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The ES definition is: $$ES_\alpha(X)=\frac{1}{\alpha}\int_{0}^{\alpha}VaR_\beta(X)d\beta$$ This is indeed an equal weighting over each VaR, but not on the $x$-Achsis, VaR is the inverse function such that adding all possible VaR's is equally weighted, but the VaR's themselves have different magnitude over the $\alpha$-Achsis. The formula can also be ...


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For calculating systematic risk(beta) for a company which is registered on stock exchange can be calculated in excel through following steps. 1. co variance of both will be multiplied 2. Divided by the variance of stock exchange index A common expression for beta is for further see link http://en.wikipedia.org/wiki/Beta_(finance) by Akhtar rasheed ...



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