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A. Official liberalizations

A. Official liberalizations. o. 45. Regression fit. A. Official liberalizations. o. 45. Regression fit. A. Official liberalizations. o. 45. Regression fit. A. Official liberalizations. o. 45. Regression fit.

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A. Official liberalizations

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  1. A. Official liberalizations o 45 Regression fit

  2. A. Official liberalizations o 45 Regression fit

  3. A. Official liberalizations o 45 Regression fit

  4. A. Official liberalizations o 45 Regression fit

  5. B. Minimum of official liberalization, ADRand Country Fund introduction dates o 45 Regression fit

  6. B. Minimum of official liberalization, ADRand Country Fund introduction dates o 45 Regression fit

  7. B. Minimum of official liberalization, ADRand Country Fund introduction dates o 45 Regression fit

  8. B. Minimum of official liberalization, ADRand Country Fund introduction dates o 45 Regression fit

  9. C. Net U.S. Equity Capital Flow Break Points o 45 Regression fit

  10. C. Net U.S. Equity Capital Flow Break Points o 45 Regression fit

  11. C. Net U.S. Equity Capital Flow Break Points o 45 Regression fit

  12. C. Net U.S. Equity Capital Flow Break Point o 45 Regression fit

  13. Figure 1The decreasing impact of ADR and Country Fund launchings l=.95 l=.50 l=.05

  14. Unconditional Pre-Event Five-Year Correlations with World Market Return

  15. Figure A1Simulation Results for ReturnsFor r=8% to r=6% mid-sample change andautocorrelation of dividend growth=0.3

  16. Figure A1Simulation Results for ReturnsFor r=8% to r=6% mid-sample change andautocorrelation of dividend growth=0.1

  17. Figure A2Simulation Results for Dividend YieldsFor r=8% to r=6% mid-sample change andautocorrelation of dividend growth=0.1

  18. Figure A2Simulation Results for Dividend YieldsFor r=8% to r=6% mid-sample change andautocorrelation of dividend growth=0.3

  19. A. Official liberalizations

  20. Figure 2 The impact of opening capital markets on dividend yields

  21. Figure 3 The impact of opening capital markets on excess returns

  22. Figure 4 The impact of opening capital markets on volatility

  23. Figure 5 The impact of opening capital markets on correlations with world

  24. Economic Impact on Dividend YieldsCountry Moving From 25th Percentile to MedianOfficial Liberalizations

  25. Economic Impact on Dividend YieldsCountry Moving From 25th Percentile to MedianADR, Country Fund, Official Liberalizations

  26. Economic Impact on Dividend YieldsCountry Moving From 25th Percentile to MedianCapital Flow Break Points

  27. Economic Impact on Monthly Excess ReturnsCountry Moving From 25th Percentile to MedianOfficial Liberalizations

  28. Economic Impact on Monthly Excess ReturnsCountry Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations

  29. Economic Impact on Monthly Excess ReturnsCountry Moving From 25th Percentile to Median Capital Flow Break Points

  30. Economic Impact on VolatilityCountry Moving From 25th Percentile to MedianOfficial Liberalizations

  31. Economic Impact on VolatilityCountry Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations

  32. Economic Impact on VolatilityCountry Moving From 25th Percentile to Median Capital Flow Break Points

  33. Economic Impact on CorrelationCountry Moving From 25th Percentile to MedianOfficial Liberalizations

  34. Economic Impact on CorrelationCountry Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations

  35. Economic Impact on CorrelationCountry Moving From 25th Percentile to Median Capital Flow Break Points

  36. Economic Impact on Dividend YieldsCountry Moving From 25th Percentile to MedianADR, Country Fund, Official Liberalizations

  37. Economic Impact on Monthly Excess ReturnsCountry Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations

  38. Economic Impact on VolatilityCountry Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations

  39. Economic Impact on CorrelationCountry Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations

  40. Economic Impact on Dividend Yields

  41. Economic Impact on Monthly Excess Returns

  42. Economic Impact on Volatility

  43. Economic Impact on Correlation

  44. Economic Impact on Beta

  45. Figure 2 Country Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations

  46. Figure 2 (continued) Country Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations Financial Development represents the sum of NUMC, CONCR, STDL2, MCAP and STDSTAR. Macroeconomic development is the sum of INFL, FXV, XMGDP and CCR. Financial Liberalization is POST-PRE.

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