A Conclusion Drawn from Ball and Brown's Information Content Studies

A conclusion drawn from Ball and Brown's information content studies is:

A) 85-90% of the price adjustments to the change in profit of firms occur before the announcement month
B) There is significant information content in the profit figure,however accounting is not the only source of information about firms
C) Quarterly accounting profits are a timely source of information for the capital market
D) A and B