小編導(dǎo)讀：高頓FRM題庫——全球財經(jīng)*9題庫（精題真題、全真模考系統(tǒng)、名師答疑）>>>點擊進入“每日一練——免費在線測試”
　　Which of the following will lead to fat-tailed asset return distributions?
　　A. Time-varying volatility for the unconditional distribution.
　　B. Time-varying volatility for the conditional distribution.
　　C. Time-varying means for the unconditional distribution.
　　D. Time-varying means for the conditional distribution.
　　Answer: A
　　The most likely explanation for "fat tails" is that the second moment or volatility is timevarying for the unconditional distribution. For example, this explanation is much more likely given observed changes in volatility in interest rates prior to a much anticipated Federal Reserve announcement. Examining a data sample at different points of time from the full sample could generate fat tails in the unconditional distribution, even if the conditional distributions are normally distributed.