A. Official liberalizations 45 o Regression fit

A. Official liberalizations 45 o Regression fit

A. Official liberalizations 45 o Regression fit

A. Official liberalizations 45 o Regression fit

B. Minimum of official liberalization, ADR and Country Fund introduction dates 45 o Regression fit

B. Minimum of official liberalization, ADR and Country Fund introduction dates 45 o Regression fit

B. Minimum of official liberalization, ADR and Country Fund introduction dates 45 o Regression fit

B. Minimum of official liberalization, ADR and Country Fund introduction dates 45 o Regression fit

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

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

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

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

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

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

Figure A1 Simulation Results for Returns For r=8% to r=6% mid-sample change and autocorrelation of dividend growth=0.3

Figure A1 Simulation Results for Returns For r=8% to r=6% mid-sample change and autocorrelation of dividend growth=0.1

Figure A2 Simulation Results for Dividend Yields For r=8% to r=6% mid-sample change and autocorrelation of dividend growth=0.1

Figure A2 Simulation Results for Dividend Yields For r=8% to r=6% mid-sample change and autocorrelation of dividend growth=0.3

A. Official liberalizations

Figure 2 The impact of opening capital markets on dividend yields

Figure 3 The impact of opening capital markets on excess returns

Figure 4 The impact of opening capital markets on volatility

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

Economic Impact on Dividend Yields Country Moving From 25th Percentile to Median Official Liberalizations

Economic Impact on Dividend Yields Country Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations

Economic Impact on Dividend Yields Country Moving From 25th Percentile to Median Capital Flow Break Points

Economic Impact on Monthly Excess Returns Country Moving From 25th Percentile to Median Official Liberalizations

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

Economic Impact on Monthly Excess Returns Country Moving From 25th Percentile to Median Capital Flow Break Points

Economic Impact on Volatility Country Moving From 25th Percentile to Median Official Liberalizations

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

Economic Impact on Volatility Country Moving From 25th Percentile to Median Capital Flow Break Points

Economic Impact on Correlation Country Moving From 25th Percentile to Median Official Liberalizations

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

Economic Impact on Correlation Country Moving From 25th Percentile to Median Capital Flow Break Points

Economic Impact on Dividend Yields Country Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations

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

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

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

Economic Impact on Dividend Yields

Economic Impact on Monthly Excess Returns

Economic Impact on Volatility

Economic Impact on Correlation

Economic Impact on Beta

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

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