wanyu/IteraTeR_full_sent huggingface dataset:
Original:  As application of our version of the FTUM, we establish equivalence between the No-Unbounded-Profit-with-Bounded-Risk condition  , the existence of  num\'eraire portfolio, and the existence of solution to the utility maximization under equivalent probability measure  .
Revised:  As application of our version of the FTUM, we establish equivalence between the No-Unbounded-Profit-with-Bounded-Risk condition (NUPBR hereafter) , the existence of num\'eraire portfolio, and the existence of solution to the utility maximization under equivalent probability measure .
Edit intent: meaning-changed
Original:  As application of our version of the FTUM, we establish equivalence between the No-Unbounded-Profit-with-Bounded-Risk condition  , the existence of  num\'eraire portfolio, and the existence of solution to the utility maximization under equivalent probability measure  .
Revised:  As application of our version of the FTUM, we establish equivalence between the No-Unbounded-Profit-with-Bounded-Risk condition , the existence of the num\'eraire portfolio, and the existence of solution to the utility maximization under equivalent probability measure .
Edit intent: fluency
Original:  As application of our version of the FTUM, we establish equivalence between the No-Unbounded-Profit-with-Bounded-Risk condition  , the existence of  num\'eraire portfolio, and the existence of solution to the utility maximization under equivalent probability measure  .
Revised:  As application of our version of the FTUM, we establish equivalence between the No-Unbounded-Profit-with-Bounded-Risk condition , the existence of num\'eraire portfolio, and the existence of the optimal portfolio under an equivalent probability measure .
Edit intent: clarity
Original:  As application of our version of the FTUM, we establish equivalence between the No-Unbounded-Profit-with-Bounded-Risk condition  , the existence of  num\'eraire portfolio, and the existence of solution to the utility maximization under equivalent probability measure  .
Revised:  As application of our version of the FTUM, we establish equivalence between the No-Unbounded-Profit-with-Bounded-Risk condition , the existence of num\'eraire portfolio, and the existence of solution to the utility maximization under equivalent probability measure for any "nice" utility and positive initial capital. Herein, a 'nice" utility is any smooth von URLenstern utility satisfying Inada's conditions and the elasticity assumptions of Kramkov and Schachermayer .
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Original:  Furthermore, the obtained equivalent probability can be chosen as close to the real-world probability measure as we want (but might not be equal) {\it   .
Revised:  Furthermore, the obtained equivalent probability can be chosen as close to the real-world probability measure as we want (but might not be equal) . Without changing the underlying probability measure and under mild assumptions, our second contribution proves that the NUPBR is equivalent to the "{\it .
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Original:  Furthermore, the obtained equivalent probability can be chosen as close to the real-world probability measure as we want (but might not be equal) {\it   .
Revised:  Furthermore, the obtained equivalent probability can be chosen as close to the real-world probability measure as we want (but might not be equal) {\it " existence of the optimal portfolio. This constitutes an alternative to the first contribution, if one insists on working under the real-world probability. These two contributions lead naturally to new types of viability that we call weak and local viabilities .
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Original: Using results from our companion article URL :1112.4824v2] on a Schauder approach to existence of solutions to a degenerate-parabolic partial differential equation, we solve three intertwined problems, motivated by probability theory and mathematical finance, concerning degenerate diffusion processes.
Revised: Using results from our companion article arXiv :1112.4824v2] on a Schauder approach to existence of solutions to a degenerate-parabolic partial differential equation, we solve three intertwined problems, motivated by probability theory and mathematical finance, concerning degenerate diffusion processes.
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Original:  So far there are no established backtesting procedures for EL, quantifying its impact with regards to pricing or risk adjusted profitability measures, such as RARORAC . In this paper, a practically oriented, top-down approach to assess the quality of EL by backtesting with actually observed risk impact on capital is introduced.
Revised:  So far there are no established backtesting procedures for EL, quantifying its impact with regards to pricing or risk adjusted profitability measures, such as RAROC or EVA . In this paper, a practically oriented, top-down approach to assess the quality of EL by backtesting with actually observed risk impact on capital is introduced.
