说delta normal 的方法低估VaR，是因为delta normal是正态分布，肥尾的相对于正态分布，尾巴更朝外扩散，VaR值更大，所以才会被低估？
问题如下图：
选项：
A. 
B. 
C. 
D. 
解释：
NO.PZ2016070202000018 问题如下 Whiof the following statements about Vestimation metho is wrong? A.The lta-normVmethois more reliable for portfolios thimplement portfolio insuranthrough namic heing thfor portfolios thimplement portfolio insuranthrough the purchase of put options. B.The full-valuation Vmethobaseon historicta is more reliable for large portfolios thcontain significant option-like investments ththe lta-normVmetho C.The lta-normVmethocunrstate the true Vfor stoportfolios when the stribution of the return of the stocks hhigh kurtosis. Full-valuation Vmetho baseon historicta take into account nonlinerelationships between risk factors ansecurity prices. Full-valuation metho are more precise for portfolios with options, so answers B anare correct. The lta-normVunrstates the risk when stributions have ftails, so answer C is correct. Answer A is inewrong. The lta-normmethowill poor for outright positions in options, or their namic replication. 请问每种metho用于什么样的portfolio这个内容在哪里？
NO.PZ2016070202000018 The full-valuation Vmethobaseon historicta is more reliable for large portfolios thcontain significant option-like investments ththe lta-normVmetho The lta-normVmethocunrstate the true Vfor stoportfolios when the stribution of the return of the stocks hhigh kurtosis. Full-valuation Vmetho baseon historicta take into account nonlinerelationships between risk factors ansecurity prices. Full-valuation metho are more precise for portfolios with options, so answers B anare correct. The lta-normVunrstates the risk when stributions have ftails, so answer C is correct. Answer A is inewrong. The lta-normmethowill poor for outright positions in options, or their namic replication. 老师解析中的outright position是什么意思
NO.PZ2016070202000018 老师能一下这道题吗？四个几乎都不太理解
NO.PZ2016070202000018 No.PZ2016070202000017 老师可以讲解lta normv中怎么理解B和the money 和 即将到期 的影响是什么 C的含义是什么
A为什么错呢，A里面说动态对冲比买put更好，怎么判断呢，lta normal对于两种都差，那怎么对比谁更差？
