News and Idiosyncratic Volatility: The Public Information Processing Hypothesis*

2020 ◽  
Author(s):  
Robert F Engle ◽  
Martin Klint Hansen ◽  
Ahmet K Karagozoglu ◽  
Asger Lunde
Keyword(s):  
Information Processing ◽  
Public Information ◽  
Selection Procedure ◽  
Autoregressive Process ◽  
Return Volatility ◽  
Market Outcomes ◽  
The Public ◽  
Additional Information ◽  
Financial News ◽  
The Impact

Abstract Motivated by the recent availability of extensive electronic news databases and advent of new empirical methods, there has been renewed interest in investigating the impact of financial news on market outcomes for individual stocks. We develop the information processing hypothesis of return volatility to investigate the relation between firm-specific news and volatility. We propose a novel dynamic econometric specification and test it using time series regressions employing a machine learning model selection procedure. Our empirical results are based on a comprehensive dataset comprised of more than 3 million news items for a sample of 28 large U.S. companies. Our proposed econometric specification for firm-specific return volatility is a simple mixture model with two components: public information and private processing of public information. The public information processing component is defined by the contemporaneous relation with public information and volatility, while the private processing of public information component is specified as a general autoregressive process corresponding to the sequential price discovery mechanism of investors as additional information, previously not publicly available, is generated and incorporated into prices. Our results show that changes in return volatility are related to public information arrival and that including indicators of public information arrival explains on average 26% (9–65%) of changes in firm-specific return volatility.

Who is watching over me? - Was the public’s perception of the anaesthetist changed by National Anaesthesia Day?

2000 ◽  
Vol 86 (3) ◽  
pp. 134-141
Author(s):  
S J Tanser ◽  
D J Birt
Keyword(s):  
Public Education ◽  
Public Information ◽  
Local Information ◽  
White Coat ◽  
Information Campaign ◽  
The Public ◽  
New Methods ◽  
Local Impact ◽  
The Impact ◽  
And Training

AbstractThe aim of National Anaesthesia Day on 25 May 2000 was to inform the public about the role and training of anaesthetists. We carried out two surveys of patients attending Derriford Hospital, Plymouth to assess the local impact of National Anaesthesia Day and to assess the public’s expectation of the preoperative visit. The first survey was held one month prior to National Anaesthesia Day and was completed by 93 patients. The second survey was held immediately following National Anaesthesia Day and was completed by 70 patients. Thirty five percent of the patients surveyed were unaware that anaesthetists were medically qualified. This result was not altered by National Anaesthesia Day despite a local information campaign. Moreover, knowledge about our role and training was only marginally improved from 1978. The majority of patients expected to see their anaesthetist preoperatively for less than 10 minutes and would not be concerned if they had not been seen one hour before surgery. Style of clothing was unimportant; few preferred a white coat but name badges were desirable. We conclude that the level of ignorance about our profession has not changed since 1978 and the impact of National Anaesthesia Day was not significant. This may be as a result of the anaesthetist’s portrayal on television, which is known to be an important source of public information on other areas of medicine. If these statistics are to change in the next 22 years new methods of public education need to be found.

scholarly journals The Mistakes of a Public Communication in the Ebola Crisis in Spain

2017 ◽  
Vol 11 (2) ◽  
pp. 83
Author(s):  
Rafael Barberá González ◽  
Victoria Cuesta
Keyword(s):  
Social Networks ◽  
Data Analysis ◽  
Ebola Virus ◽  
Public Information ◽  
Hemorrhagic Fever ◽  
Public Communication ◽  
Good Resolution ◽  
The Public ◽  
The Media ◽  
The Impact

This work analyzes the impact of the outbreak of hemorrhagic fever caused by the Ebola virus in Spain in the field of communication. The communication of such a crisis entails an interaction of information between individuals and institutions. Accuracy in the messages that are disseminated is key to the good resolution of the crisis. In this case of the Ebola crisis the impact in the Spanish media was very remarkable not only of the evolution of the crisis but also of the public information that were being made known by the authorities. The errors committed in this public communication, especially in the first institutional appearance, will be analyzed and possible solutions will be provided for future crises. In addition, the information behavior that was given in social networks by the authorities will be analyzed. To perform this work, bibliographical sources, data analysis and the media have been used.

