Which of the Following Statements Is True in Regard to the Results

Which of the following statements is true in regard to the results obtained by capital market research?

A) The relationship between earnings announcements and share price movements is inversely related to the size of the entity.
B) Earnings announcements have a greater impact on the share prices of larger firms than on smaller firms.
C) Compared to US markets, the Australian market has larger adjustments during the year with slower adjustments at earnings announcement.
D) Share prices remain the same if investors 'fixate' on reported earnings without considering the relative magnitudes of cash and accrual components.