HEADLINE FINDING · CHART GALLERY · DATA AS OF …
Every chart on this page is data-bound to public_firms.json — when a firm moves status, the destination map, vote-approval histogram, and cumulative-pipeline curve all refresh together. No chart caption asserts a number that is not also on disk in the canonical row-by-row file.
Data source: /public_firms.json (curated public schema, revision …). Mappings, color tokens, and chart-as-of date derive from a single build pass; no chart is hand-keyed. MERGED outcomes (e.g. LTRPA → Tripadvisor) are tagged as outcomes, not destination jurisdictions, per event study (coming soon).
Three research-grade visualizations of the post-Tornetta reincorporation wave: state-flow distribution, governance-vs-operational split, and the doctrinal-event timeline that opened the migration window. Every count is computed from the canonical public_firms.json at render time — no hardcoded numbers, no static placeholders.
A live U.S. map of every public company by state of incorporation, with a market-cap slider, an entity-type filter, and Texas highlighted. Drag the size floor and watch Nevada's micro-cap tail empty while Delaware holds. National market-structure context (Capital IQ screen, 5,634 firms) — a different, broader universe than the reincorporation cohort below; labeled as diagnostic, not the index source of record.
Every tracked reincorporation candidate, bucketed three ways — did the move happen, where did it go, and (for Texas movers) who elected the new TBOC §21.552 governance amendment. Every count hydrates from the embedded source list; click any segment for the firms and their EDGAR filings.
All 77 tracked migrants since June 2024, distributed by destination jurisdiction. Inbound-to-Delaware counterflows (e.g. NL Industries NJ→DE; LQR House NV→DE) are row_class = INBOUND_TO_DE in canonical schema and surface as Delaware destinations below for completeness. The MERGED outcome (LTRPA → Tripadvisor) is tagged as an outcome state, not a destination jurisdiction.
by_from_state in public_firms.json: DE dominates; remainder are NJ (e.g. ExxonMobil), MT (United States Antimony), NY (Forward Industries), MI (Universal Logistics), CO (Natural Gas Services), Ireland (Weatherford International), NC (Centene-related), TX, and NV counterflows. Counts refresh when the canonical file changes.
Source: canonical public_firms.json (revision …). Total rows = …; tracked migrant cohort = 77 firms (panel_b_dexit_mover == 1); the remainder are Texas-incumbent, comparator, inactive, watchlist-private, or outside-scope rows. Per BUILD_MANUAL §45 ("no daylight") + the sitewide standing rule on dynamic counters, every count on this page reads from the same canonical aggregation. The MERGED outcome tag is non-jurisdictional and is excluded from destination tallies.
Reincorporation changes the corporate legal home; it does not necessarily move the office. Movers split into two doctrinally distinct populations: operationally-aligned firms whose HQ tracks their new domicile (governance and operations move together), and pure-governance movers whose HQ stays put (the migration is a legal-architecture choice uncoupled from where the company actually works). The second group is the one for which event-study evidence is most informative about governance-only price effects.
Reincorporation moves operations and governance together. Doctrinal signal: governance-only price effect is hard to disentangle from operational-presence effect.
public_firms.json at render. Marker <!-- HYDRATED:FIRM-PILLS-ALIGNED --> below is the JS injection target.The reincorporation decision is uncoupled from operations. Doctrinal signal: cleanest test of governance-only pricing — market reactions here are not contaminated by operating-presence shifts.
public_firms.json at render. Marker <!-- HYDRATED:FIRM-PILLS-PUREGOV --> below is the JS injection target.Source: public_firms.json (revision …) hq_state field. HQ source: EDGAR submissions API addresses.business.stateOrCountry (triple-sourced + WebSearch-verified for disputed rows). Counts dynamically computed from firm.hq_state == firm.to_state; firms with undisclosed or private HQ are excluded from both percentages.
A short, dense sequence of court decisions and statutory reforms created the conditions for the migration. The ribbon below shows the legal architecture firms are responding to; each card links to the primary source.
Every event traces to a primary source URL (Delaware Courts opinion archive, Texas Legislature bill-lookup, SEC EDGAR). Per BUILD_MANUAL §47, no event card claims may rest on practitioner commentary.
Histogram of recorded approval percentages across the cohort. Most reincorporation votes clear by overwhelming margins. The two rejections (TCBI, BURU) failed for different structural reasons — click into the firm pages for the case studies.
Drawn from approval_pct on the 77-firm migrator cohort (mover cohort, not Panel A incumbent count; firms where the figure has been pincite-verified to an 8-K Item 5.07 or DEF 14A; written-consent rows are surfaced separately and not in the histogram). Bin width = 5 percentage points. TCBI failed on a majority-of-votes-cast standard (approximately 45.2%); BURU registered approximately 88% "For" on votes cast but failed the DGCL §266 majority-of-outstanding standard because turnout did not reach the absolute threshold. Sources: TCBI 8-K Item 5.07 (EDGAR) · BURU 8-K Item 5.07 (EDGAR).
HOW WE WORK
The Reincorporation Index is a transparency tracker. The rules below govern what lands in the counts above and what gets cited in the analysis below.
RULE 01
Every URL targets an EDGAR filing, codified statute, court docket, or SEC release. Practitioner blogs may appear as scholarship cites but not as the doctrinal target of a claim.
RULE 02
Every count is bound to public_firms.json at build. Anything readable on this page that reports a firm count flows from one canonical row-by-row aggregation.
RULE 03
Short-form discipline; pin-cites where the page is available; signal-word convention (see, cf., but see) used in the strict Bluebook sense.
RULE 04
A complaint is evidence of what a party alleged; an 8-K is evidence of what a party disclosed. Neither is proof that the underlying claim is true.