Small typo in quant paper

In the quant paper “SWAP AND CAP/FLOORS WITH FIXING IN ARREARS OR PAYMENT DELAY”, section 4 (Ibor-with-Delay), first paragraph reads

for caps, p(x) = (x - K)^x with K the strike.

I think you mean to use plus sign to indicate positive payoff for cap; that is,

for caps, p(x) = (x - K)^+ with K the strike.

I am reading the online version at



Thanks for the careful reading. I have corrected the document. The corrected version should be up-loaded soon.