This paperinvestigates the impact of publicly disclosed information on market values forRomanian companies listed on Bucharest Stock Exchange, using as benchmark amore developed market, the Madrid Stock Exchange. The study is motivated by theEuropean Union’s decision to require the use of the International FinancialReporting Standards for the consolidated financial statements of all listedcompanies (Regulation EC 1606/2002) and by the 2007 Romanian adoption of theMarkets and Financial Instruments Directive (MiFID) - which is the cornerstoneof the European Commission’s Financial Services Action Plan. Thus, we comparethe value relevance of Internet disclosed information provided by annual andinterim financial reports and other non-financial news in the decision makingprocess of investors. In order to evaluate the overall impact of informationdisclosure, we built a global disclosure indicator according to the so-calledPrincipal Components Analysis by including individual disclosure dummies.Empirical tests support our research hypothesis according to which there is arelative incremental value of a higher volume and a better quality ofinformation, reflecting prices’ overreactions even in the case of a market withimperfect trading mechanisms.