Topic 1 Concept Checkers 错误题：2.3.5
Topic 2 concept check 错题：3.4.5
- Non-parametric estimation does not make restrictive assumptions about the underlying distributions, making it perfect if tail events are sparse.
- surrogate density function //连中线
- (1) age-weighted/hybrid approach: dacay parameter, reduce the impact of ghost effects and older events that may not reoccur
(2)volatility-weighted
(3)correlation-weighted(不用计算)
(4) 更复杂的filtered historical simulation: uses bootstrapping and combines the traditional historical simulation approach with rich volatility modeling.
non-para的优劣:
TOPIC 3 backtesting VaR
concept check 错题：None
Highlights：
> Basel committee established 4 categories of causes for exceptions and guidance for supervisors:
(1) The basic integrity of the model is lacking;
(2) Model accuracy needs improvement;
(3) Intraday trading activity;
(4) Bad luck
Topic 4 VaR Mapping - THREE THINGS: Positions, risk factors and factor exposures
notes错题 Nr. 5
Mapping advantage
(1) assist the risk manager in evaluating positions whose characteristics may change over time, s.a. fixed income securities
（固定收益衍生品经常变？）
(2)manage risk when a sufficient history of data for an investment does not exist, s.a. IPO
> Distinguish the position-based and return-based analysis.
(return-based analysis may fail to account for hidden risks and suffer from investments that have a short record of existence.)
> 啊 关于risk factor 和 risk exposure 有点难理解
>delta-normal VAR for linear combinations of basic component
TOPic 5
错题 1.3.5
