Which choice most logically completes the text?

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In September of 1989, Indonesia liberalized its stock market, meaning that it began allowing foreign individuals and businesses to invest money in Indonesian companies. This was part of a wave of stock market liberalizations around the world—Jamaica in 1991, Nigeria in 1995, 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 Jamaica experienced a greater increase in investment following liberalization than did companies in Indonesia.

companies in the countries Henry studied did not benefit from liberalization until at least three years after liberalization occurred.

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

economists' expectations about the effect of liberalization on investment were largely correct for the countries Henry studied.