@insiderfinance/totalfinance 0.1.0

package/modules/valuation/dist/probabilistic.d.ts.map

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package/modules/valuation/dist/probabilistic.js

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+/**
+ * FC2 — the probabilistic DCF. Explicit marginal distributions over named DCF variables, explicit
+ * dependence, explicit sample count and seed. It never turns an unlabeled base case into a
+ * stochastic forecast: every randomized variable is declared, everything else stays fixed, and the
+ * same seed reproduces the run exactly.
+ */
+import { requireRepresentableResult, ErrorCode, InputError, ensureKnownKeys, requireArgumentObject, requireFiniteFields, } from '../../core/dist/index.js';
+import { correlatedNormalSampler, mulberry32, normalCdf, normalSample, quantile, } from '../../math/dist/index.js';
+import { discountedCashFlow, } from './discounted-cash-flow.js';
+import {} from './corporate-primitives.js';
+const TRIANGULAR_EXAMPLE = "probabilisticDiscountedCashFlow({ discountedCashFlowInput, distributions: [{ variable: 'annual-discount-rate', distribution: { type: 'normal', mean: 0.09, standardDeviation: 0.01 } }], sampleCount: 10_000, seed: 42 })";
+/**
+ * The most samples one run accepts (2026-08-23 review, P0 "unbounded work"): every sample draws
+ * the declared marginals AND runs one full {@link discountedCashFlow} — measured at ~7.7 µs per
+ * sample (100,000 samples of a 5-flow DCF with two randomized variables in 768 ms on an ordinary
+ * laptop), so the cap is ~8 seconds of synchronous work, and Monte-Carlo error at 10⁶ samples
+ * (∝ 1/√n ≈ 0.1%) is far below any DCF's model error. The old `Number.isInteger` gate admitted
+ * `sampleCount: 1e308` (`Number.isInteger(1e308)` is `true`) — effectively infinite work, and a
+ * literally non-terminating loop above 2^53 where `sample++` stops changing.
+ */
+const MAX_SAMPLE_COUNT = 1_000_000;
+function validateDistribution(index, marginal) {
+    requireArgumentObject('probabilisticDiscountedCashFlow', `distributions[${index}].distribution`, marginal);
+    const type = marginal.type;
+    if (type === 'normal') {
+        ensureKnownKeys('probabilisticDiscountedCashFlow', `distributions[${index}].distribution`, marginal, ['type', 'mean', 'standardDeviation']);
+        requireFiniteFields('probabilisticDiscountedCashFlow', marginal, ['mean', 'standardDeviation'], { exampleCall: TRIANGULAR_EXAMPLE });
+        if (marginal.standardDeviation < 0) {
+            throw new InputError(`probabilisticDiscountedCashFlow: distributions[${index}].distribution.standardDeviation must be ≥ 0 (zero is the degenerate point mass). Received ${marginal.standardDeviation}.`, {
+                code: ErrorCode.InputOutOfRange,
+                context: { field: `distributions[${index}].distribution.standardDeviation` },
+            });
+        }
+        return;
+    }
+    if (type === 'uniform') {
+        ensureKnownKeys('probabilisticDiscountedCashFlow', `distributions[${index}].distribution`, marginal, ['type', 'from', 'to']);
+        requireFiniteFields('probabilisticDiscountedCashFlow', marginal, ['from', 'to'], { exampleCall: TRIANGULAR_EXAMPLE });
+        if (marginal.from > marginal.to) {
+            throw new InputError(`probabilisticDiscountedCashFlow: distributions[${index}].distribution requires from ≤ to. Received from ${marginal.from}, to ${marginal.to}.`, {
+                code: ErrorCode.InputOutOfRange,
+                context: { field: `distributions[${index}].distribution` },
+            });
+        }
+        return;
+    }
+    if (type === 'triangular') {
+        ensureKnownKeys('probabilisticDiscountedCashFlow', `distributions[${index}].distribution`, marginal, ['type', 'minimum', 'mode', 'maximum']);
