Are the following capital budgeting or financing decisions?

a. Intel decides to spend $500 million to develop a new microprocessor.

b. Volkswagen decides to raise 350 million euros through a bank loan.

c. Exxon constructs a pipeline to bring natural gas on shore from the Gulf of Mexico.

d. Pierre Lapin sells shares to finance expansion of his newly formed securities trading

firm.

e. Novartis buys a license to produce and sell a new drug developed by a biotech

company.

f. Merck issues new shares to help pay for the purchase of Medco, a pharmaceutical

distribution company.