Before revision:  In particular , there is no sufficient evidence to justify an all-inclusive replacement of ES by expectiles in applications, especially as we provide an alternative way for backtesting of ES .
After revision:  In particular , there is no sufficient evidence to justify an all-inclusive replacement of ES by Expectiles in applications. For backtesting ES, we propose an empirical approach that consists in replacing ES by a set of four quantiles, which should allow to make use of backtesting methods for VaR .