  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.
