wanyu/IteraTeR_full_sent huggingface dataset:
Original:  Here, we identify conserved eukaryotic genes that were lost in stem-metazoans. These genes suggest a coherent pattern of gene loss from which the biological and ecological context of animal origins can be inferred. First, we find that a large number of genes for multiple biosynthetic pathways were lost in the stem-metazoan lineage. Second, we find that of all the essential amino acid pathway genes absent in animals, only the biosynthetic pathways for the branched chain amino acids are also absent in choanoflagellates, the sister group to animals. Third, we find only a few conserved genes lost in the stem-metazoan lineage that do not encode metabolic enzymes, and these include the eukaryotic clpB genes, HSP78 and HSP104, which encode protein disaggregase type chaperones. Finally, we find that in choanoflagellates and fungi the clpB genes and a small repertoire of refolding chaperones are co-regulated by the heat shock element HSE4 that can be bound by two Hsf1 trimers. Based on these findings, we propose that loss of branched chain biosynthetic genes in the holozoan radiation represents an initial pattern of loss that foreshadows the wholesale loss of metabolic genes in the stem-metazoan lineage. We further propose that key components of metabolic pathwaysmay have required chaperone-mediated folding, and that loss of these pathways may explain the loss of dedicated protein folding machinery in the stem-metazoan lineage .
Revised:  Here, we identify twenty-four genetic functions that are retained in fungi and choanoflagellates but undetectable in animals. These lost genes encode: (i) sixteen distinct biosynthetic functions; (ii) the two ancestral eukaryotic ClpB disaggregases, Hsp78 and Hsp104, which function in the mitochondria and cytosol, respectively; and (iii) six other assorted functions. We present computational and experimental data that are consistent with a joint function for the differentially localized ClpB disaggregases, and with the possibility of a shared client/chaperone relationship between the mitochondrial Fe/S homoaconitase encoded by the lost LYS4 gene and the two ClpBs. Our analyses lead to the hypothesis that the evolution of gastrulation-based multicellularity in animals led to efficient extraction of nutrients from dietary sources, loss of natural selection for maintenance of energetically expensive biosynthetic pathways, and subsequent loss of their attendant ClpB chaperones .
Edit intent: meaning-changed
Original: A distorted expectation is a Choquet expectation with respect to the capacity induced by a concave probability distortion. Distorted expectations are encountered in various static settings, in risk theory, mathematical finance and mathematical economics. There are a number of different ways to extend a distorted expectation to a multi-period setting, which are not all time-consistent. One time-consistent extension is to define the non-linear expectation by backward recursion, applying the distorted expectation stepwise, over single periods. In a multinomial random walk model we show that this non-linear expectation is stable when the number of intermediate periods increases to infinity: Under a suitable scaling of the probability distortions and provided that the tick-size and time step-size converge to zero in such a way that the multinomial random walks converge to a Levy process , we show that values of random variables under the multi-period distorted expectations converge to the values under a continuous-time non-linear expectation operator, which may be identified with a certain type of Peng's g-expectation.
Revised: In this paper we explore a novel way to combine the dynamic notion of time-consistency with the static notion of quantile-based coherent risk-measure or spectral risk measure, of which Expected Shortfall is a prime example. We introduce a class of dynamic risk measures in terms of a certain family of g-expectations driven by Wiener and Poisson point processes. In analogy with the static case , we show that values of random variables under the multi-period distorted expectations converge to the values under a continuous-time non-linear expectation operator, which may be identified with a certain type of Peng's g-expectation.
Edit intent: meaning-changed
Original:  Under a suitable scaling of the probability distortions and provided that the tick-size and time step-size converge to zero in such a way that the multinomial random walks converge to a Levy process , we show that values of random variables under the multi-period distorted expectations converge to the values under a continuous-time non-linear expectation operator, which may be identified with a certain type of Peng's g-expectation. A coupling argument is given to show that this operator reduces to a classical linear expectation when restricted to the set of pathwise increasing claims.
