Christensen, Kasper Hansen, Johannes Raaballe, an anonymous referee, and workshop
participants at the 2004 European Accounting Association Conference and the University of
Aarhus.
IJMF
4,1

4

International Journal of Managerial
Finance
Vol. 4 No. 1, 2008
pp. 4-36
q Emerald Group Publishing Limited
1743-9132

DOI 10.1108/17439130810837366

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since there are several aspects where it is likely that small and large stock markets
differ with respect to their information environment.With regard to pre-announcement
information it can be argued that the smaller size leads to a less developed market with
less investor sophistication and therefore less pre-announcement information. On the
other hand, one could argue that the smaller size leads to a more transparent market