||<p>In this study, I examine whether managers make self-serving attributions by internally
(externally) attributing favorable (unfavorable) performance or demonstrate leadership
by accepting blame and deflecting praise when communicating with analysts and investors.
After validating the attribution measure I use in this paper, I find that managers
tend to attribute favorable performance to internal factors and unfavorable performance
to external factors, consistent with self-serving attribution being the dominant force.
I also find that investors react negatively to mangers' internal attributions. Further
analysis reveals that more internal attributions are associated with lower earnings