德勤－复旦会计论坛系列265期讲座
时间：2026年 3月3日（周二）下午13:30
地点：李达三楼104教室
主持人: 钟覃琳 副教授
报告人: 许达（清华大学）
题 目: Visualization and Mispricing
摘 要: Data visualization is now ubiquitous in modern business communication. Using customized CNN models, we identify data visualizations in more than 600,000 slide pages from earnings conference calls over the last decade. We find that the presence of visualizations diverts investor attention away from non-visualized slides, whose content can significantly predict future stock returns. A long–short strategy earns an annualized return of about 5.1%. This effect is more pronounced when investors’ attention is more constrained during the earnings call day. Further tests suggest that a top-down (goal driven) attention process, particularly dual-coding synergy, is the primary mechanism through which visuals capture attention in earnings calls. Last, although firms with weaker performance tend to use less visualizations, we find little evidence that managers strategically exploit this distraction channel to hide bad news in non visualized slides. Overall, our findings caution that visualization in corporate disclosures can distract attention in ways potentially weakening market efficiency.
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