{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2016:MALJ7ZET5SWKCKF2RT2VT3K4SL","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":"0b38dd10c9282e98fb0ac92c07c612a076c48c49f6a4727adaf1fb85d5de72bc","cross_cats_sorted":["q-fin.PM"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.MF","submitted_at":"2016-10-03T03:08:26Z","title_canon_sha256":"98b3da35138a08f3819e6421105d06588ffb61ba9ed8b80a853fca0666c9b4a5"},"schema_version":"1.0","source":{"id":"1610.00395","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1610.00395","created_at":"2026-05-18T01:03:25Z"},{"alias_kind":"arxiv_version","alias_value":"1610.00395v1","created_at":"2026-05-18T01:03:25Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1610.00395","created_at":"2026-05-18T01:03:25Z"},{"alias_kind":"pith_short_12","alias_value":"MALJ7ZET5SWK","created_at":"2026-05-18T12:30:32Z"},{"alias_kind":"pith_short_16","alias_value":"MALJ7ZET5SWKCKF2","created_at":"2026-05-18T12:30:32Z"},{"alias_kind":"pith_short_8","alias_value":"MALJ7ZET","created_at":"2026-05-18T12:30:32Z"}],"graph_snapshots":[{"event_id":"sha256:c865ba483a7e4da76988c476c05de7c52a07e222ba0dbb1487c983adfab35014","target":"graph","created_at":"2026-05-18T01:03:25Z","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 paper investigates the investment behaviour of a large unregulated financial institution (FI) with CARA risk preferences. It shows how the FI optimizes its trading to account for market illiquidity using an extension of the Almgren-Chriss market impact model of multiple risky assets. This expected utility optimization problem over the set of adapted strategies turns out to have the same solutions as a mean-variance optimization over deterministic trading strategies. That means the optimal adapted trading strategy is both deterministic and time-consistent. It is also found to have an expli","authors_text":"Quentin H. Shao, T. R. Hurd, Tuan Tran","cross_cats":["q-fin.PM"],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.MF","submitted_at":"2016-10-03T03:08:26Z","title":"Optimal Portfolios of Illiquid Assets"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1610.00395","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":"sha256:638af9fc06d8de0b2ff5f0049f65c954af5f3aba65039ae38e7cf4252b6bed0e","target":"record","created_at":"2026-05-18T01:03:25Z","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":"0b38dd10c9282e98fb0ac92c07c612a076c48c49f6a4727adaf1fb85d5de72bc","cross_cats_sorted":["q-fin.PM"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.MF","submitted_at":"2016-10-03T03:08:26Z","title_canon_sha256":"98b3da35138a08f3819e6421105d06588ffb61ba9ed8b80a853fca0666c9b4a5"},"schema_version":"1.0","source":{"id":"1610.00395","kind":"arxiv","version":1}},"canonical_sha256":"60169fe493ecaca128ba8cf559ed5c92f45de49032c9ec030329e0530097d5c7","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"60169fe493ecaca128ba8cf559ed5c92f45de49032c9ec030329e0530097d5c7","first_computed_at":"2026-05-18T01:03:25.604972Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-18T01:03:25.604972Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"x982/ONHNzln+WvBwUBl8umYrj6NSLrzsVUCi4ihfRzysMKRgXO5odRLuqoObGkITAM4n2M22NdiQo85pTP1Dg==","signature_status":"signed_v1","signed_at":"2026-05-18T01:03:25.605405Z","signed_message":"canonical_sha256_bytes"},"source_id":"1610.00395","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:638af9fc06d8de0b2ff5f0049f65c954af5f3aba65039ae38e7cf4252b6bed0e","sha256:c865ba483a7e4da76988c476c05de7c52a07e222ba0dbb1487c983adfab35014"],"state_sha256":"e270ceb88f864c92511ec30f2ab0701a463f67a7bdcdabd903c84f2182626f44"}