you are a manager of a renowned hedge fund and are ananlyzing a 1000-share postion in an undervauled but illquid stock bna, which has a current stock price of usd 7(expressed as the midpoint of the current bid-as spread).daily return for bna has an estimaged volatiltiy of 1.24%, the average bid-ask spread is usd 0.16. Assuming returns of BNA are normally distributed, what is the estimated liquidity-adjusted daily 95% var, using the constand spread approach

FRM的解释是
VAR= 72 x 1000 x 1.24% x 1.645 = 1469,
Liqudity Spread部分1000 X 0.16 x 0.5 =80
80 + 1469 = 1549

但是想问为何Liqudity 部分为何不需要乘以股价72？？