金融学中另一个特别感兴趣的是厚尾替代品。
A particular interest in finance is fat-tailed alternatives.
证券市场上收益率分布存在严重的偏峰厚尾现象；
In the security market, return-loss distribution exist the severe phenomenon of excess kurtosis and heavy tail;
因此，在厚尾分布条件下金融市场风险管理将更加重要。
As a result, on condition of heavy-tailed distributions, it is more important to manage financial market risk.
对期货价格数据进行统计分析，发现期货价格具有“尖峰厚尾”特性。
Secondly, carrying on the statistical analysis to the forward price data, discovered the future price data has the intense ARCH effect.
并且通过残差在不同厚尾情况下的模拟分析，对这一结论进行了验证。
The method's performance is also verified via a real data analysis on stock price index.
人民币汇率收益率波动有集群性效应，不符合正态分布，有尖峰厚尾的特点。
The return of RMB exchange rate has a characteristic of fluctuation clustering, does not comply with the normal distribution and has an obvious peak and fat tails.
主要的结论是：进一步验证了股指收益率的分布不是正态的，而是具有厚尾性；
The main conclusions are: (1)The return rate of stock index is verified further that it's not normal but with heavy tail;
它可能是一个随机分布。我这儿没有彩粉笔，所以我将用一条虚线来表示厚尾分布。
It could be that a random distribution — I don't have colored chalk here I don't think, so I will use a dash line to represent the fat-tailed distribution.
较其他基于正态分布假设的风险度量方法，更合乎实际情况：保险学的概率分布是厚尾的。
Compare with other tools which built on the hypothesis of normal distributing, ruin theory is more reasonable.
在厚尾分布中，平均值会受到异常值的影响，因而需要好多年的数据才能得出稳定的估计。
This is because in fat-tailed distributions, the mean is affected by outliers and therefore one needs many years of data to arrive at a stable estimate.
根据实证检验得出我国股票市场非正态性和尖峰厚尾的特点，选择价差损失值这一度量指标。
According to empirical test, China's stock market shows the characteristics of non-normality and fat tail as well as makes the loss value of the price difference loss as metrics.
同时，如果不考虑厚尾分布特征，风险管理模型必将低估风险，这可能产生非常严重的后果。
Meanwhile, without considering the characters of heavy-tailed distributions, risk management models will certainly underestimate risk and cause seriously effects.
遗憾的是，具有不同厚尾的股票组合的多元极值分布理论，到目前为止仍然是有待解决的问题。
It's regretted that the multi-extremum theory of portfolio selection with different fat tails is still a problem that needs to be resolved.
实证结果表明：我国股价波动具有尖峰厚尾特征、异方差性特征和波动的持续性和非对称特征；
My results show that there are significantly volatility, excess kurtosis and heteroskedasticity, persistence and asymmetric effect in Chinese Stock Market.
广泛应用的正态分布不足以描述金融收益的厚尾特征，尤其是风险管理者最为关心的较大分位数。
The normal distribution is very often inadequate for the description of real financial data with heavy-tail distributions, especially very large quantile that interest to a risk manager.
这两类模型都有各自的特点而且还存在众多的扩展模型，例如GARCH类模型和厚尾s V模型等。
These two types of models have different characters and lots of expanding models, such as GARCH-type models, heavy-tail SV models and so on.
通过对沪铜收益率时间序列特征的分析发现，沪铜收益率时间序列存在尖峰厚尾性和波动集群性，并具有明显的ARCH效应。
Through the analysis of copper time series' characteristics, we found that copper yield rate time series had peak fat-tail characteristic, volatility clustering characteristic and obvious ARCH effect.
对具有厚尾结构的数据的拟合优度检验选择A—D拟合优度检验法优于K - S拟合优度检验法，前者对尾部检验更敏感，更合理。
On fat tail structure of the given data, the law of A-D goodness of fit test is better than the K-S goodness of fit test, the former is more sensitive and rational.
操作风险发生的频率较低，但可能会引起巨大的损失，其损失分布具有鲜明的厚尾性，因此应用通常的风险计算方法往往会低估风险。
Operational risk is a kind of low frequency and high severity loss risk. Its loss distribution shows fat-tail. It is often underestimated by using usual methods for risk measurement.
为了解决汇率收益率波动中的“尖峰厚尾”、中期记忆和非对称特征，提出了利用ARFIMA - EGARCH - M模型建立汇率收益率波动模型。
To solve the higher peak and fat tail phenomenon, immediate memory and asymmetric features, this paper formulate the volatility model of exchange rate returns using the ARFIMA-EGARCH-M model.
最后，针对蒙特卡洛模型的上述缺陷我们提出了的两点改进方案，一、假设合约价格变化服从merton提出的跳跃扩散过程，以便捕捉收益率序列的厚尾特征。
Finally we propose two improvements to the Monte Carlo model, on one hand we assume price changes follows jump-diffusion process in order to capture the fat-tail feather of the yields sequence.
无尾猿的头骨比人类的厚，但是它的脑没有人类的那么大和复杂。
An ape's skull is thicker than a man's, and its brain is not so large or complicated.
采用三转角轧制法轧制厚壁管和相反的操作法轧制薄壁管可消除喇叭口与尾三角。
The end trumpet and end triangle can be eliminated if a rolling process with three angles rotating is used for thick wall pipe rolling and other processes for thin wall pipe rolling.
脑转移侵及脑膜可见脑膜增厚或类似“靶征”或“鼠尾征”。
Meningeal thicking or just like "target sign" or "tail of mouse sign" were found after cerebral metastasis invaded neighbour meninges.
脑转移侵及脑膜可见脑膜增厚或类似“靶征”或“鼠尾征”。
Meningeal thicking or just like "target sign" or "tail of mouse sign" were found after cerebral metastasis invaded neighbour meninges.
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