For each of the following, state whether it is a result of firm-specific risk or market risk.
a. Markets crash, leading to a global recession
b. The owners and managers of a firm decide to short-sell stock in the firm and drive the firm to bankruptcy, destroying the value of shares in the firm
c. A report of health risks associated with a new drug lowers returns on a pharmaceutical company.
d. A meteor hits the earth, drastically lowering stock returns.
e. Suppose a tech bubble bursts, which greatly affects tech stocks and marginally affects other stocks. Does this fit neatly into either category?