Studies of positive earnings surprises have shown that there is
a. a negative drift in the stock price on the days following the earnings surprise announcement.
b. a positive abnormal return on the day positive earnings surprises are announced.
c. a positive drift in the stock price on the days following the earnings surprise announcement.
d. a positive abnormal return on the day positive earnings surprises are announced and a negative drift in the stock price on the days following the earnings surprise announcement.
e. a positive abnormal return on the day positive earnings surprises are announced and a positive drift in the stock price on the days following the earnings surprise announcement.