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  4. Real earnings management activities prior to bond issuance
 
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Real earnings management activities prior to bond issuance
Ph.D. Mellado-Cid, Cristhian 
Facultad de Ciencias Económicas y Administrativas 
Surendranath, Jory
Thanh, go
10.1016/j.brq.2017.04.004
Business research quarterly
2017
We examine real activities manipulation by firms prior to their debt issuances and how such manipulation activities affect bond yield spreads. We find that bond-issuing firms
increase their real activities manipulation in the five quarters leading to a bond issuance. We document an inverse association between yield spread and pre-issue real activities manipulation,i.e., firms engaged in abnormally high levels of real activities manipulation are associated with subsequent lower cost of debt.
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Real activitiesmanipulation
Debt issues
Earnings management
Economía y negocios
Historial de mejoras
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