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A. Official liberalizations 45 o Regression fit
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A. Official liberalizations 45 o Regression fit
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A. Official liberalizations 45 o Regression fit
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A. Official liberalizations 45 o Regression fit
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B. Minimum of official liberalization, ADR and Country Fund introduction dates 45 o Regression fit
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B. Minimum of official liberalization, ADR and Country Fund introduction dates 45 o Regression fit
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B. Minimum of official liberalization, ADR and Country Fund introduction dates 45 o Regression fit
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B. Minimum of official liberalization, ADR and Country Fund introduction dates 45 o Regression fit
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C. Net U.S. Equity Capital Flow Break Points 45 o Regression fit
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C. Net U.S. Equity Capital Flow Break Points 45 o Regression fit
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C. Net U.S. Equity Capital Flow Break Points 45 o Regression fit
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C. Net U.S. Equity Capital Flow Break Point 45 o Regression fit
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Figure 1 The decreasing impact of ADR and Country Fund launchings =.95 =.50 =.05
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Unconditional Pre-Event Five-Year Correlations with World Market Return
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Figure A1 Simulation Results for Returns For r=8% to r=6% mid-sample change and autocorrelation of dividend growth=0.3
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Figure A1 Simulation Results for Returns For r=8% to r=6% mid-sample change and autocorrelation of dividend growth=0.1
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Figure A2 Simulation Results for Dividend Yields For r=8% to r=6% mid-sample change and autocorrelation of dividend growth=0.1
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Figure A2 Simulation Results for Dividend Yields For r=8% to r=6% mid-sample change and autocorrelation of dividend growth=0.3
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A. Official liberalizations
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Figure 2 The impact of opening capital markets on dividend yields
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Figure 3 The impact of opening capital markets on excess returns
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Figure 4 The impact of opening capital markets on volatility
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Figure 5 The impact of opening capital markets on correlations with world
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Economic Impact on Dividend Yields Country Moving From 25th Percentile to Median Official Liberalizations
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Economic Impact on Dividend Yields Country Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations
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Economic Impact on Dividend Yields Country Moving From 25th Percentile to Median Capital Flow Break Points
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Economic Impact on Monthly Excess Returns Country Moving From 25th Percentile to Median Official Liberalizations
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Economic Impact on Monthly Excess Returns Country Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations
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Economic Impact on Monthly Excess Returns Country Moving From 25th Percentile to Median Capital Flow Break Points
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Economic Impact on Volatility Country Moving From 25th Percentile to Median Official Liberalizations
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Economic Impact on Volatility Country Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations
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Economic Impact on Volatility Country Moving From 25th Percentile to Median Capital Flow Break Points
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Economic Impact on Correlation Country Moving From 25th Percentile to Median Official Liberalizations
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Economic Impact on Correlation Country Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations
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Economic Impact on Correlation Country Moving From 25th Percentile to Median Capital Flow Break Points
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Economic Impact on Dividend Yields Country Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations
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Economic Impact on Monthly Excess Returns Country Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations
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Economic Impact on Volatility Country Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations
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Economic Impact on Correlation Country Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations
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Economic Impact on Dividend Yields
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Economic Impact on Monthly Excess Returns
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Economic Impact on Volatility
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Economic Impact on Correlation
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Economic Impact on Beta
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Country Moving From 25th Percentile to Median ADR, Country Fund, Official Liberalizations Figure 2
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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
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