1. Consider the following four statements about value at risk (VaR):

1. The choice of VaR confidence interval and time horizon should be uniform across users.
2. There is not much uniformity of practice as to confidence interval and time horizon; as a result, intuition on what constitutes a large or small VaR is underdeveloped.
3. There are a number of computational and modeling decisions that can greatly influence VaR results, such as the length of time series used for historical simulation or to estimate moments; and the technique used for estimating moments.
4. There are a number of computational and modeling decisions that can greatly influence VaR results, such as mapping techniques and the choice of risk factors.

Which of the above statements is/are true?

1. None are true.
2. I and II are true.
3. II, III, and IV are true.
4. All are true.