Which choice most logically completes the text?

Source Texts

Text

In June of 1987, South Korea liberalized its stock market, meaning that it began allowing foreign individuals and businesses to invest money in South Korean companies. This was part of a wave of stock market liberalizations from the mid-1980s through the mid-1990s-Venezuela in 1990, Jamaica 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.

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.

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