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Hello David: I am pretty amazing what you have done for the site. And I really appreciate your creativity to rebuild such a learning site. To be honest, I just try to pass my other professional exam and the days are numbered. I does elaborate myself to reread them several times and do the...

Dear David: I am grateful for your help as you are a kindness and fairness guy. I do learn a lot from you. And I DO PASS the FRM 2008 test. Though the exam is hard enough, but your dedication and the well-designed program does help me through.... The test is not that hard if we really...

Hello there: I am grateful as I get the invitation from David to join the site and learn with all of you. I am grateful for the well systematic designed course and all the Letters and Screencasts provided by David does help me a lot. As the time is limited and budget is constrained...

Hello David: the exam is totally different compared with past ones. I think they try to renew all of those ideas. If they try to do that. I think they have to provide some materials for the testing preparation instead of just the papers and chapters in books. But I know it is really hard...

Hello David: This year is totally different. I guess GARP has pushed itself to the higher ground!! The exam is designed by finance professors for sure. Therefore, it is academic approach instead of .... I think it is a transition moment since It is biased to Corporate risk management I...

Hello David: Thank you so much.... I am grateful.... Have a nice day.... chris

Dear Sir: SaR is the shorthand of "Surplus at Risk". There is an through explanation on the DH's site here..... There is an interesting question I just read... Company ABC asset management has liabilities of USD 100 million and assets of USD 120 million. The anual growth of the...

Hello David: I have a question as follows A junior bond with a face value of 200 matures in 5 years. A senior bond on the same firms also matures in 5 years, and has a face value of 100. Assume -A=0.5 and the riskfree rate =0.4. Firm value is equal to 400. Using the Merton model, what is...

Hello David: Thank you for providing me an intuitive way for this... chris

Hello David: The issue is inspred from the lecture(the screencast) you give... therefore it is simple to use the other one DD=ln(V/Default value)/sigma_asset ...Right?? thanks... Chris

Hello David: I am so sorry about the question I ask...Yes, you have mention the point in the lecture... BUT I FORGOT.......I have to reread that one AGAIN.... Thank you so much.... Chris

Hello David: The formula of LGD derived from the PD in some sence shows that they are not indepedent, right? But in the DeSergvigny and others we often assume that PD and LGD are independent, right?? But as the formula similar to BSM model, it shows that they are not...Right? How can we...

Hello David: As the screencast you give and the lecture note you provide... May I think the topic as follows... Take the Taylor's expansion of ln(x) around x=1 ln(x)= ln(1)+(1/x)(x-1)+remaining term therefore we have ln(x)=1-(1/x).... Use this one for V/D ln(V/D)=...

Hello David: The formula of Distance to Default (p 51 in the 2008 Formula) DD=(V-D)/(V*sigma_a) 1. I try to think them as comparing (V-D)/V with the multiple of sigma_a, does it right? 2. Also, how can we connect it to the one given in the chapter of DeServigny...

Hello David: the formula about the long term mean volatility of GARCH(1,1)(p.18 of 2008 formula) is a little wrong... Persistence GARCH (1, 1) is unstable if the persistence > 1. A persistence of 1.0 indicates no mean reversion. A low persistence (e.g., 0.6) indicates rapid decay and high...

Hello David: I am a little confused...As we know that CDS can not be used for the credit deterioration, right?? Therefore, it is used for default..... how can we use CDS for the credit deterioration indirectily or synthetically?? Maybe I ask the wrong question... Thanks...

Hello David: I am grateful for those things you have done for.....Thank you so much.... Looking forward to seeing.....Sincerely..... Chris