A distribution of returns that has a greater percentage of small deviations from the mean and a greater percentage of large deviations from the mean compared to a normal distribution: A) is positively skewed. B) has positive excess kurtosis. C) is negatively skewed. D) has negative excess kurtosis ANswer is B, but why cant be D too?

Because, by definition, negative kurtosis (I forget the exact term, but by word association my mind can recall the word “platypus”) has FEWER small deviations from the mean with a kurtosis less than 3.