Which of the following is not an advantage of international acquisitions over the establishment of a new subsidiary?

a. The firm can immediately expand its international business.

b. An international acquisition typically generates quicker cash flows than the establishment of a new subsidiary.

c. International acquisitions are generally cheaper than the establishment of a new subsidiary.

d. An international acquisition typically generates larger cash flows than the establishment of a new subsidiary.

e. All of the above are advantages of international acquisitions.