Volatility smile is the phrase used to desribe how the implied volatilities of options vary with their strikes.A smile means that out-of-the-money puts and out-of-the-money calls both have higher implied volatilities than at-the-money options.

The implied volatility is maily vs strike price of option,not stock price,so i don't think the implied volatility info is useful to the stock return.

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谢谢你的回答，我正好在做一道练习，选取10只美国市场上的股票和三个Stock market index, 还选取了一个implied volatility index(CBOE volatility index)，在计算完the correlation of the stock returns with both the stock market indexes and the implied volatility index后，要求选取两个相关explanatory indicators for each stock return. 选出两个explanatory indicators后同每一只股票做回归分析。

我做完相关系数的分析后，发现股指和股票的价格是正相关的，而同CBOE volatility index是负相关的。 如果按照楼上的观点，implied volatility information不能用来解释stock return ，我是不是只需要选择两个股指来做回归分析，而不需要选择implied volatility? 欢迎大家发表意见，谢谢大家

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