Distribution of returns on two stocks 3.5 3.0 2.5 2品只 NORMCO 2.0 VOLO 210 0.5 100% 50% 0% 50% 100% Return ◎北京大学光华管理学院金融系徐信忠2002© 北京大学光华管理学院金融系 徐信忠 2002 • Distribution of Returns on Two Stocks 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 -100% -50% 0% 50% 100% Return Probability Density NORMCO VOLCO