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A general conceptual model is developed bringing forth that (a) there are positive relationships between countries' economic development levels and their SME levels; (b) between SME levels and the levels of markets attractiveness. It also claims that a relationship can be defined between the level of SME/attractiveness and the nature of information investors use when they trade securities. As a pilot study, we have appraised the proposed relationships in the Tehran Stock Exchange (TSE). The results confirmed the proposed relations because the TSE operates in an under development economy, it's in a weak form of efficiency, it's not so attractive to foreign investors, and the TSE's investors mostly prefer to use quantitative (rather qualitative) and accounting (rather economic) information when they trade securities. Also our statistical tests show a higher correlation between accounting performance indicator (EBIT) with companies' performance indicator (shares market prices) than economic performance indicator (EVA). [ABSTRACT FROM AUTHOR]