The study looked at stock markets in Emerging Asian countries to see if stock prices tend to revert back to their average values over time. Traditional tests didn't show this well, so the researchers used newer tests that are better at detecting this pattern. They found strong evidence that stock prices in these markets do indeed show nonlinear mean reversion, meaning they tend to bounce back to their average levels. Additionally, they found that stock markets in China and Taiwan are mostly influenced by local factors.