on the quarter that are box higher than the same quarter last year, and that and any forces. The firm's share price rises following the earnings report, but by would be expected based on the increase in earnings. Aed e and biely explain, four reasons for the low rise in share price following the earnings mport that are consistent with efficient securities market theory and investor rationality. You notice, however, that the firm's share price drifts upwards for some time following its eamings announcernent. Give separate explanations for the initial underreaction and subsequent upward drift based on two investors' behavioural biases. Be sure to identify the specific behavioural biases you draw on c. Suppose that a new accounting standard requires improved disclosure for low-persistence items included in net income. Does this new standard benefit investors? Does it benefit society? Explain your answer Format on the quarter that are box higher than the same quarter last year, and that and any forces. The firm's share price rises following the earnings report, but by would be expected based on the increase in earnings. Aed e and biely explain, four reasons for the low rise in share price following the earnings mport that are consistent with efficient securities market theory and investor rationality. You notice, however, that the firm's share price drifts upwards for some time following its eamings announcernent. Give separate explanations for the initial underreaction and subsequent upward drift based on two investors' behavioural biases. Be sure to identify the specific behavioural biases you draw on c. Suppose that a new accounting standard requires improved disclosure for low-persistence items included in net income. Does this new standard benefit investors? Does it benefit society? Explain your answer Format