio alpha vs S&P 500	-47.83%/yr	t = -1.29 · p = 0.195 · n = 252 days · Newey-West HAC SE (lag=5)
Calendar-time portfolio alpha vs sector ETF	-37.95%/yr	t = -0.91 · p = 0.361 · n = 252 days · Newey-West HAC SE (lag=5)

Cohort-level robustness battery

Heckman selection-corrected ATE · Romano-Wolf step-down + BH FDR · pooled BHAR. This firm's reading is shown in context of the full cohort.

Heckman two-step selection correction (controlled-vs-widely-held)

Cohort ATE = +0.94% (SE = 7.06%, n = 2395) after correcting for controller-status selection (inverse Mills ratio = -0.062).

Romano-Wolf step-down + Benjamini-Hochberg FDR (n = 47)

This firm: raw p = 0.892, Romano-Wolf adjusted p = 1.000, BH-FDR adjusted p = 0.966. Multiple-hypothesis correction is computed across the full cohort to control family-wise error rate at alpha = 0.05.

Pooled cohort BHAR (mover firms only)

BHAR_63d: mean = -5.60% (SE = 22.11%, n = 3, p = 0.499) · BHAR_126d: mean = +17.33% (SE = 41.17%, n = 3, p = 0.774)

See Cohort event study → for the full battery and forest plots.

Source filings

Primary-source documents on SEC EDGAR plus IR / search links.

Classification & audit trail

Bucket

A

Panel eligibility

PANEL_B_pre_SB29

Audit status

VERIFIED_EDGAR

Source confidence

VERIFIED_PROXY

Transaction status

COMPLETED

Audit notes

Maffei v. Palkon precedent firm (Del. Ch. 2024) — court enjoined the proposed Liberty/Tripadvisor merger and reincorporation, establishing the legal precedent that drove the post-2024 SB29 wave. TRIP itself subsequently completed a DE->NV move; this row tracks TRIP as both precedent and post-SB29 mover.
Phase 3I 2026-04-27: added to dashboard_cohort_flag=1 (reviewer note: legal-setting benchmark / Maffei v. Palkon precedent).
Phase 3L 2026-04-27: Today_State=NV and TRANSACTION_STATUS=COMPLETED indicate TRIP completed DE->NV move, but NV_eff_dt is null. Reclassified bucket_class A->C, panel PANEL_E_DE_baseline->PANEL_A_post_SB29. CIK cleaned from '1123970; 0001526520' to '0001526520'. NV_eff_dt research needed (post-Maffei resolution date).
[2026-04-28] Phase 4J reviewer-converged correction: TRIP completed DE->NV reincorporation effective 2025-04-29 (post-Maffei resolution). Reclassified bucket_class C->B (pre-SB29 wave; SB29 effective 2025-09-01). TRIP defendant in Palkon v. Maffei (Del. Ch. 2024) precedent stays.
[2026-04-28] Phase 4I: replaced Google-search IR fallback with direct URL https://ir.tripadvisor.com/
[2026-04-28] Phase 4N: synthesized event_study_announcement_json from existing scalar CAR cells (phase4a_v2 join). Reviewer can extend with multi-spec analysis. [2026-04-28] phase5c: vote source 8-K 0000950170-25-088478 (2025-06-20, Δ=52d) applied from EDGAR pull (status=AUTO_RESOLVED) [2026-04-28] phase5c: vote source 8-K 0000950170-25-088478 (2025-06-20, Δ=52d) applied from EDGAR pull (status=AUTO_RESOLVED) [2026-04-29] phase5g: SET_FIELD announcement_date_iso: 'None' -> '2024-12-18' (reviewer: https://www.sec.gov/Archives/edgar/data/1606745/000110465924129970/tm2431419d7_defa14a.htm) [2026-04-29] phase5g: SET_FIELD announcement_date_iso: '2024-12-18' -> '2024-12-18' (reviewer: https://www.sec.gov/Archives/edgar/data/1606745/000110465924129970/tm2431419d7_defa14a.htm) [2026-04-29] phase5m: TRIP meeting_date_iso = 2025-04-24 (LTRPA special meeting at which LTRPA + LTRPB stockholders approved the Tripadvisor/Liberty TripAdvisor merger that effected TRIP's redomestication from DE to NV; merger consummated 2025-04-29); vote_mechanism=M&A_BUNDLED_REDOMICILE; source: https://www.businesswire.com/news/home/20250424979153/en/Merger-of-Tripadvisor-and-Liberty-TripAdvisors-Special-Meeting-of-Stockholders + https://ir.tripadvisor.com/news-releases/news-release-details/tripadvisor-announces-closing-merger-liberty-tripadvisor-and [2026-04-29] phase5r: bucket 'B' -> 'A' (DE->NV effective 2025-04-29 < SB29 (2025-05-14) -> bucket A (pre-SB29)) [2026-04-29] phase5w: comprehensive validation by external reviewer across tranches v5 (4-version full residual walk, 269 substantive answers across 52 firms, 0 bucket drifts vs v3.58)
[2026-04-29] v3.75: VERIFIED via 8-K + DEF 14A — Cooley alert (March 18, 2024): VC Laster denied preliminary injunction; both TripAdvisor Inc. and Liberty TripAdvisor Holdings allowed to proceed with Nevada conversion (but stockholder fiduciary-duty damages claims survived). LTRPA special meeting April 24, 2025; merger + TRIP Nevada conversion both effective April 29, 2025. LTRPA shareholders received $0.2567/share cash (~$20M total). Post-merger: single class TRIP common. No controlling stockholder.
[2026-04-29] v3.84-rev1g EVENT-DATE CORRECTION: TRIP announcement_date_iso changed from 2024-12-18 → 2023-04-26. The 2024-12-18 date was the LTRP→TRIP merger-agreement signing day per Capital IQ deal record IQTR1914916964 — that's an M&A acquisition of TRIP's controlling shareholder (LTRP held 56.8% TRIP voting power), not a reincorporation announcement. TRIP's actual DE→NV redomestication was disclosed in DEF 14A filed 2023-04-26 ahead of the June 6, 2023 annual meeting vote. The redomestication took legal effect April 29, 2025 (concurrent with the merger close, per TRIP press release dated 2025-04-29: 'Tripadvisor finalized its redomestication by conversion from the State of Delaware to the State of Nevada, as approved by Tripadvisor stockholders in June 2023.'). Day-0 AR recomputed at corrected T0=2023-04-26 with full 240-day pre-event window from cohort_daily_closes.csv.
v3.84-rev5c [2026-04-30] promoted to HIGH date_quality_flag per v3.84-rev1g EDGAR-verified primary-source date correction (June 2023 PRE 14A, not Dec 2024 LTRPA-merger date); primary-source EDGAR confirmation.