  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 for the period of 2009 to
2016, 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.
