Naumoski, Aleksandar; Gaber, Stevan; Gaber-Naumoska, Vasilka - In: UTMS journal of economics / University of Tourism and … 8 (2017) 2, pp. 67-77
The assumption that equity returns follow the normal distribution, most commonly made in financial economics theory and applications, is strongly rejected by empirical evidence presented in this paper. As it was found in many other studies, we confirm that stock returns follow a leptokurtic...
