alex paper comments 1 sentence eqn 3 eqn 4 think annualized volatility replace annualized standard deviation 2 comment immediately see something quite counter intuitive would disagree think quite intuitive model get closer black scholes price defined jump component becomes part main price distribution happens define jump 1 sigma event table show however results using model sensitive exactly choose define jump e 2 sigma 3 sigma events one difficulty using model practice 3 paragraph table understand argument hedging option especially buying swap would pay difference strike fs seems non sensical 4 could follow logic last two sentences article point probably explained clearly stinson vince j kaminski 08 18 2000 08 15 grant masson hou ect ect stinson gibner hou ect ect alex huang corp enron enron cc subject alex paper minor changes made alex paper vince