wanyu/IteraTeR_full_sent huggingface dataset:
Original:  The main result of the paper is that the only tail risk measure that satisfies both a set of economic axioms proposed by Schmeidler (1989, Econometrica) and the statistical property of elicitability (i.e. there exists an objective function such that minimizing the expected objective function yields the risk measure;
Revised:  The main result of the paper is that the only tail risk measure that satisfies a set of economic axioms proposed by Schmeidler (1989, Econometrica) and the statistical property of elicitability (i.e. there exists an objective function such that minimizing the expected objective function yields the risk measure;
Edit intent: clarity
Original:   As an application, we argue that median shortfall is a better alternative than expected shortfall as a risk measure for setting capital requirements in Basel Accords.
Revised:  Elicitability is important for backtesting. Median shortfall has a desirable property of distributional robustness with respect to model misspecification. We also extend the result to address model uncertainty by incorporating multiple scenarios. As an application, we argue that median shortfall is a better alternative than expected shortfall as a risk measure for setting capital requirements in Basel Accords.
Edit intent: meaning-changed
Original:  The main result is that the only tail risk measure that satisfies a set of economic axioms proposed by Schmeidler (1989, Econometrica) and the statistical property of elicitability (i.e. there exists an objective function such that minimizing the expected objective function yields the risk measure ;
Revised:  The main result is that the only risk measures that satisfy a set of economic axioms proposed by Schmeidler (1989, Econometrica) and the statistical property of elicitability (i.e. there exists an objective function such that minimizing the expected objective function yields the risk measure ;
Edit intent: fluency
Original:  The main result is that the only tail risk measure that satisfies a set of economic axioms proposed by Schmeidler (1989, Econometrica) and the statistical property of elicitability (i.e. there exists an objective function such that minimizing the expected objective function yields the risk measure ;
Revised:  The main result is that the only tail risk measure that satisfies a set of economic axioms for the Choquet expected utility and the statistical property of elicitability (i.e. there exists an objective function such that minimizing the expected objective function yields the risk measure ;
Edit intent: meaning-changed
Original:  The main result is that the only tail risk measure that satisfies a set of economic axioms proposed by Schmeidler (1989, Econometrica) and the statistical property of elicitability (i.e. there exists an objective function such that minimizing the expected objective function yields the risk measure ; see Gneiting (2011, J. Amer. Stat. Assoc.) ) is median shortfall, which is the median of tail loss distribution.
Revised:  The main result is that the only tail risk measure that satisfies a set of economic axioms proposed by Schmeidler (1989, Econometrica) and the statistical property of elicitability (i.e. there exists an objective function such that minimizing the expected objective function yields the risk measure ) are the mean functional and the median shortfall, which is the median of tail loss distribution.
Edit intent: meaning-changed
Original:  Modular data centers are a promising design approach to improve resiliency of data centers, and they can play a key role in deploying ICT infrastructure in remote and inhospitable environments with low temperatures and hydro- and wind-electric capabilities.
Revised:  In particular, modular data centers (MDCs), which are a promising design approach to improve resiliency of data centers, and they can play a key role in deploying ICT infrastructure in remote and inhospitable environments with low temperatures and hydro- and wind-electric capabilities.
Edit intent: meaning-changed
Original:  Modular data centers are a promising design approach to improve resiliency of data centers, and they can play a key role in deploying ICT infrastructure in remote and inhospitable environments with low temperatures and hydro- and wind-electric capabilities.
Revised:  Modular data centers are a promising design approach to improve resiliency of data centers, can play a key role in deploying ICT infrastructure in remote and inhospitable environments with low temperatures and hydro- and wind-electric capabilities.
Edit intent: coherence
Original:  Modular data centers are a promising design approach to improve resiliency of data centers, and they can play a key role in deploying ICT infrastructure in remote and inhospitable environments with low temperatures and hydro- and wind-electric capabilities.
Revised:  Modular data centers are a promising design approach to improve resiliency of data centers, and they can play a key role in deploying ICT infrastructure in remote and inhospitable environments in order to take advantage of low temperatures and hydro- and wind-electric capabilities.
Edit intent: coherence
Original:  A class of modified Tanh-Log cumulative distribution function of failure is proposed for aforementioned components in order to achieve a better fit on the real data. In this study, the real experimental data from the lanl2005 database is used to calculate the fitting parameters of the failure cumulative distributions. For the network connectivity, various topologies, such as FatTree, BCube, MDCube, and their modified topologies are considered.
Revised:  To show the capabilities of the proposed approach, various network topologies, such as FatTree, BCube, MDCube, and their modified topologies are considered.
Edit intent: clarity
Original:  The performance and also the lifespan of each topology  in presence of failures in various components are studied against the topology parameters using the proposed approach. Furthermore, these topologies are compared against each other in a consistent settings in order to determine what topology could deliver a higher performance and resiliency subject to the scalability and agility requirements of a target data center design .
