Depression is one of the most common forms of psychopathology, affecting to some extent as many as one in five adults at any given time (Coyne, 1985). Given this prevalence, it is not surprising that much research has focused on environmental factors that are associated with, and predict, depression. Researchers have found, in this regard, that stresses such as nega-11 gratefully acknowledge Clara Hill and Wayne Dixon for helpful editorial comments on an earlier draft of this manuscript.This study is based on reanalysis of data which were collected as part of a doctoral research project at the University of Maryland (Paykel, 1974;Paykel et al., 1969;Sarason, Johnson, & Siegel, 1978).Although environmental stress predicts depression, however, not everyone who experiences such stress becomes depressed. Researchers have therefore exerted much effort in attempts to ascertain factors which may account for these diverse individual reactions to stress. Most such research has focused on factors thought to exacerbate the impact of stress. In the diathesis-stress hypothesis of the cognitive theory of depression, for example, dysfunctional beliefs are hypothesized to interact with stress and thereby to foster or activate depression (Beck, 1967;Beck, Rush, Shaw, & Emery, 1979). Some studies have found that the relationship between stress and depression does indeed depend on the level of beliefs (Kwon & Tian, 1992;Olinger, Kuiper, & Shaw, 1987;Pagel & Becker, 1987;Smith, Boaz & Denney, 1984;Wise & Barnes, 1986). Recent evidence, however, has begun to suggest that negative thoughts, as differentiated from beliefs, may act as vulnerability factors (Olioff, Bryson, & Wadden, 1989; Stiles & Gotestem, 1989).Yet stressful life events, dysfunctional beliefs, and negative cognitions do not account for all of the variance in depression, nor do Stress x Belief interaction terms consistently predict variance in depression (e.g., Barnett & Gotlib, 1988Hamilton & Abramson, 1983;Persons & Rao, 1985;Robins & Block, 1989). Furthermore, a focus only on potential exacerbating factors, though necessary, is logically insufficient to account for the full range of reactions to stress. That is, logic suggests not only stress intensifiers but stress buffers may be salient to depression.Indeed, theory suggests the existence of positive schemata, cognitive factors that may buffer the impact of stress. For example, in his early writings, Beck (1967) postulated the existence of positive or self-enhancing selfconcepts which, when activated, result in favorable self-regard. More recently, Beck and his colleagues have suggested that positive schemas may provide coping mechanisms (Beck & Weishaar, 1989). Furthermore, progress from a negative cognitive set to a positive cognitive set may be central to recovery from depression (Beck, 1985).Empirical evidence, too, suggests the existence of positive schemata. Nondepressed persons evince a self-enhancing bias that enables them to perceive themselves more positively than others perceive them (Lewinsohn, Mische...