an appropriate model for financial assets

Returns on financial assets are not normally distributed. they exhibit both skewness and kurtosis. there are so many proposals in construction of skewed distributions and it is worth to find an overall class which covers all of these proposals. in this paper the multivariate unified skew-symmetric distributions is introduced. this unified multivariate representation of skewed distributions includes all of the multivariate skewed distributions in the literature. the purpose of this paper is to use one version of this unified form which is an attractive model for applications in finance and is suitable for portfolio selection in the presence of skewness and offers a number of different insights into the sources of expected return and risk in a portfolio. this article shows that, investors who are expected utility maximizers will be located on a single mean-varianceskewnessefficient surface, regardless of their choice of utility function.