Revised:  The performance and also the lifespan of each topology in presence of failures in various components are studied against the topology parameters .
Edit intent: coherence
Original:  We calculate the joint characteristic function of two futures contracts in the model  and use the two-dimensional FFT method of Hurd and Zhou (SIFIN 2010 ) to price calendar spread options.
Revised:  We calculate the joint characteristic function of two futures contracts in the model in analytic form and use the two-dimensional FFT method of Hurd and Zhou (SIFIN 2010 ) to price calendar spread options.
Edit intent: meaning-changed
Original:  We calculate the joint characteristic function of two futures contracts in the model  and use the two-dimensional FFT method of Hurd and Zhou (SIFIN 2010 ) to price calendar spread options.
Revised:  We calculate the joint characteristic function of two futures contracts in the model and use the one-dimensional Fourier inversion method of Caldana and Fusai (JBF 2013 ) to price calendar spread options.
Edit intent: meaning-changed
Original:  We illustrate the distribution of this correlation in an example  .
Revised:  We illustrate the distribution of this correlation in an example . We then propose analytical expressions to obtain the copula and copula density directly from the joint characteristic function of a pair of futures. These expressions are convenient to analyze the term-structure of dependence between the two futures produced by the model. In an empirical application, we calibrate the proposed model to volatility surfaces of vanilla options on WTI and provide evidence that the model is able to produce the desired stylized facts in terms of volatility and dependence. In the two appendices, we give proofs of our main results and guidance for the implementation of the proposed model and the Fourier inversion results by means of one- and two-dimensional FFT methods .
Edit intent: meaning-changed
Original:  In an empirical application , we calibrate the proposed model to volatility surfaces of vanilla options on WTI and provide evidence that the model is able to produce the desired stylized facts in terms of volatility and dependence.
Revised:  In an empirical application we calibrate the proposed model to volatility surfaces of vanilla options on WTI and provide evidence that the model is able to produce the desired stylized facts in terms of volatility and dependence.
Edit intent: fluency
Original:  In an empirical application , we calibrate the proposed model to volatility surfaces of vanilla options on WTI and provide evidence that the model is able to produce the desired stylized facts in terms of volatility and dependence.
Revised:  In an empirical application , we calibrate the proposed model to volatility surfaces of vanilla options on WTI . In this application we provide evidence that the model is able to produce the desired stylized facts in terms of volatility and dependence.
Edit intent: clarity
Original:  In the two appendices , we give proofs of our main results and guidance for the implementation of the proposed model and the Fourier inversion results by means of one- and two-dimensional FFT methods.
Revised:  In a separate appendix , we give proofs of our main results and guidance for the implementation of the proposed model and the Fourier inversion results by means of one- and two-dimensional FFT methods.
Edit intent: meaning-changed
Original:  In the two appendices , we give proofs of our main results and guidance for the implementation of the proposed model and the Fourier inversion results by means of one- and two-dimensional FFT methods.
Revised:  In the two appendices , we give proofs of our main results and guidance for the implementation of the proposed model and the Fourier inversion results by means of one and two-dimensional FFT methods.
Edit intent: fluency
Original:  In particular it is possible to quantify the share of SR that individual nodes contribute to the overall SR in the financial system. We extend the notion of node-specific SR to individual liabilities in a financial network (liability-specific SR) . We use historical, empirical data of  interbank liabilities to show that a few liabilities in a nation-wide interbank network contribute to the major fraction of the overall SR.
Revised:  In particular it is possible to quantify the share of SR that individual liabilities in a financial network (liability-specific SR) . We use historical, empirical data of interbank liabilities to show that a few liabilities in a nation-wide interbank network contribute to the major fraction of the overall SR.
Edit intent: clarity
Original:  We extend the notion of node-specific SR to individual liabilities in a financial network (liability-specific SR) . We use historical, empirical data of  interbank liabilities to show that a few liabilities in a nation-wide interbank network contribute to the major fraction of the overall SR.
Revised:  We extend the notion of node-specific SR to individual liabilities in a financial network contribute to the overall SR . We use historical, empirical data of interbank liabilities to show that a few liabilities in a nation-wide interbank network contribute to the major fraction of the overall SR.
Edit intent: clarity
Original:  We extend the notion of node-specific SR to individual liabilities in a financial network (liability-specific SR) . We use historical, empirical data of  interbank liabilities to show that a few liabilities in a nation-wide interbank network contribute to the major fraction of the overall SR.
Revised:  We extend the notion of node-specific SR to individual liabilities in a financial network (liability-specific SR) . We use empirical data of interbank liabilities to show that a few liabilities in a nation-wide interbank network contribute to the major fraction of the overall SR.
