Analysts have claimed over the last years that the volatility of an asset is caused solely by the random arrival of new information about the future returns from the underlying asset. It is a common belief that volatility is of great importance in finance and it is one of the critical factors...

Quantitative methods are very successful in producing baseline forecasts of time series; however, these models forecast neither the timing nor the impact of special events such as promotions or strikes. In most of the cases, the timing of such events is not known so they are usually referred as...