scholarly journals Media Frenzies in Markets for Financial Information

2006 ◽  
Vol 96 (3) ◽  
pp. 577-601 ◽  
Author(s):  
Laura L Veldkamp
Keyword(s):  
Media Coverage ◽  
Price Dispersion ◽  
Asset Price ◽  
News Coverage ◽  
Market Price ◽  
Equity Markets ◽  
High Volume ◽  
Asset Market ◽  
Fixed Costs ◽  
High Information

Emerging equity markets witness occasional surges in prices (frenzies) and cross-market price dispersion (herds), accompanied by abundant media coverage. An information market complementarity can explain these anomalies. Because information has high fixed costs, high volume makes it inexpensive. Low prices induce investors to buy information that others buy. Given two identical assets, investors learn about one; abundant information reduces its payoff risk and raises its price. Transitions between low-information/low-asset-price and high-information/high-asset-price equilibria resemble frenzies. Equity data and new panel data on news coverage support the model's predictions: Asset market movements generate news and news raises prices and price dispersion.

scholarly journals Inflation and Risky Investments

2020 ◽  
Vol 13 (12) ◽  
pp. 329
Author(s):  
Hannu Laurila ◽  
Jukka Ilomäki
Keyword(s):  
Absolute Risk ◽  
Asset Price ◽  
Market Price ◽  
Risky Asset ◽  
Market Model ◽  
Asset Market ◽  
Risky Assets ◽  
Fiat Money ◽  
Initial Wealth ◽  
Prediction Coefficient

The paper uses a Walrasian two-period financial market model with informed and uninformed constant absolute risk averse (CARA) rational investors and noise traders. The investors allocate their initial wealth between risky assets and risk-free fiat money. The analysis concentrates on the effects of decreasing value of money, or inflation, on the rational investors’ behavior and the asset market. The main findings are the following: Inflation does not affect the informed investors’ prediction coefficient but makes that of the uninformed investors diminish. Inflation does not affect rational investors’ risk but makes the asset price more sensitive to fundament-based and sentiment-based shocks. Inflation changes the market price of the risky asset rise; while it has no effects on the informed investors’ demand of the risky asset, it does affect the uninformed investors’ demand. Finally, inflation makes the asset market more volatile.

The Balance Sheet Effects and Macroeconomic Development in the Pacific Region

2007 ◽  
Vol 6 (1) ◽  
pp. 101-129
Author(s):  
Akira Kohsaka ◽  
Masahiro Enya
Keyword(s):  
East Asia ◽  
Structural Changes ◽  
East Asian ◽  
Asset Price ◽  
Market Price ◽  
Balance Sheet ◽  
Asset Market ◽  
Pacific Region ◽  
Event Analysis ◽  
The Pacific

This paper focuses on balance sheet adjustments across the recent boom–bust cycles in the Pacific region along with structural changes in sectoral balance sheets and policy environments. Comparing empirical regularities across industrial as well as East Asian countries over the past decades, our analysis shows that asset price busts and concurrent macroeconomic developments in East Asia share some common patterns, identified using event analysis, with industrial economies. Regarding the macroeconomic impact of asset market price busts, we generally observed qualitatively similar features between industrial countries and East Asian emerging markets. Major differences between the two groups appear in the magnitude of swings and the speed of recoveries of the key macroeconomic variables. Negative impacts on investment were stronger in East Asia, but quicker recoveries were their features, whereas private consumption was commonly rather robust to asset market turmoil.

Welcome to the Party

2018 ◽  
Author(s):  
Khadijah Costley White
Keyword(s):  
Social Movement ◽  
Political Communication ◽  
News Media ◽  
Media Coverage ◽  
News Coverage ◽  
Tea Party ◽  
Audience Appeal

This chapter lays out the Tea Party’s history as a mass-mediated construction in the context of journalism, political communication, and social movement studies. It argues that the news coverage of the Tea Party primarily chronicled its meaning, appeal, motivations, influence, and circulation—an emphasis on its persona more than its policies. In particular, the news media tracked the Tea Party as a brand, highlighting its profits, marketability, brand leaders, and audience appeal. The Tea Party became a brand through news media coverage; in defining it as a brand, the Tea Party was a story, message, and cognitive shortcut that built a lasting relationship with citizen-consumers through strong emotional connections, self-expression, consumption, and differentiation.