Revised:  Under a suitable scaling of the probability distortions and provided that the tick-size and time step-size converge to zero in such a way that the multinomial random walks converge to a Levy process , we show that these risk measures, which we label dynamic spectral risk measures, are locally law-invariant and additive on the set of pathwise increasing claims.
Edit intent: meaning-changed
Original:  A coupling argument is given to show that this operator reduces to a classical linear expectation when restricted to the set of pathwise increasing claims. Our results also show that a certain class of g-expectations driven by a Brownian motion and a Poisson random measure may be computed numerically by recursively defined distorted expectations .
Revised:  A coupling argument is given to show that this operator reduces to a classical linear expectation when restricted to the set of pathwise increasing random variables. We substantiate the link between dynamic spectral risk measures and their static counterparts by establishing a limit theorem for general path-functionals which shows that such dynamic risk measures arise as limits under vanishing time-step of iterated spectral risk measures driven by approximating lattice random walks. This involves a certain non-standard scaling of the corresponding spectral weight-measures that we identify explicitly .
Edit intent: meaning-changed
Original: In this paper we explore a novel way to combine the dynamic notion of time-consistency with the static notion of quantile-based coherent risk-measure or spectral risk measure, of which Expected Shortfall is a prime example.
Revised: In this paper we explore a novel way to combine the dynamic notion of time-consistency with the static notion of quantile-based coherent risk measure or spectral risk measure, of which Expected Shortfall is a prime example.
Edit intent: fluency
Original:  We introduce a  class of dynamic risk measures  in terms of a certain family of g-expectations driven by Wiener and Poisson point processes . In analogy with the static case, we show that these risk measures, which we label dynamic spectral risk measures , are locally law-invariant and additive on the set of pathwise increasing random variables .
Revised:  We introduce a class of dynamic risk measures in terms of a certain family of g-expectations driven by Wiener and Poisson point processes , which we call dynamic spectral risk measures , are locally law-invariant and additive on the set of pathwise increasing random variables .
Edit intent: coherence
Original:  This involves a certain non-standard scaling of the corresponding spectral weight-measures that we identify explicitly  .
Revised:  This involves a certain non-standard scaling of the corresponding spectral weight-measures that we identify explicitly . We also define a family of market-consistent dynamic spectral risk measures in the setting of a financial market. We identify the corresponding optimal hedging strategy and show that the negative of the value of such a risk measure is equal to the smallest price under a certain family of equivalent martingale measures. By varying the parameters of the risk measure we show that this price ranges between the subhedging price and the price under the minimal martingale measure .
Edit intent: meaning-changed
Original: In this paper we explore a novel way to combine the dynamic notion of time-consistency with the static notion of quantile-based coherent risk measure or spectral risk measure, of which Expected Shortfall is a prime example. We introduce a new class of dynamic risk measures given in terms of a certain family of g-expectations driven by Wiener and Poisson point processes, which we call dynamic spectral risk measures.
Revised: In this paper we propose the notion of continuous-time dynamic spectral risk-measure (DSR). Adopting a Poisson random measure setting, we define this class of dynamic risk measures given in terms of a certain family of g-expectations driven by Wiener and Poisson point processes, which we call dynamic spectral risk measures.
Edit intent: meaning-changed
Original:  We introduce a new class of dynamic risk measures given in terms of a certain family of g-expectations driven by Wiener and Poisson point processes, which we call dynamic spectral risk measures. We substantiate the link between dynamic spectral risk measures and their static counterparts by establishing a limit theorem for general path-functionals which shows that such dynamic risk measures arise as limits under vanishing time-step of iterated spectral risk measures driven by approximating lattice random walks.
Revised:  We introduce a new class of dynamic risk measures given in terms of certain backward stochastic differential equations. By establishing a functional limit theorem, we show that DSRs may be considered to be (strongly) time-consistent continuous-time extensions of iterated spectral risk measures driven by approximating lattice random walks.
