Study Group

Since its creation in 1993, the research of the Study Group of the ECCBSO has been focused on the subject of equity and financial structures of European corporations. Research is based on data sources containing financial statements of small, medium-sized and large non-financialcompanies. The scope of these databases is far beyond what is availablefrom public data sources.

In its last study the group examined a newly developed concept of Net Worth at Risk (NWaR). This concept analyses the function of equity as a protective cushion against losses in a period of financial crisis. In its current research the study group is deepening the analyses of NWaR as well as extending the concept to a figure named Cash Flow at Risk. In addition, Extreme Value Theory is applied in the context of NWaR as well as acomparison to business confidence indicators.

The group is composed by representatives from:

• Banco de España
• Banco de Portugal
• Banque de France
• Banque Nationale de Belgique - Nationale Bank van België
• Centrale dei Bilanci
• Deutsche Bundesbank (who also chairs)

For further information about the WG activities, you can contact your national representative: members