{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2016:YQHQMD7LO2WCTAAPDHVKZSNX5H","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":"b7b0df847e2ba95f18979c893c3c1a90f6272c8f91e08e2b7cecb5eb3ecc6657","cross_cats_sorted":["math.PR","q-fin.MF"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.PM","submitted_at":"2016-08-22T11:05:07Z","title_canon_sha256":"e7016efc6e5c8c55301d6fc3c19d0291c79d07fedabfda1c7d8c0863a2dd569a"},"schema_version":"1.0","source":{"id":"1608.06121","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1608.06121","created_at":"2026-05-18T01:08:22Z"},{"alias_kind":"arxiv_version","alias_value":"1608.06121v1","created_at":"2026-05-18T01:08:22Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1608.06121","created_at":"2026-05-18T01:08:22Z"},{"alias_kind":"pith_short_12","alias_value":"YQHQMD7LO2WC","created_at":"2026-05-18T12:30:53Z"},{"alias_kind":"pith_short_16","alias_value":"YQHQMD7LO2WCTAAP","created_at":"2026-05-18T12:30:53Z"},{"alias_kind":"pith_short_8","alias_value":"YQHQMD7L","created_at":"2026-05-18T12:30:53Z"}],"graph_snapshots":[{"event_id":"sha256:6d1408da2509a751c5b2389d794958011425d2cb68b7bb6fa6d82bd5a30b787a","target":"graph","created_at":"2026-05-18T01:08:22Z","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":"The capitalization-weighted total relative variation $\\sum_{i=1}^d \\int_0^\\cdot \\mu_i (t) \\mathrm{d} \\langle \\log \\mu_i \\rangle (t)$ in an equity market consisting of a fixed number $d$ of assets with capitalization weights $\\mu_i (\\cdot)$ is an observable and nondecreasing function of time. If this observable of the market is not just nondecreasing, but actually grows at a rate which is bounded away from zero, then strong arbitrage can be constructed relative to the market over sufficiently long time horizons. It has been an open issue for more than ten years, whether such strong outperforman","authors_text":"E. Robert Fernholz, Ioannis Karatzas, Johannes Ruf","cross_cats":["math.PR","q-fin.MF"],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.PM","submitted_at":"2016-08-22T11:05:07Z","title":"Volatility and Arbitrage"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1608.06121","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":"sha256:41340281542a26df0bff46bb2a917a02dfaf9ab96704b2ea3cb2408dbda2282d","target":"record","created_at":"2026-05-18T01:08:22Z","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":"b7b0df847e2ba95f18979c893c3c1a90f6272c8f91e08e2b7cecb5eb3ecc6657","cross_cats_sorted":["math.PR","q-fin.MF"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.PM","submitted_at":"2016-08-22T11:05:07Z","title_canon_sha256":"e7016efc6e5c8c55301d6fc3c19d0291c79d07fedabfda1c7d8c0863a2dd569a"},"schema_version":"1.0","source":{"id":"1608.06121","kind":"arxiv","version":1}},"canonical_sha256":"c40f060feb76ac29800f19eaacc9b7e9cb4a45e3a6c01d00c1155ff564c89b37","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"c40f060feb76ac29800f19eaacc9b7e9cb4a45e3a6c01d00c1155ff564c89b37","first_computed_at":"2026-05-18T01:08:22.200879Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-18T01:08:22.200879Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"S/YrRi9n1mDOBx7hCvw3DuKT6x7IUFCm0Wx5WWuC4h7TZrnGdKynhYdRP1jbZ0RTwewXCoe5A4a7j2Bmf/b8AQ==","signature_status":"signed_v1","signed_at":"2026-05-18T01:08:22.201470Z","signed_message":"canonical_sha256_bytes"},"source_id":"1608.06121","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:41340281542a26df0bff46bb2a917a02dfaf9ab96704b2ea3cb2408dbda2282d","sha256:6d1408da2509a751c5b2389d794958011425d2cb68b7bb6fa6d82bd5a30b787a"],"state_sha256":"2f99103d916d4ccb6cb205c53fb9c422efda6239d934829e9923e3fabbaaa591"}