Master Thesis Online
Share buybacks as a real earnings management tool and their impact on post-SEO firm performance
Aliu, Elvira 
Promotor(s) :
Torsin, Wouter
Date of defense : 1-Sep-2025/5-Sep-2025 • Permalink : http://hdl.handle.net/2268.2/24204
MT_s200006.pdfDetails
| Title : | Share buybacks as a real earnings management tool and their impact on post-SEO firm performance |
| Translated title : | [fr] Les rachats d’actions comme mécanisme de gestion réelle des résultats et leur impact sur la performance financière après une émission d'actions secondaires |
| Author : | Aliu, Elvira
|
| Date of defense : | 1-Sep-2025/5-Sep-2025 |
| Advisor(s) : | Torsin, Wouter
|
| Committee's member(s) : | Diliberto, Aurélie
|
| Language : | English |
| Number of pages : | 113 |
| Keywords : | [en] Share repurchases (buybacks) [en] Seasoned Equity Offerings (SEOs) [en] Real earnings management (REM) [en] EPS [en] Event study [en] Long-run stock performance [en] Cross-country [en] cumulaJve abnormal returns (CAR) |
| Discipline(s) : | Business & economic sciences > Accounting & auditing |
| Target public : | Researchers Professionals of domain Student |
| Institution(s) : | Université de Liège, Liège, Belgique |
| Degree: | Master en sciences de gestion, à finalité spécialisée en Financial Analysis and Audit |
| Faculty: | Master thesis of the HEC-Ecole de gestion de l'Université de Liège |
Abstract
[en] This thesis examines whether share repurchases taking place shortly before a seasoned equity offering (SEO) confer a systema=c advantage at the announcement or in subsequent performance, by using a global sample of SEO issuers from 2009 to 2019. Matched comparisons and panel analyses were used. Results were direc=onally consistent with the hypotheses yet small and imprecisely es=mated: a modest short-window price liZ was observed around buyback announcement date; post-SEO opera=ng measures and EPS appeared slightly soZer for buyback companies; and no clear three-year underperformance was detected when buybacks coincide with sharp SG&A/R&D cuts. Robustness checks did not change these conclusions. Overall, no large, systema=c average benefit from pre-SEO buybacks was found; effects appear context-dependent, mo=va=ng future work with finer =ming, execu=on data, and larger, country-specific samples.
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