{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2025:Y66ZWN3SGZ3MBY7JSO54ROFJXL","short_pith_number":"pith:Y66ZWN3S","canonical_record":{"source":{"id":"2503.02496","kind":"arxiv","version":1},"metadata":{"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.TR","submitted_at":"2025-03-04T11:03:10Z","cross_cats_sorted":[],"title_canon_sha256":"3d09d984d027d92b0f5aa4b458fcd00982a8cf7e802e708f5ff98be1521b1033","abstract_canon_sha256":"7371633ece7981fe1b79efbcf2181206e700c4e9295407b3b1fb931028ffb59b"},"schema_version":"1.0"},"canonical_sha256":"c7bd9b37723676c0e3e993bbc8b8a9baf91a577f629e5d3ef2465af2a335df64","source":{"kind":"arxiv","id":"2503.02496","version":1},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2503.02496","created_at":"2026-07-05T10:24:06Z"},{"alias_kind":"arxiv_version","alias_value":"2503.02496v1","created_at":"2026-07-05T10:24:06Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2503.02496","created_at":"2026-07-05T10:24:06Z"},{"alias_kind":"pith_short_12","alias_value":"Y66ZWN3SGZ3M","created_at":"2026-07-05T10:24:06Z"},{"alias_kind":"pith_short_16","alias_value":"Y66ZWN3SGZ3MBY7J","created_at":"2026-07-05T10:24:06Z"},{"alias_kind":"pith_short_8","alias_value":"Y66ZWN3S","created_at":"2026-07-05T10:24:06Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2025:Y66ZWN3SGZ3MBY7JSO54ROFJXL","target":"record","payload":{"canonical_record":{"source":{"id":"2503.02496","kind":"arxiv","version":1},"metadata":{"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.TR","submitted_at":"2025-03-04T11:03:10Z","cross_cats_sorted":[],"title_canon_sha256":"3d09d984d027d92b0f5aa4b458fcd00982a8cf7e802e708f5ff98be1521b1033","abstract_canon_sha256":"7371633ece7981fe1b79efbcf2181206e700c4e9295407b3b1fb931028ffb59b"},"schema_version":"1.0"},"canonical_sha256":"c7bd9b37723676c0e3e993bbc8b8a9baf91a577f629e5d3ef2465af2a335df64","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-07-05T10:24:06.658596Z","signature_b64":"U2NSnt7/y3cL33pkwM3VofqbVsLdhiLuTCaM78XwK2A1JMxzWwwjRa9JZIICoH6TiM60TrqC4jDSHzbsFp3kCQ==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"c7bd9b37723676c0e3e993bbc8b8a9baf91a577f629e5d3ef2465af2a335df64","last_reissued_at":"2026-07-05T10:24:06.657991Z","signature_status":"signed_v1","first_computed_at":"2026-07-05T10:24:06.657991Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"2503.02496","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":"2026-07-05T10:24:06Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"9DrVVdpkJkAGzPFLpihik9kiDRTYOZ0rlEff5ba8AGxQnyyS5HsmAktE/5hPdN6qW1aUUIEA3G+s/1lSA4VaAw==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-08-07T22:38:16.453695Z"},"content_sha256":"be8d95013b05e08ea48e59c2bcb4f03e89b67dfc2563ec19e0f2816708b0f00b","schema_version":"1.0","event_id":"sha256:be8d95013b05e08ea48e59c2bcb4f03e89b67dfc2563ec19e0f2816708b0f00b"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2025:Y66ZWN3SGZ3MBY7JSO54ROFJXL","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"To Hedge or Not to Hedge: Optimal Strategies for Stochastic Trade Flow Management","license":"http://creativecommons.org/licenses/by/4.0/","headline":"","cross_cats":[],"primary_cat":"q-fin.TR","authors_text":"Hamza Bodor, Olivier Gu\\'eant, Philippe Bergault","submitted_at":"2025-03-04T11:03:10Z","abstract_excerpt":"This paper addresses the trade-off between internalisation and externalisation in the management of stochastic trade flows. We consider agents who must absorb flows and manage risk by deciding whether to warehouse it or hedge in the market, thereby incurring transaction costs and market impact. Unlike market makers, these agents cannot skew their quotes to attract offsetting flows and deter risk-increasing ones, leading to a fundamentally different problem. Within the Almgren-Chriss framework, we derive almost-closed-form solutions in the case of quadratic execution costs, while more general c"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2503.02496","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/2503.02496/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":"2026-07-05T10:24:06Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"fT8SBOfjZ8zFa2zzE4hxSBk3qjvtpuELFiuHObL5B4HorsS362j+d7k0VkIH7F2gxpbVhpI/5EgpdoyUIQMZDA==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-08-07T22:38:16.454203Z"},"content_sha256":"d40682116606c5607c7e68267992a30798b41d664f5943f61c16deecc230ec0c","schema_version":"1.0","event_id":"sha256:d40682116606c5607c7e68267992a30798b41d664f5943f61c16deecc230ec0c"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/Y66ZWN3SGZ3MBY7JSO54ROFJXL/bundle.json","state_url":"https://pith.science/pith/Y66ZWN3SGZ3MBY7JSO54