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The analyst assumes that daily portfolio returns for ERB and its competitors are normally distributed with a common mean of zero and are serially independent to each other. Which of the following conclusions is most appropriate to make about how ERB's performance compares to the industry benchmark?
A
ERB's market risk of its trading book is higher.
B
ERB's liquidity trading risk is higher.
C
ERB's credit quality is higher.
D
ERB's Basel III Tier 1 leverage ratio is higher.