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Original:  In a first step, the concept of risk expenses (Cost of Risk) has to be extended beyond the classical provisioning (P L) view, towards a more adequate capital consumption approach (Impact of Risk, IoR).
Revised:  In a first step, the concept of risk expenses (Cost of Risk) has to be extended beyond the classical provisioning L) view, towards a more adequate capital consumption approach (Impact of Risk, IoR).
Edit intent: clarity
Original:  In a first step, the concept of risk expenses (Cost of Risk) has to be extended beyond the classical provisioning (P L) view, towards a more adequate capital consumption approach (Impact of Risk, IoR).
Revised:  In a first step, the concept of risk expenses (Cost of Risk) has to be extended beyond the classical provisioning (P view, towards a more adequate capital consumption approach (Impact of Risk, IoR).
Edit intent: fluency
Original:  The proposed method will deepen the understanding of practical properties of EL, aligns the EL with actually observed risk impact on capital and has the potential to improve the quality of EL-based business decisions. Besides assumptions on the stability of parameter estimates and default identification, there are no further requirementson the underlying credit risk parameters .
Revised:  The proposed method will deepen the understanding of practical properties of EL, aligns the EL with a clearly defined and observable risk measure and provides a link between upcoming IFRS 9 accounting standards for loan loss provisioning with IRBA regulatory capital requirements .
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Original: Microscopic URLanismslocomote in viscous fluids through spontaneous beating of filamentous structures anchored at one end, such as flagella and cilia. Prokaryotic flagella rotate rigidly like a corkscrew, while eukaryotic flagella are flexible and oscillate in a plane. We observe similar biomimetic beating behaviorin silico by clamping an active filament at one end and solving for hydrodynamics interactions.
Revised: in silico by clamping an active filament at one end and solving for hydrodynamics interactions.
Edit intent: clarity
Original:  This transition into a limit cycle occurs via a supercritical Hopf bifurcation. The time period and amplitude of beating increase with increasing filament length, but collapse to a master curve on appropriate scaling. An analytical calculation of the spectrum of the filament model in the free-draining approximation fails to capture oscillatory behavior, emphasizing the crucial role played by hydrodynamic interactions .
Revised:  Bundles of inextensible filaments driven by energy transduction of molecular motors form essential components of micron-scale motility engines like cilia and flagella. The mimicry of cilia-like motion in recent experiments on synthetic active filaments supports the idea that generic physical mechanisms may be sufficient to generate such motion. Here we show, theoretically, that the competition between the destabilising effect of hydrodynamic interactions induced by force-free and torque-free chemomechanically active flows, and the stabilising effect of nonlinear elasticity, provides a generic route to spontaneous oscillations in active filaments. These oscillations, reminiscent of prokaryotic and eukaryotic flagellar motion, are obtained without having to invoke structural complexity or biochemical regulation. This minimality implies that biomimetic oscillations, previously observed only in complex bundles of active filaments, can be replicated in simple chains of generic chemomechanically active beads .
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Original:  We demonstrate the empirical numerical convergence of reaction time statistics associated with the CRDME. Although the reaction time statistics of the RDME diverge as the lattice spacing approaches zero, we show they approach those of the CRDME for sufficiently large lattice spacings or slow bimolecular reaction rates .
Revised:  We demonstrate the numerical convergence of reaction time statistics associated with the CRDME. Although the reaction time statistics of the RDME diverge as the lattice spacing approaches zero, we show they approach those of the CRDME for sufficiently large lattice spacings or slow bimolecular reaction rates .
Edit intent: clarity
Original:  We demonstrate the empirical numerical convergence of reaction time statistics associated with the CRDME. Although the reaction time statistics of the RDME diverge as the lattice spacing approaches zero, we show they approach those of the CRDME for sufficiently large lattice spacings or slow bimolecular reaction rates .
