這篇論文主要討論的是資訊內容的隱含波動度、偏態、和峰態。這份研究使用的資料是台灣加權指數選擇權的資訊，採用的模型方面則是使用了Black-Scholes 模型、Gram/Charlier模型、和Bakshi, Kapadia, and Madan (2003)的模型。這份實證研究主要的發現，是歷史表徵數的預測能力似乎比模型中的隱含表徵數來的好，也是和許多學者研究結果較不同的地方。

This paper addresses the informational content of option-implied volatility, skewness, and kurtosis. Using data from Taiwan futures options markets, we use
implied risk-neutral distributions derived via the original Black/Scholes model, the Gram/Charlier series expansion approach proposed by Corrado and Su (1996), and
the model of Bakshi, Kapadia, and Madan (BKM, 2003). We find the historical volatility outperform implied volatilities as a predictor of the subsequently realized volatility in the underlying futures prices over the remaining life of the option. As for the higher moments, historical estimates of higher moments in terms of forecasting ability in the majority of cases proven to be superior to implied higher moments from different models.

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