Categorize each transaction below according to whether it: (1) relies on financial markets (direct finance) or financial intermediaries (indirect finance), AND, (2) occurs in the primary or secondary market, AND, (3) is carried out in the money or capital market.
(a) Commerce Bank makes a 15-year loan to a real estate developer.
(b) XYZ Corporation opens for business by selling shares of common stock to 10 private investors.
(c) One of the investors in XYZ Corporation sells her shares to someone else on Nasdaq. (d) A mutual fund manager purchases $100,000 of three-month Treasury bills from a commercial bank
(e) A mutual fund manager purchases $100,000 of commercial paper issued by Lehman Brothers.