{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2016:5PNVF4FNGE4GRERTSV7QPJVBQM","short_pith_number":"pith:5PNVF4FN","canonical_record":{"source":{"id":"1607.07510","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.GN","submitted_at":"2016-07-26T00:18:27Z","cross_cats_sorted":[],"title_canon_sha256":"0ad9a480dc22cf1cd0c2b315fa4f5e0d1803115b6631d141b6ae37464116c669","abstract_canon_sha256":"b93e8c2468ea3815359ad2091cd90c1f783164081a24dde959f8d454ea0b422c"},"schema_version":"1.0"},"canonical_sha256":"ebdb52f0ad3138689233957f07a6a183179e85181a52c15637f3de3325080a83","source":{"kind":"arxiv","id":"1607.07510","version":1},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1607.07510","created_at":"2026-05-18T01:10:28Z"},{"alias_kind":"arxiv_version","alias_value":"1607.07510v1","created_at":"2026-05-18T01:10:28Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1607.07510","created_at":"2026-05-18T01:10:28Z"},{"alias_kind":"pith_short_12","alias_value":"5PNVF4FNGE4G","created_at":"2026-05-18T12:30:01Z"},{"alias_kind":"pith_short_16","alias_value":"5PNVF4FNGE4GRERT","created_at":"2026-05-18T12:30:01Z"},{"alias_kind":"pith_short_8","alias_value":"5PNVF4FN","created_at":"2026-05-18T12:30:01Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2016:5PNVF4FNGE4GRERTSV7QPJVBQM","target":"record","payload":{"canonical_record":{"source":{"id":"1607.07510","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.GN","submitted_at":"2016-07-26T00:18:27Z","cross_cats_sorted":[],"title_canon_sha256":"0ad9a480dc22cf1cd0c2b315fa4f5e0d1803115b6631d141b6ae37464116c669","abstract_canon_sha256":"b93e8c2468ea3815359ad2091cd90c1f783164081a24dde959f8d454ea0b422c"},"schema_version":"1.0"},"canonical_sha256":"ebdb52f0ad3138689233957f07a6a183179e85181a52c15637f3de3325080a83","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-05-18T01:10:28.393097Z","signature_b64":"R8AW+hzQisV9LF3kGgphqb+DJfoDBR2eO1a8yOCwhxZzrtJiPoeWbRXq5+zU0AaeOuAs/4G85mId1kSp7EJnCA==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"ebdb52f0ad3138689233957f07a6a183179e85181a52c15637f3de3325080a83","last_reissued_at":"2026-05-18T01:10:28.392592Z","signature_status":"signed_v1","first_computed_at":"2026-05-18T01:10:28.392592Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"1607.07510","source_version":1,"attestation_state":"computed"},"signer":{"signer_id":"pith.science","signer_type":"pith_registry","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"created_at":"2026-05-18T01:10:28Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"GVQrngAwYrwOM5cObXk8OXpspm7FsnDqyqYCfvRTJzSGGluP5ReVY66vwtAqaMeZcUeelITfCxQQmXiojHfMDQ==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-05-28T11:07:37.129667Z"},"content_sha256":"063e70ee5cb6e747446c4e1667efd45bf0ba00fbf4bac2551c6416c8cd5894cc","schema_version":"1.0","event_id":"sha256:063e70ee5cb6e747446c4e1667efd45bf0ba00fbf4bac2551c6416c8cd5894cc"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2016:5PNVF4FNGE4GRERTSV7QPJVBQM","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"The Rank Effect for Commodities","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":[],"primary_cat":"q-fin.GN","authors_text":"Christoffer Koch, Ricardo T. Fernholz","submitted_at":"2016-07-26T00:18:27Z","abstract_excerpt":"We uncover a large and significant low-minus-high rank effect for commodities across two centuries. There is nothing anomalous about this anomaly, nor is it clear how it can be arbitraged away. Using nonparametric econometric methods, we demonstrate that such a rank effect is a necessary consequence of a stationary relative asset price distribution. We confirm this prediction using daily commodity futures prices and show that a portfolio consisting of lower-ranked, lower-priced commodities yields 23% higher annual returns than a portfolio consisting of higher-ranked, higher-priced commodities."