scholarly journals The Impact of Web Site Campaigning on Traditional News Media and Public Information Processing

2003 ◽  
Vol 80 (3) ◽  
pp. 528-547 ◽  
Author(s):  
Gyotae Ku ◽  
Lynda Lee Kaid ◽  
Michael Pfau
Keyword(s):  
News Media ◽  
Agenda Setting ◽  
Web Site ◽  
Public Information ◽  
Election Campaign ◽  
The Public ◽  
Intermedia Agenda Setting ◽  
Setting Approach ◽  
The Impact ◽  
Flow Of Information

This study examined the impact of Web site campaigning on traditional news media agendas and on public opinion during the 2000presidential election campaign. Based on an intermedia agenda-setting approach, this study demonstrated the direction of influence among three media in terms of the flow of information. An agenda-setting impact of Web site campaigning on the public was also identified.

scholarly journals Evaluación ciudadana del desempeño de la Gestión Pública Municipal

2017 ◽  
Vol 7 (13) ◽  
Author(s):  
Graciela Delgadillo ◽  
Jorge Castillo
Keyword(s):  
Local Government ◽  
Public Management ◽  
Public Services ◽  
Public Information ◽  
Government Performance ◽  
Public Performance ◽  
Nuevo Leon ◽  
The Public ◽  
Nuevo León ◽  
The Impact

Key words: Access to public information, citizen’s perception, local government, public performance evaluation, public services effectivenessAbstract. This article presents the result of a study whit the objective to identify and measure the impact of the factors that the citizens uses to evaluate the public management performance in a specific territorial and temporary space in the sphere of action of local government. With a sample of 250 Mexican citizens that normally live in Guadalupe, Nuevo Leon, Mexico conformed by 126 (50,4%) women of between 23 and 73 years with a mean of 43 years old and 124 (49,6%) men of between 18 and 71 years with a mean of 38 years old,the most important findings allowed to identify the factors that mainly influence the evaluation that the citizen does about the local government performance are: the effectiveness of the public services, the honesty of the public workers and the accountability just only linked to the access of public information. The study also offers evidence that confirm variation does not exist between men and women in their way of local government performance evaluation.Palabras clave: Acceso a la información pública, desempeño de la gestión pública, efectividad de servicios públicos, gobierno municipal, percepción ciudadanaResumen. Este artículo presenta los resultados de un estudio cuyo objetivo fue el de identificar y medir el impacto de los factores que utiliza el ciudadano para evaluar el desempeño de la gestión pública en un espacio territorial y temporal especifico referido a la esfera de acción del gobierno municipal. Con una muestra de 250 ciudadanos mexicanos que habitualmente residen en Guadalupe, Nuevo León, México conformada por 126 (50.4%) mujeres de entre 23 y 73 años con una media de edad de 43 años y 124 (49.6%) hombres de entre 18 y 71 años con una media de edad de 38 años, los hallazgos más importantespermitieron identificar que los factores que mayormente influyen en la evaluación que el ciudadano hace sobre el trabajo que realiza su gobierno municipal son: la efectividad de los servicios públicos, la honestidad de los servidores públicos y la rendición de cuentas referida solo como el acceso a la información pública. El estudio ofrece también evidencia de que noexiste variación en la forma en que los hombres y las mujeres evalúan el desempeño de la gestión pública municipal.

COVID-19 and the impact of virtual social networks: knowledge transfer or public panic (Preprint)

2020 ◽  
Author(s):  
Kimia Pourmohammadi ◽  
Seyyed Hakimzadeh ◽  
Pivand Bastani
Keyword(s):  
Social Networks ◽  
Social Media ◽  
Research Question ◽  
Public Information ◽  
Islamic Republic ◽  
Outbreak Response ◽  
The Public ◽  
Islamic Republic Of Iran ◽  
Effective Role ◽  
The Impact

