2017年6月GMAT阅读机经（7.1）（三）.

　　第三篇 Var金融指标

　　版本一xzbx

　　讲VaR一种金融指标

　　p1介绍了这个指标，比如Var=500 million,说明这个公司的loss不会超过500 million. VaR这个指标主要用来反映短期的risk.这个指标的好处是它考虑了各种variables，比如震荡，leverage等等(这里有考题)另外每天market close的时候，mgr就可以知道当天Var是多少了。主要都在说明VaR的好处。

　　p2.VaR的应用。好像是说national的regulation body要求VaR要disclouse出来的。还有就是说国际的Regulation body规定，公司可以自行通过VaR来决定他们的capital reserve.比如如果VaR很低，说明他们的风险低，这样就可以减少应对风险的Capital Reserve.

　　版本二rayyzxy

　　讲VaR(Value Risk? ) 这个东西可以在short duration去判断porfolio的loss... 譬如如果VaR小于等于50m 那么下星期maximum loss就可能是50m. 后来VaR还可以用来向公司董事会说明公司运作和performance之类的. 第三段好像是讲VaR 还可以用来判断公司equity什么的…好像有问对VaR描述正确的是, 还有文章主旨

　　版本三jungao4

　　一篇VaR, 问文章目的，应该是介绍了一个金融工具;一个问VaR 的意义，应该是逆势中大波动损失的金额;

　　版本四 scratte (V42)

　　第一段：VaR是一种金融风险估值工具，主要是在normal market下对短期投资的风险规避做出预测。举了个小例子来解释var，然后说var是可以适用于多种金融工具，比如股票，债券等等，然后说var的计算主要是包含了diversification, votality，还有个什么什么。金融业的头儿们都喜欢用var来计算风险，告知交易员。

　　第二段：var越来越多的用于金融业企业的风险估计中，监管机构把var作为金融企业风险管理的手段。巴塞尔银行业监管协会把允许金融企业自行使用其计算的var来控制其风险金储备，var越低，所需风险金越少。

　　azhang2010同学网上找到了类似原文滴，不过还未确定，先贴上来7/1

　　There are many such models, but by far the most widely used is called VaR — Value at Risk. Built around statistical ideas and probability theories that have been around for centuries, VaR was developed and popularized in the early 1990s by a handful of scientists and mathematicians — “quants,” they’re called in the business — who went to work for JPMorgan. VaR’s great appeal, and its great selling point to people who do not happen to be quants, is that it expresses risk as a single number, a dollar figure, no less.

　　VaR isn’t one model but rather a group of related models that share a mathematical framework. In its most common form, it measures the boundaries of risk in a portfolio over short durations, assuming a “normal” market. For instance, if you have $50 million of weekly VaR, that means that over the course of the next week, there is a 99 percent chance that your portfolio won’t lose more than $50 million. That portfolio could consist of equities, bonds, derivatives or all of the above; one reason VaR became so popular is that it is the only commonly used risk measure that can be applied to just about any asset class. And it takes into account a head-spinning variety of variables, including diversification, leverage and volatility, that make up the kind of market risk that traders and firms face every day.

　　Another reason VaR is so appealing is that it can measure both individual risks — the amount of risk contained in a single trader’s portfolio, for instance — and firmwide risk, which it does by combining the VaRs of a given firm’s trading desks and coming up with a net number. Top executives usually know their firm’s daily VaR within minutes of the market’s close.

　　Risk managers use VaR to quantify their firm’s risk positions to their board. In the late 1990s, as the use of derivatives was exploding, the Securities and Exchange Commission ruled that firms had to include a quantitative disclosure of market risks in their financial statements for the convenience of investors, and VaR became the main tool for doing so. Around the same time, an important international rule-making body, the Basel Committee on Banking Supervision, went even further to validate VaR by saying that firms and banks could rely on their own internal VaR calculations to set their capital requirements. So long as their VaR was reasonably low, the amount of money they had to set aside to cover risks that might go bad could also be low