Mellado-Cid, Cristhian; Jory, Surendranath R.; Ngo, Thanh - In: BRQ Business Research Quarterly 20 (2017) 3, pp. 164-177
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...