عبد الصمد, نجوى2019-03-202019-03-202018http://dspace.univ-msila.dz:8080//xmlui/handle/123456789/12048The present study aims at determining the impact of financial reports publication on share prices of listed companies, by relying on event study method to determine whether there are statically significant differences between the average of share prices before and after the publication of industrial companies financial reports listed on Tunis Stock Exchange. The study concluded in its theoretical and practical aspects with a number of results, the most important of which is that the financial reports represent the final product of accounting system in the company, containing financial and non-financial information that enables their users to make a rational investment and credit decisions; The results of event study method application showed that the published financial reports of companies listed on Tunis Stock Exchange have no effect on share prices of these companies, which is principally due to: - Some companies are delayed from publishing their financial reports on time, sometimes up to six months after the end of the fiscal year; - The lack of awareness of Tunis Stock Exchange dealers about the importance of information disclosed in financial reports of listed companies; - The control procedures weakness in Tunisian Stock Exchange and failure of concerned bodies to perform their supervisory role to the fullest, resulting in the leakage of information contained in financial reports of companies before publication; - The lack of volume of traded securities on Tunis Stock Exchange; - The share prices on Tunis Stock Exchange, like the rest of the Arab stock markets, are affected by factors other than information published in financial reports such as speculation and others; - The control of major dealers and their impact on traded share prices. Finally, the study comes up with the following recommendations: - The importance of activating the supervisory role of Securities Commission in the Arab stock exchanges so that they can oblige the listed companies to disclose sufficient information in their financial reports, which helps investors to make their various decisions; - Tunis Stock Exchange should requires listed companies to publish their financial reports immediately after the end of fiscal year and not to delay them for a long period of time, which would reduce the importance of the information contained therein.Financial reports, share prices, event study, Tunis stock exchange. Jel Classification Codes: M40, G30, O16, N 24.Article