The study developed a method to analyze how the risk and return of investments change over time, focusing on energy and financial markets. By using a dynamic model, they found that adjusting for market conditions improved predictions of asset prices and risks. The research showed that betas, which measure an asset's sensitivity to market movements, vary significantly across different market conditions and countries. The model also provided better estimates of future risks compared to traditional methods. Overall, the study highlights the importance of considering changing market conditions when evaluating investments in energy and financial markets.