Revised:  We demonstrate the empirical numerical convergence of reaction time statistics associated with the CRDME. For sufficiently large lattice spacings or slow bimolecular reaction rates .
Edit intent: clarity
Original:  We demonstrate the empirical numerical convergence of reaction time statistics associated with the CRDME. Although the reaction time statistics of the RDME diverge as the lattice spacing approaches zero, we show they approach those of the CRDME for sufficiently large lattice spacings or slow bimolecular reaction rates . As such, the RDME may be interpreted as an approximation to the CRDME in several asymptotic limits.
Revised:  We demonstrate the empirical numerical convergence of reaction time statistics associated with the CRDME. Although the reaction time statistics of the RDME diverge as the lattice spacing approaches zero, we show they approach those of the CRDME for sufficiently large lattice spacings or slow bimolecular reaction rates , we also show the reaction time statistics of the CRDME may be approximated by those from the RDME. The original RDME may therefore be interpreted as an approximation to the CRDME in several asymptotic limits.
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Original:  The RDME has been shown to have the drawback of losing bimolecular reactions in the limit that the lattice spacing approaches zero ( in two or more dimensions ).
Revised:  The RDME is often interpreted as an approximation to spatially-continuous models in which molecules move by Brownian motion and react by one of several mechanisms when sufficiently close. In the limit that the lattice spacing approaches zero ( in two or more dimensions ).
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Original:  The RDME has been shown to have the drawback of losing bimolecular reactions in the limit that the lattice spacing approaches zero ( in two or more dimensions ).
Revised:  The RDME has been shown to have the drawback of losing bimolecular reactions in the limit that the lattice spacing approaches zero ( in two or more dimensions , the RDME has been shown to lose bimolecular reactions. The RDME is therefore not a convergent approximation to any spatially-continuous model that incorporates bimolecular reactions.
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Original:  In this work we derive a new convergent RDME (CRDME) that eliminates this problem. The CRDME is obtained by finite volume discretization of a spatially-continuous stochastic reaction-diffusion model  .
Revised:  In this work we derive a new convergent RDME (CRDME) by finite volume discretization of a spatially-continuous stochastic reaction-diffusion model .
Edit intent: coherence
Original:  Second, we introduce a spectral norm constraint to robustify the relaxed problem. Third, we use alternating direction method or the iteratively reweighted least squares (IRLS) procedureto solve the problem .
Revised:  Second, we introduce a spectral norm term that is added as a constraint or as a regularization term to the relaxed minimization problem. The resulted problems are solved by using either the alternating direction method or the iteratively reweighted least squares (IRLS) procedureto solve the problem .
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Original:  First, we extend the results of [ 32 ] concerning the existence and uniqueness of second-order reflected 2BSDEs to the case of upper obstacles. Then, under some regularity assumptions on one of the barriers, similar to the ones in [ 9 ], and when the two barriers are completely separated, we provide a complete wellposedness theory for doubly reflected second-order BSDEs.
Revised:  First, we extend the results of [ 32 ] concerning the existence and uniqueness of second-order reflected 2BSDEs to the case of two obstacles. Under some regularity assumptions on one of the barriers, similar to the ones in [ 9 ], and when the two barriers are completely separated, we provide a complete wellposedness theory for doubly reflected second-order BSDEs.
Edit intent: coherence
Original:  Then, under some regularity assumptions on one of the barriers, similar to the ones in [ 9 ], and when the two barriers are completely separated, we provide a complete wellposedness theory for doubly reflected second-order BSDEs.
Revised:  Then, under some regularity assumptions on one of the barriers, similar to the ones in [ 10 ], and when the two barriers are completely separated, we provide a complete wellposedness theory for doubly reflected second-order BSDEs.
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Original:  We also show that these objects are related to non-standard optimal stopping games, thus generalizing the connection between DRBSDEs and Dynkin games first proved by Cvitani\'c and Karatzas [ 10 ].
Revised:  We also show that these objects are related to non-standard optimal stopping games, thus generalizing the connection between DRBSDEs and Dynkin games first proved by Cvitanic and Karatzas [ 10 ].
