Profit warnings and stock returns: Evidence from moroccan stock exchange
| Autor: | El Ghordaf, Ilyas, El Khamlichi, Abdelbari |
|---|---|
| Přispěvatelé: | Université Mohamed 1 Oujda MAROC, Université Chouaib Doukkali (UCD), Institut d'Administration des Entreprises - Clermont-Auvergne (IAE - UCA), Université Clermont Auvergne (UCA) |
| Rok vydání: | 2021 |
| Předmět: |
[QFIN.GN]Quantitative Finance [q-fin]/General Finance [q-fin.GN]
Profit warnings stock exchange JEL Classifications: G14 [QFIN.PM]Quantitative Finance [q-fin]/Portfolio Management [q-fin.PM] Computational Finance (q-fin.CP) [QFIN.CP]Quantitative Finance [q-fin]/Computational Finance [q-fin.CP] FOS: Economics and business returns Morocco Quantitative Finance - Computational Finance Portfolio Management (q-fin.PM) disclosure Quantitative Finance - General Finance General Finance (q-fin.GN) event study Quantitative Finance - Portfolio Management |
| Zdroj: | 2nd International conference on organization's performance 2nd International conference on organization's performance, May 2021, El jadida, Morocco |
| DOI: | 10.48550/arxiv.2111.06655 |
| Popis: | There is an important literature focused on profit warnings and its impact on stock returns. We provide evidence from Moroccan stock market which aims to become an African financial hub. Despite this practical improvement, academic researches that focused on this market are scarce and our study is a first investigation in this context. Using the event study methodology and a sample of companies listed in Casablanca Stock Exchange, we examined whether the effect of qualitative warning is more negative compared to quantitative warnings in a short event window. Our empirical findings show that the average abnormal return on the date of announcement is negative and statistically significant. The magnitude of this negative abnormal return is greater for qualitative warnings than quantitative ones. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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