گردآورنده :
محمد قاسمي
تاريخ انتشار :
28 / 06 / 1386
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الف/ ارتباطات
1-Information & Communication Technology: Gender Issues in
Developing Nations - A Review
ISHITA MUKHERJEE II
Independent Author
July 13, 2006
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=917094#PaperDownload
Abstract:
Information and Communication Technology has revolutionized the world. Its impact is felt in every sphere of economic activity. Among the prime areas where indelible mark of achievements has been attained, emancipation of women from the throes of poverty and illiteracy especially in developing countries is worth mentioning. The ways and means, by which such a transformation has occurred, are discussed in the relevant sections of this paper.
Keywords: Information & Communication Technology, Non-governmental OrganizationsHuman Development Report, UNESCO, economic upliftme
2-Managing the Innovative Deployment of Information and Communication Technologies (ICTs) for Global Service
Organisations
MARTIN FELLENZ
University of Dublin - School of Business Studies
MAIREAD BRADY
University of Dublin - School of Business Studies
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=989304#PaperDownload
Abstract:
This paper is focused on how information and telecommunication
technologies (ICTs) are – and can be – deployed for global service provision.
In our arguments we are less concerned with the ICT deployment for
managing the global service firm. These important concerns have repeatedly
been addressed in the literature (e.g., Boudreau, Loch, Robey, & Straub,
1998; Shore, 2006). Rather, we investigate the challenge of how ICT can
most usefully be deployed in service delivery and customer interface
management of internationally active service organisations. We consider
particularly the consequences of the rationale underlying the increasing
globalisation of services with the logic of service delivery. As part of this we
reflect on the managerial and organisational implications of ICT deployment in
global service firms.
Keywords: ICT, Global Service Organisations, Customer Interface
3-Mobile Multi-Media Messages (MMS): Show-Don't-Tell in a
Communication
BERTRAND HOREL
France Telecom R&D
Communications & Strategies, Forthcoming
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=977916#PaperDownload
Abstract:
With its complex intersemiotic and intermedial textual configuration, the
multimedia mobile message (MMS) offers a unique opportunity to apply visual
semiotics tools to the theories of communication. By means of an
experimental technical device used by a sample of MMS users who
exchanged real image-containing messages, the author highlights the ways in
which individuals play with the technical constraints of the MMS application
during message production. The analysis of a set of simple messages reveals
the extent to which the natural indicial tension of photography impregnates the
messages, to the point of their assuming a playful dimension, through
ingenious playing on meaning within the framework of a private message.
Keywords: MMS, semiotics, interpersonnal communication, image, text, message
4-Optimal Strategic Communication: Can a Less Informed
Expert be More Informative?
MAXIM G. IVANOV
Pennsylvania State University - General
February 13, 2006
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=884001#PaperDownload
Abstract:
This paper investigates an extended version of Crawford-Sobel's (1982)
communication game in which the principal can control the quality of the
expert's information. We prove that the optimal quality of information is always
bounded away from the full information and characterize the optimal
information structure that maximizes players' ex-ante payoffs. Based on this,
we show that our mechanism provides a superior ex-ante payoff for the
principal, compared to both Crawford-Sobel's most informative equilibrium
and optimal delegation. We then study multi-stage communication. This
modification results in further ex-ante Pareto improvement since it allows for
the step-by-step refinement of the expert's information, preserving truth-
telling communication at every stage. Finally, we construct a mechanism in
which approximately full information is revealed for a large sub-interval of the
state space.
Keywords: Communication, Information, Cheap Talk
5-Using ICT to Avoid Communication: How ICT's Really Enable
Distributed Software Development
KANNAN SRIKANTH
London Business School
PHANISH PURANAM
London Business School
2006
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=928072#PaperDownload
Abstract:
The successful execution of complex interdependent work in a distributed
fashion - such as offshore software development - is an anomaly, given the
well known inadequacies of ICT mediated communication vis-à-vis face to
face communication. In this paper, we draw on qualitative data from 60
distributed and collocated software services delivery projects to understand
how ICT's are actually used in distributed software development. We find that in these projects, ICT based tools are typically not used as channels of direct communication between locations. Instead ICT tools are used to avoid the need for direct communication by creating common ground across locations and thereby enabling tacit coordination.
