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Markets are semi-strong form efficient. At 10:00 a.m. this morning, investors expected that Carmichael Federal...

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Markets are semi-strong form efficient. At 10:00 a.m. this morning, investors expected that Carmichael Federal would announce that the firm's next dividend would be 40 cents per share and that dividends would remain at 40 cents per year forever. Carmichael Federal's next dividend is due in 1 year.Carmichael had paid a dividend of 2.00 per share every year for the past 17 years. At 10:01 a.m. this morning, Carmichael announced that the firm's next dividend would be 70 cents and that dividends would remain at 70 cents per year forever. No other news was released at 10:01 a.m. and the risk of the stock is expected to remain unchanged. In other words, the announcement is the only element that might potentially be relevant.Which assertion is most likely to be true for immediately after the announcement? The price of Carmichael common stock likely increased The price of Carmichael common stock likely remained unchanged The price of Carmichael common stock likely decreased It is unclear whether the price of Carmichael common stock likely increased, decreased, or remained unchanged

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