{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2016:KUQFV73J7A6WWMPIRKYCHA7P7U","short_pith_number":"pith:KUQFV73J","canonical_record":{"source":{"id":"1601.04478","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.PM","submitted_at":"2016-01-18T11:30:07Z","cross_cats_sorted":["q-fin.GN"],"title_canon_sha256":"f46d444dceffe41bc26f256f4e0e46abcb2aabd7cace2b8f25b59a8f4ecae75c","abstract_canon_sha256":"d94b39a1699a94b2f2e89334bd54122a74251ab232488976babcc3f5c28a83f8"},"schema_version":"1.0"},"canonical_sha256":"55205aff69f83d6b31e88ab02383effd0a9755ecfd796be22c013d3c89fa74c0","source":{"kind":"arxiv","id":"1601.04478","version":1},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1601.04478","created_at":"2026-05-18T01:22:44Z"},{"alias_kind":"arxiv_version","alias_value":"1601.04478v1","created_at":"2026-05-18T01:22:44Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1601.04478","created_at":"2026-05-18T01:22:44Z"},{"alias_kind":"pith_short_12","alias_value":"KUQFV73J7A6W","created_at":"2026-05-18T12:30:29Z"},{"alias_kind":"pith_short_16","alias_value":"KUQFV73J7A6WWMPI","created_at":"2026-05-18T12:30:29Z"},{"alias_kind":"pith_short_8","alias_value":"KUQFV73J","created_at":"2026-05-18T12:30:29Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2016:KUQFV73J7A6WWMPIRKYCHA7P7U","target":"record","payload":{"canonical_record":{"source":{"id":"1601.04478","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.PM","submitted_at":"2016-01-18T11:30:07Z","cross_cats_sorted":["q-fin.GN"],"title_canon_sha256":"f46d444dceffe41bc26f256f4e0e46abcb2aabd7cace2b8f25b59a8f4ecae75c","abstract_canon_sha256":"d94b39a1699a94b2f2e89334bd54122a74251ab232488976babcc3f5c28a83f8"},"schema_version":"1.0"},"canonical_sha256":"55205aff69f83d6b31e88ab02383effd0a9755ecfd796be22c013d3c89fa74c0","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-05-18T01:22:44.939233Z","signature_b64":"IEuRbWXvTnDGVb9xdAVKvai0A1GLyJIWo/c+jACIVTHfnzplIZsvJ50gXkmB3V/JfjPltiwDvISDfDUg+6RfCQ==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"55205aff69f83d6b31e88ab02383effd0a9755ecfd796be22c013d3c89fa74c0","last_reissued_at":"2026-05-18T01:22:44.938493Z","signature_status":"signed_v1","first_computed_at":"2026-05-18T01:22:44.938493Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"1601.04478","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":"2026-05-18T01:22:44Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"7d23Ju3tf/BserPhLUgZ0TtJwez/BrW7eddSxwRIjYXadGKKDJbnNKOAOd7GNshsVn5nZZqMLk4bI4JuVlskDQ==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-06-02T11:21:13.192545Z"},"content_sha256":"05b87427db77f9b5e34cd8c573a0c6683f418bf4a1d8cccebdc46ba09c7ba6f6","schema_version":"1.0","event_id":"sha256:05b87427db77f9b5e34cd8c573a0c6683f418bf4a1d8cccebdc46ba09c7ba6f6"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2016:KUQFV73J7A6WWMPIRKYCHA7P7U","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"The Excess Returns of \"Quality\" Stocks: A Behavioral Anomaly","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":["q-fin.GN"],"primary_cat":"q-fin.PM","authors_text":"Augustin Landier, David Thesmar, Guillaume Simon, Jean-Philippe Bouchaud, Stefano Ciliberti","submitted_at":"2016-01-18T11:30:07Z","abstract_excerpt":"This note investigates the causes of the quality anomaly, which is one of the strongest and most scalable anomalies in equity markets. We explore two potential explanations. The \"risk view\", whereby investing in high quality firms is somehow riskier, so that the higher returns of a quality portfolio are a compensation for risk exposure. This view is consistent with the Efficient Market Hypothesis. The other view is the \"behavioral view\", which states that some investors persistently underestimate the true value of high quality firms. We find no evidence in favor of the \"risk view\": The returns"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1601.04478","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":"2026-05-18T01:22:44Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"I3sLSAQUfAElscoEi2Np0KuL4V4iR4dov/arUyrVW3pJdWi25MFrcoXN5c6BbnDQNmVrouC2yYipEaUUx87EBw==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-06-02T11:21:13.192883Z"},"content_sha256":"dde7b32b47fedc397d55dd657ad1a67065aecb5b9e92ec743c5b79d53a78cf7f","schema_version":"1.0","event_id":"sha256:dde7b32b47fedc397d55dd657ad1a67065aecb5b9e92ec743c5b79d53a78cf7f"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/KUQFV73J7A6WWMPIRKYCHA7P7U/bundle.json","state_url":"https://pith.science/pith