Edit intent: fluency
Original:  We also show that these objects are related to non-standard optimal stopping games, thus generalizing the connection between DRBSDEs and Dynkin games first proved by Cvitani\'c and Karatzas [ 10 ].
Revised:  We also show that these objects are related to non-standard optimal stopping games, thus generalizing the connection between DRBSDEs and Dynkin games first proved by Cvitani\'c and Karatzas [ 11 ].
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Original:  More precisely, we show  that the second order DRBSDEs provide solutions of what we call uncertain Dynkin games and that they also allow us to obtain super and subhedging prices for American game options (also called Israeli options) in financial markets with volatility uncertainty
Revised:  More precisely, we show under a technical assumption that the second order DRBSDEs provide solutions of what we call uncertain Dynkin games and that they also allow us to obtain super and subhedging prices for American game options (also called Israeli options) in financial markets with volatility uncertainty
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Original:  Moreover , scaling properties reported in the previous literature for other high-frequency financial data are approximately valid as well. Finally , we propose a simple method for describing non-stationary returns, based on a non-homogeneous normal compound Poisson process and we test this model against the empirical findings .
Revised:  Moreover , scaling properties reported in the previous literature for other high-frequency financial data are only approximately valid. As a consequence of the empirical analyses , we propose a simple method for describing non-stationary returns, based on a non-homogeneous normal compound Poisson process and we test this model against the empirical findings .
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Original:  Finally , we propose a simple method for describing non-stationary returns, based on a non-homogeneous normal compound Poisson process and we test this model against the empirical findings . It turns out that the model can  reproduce several stylized facts of high-frequency financial time series  .
Revised:  Finally , we propose a simple method for describing non-stationary returns, based on a non-homogeneous normal compound Poisson process and we test this model against the empirical findings and it turns out that the model can reproduce several stylized facts of high-frequency financial time series .
Edit intent: coherence
Original:  It turns out that the model can  reproduce several stylized facts of high-frequency financial time series  .
Revised:  It turns out that the model can reproduce several stylized facts of high-frequency financial time series . Moreover, using Monte Carlo simulations, we analyze order selection for this model class using three information criteria: Akaike's information criterion (AIC), the Bayesian information criterion (BIC) and the Hannan-Quinn information criterion (HQ). For comparison, we also perform a similar Monte Carlo experiment for the ACD (autoregressive conditional duration) model. Our results show that the information criteria work best for small parameter numbers for the compound Poisson type models, whereas for the ACD model the model selection procedure does not work well in certain cases .
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Original: We prove here a general closed-form expansion formula for forward-start options and the forward implied volatility smile in a large class of models, including Heston and time-changed exponential Levy models.
Revised: We prove here a general closed-form expansion formula for forward-start options and the forward implied volatility smile in a large class of models, including the Heston stochastic volatility and time-changed exponential Levy models.
Edit intent: meaning-changed
Original:  In passing we show (i) that the small-maturity exploding behaviour of forward smiles depends on whether the quadratic variation of the underlying is bounded or not, and (ii) that the forward-start date also has to be rescaled in order to obtain non-trivial small-maturity asymptotics  .
Revised:  In passing we (i) that the small-maturity exploding behaviour of forward smiles depends on whether the quadratic variation of the underlying is bounded or not, and (ii) that the forward-start date also has to be rescaled in order to obtain non-trivial small-maturity asymptotics .
Edit intent: coherence
Original:  In passing we show (i) that the small-maturity exploding behaviour of forward smiles depends on whether the quadratic variation of the underlying is bounded or not, and (ii) that the forward-start date also has to be rescaled in order to obtain non-trivial small-maturity asymptotics  .
Revised:  In passing we show (i) show that the forward-start date also has to be rescaled in order to obtain non-trivial small-maturity asymptotics .
