{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:1997:NZRNCEGR63QBYIYFAIG7DBYS6Y","short_pith_number":"pith:NZRNCEGR","canonical_record":{"source":{"id":"cond-mat/9712318","kind":"arxiv","version":2},"metadata":{"license":"","primary_cat":"cond-mat.stat-mech","submitted_at":"1997-12-30T13:27:48Z","cross_cats_sorted":["adap-org","cond-mat.dis-nn","nlin.AO","q-fin.ST"],"title_canon_sha256":"0f44e12ca1519d31ffc7cf0320910913c05a26e51c2a3d112a04e34beab14d41","abstract_canon_sha256":"1c49f69975890a478cbc0554b04c32ec00f1637c43fd9eef677e4bf9a674a482"},"schema_version":"1.0"},"canonical_sha256":"6e62d110d1f6e01c2305020df18712f62b29d28b02ac45b5952a5d0e3fd607f8","source":{"kind":"arxiv","id":"cond-mat/9712318","version":2},"source_aliases":[{"alias_kind":"arxiv","alias_value":"cond-mat/9712318","created_at":"2026-05-18T03:02:31Z"},{"alias_kind":"arxiv_version","alias_value":"cond-mat/9712318v2","created_at":"2026-05-18T03:02:31Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.cond-mat/9712318","created_at":"2026-05-18T03:02:31Z"},{"alias_kind":"pith_short_12","alias_value":"NZRNCEGR63QB","created_at":"2026-05-18T12:25:48Z"},{"alias_kind":"pith_short_16","alias_value":"NZRNCEGR63QBYIYF","created_at":"2026-05-18T12:25:48Z"},{"alias_kind":"pith_short_8","alias_value":"NZRNCEGR","created_at":"2026-05-18T12:25:48Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:1997:NZRNCEGR63QBYIYFAIG7DBYS6Y","target":"record","payload":{"canonical_record":{"source":{"id":"cond-mat/9712318","kind":"arxiv","version":2},"metadata":{"license":"","primary_cat":"cond-mat.stat-mech","submitted_at":"1997-12-30T13:27:48Z","cross_cats_sorted":["adap-org","cond-mat.dis-nn","nlin.AO","q-fin.ST"],"title_canon_sha256":"0f44e12ca1519d31ffc7cf0320910913c05a26e51c2a3d112a04e34beab14d41","abstract_canon_sha256":"1c49f69975890a478cbc0554b04c32ec00f1637c43fd9eef677e4bf9a674a482"},"schema_version":"1.0"},"canonical_sha256":"6e62d110d1f6e01c2305020df18712f62b29d28b02ac45b5952a5d0e3fd607f8","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-05-18T03:02:31.330353Z","signature_b64":"tL3dF2b7mPgl8jvtX+ziHl/jI2m/Y0KSAIVEZgBigd0UZkBDuo8erzVSCvKvzOfExKrqLKgmWGf6xH7CMXMDDA==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"6e62d110d1f6e01c2305020df18712f62b29d28b02ac45b5952a5d0e3fd607f8","last_reissued_at":"2026-05-18T03:02:31.329625Z","signature_status":"signed_v1","first_computed_at":"2026-05-18T03:02:31.329625Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"cond-mat/9712318","source_version":2,"attestation_state":"computed"},"signer":{"signer_id":"pith.science","signer_type":"pith_registry","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"created_at":"2026-05-18T03:02:31Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"kH7+lc8wmHtTa0voyPRpKpk4hcduUOyFuQyduVu0OEsPwiVZzAxe8o69WnDPQhxAgwVq6OoOsmKLxXZyemhbCQ==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-06-10T01:27:27.884990Z"},"content_sha256":"e8ae89d7b5e6a986aa902a27baa95dd9491ff7c2f4352c1a28a938e2a9fbdd38","schema_version":"1.0","event_id":"sha256:e8ae89d7b5e6a986aa902a27baa95dd9491ff7c2f4352c1a28a938e2a9fbdd38"},{"event_type":"graph_snapshot","subject_pith_number":"pith:1997:NZRNCEGR63QBYIYFAIG7DBYS6Y","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"Herd behavior and aggregate fluctuations in financial markets","license":"","headline":"","cross_cats":["adap-org","cond-mat.dis-nn","nlin.AO","q-fin.ST"],"primary_cat":"cond-mat.stat-mech","authors_text":"Jean-Philippe Bouchaud (CEA Saclay, Rama Cont, Science & Finance Research Group)","submitted_at":"1997-12-30T13:27:48Z","abstract_excerpt":"We present a simple model of a stock market where a random communication structure between agents gives rise to a heavy tails in the distribution of stock price variations in the form of an exponentially truncated power-law, similar to distributions observed in recent empirical studies of high frequency market data. Our model provides a link between two well-known market phenomena: the heavy tails observed in the distribution of stock market returns on one hand and 'herding' behavior in financial markets on the other hand. In particular, our study suggests a relation between the excess