Edit intent: clarity
Original:  We substantiate the link between dynamic spectral risk measures and their static counterparts by establishing a limit theorem for general path-functionals which shows that such dynamic risk measures arise as limits under vanishing time-step of iterated spectral risk measures driven by approximating lattice random walks. This involves a certain non-standard scaling of the corresponding spectral weight-measures that we identify explicitly. We also define a family of market-consistent dynamic spectral risk measures in the setting of a financial market. We identify the corresponding optimal hedging strategy and show that the negative of the value of such a risk measure is equal to the smallest price under a certain family of equivalent martingale measures. By varying the parameters of the risk measure we show that this price ranges between the subhedging price and the price under the minimal martingale measure .
Revised:  We substantiate the link between dynamic spectral risk measures and their static counterparts by establishing a limit theorem for general path-functionals which shows that such dynamic risk measures arise as limits under vanishing time-step of iterated spectral risk-measures, which are obtained by iterating a given spectral risk-measure (such as Expected Shortfall) along a given time-grid. Specifically, we demonstrate that any DSR arises in the limit of a sequence of such iterated spectral risk-measures driven by lattice-random walks, under suitable scaling and vanishing time- and spatial-mesh sizes. To illustrate its use in financial optimisation problems, we analyse dynamic portfolio optimisation problems under DSR, providing verification theorems for the optimal (equilibrium) strategies and the corresponding value functions in terms of associated (extended) HJB equations. In the case of a long-only investor we explicitly identify optimal portfolio allocation strategies .
Edit intent: meaning-changed
Original:  To illustrate its use in financial optimisation problems, we analyse  dynamic portfolio optimisation problems under DSR, providing verification theorems for the optimal (equilibrium) strategies and the corresponding value functions in terms of associated (extended) HJB equations.
Revised:  To illustrate its use in financial optimisation problems, we analyse a dynamic portfolio optimisation problems under DSR, providing verification theorems for the optimal (equilibrium) strategies and the corresponding value functions in terms of associated (extended) HJB equations.
Edit intent: fluency
Original:  To illustrate its use in financial optimisation problems, we analyse  dynamic portfolio optimisation problems under DSR, providing verification theorems for the optimal (equilibrium) strategies and the corresponding value functions in terms of associated (extended) HJB equations. In the case of a long-only investor we explicitly identify optimal portfolio allocation strategies .
Revised:  To illustrate its use in financial optimisation problems, we analyse dynamic portfolio optimisation problem under a DSR .
Edit intent: coherence
Original: A Bayesian non-parametric approach for efficient risk management is proposed. A dynamic model is considered where optimal portfolio weights and hedging ratios are adjusted at each period. The covariance matrix of the returns is described using an asymmetric MGARCH model . Restrictive parametric assumptions for the errors are avoided by relying on Bayesian non-parametric methods, which allow for a better evaluation of the uncertainty in financial decisions. Illustrative risk management problems using real data are solved. Significant differences in posterior distributions of the optimal weights and ratios are obtained arising from different assumptions for the errors in the time series model .
Revised: A Bayesian non-parametric approach for modeling the distribution of multiple returns. In particular, we use an asymmetric dynamic conditional correlation (ADCC) model to estimate the time-varying correlations of financial returns where the individual volatilities are driven by GJR-GARCH models. The ADCC-GJR-GARCH model takes into consideration the asymmetries in individual assets' volatilities, as well as in the correlations. The errors are modeled using a Dirichlet location-scale mixture of multivariate Gaussian distributions allowing for a great flexibility in the return distribution in terms of skewness and kurtosis. Model estimation and prediction are developed using MCMC methods based on slice sampling techniques. We carry out a simulation study to illustrate the flexibility of the proposed approach. We find that the proposed DPM model is able to adapt to several frequently used distribution models and also accurately estimates the posterior distribution of the volatilities of the returns, without assuming any underlying distribution. Finally, we present a financial application using Apple and NASDAQ Industrial index data to solve a portfolio allocation problem. We find that imposing a restrictive parametric distribution can result into underestimation of the portfolio variance, whereas DPM model is able to overcome this problem .