Edit intent: coherence
Original:  In passing we show (i) that the small-maturity exploding behaviour of forward smiles depends on whether the quadratic variation of the underlying is bounded or not, and (ii) that the forward-start date also has to be rescaled in order to obtain non-trivial small-maturity asymptotics  .
Revised:  In passing we show (i) that the small-maturity exploding behaviour of forward smiles depends on whether the quadratic variation of the underlying is bounded or not, and (ii) that the forward-start date has to be rescaled in order to obtain non-trivial small-maturity asymptotics .
Edit intent: clarity
Original:  In passing we show (i) that the small-maturity exploding behaviour of forward smiles depends on whether the quadratic variation of the underlying is bounded or not, and (ii) that the forward-start date also has to be rescaled in order to obtain non-trivial small-maturity asymptotics  .
Revised:  In passing we show (i) that the small-maturity exploding behaviour of forward smiles depends on whether the quadratic variation of the underlying is bounded or not, and (ii) that the forward-start date also has to be rescaled in order to obtain non-trivial small-maturity asymptotics , (ii) prove that the forward-start date may influence the large-maturity behaviour of the forward smile, and (iii) provide some examples of models with finite quadratic variation where the small-maturity forward smile does not explode .
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Original: In this paper we study the optimal stopping problem of pricing an American Put option on a Zero Coupon Bond (ZCB) in the  Heath-Jarrow-Morton (HJM) framework for the forward interest rate.
Revised: We study the optimal stopping problem of pricing an American Put option on a Zero Coupon Bond (ZCB) in the Heath-Jarrow-Morton (HJM) framework for the forward interest rate.
Edit intent: clarity
Original: In this paper we study the optimal stopping problem of pricing an American Put option on a Zero Coupon Bond (ZCB) in the  Heath-Jarrow-Morton (HJM) framework for the forward interest rate.
Revised: In this paper we study the optimal stopping problem of pricing an American Put option on a Zero Coupon Bond (ZCB) in the Musiela's parametrization of the Heath-Jarrow-Morton (HJM) framework for the forward interest rate.
Edit intent: meaning-changed
Original: In this paper we study the optimal stopping problem of pricing an American Put option on a Zero Coupon Bond (ZCB) in the  Heath-Jarrow-Morton (HJM) framework for the forward interest rate. In particular we consider its Musiela's parametrization to guarantee a Markovian setting. Hence we are in an infinite dimensional setting, in which the forward rate curve is described by a SDE in a suitable Hilbert space. In order to find an infinite dimensional variational formulation of the pricing problem , we extend some results on infinite dimensional optimal stopping and variational inequalities recently obtained in 8%DIFDELCMD < ]%%% . The proof goes through three main steps.
Revised: In this paper we study the optimal stopping problem of pricing an American Put option on a Zero Coupon Bond (ZCB) in the Heath-Jarrow-Morton (HJM) model for forward interest rates. First we show regularity properties of the price function by probabilistic methods. Then we find an infinite dimensional variational formulation of the pricing problem , we extend some results on infinite dimensional optimal stopping and variational inequalities recently obtained in 8%DIFDELCMD < ]%%% . The proof goes through three main steps.
Edit intent: meaning-changed
Original:  In order to find an infinite dimensional variational formulation of the pricing problem , we extend some results on infinite dimensional optimal stopping and variational inequalities recently obtained in 8%DIFDELCMD < ]%%% . The proof goes through three main steps.
Revised:  In order to find an infinite dimensional variational formulation of the pricing problem 8%DIFDELCMD < ]%%% . The proof goes through three main steps.
Edit intent: coherence
Original:  In order to find an infinite dimensional variational formulation of the pricing problem , we extend some results on infinite dimensional optimal stopping and variational inequalities recently obtained in 8%DIFDELCMD < ]%%% . The proof goes through three main steps.
Revised:  In order to find an infinite dimensional variational formulation of the pricing problem , we extend some results on infinite dimensional optimal stopping and variational inequalities recently obtained in %DIFDELCMD < ]%%% . The proof goes through three main steps.
Edit intent: coherence