Which of the Following Is False

Which of the following is false?

A) If information about a financial instrument is expected, then an announcement of the information will have little or no effect on the instrument's price.
B) An implication of the efficient markets hypothesis is that it is impossible to beat the market (earn an above average return) .
C) When interest rates change, there is no effect on default risk and therefore risk premiums are unaffected.
D) Powerful mood swings of optimism or pessimism can sweep markets and become part of the changing information that affects prices.