+        requireFiniteFields('probabilisticDiscountedCashFlow', marginal, ['minimum', 'mode', 'maximum'], { exampleCall: TRIANGULAR_EXAMPLE });
+        const { minimum, mode, maximum } = marginal;
+        if (!(minimum <= mode && mode <= maximum) || minimum === maximum) {
+            throw new InputError(`probabilisticDiscountedCashFlow: distributions[${index}].distribution requires minimum ≤ mode ≤ maximum with minimum < maximum. Received min ${minimum}, mode ${mode}, max ${maximum}.`, {
+                code: ErrorCode.InputOutOfRange,
+                context: { field: `distributions[${index}].distribution` },
+            });
+        }
+        return;
+    }
+    throw new InputError(`probabilisticDiscountedCashFlow: distributions[${index}].distribution.type must be 'normal' | 'uniform' | 'triangular'. Received ${type === null ? 'null' : JSON.stringify(type)}.`, {
+        code: ErrorCode.InputInvalidEnum,
+        context: { field: `distributions[${index}].distribution.type` },
+    });
+}
+/** Inverse CDF of the marginal at the probability carried by a standard normal draw. */
+function transformMarginal(marginal, standardNormal) {
+    if (marginal.type === 'normal') {
+        return marginal.mean + marginal.standardDeviation * standardNormal;
+    }
+    const probability = normalCdf(standardNormal);
+    if (marginal.type === 'uniform') {
+        return marginal.from + (marginal.to - marginal.from) * probability;
+    }
+    const { minimum, mode, maximum } = marginal;
+    const modeFraction = (mode - minimum) / (maximum - minimum);
+    if (probability <= modeFraction) {
+        return minimum + Math.sqrt(probability * (maximum - minimum) * (mode - minimum));
+    }
+    return maximum - Math.sqrt((1 - probability) * (maximum - minimum) * (maximum - mode));
+}
+function applyVariables(base, variables, draws) {
+    let trial = base;
+    variables.forEach((randomized, index) => {
+        const value = draws[index];
+        if (randomized.variable === 'annual-discount-rate') {
+            trial = { ...trial, annualDiscountRate: value };
+            return;
+        }
+        if (randomized.variable === 'perpetual-growth-rate') {
+            trial = {
+                ...trial,
+                terminalValueMethod: {
+                    ...trial.terminalValueMethod,
+                    perpetualGrowthRate: value,
+                },
+            };
+            return;
+        }
+        // cash-flow-scale: the whole stream scales together — projections AND the terminal amount.
+        const scaledFlows = trial.projectedCashFlows.map((flow) => 'cashFlowDate' in flow
+            ? { cashFlowDate: flow.cashFlowDate, amount: flow.amount * value }
+            : { timeYears: flow.timeYears, amount: flow.amount * value });
+        const terminal = trial.terminalValueMethod.method === 'perpetual-growth'
+            ? {
+                ...trial.terminalValueMethod,
+                terminalCashFlow: trial.terminalValueMethod.terminalCashFlow * value,
+            }
+            : {
+                ...trial.terminalValueMethod,
+                terminalMetricAmount: trial.terminalValueMethod.terminalMetricAmount * value,
+            };
+        trial = { ...trial, projectedCashFlows: scaledFlows, terminalValueMethod: terminal };
+    });
+    return trial;
+}
+/**
+ * Monte-Carlo DCF over the DECLARED randomized variables: Gaussian dependence per the supplied
+ * correlations, inverse-CDF marginal transforms, one direct {@link discountedCashFlow} call per
+ * sample. A draw the model's own domain rejects (e.g. growth at or above the rate) is counted and
+ * excluded with its reason — never clamped into validity. With every distribution degenerate the
+ * run collapses to the deterministic result exactly.
