Question

If IBM were to announce an unusually large cash dividend, in an efficient market without leakage...

If IBM were to announce an unusually large cash dividend, in an efficient market without leakage or anticipation you would expect to observe

(a) abnormal price increases before the announcement

(b) abnormal price decreases after the announcement

(c) no abnormal price change at the announcement

(d) no abnormal price movement before or after the announcement

(e) none of the above

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