The study looked at whether there were rational speculative bubbles in the Philippine stock market from 1991 to 2009. By analyzing data and using a specific test, the researchers found no evidence of rational speculative bubbles in the market during that time. This suggests that the price increases and drops in the stock market could have been based on actual changes in the value of stocks, rather than being driven by speculative bubbles. However, there is a possibility that irrational investor behavior may have still played a role. Further research is needed to explore this topic.