Réaction du marché boursier aux décisions de financement des entreprises marocaines

Abstract

The purpose of this paper is to evaluate the response of the stock market to the financing decisions of Moroccan companies. To this end, we conducted an event study that focused on a sample of 23 financing transactions between January 2003 and December 2015 by non-financial Moroccan companies listed on the Casablanca Stock Exchange. The results indicate that the Moroccan stock market is not reacting to the announcements of capital increases and bond issues and show that the information provided by the financing decisions has no value for Moroccan investors.