The term -3 is added in order to ensure that the normal distribution has zero kurtosis.

其中的- 3是为了确保正态分布的峰度为零。

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Particularly, parameters of model can be chosen to match empirically estimated mean, variance, skewness, and kurtosis of the stock return distribution. The model thus has the potential to produce…

特别地，模型的系数可选择得与股票收益分布的实际估计评均值、方差、挠度和峭度相匹配，因而就可能产生出与实际观测的股票收益分布较为一致的期权价格。

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In the security market, return-loss distribution exist the severe phenomenon of excess kurtosis and heavy tail;

证券市场上收益率分布存在严重的偏峰厚尾现象；

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In the security market, return-loss distribution exist the severe phenomenon of excess kurtosis and heavy tail;

证券市场上收益率分布存在严重的偏峰厚尾现象；

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