[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-253864-105":3,"detail-sidebar-cat-1-en-105":80,"doc-detail-253864-en":126},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":73,"head_meta":75,"extra_data":77,"updated_unix":79},105,"en","visuals-and-attention-to-earnings-news-on-twitter","Visuals and Attention to Earnings News on Twitter","","We propose the visual attention hypothesis that visuals in firm earnings announcements increase attention to the earnings news. Firms’ Twitter earnings announcements containing visuals generate more retweets, indicating greater user engagement. The effect holds for earnings tweets sent by the same firm on the same day across firm-level and tweet-level analyses. Managers use visuals more when performance is good. Visuals strengthen initial earnings return responses but reduce post-announcement responses, consistent with a post-announcement return reversal, especially on days with high investor distraction.",{"@graph":14,"@context":72},[15,34,55],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/template/","Template",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/template/general/","General",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/template/visuals-and-attention-to-earnings-news-on-twitter/253864/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/visuals-and-attention-to-earnings-news-on-twitter/253864.png","ImageObject",442,249,{"name":42,"@type":43},"McQueen","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-09-20","2026-09-13",true,{"@type":52,"interactionType":53,"userInteractionCount":30},"InteractionCounter",{"@type":54},"ViewAction",{"@type":56,"mainEntity":57},"FAQPage",[58,64,68],{"name":59,"@type":60,"acceptedAnswer":61},"What hypothesis does the paper propose about visuals in earnings announcements?","Question",{"text":62,"@type":63},"The paper proposes that visuals in firm earnings announcements increase attention to the earnings news.","Answer",{"name":65,"@type":60,"acceptedAnswer":66},"How do visuals in Twitter earnings announcements affect engagement?",{"text":67,"@type":63},"Visuals are associated with more retweets, consistent with greater user engagement with announcements that include visuals.",{"name":69,"@type":60,"acceptedAnswer":70},"What is the paper’s main finding about stock market responses to visuals?",{"text":71,"@type":63},"Visuals strengthen the initial return response to earnings news but lead to a lower post-announcement response, consistent with a post-announcement return reversal and a double-edged effect.","https://schema.org",{"og:url":32,"og:type":74,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":76,"canonical":32},"index,follow",{"doc_id":78,"site_id":7},253864,1789271117,{"code":4,"msg":81,"data":82},"success",[83,88,93,98,103,108,113,118,123],{"id":84,"doc_module":22,"doc_module_name":25,"category_name":85,"show_sort_weight":86,"slug":87},11,"Presentations",90,"presentations",{"id":89,"doc_module":22,"doc_module_name":25,"category_name":90,"show_sort_weight":91,"slug":92},12,"Resumes",80,"resumes",{"id":94,"doc_module":22,"doc_module_name":25,"category_name":95,"show_sort_weight":96,"slug":97},14,"Invoices",70,"invoices",{"id":99,"doc_module":22,"doc_module_name":25,"category_name":100,"show_sort_weight":101,"slug":102},15,"Posters",60,"posters",{"id":104,"doc_module":22,"doc_module_name":25,"category_name":105,"show_sort_weight":106,"slug":107},16,"Social Media",50,"social-media",{"id":109,"doc_module":22,"doc_module_name":25,"category_name":110,"show_sort_weight":111,"slug":112},17,"Forms",40,"forms",{"id":114,"doc_module":22,"doc_module_name":25,"category_name":115,"show_sort_weight":116,"slug":117},18,"Letters",30,"letters",{"id":119,"doc_module":22,"doc_module_name":25,"category_name":120,"show_sort_weight":121,"slug":122},21,"Paper Templates",5,"papers-templates",{"id":124,"doc_module":22,"doc_module_name":25,"category_name":29,"show_sort_weight":4,"slug":125},158,"general-158",{"code":4,"msg":81,"data":127},{"doc_id":78,"user_id":128,"nickname":42,"user_avatar":129,"doc_module":22,"category_id":124,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":33,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":135,"language":136,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":12,"update_tm":79,"read_time":99},5909890329169,"https://ap-avatar.wpscdn.com/davatar_9964176cb1d06d4a9deccf72a44ae3dc","Visuals and attention to earnings news on twitter  \nAlexander Nekrasov 1 & Siew Hong Teoh 2  & Shijia Wu 3  \nAccepted: 14 July 2021/  \n\\# The Author(s) 2021  \nAbstract  \nWe propose the visual attention hypothesis that visuals in firm earnings announcements increase attention to the earnings news. We find that visuals in firms’ Twitter earnings announcements are