Managerial Conservatism, Project Choice, and Debt
发现管理者为维护声誉而偏好安全项目，这反而与债券持有人利益一致，并可能使股东事前受益，因为公司能发行更多债务。研究还分析了收购活动对最优杠杆的影响以及反收购措施对投资和杠杆选择的作用。
We show that the incentive for managers to build their reputations distorts firms' investment policies in favor of relatively safe projects, thereby aligning managers' interests with those of bondholders, even though managers are hired and fired by shareholders. This effect opposes the familiar agency problem of risky debt that is imperfectly covenant-protected, wherein shareholders are tempted to favor excessively risky projects in order to expropriate bondholders. Consequently, when managerial concern for reputation results in conservatism, it can actually make shareholders better off ex ante by allowing the firm to issue more debt. We examine how the optimal choice of leverage from the shareholders' standpoint is influenced by takeover activity, and how the adoption of antitakeover measures affects a firm's investment policy and leverage choice.