風險價值（VaR）是指面臨正常的市場波動時處于風險狀態的價值。即在給定的置信水平和一定的持有期限內，預期的最大損失量。下文是關于風險價值（VaR）的相關例題解析！在FRM考試中一定要重點掌握！

A recently published article on issues with value at risk (VaR) estimates included the following statements.

Statement 1: Differences in the use of confidence intervals and time horizon can cause significant variability in VaR estimates as there is lack of uniformity in practice.

Statement 2: Standardization of confidence interval and time horizon would eliminate most of the variability in VaR estimates.【資料下載】點擊下載融躍教育FRM二級學習計劃

The article’s statements are most likely correct with regard to:

A) Statement 1 only.

B) Statement 2 only.

C) Both statements.

D) Neither statement.

答案：A

解析：Statement 1 is correct as variability in risk measures, including lack of uniformity in the use of confidence intervals and time horizons, can lead to variability in VaR estimates. Statements 2 is incorrect as other factors can also cause variability, including length of the time series under analysis, ways of estimating moments, mapping techniques, decay factors, and number of simulations.

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