Music Doctors Just Announced Yesterday That Its First Quarter Sales

question 36

Multiple Choice

Music Doctors just announced yesterday that its first quarter sales were 35% higher than last year's first quarter.You observe that Music Doctors had an abnormal return of -2% yesterday.This suggests that

• A)the market is not efficient.
• B)Music Doctors stock will probably rise in value tomorrow.
• C)investors expected the sales increase to be larger than what was actually announced.
• D)investors expected the sales increase to be smaller than what was actually announced.

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Definitions:

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The final phase in a project where tasks are completed, documents are finalized, and the project is formally closed.

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