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Original:  Our results show that extrinsic factors quantitatively and qualitatively affect the histogram. Specifically, we{\it   suggest that the cell to cell variation in extrinsic factors accounts for the wider that Poisson{\it  distribution of mRNA copy numbers.
Revised:  Our results show that extrinsic factors qualitatively and quantitatively affect the probability distribution of the gene product. We work out, in detail, the transcription of mRNA from a constitutively expressed promoter in{\it suggest that the cell to cell variation in extrinsic factors accounts for the wider that Poisson{\it distribution of mRNA copy numbers.
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Original:  The second is Basle II , which also imposes interest rate spreads on loans and haircuts on collateral, and the third is a hypothetical alternative in which banks perfectly hedge all of their leverage-induced risk with options that are paid for by the funds .
Revised:  The second is Basle II and the third is a hypothetical alternative in which banks perfectly hedge all of their leverage-induced risk with options that are paid for by the funds .
Edit intent: coherence
Original:  The second is Basle II , which also imposes interest rate spreads on loans and haircuts on collateral, and the third is a hypothetical alternative in which banks perfectly hedge all of their leverage-induced risk with options that are paid for by the funds .
Revised:  The second is Basle II , which also imposes interest rate spreads on loans and haircuts on collateral, and the third is a hypothetical alternative in which banks perfectly hedge all of their leverage-induced risk with options .
Edit intent: clarity
Original:  None of these policies are optimal for everyone: Risk neutral investors prefer the unregulated case with a maximum leverageof roughly four , banks prefer the perfect hedge policy, and fund managers prefer the unregulated case with a high maximum leverage.
Revised:  None of these policies are optimal for everyone: Risk neutral investors prefer the unregulated case with low maximum leverage , banks prefer the perfect hedge policy, and fund managers prefer the unregulated case with a high maximum leverage.
Edit intent: meaning-changed
Original:  None of these policies are optimal for everyone: Risk neutral investors prefer the unregulated case with a maximum leverageof roughly four , banks prefer the perfect hedge policy, and fund managers prefer the unregulated case with a high maximum leverage.
Revised:  None of these policies are optimal for everyone: Risk neutral investors prefer the unregulated case with a maximum leverageof roughly four , banks prefer the perfect hedge policy, and fund managers prefer the unregulated case with high maximum leverage.
Edit intent: fluency
Original:  By investigating a set of 20 high cap stocks traded at the Italian Stock Exchange, we find that there is a large number of multiple cojumps, i. e. minutes in which a sizable number of stocks displays a discontinuity of the price process.
Revised:  By investigating a set of 20 high cap stocks traded at the Italian Stock Exchange, we find that there is a large number of high frequency cojumps.
Edit intent: clarity
Original:  We show that the dynamics of these jumps is not described neither by a multivariate Poisson nor by a multivariate Hawkes model , which are unable to capture simultaneously the time clustering of jumps and the high synchronization of jumps across assets .
Revised:  We show that the dynamics of these jumps is described neither by a multivariate Poisson nor by a multivariate Hawkes model , which are unable to capture simultaneously the time clustering of jumps and the high synchronization of jumps across assets .
Edit intent: fluency
Original:  We show that the dynamics of these jumps is not described neither by a multivariate Poisson nor by a multivariate Hawkes model , which are unable to capture simultaneously the time clustering of jumps and the high synchronization of jumps across assets .
Revised:  We show that the dynamics of these jumps is not described neither by a multivariate Poisson nor by a multivariate Hawkes model . We introduce a Hawkes one factor model which is able to capture simultaneously the time clustering of jumps and the high synchronization of jumps across assets .
