NO.PZ2020033001000082
问题如下：
If an empirical distribution has a fatter right tail than a lognormal distribution, the implied volatility would be:
选项：
A.
equal across low and high strike prices.
B.
greater for low strike prices.
C.
greater for high strike prices.
D.
greater for mid-range strike prices.
解释：
C is correct.
考点：Volatility smile
解析：
右侧尾巴更肥时，价格靠右(价格高)的位置波动大。
肥尾，内含波动率高，根据波动率微笑图，应该都是图像左侧部分，即执行价格低
