(d) On 7 January 20x2, the local newspaper carried the following article: "Staying clean: To not bribe and yet bag deals is a challenge for firms venturing overseas". The article also provided examples of firms that were slapped with heavy penalties by the local government for corruption charges involving making illegal payments to win contracts. After reading the article, you were a little concerned given TMC's current business and ongoing expansion plans in emerging economies where bribe payments was a norm to get things done. How should this be considered in your estimate of TMC's intrinsic value? (e) On 24 June 20x2, a research report released by an independent research company implicated that Miree Co has engaged in extensive earnings management, and that there are indicators of going-concern problems. What are the implications on your estimate of TMC's intrinsic value under the three separate scenarios: (i) Miree Co is a competitor of TMC in the industry. (ii) Miree Co is a major customer of TMC. (iii) Miree Co is a major supplier of TMC. (f) On 22 July 20x2, the Sunday Newspaper at Sunny City ran a feature about the medical devices industry written by a senior financial journalist and included interviews with financial analysts and professors from reputable business schools. The article highlighted the high growth of the industry over the last decade but it queried some of the accounting practices and revenue recognition policies in the industry. TMC was also highlighted in the article. The journalist raised questions about its revenue growth numbers over the past years. Given that TMC has been expanding its operations and sales to emerging economies, the journalist had concerns about revenue recognition policies, inventory valuation policies, internal control risk, and weak corporate governance. Explain how you think the market opened on Monday 23 July 20x2. (g) After the market closed on Wednesday 10 October 20x2, the investor relations department of TMC released a statement that it would restate its financial statements due to improper recognition of revenue over the past three years. The total amount of overstated revenue was approximately $2 million per year. In the same press release, TMC also announced its appointment of Mr Derek Hia as the General Manager overseeing the operations in the emerging economies. This is a newly created position. Mr Hia recently joined TMC. He has more than 20 years' experience in the healthcare industry, and spent the last 10 years in the emerging economies. Explain how you think the market would respond to this press release