This study examines the effect of accrual-based and real earnings management (EM) on financial performance and market liquidity for a sample of UK seasoned equity offerings (SEOs) issued between January 1, 2000, and December 31, 2020. It further assesses how EM behaviour and its consequences vary around major economic and regulatory events, including the introduction of IFRS, the 2008 financial crisis, and Brexit. The analysis employs both univariate and multivariate techniques to capture the relationship between EM practices, liquidity, and firm performance. Accrual-based EM is measured using the cross-sectional Jones model adjusted by (Kothari et al., 2005), with current accruals as the main proxy and total accruals used for robustness. Real EM is identified through three indicators proposed by (Roychowdhury, 2006): abnormal cash flow from operations, abnormal production costs, and abnormal discretionary expenditures. An aggregate real EM measure is also used as a robustness check. The findings demonstrate that real-based EM significantly improves market liquidity, while both accrual-based and real-based EM positively influence financial performance. Further analysis across key economic and regulatory periods reveals that both EM types have a significant positive impact on market liquidity in the post-Brexit period. Real EM also enhances market liquidity following IFRS adoption. During the financial crisis, both accrual-based and real-based EM positively affect financial performance. This study contributes to the literature by providing long-term evidence on how different forms of earnings management shape market reactions and firm outcomes around major regulatory and economic shifts, offering valuable insights for policymakers, investors, and corporate decision-makers.