Media Malaise and the Decline of Legitimacy

2017 ◽  
Author(s):  
Peter Van Aelst
Keyword(s):  
Systematic Review ◽  
Empirical Evidence ◽  
Media Coverage ◽  
News Coverage ◽  
Political Support ◽  
Level Of Education ◽  
Political News ◽  
Negative Tone ◽  
Election News ◽  
Over Time

This chapter analyzes media malaise theories and their consequences for legitimacy. These theories argue that the increasing availability of information through new and old media and increasingly negative tone of media are to blame for declining legitimacy. The chapter examines these claims by providing a systematic review of empirical research on media and political support. It first investigates whether news coverage has become more negative over time, and then examines the micro process that might explain the link between media coverage and political support. Empirical evidence suggests that where coverage has become more negative, this occurred before the 1990s and has levelled off since, and is concentrated primarily in election news. Negative political news does have a modest impact on political support once controlled for level of education, but that effect can be positive and negative, depending on the medium, the receiver, and the indicator of political support.

Just Like Leaves in the Wind? Exploring the Effect of the Interplay of Media Coverage and Personal Characteristics on Issue Salience

2017 ◽  
Author(s):  
Agatha Kratz ◽  
Harald Schoen
Keyword(s):  
Individual Differences ◽  
Panel Data ◽  
Financial Crisis ◽  
Media Coverage ◽  
News Coverage ◽  
Personal Characteristics ◽  
Election Campaign ◽  
Issue Salience ◽  
Cross Sectional ◽  
The Impact

This chapter explores the effect of the interplay of personal characteristics and news coverage on issue salience during the 2009 to 2015 period and during the election campaign in 2013. We selected four topics that played a considerable role during this period: the labor market, pensions and healthcare, immigration, and the financial crisis. The evidence from pooled cross-sectional data and panel data supports the notion that news coverage affects citizens’ issue salience. For obtrusive issues, news coverage does not play as large a role as for rather remote topics like the financial crisis and immigration. The results also lend credence to the idea that political predilections and other individual differences are related to issue salience and constrain the impact of news coverage on voters’ issue salience. However, the evidence for the interplay of individual differences and media coverage proved mild at best.

scholarly journals Stochastic sensitivity of bull and bear states

2021 ◽  
Author(s):  
Jochen Jungeilges ◽  
Elena Maklakova ◽  
Tatyana Perevalova
Keyword(s):  
Additive Noise ◽  
Asset Price ◽  
Market Model ◽  
Asset Market ◽  
Stochastic Version ◽  
Market Participants ◽  
Price Process ◽  
Stochastic Sensitivity ◽  
Stable Equilibria ◽  
Parametric Noise

AbstractWe study the price dynamics generated by a stochastic version of a Day–Huang type asset market model with heterogenous, interacting market participants. To facilitate the analysis, we introduce a methodology that allows us to assess the consequences of changes in uncertainty on the dynamics of an asset price process close to stable equilibria. In particular, we focus on noise-induced transitions between bull and bear states of the market under additive as well as parametric noise. Our results are obtained by combining the stochastic sensitivity function (SSF) approach, a mixture of analytical and numerical techniques, due to Mil’shtein and Ryashko (1995) with concepts and techniques from the study of non-smooth 1D maps. We find that the stochastic sensitivity of the respective bull and bear equilibria in the presence of additive noise is higher than under parametric noise. Thus, recurrent transitions are likely to be observed already for relatively low intensities of additive noise.

scholarly journals Minimally invasive distal pancreatectomy: a case-matched cost-analysis between robot-assisted surgery and direct manual laparoscopy

2021 ◽  
Author(s):  
Gregorio Di Franco ◽  
Andrea Peri ◽  
Valentina Lorenzoni ◽  
Matteo Palmeri ◽  
Niccolò Furbetta ◽  
...  
Keyword(s):  
Minimally Invasive ◽  
Cost Analysis ◽  
Distal Pancreatectomy ◽  
Length Of Hospital Stay ◽  
High Volume ◽  
Fixed Costs ◽  
Spleen Preservation ◽  
Robotic Assisted Surgery ◽  
The Mean ◽  
Complications Rate

Abstract Background Few studies have reported a structured cost analysis of robotic distal pancreatectomy (RDP), and none have compared the relative costs between the robotic-assisted surgery (RAS) and the direct manual laparoscopy (DML) in this setting. The aim of the present study is to address this issue by comparing surgical outcomes and costs of RDP and laparoscopic distal pancreatectomies (LDP). Methods Eighty-eight RDP and 47 LDP performed between January 2008 and January 2020 were retrospectively analyzed. Three comparable groups of 35 patients each (Si-RDP-group, Xi-RDP group, LDP-group) were obtained matching 1:1 the RDP-groups with the LDP-group. Overall costs, including overall variable costs (OVC) and fixed costs were compared using generalized linear regression model adjusting for covariates. Results The conversion rate was significantly lower in the Si-RDP-group and Xi-RDP-group: 2.9% and 0%, respectively, versus 14.3% in the LDP-group (p = 0.045). Although not statistically significant, the mean operative time was lower in Xi-RDP-group: 226 min versus 262 min for Si-RDP-group and 247 min for LDP-group. The overall post-operative complications rate and the length of hospital stay (LOS) were not significantly different between the three groups. In LDP-group, the LOS of converted cases was significantly longer: 15.6 versus 9.8 days (p = 0.039). Overall costs of LDP-group were significantly lower than RDP-groups, (p < 0.001). At multivariate analysis OVC resulted no longer statistically significantly different between LDP-group and Xi-RDP-group (p = 0.099), and between LDP-group and the RDP-groups when the spleen preservation was indicated (p = 0.115 and p = 0.261 for Si-RDP-group and Xi-RDP-group, respectively). Conclusions RAS is more expensive than DML for DP because of higher acquisition and maintenance costs. The flattening of these differences considering only the variable costs, in a high-volume multidisciplinary center for RAS, suggests a possible optimization of the costs in this setting. RAS might be particularly indicated for minimally invasive DP when the spleen preservation is scheduled.

