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Impact of Profit Warnings on Casablanca Stock Market

Youssef Benabdennbi

On a yearly or quarterly basis, listed firms in the Moroccan Stock market publish their financLal statements. Нese statements give details and insights to stakeholders, especially investors about their numbers. НLs is a requirement and an obligation to all firms as this gives these investors the fairness of looking at the statements and making their decisions as to invest or not. In addition to the financLal statements of the company, the AMMC (L’Autorité Marocaine du Marché des Capitaux) has made it obligatory for the listed companies to publish any other document: Additional Paid in Capital Announcement, press releases about the general assemblies, and especially profit warnings. Нe announcements that the profits of the company will be lower than expected should be done, in Morocco, as soon as the company discovers of the discrepancies between the estimates and its actual returns. Many studies, and as discussed in the next sections, have looked at this topic from dL