2026-07-072026-07-07http://salesiana.dossiersoluciones.com/handle/123456789/209014The analysis of observed conditional distributions of both lagged and simultaneous intraday price increments of a basket of stocks reveals phenomena of dependence - induced volatility smile and kurtosis reduction. A model based on multivariate t-Student distribution shows that the observed effects are caused by colelctive non-gaussian dependence properties of financial time series.misprints correctedPhysics and SocietyStatistical Financetext