AFB, Inc. declared a dividend of $$2$ per share, which was an increase of $25\%$ from the prior year, yet AFB, Inc. stock declined by $3\%$ the day of the announcement. DAS, Inc. declared a dividend of $$2$ per share, which was the same as the prior year, and its stock increased in value by $2\%$ on the day of the announcement. These events could be most readily explained by the

A$.$ expectations theory.

B$.$ residual dividend theory.

C$.$ information effect.

D$.$ clientele effect.