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Which of the following statements regarding value at risk (VAR) and expected shortfall (ES) is least accurate? A. The ES provides an estimate of the tail loss by averaging the VARs for increasing confidence levels in the tail. B. The calculation of lognormal VAR and normal VAR will be similar when dealing with long-time periods. C. As the number of VAR observations increases, the ES will increase. D. The calculated VAR amount is always negative. |