1)Provide an example of an efficient markets response to financial accounting information. Was the direction of the response predictable given an efficient market? Explain.

2)The IFRS Conceptual Frameworks purpose for reporting financial accounting information focuses on the primary decision makers and their need for information relevant to decision making. One of the implications of an efficient market is more information is better. How is the implication for more information incorporated into the CPA Handbook (of standards)? Explain.