摘要：The market liquidity risk management has been matter of persistent concern of the financial community, monetary authorities comprised. In this context, Disclosure and market liquidity risk relation became a matter of interest for the financial and accounting researches. In this paper, which has an exploratory nature, the market liquidity risk and Disclosure relation is analyzed using a sample of companies listed in the Bolsa de Valores de São Paulo. For Disclosure level measurement we used the Disclosure Index developed by BOTOSAN (1997) and for the liquidity market risk, the VAR methodology. The results, provides preliminary evidence of negative relation between Disclosure and market liquidity risk
关键词：Rico de Liquidez; Disclosure; Bid-ask spread; VaR
