Volatility clustering refers to the fact that:

a. Returns to financial assets are independent i.e. what happened yesterday has no bearing on what will happen today

b. A five standard deviation move is much more likely to occur in the real world than the Normal distribution would suggest.

c. Very large returns (i.e. greater than four standard deviations) occur randomly over time.

d. Small returns (i.e. less than one standard deviation) tend to be followed by more small returns on subsequent days.

e. Big returns (i.e. greater than three standard deviations) tend to be followed by more big returns

f. Both D and E

g. B, D and E