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6. Tim observes the returns of his portfolio in the last 30 trading sdays. His ten lowest daily returns: -16%, -14%, -9%, -7%, -7%, -5%,
6. Tim observes the returns of his portfolio in the last 30 trading sdays. His ten lowest daily returns: -16%, -14%, -9%, -7%, -7%, -5%, -4%, -4%, -4%, -3%. a. Calculate the 10%VaR and explain its meaning. b. Calculate the expected Shortfall (ES) and explain its meaning
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