{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2015:54HFOM2LJSO2JV5YCWRLM7T3B7","short_pith_number":"pith:54HFOM2L","canonical_record":{"source":{"id":"1503.09004","kind":"arxiv","version":2},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.ST","submitted_at":"2015-03-31T11:18:59Z","cross_cats_sorted":[],"title_canon_sha256":"dd94ec757970034720c20da376e51db41f88c24dc98fd80627fcaea427bb2582","abstract_canon_sha256":"5d36e03b9dca533b08aac2a433efa54cae8dba39cdfeabbf56dab362c51b9fc0"},"schema_version":"1.0"},"canonical_sha256":"ef0e57334b4c9da4d7b815a2b67e7b0fd7ff92b84887def6a35889a5df873feb","source":{"kind":"arxiv","id":"1503.09004","version":2},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1503.09004","created_at":"2026-05-18T01:31:39Z"},{"alias_kind":"arxiv_version","alias_value":"1503.09004v2","created_at":"2026-05-18T01:31:39Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1503.09004","created_at":"2026-05-18T01:31:39Z"},{"alias_kind":"pith_short_12","alias_value":"54HFOM2LJSO2","created_at":"2026-05-18T12:29:05Z"},{"alias_kind":"pith_short_16","alias_value":"54HFOM2LJSO2JV5Y","created_at":"2026-05-18T12:29:05Z"},{"alias_kind":"pith_short_8","alias_value":"54HFOM2L","created_at":"2026-05-18T12:29:05Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2015:54HFOM2LJSO2JV5YCWRLM7T3B7","target":"record","payload":{"canonical_record":{"source":{"id":"1503.09004","kind":"arxiv","version":2},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.ST","submitted_at":"2015-03-31T11:18:59Z","cross_cats_sorted":[],"title_canon_sha256":"dd94ec757970034720c20da376e51db41f88c24dc98fd80627fcaea427bb2582","abstract_canon_sha256":"5d36e03b9dca533b08aac2a433efa54cae8dba39cdfeabbf56dab362c51b9fc0"},"schema_version":"1.0"},"canonical_sha256":"ef0e57334b4c9da4d7b815a2b67e7b0fd7ff92b84887def6a35889a5df873feb","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-05-18T01:31:39.884428Z","signature_b64":"GpzV9M++P8peuDwvDCq7sclk0UzQSGcLrt6ZaZX6uyWdKvah5D0jg2uows2UpaT6Nsc4XYPCLm7G+zsvrQ3FBA==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"ef0e57334b4c9da4d7b815a2b67e7b0fd7ff92b84887def6a35889a5df873feb","last_reissued_at":"2026-05-18T01:31:39.883963Z","signature_status":"signed_v1","first_computed_at":"2026-05-18T01:31:39.883963Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"1503.09004","source_version":2,"attestation_state":"computed"},"signer":{"signer_id":"pith.science","signer_type":"pith_registry","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"created_at":"2026-05-18T01:31:39Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"+PbjW1qFLcnccZR44tpPWwMBtLwITpm4Rqzdop7P6OKOgWk4QPKqaNMVvDxtKQn+gVeX+wcEdcZcvGftx2D+Bw==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-06-21T10:34:47.605758Z"},"content_sha256":"b99cb79a10091e18618ef218612cf65bc3dbc0cffb6f304b7700a1665474be7e","schema_version":"1.0","event_id":"sha256:b99cb79a10091e18618ef218612cf65bc3dbc0cffb6f304b7700a1665474be7e"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2015:54HFOM2LJSO2JV5YCWRLM7T3B7","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"Dependence structure of market states","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":[],"primary_cat":"q-fin.ST","authors_text":"Desislava Chetalova, Marcel Wollschl\\\"ager, Rudi Sch\\\"afer","submitted_at":"2015-03-31T11:18:59Z","abstract_excerpt":"We study the dependence structure of market states by estimating empirical pairwise copulas of daily stock returns. We consider both original returns, which exhibit time-varying trends and volatilities, as well as locally normalized ones, where the