The study looked at whether certain factors can predict stock returns in China. They tested 18 variables known to predict stock returns in the U.S. from 1995 to 2007. They found that only five of these variables could predict stock returns in China. This suggests that Chinese stock returns are harder to predict compared to U.S. stocks. The researchers suggest two reasons for this: first, the factors that predict returns are not as varied in China as they are in the U.S., and second, stock prices in China may not provide as much information as they do in the U.S.