{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2018:EHN2JNJWHH4F7XAH2TKGRYUZ2Y","short_pith_number":"pith:EHN2JNJW","canonical_record":{"source":{"id":"1810.12840","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.PM","submitted_at":"2018-10-30T16:27:49Z","cross_cats_sorted":["q-fin.GN"],"title_canon_sha256":"1a2a73c63e3d340823612bda08e63be9fb44486f1069c31858098e7283465b78","abstract_canon_sha256":"a36f7f499cd5ba2adf663677c4d93b78a7e35d4f4cc8d2b0f9f77d54b1798966"},"schema_version":"1.0"},"canonical_sha256":"21dba4b53639f85fdc07d4d468e299d6395fc1b23f2081f423aa7d740ba4a839","source":{"kind":"arxiv","id":"1810.12840","version":1},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1810.12840","created_at":"2026-05-18T00:01:54Z"},{"alias_kind":"arxiv_version","alias_value":"1810.12840v1","created_at":"2026-05-18T00:01:54Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1810.12840","created_at":"2026-05-18T00:01:54Z"},{"alias_kind":"pith_short_12","alias_value":"EHN2JNJWHH4F","created_at":"2026-05-18T12:32:22Z"},{"alias_kind":"pith_short_16","alias_value":"EHN2JNJWHH4F7XAH","created_at":"2026-05-18T12:32:22Z"},{"alias_kind":"pith_short_8","alias_value":"EHN2JNJW","created_at":"2026-05-18T12:32:22Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2018:EHN2JNJWHH4F7XAH2TKGRYUZ2Y","target":"record","payload":{"canonical_record":{"source":{"id":"1810.12840","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.PM","submitted_at":"2018-10-30T16:27:49Z","cross_cats_sorted":["q-fin.GN"],"title_canon_sha256":"1a2a73c63e3d340823612bda08e63be9fb44486f1069c31858098e7283465b78","abstract_canon_sha256":"a36f7f499cd5ba2adf663677c4d93b78a7e35d4f4cc8d2b0f9f77d54b1798966"},"schema_version":"1.0"},"canonical_sha256":"21dba4b53639f85fdc07d4d468e299d6395fc1b23f2081f423aa7d740ba4a839","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-05-18T00:01:54.012457Z","signature_b64":"+iRJW7+hLxiRtC7pF9aR6XKqLgmNuCBlwDFrmEBV9qzPMPWot2mpfXuz/GIhsYGDovpKcBxVHFaaBScAxC+5Cg==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"21dba4b53639f85fdc07d4d468e299d6395fc1b23f2081f423aa7d740ba4a839","last_reissued_at":"2026-05-18T00:01:54.012074Z","signature_status":"signed_v1","first_computed_at":"2026-05-18T00:01:54.012074Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"1810.12840","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":"2026-05-18T00:01:54Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"UoNMYJRayTKyU8MIi1CV7bPpKCwp1+0/AHNB3kudpD38spIfcOurlymqK6E36Zg/sga9oYE6DYE+8lwIikzSAA==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-05-28T16:04:55.600087Z"},"content_sha256":"fd57e8d9d554964f22b3b9ff36435b398e11486b646e88e4664cc871c78ab4aa","schema_version":"1.0","event_id":"sha256:fd57e8d9d554964f22b3b9ff36435b398e11486b646e88e4664cc871c78ab4aa"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2018:EHN2JNJWHH4F7XAH2TKGRYUZ2Y","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"Asset Price Distributions and Efficient Markets","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":["q-fin.GN"],"primary_cat":"q-fin.PM","authors_text":"Caleb Stroup, Ricardo T. Fernholz","submitted_at":"2018-10-30T16:27:49Z","abstract_excerpt":"We explore a decomposition in which returns on a large class of portfolios relative to the market depend on a smooth non-negative drift and changes in the asset price distribution. This decomposition is obtained using general continuous semimartingale price representations, and is thus consistent with virtually any asset pricing model. Fluctuations in portfolio relative returns depend on stochastic time-varying dispersion in asset prices. Thus, our framework uncovers an asset pricing factor whose existence emerges from an accounting identity universal across different economic and financial en"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1810.12840","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":"2026-05-18T00:01:54Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"IRl/iVW/e3aV7+WDSCSf6CQZ+Cq0WTNKa+hs5VVyV3048B+odVAhka1Nh6P6bTCgKtEpXr9zQEft4ykRLKi7BQ==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-05-28T16:04:55.600453Z"},"content_sha256":"f0c2216860de685c855581b9b464d514364d596c9f8f1d81c0b58824f76cc48f","schema_version":"1.0","event_id":"sha256:f0c2216860de685c855581b9b464d514364d596c9f8f1d81c0b58824f76cc48f"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/EHN2JNJWHH4F7XAH2TKGRYUZ2Y/bundle.json","state_url":"https://pith.science