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    Results are out!!!

    Passed Part 2 - Thanks to all BT team members for their patience.
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    Alternative Approach Surplus VaR with correlation between Assets and Liabilities

    Many Thanks again David, all is now very clear to me.
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    Alternative Approach Surplus VaR with correlation between Assets and Liabilities

    Can the calculation be detailed for the Alternative Approach on the Investment PDF Document (page 26). I do not see how the result for Variance of surplus could be 190.44 $ with the data provided.
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    P2 Instructional Video: Bodie, Chapter 24

    This is indeed correct, d1 = (0.5*σ(M)*SQRT(T)) and d2 = d1-σ(M)*SQRT(T) = -0.5*σ(M)*SQRT(T) = -d1. Therefore, C = N(d1) - N(-d1) = 2N(d1)-1 Many Thanks again David for your help.
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    P2 Instructional Video: Bodie, Chapter 24

    Hello, Can you please explain how you arrive at the formula using the call option approximation for the market timing effect. I believe this formula appears at 20 minutes and 36 seconds after the start of the video. Thanks in advance for your help.
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    FRM Part I November 2013 results released

    Happy too, Thanks a lot DAVID HARPER and GARP , I passed LEVEL ONE with 1,2,2,1 and so excited for LEVEL TWO :)
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    Consol Convexity

    How would you compute the convexity of a perpetual bond (consol)
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    Regression Hedging - P&L Daily Volatility Calculation

    Hello, Can you please provide the equation that should be used when we do have to calculate the Daily P&L Volatility of a two factors Regression Hedging (with the DV01 and Risk Weights). Thanks in advance
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    Risk Management Failures - Stulz - Unknown Risks

    Hi, Can someone explain me what will constitute a risk management failure for unknown risks. In Rene Stulz paper "Risk Management Failures" an obscure statement reads the followings : "The unknown risks represent risk management failures are risk that, had the firm's managers know about them...
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