Question: 00 You are asked to estimate Expected Shortfall (ES) and Value at Risk (VaR) of Summit Bank's equity portfolio. Which of the following statements relating

00 You are asked to estimate Expected Shortfall (ES) and Value at Risk (VaR) of Summit Bank's equity portfolio. Which of the following statements relating to magnitudes of ES and VaR of the portfolio, both at 5% worse case scenario, is TRUE? Select one: O A. We cannot say whether VaR is smaller than or greater than ES OB. ES will be always greater than VaR O C. O D. None of the other options is correct. OE. ES is usually smaller than VaR, but can exceed VaR under stressed market conditions VaR will be more than ES under stressed market conditions

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