The Influence of Data Visualizations on Investor Information Processing: Evidence from Earnings Conference Call Slideshows
研究了业绩电话会议幻灯片中数据可视化与信息处理结果的关系，发现可视化能降低信息不对称、提高市场流动性，尤其帮助非专业投资者提高交易盈利。
ABSTRACT I examine the association between data visualizations in earnings conference call presentations and contemporaneous disclosure processing outcomes. I find that the use of data visualizations in this setting is associated with decreases in abnormal information asymmetry and increases in abnormal market liquidity. In addition, I find that data visualizations help investors process information when investors face greater acquisition and integration costs. Finally, I find that data visualizations are associated with increased trading activity and trade profitability for less-sophisticated investors. Overall, my results suggest that the use of data visualizations in earnings conference calls can reduce investors’ processing costs and improve market outcomes. Data Availability: Data are available from sources identified in the text. JEL Classifications: D83; G14; M41.