Videos
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VaR (Value at Risk), explained (6m29s)
      https://www.youtube.com/watch?v=L_EZQhLrwAU

Value at Risk - Introduction (9m31s)
     https://www.youtube.com/watch?v=OGCRrZAZGDc

CAIIB - Value at Risk (9m24s)
      https://www.youtube.com/watch?v=c9el1wL0KSs

Value At Risk, VAR (18m32s)
      https://www.youtube.com/watch?v=F6_vGfDwkfk

2015 - FRM : VAR Methods Part I (of 2) (40m28s, 9m54s)
     https://www.youtube.com/watch?v=y88vSlGgDaU
     https://www.youtube.com/watch?v=Vs4tq2Sn9OU
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Links
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Wikipedia,https://en.wikipedia.org/wiki/Value_at_risk

Investopedia  
      http://www.investopedia.com/terms/v/var.asp
Definition 
      http://www.hedgefund-index.com/d_var.asp

Financial Time, Definition of value at risk - VaR
      http://lexicon.ft.com/Term?term=value-at-risk-_-VaR
Prof. Adamodar, NYC
      http://people.stern.nyu.edu/adamodar/pdfiles/papers/VAR.pdf
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How to define liquidity?
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 Liquidity is defined as 

  a)  How quickly convert an asset into cash
 
  b)  without losing its true value 


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Why liquidity is important?
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 For several reasons that liquidity matters

  a) short-term survival

  b) less costly for investors 

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How to measure liquidity?
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Accounting: 
      1) current ratio
      2) quick ratio
      3) cash ratio

Finance
     1) bid-ask spread
     2) Aminud (2002) illiquidity
     3) Pastor and Stambaugh (2003)
     4) 

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current ratio, quick and cash ratios
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                   Current assets
 Current ratio = --------------
                   current liablities


               Current assets - Inventory
 Quick ratio = ---------------------------
                 current liablities


              Cash & its equvalents 
 Cash ratio = ----------------------
             current liabilities

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