The following excerpt is from an announcement by The Warehouse Group Limited, released at 10:57 am on 22 February 2024. "The Warehouse Group announced today that it has sold its outdoor brand Torpedo7 to Tahua Partners Limited for $1. The Warehouse Group expects that the sale will result in a non-cash, pre-tax accounting write-down ranging between $55 million - $65 million in the FY24 Half Year Income Statement. This is subject to audit and final review. The Warehouse Group Chief Executive Officer Nick Grayston says, 'While this sale will impact our FY24 Half Year result significantly, we expect that the net cash impact (post tax) of the sale will be close to zero. Importantly, the sale of Torpedo7 will allow us to focus on our core brands and improve the Group's financial performance (in the future).'" On 22 February 2024, The Warehouse Group's share price increased by 3.13%. For simplicity, assume no other information was released to the market at the same time. Required: (i) Referring to the key findings of the Ball and Brown (1968) study, briefly explain how the announcement above influenced The Warehouse's share price on 22 February 2024. (Maximum words: 150)