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Hi David, T distribution is less peaked than Normal Distribution. Then how do we explain that it has kurtosis greater than 3? This thing is really confusing. Also, can heavy tails be part of both Leptokurtic and platykurtic distributions ?

27.1. Dowd defines an arithmetic, absolute value at risk (VaR) given by VaR(%) = -drift + volatility*deviate. For a portfolio with current value of $1.0 million, expected return of 15.0% and volatility of 40% per annum, which of the following is nearest to the 99.0% confident 20-day absolute VaR...