Fig. 8From: Forecasting VaR and ES by using deep quantile regression, GANs-based scenario generation, and heterogeneous market hypothesisOut-of-sample forecasts of ES for the four stock market indexes. Gray bands correspond to Chinese stock market crash (2015, 07–2016, 09), 2018 recession (2018, 01–2018, 06), Brexit (2018, 08–2019, 03), and COVID-19 outbreak (2020, 02–2020, 03)Back to article page