excess kurtosis means: Kurtosis is the measurement of the distribution’s “fatness”. A distribution with a positive excess of kurtosis is one that has more fat tails than the normal distribution. A higher probability than usual of realizing large positive or negative returns is indicated by fat tails. A result of +3.00 in kurtosis calculations indicates that the kurtosis distribution has not been calculated. Some statisticians have made this number zero to simplify its meaning. Kurtosis minus three equals zero. Any reading that is not zero is called excess kurtosis. A negative number indicates a platykurtic distribution, while positive numbers indicate an leptokurtic. (in Stock Market Dictionary)