so each of them
has a unique technical implementation, having three common elements: the maximum loss, a given probability and
time horizon.
Over time, Value at Risk became institutionalized, due to fact that Basel Committee
This paper is organized as follows: section 2 reviews the literature on Value at Risk estimation, section 3describes
the methodology and data used and through section 4 we present our results. Finally, we emphasise the main
conclusions of this paper.
2.