The study looked at two popular models for predicting stock returns in African markets. They found that using both market risk and volatility risk together is better at explaining returns than just using market risk alone. The study also showed that factors like company size and value don't affect stock returns in Africa as much as previously thought. Lastly, the study found that African stock markets have unique risks that aren't accounted for in traditional models, making a model that includes volatility risk a better fit for these markets.