n a recent study on corporate governance and its effect on stock prices, the researchers

found that

A$)$ Firms with a Democratic governance structure had lower future stock returns

than firms with a dictatorship governance structure.

B$)$ Firms with a Democratic governance structure had no difference in future stock

returns than firms with a dictatorship governance structure.

C$)$ Firms with a Democratic governance structure had greater future stock returns

than firms with a dictatorship governance structure.