You are asked by your chief risk officer to evaluate arguments he has heard to switch from value at risk (VaR) to conditional VaR (expected shortfall) as your firm's main risk measurement tool. Which of the following arguments is correct? Choose all that are correct.

		Conditional VaR may have negative diversification effects.
		Conditional VaR is more stable measure since it shows less sensitivity to data errors
		VaR is sensitive to the entire tail of the distribution, while Conditional VaR does not change even with large increases in the losses beyond the cutoff percentile at which the VaR is measured.
		Conditional VaR is a coherent risk measure in contrast to VaR.