Optimistic Disclosure Tone and Conservative Debt Policy.

We examine the relationship between managerial optimism and debt conservatism (i.e., the low‐leverage puzzle). Our analysis demonstrates that optimistic tone, our time‐varying optimism measure, significantly decreases leverage. This evidence supports the proposition that optimistic managers who cons...

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Bibliographic Details

Published in:	Abacus Vol. 54; no. 4; pp. 445 - 485
Main Authors:	Ataullah, Ali, Vivian, Andrew, Xu, Bin
Format:	Article
Published:	Wiley-Blackwell Dec2018
Subjects:	Emerging markets Industrial management Dividends Stock price forecasting Earnings management
Online Access:	View this record in EBSCOhost