BACKGROUND Under these circumstances, social media is constantly covering the news and the related information via films, voices, clips, and texts; however, these reports are sometimes challenging outbreak response efforts. For instance, the misinformation and conspiracy theories spread via social media have generated panic and mistrust among the general public, diverted attention away from the outbreak response, and impeded the activities of health-care workers (6). Another evidence shows that many public safety agencies and organizations face the challenge of reducing the spread of false information distributed via social media (9). Accordingly, the aim of this study was to analyze the contents of information shared via virtual social media over the three weeks since the formal confirmation of COVID-19 outbreak in the Islamic Republic of Iran. OBJECTIVE According to the effective role of social media in communicating risk information to the public, the aim of this study was to analyze the contents of information shared via virtual social media over the three weeks since the formal confirmation of COVID-19 outbreak in the Islamic Republic of Iran. METHODS This qualitative discourse analysis was conducted on the contents of three more common virtual social networks (Instagram, WhatsApp, and Telegram) from Feb20 to March 11, 2020 in Iran. Four steps of defining the research question and selecting the content of analysis, gathering information and theory on the context, analyzing the content for themes and patterns and reviewing the results and drawing conclusions were conducted. RESULTS Based on the results, the contents of social media in the analysis duration were allocated four main categories related to the COVID-19 outbreak including political, social, health, and economic issues CONCLUSIONS It seems that all three social Medias have an effective role to share public information, especially those that are related to the public health and health education but at the same time, the analyzed social media have created the sense of panic and fear, particularly in the scopes of social, economic, and political issues.

THE BIFURCATION PHENOMENA OF BINARY-STATE OPINION FORMATION ON NETWORKS

2012 ◽  
Vol 23 (05) ◽  
pp. 1250034 ◽  
Author(s):  
LONG GUO
Keyword(s):  
Power Law ◽  
Degree Distribution ◽  
Conservation Law ◽  
Public Information ◽  
Opinion Formation ◽  
The Public ◽  
Bifurcation Phenomena ◽  
Binary State ◽  
Law Degree ◽  
The Impact

The binary-state opinion model with the conservation law of public information is studied. The public information Inf i provided by node i is an exponential function of its degree with the tunable parameter β, which reflects the impact factor of the node i to his/her local neighbors. We realize our model on the top of complex networks with another tunable parameter α, which shows the degree heterogeneous as the form of the power-law degree distribution with the exponent γ = (1 + α)/α. We find that much more public information (β > 2) and less public information (β < -1) cannot let either of the two opinions win during the opinion formation. In the (α,β) space, the system undergoes the doubling bifurcation and then after a point becomes chaotic when the α decreases from 1 to 0. Maybe, our present work can provide some perspectives and tools to understand the conversation of opinion formation in our society.

scholarly journals The Impact of Digital Communication and PR Models on the Sustainability of Higher Education during Crises

2020 ◽  
Vol 12 (20) ◽  
pp. 8295
Author(s):  
Umut Ayman ◽  
Anıl Kemal Kaya ◽  
Ülfet Kutoğlu Kuruç
Keyword(s):  
Higher Education ◽  
Public Relations ◽  
Digital Communication ◽  
Tertiary Education ◽  
Qualitative Content Analysis ◽  
Public Information ◽  
Organizational Sustainability ◽  
General Belief ◽  
The Public ◽  
The Impact

Currently, the world is going through a pandemic, COVID-19, that affects the four pillars of organizational sustainability. At this point, institutions’ sustainability depends on how they handle crisis communication. It seems that institutions that can adapt themselves to changes regarding the usage of digital communication platforms are survivors, and even winners, of this crisis. The general belief concerning education in developing countries claims that these countries are slow in adapting to technological innovations. Being a developing country, North Cyprus has a multi-cultural environment due to the presence of international students in tertiary education. This study explores how two public and two private universities maintained sustainability in higher education during COVID-19 by discussing the public relations models (PR) that they have used regarding digital communication. This study uses a qualitative content analysis and a quantitative method. The paper asserts that the effective usage of digital communication contributes to the sustainability of universities during this crisis. The findings revealed that the posts (text/image/poster) and videos these universities share are more concentrated on either press agentry or the public information model. Yet, a two-way symmetrical model that maintains dialogue within stakeholders is practiced less than the other PR models. Hence, there is a need for the universities to listen to their stakeholders not only in face to face communication but more through digital communication platforms as well.

