Visuals and attention to earnings news on twitter

Abstract We propose the visual attention hypothesis that visuals in firm earnings announcements increase to news. find firms’ Twitter are associated with more retweets, consistent greater user engagement have visuals. This result holds for tweets sent by same and on day firm-level tweet-level analyses. Consistent managerial opportunism, firms likely use their when performance is good but less persistent. increasin g investor attention, initial return response news stronger post-announcement lower used. Our evidence of a reversal indicates can be double-edged sword. Furthermore, higher coefficient from pronounced days high distraction (when many other also announcing earnings). Graphical abstract