Edit intent: meaning-changed
Original:  We show that the dynamics of these jumps is not described neither by a multivariate Poisson nor by a multivariate Hawkes model , which are unable to capture simultaneously the time clustering of jumps and the high synchronization of jumps across assets . We introduce a one factor model approach where both the factor and the idiosyncratic jump components are described by a Hawkes process. We introduce a robust calibration scheme which is able to distinguish systemic and idiosyncratic jumps and we show that the model reproduces very well the empirical behaviour of the jumps of the Italian stocks .
Revised:  We show that the dynamics of these jumps is not described neither by a multivariate Poisson nor by a multivariate Hawkes model , which are unable to capture simultaneously the time clustering of jumps and the high synchronization of jumps across assets .
Edit intent: coherence
Original:  This "retro-action" mechanism turns the linear Black and Scholes PDE into a non-linear one. This model allows also to retrieve some earlier results of \mbox{%DIFAUXCMD CheriSonTouz .
Revised:  This "retro-action" mechanism turns the linear Black and Scholes PDE into a non-linear Black-Scholes Equation that provides an exact replication strategy. This equation is fully non-linear and singular, but we show that it is well posed, and we prove existence of smooth solutions for a large class of final payoffs, both for constant and local volatility. To obtain regularity of the solutions, we develop an original method based on Legendre transforms. The close connections with the problem of hedging with it gamma constraints studied by Cheridito, Soner and Touzi and with the problem of hedging under it liquidity costs are discussed. We also derive a modified Black-Scholes formula valid for asymptotically small impact parameter, and finally provide numerical simulations as an illustration .
Edit intent: meaning-changed
Original:  By contrast, if the heterogeneity of banks' connectivity is controlled for, the same properties show a gradual transition to the crisis, starting in 2005 and preceded by an even earlier period during which anomalous debt loops presumably favored the underestimation of counter-party risk.
Revised:  By contrast, if the heterogeneity of banks' connectivity is controlled for, the same properties show a gradual transition to the crisis, starting in 2005 and preceded by an even earlier period during which anomalous debt loops could have led to the underestimation of counter-party risk.
Edit intent: clarity
Original:  Hence, market efficiency at least requires the absence of weak arbitrage opportunities. I show that no weak arbitrage is necessary but not sufficient to establish a situation where asset prices always "fully reflect" a specific set of information beyond the price history.
Revised:  Hence, market efficiency at least requires the absence of weak arbitrage , but this is not sufficient to establish a situation where asset prices always "fully reflect" a specific set of information beyond the price history.
Edit intent: clarity
Original:  By contrast, completeness is a sufficient and necessary condition for a market to be informationally efficient, i.e., only in that case past and future events turn out to be conditionally independent of the price history  .
Revised:  By contrast, completeness is a sufficient and necessary condition for a market to be informationally efficient, i.e., only in that case past and future events turn out to be independent conditional on the price history .
Edit intent: clarity
Original:  By contrast, completeness is a sufficient and necessary condition for a market to be informationally efficient, i.e., only in that case past and future events turn out to be conditionally independent of the price history  .
Revised:  By contrast, completeness is a sufficient and necessary condition for a market to be informationally efficient, i.e., only in that case past and future events turn out to be conditionally independent of the price history with respect to the physical measure .
Edit intent: meaning-changed
Original: The Third Fundamental Theorem of Asset Pricing allows to apply the Second Fundamental Theorem under very mild regularity conditions regarding the process of asset prices. It has been shown that an economic equilibrium exists if and only if the price process is a martingale. Hence, market efficiency at least requires the absence of weak arbitrage  , but this is not sufficient to establish a situation where asset prices always "fully reflect " some information beyond the price history .
Revised: Market efficiency at least requires the absence of weak arbitrage , but this is not sufficient to establish a situation where asset prices always "fully reflect " some information beyond the price history .
Edit intent: coherence