ABSTRACT I examine the association between data visualizations in earnings conference call presentations and contemporaneous disclosure processing outcomes. I find that the use of data visualizations in this setting is associated with decreases in abnormal information asymmetry and increases in abnormal market liquidity. In addition, I find that data visualizations help investors process information when investors face greater acquisition and integration costs. Finally, I find that data visualizations are associated with increased trading activity and trade profitability for less-sophisticated investors. Overall, my results suggest that the use of data visualizations in earnings conference calls can reduce investors’ processing costs and improve market outcomes. Data Availability: Data are available from sources identified in the text. JEL Classifications: D83; G14; M41.

The Securities and Exchange Commission encourages the presentation of information or data in graphical form to improve users' ability to understand financial disclosures. We find a dramatic increase in the disclosure of both qualitative and quantitative infographics in 10-K filings over time and substantial cross-sectional variation in firms' choices regarding image types, data content, and the placement of infographics within 10-Ks. We provide evidence on factors associated with firms’ use of infographics and explore the persistence with which they are disclosed over time. Finally, we investigate the relation between the use of infographics and uncertainty in capital markets.