Which of the following statements about a firms intrinsic value is NOT correct

Select one:

a. The primary goal of a company is to maximize the intrinsic value from long-term perspective, even if some actions may reduce the stock price in the short-term.

b. Aside from the cash flows from business operation, a firm's negative impacts on broader society will impede the firm's growth potential, therefore, they should be modeled into the estimation of firm's intrinsic value.

c. The market price of a stock can accurately reflect its intrinsic value because the market is competitive thus always processes information correctly.

d. Managers using creative accounting technique to portray a better prospect of the company may increase its stock price temporarily but that doesn't improve the intrinsic value.

e. A stock's current intrinsic value is estimated by the present value of the expected future cash flows, considering both short-term and long-term consequences of corporate activities and relevant economic and political factors.