Understanding Fatal Crash Reporting Patterns in Bangladeshi Online Media using Text Mining

2021 ◽  
pp. 036119812110142
Author(s):  
Subasish Das
Keyword(s):  
Media Coverage ◽  
News Coverage ◽  
Strong Support ◽  
Online News ◽  
World Health ◽  
Health Concern ◽  
Traffic Fatalities ◽  
Traffic Crashes ◽  
News Agency ◽  
Fatal Crash

Traffic crashes are a major public health concern. In 2016, traffic crashes resulted in over 1.35 million deaths worldwide. In Bangladesh alone, the number of reported traffic fatalities was 2,376 in 2016. However, the World Health Organization estimated that the true number of traffic fatalities in Bangladesh ranges between 20,730 and 29,177. Editorial traffic crash reports in Bangladesh, and the number of crashes that are reported, vary widely among different media outlets. This study employed a Google News Alert to collect fatal crash reports from online English daily newspapers. The current study compiled a database of 419 fatal crash-related reports over a six-month period (November 2018–April 2019). The reports contain a total of 81,019 words. The results of this study reveal that online news coverage of traffic fatalities tends to vary from news agency to news agency. Furthermore, these reports do not usually cover key contributing factors of crash occurrences; the geometric features of crash occurrence sites are rarely reported. The findings demonstrate the importance of deciphering media coverage to develop potential safety risk measures in Bangladesh. The current findings provide strong support for the need for guidelines to help media outlets adequately document fatal crash reports.

Media coverage of the unfolding crisis of domestic terrorism in the United States, 1990–2020

2021 ◽  
pp. 2046147X2199601
Author(s):  
Diana Zulli ◽  
Kevin Coe ◽  
Zachary Isaacs ◽  
Ian Summers
Keyword(s):  
United States ◽  
Public Relations ◽  
Crisis Management ◽  
Media Coverage ◽  
Television News ◽  
News Coverage ◽  
The United States ◽  
Theory And Practice ◽  
Domestic Terrorism ◽  
Definitional Uncertainty

Public relations research has paid considerable attention to foreign terrorist crises but relatively little attention to domestic ones—despite the growing salience of domestic terrorism in the United States. This study content analyzes 30 years of network television news coverage of domestic terrorism to gain insight into four theoretical issues of enduring interest within the literature on news framing and crisis management: sourcing, contextualization, ideological labeling, and definitional uncertainty. Results indicate that the sources called upon to contextualize domestic terrorism have shifted over time, that ideological labels are more often applied on the right than the left, and that definitional uncertainty has increased markedly in recent years. Implications for the theory and practice of public relations and crisis management are discussed.

scholarly journals Cross-section instability in financial markets: impatience, extrapolation, and switching

2021 ◽  
Author(s):  
Roberto Dieci ◽  
Xue-Zhong He
Keyword(s):  
Financial Markets ◽  
Cross Section ◽  
Asset Price ◽  
Asset Market ◽  
Long Run ◽  
Short Run ◽  
And Performance ◽  
Equilibrium Market ◽  
High Degree ◽  
Fundamental Price

AbstractThis paper presents a stylized model of interaction among boundedly rational heterogeneous agents in a multi-asset financial market to examine how agents’ impatience, extrapolation, and switching behaviors can affect cross-section market stability. Besides extrapolation and performance based switching between fundamental and extrapolative trading documented in single asset market, we show that a high degree of ‘impatience’ of agents who are ready to switch to more profitable trading strategy in the short run provides a further cross-section destabilizing mechanism. Though the ‘fundamental’ steady-state values, which reflect the standard present-value of the dividends, represent an unbiased equilibrium market outcome in the long run (to a certain extent), the price deviation from the fundamental price in one asset can spill-over to other assets, resulting in cross-section instability. Based on a (Neimark–Sacker) bifurcation analysis, we provide explicit conditions on how agents’ impatience, extrapolation, and switching can destabilize the market and result in a variety of short and long-run patterns for the cross-section asset price dynamics.

Sign in / Sign up

Export Citation Format

Share Document