Images Tell Stories

Joshua Ronen, Tavy Ronen and Mi Zhou

Financial Analysts Journal, 2025, vol. 81, issue 2, 7-28

Abstract: Images can enhance the interpretation of textual material and improve decision-making. We describe recent research on how images affect decisions, generally mediated through two channels: affect and cognition. Image characteristics capturing expressiveness, such as colorfulness and sharpness, mainly engage emotions, whereas the degree to which image content either reinforces or adds to information embedded in accompanying text operates through the cognition channel. Image metrics are associated with higher crowdfunding investments, smaller analyst forecast errors and dispersion, and lower market risk. We discuss the role of generative AI in image generation and analysis and illustrate using text from GE’s 10-K filings.

Date: 2025
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DOI: 10.1080/0015198X.2025.2474041

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