{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2026:TZKI67AQVSM6H4PUET5TKQGI3V","short_pith_number":"pith:TZKI67AQ","canonical_record":{"source":{"id":"2607.01198","kind":"arxiv","version":1},"metadata":{"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.TR","submitted_at":"2026-07-01T17:32:54Z","cross_cats_sorted":["q-fin.MF"],"title_canon_sha256":"7086374bdebb40c1ff6f4feca2e5c93221a6262e03b2cb2a7a38508d5be587f7","abstract_canon_sha256":"a9c682928960cd7200becf611139854f384f02cb2828f256358a76420409532c"},"schema_version":"1.0"},"canonical_sha256":"9e548f7c10ac99e3f1f424fb3540c8dd4fad704f05560aabac2710dd57de07a6","source":{"kind":"arxiv","id":"2607.01198","version":1},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2607.01198","created_at":"2026-07-02T01:18:32Z"},{"alias_kind":"arxiv_version","alias_value":"2607.01198v1","created_at":"2026-07-02T01:18:32Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2607.01198","created_at":"2026-07-02T01:18:32Z"},{"alias_kind":"pith_short_12","alias_value":"TZKI67AQVSM6","created_at":"2026-07-02T01:18:32Z"},{"alias_kind":"pith_short_16","alias_value":"TZKI67AQVSM6H4PU","created_at":"2026-07-02T01:18:32Z"},{"alias_kind":"pith_short_8","alias_value":"TZKI67AQ","created_at":"2026-07-02T01:18:32Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2026:TZKI67AQVSM6H4PUET5TKQGI3V","target":"record","payload":{"canonical_record":{"source":{"id":"2607.01198","kind":"arxiv","version":1},"metadata":{"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.TR","submitted_at":"2026-07-01T17:32:54Z","cross_cats_sorted":["q-fin.MF"],"title_canon_sha256":"7086374bdebb40c1ff6f4feca2e5c93221a6262e03b2cb2a7a38508d5be587f7","abstract_canon_sha256":"a9c682928960cd7200becf611139854f384f02cb2828f256358a76420409532c"},"schema_version":"1.0"},"canonical_sha256":"9e548f7c10ac99e3f1f424fb3540c8dd4fad704f05560aabac2710dd57de07a6","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-07-02T01:18:32.404076Z","signature_b64":"jPrgQRO0rfdxUduNpRUhlYxEn7QqtOPmfA+EgVUos8Uxgftk8jWsFnooMF8s+KSfkvtCbMN0uINIdsGrgsqPAQ==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"9e548f7c10ac99e3f1f424fb3540c8dd4fad704f05560aabac2710dd57de07a6","last_reissued_at":"2026-07-02T01:18:32.403524Z","signature_status":"signed_v1","first_computed_at":"2026-07-02T01:18:32.403524Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"2607.01198","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":"2026-07-02T01:18:32Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"B3Dy4AYmH1PDlwrdORfJhs1sgIa5BlgosDVYlglyzidR562W+Wv3USFuLppDgI5zmBOnJkqA3aquYYQIjSIvCg==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-08-20T04:14:50.577528Z"},"content_sha256":"b51b171168964ebb041ad15df570db686523ae479b82ee0c0a79ea92e25e081d","schema_version":"1.0","event_id":"sha256:b51b171168964ebb041ad15df570db686523ae479b82ee0c0a79ea92e25e081d"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2026:TZKI67AQVSM6H4PUET5TKQGI3V","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"When large trades are not news: Liquidity tail risk and price discovery","license":"http://creativecommons.org/licenses/by/4.0/","headline":"","cross_cats":["q-fin.MF"],"primary_cat":"q-fin.TR","authors_text":"Giulia Livieri, Mingwei Lin, Umut \\c{C}etin","submitted_at":"2026-07-01T17:32:54Z","abstract_excerpt":"When is a large trade news, and when is it a liquidity shock? We study this question in a sequential competitive limit order book with asymmetric information. In our model, liquidity suppliers observe aggregate order flow but not its decomposition into informed demand and uninformed liquidity demand. We model uninformed order flow with Student-$t$ tails, interpreted as a reduced form for rare liquidity regimes. The tail index of liquidity demand determines how informative large trades are. With thin-tailed noise, large order imbalances are quickly interpreted as private information. With heavy"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2607.01198","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/2607.01198/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":"2026-07-02T01:18:32Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"GWXLUOHlkEch0qqGyRDh0WBvC7C5Z/iIyzTh62nJpy/XkjgHqWVtjV5XmePqdPs94P+JEXLpF2HXqXRlaExQDA==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-08-20T04:14:50.578404Z"},"content_sha256":"67823221d45c68ac307ffc3d5431c44ef86fe0713a107cace44376d1c8379124","schema_version":"1.0","event_id":"sha256:67823221d45c68ac307ffc3d5431c44ef86fe0713a107cace44376d1c8379124"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/TZKI67AQVSM6H4PUET5TKQGI3V/bundle.json","state_url":"https://pith.science/pith/TZKI67AQVSM6H4PUET5TKQGI3V/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/TZKI67AQVSM6H4PUET5TKQGI3V/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":"2026-08-20T04:14:50Z","links":{"resolver":"https://pith.science/pith/TZKI67AQVSM6H4PUET5TKQGI3V","bundle":"https://pith.science/pith/TZKI67AQVSM6H4PUET5TKQGI3V/bundle.json","state":"https://pith.science/pith/TZKI67AQVSM6H4PUET5TKQGI3V/state.json","well_known_bundle":"https://pith.science/.well-known/pith/TZKI67AQVSM6H4PUET5TKQGI3V/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2026:TZKI67AQVSM6H4PUET5TKQGI3V","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":"a9c682928960cd7200becf611139854f384f02cb2828f256358a76420409532c","cross_cats_sorted":["q-fin.MF"],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.TR","submitted_at":"2026-07-01T17:32:54Z","title_canon_sha256":"7086374bdebb40c1ff6f4feca2e5c93221a6262e03b2cb2a7a38508d5be587f7"},"schema_version":"1.0","source":{"id":"2607.01198","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2607.01198","created_at":"2026-07-02T01:18:32Z"},{"alias_kind":"arxiv_version","alias_value":"2607.01198v1","created_at":"2026-07-02T01:18:32Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2607.01198","created_at":"2026-07-02T01:18:32Z"},{"alias_kind":"pith_short_12","alias_value":"TZKI67AQVSM6","created_at":"2026-07-02T01:18:32Z"},{"alias_kind":"pith_short_16","alias_value":"TZKI67AQVSM6H4PU","created_at":"2026-07-02T01:18:32Z"},{"alias_kind":"pith_short_8","alias_value":"TZKI67AQ","created_at":"2026-07-02T01:18:32Z"}],"graph_snapshots":[{"event_id":"sha256:67823221d45c68ac307ffc3d5431c44ef86fe0713a107cace44376d1c8379124","target":"graph","created_at":"2026-07-02T01:18:32Z","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/2607.01198/integrity.json","findings":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938","summary":{"advisory":0,"by_detector":{},"critical":0,"informational":0}},"paper":{"abstract_excerpt":"When is a large trade news, and when is it a liquidity shock? We study this question in a sequential competitive limit order book with asymmetric information. In our model, liquidity suppliers observe aggregate order flow but not its decomposition into informed demand and uninformed liquidity demand. We model uninformed order flow with Student-$t$ tails, interpreted as a reduced form for rare liquidity regimes. The tail index of liquidity demand determines how informative large trades are. With thin-tailed noise, large order imbalances are quickly interpreted as private information. With heavy","authors_text":"Giulia Livieri, Mingwei Lin, Umut \\c{C}etin","cross_cats":["q-fin.MF"],"headline":"","license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.TR","submitted_at":"2026-07-01T17:32:54Z","title":"When large trades are not news: Liquidity tail risk and price discovery"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2607.01198","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:b51b171168964ebb041ad15df570db686523ae479b82ee0c0a79ea92e25e081d","target":"record","created_at":"2026-07-02T01:18:32Z","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":"a9c682928960cd7200becf611139854f384f02cb2828f256358a76420409532c","cross_cats_sorted":["q-fin.MF"],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.TR","submitted_at":"2026-07-01T17:32:54Z","title_canon_sha256":"7086374bdebb40c1ff6f4feca2e5c93221a6262e03b2cb2a7a38508d5be587f7"},"schema_version":"1.0","source":{"id":"2607.01198","kind":"arxiv","version":1}},"canonical_sha256":"9e548f7c10ac99e3f1f424fb3540c8dd4fad704f05560aabac2710dd57de07a6","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"9e548f7c10ac99e3f1f424fb3540c8dd4fad704f05560aabac2710dd57de07a6","first_computed_at":"2026-07-02T01:18:32.403524Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-07-02T01:18:32.403524Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"jPrgQRO0rfdxUduNpRUhlYxEn7QqtOPmfA+EgVUos8Uxgftk8jWsFnooMF8s+KSfkvtCbMN0uINIdsGrgsqPAQ==","signature_status":"signed_v1","signed_at":"2026-07-02T01:18:32.404076Z","signed_message":"canonical_sha256_bytes"},"source_id":"2607.01198","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:b51b171168964ebb041ad15df570db686523ae479b82ee0c0a79ea92e25e081d","sha256:67823221d45c68ac307ffc3d5431c44ef86fe0713a107cace44376d1c8379124"],"state_sha256":"6268cd4855080e7b8ef2fa6ed42e54ae62044ef4d1ca49ca8d9852f7aaca6b0c"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"VZovXjNSTA3j//unJNG0yEfEa+pDckwFnIp47O7PJpV1rjjDsOiYN0NaP1FPm87k5hZuV8NGovlHa0LGLFm5Bg==","signed_message":"bundle_sha256_bytes","signed_at":"2026-08-20T04:14:50.585073Z","bundle_sha256":"8276d35d0419f98edad6a1b0761b6c811778babd8622ab8512645d51bc60d61b"}}