Compute the forward-adjusted prices of an asset from:

• Unadjusted close prices
• Capital distributions, like stock dividends
• Splits, like stock splits

The adjustment base date is chosen to be the first date for which unadjusted prices are available, which implies that:

• The price on the first date for which unadjusted prices are available is left unadjusted
• The price on any other date is adjusted based on the capital distributions and the splits which occurred between this date and the first date for which unadjusted prices are available

References

• Center for Research in Security Prices