Edit intent: clarity
Original:  We extend the notion of node-specific SR to individual liabilities in a financial network (liability-specific SR) . We use historical, empirical data of  interbank liabilities to show that a few liabilities in a nation-wide interbank network contribute to the major fraction of the overall SR.
Revised:  We extend the notion of node-specific SR to individual liabilities in a financial network (liability-specific SR) . We use historical, empirical data of nation-wide interbank liabilities to show that a few liabilities in a nation-wide interbank network contribute to the major fraction of the overall SR.
Edit intent: fluency
Original:  We extend the notion of node-specific SR to individual liabilities in a financial network (liability-specific SR) . We use historical, empirical data of  interbank liabilities to show that a few liabilities in a nation-wide interbank network contribute to the major fraction of the overall SR.
Revised:  We extend the notion of node-specific SR to individual liabilities in a financial network (liability-specific SR) . We use historical, empirical data of interbank liabilities to show that a few liabilities carry the major fraction of the overall SR.
Edit intent: clarity
Original:  We use a macroeconomic agent based model (CRISIS macro-financial model) with a financial economy to demonstrate that the proposed Systemic Risk Tax (SRT) leads to a URLanized re-structuring of financial networks , that are practically free of SR.
Revised:  With an agent based model (CRISIS macro-financial model) with a financial economy to demonstrate that the proposed Systemic Risk Tax (SRT) leads to a URLanized re-structuring of financial networks , that are practically free of SR.
Edit intent: clarity
Original:  We use a macroeconomic agent based model (CRISIS macro-financial model) with a financial economy to demonstrate that the proposed Systemic Risk Tax (SRT) leads to a URLanized re-structuring of financial networks , that are practically free of SR.
Revised:  We use a macroeconomic agent based model (CRISIS macro-financial model) we demonstrate that the proposed Systemic Risk Tax (SRT) leads to a URLanized re-structuring of financial networks , that are practically free of SR.
Edit intent: clarity
Original:  We use a macroeconomic agent based model (CRISIS macro-financial model) with a financial economy to demonstrate that the proposed Systemic Risk Tax (SRT) leads to a URLanized re-structuring of financial networks , that are practically free of SR.
Revised:  We use a macroeconomic agent based model (CRISIS macro-financial model) with a financial economy to demonstrate that the proposed Systemic Risk Tax (SRT) leads to a URLanized re-structuring of financial networks that are practically free of SR.
Edit intent: fluency
Original:  We calculate corresponding cross-correlation functions averaged over all stocks for 71 historical stock prices from the Standard & Poor's 500 index for 1992--2013. The provided analysis suggests that cross-correlations maximum value increases near periods of crisis and remains close to 1 since the US housing bubble in 2007.
Revised:  We calculate corresponding cross-correlation functions averaged over all stocks for 71 historical stock prices from the Standard & Poor's 500 index for 1994--2013. We focus on the behavior of the cross-correlations maximum value increases near periods of crisis and remains close to 1 since the US housing bubble in 2007.
Edit intent: meaning-changed
Original:  The provided analysis suggests that cross-correlations maximum value increases near periods of crisis and remains close to 1 since the US housing bubble in 2007. Our analysis is based on the linear response theory approximation and uses asymmetries of cross-correlation function  with respect to zero lag.
Revised:  The provided analysis suggests that cross-correlations at the times of financial crises with significant jumps of market volatility. The observed historical dynamics shows that the dependence between the risks becomes linear near such events and the maximum value of this averaged cross-correlation function with respect to zero lag.
Edit intent: meaning-changed
Original:  Characteristic regimes , when changes of individual stock risks on average follow changes of the total market risk and vice versa , are observed near market crashes.
Revised:  We develop the analysis by the application of the linear response formalism to study underlying causal relations. The calculated response functions suggest the presence of characteristic regimes near financial crashes, when the volatility of an individual stock follows the market volatility and vice versa , are observed near market crashes.
Edit intent: meaning-changed
Original:  The observed historical dynamics shows that the dependence between the risks becomes linear near such events and the maximum value of this averaged cross-correlation function is often shifted with respect to zero lag  .
Revised:  The observed historical dynamics shows that the dependence between the risks was almost linear during the US stock market downturn of 2002 and after the US housing bubble in 2007, remaining on that level until 2013. Moreover, the averaged cross-correlation function is often shifted with respect to zero lag .
Edit intent: meaning-changed
Original:  Since both properties have been tuned through natural selection, their adaptation can be formalized in the framework of mathematical optimization. By using a succinct model , we found that simultaneous optimization of regularity and entrainability entails  inherent features of the circadian mechanism irrespective of model details .
Revised:  We found by using a phase model with multiple inputs that achieving the maximal limit of regularity and entrainability entails inherent features of the circadian mechanism irrespective of model details .
