I'm going to do a multiple regression analysis with two continuous IVs and their interaction. I've centered the IVs and then multiplied one with another for interaction. My problem is that the interaction variable is severely kurtotic (kurtosis 7,731, standard error=0,127, z=60.87). How should I deal with this? Removal of the most extreme cases of course helps, but what would be the most recommended way to define outliers?
N=1479 with all cases, the range of centered IVs is around 50 and the range of interaction variable around 700. The two IVs are normally distributed.
Let me know if any additional info or exact numbers would help.