ما معنى Recalibration P&L؟

Example 24.9 (Sixty days with and without a penalty)

Unpenalised, the daily fits move $\eta$ by as much as 0.235 in a day, and the convexity adjustment of a one-year volatility swap (chapter 14) changes by 0.36 volatility point a day (standard deviation). With $\lambda=10^{-3}$ the largest daily move of $\eta$ is 0.071, the adjustment’s daily changes fall to 0.07 volatility point, and the average fit error rises from 0.291 to 0.303 volatility point (Figure 24.3). On day 59, where the free fit took $\eta$ from 0.51 to 0.28, the penalised adjustment moves by 0.18 volatility point instead of 0.93.