The study looked at how individual investors in Nepal's stock market make decisions. They found that more experienced investors tend to follow the crowd and be overly optimistic. Trading frequently can lead to biases like following others, being too optimistic, making poor investment choices, holding onto losing stocks, and being too confident. These biases can make investors think they know more than they do and have more control than they actually have, which can cause stock prices to stray from their true value.