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.

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

b.

All of the other choices.

c.

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

d.

Inventors have over-reacted to the announcement.