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 from the mid-1980s through the mid-1990s South Korea in 1987, Colombia in 1991, and so on. In an analysis of economic data from 1976 to 1993, Ross Levine and Sara Zervos found that liberalization did not lead to enduring increases in investment in companies based in countries that liberalized. Peter Blair Henry, however, found that, on average, investment in companies in liberalized countries increased significantly in the three years following liberalization. Taken together, these results suggest that .

Investment growth is likely to be more consistent in countries that liberalize than in countries that do not.

economists' expectations about the effect of liberalization on investment were largely correct.

companies typically do not benefit from liberalization until at least three years after liberalization occurs.

liberalization may provide a boost to investment that fades over time.