+ */
+export function probabilisticDiscountedCashFlow(input) {
+    requireArgumentObject('probabilisticDiscountedCashFlow', 'input', input);
+    ensureKnownKeys('probabilisticDiscountedCashFlow', 'input', input, [
+        'discountedCashFlowInput',
+        'distributions',
+        'correlationMatrix',
+        'sampleCount',
+        'seed',
+    ]);
+    requireFiniteFields('probabilisticDiscountedCashFlow', input, ['sampleCount', 'seed'], { exampleCall: TRIANGULAR_EXAMPLE });
+    if (!Number.isSafeInteger(input.sampleCount) ||
+        input.sampleCount < 1 ||
+        input.sampleCount > MAX_SAMPLE_COUNT) {
+        throw new InputError(`probabilisticDiscountedCashFlow: sampleCount must be an integer in [1, ${MAX_SAMPLE_COUNT.toLocaleString('en-US')}] — every sample runs a full discountedCashFlow (~8 µs each), so the cap is a few seconds of synchronous work, and Monte-Carlo error at 10^6 samples (∝ 1/√n ≈ 0.1%) is already far below any DCF's model error. Received ${input.sampleCount}.\n  e.g. ${TRIANGULAR_EXAMPLE}`, { code: ErrorCode.InputOutOfRange, context: { field: 'sampleCount' } });
+    }
+    if (!Array.isArray(input.distributions) || input.distributions.length === 0) {
+        throw new InputError(`probabilisticDiscountedCashFlow: distributions must be a non-empty array — with nothing declared random there is nothing probabilistic, use discountedCashFlow directly.`, { code: ErrorCode.InputOutOfRange, context: { field: 'distributions' } });
+    }
+    const seenVariables = new Set();
+    input.distributions.forEach((randomized, index) => {
+        requireArgumentObject('probabilisticDiscountedCashFlow', `distributions[${index}]`, randomized);
+        ensureKnownKeys('probabilisticDiscountedCashFlow', `distributions[${index}]`, randomized, [
+            'variable',
+            'distribution',
+        ]);
+        if (randomized.variable !== 'annual-discount-rate' &&
+            randomized.variable !== 'perpetual-growth-rate' &&
+            randomized.variable !== 'cash-flow-scale') {
+            throw new InputError(`probabilisticDiscountedCashFlow: distributions[${index}].variable must be 'annual-discount-rate' | 'perpetual-growth-rate' | 'cash-flow-scale'. Received ${JSON.stringify(randomized.variable)}.`, {
+                code: ErrorCode.InputInvalidEnum,
+                context: { field: `distributions[${index}].variable` },
+            });
+        }
+        if (seenVariables.has(randomized.variable)) {
+            throw new InputError(`probabilisticDiscountedCashFlow: distributions[${index}] randomizes '${randomized.variable}' twice — one marginal per variable.`, { code: ErrorCode.InputOutOfRange, context: { field: `distributions[${index}].variable` } });
+        }
+        seenVariables.add(randomized.variable);
+        if (randomized.variable === 'perpetual-growth-rate' &&
+            input.discountedCashFlowInput.terminalValueMethod.method !== 'perpetual-growth') {
+            throw new InputError(`probabilisticDiscountedCashFlow: randomizing 'perpetual-growth-rate' requires a perpetual-growth terminal method — the supplied method is '${input.discountedCashFlowInput.terminalValueMethod.method}'.`, { code: ErrorCode.InputOutOfRange, context: { field: `distributions[${index}].variable` } });
+        }
+        validateDistribution(index, randomized.distribution);
+    });
+    const dimension = input.distributions.length;
+    if (input.correlationMatrix !== undefined) {
+        if (!Array.isArray(input.correlationMatrix) ||
+            input.correlationMatrix.length !== dimension ||
+            input.correlationMatrix.some((row) => !Array.isArray(row) || row.length !== dimension)) {
+            throw new InputError(`probabilisticDiscountedCashFlow: correlationMatrix must be ${dimension}×${dimension} to match the declared distributions.`, { code: ErrorCode.InputWrongShape, context: { field: 'correlationMatrix' } });
+        }
+    }
+    // Base case FIRST: an invalid base input fails here, before any sampling.
