Which of the following statements is FALSE?

a$.$

Stock markets aggregate the information and views of many different investors.

b$.$

The efficient market hypothesis implies that securities will be fairly priced, based on their future cash flows, given all information that is available to investors.

c$.$

In most situations, a valuation model is best applied to tell us something about the value of the firm's stock.

d$.$

It makes sense to use a valuation model to estimate the share price of a public company when we have some superior information about the firm$$s cash flows or cost of capital.

e$.$

None of them.