Which of the Following Statements Is Correct,regarding the Voluntary Disclosure

Which of the following statements is correct,regarding the voluntary disclosure of information provided by a firm?

A) Firms with more informative disclosure policies have a larger number of analysts following them, and more accurate analyst earnings forecasts.
B) Firms with more informative disclosure policies have a lower number of analysts following them, and less accurate analyst earnings forecasts.
C) Increased voluntary disclosure within the annual report is associated with higher costs of equity capital.
D) There is no relationship between increased voluntary disclosures within the annual report and costs of equity capital.