scholarly journals Evidence on the Impact of Internal Control over Financial Reporting on Audit Fees

2019 ◽  
Vol 9 (3) ◽  
pp. 1
Author(s):  
Mohamed Gaber ◽  
Samy Garas ◽  
Edward J. Lusk
Keyword(s):  
Financial Reporting ◽  
Internal Control ◽  
Public Information ◽  
Audit Fees ◽  
Stock Trading ◽  
Audit Opinion ◽  
The Public ◽  
Public Company ◽  
Effective Group ◽  
The Impact

Introduction: Circa 1992, the dot.com sector created an irrational stock-trading market where the usual “financial” profiles of: Liquidity, Cash Flow from Operations, and Revenue generation were replaced by Ponzi-esque mayhem. To stabilize the markets, the Public Company Accounting Oversight Board [PCAOB] required a second audit opinion: the COSO Opinion on the adequacy of management’s system of Internal Control over Financial Reporting: [ICoFR].Study Focus: Three COSO-[ICoFR] designations are now required as public information: (i) A “clean” opinion [Is Effective], (ii) Deficiencies are noted, and (iii) Weaknesses reported. Our research interest is to determine, for a panel of randomly selected firms traded on the S&P500 for a eleven-year period: 2005 to 2015, the nature of the effect that the COSO deficiency reporting protocol has on (i) Audit Fees and (ii) the Market Cap of traded firms.Method: To this end we collected, using the Audit Analytics Ô[WRDSÔ] database, various categories of reported Audit Fees and also Market Cap information. This random sample was classified into two sets: the first group: Is Effective SEC 302 Designation and No COSO issues & the second group: Is Not 100% Effective for which there were SEC 302 Deficiencies or Weaknesses noted.Results: Inferential testing indicates that failure to attend to the PCAOB-COSO imperatives results in a relational where there are higher Audit Fees and a slippage of the firm’s Market Cap compared to the Is Effective Group. The PCAOB’s protocol to require the Audit of the firm’s ICoFR system and make that evaluation public information seems to be an excellent corrective “Carrot and Stick”.

scholarly journals IMPLEMENTASI KETERBUKAAN INFORMASI PUBLIK DI UNIVERSITAS ISLAM NEGERI SUNAN GUNUNG DJATI BANDUNG

2019 ◽  
Vol 5 (1) ◽  
pp. 24
Author(s):  
Engkus Engkus ◽  
Nanang Suparman ◽  
Fadjar Trisakti ◽  
Mohammad Robby Rodhiya
Keyword(s):  
Policy Implementation ◽  
Information Disclosure ◽  
Public Information ◽  
Analysis Model ◽  
Data Presentation ◽  
The Public ◽  
Interorganizational Communication ◽  
Political Environments ◽  
The Government ◽  
The Impact

The implementation of public information disclosure in State Islamic University (UIN) Sunan Gunung Djati Bandung has not been optimal. At the time of initial observation, the researcher found some problems such as lack of UIN community participation and the public to request information, lack of some received informations, lack of supports from UIN officers and the government. The situation is also facilitated by lack of public information disclosure socialization conducted by UIN officers to UIN community and the public. The aim of the research is to describe the implementation of public information disclosure in UIN. The method of the research is a qualitative research. The informants of the research are 4 people who consist of the policy executives and the community who gets the impact of the policy. The data are collected from the field and library by interview, observation and documentation. The data are analyzed by Miles and Huberman’s analysis model including three lines of activity, namely data reduction, data presentation, and conclusion drawing. Viewed from aspects of sizes and standards of policy, resources, interorganizational communication and implementer activities, characteristics of implementer agents, implementer disposition/attitudes, and economic, social and political environments, the implementation of public information disclosure in UIN still finds many obstacles and lacks, so it has not been optimized. In order to be optimized, the research recommends to improve the public information disclosure socialization to UIN community and the public and the fulfillment of digital infrastructures in order to easily deliver information.Keywords: Policy Implementation, Public Information Disclosure, Public Policy.

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