Which of the following statements is not true about Ball and Brown's study of security

price responses to earnings announcements?

a) Their study found that investors completely anticipated the good news or bad

news in the earnings announcement.

b) Their study was the first to scientifically demonstrate a significant relationship

between earnings information and share price.

c) Their study found that most of the price reaction took place long before the

earnings announcement date.

d) Their study found that investors required time to fully analyze the earnings

announcement before making buy or sell decisions.

e) Although their study was conducted between 1957 and 1965, the same effects are

still seen in markets today.