Before revision:  Using wavelets, we not only gain decomposition of the realized variance into several investment horizons , but we are also able to estimate the jumpsconsistently . Basing our estimator in the two-scale realized variance framework of Zhang et al. (2005) , we are able to utilize all available data and get unbiased estimator in the presence of  noise as well.
After revision:  Using wavelets, we not only gain decomposition of the realized variance into several investment horizons , but we are also able to estimate the jumpsconsistently . Basing our estimator in the two-scale realized variance framework , we are able to utilize all available data and get unbiased estimator in the presence of noise as well.