Empirical Evidence Suggests That Upon Announcement of a Seasoned Equity

Empirical evidence suggests that upon announcement of a seasoned equity issue,current stock prices generally:

A) decrease perhaps because the issue reflects management's view the stock is overvalued.
B) remain fairly constant since an efficient market anticipates a new equity issue.
C) decrease perhaps because the issues are associated with positive NPV projects.
D) increase because the market supply is always less than demand.
E) increase because underwriters exercise their Green Shoe option.