Renewal theory and level passage by subordinators (Q1805960)

Renewal processes (nondecreasing partial-sum processes) generated by infinitely divisible life times are used as stepping stones between general nondecreasing partial-sum processes and nondecreasing Lévy processes (subordinators). In this way the limit distributions are conjectured of the `undershoot' and `overshoot' at the passage of a high level by subordinators. These conjectures are then proved by Lévy-process methods.