Using a large hand-collected dataset, we provide novel evidence on the additional information embedded in the designs and graphs of financial reports. We find that firms that add graphic financial reports experience a positive 2.7% abnormal returns in the following 3 to 6 months. The finding...

We examine how financial reporting quality affects the degree of noise in stock returns using the setting of Chinese A-B twin shares, which are shares for the same firm, traded on the same exchange but with separate inventor clienteles (i.e., mainly domestic vs. foreign). We measure return noise...