Merge pull request #77 from arfon/patch-1

paper/paper.md

@@ -37,11 +37,11 @@ Bruno is a Julia [@bezanson2017julia] package that allows for comparison of diff
 
 # Statement of need
 
-Bruno allows users to compare different financial derivatives, hedging, and trading strategies. One of the major benefits of Bruno is that it can calculate theoretical historical derivative prices for a variety of pricing models such as the Black-Scholes Model[@black1973pricing] and Monte Carlo Analysis[@clewlow_strickland_1998]. This is important because derivative price data is not publicly available. Thus, many trading and hedging strategies, by necessity, are currently based on asset prices. Bruno allows them to be based on theoretical derivative prices instead.
+Bruno allows users to compare different financial derivatives, hedging, and trading strategies. One of the major benefits of Bruno is that it can calculate theoretical historical derivative prices for a variety of pricing models such as the Black-Scholes Model [@black1973pricing] and Monte Carlo Analysis [@clewlow_strickland_1998]. This is important because derivative price data is not publicly available. Thus, many trading and hedging strategies, by necessity, are currently based on asset prices. Bruno allows them to be based on theoretical derivative prices instead.
 
-Another key feature of Bruno is that it has the ability to produce a distribution of maximum loss that could result from a trading or hedging strategy. This information is valuable to financial practitioners and market makers as it helps quantify the risk of a potential strategy before putting the strategy into place. Bruno also allows for comparison of different trading and hedging strategies. Creation of these distributions is facilitated by Bruno’s data generating processes. These processes include non-parametric methods, such as the stationary bootstrap [@politis1994stationary] with automatic block-length selection [@politis2004automatic][@patton2009correction] as well as parametric methods, such as log diffusion.
+Another key feature of Bruno is that it has the ability to produce a distribution of maximum loss that could result from a trading or hedging strategy. This information is valuable to financial practitioners and market makers as it helps quantify the risk of a potential strategy before putting the strategy into place. Bruno also allows for comparison of different trading and hedging strategies. Creation of these distributions is facilitated by Bruno’s data generating processes. These processes include non-parametric methods, such as the stationary bootstrap [@politis1994stationary] with automatic block-length selection [@politis2004automatic;@patton2009correction] as well as parametric methods, such as log diffusion.
 
-Bruno was designed to be used by finance professionals and academics alike. Financial analysis of trading and hedging strategies can be intensive. This package is designed to make this type of investigation more straightforward and accessible. Many other software packages can calculate derivative prices, simulate hedging, and generate data. For example, in the Julia programing language, FinancialDerivatives.jl [@financialderivativesjl], FinancialMonteCarlo.jl [@financialmontecarlojl], and Strategems.jl [@strategemsjl] are packages that are used for derivative asset pricing, data simulation, and strategy testing, respectively. However, none of these packages have been compiled in a manner that allows for integrated analysis. Each of the listed packages performs one part of the process independently and must be assembled by the programmer. Bruno, on the other hand, is novel because it provides a replacement for these independent packages with a fully integrated set of tools for derivatives analysis designed to work in a unified manner. Bruno was recently used in a conference publication[@pound_2022], with several other publications nearing completion.
+Bruno was designed to be used by finance professionals and academics alike. Financial analysis of trading and hedging strategies can be intensive. This package is designed to make this type of investigation more straightforward and accessible. Many other software packages can calculate derivative prices, simulate hedging, and generate data. For example, in the Julia programing language, FinancialDerivatives.jl [@financialderivativesjl], FinancialMonteCarlo.jl [@financialmontecarlojl], and Strategems.jl [@strategemsjl] are packages that are used for derivative asset pricing, data simulation, and strategy testing, respectively. However, none of these packages have been compiled in a manner that allows for integrated analysis. Each of the listed packages performs one part of the process independently and must be assembled by the programmer. Bruno, on the other hand, is novel because it provides a replacement for these independent packages with a fully integrated set of tools for derivatives analysis designed to work in a unified manner. Bruno was recently used in a conference publication [@pound_2022], with several other publications nearing completion.
 
 # Example usage