所以尾部风险比你想象的要小。
投资者对尾部风险对冲兴趣增加。
这样做会移除尾部风险并且感知尾部风险的存在。
Do so by removing tail risks, and the perception of tail risks.
投资者已避易就难地了解到尾部风险。
用极值理论可以很好得模拟尾部风险。
Using Extreme Value Theory can be a good simulation of tail risks.
尾部风险事件是指如下情况，可以想像但是非常难以建立数学模型。
Tail risk events are situations that, while conceivable, are highly unlikely based on mathematical modeling.
所以，对小概率大数值的极端尾部风险事件要引起人们的高度重视。
Therefore, the small probability of extreme events of great value-the tail risks should call peoples' attention.
展望未来，可能仍处在修复行情的震荡市之中，市场正释放尾部风险。
Looking to the future, it may still be in the repair process of the shock market, the market is releasing its tail risk.
尽管尾部风险基金和黑天鹅基金这两个名称常常交替使用，他们还是有明显不同的。
Although the names tail risk funds and black swan funds are often used interchangeably, they are distinct.
尾部风险产品的支持者喜欢将它们和保险比较：投资者每年支付保险费来避免金融灾难之后（种种问题）。
Peddlers of tail-risk products like to compare them to insurance: investors pay premiums every year to avoid financial catastrophe later.
首先，也是最重要的，就是减少不确定因素，排除“尾部风险”(tail risk)，感知尾部风险。
First and foremost, reduce uncertainty. Do so by removing tail risks, and the perception of tail risks.
然而，鉴于保险业务基于资本杠杆率，一旦出现尾部风险，就会给收益、资产负债表和股价带来波动。
However, given the insurance business is based on capital leverage, once tail risk emerges, it gives volatilities on earnings, balance sheet and share prices.
有不同的方式来对冲尾部风险，但流行的是创造一篮子的在正常市场条件下表现不佳，但在市场暴跌的时候一飞冲天的衍生品。
There are different ways to hedge tail risk, but a popular one is to create a basket of derivatives that will perform poorly during normal market conditions but soar when markets plunge.
而应用极值理论计算风险时注重对分布尾部的近似表达，并不是对整个分布进行建模，能更有效地捕捉可能导致金融机构重大损失的尾部风险。
Extreme value theory models the tail of the return distribution rather than the whole distribution. It can capture the tail risk which often causes large losses in financial institutions.
同样，例如AIG和其他债券保险商所发行的CDO互换的“尾部”风险的暴露也很难估计。
Likewise, it was hard to gauge the exposures to "tail" risks built up by sellers of swaps on CDOs such as AIG and bond insurers.
在风险分析中，随机变量的尾部一直是风险分析的重点，因为灾难事件往往就在这个区域里发生。
The tail of random variable's distribution is the focus of the risk analysis because the event with small probability often occurs in this area.
条件受险价值是一种能够反映损失分布尾部信息，从而有利于防范小概率极端金融风险的风险度量和优化工具。
CVaR is a new tool for credit risk measurement and optimization, which provides the tail information of loss and is favorable to keeping away the extreme finance risk with very little probability.
在此基础上提出用尾部指数估计尾概率，达到风险控制的目的。
Given an estimate for tail index, we can establish extreme return levels which is useful to investors to control the risk.
针对市场风险与流动性风险的时变性、异方差性和尾部特点，利用GARCH -EVT方法进行建模。
Considering the time variation, heteroscedasticity and tail characters of market risk and liquidity risk, GARCHEVTmethod is used for the modeling of these properties.
针对市场风险与流动性风险的时变性、异方差性和尾部特点，利用GARCH -EVT方法进行建模。
Considering the time variation, heteroscedasticity and tail characters of market risk and liquidity risk, GARCHEVTmethod is used for the modeling of these properties.
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