Edit intent: meaning-changed
Original: The continuous research of new diagnostical methods , early, low invasive and much efficient is orienting the technological research toward the use of bio-integrated devices and in particular sensors, able to use the excellent ability of proteins to selectively react to a specific stimulus, in a fast, reproducible and reversible way.
Revised: The need of new diagnostic methods satisfying, as an early detection, a low invasive procedure and a cost-efficient value, is orienting the technological research toward the use of bio-integrated devices and in particular sensors, able to use the excellent ability of proteins to selectively react to a specific stimulus, in a fast, reproducible and reversible way.
Edit intent: coherence
Original: The continuous research of new diagnostical methods , early, low invasive and much efficient is orienting the technological research toward the use of bio-integrated devices and in particular sensors, able to use the excellent ability of proteins to selectively react to a specific stimulus, in a fast, reproducible and reversible way. To explore these specific features, a theoretical/computational model called INPA (impedance network protein analogue) is used . The specific characteristic of this approach is to give in a glance a description of the protein not lingering on the complex details of its biochemialc nature but instead privileging its activity .
Revised: The continuous research of new diagnostical methods , early, low invasive and much efficient is orienting the technological research toward the use of bio-integrated devices , in particular bio-sensors. The set of know-why necessary to achieve this goal is wide, from biochemistry to electronics and is summarized in an emerging branch of electronics, called .
Edit intent: meaning-changed
Original:  The specific characteristic of this approach is to give in a glance a description of the protein not lingering on the complex details of its biochemialc nature but instead privileging its activity .
Revised:  The specific characteristic of this approach is to give in a glance a description of the protein not lingering on the complex details of its biochemialc nature but instead privileging its activity. Proteotronics is here here applied to state a comparative analysis of the electrical responses coming from type-1 and type-2 opsins. In particular, the procedure is used as an early investigation of a recently discovered family of opsins, the proteorhodopsins activated by blue light, BPRs. The results reveal some interesting and unexpected similarities between proteins of the two families, suggesting the global electrical response are not strictly linked to the class identity .
Edit intent: meaning-changed
Original: In a discrete-time market, we study the problem of model-independent superhedging of exotic options under portfolio constraints. The superhedging portfolio consists of {\it   static positions in liquidly traded vanilla  options, and a dynamic trading strategy , subject to certain constraints, on the risky asset.
Revised: In a discrete-time market, we study the problem of model-independent superhedging , while the semi-static superhedging portfolio consists of {\it static positions in liquidly traded vanilla options, and a dynamic trading strategy , subject to certain constraints, on the risky asset.
Edit intent: meaning-changed
Original:  The superhedging portfolio consists of {\it   static positions in liquidly traded vanilla  options, and a dynamic trading strategy , subject to certain constraints, on the risky asset.
Revised:  The superhedging portfolio consists of {\it static positions in liquidly traded vanilla calls, static positions in other tradable, yet possibly less liquid, exotic options, and a dynamic trading strategy , subject to certain constraints, on the risky asset.
Edit intent: meaning-changed
Original:  The superhedging portfolio consists of {\it   static positions in liquidly traded vanilla  options, and a dynamic trading strategy , subject to certain constraints, on the risky asset. By the theory of Monge-Kantorovich  optimal transport, we establish a  superhedging duality, which admits a natural connection to convex risk measures.
Revised:  The superhedging portfolio consists of {\it static positions in liquidly traded vanilla options, and a dynamic trading strategy in risky assets under certain constraints. By considering the limit order book of each tradable exotic option and employing the Monge-Kantorovich optimal transport, we establish a superhedging duality, which admits a natural connection to convex risk measures.
Edit intent: meaning-changed
Original:  We calculate the theoretical IR of a momentum strategy  and show that if momentum is mainly due to the positive autocorrelation in returns, IR as a function of the portfolio formation period (look-back) is very different from momentum due to the drift (average return).
Revised:  We calculate the theoretical IR of a momentum strategy , and show that if momentum is mainly due to the positive autocorrelation in returns, IR as a function of the portfolio formation period (look-back) is very different from momentum due to the drift (average return).
Edit intent: fluency
Original:  The empirical study finds that there are periods/regimes where the autocorrelation is more important than the drift in explaining the IR (particularly pre-1975)  .
Revised:  The empirical study finds that there are periods/regimes where the autocorrelation is more important than the drift in explaining the IR (particularly pre-1975) and others where the drift is more important (mostly after 1975) .
Edit intent: meaning-changed
Original:  We conclude our study by applying our momentum strategy to the entire data set in order to contrast the difference between the stationary and the non-stationary data. Empirically, for the non-stationary data, we find damped oscillations for very long look-back periods which we model as a reversal to the mean growth rate.
Revised:  We conclude our study by applying our momentum strategy to 100 plus years of the Dow-Jones Industrial Average. We report damped oscillations on the IR for look-back periods which we model as a reversal to the mean growth rate.
Edit intent: meaning-changed