{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2025:PL6V27DC56FO5IZWGMAFOVO5KW","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":"8d3d4e15f928255aa87403f7ce257a03bbbc4ce7c78015856f69487a44139670","cross_cats_sorted":[],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.PM","submitted_at":"2025-03-03T01:57:41Z","title_canon_sha256":"1942ca5a4d40fc1bd130fcfcfdb503fa364fa334510c6983643a01dc1127ea13"},"schema_version":"1.0","source":{"id":"2503.01099","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2503.01099","created_at":"2026-07-05T10:22:35Z"},{"alias_kind":"arxiv_version","alias_value":"2503.01099v1","created_at":"2026-07-05T10:22:35Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2503.01099","created_at":"2026-07-05T10:22:35Z"},{"alias_kind":"pith_short_12","alias_value":"PL6V27DC56FO","created_at":"2026-07-05T10:22:35Z"},{"alias_kind":"pith_short_16","alias_value":"PL6V27DC56FO5IZW","created_at":"2026-07-05T10:22:35Z"},{"alias_kind":"pith_short_8","alias_value":"PL6V27DC","created_at":"2026-07-05T10:22:35Z"}],"graph_snapshots":[{"event_id":"sha256:09ed2af918b937a0e436635f58d5bc890eb0bdcd2529d9e7fbc3ff4718da74c1","target":"graph","created_at":"2026-07-05T10:22:35Z","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/2503.01099/integrity.json","findings":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938","summary":{"advisory":0,"by_detector":{},"critical":0,"informational":0}},"paper":{"abstract_excerpt":"We build a state-of-the-art dynamic model of private asset allocation that considers five key features of private asset markets: (1) the illiquid nature of private assets, (2) timing lags between capital commitments, capital calls, and eventual distributions, (3) time-varying business cycle conditions, (4) serial correlation in observed private asset returns, and (5) regulatory constraints on certain institutional investors' portfolio choices. We use cutting-edge machine learning methods to quantify the optimal investment policies over the life cycle of a fund. Moreover, our model offers regul","authors_text":"Giovanni Gambarotta, Hui Chen, Simon Scheidegger, Yu Xu","cross_cats":[],"headline":"","license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.PM","submitted_at":"2025-03-03T01:57:41Z","title":"A Dynamic Model of Private Asset Allocation"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2503.01099","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":"sha256:0686c8a7ef5d50d2c754df330fed4fc6e35e9bc9f8e77f92918ff757419d9ebe","target":"record","created_at":"2026-07-05T10:22:35Z","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":"8d3d4e15f928255aa87403f7ce257a03bbbc4ce7c78015856f69487a44139670","cross_cats_sorted":[],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.PM","submitted_at":"2025-03-03T01:57:41Z","title_canon_sha256":"1942ca5a4d40fc1bd130fcfcfdb503fa364fa334510c6983643a01dc1127ea13"},"schema_version":"1.0","source":{"id":"2503.01099","kind":"arxiv","version":1}},"canonical_sha256":"7afd5d7c62ef8aeea33633005755dd55b27836c3d369c1cbb9f5c8964385e636","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"7afd5d7c62ef8aeea33633005755dd55b27836c3d369c1cbb9f5c8964385e636","first_computed_at":"2026-07-05T10:22:35.807604Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-07-05T10:22:35.807604Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"AFEK9rViCBf5hCpmSs06MTPwlVrZvp9oCHOS6Qm1NOK7e3Ees9jj7+IGx1xw1jpgVIoC+IBqKCyVMKgsvlkEBA==","signature_status":"signed_v1","signed_at":"2026-07-05T10:22:35.808125Z","signed_message":"canonical_sha256_bytes"},"source_id":"2503.01099","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:0686c8a7ef5d50d2c754df330fed4fc6e35e9bc9f8e77f92918ff757419d9ebe","sha256:09ed2af918b937a0e436635f58d5bc890eb0bdcd2529d9e7fbc3ff4718da74c1"],"state_sha256":"cd2a5a5fc7ed44ac70c362eadfc5a1f1349e9b430199264227b312e8c4c0c28b"}