The Main Reason That Empirical Evidence of Shareholder Returns Fails

Multiple Choice

The main reason that empirical evidence of shareholder returns fails to provide conclusive evidence on the performance outcomes of mergers and acquisition is that:

A) Stock market data only shows expectations about performance,not actual performance
B) Stock market data is can only show the impact of M&A announcements and then only over a period of up to 12 months
C) Both (a) and (b)
D) Neither (a) nor (b)