The known, the unknown, and the unknowable in financial risk management : measurement and theory advancing practice / Francis X. Diebold, Neil A. Doherty, Richard J. Herring, editors.
A clear understanding of what we know, don't know, and can't know should guide any reasonable approach to managing financial risk, yet the most widely used measure in finance today--Value at Risk, or VaR--reduces these risks to a single number, creating a false sense of security among risk...
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