What they've done here is a specific model of a specific physical phenomenon, that predicts higher extremes than the previous models predicted (and better agree

What they've done here is a specific model of a specific physical phenomenon, that predicts higher extremes than the previous models predicted (and better agrees with certain observations that contradicted the previous models). Specifically, they are modeling certain aspects of how waves that oscillate both along and across the main direction of motion behave. You can't apply this research itself to finance, because it's about the movement of water, not money. You might be able to take inspiration from some of the math, or take heed that even well established models can turn out to be wrong in significant ways.