{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2026:FEIEZKRWEKWYAOBQKO2KJ3JSWX","short_pith_number":"pith:FEIEZKRW","canonical_record":{"source":{"id":"2606.23596","kind":"arxiv","version":1},"metadata":{"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.GN","submitted_at":"2026-06-22T17:02:49Z","cross_cats_sorted":[],"title_canon_sha256":"684a3ca9fb687d953367aa303bc793eca7858ceb86412a3b209248de82c4c261","abstract_canon_sha256":"0310461a9bf30eb309de70b1d04ba8f55cdd4b647cae7ebfec7f607eeb2f5a60"},"schema_version":"1.0"},"canonical_sha256":"29104caa3622ad80383053b4a4ed32b5c5ead4871776aeb1407841ec91b563ab","source":{"kind":"arxiv","id":"2606.23596","version":1},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2606.23596","created_at":"2026-06-23T03:14:31Z"},{"alias_kind":"arxiv_version","alias_value":"2606.23596v1","created_at":"2026-06-23T03:14:31Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2606.23596","created_at":"2026-06-23T03:14:31Z"},{"alias_kind":"pith_short_12","alias_value":"FEIEZKRWEKWY","created_at":"2026-06-23T03:14:31Z"},{"alias_kind":"pith_short_16","alias_value":"FEIEZKRWEKWYAOBQ","created_at":"2026-06-23T03:14:31Z"},{"alias_kind":"pith_short_8","alias_value":"FEIEZKRW","created_at":"2026-06-23T03:14:31Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2026:FEIEZKRWEKWYAOBQKO2KJ3JSWX","target":"record","payload":{"canonical_record":{"source":{"id":"2606.23596","kind":"arxiv","version":1},"metadata":{"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.GN","submitted_at":"2026-06-22T17:02:49Z","cross_cats_sorted":[],"title_canon_sha256":"684a3ca9fb687d953367aa303bc793eca7858ceb86412a3b209248de82c4c261","abstract_canon_sha256":"0310461a9bf30eb309de70b1d04ba8f55cdd4b647cae7ebfec7f607eeb2f5a60"},"schema_version":"1.0"},"canonical_sha256":"29104caa3622ad80383053b4a4ed32b5c5ead4871776aeb1407841ec91b563ab","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-06-23T03:14:31.877082Z","signature_b64":"REUhV81mKasPsplnN4voI32+Htr+mQqB1oonLUMa/gqpBB71Uy9hU4vfd9GYPXMFfYPQaXS7t5T5esBPVqayAA==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"29104caa3622ad80383053b4a4ed32b5c5ead4871776aeb1407841ec91b563ab","last_reissued_at":"2026-06-23T03:14:31.876725Z","signature_status":"signed_v1","first_computed_at":"2026-06-23T03:14:31.876725Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"2606.23596","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":"2026-06-23T03:14:31Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"wdgZsG3P6WjZoYPN+nejAEYFJAiaOXr3QHr2eLITeZIMPBp1jVvCTC971Vy6NI5+RnR1mXyWcxaIVv2R8xWyDQ==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-06-28T22:14:10.422023Z"},"content_sha256":"7f209842d78365c270bc0ab0a6a632735ee062cd63c7179bc0ab6a7266a038e4","schema_version":"1.0","event_id":"sha256:7f209842d78365c270bc0ab0a6a632735ee062cd63c7179bc0ab6a7266a038e4"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2026:FEIEZKRWEKWYAOBQKO2KJ3JSWX","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"Anatomy of the Market: A Body-Tail Test of Factor Models","license":"http://creativecommons.org/licenses/by/4.0/","headline":"","cross_cats":[],"primary_cat":"q-fin.GN","authors_text":"Useong Shin","submitted_at":"2026-06-22T17:02:49Z","abstract_excerpt":"I ask whether a factor model that prices the aggregate market also prices the market's internal components. I construct a CRSP investible market portfolio and split it into size-ranked body and tail legs that exactly recombine to the market. All models pass the aggregate market test. Yet q5 leaves systematic, offsetting alphas: negative in the body and positive in the tail. Random splits remove the rejection. The evidence suggests that the market can appear priced because internal pricing errors cancel."},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2606.23596","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":""},"integrity":{"clean":true,"summary":{"advisory":0,"critical":0,"by_detector":{},"informational":0},"endpoint":"/pith/2606.23596/integrity.json","findings":[],"available":true,"detectors_run":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938"},"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":"2026-06-23T03:14:31Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"VNj86tVOguBL9AmbL4SSh4OmUJgUcTgZv5sxxlQy0QW0Nutd8IQKXT430w7yyVQMRY5uQnmmwzVHVIa21NylCQ==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-06-28T22:14:10.422393Z"},"content_sha256":"155e523fd6b903683035869edd799db468125c2cf5bc8ff16462d500486cb706","schema_version":"1.0","event_id":"sha256:155e523fd6b903683035869edd799db468125c2cf5bc8ff16462d500486cb706"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