PGB, Inc, made an announcement about expanding business to overseas markets. The share price decreased by 10% on the date of the announcement. If the market is semi-strong form efficient, which of the following is incorrect?

a.

Inventors have over-reacted to the announcement.

b.

All of the other choices.

c.

The negative value impact is immediately reflected in the share price.

d.

Investors believe the value of the firm will be reduced by this decision.