c) A study examining market reactions to earnings surprises found that prices tend to drift after earnings surprises. What does this tell you market's capacity to learn fromevents and new information? What cross-sectional differences would you expect to find in this learning behavior? (i.e. Would you expect to see a greater price drift in some types of firms than in others? Why?) How would you try to exploit this anomaly? What possible costs would you have to keep in mind? d) Suppose you are following a retailing stock which has a strong seasonal pattern to sales. Would you