Does Experience Help? Exploring the Link Between Tenure and Accuracy
Searching for a Connection
The chart, "Consistency of Reporting Delays Across Years," is designed to show the correlation between an insider's "starting year" and their long-term behavior. If experience led to better results, we would see the colors change from red to green as we move up the chart.
Instead, the colors stay remarkably similar. Whether a person started in 2003 or 2020, they tend to stay in the "red and orange" zones, filing on time about 50% to 60% of the time. This shows a "zero correlation"—meaning that knowing how long someone has been a leader does not help us predict if they will file their paperwork on time.
This research follows **52,743 Unique Owners** and **86,668 Unique Companies** from 2003 through 2025 to see if there is a true link between how long someone has been in the market and how well they follow reporting rules. By organizing millions of records, the study asks a simple question: Do people who have been doing this for decades perform better than those who just started?
Understanding the Participants
The study looks at a very large and busy community to find these connections:
- 52,743 Unique Owners: These are company leaders and board directors. Each one has a unique ID, which allows the study to track their individual “learning curve” over many years.
- 86,668 Unique Companies: These are the businesses where the trades happen. Some companies act as “hubs” where many different leaders are all trying to meet the same deadlines at once.
Why the Lack of Correlation Matters
The most important discovery here is that “Market Experience” and “Reporting Accuracy” are not working together. In many fields, doing a task for 20 years makes you an expert, but here, the hurdles of the two-day rule seem to affect everyone the same way. This suggests that the problem isn’t a lack of knowledge, but a “market friction” that humans cannot easily overcome alone.