This research contributes to the search for an explanation of prices from other-than-earnings information by attacking a more basic question. This study searches for the answer to the following research question: What are the major determinants of interim disclosures in a low volume, emerging market? This is performed by examining the relationship of disclosure to characteristics of the reporting firms, and the exchange in which they trade. As predicted, Finnish interim disclosure over the period 1985 to 1993 is directly related to the quantitative measures of: (1) business risk, (2) capital structure, (3) size, (4) market maturity. One other hypthesis is confirmed. Governance is found to be inversely related to disclosure, suggesting that, the greater the institutional concentration of ownership of Finnish firms by other firms, the lower the degree of interim disclosure.