There are various motivations for managers to make voluntary disclosures. Identify whether you believe managers are likely to release the following information in the form of voluntary dis- closure (examine each case independently):

a. A company plans to sell an underperforming division for a substantial loss in the second quarter of next year. Statutory reports

b. A company is experiencing disappointing sales and, as a result, expects to report disappointing earnings at the end of this quarter.

c. A company plans to report especially strong earnings this quarter.

Earning Announcements- pro forma earning

d. Management believes the consensus forecast of analysts is slightly higher than managers forecasts.

e. Management strongly believes the company is undervalued at its current stock price.