non-stationarity has been removed. The empirical pairwise copula for each state is compared with a bivariate K-copula. This copula arises from a recently introduced random matrix model, in which non-stationary correlations between returns are modeled by an ensemble of random matrices. The comparison reveals overall good agreement between empirical a"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1503.09004","kind":"arxiv","version":2},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"},"verdict_id":null},"signer":{"signer_id":"pith.science","signer_type":"pith_registry","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"created_at":"2026-05-18T01:31:39Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"RZgZNcDPv5LKpT7OJDERnwoByUt3+kuwX03hPvbOj+YEm/G5EpQDpycf5uLnwBbhxiY0HetiBPGp2YyBH52OBw==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-06-21T10:34:47.606111Z"},"content_sha256":"2965b7fe83ffe4266475a777d3e51581f1ecad2b68d0c363bace463fd1a00df7","schema_version":"1.0","event_id":"sha256:2965b7fe83ffe4266475a777d3e51581f1ecad2b68d0c363bace463fd1a00df7"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/54HFOM2LJSO2JV5YCWRLM7T3B7/bundle.json","state_url":"https://pith.science/pith/54HFOM2LJSO2JV5YCWRLM7T3B7/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/54HFOM2LJSO2JV5YCWRLM7T3B7/bundle.json","status":"primary"}],"public_keys":[{"key_id":"pith-v1-2026-05","algorithm":"ed25519","format":"raw","public_key_b64":"stVStoiQhXFxp4s2pdzPNoqVNBMojDU/fJ2db5S3CbM=","public_key_hex":"b2d552b68890857171a78b36a5dccf368a953413288c353f7c9d9d6f94b709b3","fingerprint_sha256_b32_first128bits":"RVFV5Z2OI2J3ZUO7ERDEBCYNKS","fingerprint_sha256_hex":"8d4b5ee74e4693bcd1df2446408b0d54","rotates_at":null,"url":"https://pith.science/pith-signing-key.json","notes":"Pith uses this Ed25519 key to sign canonical record SHA-256 digests. Verify with: ed25519_verify(public_key, message=canonical_sha256_bytes, signature=base64decode(signature_b64))."}],"merge_version":"pith-open-graph-merge-v1","built_at":"2026-06-21T10:34:47Z","links":{"resolver":"https://pith.science/pith/54HFOM2LJSO2JV5YCWRLM7T3B7","bundle":"https://pith.science/pith/54HFOM2LJSO2JV5YCWRLM7T3B7/bundle.json","state":"https://pith.science/pith/54HFOM2LJSO2JV5YCWRLM7T3B7/state.json","well_known_bundle":"https://pith.science/.well-known/pith/54HFOM2LJSO2JV5YCWRLM7T3B7/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2015:54HFOM2LJSO2JV5YCWRLM7T3B7","merge_version":"pith-open-graph-merge-v1","event_count":2,"valid_event_count":2,"invalid_event_count":0,"equivocation_count":0,"current":{"canonical_record":{"metadata":{"abstract_canon_sha256":"5d36e03b9dca533b08aac2a433efa54cae8dba39cdfeabbf56dab362c51b9fc0","cross_cats_sorted":[],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.ST","submitted_at":"2015-03-31T11:18:59Z","title_canon_sha256":"dd94ec757970034720c20da376e51db41f88c24dc98fd80627fcaea427bb2582"},"schema_version":"1.0","source":{"id":"1503.09004","kind":"arxiv","version":2}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1503.09004","created_at":"2026-05-18T01:31:39Z"},{"alias_kind":"arxiv_version","alias_value":"1503.09004v2","created_at":"2026-05-18T01:31:39Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1503.09004","created_at":"2026-05-18T01:31:39Z"},{"alias_kind":"pith_short_12","alias_value":"54HFOM2LJSO2","created_at":"2026-05-18T12:29:05Z"},{"alias_kind":"pith_short_16","alias_value":"54HFOM2LJSO2JV5Y","created_at":"2026-05-18T12:29:05Z"},{"alias_kind":"pith_short_8","alias_value":"54HFOM2L","created_at":"2026-05-18T12:29:05Z"}],"graph_snapshots":[{"event_id":"sha256:2965b7fe83ffe4266475a777d3e51581f1ecad2b68d0c363bace463fd1a00df7","target":"graph","created_at":"2026-05-18T01:31:39Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"graph_snapshot":{"author_claims":{"count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","strong_count":0},"builder_version":"pith-number-builder-2026-05-17-v1","claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"paper":{"abstract_excerpt":"We