FURTHER RESULTS ON ASYMMETRIC STABLE DISTRIBUTIONS OF STOCK PRICE CHANGES.

The article discusses changes in stock prices and asymmetric stable distributions by making 200 dependent stock samples into independent samples as a way of understanding probability distribution. A table is provided that details the outliers in the securities market and showing the expected and mean number of observations. The results of this experiment indicate that daily residual stock returns are linked to the nonnormal group of stable distributions. The article concludes that risk estimates that are culled from standard deviations are useless and that other suggestions for risk measures cannot be used in the case f asymmetric stable distributions, making asymmetric measures an unlikely choice to describe stock price changes.