The researchers investigated if there were rational speculative bubbles in the Malaysian stock market from 1994 to 2003. They looked at abnormal monthly returns of different stock indices and used statistical tests to detect bubbles. The findings showed that there were rational speculative bubbles before and after the Asian financial crisis in 1997, with the biggest bubbles in 1995. This suggests that investors tend to overreact, leading to price movements that contain bubbles. The study highlights the importance of policymakers reacting early to prevent market crises and helps investors make better decisions to minimize risks.