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This paper analyzes the relationship between public disclosure, privateinformation and stock liquidity in Tunisian context using a sample of 41 listedfirms in the Tunis Stock Exchange in 2007. First, we find no evidence thatthere is a relation between public and private information. Second, Tunisianinvestors do not trust the information disclosed in both annual reports and websites, consequently it has no effects on stock liquidity, in contrast withprivate information.

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