Data Visualization and Infographics in 10-K Filings

48 Pages Posted: 9 Mar 2021 Last revised: 10 May 2021

See all articles by Theodore E. Christensen

Theodore E. Christensen

University of Georgia - J.M. Tull School of Accounting; University of Georgia

Karson Fronk

University of Georgia

Joshua A. Lee

Brigham Young University

Karen K. Nelson

Texas Christian University - Department of Accounting

Date Written: December 14, 2020

Abstract

The Securities and Exchange Commission encourages the presentation of financial data in graphical form (infographics) to improve users’ ability to understand financial disclosures. We examine a large sample of infographics disclosed in 10-K filings and find a dramatic increase in their use from 2003-2020. We explore firm characteristics associated with the presentation of infographics and the types of information disclosed. We find significantly positive associations between infographics and the magnitude of both 10-K filing abnormal returns and analysts’ forecast revisions. The return results are attributable to both qualitative and quantitative infographics, but especially for those containing non-financial key performance indicators. The forecast revision results are attributable to infographics containing GAAP and macroeconomic information. Overall, our evidence suggests that infographics have become an important element of corporate disclosure.

Keywords: Disclosure, Investor communication, Infographics, Market reaction, Analyst forecast revision

JEL Classification: D83, G14, G18, M41

Suggested Citation

Christensen, Theodore E. and Fronk, Karson and Lee, Joshua A. and Nelson, Karen K., Data Visualization and Infographics in 10-K Filings (December 14, 2020). Available at SSRN: https://ssrn.com/abstract=3748711 or http://dx.doi.org/10.2139/ssrn.3748711

Theodore E. Christensen

University of Georgia - J.M. Tull School of Accounting ( email )

Athens, GA 30602
United States

University of Georgia ( email )

Athens, GA
United States

Karson Fronk

University of Georgia ( email )

Athens, GA
United States

Joshua A. Lee

Brigham Young University ( email )

United States
801-422-3154 (Phone)

HOME PAGE: http://https://marriottschool.byu.edu/directory/details?id=37414

Karen K. Nelson (Contact Author)

Texas Christian University - Department of Accounting ( email )

M.J. Neeley School of Business
TCU Box 298530
Fort Worth, TX 76129
United States
817-257-7567 (Phone)

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
155
Abstract Views
675
rank
233,808
PlumX Metrics