study the dependence structure of market states by estimating empirical pairwise copulas of daily stock returns. We consider both original returns, which exhibit time-varying trends and volatilities, as well as locally normalized ones, where the non-stationarity has been removed. The empirical pairwise copula for each state is compared with a bivariate K-copula. This copula arises from a recently introduced random matrix model, in which non-stationary correlations between returns are modeled by an ensemble of random matrices. The comparison reveals overall good agreement between empirical a","authors_text":"Desislava Chetalova, Marcel Wollschl\\\"ager, Rudi Sch\\\"afer","cross_cats":[],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.ST","submitted_at":"2015-03-31T11:18:59Z","title":"Dependence structure of market states"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1503.09004","kind":"arxiv","version":2},"verdict":{"created_at":null,"id":null,"model_set":{},"one_line_summary":"","pipeline_version":null,"pith_extraction_headline":"","strongest_claim":"","weakest_assumption":""}},"verdict_id":null}}],"author_attestations":[],"timestamp_anchors":[],"storage_attestations":[],"citation_signatures":[],"replication_records":[],"corrections":[],"mirror_hints":[],"record_created":{"event_id":"sha256:b99cb79a10091e18618ef218612cf65bc3dbc0cffb6f304b7700a1665474be7e","target":"record","created_at":"2026-05-18T01:31:39Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"attestation_state":"computed","canonical_record":{"metadata":{"abstract_canon_sha256":"5d36e03b9dca533b08aac2a433efa54cae8dba39cdfeabbf56dab362c51b9fc0","cross_cats_sorted":[],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.ST","submitted_at":"2015-03-31T11:18:59Z","title_canon_sha256":"dd94ec757970034720c20da376e51db41f88c24dc98fd80627fcaea427bb2582"},"schema_version":"1.0","source":{"id":"1503.09004","kind":"arxiv","version":2}},"canonical_sha256":"ef0e57334b4c9da4d7b815a2b67e7b0fd7ff92b84887def6a35889a5df873feb","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"ef0e57334b4c9da4d7b815a2b67e7b0fd7ff92b84887def6a35889a5df873feb","first_computed_at":"2026-05-18T01:31:39.883963Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-18T01:31:39.883963Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"GpzV9M++P8peuDwvDCq7sclk0UzQSGcLrt6ZaZX6uyWdKvah5D0jg2uows2UpaT6Nsc4XYPCLm7G+zsvrQ3FBA==","signature_status":"signed_v1","signed_at":"2026-05-18T01:31:39.884428Z","signed_message":"canonical_sha256_bytes"},"source_id":"1503.09004","source_kind":"arxiv","source_version":2}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:b99cb79a10091e18618ef218612cf65bc3dbc0cffb6f304b7700a1665474be7e","sha256:2965b7fe83ffe4266475a777d3e51581f1ecad2b68d0c363bace463fd1a00df7"],"state_sha256":"a28aae330ba32dd03bf50f8bc127bb02e3fd65362b03a3cab0105a1fa5f34cd6"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"i48Rqx31gxvpie+CS/axECWn65BiWcnVxsi7bcVihDlg9wBwkTghNE34fkecot/X7NABmC6Qfc4+eVoce4L2Cw==","signed_message":"bundle_sha256_bytes","signed_at":"2026-06-21T10:34:47.608035Z","bundle_sha256":"e5dfd4c4fb1db73a694c02bada0d5e22633f693af82318be0ade2b3bea6a6ec2"}}