{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2014:6UCW4G7RMZVIMMI4BZCYEXB3AD","short_pith_number":"pith:6UCW4G7R","canonical_record":{"source":{"id":"1409.8497","kind":"arxiv","version":2},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2014-09-30T11:42:55Z","cross_cats_sorted":["cond-mat.stat-mech"],"title_canon_sha256":"8a4a64fcdb33628fd7081745ca0d9d5809d1bf8e302b6f32f40602daeee2e9dc","abstract_canon_sha256":"2ae22fedc0eb787f5a66380f215d83a8323edbafa8e84074d9309b6a029c7d15"},"schema_version":"1.0"},"canonical_sha256":"f5056e1bf1666a86311c0e45825c3b00d9adc10283a40241d3aaeeb37eb8dcd5","source":{"kind":"arxiv","id":"1409.8497","version":2},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1409.8497","created_at":"2026-05-18T01:55:53Z"},{"alias_kind":"arxiv_version","alias_value":"1409.8497v2","created_at":"2026-05-18T01:55:53Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1409.8497","created_at":"2026-05-18T01:55:53Z"},{"alias_kind":"pith_short_12","alias_value":"6UCW4G7RMZVI","created_at":"2026-05-18T12:28:16Z"},{"alias_kind":"pith_short_16","alias_value":"6UCW4G7RMZVIMMI4","created_at":"2026-05-18T12:28:16Z"},{"alias_kind":"pith_short_8","alias_value":"6UCW4G7R","created_at":"2026-05-18T12:28:16Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2014:6UCW4G7RMZVIMMI4BZCYEXB3AD","target":"record","payload":{"canonical_record":{"source":{"id":"1409.8497","kind":"arxiv","version":2},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2014-09-30T11:42:55Z","cross_cats_sorted":["cond-mat.stat-mech"],"title_canon_sha256":"8a4a64fcdb33628fd7081745ca0d9d5809d1bf8e302b6f32f40602daeee2e9dc","abstract_canon_sha256":"2ae22fedc0eb787f5a66380f215d83a8323edbafa8e84074d9309b6a029c7d15"},"schema_version":"1.0"},"canonical_sha256":"f5056e1bf1666a86311c0e45825c3b00d9adc10283a40241d3aaeeb37eb8dcd5","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-05-18T01:55:53.143137Z","signature_b64":"QieDwQ67sYF1shBuQqum0qjAsz53+heVsEVN6faLLiYgUH2uH1eet6nPC1AXbv7FDGZbkHAKC/dW8ZUVuu4JCw==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"f5056e1bf1666a86311c0e45825c3b00d9adc10283a40241d3aaeeb37eb8dcd5","last_reissued_at":"2026-05-18T01:55:53.142544Z","signature_status":"signed_v1","first_computed_at":"2026-05-18T01:55:53.142544Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"1409.8497","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":"2026-05-18T01:55:53Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"DzezNGIA9TquC2u273zi/NIA551qaISwm5YdjhzuS5K5VsTcCxi8eHzrOVIKIV7wggREb/fspxhvhEVcYLb3CQ==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-05-30T08:10:46.671077Z"},"content_sha256":"dc0abeefcc13f269eeadf4ce6767ce08872d3af0229bcd53e3c1fd70eaedf59d","schema_version":"1.0","event_id":"sha256:dc0abeefcc13f269eeadf4ce6767ce08872d3af0229bcd53e3c1fd70eaedf59d"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2014:6UCW4G7RMZVIMMI4BZCYEXB3AD","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"Apparent impact: the hidden cost of one-shot trades","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":["cond-mat.stat-mech"],"primary_cat":"q-fin.TR","authors_text":"Iacopo Mastromatteo","submitted_at":"2014-09-30T11:42:55Z","abstract_excerpt":"We study the problem of the execution of a moderate size order in an illiquid market within the framework of a solvable Markovian model. We suppose that in order to avoid impact costs, a trader decides to execute her order through a unique trade, waiting for enough liquidity to accumulate at the best quote. We find that despite the absence of a proper price impact, such trader faces an execution cost arising from a non-vanishing correlation among volume at the best quotes and price changes. We characterize analytically the statistics of the execution time and its cost by mapping the problem