},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1607.07510","kind":"arxiv","version":1},"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":"2026-05-18T01:10:28Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"twMWpPyHbjWbnQcN0a6Kc+25yrJ5aw7IlqcIN2Z+5X97Sff+0mey1zIka/E38/smU2TMkO/1//nqlka9q7x+Ag==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-05-28T11:07:37.130019Z"},"content_sha256":"55f4013d759de957a4ae733bf1706011700768105a502b4388cb9415e6f03aec","schema_version":"1.0","event_id":"sha256:55f4013d759de957a4ae733bf1706011700768105a502b4388cb9415e6f03aec"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/5PNVF4FNGE4GRERTSV7QPJVBQM/bundle.json","state_url":"https://pith.science/pith/5PNVF4FNGE4GRERTSV7QPJVBQM/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/5PNVF4FNGE4GRERTSV7QPJVBQM/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":"2026-05-28T11:07:37Z","links":{"resolver":"https://pith.science/pith/5PNVF4FNGE4GRERTSV7QPJVBQM","bundle":"https://pith.science/pith/5PNVF4FNGE4GRERTSV7QPJVBQM/bundle.json","state":"https://pith.science/pith/5PNVF4FNGE4GRERTSV7QPJVBQM/state.json","well_known_bundle":"https://pith.science/.well-known/pith/5PNVF4FNGE4GRERTSV7QPJVBQM/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2016:5PNVF4FNGE4GRERTSV7QPJVBQM","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":"b93e8c2468ea3815359ad2091cd90c1f783164081a24dde959f8d454ea0b422c","cross_cats_sorted":[],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.GN","submitted_at":"2016-07-26T00:18:27Z","title_canon_sha256":"0ad9a480dc22cf1cd0c2b315fa4f5e0d1803115b6631d141b6ae37464116c669"},"schema_version":"1.0","source":{"id":"1607.07510","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1607.07510","created_at":"2026-05-18T01:10:28Z"},{"alias_kind":"arxiv_version","alias_value":"1607.07510v1","created_at":"2026-05-18T01:10:28Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1607.07510","created_at":"2026-05-18T01:10:28Z"},{"alias_kind":"pith_short_12","alias_value":"5PNVF4FNGE4G","created_at":"2026-05-18T12:30:01Z"},{"alias_kind":"pith_short_16","alias_value":"5PNVF4FNGE4GRERT","created_at":"2026-05-18T12:30:01Z"},{"alias_kind":"pith_short_8","alias_value":"5PNVF4FN","created_at":"2026-05-18T12:30:01Z"}],"graph_snapshots":[{"event_id":"sha256:55f4013d759de957a4ae733bf1706011700768105a502b4388cb9415e6f03aec","target":"graph","created_at":"2026-05-18T01:10:28Z","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 uncover a large and significant low-minus-high rank effect for commodities across two centuries. There is nothing anomalous about this anomaly, nor is it clear how it can be arbitraged away. Using nonparametric econometric methods, we demonstrate that such a rank effect is a necessary consequence of a stationary relative asset price distribution. We confirm this prediction using daily commodity futures prices and show that a portfolio consisting of lower-ranked, lower-priced commodities yields 23% higher annual returns than a portfolio consisting of higher-ranked, higher-priced commodities.","authors_text":"Christoffer Koch, Ricardo T. Fernholz","cross_cats":[],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.GN","submitted_at":"2016-07-26T00:18:27Z","title":"The Rank Effect for Commodities"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1607.07510","kind":"arxiv","version":1},"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":"sha256:063e70ee5cb6e747446c4e1667efd45bf0ba00fbf4bac2551c6416c8cd5894cc","target":"record","created_at":"2026-05-18T01:10:28Z","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":"b93e8c2468ea3815359ad2091cd90c1f783164081a24dde959f8d454ea0b422c","cross_cats_sorted":[],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.GN","submitted_at":"2016-07-26T00:18:27Z","title_canon_sha256":"0ad9a480dc22cf1cd0c2b315fa4f5e0d1803115b6631d141b6ae37464116c669"},"schema_version":"1.0","source":{"id":"1607.07510","kind":"arxiv","version":1}},"canonical_sha256":"ebdb52f0ad3138689233957f07a6a183179e85181a52c15637f3de3325080a83","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"ebdb52f0ad3138689233957f07a6a183179e85181a52c15637f3de3325080a83","first_computed_at":"2026-05-18T01:10:28.392592Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-18T01:10:28.392592Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"R8AW+hzQisV9LF3kGgphqb+DJfoDBR2eO1a8yOCwhxZzrtJiPoeWbRXq5+zU0AaeOuAs/4G85mId1kSp7EJnCA==","signature_status":"signed_v1","signed_at":"2026-05-18T01:10:28.393097Z","signed_message":"canonical_sha256_bytes"},"source_id":"1607.07510","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:063e70ee5cb6e747446c4e1667efd45bf0ba00fbf4bac2551c6416c8cd5894cc","sha256:55f4013d759de957a4ae733bf1706011700768105a502b4388cb9415e6f03aec"],"state_sha256":"d2a9cc62763137b1d288230e18d013a48930afe4eca89521396cce18e9201039"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"mR1rgMLcXunTYAF0mouG4hi2vA0n8a3MGqW6sw4WfscMYI2SAugrUJ8+cwEAUB4PiuB5fouE2lA+rgHV8PyIBg==","signed_message":"bundle_sha256_bytes","signed_at":"2026-05-28T11:07:37.132038Z","bundle_sha256":"c16825e98b4aca949b16086161e5255432f56236115d2585c4c0e9abf6ff99cd"}}