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Which two of the following are the most likely reasons why a stock price might not react at all on the day that new information

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Which two of the following are the most likely reasons why a stock price might not react at all on the day that new information related to the stock issuer is released? I. insiders knew the information prior to the announcement II. investors need time to digest the information prior to reacting III. the information has no bearing on the value of the firm IV. the information was anticipated I and III only II and IV only II and III only III and IV only I and II only

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