The study looked at 47 different implied volatility indices to see how they relate to actual volatility and returns of assets. The researchers found that implied volatility can predict future volatility better than past volatility alone. They also discovered that changes in implied volatility are linked to changes in asset returns, but this relationship varies across different types of assets like commodities, bonds, currencies, and stocks. This information can help with making decisions about where to invest and how to manage risk.