Which of the following statements correctly describes the nature of direct financing as discussed in lectures?

a. May involve an individual investor buying shares in a company when a company goes public via an initial public offering.

b. More than one of the other answers is correct

c. It is the source of financing whenever an investor purchases shares that are listed on the Australian Securities Exchange.

d. It does not rely upon an intermediary to facilitate the flow of funds from surplus to deficit units, unlike indirect financing

e. None of the other answers is correct