In a well functioning and fully informed capital market, which of the following is NOT correct?

	A.	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.
	B.	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.
	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.
	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.
	E.	All of the answers are true.