Studies of Negative Earnings Surprises Have Shown That There Is

Multiple Choice

Studies of negative earnings surprises have shown that there is

A) a negative abnormal return on the day that negative earnings surprises are announced.
B) a positive drift in the stock price on the days following the earnings surprise announcement.
C) a negative drift in the stock price on the days following the earnings surprise announcement.
D) a negative abnormal return on the day that negative earnings surprises are announced and a positive drift in the stock price on the days following the earnings surprise announcement.
E) a negative abnormal return on the day that negative earnings surprises are announced and a negative drift in the stock price on the