{"record_type":"pith_number_record","schema_url":"https://pith.science/schemas/pith-number/v1.json","pith_number":"pith:2026:RILZL6KQF5C7KIH3JH7V52NEKI","short_pith_number":"pith:RILZL6KQ","schema_version":"1.0","canonical_sha256":"8a1795f9502f45f520fb49ff5ee9a452082dce180ae1c1ab19c5930668613c6a","source":{"kind":"arxiv","id":"2605.30672","version":1},"attestation_state":"computed","paper":{"title":"Residual Supply and the Price of Risk Absorption","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":["econ.GN","q-fin.EC"],"primary_cat":"q-fin.GN","authors_text":"Ziyao Wang","submitted_at":"2026-05-29T00:05:09Z","abstract_excerpt":"When redeeming open-end funds sell and natural buyers do not step in at once, some limited-capital investor must take the other side and carry the inventory until prices recover. This paper asks what return that investor requires. A continuous-time market-clearing model delivers an expected-return restriction in which the price of residual supply depends on inventory risk, trading costs, funding frictions, and the scarcity of balance sheet available to absorb it. Mapping U.S. mutual fund flows through predetermined holdings over 2003--2024, we measure one observable component of this residual "},"verification_status":{"content_addressed":true,"pith_receipt":true,"author_attested":false,"weak_author_claims":0,"strong_author_claims":0,"externally_anchored":false,"storage_verified":false,"citation_signatures":0,"replication_records":0,"graph_snapshot":true,"references_resolved":false,"formal_links_present":false},"canonical_record":{"source":{"id":"2605.30672","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.GN","submitted_at":"2026-05-29T00:05:09Z","cross_cats_sorted":["econ.GN","q-fin.EC"],"title_canon_sha256":"7bdb332b5fb5400d93629f02707b2af1e1c4671e67541fb83c1dc450e3f197a7","abstract_canon_sha256":"8656c393b31e95fa1221db21aec4e97eaccbf4e01bd4af8200ac5d993d815968"},"schema_version":"1.0"},"receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-06-01T01:03:07.625510Z","signature_b64":"EP/kmukDgDrkIyatP+mo1yB0aGISQfcSVXhtmaKAhYWer1oI9GgeLM0MJDKS87akonXXZO5E56Z70uNkUlxTDQ==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"8a1795f9502f45f520fb49ff5ee9a452082dce180ae1c1ab19c5930668613c6a","last_reissued_at":"2026-06-01T01:03:07.624568Z","signature_status":"signed_v1","first_computed_at":"2026-06-01T01:03:07.624568Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"graph_snapshot":{"paper":{"title":"Residual Supply and the Price of Risk Absorption","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":["econ.GN","q-fin.EC"],"primary_cat":"q-fin.GN","authors_text":"Ziyao Wang","submitted_at":"2026-05-29T00:05:09Z","abstract_excerpt":"When redeeming open-end funds sell and natural buyers do not step in at once, some limited-capital investor must take the other side and carry the inventory until prices recover. This paper asks what return that investor requires. A continuous-time market-clearing model delivers an expected-return restriction in which the price of residual supply depends on inventory risk, trading costs, funding frictions, and the scarcity of balance sheet available to absorb it. Mapping U.S. mutual fund flows through predetermined holdings over 2003--2024, we measure one observable component of this residual "},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2605.30672","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/2605.30672/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"},"aliases":[{"alias_kind":"arxiv","alias_value":"2605.30672","created_at":"2026-06-01T01:03:07.624725+00:00"},{"alias_kind":"arxiv_version","alias_value":"2605.30672v1","created_at":"2026-06-01T01:03:07.624725+00:00"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2605.30672","created_at":"2026-06-01T01:03:07.624725+00:00"},{"alias_kind":"pith_short_12","alias_value":"RILZL6KQF5C7","created_at":"2026-06-01T01:03:07.624725+00:00"},{"alias_kind":"pith_short_16","alias_value":"RILZL6KQF5C7KIH3","created_at":"2026-06-01T01:03:07.624725+00:00"},{"alias_kind":"pith_short_8","alias_value":"RILZL6KQ","created_at":"2026-06-01T01:03:07.624725+00:00"}],"events":[],"event_summary":{},"paper_claims":[],"inbound_citations":{"count":0,"internal_anchor_count":0,"sample":[]},"formal_canon":{"evidence_count":0,"sample":[],"anchors":[]},"links":{"html":"https://pith.science/pith/RILZL6KQF5C7KIH3JH7V52NEKI","json":"https://pith.science/pith/RILZL6KQF5C7KIH3JH7V52NEKI.json","graph_json":"https://pith.science/api/pith-number/RILZL6KQF5C7KIH3JH7V52NEKI/graph.json","events_json":"https://pith.science/api/pith-number/RILZL6KQF5C7KIH3JH7V52NEKI/events.json","paper":"https://pith.science/paper/RILZL6KQ"},"agent_actions":{"view_html":"https://pith.science/pith/RILZL6KQF5C7KIH3JH7V52NEKI","download_json":"https://pith.science/pith/RILZL6KQF5C7KIH3JH7V52NEKI.json","view_paper":"https://pith.science/paper/RILZL6KQ","resolve_alias":"https://pith.science/api/pith-number/resolve?arxiv=2605.30672&json=true","fetch_graph":"https://pith.science/api/pith-number/RILZL6KQF5C7KIH3JH7V52NEKI/graph.json","fetch_events":"https://pith.science/api/pith-number/RILZL6KQF5C7KIH3JH7V52NEKI/events.json","actions":{"anchor_timestamp":"https://pith.science/pith/RILZL6KQF5C7KIH3JH7V52NEKI/action/timestamp_anchor","attest_storage":"https://pith.science/pith/RILZL6KQF5C7KIH3JH7V52NEKI/action/storage_attestation","attest_author":"https://pith.science/pith/RILZL6KQF5C7KIH3JH7V52NEKI/action/author_attestation","sign_citation":"https://pith.science/pith/RILZL6KQF5C7KIH3JH7V52NEKI/action/citation_signature","submit_replication":"https://pith.science/pith/RILZL6KQF5C7KIH3JH7V52NEKI/action/replication_record"}},"created_at":"2026-06-01T01:03:07.624725+00:00","updated_at":"2026-06-01T01:03:07.624725+00:00"}