Firm's information environment and stock liquidity: evidence from Tunisian context

Loukil, Nadia and Yousfi, Ouidad (2010): Firm's information environment and stock liquidity: evidence from Tunisian context.

Abstract

This paper analyzes the relationship between public disclosure, private information and stock liquidity in the Tunisian market. We use a sample of 41 listed firms in the Tunis Stock Exchange in 2007. First, we find no evidence that there is a relation between public and private information. Second, Tunisian investors do not trust the information disclosed in both annual reports and web sites, consequently it has no effects on stock liquidity, in contrast with private information.

• Item Type: MPRA Paper
• Language: English
• Keywords: corporate information disclosure, private information, stock liquidity, emerging market.
• Subjects: G - Financial Economics > G1 - General Financial Markets > G14 - Information and Market Efficiency ; Event Studies ; Insider Trading; M - Business Administration and Business Economics ; Marketing ; Accounting ; Personnel Economics > M4 - Accounting and Auditing > M41 - Accounting; G - Financial Economics > G1 - General Financial Markets > G10 - General

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