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This study examines whether the canonical stochastic volatility (SV) model outperforms the standard GARCH(1,1) model across different market regimes, and whether relatively simple hybrid LSTM extensions improve forecasting accuracy. Using daily data from the Dow Jones, S&P 500, and FTSE 100 indices, volatility forecasts are evaluated on the stressed exogenous COVID-19 crisis, as well as a calm
