The study shows that stocks with lower risk of arbitrage tend to have higher value premiums. This means that when there is less chance of arbitrage, the value of certain stocks tends to be higher compared to their price. The researchers found that stocks with low arbitrage risk are more profitable when using a value-to-price strategy, while stocks with high arbitrage risk show weaker results. This suggests that understanding and managing arbitrage risk is important for investors looking to benefit from value premiums in the stock market.