21. Examine the following plots of bivariate return distributions closely. Pay special attention to the values on the axes. Both plots are joint distributions of returns of stocks. The first plot is from a Student's t distribution and the second one from a normal distribution. Both have the same means and covariance matrices. Explain which joint return distribution is likely to be risker in terms of VaR. Why are they different in risk even though the means, variances, and covariances are the same?
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