/pith/EHN2JNJWHH4F7XAH2TKGRYUZ2Y/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/EHN2JNJWHH4F7XAH2TKGRYUZ2Y/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":"2026-05-28T16:04:55Z","links":{"resolver":"https://pith.science/pith/EHN2JNJWHH4F7XAH2TKGRYUZ2Y","bundle":"https://pith.science/pith/EHN2JNJWHH4F7XAH2TKGRYUZ2Y/bundle.json","state":"https://pith.science/pith/EHN2JNJWHH4F7XAH2TKGRYUZ2Y/state.json","well_known_bundle":"https://pith.science/.well-known/pith/EHN2JNJWHH4F7XAH2TKGRYUZ2Y/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2018:EHN2JNJWHH4F7XAH2TKGRYUZ2Y","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":"a36f7f499cd5ba2adf663677c4d93b78a7e35d4f4cc8d2b0f9f77d54b1798966","cross_cats_sorted":["q-fin.GN"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.PM","submitted_at":"2018-10-30T16:27:49Z","title_canon_sha256":"1a2a73c63e3d340823612bda08e63be9fb44486f1069c31858098e7283465b78"},"schema_version":"1.0","source":{"id":"1810.12840","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1810.12840","created_at":"2026-05-18T00:01:54Z"},{"alias_kind":"arxiv_version","alias_value":"1810.12840v1","created_at":"2026-05-18T00:01:54Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1810.12840","created_at":"2026-05-18T00:01:54Z"},{"alias_kind":"pith_short_12","alias_value":"EHN2JNJWHH4F","created_at":"2026-05-18T12:32:22Z"},{"alias_kind":"pith_short_16","alias_value":"EHN2JNJWHH4F7XAH","created_at":"2026-05-18T12:32:22Z"},{"alias_kind":"pith_short_8","alias_value":"EHN2JNJW","created_at":"2026-05-18T12:32:22Z"}],"graph_snapshots":[{"event_id":"sha256:f0c2216860de685c855581b9b464d514364d596c9f8f1d81c0b58824f76cc48f","target":"graph","created_at":"2026-05-18T00:01:54Z","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 explore a decomposition in which returns on a large class of portfolios relative to the market depend on a smooth non-negative drift and changes in the asset price distribution. This decomposition is obtained using general continuous semimartingale price representations, and is thus consistent with virtually any asset pricing model. Fluctuations in portfolio relative returns depend on stochastic time-varying dispersion in asset prices. Thus, our framework uncovers an asset pricing factor whose existence emerges from an accounting identity universal across different economic and financial en","authors_text":"Caleb Stroup, Ricardo T. Fernholz","cross_cats":["q-fin.GN"],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.PM","submitted_at":"2018-10-30T16:27:49Z","title":"Asset Price Distributions and Efficient Markets"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1810.12840","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:fd57e8d9d554964f22b3b9ff36435b398e11486b646e88e4664cc871c78ab4aa","target":"record","created_at":"2026-05-18T00:01:54Z","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":"a36f7f499cd5ba2adf663677c4d93b78a7e35d4f4cc8d2b0f9f77d54b1798966","cross_cats_sorted":["q-fin.GN"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.PM","submitted_at":"2018-10-30T16:27:49Z","title_canon_sha256":"1a2a73c63e3d340823612bda08e63be9fb44486f1069c31858098e7283465b78"},"schema_version":"1.0","source":{"id":"1810.12840","kind":"arxiv","version":1}},"canonical_sha256":"21dba4b53639f85fdc07d4d468e299d6395fc1b23f2081f423aa7d740ba4a839","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"21dba4b53639f85fdc07d4d468e299d6395fc1b23f2081f423aa7d740ba4a839","first_computed_at":"2026-05-18T00:01:54.012074Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-18T00:01:54.012074Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"+iRJW7+hLxiRtC7pF9aR6XKqLgmNuCBlwDFrmEBV9qzPMPWot2mpfXuz/GIhsYGDovpKcBxVHFaaBScAxC+5Cg==","signature_status":"signed_v1","signed_at":"2026-05-18T00:01:54.012457Z","signed_message":"canonical_sha256_bytes"},"source_id":"1810.12840","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:fd57e8d9d554964f22b3b9ff36435b398e11486b646e88e4664cc871c78ab4aa","sha256:f0c2216860de685c855581b9b464d514364d596c9f8f1d81c0b58824f76cc48f"],"state_sha256":"5e7fef7d0b2690b744e62e02f299d9217faff77034733d029d94f2004406f0e1"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"AMBQxxDbGK+1VcSEE5+n3H8nqjfD+wPmlEV21QdQa6rj4j26dEZqxLoVI59QiFcjA3SVSZI6D9sih00S06iABQ==","signed_message":"bundle_sha256_bytes","signed_at":"2026-05-28T16:04:55.602456Z","bundle_sha256":"aabb213fbc83da484fa7c894026f513d23a8713101286c2b77986510c698b7fd"}}