The study looked at how different financial ratios affect stock returns in Pakistan and India from 2010 to 2014. They found that in Pakistan, a higher price to book ratio and debt to equity ratio led to higher stock returns, while a higher price to earnings ratio led to lower returns. In India, a higher price to earnings ratio and price to book ratio led to higher returns, while a higher debt to equity ratio led to lower returns. This information can help investors and policymakers make better decisions about financing.