1. Value at Risk (VaR) can most appropriately be defined as:

A. An estimate of how much money a portfolio could lose,

B. An estimate, with a given degree of confidence X%, of how much a portfolio can

lose over a given time horizon, expressed as the next N business days,

C. A specification of the loss distribution of a portfolio,

D. A measure of the risk associated with a portfolio,

E. All of the above.