can anyone help with this please

In a well-functioning and fully informed capital market, which of the following is NOT correct? B. If investors are surprised by a dividend declaration that is higher than they expected the stock price is likely to decline on the announcement date. A. If investors are surprised by a dividend declaration that is higher than they expected the stock price is likely to increase on the announcement date. E. All of the answers are true. D. If investors are surprised by a dividend declaration that is higher than they expected the stock price is unlikely to change more on the payment date. C. If investors are surprised by a dividend declaration that is higher than they expected the stock price is likely to decrease by a larger amount on the ex-dividend date