Which is the following statement is true about stock market?

	A.	An excess of market value over the book value of equity can be attributed to going concern value.
	B.	Market efficiency implies that one could earn above-average returns by examining the history of a firm's stock price.
	C.	If the market is efficient, stock prices should be expected to react to not only new information but also past information.
	D.	The dividend discount model should not be used to value stocks if the dividend does not grow.