... of obtaining the true valuation of an investment may not hold true in the long run. As such, the development of more statistical yet difficult models are done that primarily the reason of their developments are to appease the individuals or organizations to characterize, identify and act upon the financial risks. In a most basic sense, the drive to be successful is attuned to the intention of adopting hopefully more stringent measures to escape the financial risks. Galichon (year) echoes that the single most used measure of financial risk is the Value -at - Risk measure. Furthermore, it is also used as a benchmark measure to budget capital regulatory requirements. Lozovaia and Hizhniakova (year) discusses the importance of the Portfolio theory as to Value at Risk, such that by its definition, the Portfolio theory attempts to provide reasoning that the concept of diversification can be accomplished to reduce further risk and maximize ...

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