The article explores a strategy called capital structure arbitrage, which aims to profit from price differences between stocks and credit default swaps of companies. The researchers found that this strategy can provide a high annual return of 24.35% on invested capital. Surprisingly, the returns are even higher for riskier companies and those with more trading activity. They also discovered that the number of profitable opportunities can cluster together, emphasizing the importance of managing capital effectively. Additionally, common risk factors only explain a small portion (15%) of the returns from this strategy.