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Excellent! It is the first link I was looking for, David. Thank you for your help with this!

Thanks for sharing @berrymucho! If someone can still help with the practice question about geometric/arithmetic average, it would be perfect.

I will not distribute any spreadsheets to single persons. If there are some further questions to the theory, please ask them here in the forum. In case you are in dire need of some spreadsheets about VaR etc. I do recommend the following which comes with a full bunch of spreadsheets: Simon...

give me some time please!

Hi David,I I remember most probably from Part I that there is practice question asking something about the relationship between Rgeometric = ln ( 1 + Rarithmetic). If I remember it correclty, it is given in an equation form ................... but I simply do not remember where in the question...

Hi @Hassan2016, I will come up with a detailed explanation about several options you can choose from when calculating ES in Excel. This is always a great exercise for me as well to remind me of the concepts. Thanks for asking this type of question. Remember that we are interested in the...

Hi Nicole, many thanks for the award. Big pleasure where I think my input is of value-added to others. I do go for the Amazon gift card again. Thank you!

Brilliant stuff, David! These exchanges make the forum and interaction with you so unique! (By the way, this smoothting/unsmoothing topic has been briefly touched on in the after-exam Part II post Nov 2016 created by Nicole as well.) Andrew Ang is definitely the! representative and most...

Some input here from my side (referring to question 707.3) for prospective Part II candidates without going into further detail about the theory. In November 2016 GARP tested the concept of unsmoothing returns in detail (answers 'a' and 'b' to questions 707.3 have been very similar as given...

@brian.field Hi Brian, many thanks! Hope all is well with you. Have not been in touch for a while. @berrymucho excellent piece of work! Apparently this is the only information which is available. Honestly, I read through this as well but with less attention as I was sure there was something...

Hi Nicole, delighted that I made it again to become a winner of the week even if I was not highly active the forum recently! I do apologise for this wholeheartedly because I owe you both, you and David, so much that I am really trying my best to give sth. back to David and the forum in general...

Ok, now it becomes worrisome. If the unimpeachable expert in the field! cannot find it/help out, then most probably I was dreaming about this :) I will continue with my search and will be back in case I found something. Many thanks for your the help, David

Hi David, many thanks for getting back to me. I have already been through Crouhy once more but it is not there apparently. I am still 100% sure that somewhere in the mandatory readings for Part II it elaborates on the difference in time of default between retail and corporates. Most likely in...

No clue at all here? I am sorry but I do need this information quite urgently. Recent Part II candidates should remember this...

Appreciate the citation, David! Very honoured.

Hi David, I would like to ask the following: some reading in Part II (either Malz, Crouhy, Stulz Golin or Hull) mentions something about the time of default. Could be another author as well but I guess it must be somewhere in the aforementioned books. It goes something like this: for corporates...

A few points overlap, David! Could not be better. I had to laugh loud when pressing the 'post reply' button and saw that you have sent your explanation a few seconds before! Excellent stuff.

answers have been supplied contemporaneously, funny!

It depends. Does 200 comprise the whole population or is a just a snapshot (pie of the whole cake)? 1.) If 200 is the whole population, then we simply divide by n 2.) If 200 is a sample out of larger population (e.g. 2000 stocks), then we use the sample variance which implies dividing by (n-1)...