Which of the following statements is consistent with explanations for post-announcement drift? The phenomenon can be explained if the differing levels of transaction costs of good news firms and bad news firms are taken into account. Investors do not fully understand the implications of current earnings for future earnings and wait for further information to validateghe good or bad news. The phenomenon can be explained if the differing levels of beta risk for good news: firms and bad news firms are taken into account. Post-announcement drift is the result of the activities of noise traders