+    const baseCase = discountedCashFlow(input.discountedCashFlowInput);
+    const generator = mulberry32(input.seed);
+    const sampler = input.correlationMatrix !== undefined
+        ? correlatedNormalSampler(input.correlationMatrix)
+        : null;
+    const values = [];
+    const rejectionReasons = {};
+    let rejected = 0;
+    for (let sample = 0; sample < input.sampleCount; sample++) {
+        const normals = sampler !== null
+            ? sampler(generator)
+            : Array.from({ length: dimension }, () => normalSample(generator));
+        const draws = input.distributions.map((randomized, index) => transformMarginal(randomized.distribution, normals[index]));
+        try {
+            const result = discountedCashFlow(applyVariables(input.discountedCashFlowInput, input.distributions, draws));
+            values.push(result.valuationBasis === 'firm' ? result.enterpriseValue : result.equityValue);
+        }
+        catch (error) {
+            rejected += 1;
+            const message = error.message;
+            // Tally by the stable leading clause so ten thousand rejections read as one line.
+            const reason = message.split(' — ')[0].split('. Received')[0];
+            rejectionReasons[reason] = (rejectionReasons[reason] ?? 0) + 1;
+        }
+    }
+    if (values.length === 0) {
+        throw new InputError(`probabilisticDiscountedCashFlow: every one of the ${input.sampleCount} samples fell outside the model's domain (${Object.keys(rejectionReasons).join('; ')}) — the declared distributions do not overlap the model's admissible region.`, { code: ErrorCode.InputOutOfRange, context: { field: 'distributions' } });
+    }
+    const sorted = [...values].sort((a, b) => a - b);
+    const mean = values.reduce((total, value) => total + value, 0) / values.length;
+    const variance = values.length === 1
+        ? 0
+        : values.reduce((total, value) => total + (value - mean) ** 2, 0) / (values.length - 1);
+    const q = (p) => quantile(sorted, p);
+    return requireRepresentableResult('probabilisticDiscountedCashFlow', {
+        diagnostics: {
+            warnings: Object.entries(rejectionReasons).map(([reason, count]) => `${count} sample${count === 1 ? '' : 's'} rejected: ${reason}`),
+        },
+        valueDescribed: baseCase.valuationBasis === 'firm' ? 'enterpriseValue' : 'equityValue',
+        sampleCount: input.sampleCount,
+        seed: input.seed,
+        validSampleCount: values.length,
+        rejectedSamples: { count: rejected, reasons: rejectionReasons },
+        mean,
+        standardDeviation: Math.sqrt(variance),
+        quantiles: {
+            p05: q(0.05),
+            p10: q(0.1),
+            p25: q(0.25),
+            p50: q(0.5),
+            p75: q(0.75),
+            p90: q(0.9),
+            p95: q(0.95),
+        },
+        minimum: sorted[0],
+        maximum: sorted[sorted.length - 1],
+        probabilityAtOrBelowZero: sorted.filter((value) => value <= 0).length / sorted.length,
+        assumptions: {
+            distributions: input.distributions,
+            correlationMatrix: input.correlationMatrix ?? 'independent',
+            dependence: 'gaussian-copula-over-declared-correlations',
+            baseCase,
+        },
+    });
+}
+//# sourceMappingURL=probabilistic.js.map

package/modules/valuation/dist/probabilistic.js.map

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package/modules/valuation/dist/solvers.d.ts

@@ -0,0 +1,90 @@
+/**
+ * FC1 — return solvers. The plain call returns `number | null` and NEVER chooses among multiple
+ * economically admissible roots silently: `null` means "no root" or "ambiguous — read the
+ * report". `.explain()` reports convergence, the bracket/search range, iterations, EVERY
+ * admissible root found, and an ambiguity warning; callers select an explicit root from it.
