Will each of the following events increase or decrease cash conversion cycles?

a. Higher financing rates induce the firm to reduce its level of inventory.

b. The firm obtains a new line of credit that enables it to avoid stretching payables to its suppliers.

c. The firm factors its trade receivables.

d. A recession occurs and the firm's customers increasingly stretch their payables.

e. The new production process shortens the time needed to manufacture products.