1. Which of the following is not a reason that expected shortfall (ES) is a more appropriate risk measure than value at risk (VaR)?

1. For normal distributions, only ES satisfies all the properties of coherent risk measurements.
2. ES gives an estimate of the magnitude of a loss, while VaR cannot tell the magnitude of the loss.
3. ES has less restrictive assumptions regarding risk/return decision rules than VaR.
4. ES satisfies all the properties of coherent risk measurements even for non-normal distributions.