图表何以误导：财报电话会议中的具有误导性的可视化呈现
发布时间：2025-09-02
9月
05
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时间和日期
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2025-09-05 (星期五) 10:30 上午
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12:00 下午
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地点
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会议楼II，103会议室
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| 标题 |
图表何以误导：财报电话会议中的具有误导性的可视化呈现 |
| 日期和时间 |
2025年9月5日（周五） 10:30 - 12:00 |
| 地点 | 会议楼II，103会议室 |
| 主讲人 |
曹阳教授 香港理工大学 |
| 摘要 | Earnings conference call slides often employ visual tricks that can mislead investors, yet little is known about their prevalence or impact. We assemble 432,003 presentation slides containing 153,331 charts from 2003–2023 and leverage GPT 4o to flag five misleading features: missing Y-axis, truncated Y-axis, dual Y axes, 3D effects, and omitted data labels. We document that over 10% of slides, and more than half of calls, include at least one such feature. Misleading visuals are concentrated in non-financial disclosures and correlate systematically with firm traits: smaller, more profitable firms use them most, while volatile firms, those under CIO oversight, or with high retail investor engagement use them least. Importantly, calls featuring misleading charts earn positive short term abnormal returns that subsequently reverse, consistent with temporary investor misperception—an effect strongest for missing Y axes in non-financial slides. These tactics are persistent over time and appear to reflect deliberate disclosure strategies rather than one‐off lapses. Our findings underscore a regulatory blind spot: visual elements in corporate presentations deserve the same scrutiny as narrative and numerical disclosures. |
| 主讲人简介 | 曹阳是香港理工大学会计与金融学院的助理教授。在加入理大之前，他于波士顿学院获得会计学博士学位。他的研究主要关注人工智能和机器学习等新兴技术如何影响信息处理。 |