/FEIEZKRWEKWYAOBQKO2KJ3JSWX/bundle.json","state_url":"https://pith.science/pith/FEIEZKRWEKWYAOBQKO2KJ3JSWX/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/FEIEZKRWEKWYAOBQKO2KJ3JSWX/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":"2026-06-28T22:14:10Z","links":{"resolver":"https://pith.science/pith/FEIEZKRWEKWYAOBQKO2KJ3JSWX","bundle":"https://pith.science/pith/FEIEZKRWEKWYAOBQKO2KJ3JSWX/bundle.json","state":"https://pith.science/pith/FEIEZKRWEKWYAOBQKO2KJ3JSWX/state.json","well_known_bundle":"https://pith.science/.well-known/pith/FEIEZKRWEKWYAOBQKO2KJ3JSWX/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2026:FEIEZKRWEKWYAOBQKO2KJ3JSWX","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":"0310461a9bf30eb309de70b1d04ba8f55cdd4b647cae7ebfec7f607eeb2f5a60","cross_cats_sorted":[],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.GN","submitted_at":"2026-06-22T17:02:49Z","title_canon_sha256":"684a3ca9fb687d953367aa303bc793eca7858ceb86412a3b209248de82c4c261"},"schema_version":"1.0","source":{"id":"2606.23596","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2606.23596","created_at":"2026-06-23T03:14:31Z"},{"alias_kind":"arxiv_version","alias_value":"2606.23596v1","created_at":"2026-06-23T03:14:31Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2606.23596","created_at":"2026-06-23T03:14:31Z"},{"alias_kind":"pith_short_12","alias_value":"FEIEZKRWEKWY","created_at":"2026-06-23T03:14:31Z"},{"alias_kind":"pith_short_16","alias_value":"FEIEZKRWEKWYAOBQ","created_at":"2026-06-23T03:14:31Z"},{"alias_kind":"pith_short_8","alias_value":"FEIEZKRW","created_at":"2026-06-23T03:14:31Z"}],"graph_snapshots":[{"event_id":"sha256:155e523fd6b903683035869edd799db468125c2cf5bc8ff16462d500486cb706","target":"graph","created_at":"2026-06-23T03:14:31Z","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/2606.23596/integrity.json","findings":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938","summary":{"advisory":0,"by_detector":{},"critical":0,"informational":0}},"paper":{"abstract_excerpt":"I ask whether a factor model that prices the aggregate market also prices the market's internal components. I construct a CRSP investible market portfolio and split it into size-ranked body and tail legs that exactly recombine to the market. All models pass the aggregate market test. Yet q5 leaves systematic, offsetting alphas: negative in the body and positive in the tail. Random splits remove the rejection. The evidence suggests that the market can appear priced because internal pricing errors cancel.","authors_text":"Useong Shin","cross_cats":[],"headline":"","license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.GN","submitted_at":"2026-06-22T17:02:49Z","title":"Anatomy of the Market: A Body-Tail Test of Factor Models"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2606.23596","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":"sha256:7f209842d78365c270bc0ab0a6a632735ee062cd63c7179bc0ab6a7266a038e4","target":"record","created_at":"2026-06-23T03:14:31Z","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":"0310461a9bf30eb309de70b1d04ba8f55cdd4b647cae7ebfec7f607eeb2f5a60","cross_cats_sorted":[],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.GN","submitted_at":"2026-06-22T17:02:49Z","title_canon_sha256":"684a3ca9fb687d953367aa303bc793eca7858ceb86412a3b209248de82c4c261"},"schema_version":"1.0","source":{"id":"2606.23596","kind":"arxiv","version":1}},"canonical_sha256":"29104caa3622ad80383053b4a4ed32b5c5ead4871776aeb1407841ec91b563ab","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"29104caa3622ad80383053b4a4ed32b5c5ead4871776aeb1407841ec91b563ab","first_computed_at":"2026-06-23T03:14:31.876725Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-06-23T03:14:31.876725Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"REUhV81mKasPsplnN4voI32+Htr+mQqB1oonLUMa/gqpBB71Uy9hU4vfd9GYPXMFfYPQaXS7t5T5esBPVqayAA==","signature_status":"signed_v1","signed_at":"2026-06-23T03:14:31.877082Z","signed_message":"canonical_sha256_bytes"},"source_id":"2606.23596","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:7f209842d78365c270bc0ab0a6a632735ee062cd63c7179bc0ab6a7266a038e4","sha256:155e523fd6b903683035869edd799db468125c2cf5bc8ff16462d500486cb706"],"state_sha256":"9ae3e6c77b2415deba455ac3c7f129d15bb829de5dc0e39b0b1bdfb810358ec0"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"lTgCl0MWnh5YH1u8kBXwP9nyME1Gap+SRZ9XxZoclfhWviLd5i2xHf0oQY2CIXdiX0w9PY9W5P3Gs9gga4QzDw==","signed_message":"bundle_sha256_bytes","signed_at":"2026-06-28T22:14:10.424229Z","bundle_sha256":"06dc6b09a6c20e7870c46ebb7d7fd1e53d895c807a5e0e468d33e66956fdd6ad"}}