to"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1409.8497","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":"2026-05-18T01:55:53Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"tCLQgw0FLTzGSjcqBUkrUoZS9+dbYIzs5HbHTTIxcSnSqrwENy9QJmzbLjTUPAc+dpOxsinXyMsdZ/F/Az6dDQ==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-05-30T08:10:46.671444Z"},"content_sha256":"3e48fa15ef6cac046164ea3d575b20c6c158f23ad5298656e785503beab9f701","schema_version":"1.0","event_id":"sha256:3e48fa15ef6cac046164ea3d575b20c6c158f23ad5298656e785503beab9f701"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/6UCW4G7RMZVIMMI4BZCYEXB3AD/bundle.json","state_url":"https://pith.science/pith/6UCW4G7RMZVIMMI4BZCYEXB3AD/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/6UCW4G7RMZVIMMI4BZCYEXB3AD/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":"2026-05-30T08:10:46Z","links":{"resolver":"https://pith.science/pith/6UCW4G7RMZVIMMI4BZCYEXB3AD","bundle":"https://pith.science/pith/6UCW4G7RMZVIMMI4BZCYEXB3AD/bundle.json","state":"https://pith.science/pith/6UCW4G7RMZVIMMI4BZCYEXB3AD/state.json","well_known_bundle":"https://pith.science/.well-known/pith/6UCW4G7RMZVIMMI4BZCYEXB3AD/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2014:6UCW4G7RMZVIMMI4BZCYEXB3AD","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":"2ae22fedc0eb787f5a66380f215d83a8323edbafa8e84074d9309b6a029c7d15","cross_cats_sorted":["cond-mat.stat-mech"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2014-09-30T11:42:55Z","title_canon_sha256":"8a4a64fcdb33628fd7081745ca0d9d5809d1bf8e302b6f32f40602daeee2e9dc"},"schema_version":"1.0","source":{"id":"1409.8497","kind":"arxiv","version":2}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1409.8497","created_at":"2026-05-18T01:55:53Z"},{"alias_kind":"arxiv_version","alias_value":"1409.8497v2","created_at":"2026-05-18T01:55:53Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1409.8497","created_at":"2026-05-18T01:55:53Z"},{"alias_kind":"pith_short_12","alias_value":"6UCW4G7RMZVI","created_at":"2026-05-18T12:28:16Z"},{"alias_kind":"pith_short_16","alias_value":"6UCW4G7RMZVIMMI4","created_at":"2026-05-18T12:28:16Z"},{"alias_kind":"pith_short_8","alias_value":"6UCW4G7R","created_at":"2026-05-18T12:28:16Z"}],"graph_snapshots":[{"event_id":"sha256:3e48fa15ef6cac046164ea3d575b20c6c158f23ad5298656e785503beab9f701","target":"graph","created_at":"2026-05-18T01:55:53Z","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 problem of the execution of a moderate size order in an illiquid market within the framework of a solvable Markovian model. We suppose that in order to avoid impact costs, a trader decides to execute her order through a unique trade, waiting for enough liquidity to accumulate at the best quote. We find that despite the absence of a proper price impact, such trader faces an execution cost arising from a non-vanishing correlation among volume at the best quotes and price changes. We characterize analytically the statistics of the execution time and its cost by mapping the problem to","authors_text":"Iacopo Mastromatteo","cross_cats":["cond-mat.stat-mech"],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2014-09-30T11:42:55Z","title":"Apparent impact: the hidden cost of one-shot trades"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1409.8497","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:dc0abeefcc13f269eeadf4ce6767ce08872d3af0229bcd53e3c1fd70eaedf59d","target":"record","created_at":"2026-05-18T01:55:53Z","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":"2ae22fedc0eb787f5a66380f215d83a8323edbafa8e84074d9309b6a029c7d15","cross_cats_sorted":["cond-mat.stat-mech"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2014-09-30T11:42:55Z","title_canon_sha256":"8a4a64fcdb33628fd7081745ca0d9d5809d1bf8e302b6f32f40602daeee2e9dc"},"schema_version":"1.0","source":{"id":"1409.8497","kind":"arxiv","version":2}},"canonical_sha256":"f5056e1bf1666a86311c0e45825c3b00d9adc10283a40241d3aaeeb37eb8dcd5","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"f5056e1bf1666a86311c0e45825c3b00d9adc10283a40241d3aaeeb37eb8dcd5","first_computed_at":"2026-05-18T01:55:53.142544Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-18T01:55:53.142544Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"QieDwQ67sYF1shBuQqum0qjAsz53+heVsEVN6faLLiYgUH2uH1eet6nPC1AXbv7FDGZbkHAKC/dW8ZUVuu4JCw==","signature_status":"signed_v1","signed_at":"2026-05-18T01:55:53.143137Z","signed_message":"canonical_sha256_bytes"},"source_id":"1409.8497","source_kind":"arxiv","source_version":2}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:dc0abeefcc13f269eeadf4ce6767ce08872d3af0229bcd53e3c1fd70eaedf59d","sha256:3e48fa15ef6cac046164ea3d575b20c6c158f23ad5298656e785503beab9f701"],"state_sha256":"709fa81f402b398d59f9d7233f0bef58d2b871ff30fb5160afea6de7e29a070a"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"3d1iaxJRetHFibNhHSTljs8Fzc4KtbAXEs1w7gLi2VqrfqT6/8aQGBY15gr2f61VeCoMh9QAKCC0OCzZsOlJBg==","signed_message":"bundle_sha256_bytes","signed_at":"2026-05-30T08:10:46.673631Z","bundle_sha256":"b8a7679982da3ffbe8804db4ce21ef84612181f9f58c517bc89cd8e9bef69a5e"}}