associated with more retweets, consistent with greater user engagement with announcements that have visuals. This result holds for earnings tweets sent by the same firm and on the same day in firm-level and tweet-level analyses. Consistent with managerial opportunism, firms are more likely to use visuals in their earnings tweets when performance is good but less persistent. Consistent with visuals increasin g investor attention, the initial return response to earnings news is stronger and the post-announcement response is lower when visuals are used. Our evidence of a post-announcement return reversal indicates that visuals can be a double-edged sword. Furthermore, the higher earnings response coefficient from visuals is more pronounced on days with high investor distraction (when many other firms are also announcing earnings) .  \nKeywords Visual. Attention . Salience . Earnings news . Twitter . Earnings response coefficients  \nJEL codes D21 . G12 . G14 . G18 . G38 . M41  \nA picture is worth a thousand words.  \n* Siew Hong Teoh [steoh@anderson.ucla.edu](steoh@anderson.ucla.edu)  \nAlexander Nekrasov  \n[nekrasov@uic.edu](nekrasov@uic.edu)  \nShijia Wu  \n[wushijia@cuhk.edu.cn](wushijia@cuhk.edu.cn)  \n1 University of Illinois at Chicago, Chicago, IL, USA  \n2 UCLA Anderson School of Management, Los Angeles, CA, USA  \n3 The Chinese University of Hong Kong, Shenzhen, China  \n1 Introduction  \nInvestor attention is a limited cognitive resource. In consequence, only a subset of investors attend to any given public release of information. The form of presentation and the media channel of a firm’s announcement can affect whether and how effectively the news is processed and impounded in investors’ valuations.  \nRecognizing the average investor’s limited capability to attend to information, the Securities and Exchange Commission (SEC) has undertaken major actions to ensure that investors notice firm disclosures and that the disclosures are understandable to them so that they can process and use the information. Recognizing the importance and relevance of social media to extend information to a wider set of investors, starting in 2013 the SEC permitted companies to use social media outlets, such as Facebook and Twitter, to announce earnings news.  \nTo help make disclosures transparent to investors, the SEC introduced the Plain Writing Initiative in 1998 and issued a guide titled A Plain English Handbook: How to Create Clear SEC Disclosure Documents (SEC 1998).1 This handbook emphasizes the importance of visuals, not just word choice and sentence structure, in making disclosures understandable to the average investor.2 Chapter7ofthe handbook emphasizes that good visual design “serves the goal of communicating the information as clearly as possible,” whereas bad design “can make even a well-written document fail to communicate.” According to the SEC, both what you say and how you say it matter for clear communication.  \nA large literature addresses the importance of disclosure readability to capital markets using textual analysis (see the survey by Li 2011; Guay, Samuels, and Taylor 2016; Bushee, Gow, and Taylor 2018) . Another strand of research analyzes speech in financial communications (Mayew and Venkatachalam 2012a) and CEO signature size (Ham, Seybert, and Wang 2018) . However, there has been little study of the effect of visuals on investors’ understanding of public firm disclosures, and most of the studies that have been conducted were laboratory experiments.3  \n1 The SEC also mandated plain writing in certain sections of prospectuses in 1998. In 2008, the plain writing requirem","cbCaiulVzBdzplCM","https://ap.wps.com/l/cbCaiulVzBdzplCM","pdf",1448816,43,"English","# Introduction\n## Investor attention and disclosure processing\n## SEC plain writing and the role of visuals\n## Related research on disclosure readability and media communication\n## Visuals as a double-edged signal in earnings markets","[{\"question\":\"What hypothesis does the paper propose about visuals in earnings announcements?\",\"answer\":\"The paper proposes that visuals in firm earnings announcements increase attention to the earnings news.\"},{\"question\":\"How do visuals in Twitter earnings announcements affect engagement?\",\"answer\":\"Visuals are associated with more retweets, consistent with greater user engagement with announcements that include visuals.\"},{\"question\":\"What is the paper’s main finding about stock market responses to visuals?\",\"answer\":\"Visuals strengthen the initial return response to earnings news but lead to a lower post-announcement response, consistent with a post-announcement return reversal and a double-edged effect.\"}]","Visuals and Attention to Earnings News on Twitter | PDF"]