{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2018:ES3TLTG6AEQTDYIVVRSBQE2JUB","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":"d589a9f5a21d168a500fac202be98128de5516789fb55f176200407226ab4d0f","cross_cats_sorted":[],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.RM","submitted_at":"2018-04-19T07:43:23Z","title_canon_sha256":"0a9f3222ade127d2f180f26bdfd9b7e40471db68d43d68e5517f09a43db650b3"},"schema_version":"1.0","source":{"id":"1804.07022","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1804.07022","created_at":"2026-05-18T00:18:04Z"},{"alias_kind":"arxiv_version","alias_value":"1804.07022v1","created_at":"2026-05-18T00:18:04Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1804.07022","created_at":"2026-05-18T00:18:04Z"},{"alias_kind":"pith_short_12","alias_value":"ES3TLTG6AEQT","created_at":"2026-05-18T12:32:22Z"},{"alias_kind":"pith_short_16","alias_value":"ES3TLTG6AEQTDYIV","created_at":"2026-05-18T12:32:22Z"},{"alias_kind":"pith_short_8","alias_value":"ES3TLTG6","created_at":"2026-05-18T12:32:22Z"}],"graph_snapshots":[{"event_id":"sha256:872db17a436cae1966ad22b64c01b7b44a9a0613fa1d7cb65216f63a287188f5","target":"graph","created_at":"2026-05-18T00:18:04Z","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 find that factors explaining bank loan recovery rates vary depending on the state of the economic cycle. Our modeling approach incorporates a two-state Markov switching mechanism as a proxy for the latent credit cycle, helping to explain differences in observed recovery rates over time. We are able to demonstrate how the probability of default and certain loan-specific and other variables hold different explanatory power with respect to recovery rates over `good' and `bad' times in the credit cycle. That is, the relationship between recovery rates and certain loan characteristics, firm char","authors_text":"Catherine S. Forbes, Hong Wang, Jean-Pierre Fenech, John Vaz","cross_cats":[],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.RM","submitted_at":"2018-04-19T07:43:23Z","title":"The determinants of bank loan recovery rates in good times and bad - new evidence"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1804.07022","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":"sha256:9ca28d47bbe03f357dc06dabb38295da0e7d8672b88b2eee40e05ab660498987","target":"record","created_at":"2026-05-18T00:18:04Z","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":"d589a9f5a21d168a500fac202be98128de5516789fb55f176200407226ab4d0f","cross_cats_sorted":[],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.RM","submitted_at":"2018-04-19T07:43:23Z","title_canon_sha256":"0a9f3222ade127d2f180f26bdfd9b7e40471db68d43d68e5517f09a43db650b3"},"schema_version":"1.0","source":{"id":"1804.07022","kind":"arxiv","version":1}},"canonical_sha256":"24b735ccde012131e115ac64181349a07cb90fd10dfeab96f71ea2ee4245d78a","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"24b735ccde012131e115ac64181349a07cb90fd10dfeab96f71ea2ee4245d78a","first_computed_at":"2026-05-18T00:18:04.556389Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-18T00:18:04.556389Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"QhSX/WzP4wn6nH1KOuE2yogRdCMnPy3MO7EOQMWUgHa0rTGCiX4EkWN50WzhfuV+tszwrdRmskh55ZJGYZxWDg==","signature_status":"signed_v1","signed_at":"2026-05-18T00:18:04.557197Z","signed_message":"canonical_sha256_bytes"},"source_id":"1804.07022","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:9ca28d47bbe03f357dc06dabb38295da0e7d8672b88b2eee40e05ab660498987","sha256:872db17a436cae1966ad22b64c01b7b44a9a0613fa1d7cb65216f63a287188f5"],"state_sha256":"46d2f30b75c3a60c2824208154a405af91848703b5c94a583dd92c80af1b8b3d"}