1. introduction 2. the stylized facts 2.1. risk and return of international stock markets 2.2. implied volatility and return 2.3. the relationship between the S&P 500 and the corporate spreads 2.4. measuring the volatility: GARCH modelling 3. financial economics interpretation 3.1. financial economics fundamentals 3.2. intertemporal consumption based models 3.3. conclusion from classical finance evidence 3.4. option pricing Theory 3.5. corporate finance approach 3.6. conclusion 4. non – classical finance 4.1. behavioural finance 4.2. conclusion from non – classical finance 5. coclusion Appendices References
