The article looks at how news about US monetary policy affects money flowing into emerging markets. They found that when US monetary policy news increases expectations without changing interest rates, it has a small impact on portfolio flows to emerging markets. This impact varies among countries, with some being more affected than others. Countries that were most affected also had larger capital flows before and after the 2013 taper tantrum. Factors like economic performance and vulnerabilities also play a role, but financial openness doesn't seem to make a difference in how capital flows are affected.