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Studies of positive earnings surprises have shown that there is a. a negative drift in the stock price on the days following the earnings surprise

Studies of positive earnings surprises have shown that there is

a. a negative drift in the stock price on the days following the earnings surprise announcement.

b. a positive abnormal return on the day positive earnings surprises are announced.

c. a positive drift in the stock price on the days following the earnings surprise announcement.

d. a positive abnormal return on the day positive earnings surprises are announced and a negative drift in the stock price on the days following the earnings surprise announcement.

e. a positive abnormal return on the day positive earnings surprises are announced and a positive drift in the stock price on the days following the earnings surprise announcement.

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