NO.PZ2023040501000101
问题如下：
Focusing on N-bank and T-bank, Paulinic prepares the following data.
Based only on Exhibit 3, Paulinic should conclude that: (curriculum)
选项：
A.trading activities are riskier at T-bank than N-bank.
trading revenue per unit of risk has improved more at N-bank than T-bank.
compared with duration, the metric used is a better measure of interest rate risk.
解释：
Trading revenue per unit of risk can be represented by the ratio of annual trading revenue to average daily trading value at risk (VaR) and represents a measure of reward-to-risk. The trading revenue per unit of risk improved at N-bank (from 134× to 160×) between 2016 and 2017, and there was no change at T-bank (80×). VaR can be used for gauging trends in intra-company risk taking.
同学你好，举个例子，假设N银行从事的都是衍生品投资业务，总投资金额100万，Var值算出来50万
T银行从事的都是政府级债券投资业务，总投资金额10000万，Var值算出来100万
你说两个银行哪个风险大？T银行投资金额那么大，整体下来其实亏损概率比N银行是更低的
剔除了规模只看风险数字的绝对值肯定是不准确的
用trading revenue /Var相当于是一个sharp ratio的概念（return/risk),这样可以衡量每承担一单位风险可以获得的收益，剔除了资产规模大小的影响，比较结果会比单纯的Var更有意义
所以 trading revenue /Var 左边公司＞右边公司 所以右边公司更有风险 有啥问题捏
