{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2025:NW636F5SYOCIDRNUOJBU6NNTG5","short_pith_number":"pith:NW636F5S","canonical_record":{"source":{"id":"2501.19260","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.RM","submitted_at":"2025-01-31T16:19:02Z","cross_cats_sorted":["cond-mat.dis-nn","physics.soc-ph"],"title_canon_sha256":"0eff4fe4952c7ce2969fe7658d0545f6cddad3a9bbd887e29448a286b0f8b2d1","abstract_canon_sha256":"a915795eba7cc6d3572f960df5bebd7e150684a3351d248cf6f4939d968f6cc2"},"schema_version":"1.0"},"canonical_sha256":"6dbdbf17b2c38481c5b472434f35b3375c0a8d7454ab0378e45c46803a3a2dd7","source":{"kind":"arxiv","id":"2501.19260","version":1},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2501.19260","created_at":"2026-07-05T10:07:58Z"},{"alias_kind":"arxiv_version","alias_value":"2501.19260v1","created_at":"2026-07-05T10:07:58Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2501.19260","created_at":"2026-07-05T10:07:58Z"},{"alias_kind":"pith_short_12","alias_value":"NW636F5SYOCI","created_at":"2026-07-05T10:07:58Z"},{"alias_kind":"pith_short_16","alias_value":"NW636F5SYOCIDRNU","created_at":"2026-07-05T10:07:58Z"},{"alias_kind":"pith_short_8","alias_value":"NW636F5S","created_at":"2026-07-05T10:07:58Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2025:NW636F5SYOCIDRNUOJBU6NNTG5","target":"record","payload":{"canonical_record":{"source":{"id":"2501.19260","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.RM","submitted_at":"2025-01-31T16:19:02Z","cross_cats_sorted":["cond-mat.dis-nn","physics.soc-ph"],"title_canon_sha256":"0eff4fe4952c7ce2969fe7658d0545f6cddad3a9bbd887e29448a286b0f8b2d1","abstract_canon_sha256":"a915795eba7cc6d3572f960df5bebd7e150684a3351d248cf6f4939d968f6cc2"},"schema_version":"1.0"},"canonical_sha256":"6dbdbf17b2c38481c5b472434f35b3375c0a8d7454ab0378e45c46803a3a2dd7","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-07-05T10:07:58.370219Z","signature_b64":"9RBT79cx65YIX3rzk8n5WSx4fBU/bY6oqy4toqB5RIWC1Lnij2Gnk8DdCETM49QXUPjbBRdn8IaKhyybTT1qCA==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"6dbdbf17b2c38481c5b472434f35b3375c0a8d7454ab0378e45c46803a3a2dd7","last_reissued_at":"2026-07-05T10:07:58.369641Z","signature_status":"signed_v1","first_computed_at":"2026-07-05T10:07:58.369641Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"2501.19260","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":"2026-07-05T10:07:58Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"yenbRk6uQVMTkOScjT2Sp1rMnW2fEM+xy4f/3PTxXsmYUhL1ewNbFDO7jq6jf6nfi5+fuNGcV9Q7EV+ilJIhBw==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-08-08T20:46:26.441911Z"},"content_sha256":"d7de446537b0bda6a10438034b415984db63210ecfae021ac817cc92e9d3a591","schema_version":"1.0","event_id":"sha256:d7de446537b0bda6a10438034b415984db63210ecfae021ac817cc92e9d3a591"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2025:NW636F5SYOCIDRNUOJBU6NNTG5","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"Financial instability transition under heterogeneous investments and portfolio diversification","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":["cond-mat.dis-nn","physics.soc-ph"],"primary_cat":"q-fin.RM","authors_text":"Barak Budnick, Fabio Caccioli, Pierpaolo Vivo, Preben Forer, Sabrina Aufiero, Silvia Bartolucci","submitted_at":"2025-01-31T16:19:02Z","abstract_excerpt":"We analyze the stability of financial investment networks, where financial institutions hold overlapping portfolios of assets. We consider the effect of portfolio diversification and heterogeneous investments using a random matrix dynamical model driven by portfolio rebalancing. While heterogeneity generally correlates with heightened volatility, increasing diversification may have a stabilizing or destabilizing effect depending on the connectivity level of the network. The stability/instability transition is dictated by the largest eigenvalue of the random matrix governing the time evolution "},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2501.19260","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/2501.19260/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":"2026-07-05T10:07:58Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"77y4wTW37MyxLBHEt18649ynfVGTZicHafTKadw6GXE9aqAJRGR1on0UseUZCBS2e1psNsZid4i4jdIhBOkfCA==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-08-08T20:46:26.442865Z"},"content_sha256":"768ddcaa984525c8b5a8ab4a03014e18249b9726f17d55ff591144eb3aa60afd","schema_version":"1.0","event_id":"sha256:768ddcaa984525c8b5a8ab4a03014e18249b9726f17d55ff591144eb3aa60afd"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/NW636F5SYOCIDRNUOJBU6NNTG5/bundle.json","state_url":"https://pith.science/pith/NW636F5SYOCIDRNUOJBU6NNTG5/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