Local prelimit theorems and their applications to finance

L. B. Klebanov, S. T. Rachev, M. Safarian

Research output: Contribution to journalArticlepeer-review

3 Scopus citations


We derive a new type of "prelimit" theorems for sums of random number of random variables. As an application, we show that the distribution of asset returns can be approximated by truncated Lévy flights.

Original languageEnglish
Pages (from-to)73-78
Number of pages6
JournalApplied Mathematics Letters
Issue number5
StatePublished - Jul 2000


  • Prelimiting behavior of financial returns
  • Stable and ν-stable laws


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