+ */
+import { type DayCount, type InterestCompounding, type QuantWarning } from '../../core/dist/index.js';
+import { type DatedCashFlow, type TimedCashFlow } from './flows.js';
+/** One admissible root with the residual NPV at that rate (≈ 0 by construction). */
+export interface InternalRateRoot {
+    annualRate: number;
+    residualNetPresentValue: number;
+}
+/** The `.explain()` report shared by the IRR family (Law 2 envelope). */
+export interface InternalRateOfReturnReport {
+    assumptions: {
+        conventionsVersion: string;
+        compounding: InterestCompounding;
+        /** Present only on the dated head. */
+        dayCount?: DayCount;
+        /** Present only on the dated head. */
+        asOf?: string;
+        searchRange: {
+            from: number;
+            to: number;
+        };
+    };
+    diagnostics: {
+        method: 'scan-bisect';
+        converged: boolean;
+        iterations: number;
+        warnings: QuantWarning[];
+    };
+    /** The plain call's answer: the single root, or null when none or many. */
+    value: number | null;
+    /** EVERY economically admissible root found in the search range. */
+    roots: InternalRateRoot[];
+}
+/** Input for {@link internalRateOfReturn}. */
+export interface InternalRateOfReturnInput {
+    cashFlows: readonly TimedCashFlow[];
+    /** Default `'annual'` — documented and echoed in `.explain()`. */
+    compounding?: InterestCompounding;
+}
+declare function explainInternalRateOfReturn(input: InternalRateOfReturnInput): InternalRateOfReturnReport;
+/**
+ * The internal rate of return of explicit timed flows, or `null` when no admissible root exists
+ * or MORE THAN ONE does — an ambiguous IRR is never chosen silently. `.explain()` carries every
+ * root and the ambiguity warning.
+ */
+export declare const internalRateOfReturn: ((input: InternalRateOfReturnInput) => number | null) & {
+    explain: typeof explainInternalRateOfReturn;
+};
+/** Input for {@link datedInternalRateOfReturn}. */
+export interface DatedInternalRateOfReturnInput {
+    cashFlows: readonly DatedCashFlow[];
+    /** Strict `YYYY-MM-DD` valuation date; flows before it ACCUMULATE forward, never drop. */
+    asOf: string;
+    /** Default `'annual'` — documented and echoed in `.explain()`. */
+    compounding?: InterestCompounding;
+    /** Default `'ACT/365F'` — documented and echoed in `.explain()`. */
+    dayCount?: DayCount;
+}
+declare function explainDatedInternalRateOfReturn(input: DatedInternalRateOfReturnInput): InternalRateOfReturnReport;
+/**
+ * The dated internal rate of return AT `asOf` — historical flows accumulate forward, future
+ * flows discount back, under one declared convention. `null` on no root or ambiguity;
+ * `.explain()` carries every root.
+ */
+export declare const datedInternalRateOfReturn: ((input: DatedInternalRateOfReturnInput) => number | null) & {
+    explain: typeof explainDatedInternalRateOfReturn;
+};
+/** Input for {@link modifiedInternalRateOfReturn}. */
+export interface ModifiedInternalRateOfReturnInput {
+    cashFlows: readonly TimedCashFlow[];
+    /** Annual rate financing the negative flows (decimal). */
+    financeRate: number;
+    /** Annual rate reinvesting the positive flows (decimal). */
+    reinvestmentRate: number;
+    /** Default `'annual'` — documented and echoed. */
+    compounding?: InterestCompounding;
+}
+/**
+ * Modified IRR: negative flows discount to time zero at `financeRate`; positive flows compound to
+ * the horizon at `reinvestmentRate`; the MIRR is the single rate equating them over the horizon.
+ * Deterministic — no root ambiguity exists, so the plain call returns a number.
+ */
+export declare function modifiedInternalRateOfReturn(input: ModifiedInternalRateOfReturnInput): number;
+export {};
+//# sourceMappingURL=solvers.d.ts.map

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package/modules/valuation/dist/solvers.js

@@ -0,0 +1,238 @@
+/**
+ * FC1 — return solvers. The plain call returns `number | null` and NEVER chooses among multiple
+ * economically admissible roots silently: `null` means "no root" or "ambiguous — read the
+ * report". `.explain()` reports convergence, the bracket/search range, iterations, EVERY
+ * admissible root found, and an ambiguity warning; callers select an explicit root from it.