/NW636F5SYOCIDRNUOJBU6NNTG5/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":"2026-08-08T20:46:26Z","links":{"resolver":"https://pith.science/pith/NW636F5SYOCIDRNUOJBU6NNTG5","bundle":"https://pith.science/pith/NW636F5SYOCIDRNUOJBU6NNTG5/bundle.json","state":"https://pith.science/pith/NW636F5SYOCIDRNUOJBU6NNTG5/state.json","well_known_bundle":"https://pith.science/.well-known/pith/NW636F5SYOCIDRNUOJBU6NNTG5/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2025:NW636F5SYOCIDRNUOJBU6NNTG5","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":"a915795eba7cc6d3572f960df5bebd7e150684a3351d248cf6f4939d968f6cc2","cross_cats_sorted":["cond-mat.dis-nn","physics.soc-ph"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.RM","submitted_at":"2025-01-31T16:19:02Z","title_canon_sha256":"0eff4fe4952c7ce2969fe7658d0545f6cddad3a9bbd887e29448a286b0f8b2d1"},"schema_version":"1.0","source":{"id":"2501.19260","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2501.19260","created_at":"2026-07-05T10:07:58Z"},{"alias_kind":"arxiv_version","alias_value":"2501.19260v1","created_at":"2026-07-05T10:07:58Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2501.19260","created_at":"2026-07-05T10:07:58Z"},{"alias_kind":"pith_short_12","alias_value":"NW636F5SYOCI","created_at":"2026-07-05T10:07:58Z"},{"alias_kind":"pith_short_16","alias_value":"NW636F5SYOCIDRNU","created_at":"2026-07-05T10:07:58Z"},{"alias_kind":"pith_short_8","alias_value":"NW636F5S","created_at":"2026-07-05T10:07:58Z"}],"graph_snapshots":[{"event_id":"sha256:768ddcaa984525c8b5a8ab4a03014e18249b9726f17d55ff591144eb3aa60afd","target":"graph","created_at":"2026-07-05T10:07:58Z","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/2501.19260/integrity.json","findings":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938","summary":{"advisory":0,"by_detector":{},"critical":0,"informational":0}},"paper":{"abstract_excerpt":"We analyze the stability of financial investment networks, where financial institutions hold overlapping portfolios of assets. We consider the effect of portfolio diversification and heterogeneous investments using a random matrix dynamical model driven by portfolio rebalancing. While heterogeneity generally correlates with heightened volatility, increasing diversification may have a stabilizing or destabilizing effect depending on the connectivity level of the network. The stability/instability transition is dictated by the largest eigenvalue of the random matrix governing the time evolution ","authors_text":"Barak Budnick, Fabio Caccioli, Pierpaolo Vivo, Preben Forer, Sabrina Aufiero, Silvia Bartolucci","cross_cats":["cond-mat.dis-nn","physics.soc-ph"],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.RM","submitted_at":"2025-01-31T16:19:02Z","title":"Financial instability transition under heterogeneous investments and portfolio diversification"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2501.19260","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:d7de446537b0bda6a10438034b415984db63210ecfae021ac817cc92e9d3a591","target":"record","created_at":"2026-07-05T10:07:58Z","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":"a915795eba7cc6d3572f960df5bebd7e150684a3351d248cf6f4939d968f6cc2","cross_cats_sorted":["cond-mat.dis-nn","physics.soc-ph"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.RM","submitted_at":"2025-01-31T16:19:02Z","title_canon_sha256":"0eff4fe4952c7ce2969fe7658d0545f6cddad3a9bbd887e29448a286b0f8b2d1"},"schema_version":"1.0","source":{"id":"2501.19260","kind":"arxiv","version":1}},"canonical_sha256":"6dbdbf17b2c38481c5b472434f35b3375c0a8d7454ab0378e45c46803a3a2dd7","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"6dbdbf17b2c38481c5b472434f35b3375c0a8d7454ab0378e45c46803a3a2dd7","first_computed_at":"2026-07-05T10:07:58.369641Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-07-05T10:07:58.369641Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"9RBT79cx65YIX3rzk8n5WSx4fBU/bY6oqy4toqB5RIWC1Lnij2Gnk8DdCETM49QXUPjbBRdn8IaKhyybTT1qCA==","signature_status":"signed_v1","signed_at":"2026-07-05T10:07:58.370219Z","signed_message":"canonical_sha256_bytes"},"source_id":"2501.19260","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:d7de446537b0bda6a10438034b415984db63210ecfae021ac817cc92e9d3a591","sha256:768ddcaa984525c8b5a8ab4a03014e18249b9726f17d55ff591144eb3aa60afd"],"state_sha256":"a60977f3e5c47dd60746baff9df9abf78878a67637838215c18f6322714e08c2"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"aubqlYW1I2SfaOyTXnOVybhab2V5m7I9ye1zxVmsvfw8eXRfOHElm8ss1ODTmdIg87OVnRR36AbThyp2HxhBCA==","signed_message":"bundle_sha256_bytes","signed_at":"2026-08-08T20:46:26.448458Z","bundle_sha256":"c23054e234223ee22d1c52e52838db801248ccc8e3ca6d30ff24b65307fab6b7"}}