However, it should be kept in mind that we are missing data on two countries in all the stock market regressions. Russia, a country with very weak investor protection, had a large fall in its stock market (on the order of Indonesia) but joined the IFC index only in November 1997, so we do not have the requisite stock market information. Russia’s IFC Investable Index fell 84.2% in 1998 (IFC, 1999); the change in this index for 1997 is not available.