+ */
+import { requireRepresentableResult, compoundFactor, CONVENTIONS_VERSION, discountFactor, ensureKnownKeys, ErrorCode, InputError, isoDateToEpochMs, requireArgumentObject, requireFiniteFields, WarningCode, yearFraction, } from '../../core/dist/index.js';
+import { requireDatedCashFlows, requireTimedCashFlows, } from './flows.js';
+import { requireCompoundingWhenPresent, requireDayCountWhenPresent } from './discounting.js';
+/** The admissible-rate floor: below −100% a periodic growth factor is not positive. */
+const RATE_FLOOR = -0.999999;
+const RATE_CEILING = 10; // 1,000% — beyond this an "IRR" is numerics, not economics
+const SCAN_STEPS = 400;
+const BISECTION_TOLERANCE = 1e-12;
+const MAX_ITERATIONS = 200;
+/** Scan the admissible range for sign changes, then bisect each to a root. */
+function solveRoots(net) {
+    const roots = [];
+    let iterations = 0;
+    let signChanges = 0;
+    let previousRate = RATE_FLOOR;
+    let previousValue = net(previousRate);
+    for (let step = 1; step <= SCAN_STEPS; step++) {
+        const rate = RATE_FLOOR + ((RATE_CEILING - RATE_FLOOR) * step) / SCAN_STEPS;
+        const value = net(rate);
+        iterations++;
+        if (previousValue === 0) {
+            roots.push({ annualRate: previousRate, residualNetPresentValue: 0 });
+            signChanges++;
+        }
+        else if (Number.isFinite(previousValue) &&
+            Number.isFinite(value) &&
+            previousValue * value < 0) {
+            signChanges++;
+            let lowRate = previousRate;
+            let highRate = rate;
+            let lowValue = previousValue;
+            for (let i = 0; i < MAX_ITERATIONS; i++) {
+                iterations++;
+                const midRate = (lowRate + highRate) / 2;
+                const midValue = net(midRate);
+                if (Math.abs(midValue) < BISECTION_TOLERANCE || highRate - lowRate < BISECTION_TOLERANCE) {
+                    roots.push({ annualRate: midRate, residualNetPresentValue: midValue });
+                    break;
+                }
+                if (lowValue * midValue < 0) {
+                    highRate = midRate;
+                }
+                else {
+                    lowRate = midRate;
+                    lowValue = midValue;
+                }
+            }
+        }
+        previousRate = rate;
+        previousValue = value;
+    }
+    // Deduplicate near-identical roots from adjacent scan cells.
+    const deduped = [];
+    for (const root of roots) {
+        if (!deduped.some((existing) => Math.abs(existing.annualRate - root.annualRate) < 1e-9)) {
+            deduped.push(root);
+        }
+    }
+    return { roots: deduped, iterations, signChanges };
+}
+function buildReport(compounding, outcome, extras) {
+    const warnings = [];
+    if (outcome.roots.length > 1) {
+        warnings.push({
+            code: WarningCode.DegenerateInput,
+            message: `multiple economically admissible internal rates exist (${outcome.roots.length}) — the plain call returns null; select an explicit root from this report.`,
+            severity: 'warn',
+            context: { roots: outcome.roots.map((root) => root.annualRate) },
+        });
+    }
+    if (outcome.roots.length === 0) {
+        warnings.push({
+            code: WarningCode.DegenerateInput,
+            message: 'no internal rate exists in the admissible search range — the NPV never crosses zero.',
+            severity: 'warn',
+            context: { searchRange: { from: RATE_FLOOR, to: RATE_CEILING } },
+        });
+    }
+    return {
+        assumptions: {
+            conventionsVersion: CONVENTIONS_VERSION,
+            compounding,
+            ...(extras.dayCount !== undefined ? { dayCount: extras.dayCount } : {}),
+            ...(extras.asOf !== undefined ? { asOf: extras.asOf } : {}),
+            searchRange: { from: RATE_FLOOR, to: RATE_CEILING },
+        },
+        diagnostics: {
+            method: 'scan-bisect',
+            converged: outcome.roots.length > 0,
+            iterations: outcome.iterations,
+            warnings,
+        },
+        value: outcome.roots.length === 1 ? outcome.roots[0].annualRate : null,
+        roots: outcome.roots,
+    };
+}
+const IRR_KEYS = ['cashFlows', 'compounding'];
+function validateIrrInput(functionName, input) {
+    requireArgumentObject(functionName, 'input', input);
+    ensureKnownKeys(functionName, 'input', input, IRR_KEYS);
+    requireTimedCashFlows(functionName, input.cashFlows);
