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Firm's Information Environment and Stock Liquidity : Evidence from Tunisian Context,
Journal article   Open access

Firm's Information Environment and Stock Liquidity : Evidence from Tunisian Context,

Nadia Loukil and Ouidad Yousfi
Journal of Accounting in Emerging Economies,, Vol.2(1)
2011

Abstract

corporate information disclosure private information stock liquidity emergent market. emergent market G - Financial Economics/G.G1 - General Financial Markets/G.G1.G10 - General M - Business Administration and Business Economics • Marketing • Accounting • Personnel Economics/M.M4 - Accounting and Auditing/M.M4.M41 - Accounting G - Financial Economics/G.G1 - General Financial Markets/G.G1.G14 - Information and Market Efficiency • Event Studies • Insider Trading
This paper analyzes the relationship between public disclosure, private information and stock liquidity in Tunisian context using 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.
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