securities return caused by the skewness and kurtosis of the stock returns distributions, and poses a re-modified the arbitrage … reasonable explanation level for securities pricing. -- arbitrage pricing models ; skewness ; Kurtosis ; empirical analysis …

Utilizing new SEC data enabling us to compute performance of mutual funds' derivative positions, we study how funds use … derivatives are used for hedging, we find most active equity derivative using funds buy index derivatives to amplify market … long positions and were slow to undertake short exposure derivative positions, so that they experienced similarly large …