/KUQFV73J7A6WWMPIRKYCHA7P7U/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/KUQFV73J7A6WWMPIRKYCHA7P7U/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":"2026-06-02T11:21:13Z","links":{"resolver":"https://pith.science/pith/KUQFV73J7A6WWMPIRKYCHA7P7U","bundle":"https://pith.science/pith/KUQFV73J7A6WWMPIRKYCHA7P7U/bundle.json","state":"https://pith.science/pith/KUQFV73J7A6WWMPIRKYCHA7P7U/state.json","well_known_bundle":"https://pith.science/.well-known/pith/KUQFV73J7A6WWMPIRKYCHA7P7U/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2016:KUQFV73J7A6WWMPIRKYCHA7P7U","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":"d94b39a1699a94b2f2e89334bd54122a74251ab232488976babcc3f5c28a83f8","cross_cats_sorted":["q-fin.GN"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.PM","submitted_at":"2016-01-18T11:30:07Z","title_canon_sha256":"f46d444dceffe41bc26f256f4e0e46abcb2aabd7cace2b8f25b59a8f4ecae75c"},"schema_version":"1.0","source":{"id":"1601.04478","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1601.04478","created_at":"2026-05-18T01:22:44Z"},{"alias_kind":"arxiv_version","alias_value":"1601.04478v1","created_at":"2026-05-18T01:22:44Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1601.04478","created_at":"2026-05-18T01:22:44Z"},{"alias_kind":"pith_short_12","alias_value":"KUQFV73J7A6W","created_at":"2026-05-18T12:30:29Z"},{"alias_kind":"pith_short_16","alias_value":"KUQFV73J7A6WWMPI","created_at":"2026-05-18T12:30:29Z"},{"alias_kind":"pith_short_8","alias_value":"KUQFV73J","created_at":"2026-05-18T12:30:29Z"}],"graph_snapshots":[{"event_id":"sha256:dde7b32b47fedc397d55dd657ad1a67065aecb5b9e92ec743c5b79d53a78cf7f","target":"graph","created_at":"2026-05-18T01:22:44Z","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":"This note investigates the causes of the quality anomaly, which is one of the strongest and most scalable anomalies in equity markets. We explore two potential explanations. The \"risk view\", whereby investing in high quality firms is somehow riskier, so that the higher returns of a quality portfolio are a compensation for risk exposure. This view is consistent with the Efficient Market Hypothesis. The other view is the \"behavioral view\", which states that some investors persistently underestimate the true value of high quality firms. We find no evidence in favor of the \"risk view\": The returns","authors_text":"Augustin Landier, David Thesmar, Guillaume Simon, Jean-Philippe Bouchaud, Stefano Ciliberti","cross_cats":["q-fin.GN"],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.PM","submitted_at":"2016-01-18T11:30:07Z","title":"The Excess Returns of \"Quality\" Stocks: A Behavioral Anomaly"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1601.04478","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":"sha256:05b87427db77f9b5e34cd8c573a0c6683f418bf4a1d8cccebdc46ba09c7ba6f6","target":"record","created_at":"2026-05-18T01:22:44Z","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":"d94b39a1699a94b2f2e89334bd54122a74251ab232488976babcc3f5c28a83f8","cross_cats_sorted":["q-fin.GN"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.PM","submitted_at":"2016-01-18T11:30:07Z","title_canon_sha256":"f46d444dceffe41bc26f256f4e0e46abcb2aabd7cace2b8f25b59a8f4ecae75c"},"schema_version":"1.0","source":{"id":"1601.04478","kind":"arxiv","version":1}},"canonical_sha256":"55205aff69f83d6b31e88ab02383effd0a9755ecfd796be22c013d3c89fa74c0","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"55205aff69f83d6b31e88ab02383effd0a9755ecfd796be22c013d3c89fa74c0","first_computed_at":"2026-05-18T01:22:44.938493Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-18T01:22:44.938493Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"IEuRbWXvTnDGVb9xdAVKvai0A1GLyJIWo/c+jACIVTHfnzplIZsvJ50gXkmB3V/JfjPltiwDvISDfDUg+6RfCQ==","signature_status":"signed_v1","signed_at":"2026-05-18T01:22:44.939233Z","signed_message":"canonical_sha256_bytes"},"source_id":"1601.04478","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:05b87427db77f9b5e34cd8c573a0c6683f418bf4a1d8cccebdc46ba09c7ba6f6","sha256:dde7b32b47fedc397d55dd657ad1a67065aecb5b9e92ec743c5b79d53a78cf7f"],"state_sha256":"d4b4884b846da3b77b5901ddf53dc26d7255847521cd411176c12592999b06f0"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"vpI298OR6q4AbYKk2pZwUkQItGEx+JI5oCkYopFOa1t/fjv/KiXDmqxIm34+Ejwr2W2QTiIeQACbs6AsW8nyBw==","signed_message":"bundle_sha256_bytes","signed_at":"2026-06-02T11:21:13.194774Z","bundle_sha256":"e98e4e9f7147458f5a11703d090704231313cbcd078ed30883b96c55109967dd"}}