Hi, please help me on how to answer these questions. Thanks.

1. This question deals with equity carveouts. a) Briefly describe what an equity carveout is, and what is the typical stock price reaction for parent firms announcing a carveout (positive, negative, or neutral), according to the empirical finance literature. You do not need to mention the names of authors in your answer. (30 marks) b) Two potential explanations for the observed stock price reaction around equity carveout announcements are the Efficiency, and the Information explanation. Describe these two explanations, and mention how empirical researchers have tried to distinguish between them. You do not need to mention the names of authors in your answer. (70 marks)