ROFJXL/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/Y66ZWN3SGZ3MBY7JSO54ROFJXL/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":"2026-08-07T22:38:16Z","links":{"resolver":"https://pith.science/pith/Y66ZWN3SGZ3MBY7JSO54ROFJXL","bundle":"https://pith.science/pith/Y66ZWN3SGZ3MBY7JSO54ROFJXL/bundle.json","state":"https://pith.science/pith/Y66ZWN3SGZ3MBY7JSO54ROFJXL/state.json","well_known_bundle":"https://pith.science/.well-known/pith/Y66ZWN3SGZ3MBY7JSO54ROFJXL/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2025:Y66ZWN3SGZ3MBY7JSO54ROFJXL","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":"7371633ece7981fe1b79efbcf2181206e700c4e9295407b3b1fb931028ffb59b","cross_cats_sorted":[],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.TR","submitted_at":"2025-03-04T11:03:10Z","title_canon_sha256":"3d09d984d027d92b0f5aa4b458fcd00982a8cf7e802e708f5ff98be1521b1033"},"schema_version":"1.0","source":{"id":"2503.02496","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2503.02496","created_at":"2026-07-05T10:24:06Z"},{"alias_kind":"arxiv_version","alias_value":"2503.02496v1","created_at":"2026-07-05T10:24:06Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2503.02496","created_at":"2026-07-05T10:24:06Z"},{"alias_kind":"pith_short_12","alias_value":"Y66ZWN3SGZ3M","created_at":"2026-07-05T10:24:06Z"},{"alias_kind":"pith_short_16","alias_value":"Y66ZWN3SGZ3MBY7J","created_at":"2026-07-05T10:24:06Z"},{"alias_kind":"pith_short_8","alias_value":"Y66ZWN3S","created_at":"2026-07-05T10:24:06Z"}],"graph_snapshots":[{"event_id":"sha256:d40682116606c5607c7e68267992a30798b41d664f5943f61c16deecc230ec0c","target":"graph","created_at":"2026-07-05T10:24:06Z","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/2503.02496/integrity.json","findings":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938","summary":{"advisory":0,"by_detector":{},"critical":0,"informational":0}},"paper":{"abstract_excerpt":"This paper addresses the trade-off between internalisation and externalisation in the management of stochastic trade flows. We consider agents who must absorb flows and manage risk by deciding whether to warehouse it or hedge in the market, thereby incurring transaction costs and market impact. Unlike market makers, these agents cannot skew their quotes to attract offsetting flows and deter risk-increasing ones, leading to a fundamentally different problem. Within the Almgren-Chriss framework, we derive almost-closed-form solutions in the case of quadratic execution costs, while more general c","authors_text":"Hamza Bodor, Olivier Gu\\'eant, Philippe Bergault","cross_cats":[],"headline":"","license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.TR","submitted_at":"2025-03-04T11:03:10Z","title":"To Hedge or Not to Hedge: Optimal Strategies for Stochastic Trade Flow Management"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2503.02496","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:be8d95013b05e08ea48e59c2bcb4f03e89b67dfc2563ec19e0f2816708b0f00b","target":"record","created_at":"2026-07-05T10:24:06Z","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":"7371633ece7981fe1b79efbcf2181206e700c4e9295407b3b1fb931028ffb59b","cross_cats_sorted":[],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.TR","submitted_at":"2025-03-04T11:03:10Z","title_canon_sha256":"3d09d984d027d92b0f5aa4b458fcd00982a8cf7e802e708f5ff98be1521b1033"},"schema_version":"1.0","source":{"id":"2503.02496","kind":"arxiv","version":1}},"canonical_sha256":"c7bd9b37723676c0e3e993bbc8b8a9baf91a577f629e5d3ef2465af2a335df64","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"c7bd9b37723676c0e3e993bbc8b8a9baf91a577f629e5d3ef2465af2a335df64","first_computed_at":"2026-07-05T10:24:06.657991Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-07-05T10:24:06.657991Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"U2NSnt7/y3cL33pkwM3VofqbVsLdhiLuTCaM78XwK2A1JMxzWwwjRa9JZIICoH6TiM60TrqC4jDSHzbsFp3kCQ==","signature_status":"signed_v1","signed_at":"2026-07-05T10:24:06.658596Z","signed_message":"canonical_sha256_bytes"},"source_id":"2503.02496","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:be8d95013b05e08ea48e59c2bcb4f03e89b67dfc2563ec19e0f2816708b0f00b","sha256:d40682116606c5607c7e68267992a30798b41d664f5943f61c16deecc230ec0c"],"state_sha256":"74d8ccad7176fe01c2458e38058273f331451f1ecc1fd4af1a9be196cb2b9cc3"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"O2y3rYb005QgUrswWmZymeLG12VUUIDRrEORgjsvOxLZJdn23F2PhYBvRnrE3GRDd9dAJypsHDosww+v1NfnAg==","signed_message":"bundle_sha256_bytes","signed_at":"2026-08-07T22:38:16.460454Z","bundle_sha256":"017e74b3bbe5fa60834d249a1917b18577b0a62ae24964a7adcd386caa6a29d4"}}