Before revision:  The proposed model is based on a standard jump diffusion process for price and volatility augmented by a bivariate Hawkes process for the two jump components. The latter process specifies a joint dynamic structure for the price and volatility jump intensities, with the intensity of a volatility jump also directly affected by a jump in the price. The impact of certain aspects of the model on the higher-order conditional moments for returns is investigated. In particular, the differential effects of the jump intensities and the random process for latent volatility itself, are measured and documented.
After revision:  The proposed model is based on a standard jump diffusion process for price and volatility of an asset are modelled using a joint Hawkes process in conjunction with a bivariate jump diffusion.