{"record_type":"pith_number_record","schema_url":"https://pith.science/schemas/pith-number/v1.json","pith_number":"pith:2011:OUCB2GZ24HULX36KWZATR3277C","short_pith_number":"pith:OUCB2GZ2","schema_version":"1.0","canonical_sha256":"75041d1b3ae1e8bbefcab64138ef5ff8a4f5946a60eb33bb28a03a6d80bdda39","source":{"kind":"arxiv","id":"1105.1694","version":3},"attestation_state":"computed","paper":{"title":"Anomalous price impact and the critical nature of liquidity in financial markets","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":["cond-mat.stat-mech","physics.soc-ph"],"primary_cat":"q-fin.TR","authors_text":"Bence Toth, Cyril Deremble, Jean-Philippe Bouchaud, Joachim de Lataillade, Julien Kockelkoren, Yves Lemperiere","submitted_at":"2011-05-09T15:11:00Z","abstract_excerpt":"We propose a dynamical theory of market liquidity that predicts that the average supply/demand profile is V-shaped and {\\it vanishes} around the current price. This result is generic, and only relies on mild assumptions about the order flow and on the fact that prices are (to a first approximation) diffusive. This naturally accounts for two striking stylized facts: first, large metaorders have to be fragmented in order to be digested by the liquidity funnel, leading to long-memory in the sign of the order flow. Second, the anomalously small local liquidity induces a breakdown of linear respons"},"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":"1105.1694","kind":"arxiv","version":3},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2011-05-09T15:11:00Z","cross_cats_sorted":["cond-mat.stat-mech","physics.soc-ph"],"title_canon_sha256":"97aeaf3e3af0b6e79db52f2b3eb86d2ec3c3abc54590ee7e548dc5d2901ed0ff","abstract_canon_sha256":"4979b17dcbba9ae095a1a095b4fc7f3886ee7a75328f2bccd5896cf27a213778"},"schema_version":"1.0"},"receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-05-18T04:09:53.595393Z","signature_b64":"QGUbk2My7NwrmAo+dXOhsrec70iyw5m5YeL9lBud+UrEE9iQxmCP19KlBkwf5d2awpf47wiRhtHsMEdbkX4qBQ==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"75041d1b3ae1e8bbefcab64138ef5ff8a4f5946a60eb33bb28a03a6d80bdda39","last_reissued_at":"2026-05-18T04:09:53.594710Z","signature_status":"signed_v1","first_computed_at":"2026-05-18T04:09:53.594710Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"graph_snapshot":{"paper":{"title":"Anomalous price impact and the critical nature of liquidity in financial markets","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":["cond-mat.stat-mech","physics.soc-ph"],"primary_cat":"q-fin.TR","authors_text":"Bence Toth, Cyril Deremble, Jean-Philippe Bouchaud, Joachim de Lataillade, Julien Kockelkoren, Yves Lemperiere","submitted_at":"2011-05-09T15:11:00Z","abstract_excerpt":"We propose a dynamical theory of market liquidity that predicts that the average supply/demand profile is V-shaped and {\\it vanishes} around the current price. This result is generic, and only relies on mild assumptions about the order flow and on the fact that prices are (to a first approximation) diffusive. This naturally accounts for two striking stylized facts: first, large metaorders have to be fragmented in order to be digested by the liquidity funnel, leading to long-memory in the sign of the order flow. Second, the anomalously small local liquidity induces a breakdown of linear respons"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1105.1694","kind":"arxiv","version":3},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"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":"1105.1694","created_at":"2026-05-18T04:09:53.594816+00:00"},{"alias_kind":"arxiv_version","alias_value":"1105.1694v3","created_at":"2026-05-18T04:09:53.594816+00:00"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1105.1694","created_at":"2026-05-18T04:09:53.594816+00:00"},{"alias_kind":"pith_short_12","alias_value":"OUCB2GZ24HUL","created_at":"2026-05-18T12:26:37.096874+00:00"},{"alias_kind":"pith_short_16","alias_value":"OUCB2GZ24HULX36K","created_at":"2026-05-18T12:26:37.096874+00:00"},{"alias_kind":"pith_short_8","alias_value":"OUCB2GZ2","created_at":"2026-05-18T12:26:37.096874+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/OUCB2GZ24HULX36KWZATR3277C","json":"https://pith.science/pith/OUCB2GZ24HULX36KWZATR3277C.json","graph_json":"https://pith.science/api/pith-number/OUCB2GZ24HULX36KWZATR3277C/graph.json","events_json":"https://pith.science/api/pith-number/OUCB2GZ24HULX36KWZATR3277C/events.json","paper":"https://pith.science/paper/OUCB2GZ2"},"agent_actions":{"view_html":"https://pith.science/pith/OUCB2GZ24HULX36KWZATR3277C","download_json":"https://pith.science/pith/OUCB2GZ24HULX36KWZATR3277C.json","view_paper":"https://pith.science/paper/OUCB2GZ2","resolve_alias":"https://pith.science/api/pith-number/resolve?arxiv=1105.1694&json=true","fetch_graph":"https://pith.science/api/pith-number/OUCB2GZ24HULX36KWZATR3277C/graph.json","fetch_events":"https://pith.science/api/pith-number/OUCB2GZ24HULX36KWZATR3277C/events.json","actions":{"anchor_timestamp":"https://pith.science/pith/OUCB2GZ24HULX36KWZATR3277C/action/timestamp_anchor","attest_storage":"https://pith.science/pith/OUCB2GZ24HULX36KWZATR3277C/action/storage_attestation","attest_author":"https://pith.science/pith/OUCB2GZ24HULX36KWZATR3277C/action/author_attestation","sign_citation":"https://pith.science/pith/OUCB2GZ24HULX36KWZATR3277C/action/citation_signature","submit_replication":"https://pith.science/pith/OUCB2GZ24HULX36KWZATR3277C/action/replication_record"}},"created_at":"2026-05-18T04:09:53.594816+00:00","updated_at":"2026-05-18T04:09:53.594816+00:00"}