{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2026:C47G73EI4DN5AFGAB7TPPVWVH6","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":"7486a56e8e9c6ddef12a3a3915e8d28e247fb1fd7ebfd3cbc2da1d8698cc7123","cross_cats_sorted":[],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"stat.AP","submitted_at":"2026-08-10T03:42:26Z","title_canon_sha256":"a79e597f1c68ee14ef199d4e8d5400433a270dd48da4bf93f4ef62dcd7318747"},"schema_version":"1.0","source":{"id":"2608.09089","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2608.09089","created_at":"2026-08-11T02:21:46Z"},{"alias_kind":"arxiv_version","alias_value":"2608.09089v1","created_at":"2026-08-11T02:21:46Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2608.09089","created_at":"2026-08-11T02:21:46Z"},{"alias_kind":"pith_short_12","alias_value":"C47G73EI4DN5","created_at":"2026-08-11T02:21:46Z"},{"alias_kind":"pith_short_16","alias_value":"C47G73EI4DN5AFGA","created_at":"2026-08-11T02:21:46Z"},{"alias_kind":"pith_short_8","alias_value":"C47G73EI","created_at":"2026-08-11T02:21:46Z"}],"graph_snapshots":[{"event_id":"sha256:aaaca51808865c94febaab29a5016fedfd56204d3a0a041ab5153d10f3d43d25","target":"graph","created_at":"2026-08-11T02:21:46Z","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"},"integrity":{"available":true,"clean":true,"detectors_run":[],"endpoint":"/pith/2608.09089/integrity.json","findings":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938","summary":{"advisory":0,"by_detector":{},"critical":0,"informational":0}},"paper":{"abstract_excerpt":"A heavy upper tail in a stock's returns is ambiguous: it can be a lottery tail, transient jump risk that investors overpay for (the MAX discount), or a structural tail, the statistical shadow of an economic reconfiguration that precedes extreme winners. Returns alone cannot separate them, so tail heat alone is not an alpha signal. Our discriminator is the firm's disclosure-measured network: a directed, span-grounded graph from 10-K filings via an auditable LLM pipeline, whose rewiring decomposes into edge birth, death, and drift. The central sign pattern: tail heat with network death is the cr","authors_text":"Fan Yang, Lin Zhang","cross_cats":[],"headline":"","license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"stat.AP","submitted_at":"2026-08-10T03:42:26Z","title":"Extreme Value Alpha and Crash Risk: Separating Structural Tails from Lottery Tails with LLM-Extracted Disclosure Networks"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2608.09089","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":"sha256:6764fc4bd630cef1393017bb31a71b27ba59340fe3721ace76a1d5ab1be8b80c","target":"record","created_at":"2026-08-11T02:21:46Z","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":"7486a56e8e9c6ddef12a3a3915e8d28e247fb1fd7ebfd3cbc2da1d8698cc7123","cross_cats_sorted":[],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"stat.AP","submitted_at":"2026-08-10T03:42:26Z","title_canon_sha256":"a79e597f1c68ee14ef199d4e8d5400433a270dd48da4bf93f4ef62dcd7318747"},"schema_version":"1.0","source":{"id":"2608.09089","kind":"arxiv","version":1}},"canonical_sha256":"173e6fec88e0dbd014c00fe6f7d6d53f9ee1e1db9d36128a4724ce143d65bc5e","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"173e6fec88e0dbd014c00fe6f7d6d53f9ee1e1db9d36128a4724ce143d65bc5e","first_computed_at":"2026-08-11T02:21:46.254699Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-08-11T02:21:46.254699Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"iQb5Q0w4tHZn4yX6cj5iCdEjtt8Rua+Y06zZLFprxhrYax2tXJP4Wt8/E3pYmTJ4dlU0jIMUP/mmL/Hk1bLGAw==","signature_status":"signed_v1","signed_at":"2026-08-11T02:21:46.256433Z","signed_message":"canonical_sha256_bytes"},"source_id":"2608.09089","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:6764fc4bd630cef1393017bb31a71b27ba59340fe3721ace76a1d5ab1be8b80c","sha256:aaaca51808865c94febaab29a5016fedfd56204d3a0a041ab5153d10f3d43d25"],"state_sha256":"b2d7d6cae5c31b24d830943e3e809b0b9414fa9ab35f6e58587437844b9afef2"}