The Term Information Content Effect Refers to The

The term information content effect refers to the:

A) Effect by the market to a firm's bankruptcy announcement.
B) Types of investors that are attracted to a stock because of the related tax effects.
C) Market's reaction to a change in the dividend payout.
D) Way in which shareholders are affected by a corporate reorganization.
E) Manner in which a stock dividend changes the equity accounts of the issuer.