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

17 Pages Posted: 17 Sep 2010

See all articles by Nadia Loukil

Nadia Loukil

University of Tunis - Institut Supérieur de Gestion (ISG), Tunis

Ouidad Yousfi

Université de Montpellier

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Date Written: September 15, 2010

Abstract

This paper analyzes the relationship between public disclosure, private information and stock liquidity using a sample of 41 listed firms in the Tunis Stock Exchange in 2007. First, our results provide evidence that public and private information are independent. Second, Tunisian investors do not rely on the information disclosed in both annual reports and web sites to make investment decisions, consequently it has no effects on stock liquidity, in contrast with private information.

Keywords: corporate information disclosure, private information, stock liquidity, emergent market

JEL Classification: M41, G10, G14, O55

Suggested Citation

Loukil, Nadia and Yousfi, Ouidad, Firm’s Information Environment and Stock Liquidity: Evidence from Tunisian Context (September 15, 2010). Available at SSRN: https://ssrn.com/abstract=1677348 or http://dx.doi.org/10.2139/ssrn.1677348

Nadia Loukil

University of Tunis - Institut Supérieur de Gestion (ISG), Tunis ( email )

45 Rue de la Liberte, Cite Bouchoucha
Bardo, Tunis 2000
Tunisia

Ouidad Yousfi (Contact Author)

Université de Montpellier ( email )

Place Eugène Bataillon
Montpellier, 34095
France

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