Maha­lanobis on Styl­ized Facts in Finance:

The imme­di­ate future in any active aca­d­e­mic field always involves endeav­ors that have already started. Con­di­tional dis­tri­b­u­tions will thus con­tinue to be a major sub­ject as finance learns how to con­vert more of ts fun­da­men­tal the­o­ries into dis­tri­b­u­tional forms: arbi­trage and port­fo­lio the­ory, effi­cient mar­ket the­ory and its con­se­quences, the Black-​​Scholes for­mula, and so forth.