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We introduced two tail risk measures this week. In the past, investment banks build risk management models and practices based on the assumption that asset

We introduced two tail risk measures this week. In the past, investment banks build risk management models and practices based on the assumption that asset returns follow a normal distribution, i.e. skewness=0 and kurtosis=3. Could you discuss potential consequences on risk management when asset returns typically don't follow a normal distribution?

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