kurtosi"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"cond-mat/9712318","kind":"arxiv","version":2},"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":"2026-05-18T03:02:31Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"4D8PYBzyXUc9AKuTTqDl9Dk7TpEei7xjEXUM0lnJ8kNNBoLiz1Dnzcgt5rvQJ6FTOgD+PMssuxcZxzQX2EfjDQ==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-06-10T01:27:27.885750Z"},"content_sha256":"d758f1317fdd81ae4b982c8b44c43db0892027bf8bf22a6c19abc8de60e9d582","schema_version":"1.0","event_id":"sha256:d758f1317fdd81ae4b982c8b44c43db0892027bf8bf22a6c19abc8de60e9d582"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/NZRNCEGR63QBYIYFAIG7DBYS6Y/bundle.json","state_url":"https://pith.science/pith/NZRNCEGR63QBYIYFAIG7DBYS6Y/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/NZRNCEGR63QBYIYFAIG7DBYS6Y/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":"2026-06-10T01:27:27Z","links":{"resolver":"https://pith.science/pith/NZRNCEGR63QBYIYFAIG7DBYS6Y","bundle":"https://pith.science/pith/NZRNCEGR63QBYIYFAIG7DBYS6Y/bundle.json","state":"https://pith.science/pith/NZRNCEGR63QBYIYFAIG7DBYS6Y/state.json","well_known_bundle":"https://pith.science/.well-known/pith/NZRNCEGR63QBYIYFAIG7DBYS6Y/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:1997:NZRNCEGR63QBYIYFAIG7DBYS6Y","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":"1c49f69975890a478cbc0554b04c32ec00f1637c43fd9eef677e4bf9a674a482","cross_cats_sorted":["adap-org","cond-mat.dis-nn","nlin.AO","q-fin.ST"],"license":"","primary_cat":"cond-mat.stat-mech","submitted_at":"1997-12-30T13:27:48Z","title_canon_sha256":"0f44e12ca1519d31ffc7cf0320910913c05a26e51c2a3d112a04e34beab14d41"},"schema_version":"1.0","source":{"id":"cond-mat/9712318","kind":"arxiv","version":2}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"cond-mat/9712318","created_at":"2026-05-18T03:02:31Z"},{"alias_kind":"arxiv_version","alias_value":"cond-mat/9712318v2","created_at":"2026-05-18T03:02:31Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.cond-mat/9712318","created_at":"2026-05-18T03:02:31Z"},{"alias_kind":"pith_short_12","alias_value":"NZRNCEGR63QB","created_at":"2026-05-18T12:25:48Z"},{"alias_kind":"pith_short_16","alias_value":"NZRNCEGR63QBYIYF","created_at":"2026-05-18T12:25:48Z"},{"alias_kind":"pith_short_8","alias_value":"NZRNCEGR","created_at":"2026-05-18T12:25:48Z"}],"graph_snapshots":[{"event_id":"sha256:d758f1317fdd81ae4b982c8b44c43db0892027bf8bf22a6c19abc8de60e9d582","target":"graph","created_at":"2026-05-18T03:02:31Z","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"},"paper":{"abstract_excerpt":"We present a simple model of a stock market where a random communication structure between agents gives rise to a heavy tails in the distribution of stock price variations in the form of an exponentially truncated power-law, similar to distributions observed in recent empirical studies of high frequency market data. Our model provides a link between two well-known market phenomena: the heavy tails observed in the distribution of stock market returns on one hand and 'herding' behavior in financial markets on the other hand. In particular, our study suggests a relation between the excess kurtosi","authors_text":"Jean-Philippe Bouchaud (CEA Saclay, Rama Cont, Science & Finance Research Group)","cross_cats":["adap-org","cond-mat.dis-nn","nlin.AO","q-fin.ST"],"headline":"","license":"","primary_cat":"cond-mat.stat-mech","submitted_at":"1997-12-30T13:27:48Z","title":"Herd behavior and aggregate fluctuations in financial markets"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"cond-mat/9712318","kind":"arxiv","version":2},"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:e8ae89d7b5e6a986aa902a27baa95dd9491ff7c2f4352c1a28a938e2a9fbdd38","target":"record","created_at":"2026-05-18T03:02:31Z","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":"1c49f69975890a478cbc0554b04c32ec00f1637c43fd9eef677e4bf9a674a482","cross_cats_sorted":["adap-org","cond-mat.dis-nn","nlin.AO","q-fin.ST"],"license":"","primary_cat":"cond-mat.stat-mech","submitted_at":"1997-12-30T13:27:48Z","title_canon_sha256":"0f44e12ca1519d31ffc7cf0320910913c05a26e51c2a3d112a04e34beab14d41"},"schema_version":"1.0","source":{"id":"cond-mat/9712318","kind":"arxiv","version":2}},"canonical_sha256":"6e62d110d1f6e01c2305020df18712f62b29d28b02ac45b5952a5d0e3fd607f8","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"6e62d110d1f6e01c2305020df18712f62b29d28b02ac45b5952a5d0e3fd607f8","first_computed_at":"2026-05-18T03:02:31.329625Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-18T03:02:31.329625Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"tL3dF2b7mPgl8jvtX+ziHl/jI2m/Y0KSAIVEZgBigd0UZkBDuo8erzVSCvKvzOfExKrqLKgmWGf6xH7CMXMDDA==","signature_status":"signed_v1","signed_at":"2026-05-18T03:02:31.330353Z","signed_message":"canonical_sha256_bytes"},"source_id":"cond-mat/9712318","source_kind":"arxiv","source_version":2}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:e8ae89d7b5e6a986aa902a27baa95dd9491ff7c2f4352c1a28a938e2a9fbdd38","sha256:d758f1317fdd81ae4b982c8b44c43db0892027bf8bf22a6c19abc8de60e9d582"],"state_sha256":"b3a7da8ec82ecaf8fbe32e488108314b6e74279581af305db23f613244854226"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"dOtyW3USRtgtNJegellNwN+QlqltkitFjjBOIH208yEjBdKsv0sg+C9wSGW0okgoRwUXkIMpMVdoyxNNdCPNBw==","signed_message":"bundle_sha256_bytes","signed_at":"2026-06-10T01:27:27.890426Z","bundle_sha256":"bf1ecf759e9afe161712f5613d47a00bd82d8cad0f1253487d77133af63869e9"}}