Christoffersen, Peter F.; Diebold, Francis - National Bureau of Economic Research (NBER) - 1998
It depends. If volatility fluctuates in a forecastable way, then volatility forecasts are useful for risk management …; hence the interest in volatility forecastability in the risk management literature. Volatility forecastability, however … management at the short horizons relevant for, say, trading desk management, may not be important for risk management more …