Research Notes

The foundational research note for the Apex G-Score. Covers the complete scoring methodology, six years of backtesting across nine independent periods, quintile analysis, archetype-level performance, axis-level predictive power, and Kill Switch validation. 16 pages, 13 exhibits, 9 academic references.

A sample individual scorecard showing how the G-Score evaluates a single company. TBR axis scores, item-level ratings, radar profile, archetype classification, Kill Switch status, and analyst summary — in a one-page format. Illustrative only; not an actual client report.

Companies with near-perfect transparency and concentrated power. A deep dive into the 28 KOSPI Poison Apple firms — their financial profiles, executive compensation patterns, board structures, and why single-score governance ratings systematically fail to identify them. Includes KOSDAQ comparison: 20.7% Poison Apple prevalence with zero Celestials.

A focused analysis of the Kill Switch mechanism — the binary override that identifies firms whose governance structures enable rapid concentration of control or destruction of minority value. Forward-looking validation: loss rates, debt deterioration, and revenue decline in subsequent years.

Zero Celestial firms. 80.5% D-grade. KOSDAQ firms score higher on Transparency but dramatically lower on Balance and Risk. Within comparable archetypes, KOSDAQ firms underperform KOSPI by 8–12 percentage points. Why governance screening on KOSDAQ is a prerequisite, not a refinement.

Full statistical validation of the three-axis architecture. Why Transparency predicts profitability, Balance predicts loss avoidance, and Risk predicts leverage — and why collapsing them into one score destroys the diagnostic information that matters most. Correlation matrices, regression analysis, and robustness tests.