Which of the following could be explained by signalling theory?

Select one:

a.

The adoption of International Financial Reporting Standards by a company in an emerging economy where there are no regulations in place for financial statements, where the company wants to attract international investment

b.

The voluntary publication by a company of a forecast of profits for the next financial period, even though the forecast profit is lower than that reported in the previous year

c.

The publication in a companys annual financial statements of conservative accounting policies, where the company is trying to attract new loan finance

d.

All of the other three possible answers