The study looked at different factors that affect stock returns in the Pakistani market from 1993 to 2004. They found that certain economic factors, like consumption growth and inflation risk, play a role in predicting stock returns. The researchers used a model to test these factors and found that they can help explain variations in stock returns. However, factors like market return and oil price risk had less impact on stock prices. Overall, the study suggests that changes in the economy can influence how stocks perform in Pakistan.