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Does an increase in EPS after share buyback increase shareholder wealth?

Hi guys, 

Does an increase in EPS after share buyback increase shareholder wealth? The study text says it does not.

How can this be? Doesn’t each share yield more earnings?

Regards,

Sharad 

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It does not, cause after a buyback the company will have fewer shares, same net income (that’s why each share yield more earnings “per share”) but total wealth is unaffected