I read Hull (2009) on implied volatilies. I understand that (given a negatively skewed return distribution) an OTM-Put is more worth than under a normal distribution and that a OTM-Call is worth less which leeds to the volatility skew for equity options.
ITM-Puts and OTM-Calls imply the same volatility due to put-call-parity.
Is there another inuitive explanation for why ITM-Puts are worth less under a negatively skewed distribution than under a normal distribution?
Thank you in advance!