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This study aims to investigate the effect of the 2008 crisis on Moroccan stock market, using asset pricing models, knowing the Capital Asset Pricing Model (CAPM), Fama and French three-factor model, and the Carhart’s four-factor model. These multi-factors models were tested for the period starting 2005 to 2012 and giving much more importance to sub-period related to the crisis event.
For that, we sorted portfolios based on firm’s characteristics, structure and performance, we calculated the premiums related to these models, and run time series regressions in order to study the explanatory power of each independent variable. After that, we used the chow test to validate the break-in time related to the Global Financial Crisis. We found that the Carhart’s four-factor model capture the return stocks in CSE better than the other two models; also, reaction to the financial crisis is as expected for some factors and take a longer time to readjust for others. We conclude that the results are highly dependent on portfolios selection and sub-period related to the crisis.

Stock returns --- Firm characteristics --- performance --- Financial crisis --- Casablanca Stock exchange --- Asset pricing models --- market anomalies --- Sciences économiques & de gestion > Finance

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This research investigates the impact of audit partner industry specialization on the informativeness of tax reconciliations in Belgian private firms. Analyzing data from 2009 to 2014, this study examines whether firms audited by industry-specialized partners provide more informative tax reconciliations. Contrary to initial expectations, the findings reveal that audit partner specialization does not significantly impact tax reconciliation informativeness. Instead, the results underscore the importance of audit firm characteristics, particularly those of Big 4 firms, which are associated with more informative tax reconciliations due to their structured approaches and specialized resources. Additionally, firms that disclose tax attributes and exhibit higher profitability tend to produce clearer tax reconciliations. Conversely, challenges such as intangible asset valuation, debt management, and the use of consulting non-audit services can obscure tax reconciliation clarity. This study highlights the need for practitioners to engage Big 4 audit firms, enhance tax attribute disclosures, and manage leverage to improve tax reconciliation transparency. For researchers, the findings suggest exploring the complex interactions between audit quality, firm characteristics, and tax reporting practices, and considering broader geographic contexts to enhance generalizability. While audit partner specialization may not be a critical factor, the role of audit firm characteristics and firm-specific financial metrics in shaping tax reconciliation informativeness is clearly undeniable, offering a foundation for future research aimed at improving transparency and accountability in financial and tax reporting.

Auditor industry specialization --- Audit firm characteristics --- Audit Quality --- Audit partner specialist --- Tax reconciliation --- Tax reporting --- Tax attributes --- Sciences économiques & de gestion > Comptabilité & audit