Keywords: Coordination, ICT tools, Global delivery, Distributed organizations, Offshoring
6-Effect of Information and Communication Technologies on Urban Structure
YANNIS M. IOANNIDES
Tufts University
HENRY G. OVERMAN
London School of Economics (LSE) - Department of Geography and Environment; Centre for Economic Policy Research (CEPR)
ESTEBAN ROSSI-HANSBERG
Princeton University - Woodrow Wilson School of Public and International Affairs; National Bureau of Economic Research (NBER)
KURT SCHMIDHEINY
Universitat Pompeu Fabra; CESifo (Center for Economic Studies and Ifo Institute for Economic Research)
July 2007
CESifo Working Paper No. 2049
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=998769#PaperDownload
Abstract:
Two innovations in the last century have changed dramatically the cost of communicating and transmitting information: The first is the widespread adoption of telephony; the second is the internet. We study the implications of these changes in ICT for urban structure. We find robust evidence that increases in the number of telephone lines per capita lead to a more concentrated distribution of city sizes and so correspondingly to more dispersion in the distribution of economic activity in space. The evidence on internet usage is more speculative, although it goes in the same direction. This empirical result is rationalized in a theoretical model.
JEL Classifications: R0, R1
7-Is There a Chilling of Digital Communication? Exploring How Knowledge and Understanding of the Fair Use Doctrine May Influence Web Composing
MARTINE COURANT RIFE
Michigan State University - WIDE Research Center; Michigan State University - Rhetoric & Writing program; Lansing Community College
WILLIAM HART-DAVIDSON
WIDE Research Center
July 22, 2006
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=918822#PaperDownload
Abstract:
Does law, or even the presence of the law, shape composing practices? Do fair use/copyright play a part in the web composing practices/pedagogy of students and teachers in technical communication programs as they construct web sites and design curriculum? Westbrook (2006) goes so far as to state that institutional ideologies combined with copyright law "render students' multimedia compositions illegitimate" (p. 459). This empirical study aims to examine these issues and to provide insights that can guide programmatic/pedagogical decisions regarding the instruction of students as technical/professional writers and new media composers.
The pilot study was intended to test the design for a larger study. The study aims to fill in gaps and resolve confusion about how fair use/copyright shapes digital writing. A major fair use research project (Heins & Beckles, 2005) found that artists and scholars have only a vague sense of what fair use includes and have fear about legal repercussions. This uncertain knowledge circumscribes composing practices: "There is an urgent need for accurate information" (p. 54). Those who teach composition should attend to these issues (Rife, 2007, The fair use doctrine).
In order to test the study design, in Spring 2006 we completed an IRB approved pilot study that examined these issues. The study used survey and discourse-based interview methods to examine technical writing instructors' and students' knowledge and understanding of fair use/copyright as it intersects with composing web sites and teaching web authoring. The study examines how, if at all, technical writers/teachers of technical writing apply their knowledge and understanding of fair use to practice.
Tentative Conclusions:
Students might have more knowledge in some cases than their teachers.
The TPW program studied may contain students and teachers that are more knowledgeable than those at other institutions.
All participants were generally knowledgeable, aware of issues - most people got most questions right most of the time.
Participants are genuinely interested in these issues and think it should be part of their education.
With increased knowledge and certainly, comes increased agency in composing choices.
With lack of certainty comes a lack of agency.
The tipping point in gaining agency when composing may be knowledge of how fair use/copyright works along with knowledge of the risks of digital writing.
There is substantial confusion about difference between concepts of plagiarism and the fair use doctrine.
There might be misunderstanding about the nature of the fair use doctrine.
There is possible unawareness of the protections of the teach act (Section 110, Title 17).
Based on the outcomes of several questions, there may be substantial unawareness of government document exception from copyright, di minimus use exception, "heart of the matter" issues, and issues concerned with using for criticism versus just using.
Keywords: Fair use, empirical, composing, web authoring, technical writing, study, heins & beckles
8-Measuring the Value of Communication
PAUL A. ARGENTI
Dartmouth College - Tuck School of Business
November 2005
Tuck School of Business Working Paper No. 2005-31
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=880782#PaperDownload
Abstract:
In the past several years, determining the effectiveness of communications activities has become increasingly important both to communications professionals and to the greater business community. In 2004, the Communications Executive Council (CEC) conducted a survey of hundreds of chief communication officers in major corporations; 79 percent of the respondents stated they believed communication performance measurement was more important than it had been three years earlier. Survey respondents also ranked Measuring and Communicating Effectiveness of the Function as the second most important issue facing the communications industry.
