Before revision:  The results explicitly demonstrate how the time-variability of the covolatility process affects the LSD of RCV matrix. We then propose an alternative estimator, the {\it time-variation adjusted realized covariance} (TVARCV) matrix.
After revision:  The results explicitly demonstrate how the time-variability of the covolatility process affects the LSD of RCV . We further propose an alternative estimator, the {\it time-variation adjusted realized covariance} (TVARCV) matrix.