For a portfolio, if the $99\%$ one$-$day VaR is calculated to be $$10,000,$ what would be the Expected Shortfall $($ES$)$ if the average loss on the worst $1\%$ days is $$15,000?$

a$.$ $$15,000$

b$.$ $$25,000($WRONG$)$

c$.$ $$11,000$

d$.$ $$10,000$

Value at Risk for a given equity portfolio is:

a$.$ the worst case loss that can be experienced in the equity portfolio with a certain level of probability

b$.$ the regulatory capital needed to cover the underlying risk in the equity portfolio

c$.$ the maximum loss that can be experienced in the equity portfolio over a specified holding period $($WRONG$)$

d$.$ the underlying volatility of the equity portfolio

Which of the following is true?

a$.$ Expected shortfall is a measure of liquidity risk whereas VaR is a measure of market risk

b$.$ Expected shortfall is always greater than VaR

c$.$ Expected shortfall is sometimes greater than VaR and sometimes less than VaR $($WRONG$)$

d$.$ Expected shortfall does not depend on the shape of the tail of the distribution

When flipping a fair coin, the odds of getting tails are:

a$.1$

b$.0$

c$.0\mathrm{.}5($WRONG$)$

d$.-1$

The Expected Shortfall at a $99\%$ confidence level indicates that:

a$.$ The portfolio will not lose more than the Expected Shortfall in $99\%$ of cases.

b$.1\%$ of all losses will be greater than the Expected Shortfall. $($WRONG$)$

c$.$ The average loss in the worst $1\%$ of cases will be equal to the Expected Shortfall.

d$.99\%$ of all losses will be less than or equal to the Expected Shortfall.

A Value at Risk $($VaR$)$ measure does not provide information about:

a$.$ The time period over which the VaR is calculated.

b$.$ The average loss expected within the VaR threshold. $($WRONG$)$

c$.$ The probability of exceeding the VaR amount.

d$.$ The size of potential losses beyond the VaR threshold.