Which one of the following statements is not part of the incomplete revelation hypothesis (IRH)?
a. Some accounting numbers or relationships may not be fully revealed in security prices.
b. Footnote disclosure is all that is needed for information to fully impact security prices.
c. Some individuals’ trading habits do not respond in a rational way to new information.
d. Some individuals respond to information is such a way as to impede the market from acting in a fully efficient manner.
ANSWER: B
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