Expectation of an absolute form to the power of 4.

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does the following form

$$E|\beta+\alpha Z_{t}^{2}-2\alpha\delta+\alpha\delta^{2}|^{4}$$ means $$E(|\beta+\alpha Z_{t}^{2}-2\alpha\delta+\alpha\delta^{2}|^{4})$$ or $$(E|\beta+\alpha Z_{t}^{2}-2\alpha\delta+\alpha\delta^{2}|)^{4}$$?