+    requireCompoundingWhenPresent(functionName, input.compounding);
+    const hasPositive = input.cashFlows.some((flow) => flow.amount > 0);
+    const hasNegative = input.cashFlows.some((flow) => flow.amount < 0);
+    if (!hasPositive || !hasNegative) {
+        throw new InputError(`${functionName}: an internal rate needs at least one inflow AND one outflow — all-one-sign cash flows have no crossing NPV.`, { code: ErrorCode.InputOutOfRange, context: { field: 'cashFlows' } });
+    }
+    return input.compounding ?? 'annual';
+}
+function explainInternalRateOfReturn(input) {
+    const compounding = validateIrrInput('internalRateOfReturn.explain', input);
+    const outcome = solveRoots((rate) => {
+        let total = 0;
+        for (const flow of input.cashFlows) {
+            total += flow.amount * discountFactor(rate, flow.timeYears, compounding);
+        }
+        return total;
+    });
+    return buildReport(compounding, outcome, {});
+}
+/**
+ * The internal rate of return of explicit timed flows, or `null` when no admissible root exists
+ * or MORE THAN ONE does — an ambiguous IRR is never chosen silently. `.explain()` carries every
+ * root and the ambiguity warning.
+ */
+export const internalRateOfReturn = Object.assign((input) => {
+    const compounding = validateIrrInput('internalRateOfReturn', input);
+    const outcome = solveRoots((rate) => {
+        let total = 0;
+        for (const flow of input.cashFlows) {
+            total += flow.amount * discountFactor(rate, flow.timeYears, compounding);
+        }
+        return total;
+    });
+    return outcome.roots.length === 1 ? outcome.roots[0].annualRate : null;
+}, { explain: explainInternalRateOfReturn });
+const DATED_IRR_KEYS = ['cashFlows', 'asOf', 'compounding', 'dayCount'];
+const STRICT_DATE = /^\d{4}-\d{2}-\d{2}$/;
+/** Shape via the regex, then the REAL calendar: `2025-02-30` must teach, never normalize. */
+const isCalendarDate = (value) => {
+    try {
+        isoDateToEpochMs(value);
+        return true;
+    }
+    catch {
+        return false;
+    }
+};
+function validateDatedIrrInput(functionName, input) {
+    requireArgumentObject(functionName, 'input', input);
+    ensureKnownKeys(functionName, 'input', input, DATED_IRR_KEYS);
+    requireDatedCashFlows(functionName, input.cashFlows);
+    if (typeof input.asOf !== 'string' ||
+        !STRICT_DATE.test(input.asOf) ||
+        !isCalendarDate(input.asOf)) {
+        throw new InputError(`${functionName}: asOf must be a strict YYYY-MM-DD calendar date. Received ${input.asOf === null ? 'null' : JSON.stringify(input.asOf)}.`, { code: ErrorCode.InputWrongType, context: { field: 'asOf' } });
+    }
+    requireCompoundingWhenPresent(functionName, input.compounding);
+    requireDayCountWhenPresent(functionName, input.dayCount);
+    const hasPositive = input.cashFlows.some((flow) => flow.amount > 0);
+    const hasNegative = input.cashFlows.some((flow) => flow.amount < 0);
+    if (!hasPositive || !hasNegative) {
+        throw new InputError(`${functionName}: an internal rate needs at least one inflow AND one outflow — all-one-sign cash flows have no crossing NPV.`, { code: ErrorCode.InputOutOfRange, context: { field: 'cashFlows' } });
+    }
+    return { compounding: input.compounding ?? 'annual', dayCount: input.dayCount ?? 'ACT/365F' };
+}
+function datedNet(input, compounding, dayCount) {
+    const offsets = input.cashFlows.map((flow) => yearFraction(input.asOf, flow.cashFlowDate, dayCount));
+    return (rate) => {
+        let total = 0;
+        for (let i = 0; i < input.cashFlows.length; i++) {
+            const years = offsets[i];
+            total +=
+                years >= 0
+                    ? input.cashFlows[i].amount * discountFactor(rate, years, compounding)
+                    : input.cashFlows[i].amount * compoundFactor(rate, -years, compounding);
+        }
+        return total;
+    };
+}
+function explainDatedInternalRateOfReturn(input) {
+    const { compounding, dayCount } = validateDatedIrrInput('datedInternalRateOfReturn.explain', input);
+    const outcome = solveRoots(datedNet(input, compounding, dayCount));
+    return buildReport(compounding, outcome, { dayCount, asOf: input.asOf });
+}
+/**
+ * The dated internal rate of return AT `asOf` — historical flows accumulate forward, future
+ * flows discount back, under one declared convention. `null` on no root or ambiguity;
+ * `.explain()` carries every root.
