{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2026:H2XZVWKCYMBGMBWPFS3PJLWJEW","merge_version":"pith-open-graph-merge-v1","event_count":3,"valid_event_count":3,"invalid_event_count":0,"equivocation_count":0,"current":{"canonical_record":{"metadata":{"abstract_canon_sha256":"93b83b35a63ae59794dc89f8d0bafb9a66ad18e4ab70a1c192c737318de088a9","cross_cats_sorted":["cs.AI","cs.LG"],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"cs.GT","submitted_at":"2026-08-09T01:48:53Z","title_canon_sha256":"0274a3976e6c8ac23507c6db6b059fe169d7612e6360468b6af853a419338d75"},"schema_version":"1.0","source":{"id":"2608.08407","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2608.08407","created_at":"2026-08-11T01:22:33Z"},{"alias_kind":"arxiv_version","alias_value":"2608.08407v1","created_at":"2026-08-11T01:22:33Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2608.08407","created_at":"2026-08-11T01:22:33Z"},{"alias_kind":"pith_short_12","alias_value":"H2XZVWKCYMBG","created_at":"2026-08-11T01:22:33Z"},{"alias_kind":"pith_short_16","alias_value":"H2XZVWKCYMBGMBWP","created_at":"2026-08-11T01:22:33Z"},{"alias_kind":"pith_short_8","alias_value":"H2XZVWKC","created_at":"2026-08-11T01:22:33Z"}],"graph_snapshots":[{"event_id":"sha256:5bc66a45fdef0ef870e757059b24a3994bd713a9008fbd22af1bfaf8fb41738d","target":"graph","created_at":"2026-08-11T01:22:33Z","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/2608.08407/integrity.json","findings":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938","summary":{"advisory":0,"by_detector":{},"critical":0,"informational":0}},"paper":{"abstract_excerpt":"A bidder can quietly buy a stake in a company before making an offer for it. That stake, a toehold, is supposed to pay for itself twice: it makes the bidder willing to bid harder, and it frightens rivals into staying out of the fight. The first effect is arithmetic. The second is what would justify the cost and exposure of taking one at all. Yet toeholds are rare in practice, a standing puzzle.\n  We ask whether that second effect is there once the contest is modelled as several rounds of escalating offers rather than the single exchange classical models assume. We turn it into a game a compute","authors_text":"Zain Naboulsi","cross_cats":["cs.AI","cs.LG"],"headline":"","license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"cs.GT","submitted_at":"2026-08-09T01:48:53Z","title":"Does a Toehold Make a Bidder Bolder? Preemption and Multiplicity in Multi-Round Takeover Auctions"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2608.08407","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":"sha256:8ff37d758b7bd6a4af6ee3af0846f52ec62e994442b556c39f647cf8da374223","target":"record","created_at":"2026-08-11T01:22:33Z","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":"93b83b35a63ae59794dc89f8d0bafb9a66ad18e4ab70a1c192c737318de088a9","cross_cats_sorted":["cs.AI","cs.LG"],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"cs.GT","submitted_at":"2026-08-09T01:48:53Z","title_canon_sha256":"0274a3976e6c8ac23507c6db6b059fe169d7612e6360468b6af853a419338d75"},"schema_version":"1.0","source":{"id":"2608.08407","kind":"arxiv","version":1}},"canonical_sha256":"3eaf9ad942c3026606cf2cb6f4aec925bfe08877e838bd870f9da28c999f5398","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"3eaf9ad942c3026606cf2cb6f4aec925bfe08877e838bd870f9da28c999f5398","first_computed_at":"2026-08-11T01:22:33.643085Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-08-11T01:22:33.643085Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"TYfPp913wJjvY4QTK2pmuaiiim0FMdaSUjXWs5und5h8XYQq/GjLTVTeO4hTdHk7o2UysnBQKMAMbY82/NBNAw==","signature_status":"signed_v1","signed_at":"2026-08-11T01:22:33.645563Z","signed_message":"canonical_sha256_bytes"},"source_id":"2608.08407","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:8ff37d758b7bd6a4af6ee3af0846f52ec62e994442b556c39f647cf8da374223","sha256:5bc66a45fdef0ef870e757059b24a3994bd713a9008fbd22af1bfaf8fb41738d","sha256:49554dcae94d6d559a2cf0ca6b95d061d6f52d2f45341f31e83e9b29618978ab"],"state_sha256":"36ca912355e1c17b298b00796feea7d483691b8808fc08230ab1a0aac4fafc98"}