Hello,

I am making great progress in editing your paper, but I have encountered a repeated issue that I wanted to run by you before editing it throughout. In discussing how short-term and long-term liquidity are calculated, in some places, you say "liquidity is calculated as the average of x and y," but in other places you say, "liquidity is calculated as the average of x to y." I have several questions about this. 

First, do you mean for there to be a distinction, i.e., in the first case, you are only averaging 2 numbers, while in the second case, you are averaging all the numbers in the given range? If not, which is the actual way in which the liquidity is calculated? Second, by "average," do you mean the mathematical mean? Third, am I correct in guessing that the numbers x and y (e.g., -5 and -1 or 0 and +5) represent particular days? 

For clarity, I am inclined to recommend rephrasing these as either "liquidity is calculated as the mean of the liquidity on Days x and y" or "liquidity is calculated as the mean of the liquidity on Days x through y" depending on which is most accurate.

Please advise.

Thank you!