Which choice most logically completes the text?

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In May of 1986, the Philippines liberalized its stock market, meaning that it began allowing foreign individuals and businesses to invest money in Filipino companies. This was part of a wave of stock market liberalizations around the world-Malaysia in 1987, Morocco in 1988, and so on. The standard view among economists at the time was that liberalization would make it easier for companies to raise money from investors. Economist Peter Blair Henry examined the economies of 11 countries that were part of the liberalization wave and found that, on average, companies based in those countries received significant increases in investment in the three years following liberalization, suggesting that

companies in Malaysia experienced a greater increase in investment following liberalization than did companies in the Philippines.

economists who held the standard view of liberalization failed to anticipate some serious negative effects of liberalization.

companies did not benefit from liberalization until at least three years after liberalization occurred.

empirical evidence was consistent with the scholarly consensus about the consequences of liberalization.