这道题中lie below的VaR 的意思是分布图上var值的左边么？

问题如下：

With 460 returns in the sample, total losses of 5% observations that lie below the VaR estimate is 400 million. The 5% Conditional VaR (CVaR) is closest to:

选项：

A.

0.87 million

B.

17.39 million

C.

400 million

解释：

The CVaR is the expected loss, given that the loss is equal to or greater than the VaR. The CVaR is also referred to as the expected tail loss or expected shortfall.

With 460 returns in the sample, there are 23 observations (5% of 460) that lie below the VaR estimate. The average of these losses is: 400 million/23 = 17.39 million.