DOLAN INC is a large multinational conglomerate operating predominantly in the USA, the UK, and Hong Kong. They have both ordinary and preference shares listed on each of the major stock exchanges. That is, the S&P500, the FTSE 350, and the Hang Seng Indexes. DOLAN INC's financial statements for 2020 report earnings of $150m, 148.98m and HK$146.95m in the US, UK, and Hong Kong respectively. DOLAN INC has 25 million class A ordinary shares outstanding on the S&P500 has just paid total dividends on these stocks of $55m. This dividend payment is anticipated to remain constant for the next 6 years and then there will be no dividend payment from year 7 onward. The required rate of return demanded by investors in the US market is 8%. DOLAN INC has 15 million class A ordinary shares outstanding on the FTSE 350 has just paid a dividend of 1.00 per share, dividend growth is expected to be 2% per annum over the next 5 years. From year 6 onwards, dividend growth will change to 10% per annum indefinitely. The required rate of return demanded by investors in the UK market is 12%. DOLAN INC has 25 million ordinary shares outstanding on the Hang Seng is expected to pay a dividend next period of HK$15 with dividends growing at 5% per annum for the next 5 years (that is dt+1=HK$15, note that this value already includes dividend growth). Thereafter, there will be no dividend payments and the cost of capital to DOLAN INC on this market is 9%. Required: a) Calculate the price of DOLAN INC's ordinary shares on each stock market. [60 marks] b) Calculate the price to earnings ratios for each of DOLAN INC's ordinary shares. [15 marks] c) Define all three-forms of market efficiency and outline the real-world implications of each form. [25 marks]