Which of the Following Statements Does $\underline{not}$ Apply to the Study by Lev That Examined Earnings Numbers

Multiple Choice

Which of the following statements does $\underline{not}$ apply to the study by Lev that examined earnings numbers and stock returns?

A) According to Lev, over time, the correlation between earnings numbers and stock returns has been low.
B) Lev believed that earnings have very little explanatory power relative to changes in stock prices.
C) Lev believed that one of the primary reasons for the level of correlation between earning and stock returns lies with the low quality of reported income numbers.
D) The study's results contradicted those of the Ou and Penman study.