+ */
+export const datedInternalRateOfReturn = Object.assign((input) => {
+    const { compounding, dayCount } = validateDatedIrrInput('datedInternalRateOfReturn', input);
+    const outcome = solveRoots(datedNet(input, compounding, dayCount));
+    return outcome.roots.length === 1 ? outcome.roots[0].annualRate : null;
+}, { explain: explainDatedInternalRateOfReturn });
+const MIRR_KEYS = ['cashFlows', 'financeRate', 'reinvestmentRate', 'compounding'];
+/**
+ * Modified IRR: negative flows discount to time zero at `financeRate`; positive flows compound to
+ * the horizon at `reinvestmentRate`; the MIRR is the single rate equating them over the horizon.
+ * Deterministic — no root ambiguity exists, so the plain call returns a number.
+ */
+export function modifiedInternalRateOfReturn(input) {
+    requireArgumentObject('modifiedInternalRateOfReturn', 'input', input);
+    ensureKnownKeys('modifiedInternalRateOfReturn', 'input', input, MIRR_KEYS);
+    requireFiniteFields('modifiedInternalRateOfReturn', input, ['financeRate', 'reinvestmentRate'], {
+        exampleCall: 'modifiedInternalRateOfReturn({ cashFlows: [{ amount: -1_000, timeYears: 0 }, { amount: 600, timeYears: 1 }, { amount: 600, timeYears: 2 }], financeRate: 0.08, reinvestmentRate: 0.05 })',
+    });
+    requireTimedCashFlows('modifiedInternalRateOfReturn', input.cashFlows);
+    requireCompoundingWhenPresent('modifiedInternalRateOfReturn', input.compounding);
+    const compounding = input.compounding ?? 'annual';
+    const horizon = Math.max(...input.cashFlows.map((flow) => flow.timeYears));
+    if (horizon <= 0) {
+        throw new InputError('modifiedInternalRateOfReturn: the latest cash flow must be after time zero — a zero-length horizon has no periodic return.', { code: ErrorCode.InputOutOfRange, context: { field: 'cashFlows' } });
+    }
+    let financedPresent = 0;
+    let reinvestedTerminal = 0;
+    for (const flow of input.cashFlows) {
+        if (flow.amount < 0) {
+            financedPresent +=
+                -flow.amount * discountFactor(input.financeRate, flow.timeYears, compounding);
+        }
+        else if (flow.amount > 0) {
+            reinvestedTerminal +=
+                flow.amount * compoundFactor(input.reinvestmentRate, horizon - flow.timeYears, compounding);
+        }
+    }
+    if (financedPresent === 0 || reinvestedTerminal === 0) {
+        throw new InputError('modifiedInternalRateOfReturn: needs at least one negative AND one positive cash flow.', { code: ErrorCode.InputOutOfRange, context: { field: 'cashFlows' } });
+    }
+    return requireRepresentableResult('modifiedInternalRateOfReturn', Math.pow(reinvestedTerminal / financedPresent, 1 / horizon) - 1);
+}
+//# sourceMappingURL=solvers.js.map

package/modules/valuation/dist/solvers.js.map

@@ -0,0 +1 @@
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