1.) INTRODUCTION. Managing financial risk is an important aspect of any financial institution. Financial disasters have proved that millions of dollars can be lost through poor financial management and supervision of financial risks. A financial manager is not only interested in the returns from the investments in a market but also the possible extreme and abnormal returns that seem possible. Without a careful analysis of the potential danger, the investment could cause catastrophical consequence when a …showed first 75 words of 2452 total…

…showed last 75 words of 2452 total…amp;gt;S Benati, The computation of the worst conditional expectation, European Journal of Operational Research, Volume 155, Issue 2, 1 June 2004, Pages 414-425. *<Tab/>G. Consigli ,Tail estimation and mean-VaR portfolio selection in markets subject to financial instability, Journal of Banking & Finance, Volume 26, Issue 7, July 2002, Pages 1355-1382. *<Tab/>http://people.brandeis.edu/~blebaron/classes/fin285a/lectures/varintro.pdf *<Tab/>www.gloriamundi.org