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.

中文翻译：

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10-K 文件中的数据可视化

美国证券交易委员会鼓励以图形形式呈现信息或数据，以提高用户理解财务披露的能力。我们发现，随着时间的推移，10-K 申请中定性和定量信息图表的披露量急剧增加，而且公司在 10-K 中关于图像类型、数据内容和信息图表放置的选择也存在显着的横截面变化。我们提供了与公司使用信息图表相关的因素的证据，并探讨了信息图表随着时间的推移披露的持久性。最后，我们研究了信息图表的使用与资本市场不确定性之间的关系。