Which of the following is NOT a true statement about stock returns in an

efficient market where there is no room for mispricing?

a$.$ An unexpected rise in future dividend growth raises a stock$$s

realized return.

b$.$ An unexpected drop in discount rates raises a stock$$s realized

return.

c$.$ A higher expected dividend growth than other stocks means that

the stock has a higher expected return.

d$.$ A higher discount rate than other stocks means that the stock has

a higher expected return.