An Application of the EM-algorithm to Approximate Empirical   Distributions of Financial Indices with the Gaussian Mixtures
  In this study I briefly illustrate application of the Gaussian mixtures to approximate empirical distributions of financial indices (DAX, Dow Jones, Nikkei, RTSI, S&P 500). The resulting distributions illustrate very high quality of approximation as evaluated by Kolmogorov-Smirnov test. This implies further study of application of the Gaussian mixtures to approximate empirical distributions of financial indices. 
Sergey Tarasenko
cs.CE