Master Thesis Online
Share buybacks as a real earnings management tool and their impact on post-SEO firm performance
Aliu, Elvira 
Promoteur(s) :
Torsin, Wouter
Date de soutenance : 1-sep-2025/5-sep-2025 • URL permanente : http://hdl.handle.net/2268.2/24204
MT_s200006.pdfDétails
| Titre : | Share buybacks as a real earnings management tool and their impact on post-SEO firm performance |
| Titre traduit : | [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 |
| Auteur : | Aliu, Elvira
|
| Date de soutenance : | 1-sep-2025/5-sep-2025 |
| Promoteur(s) : | Torsin, Wouter
|
| Membre(s) du jury : | Diliberto, Aurélie
|
| Langue : | Anglais |
| Nombre de pages : | 113 |
| Mots-clés : | [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) : | Sciences économiques & de gestion > Comptabilité & audit |
| Public cible : | Chercheurs Professionnels du domaine Etudiants |
| Institution(s) : | Université de Liège, Liège, Belgique |
| Diplôme : | Master en sciences de gestion, à finalité spécialisée en Financial Analysis and Audit |
| Faculté : | Mémoires de la HEC-Ecole de gestion de l'Université de Liège |
Résumé
[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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