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An empirical distribution that exhibits a thinner right tail than that of a lognormal distribution would indicate:

A) Equal implied volatilities across low and high strike prices.

B) Lower implied volatilities for low strike prices.

C) Lower implied volatilities for high strike prices.

D) Higher implied volatilities for mid-range strike prices.

答案：C

解析：An empirical distribution with a thinner right tail generates a lower implied volatility for higher strike prices due to the decreased probability of observing high underlying asset prices.

The volatility term structure is the relationship between implied volatilities and:

A) Interest rates for at-the-money contracts.

B) Dividend yields for at-the-money contracts.

C) Time to expiration for at-the-money contracts.

D) Dividend yields for out-of-the-money contracts.

答案：C

解析：Volatility term structures list the relationship between implied volatilities and time to expiration for at-the-money contracts.

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