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 consi...

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Bibliographic Details

Main Authors:	Ali Ataullah, Andrew Vivian, Bin Xu
Format:	Default Article
Published:	2018
Subjects:	Other commerce, management, tourism and services not elsewhere classified Managerial optimism Debt conservatism Cash Dividend Tone analysis Insider trading Business and Management not elsewhere classified
Online Access:	https://hdl.handle.net/2134/27147
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