Which of the Following Statements Is $\underline{not}$ Supported by Empirical Evidence from Capital Market Research?
A)Accounting Earnings

Which of the following statements is $\underline{not}$ supported by empirical evidence from capital market research?

A) Accounting earnings appear to have information content and to affect security prices.
B) Alternative accounting policies with no apparent direct or indirect cash flow consequences to the firm do not seem to affect security prices.
C) There are no incentives to choose certain alternative accounting policies over others because there are never cash consequences.
D) Accounting-based risk measures correlate with market risk measures, suggesting that accounting numbers are useful for risk assessment.