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20211205_陈泽理_论文展示1
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陈泽理• Recent studies, using content analysis, have foundevidence that the firms'
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Seeing is Believing:
Annual Report "Graphicity" and
Stock Returns Predictability
陈泽理
2021/12/05
Xiaohu Deng, Lei Gao et al.
Working Paper
content
• Introduction
• Data and Research Design
• Empirical results
• Explaining model
• Conclusion
2 2021/12/05 陈泽理
1.Introduction
Background
• There should not exist material differences between
the standard Edgar 10-K filings and the financial
reports.
• Over half of the public firms in the S&P 1500 index
are still making print based financial reports.
• Why public firms are still "wasting" money on those
fancy looking financial reports in addition to the
standard financial filings required by SEC?
3 2021/12/05 陈泽理
1.Introduction
Research motivation
• Recent studies, using content analysis, have found
evidence that the firms' annual reports/10-Ks' text
contains information about the firms' future
performances.
• Most of recent studies only focus on the text of the
financial reports rather than any other components of
financial media such as the design of the reports or the
graphs in the documents.
• Obaid and Pukthuanthong (2019) study the
predictability of news photos in general media.
4 2021/12/05 陈泽理
1.Introduction
Questions
• Whether the graphic annual reports added to 10-Ks
generate any extra value in financial markets or not?
• Whether the positive future performance is driven
by other causes?
• Whether the new graphic reports contain new
additional soft information or harden information in
10-K?
• What’s the possible sources of these wealth effects?
5 2021/12/05 陈泽理
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