Which of the Following Statements Is True

Multiple Choice

Which of the following statements is true?

A) In efficient markets, a stock's price should change with the arrival of new information.
B) Average stock returns are higher in January than other months.
C) Studies by Fama and French and others find the fact that returns of high book to market stocks are much higher than low book to market value stocks is consistent with the efficient market hypothesis.
D) All of the above.
E) None of the above.