Which of the Following Is a Finding of Previous Capital

Which of the following is a finding of previous capital market research studies?

A) The market is not fooled by arbitrary accounting numbers.
B) The direction of change in reported accounting earning is inversely correlated with security price movements.
C) The market is affected by alternative accounting income numbers that do not affect cash flow, such as those related to a change from deferral to recognition of unrealized holding gains on marketable securities.
D) Security prices are affected by a change from the deferral to flow-through method of accounting for the investment credit.