Not everyone in the communications industry views measurement in the same light, though. While some embrace the science of measurement as it relates to communications, others look at communications as an art outside the realm of formal measurement. Quotations from two corporate communications professionals illustrate this dichotomy:
You can't manage what you can't measure. Everyone's looking for a seat at the table, and they ought to be looking at measurement for getting to the table and staying there.
Bill Margaritis, SVP Worldwide Communications and IR, Fed Ex
I cringe at the idea of return on investment because that sounds like what we do ought to be so predictable when it's not.
Bill Nielsen, former Corporate VP of Public Affairs, Johnson & Johnson
Despite the naysayers, however, most communications professionals are increasingly recognizing the truth in Margartis' words; without data on the effectiveness of their activities, communications professionals cannot gain the credibility they desire from senior management.
In this article, we examine the importance of measurement to the communications industry, the insufficiency of measurement in communications, how communications professionals' measurement needs are changing, obstacles to meeting measurement needs, and the potential benefits from understanding the link between communications and business value, and, a new possible solution.
This discussion is essential to understanding that the communications industry needs a way to add meaning to the data it already has; to link existing data to business outcomes; and to demonstrate that effective communications activities move organizations toward their business objectives.
In many cases, companies do not require more or better measurement, only better use of existing measurement data. And once the communications industry has the ability to understand how its activities affect business outcomes, communications professionals can have a greater effect on business outcomes going forward rather than simply justifying what they have done in the past. To that end, we also discuss what we believe are the keys to measuring the contribution of communications activities.
Keywords: communication, measure, value
9-Norms, Rationality, and Communication: A Reputation Theory of Social Norms
ANDREAS ENGERT
University of Munich - Institute of International Law - Comparative Law
Archiv für Rechts- und Sozialphilosophie, Vol. 92, No. 2, 2006
Abstract:
Does the discovery of law and social norms necessitate breaking with the rational choice paradigm? In this paper, I argue for an answer in the negative. To this end, I propose a reputation theory of social norms, which differs from other proposals in two principal respects: First, it explains norms without any assumption of behavioral constraints (like habit or conscience) and normative motivations (like altruism or aspiration to esteem). Second, it does even without any assumption regarding model-exogenous, private information that most other reputation and signaling explanations use (such as the discount rate in Eric Posner's signaling model).
Instead, reputation theory analyzes norms as mere social constructs: In strategic situations, rationality fails to provide clear guidance on how to play. Because individuals must nonetheless make decisions, they follow norms. Yet norms are susceptible to strategic manipulation; they can be destabilized by promulgating different norms. Two factors make norms stable in spite of that threat: network effects and preference compatibility. These two factors favor cooperative reputation norms, i.e., norms that foster exchanges among few individuals. More excitingly, network effects and preference compatibility also support norms that overcome collective action problems. Thus, the reputation theory of social norms is an additional way of resolving one of the anomalies of rational choice analysis - the fact that collective action exists.
Keywords: social norms, law and social norms, reputation, rational choice, collective good norms
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=801184
10-Rising Stars in Information and Communication Technology
STEFAN HENG
Deutsche Bank Research
November 2004
Deutsche Bank Research E-conomics Working Paper No. 46
Abstract:
The quest for more efficiency and security is reflected in the economy as a whole, but especially in the product and process innovations in information and communication technology (ICT). We examine the ten concepts considered to have the brightest prospects in the business segment in terms of their potential to gain widespread use during this decade. Out of these, the three most promising ICT approaches are biometrics, open-source software and radio tagging (RFID).
Keywords: Information, Internet telephony (VoIP), advanced mobile radio technology (WLAN, UMTS, WiMax), biometrics, quantum cryptography, Model Driven Archi-tecture (MDA), decentralised storage (ILM), decentralised data process-ing (grid computing), open-source software, outsourcing, and radio tag-ging (RFID)
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=620281#PaperDownload
ب / رسانه هاي عمومي
-Media Coverage and the Cross-Section of Stock Returns
LILY H. FANG
INSEAD - Finance
JOEL PERESS
INSEAD - Finance
July 17, 2007
Abstract:
We examine the cross-sectional relation between media coverage and expected stock returns. On average, stocks with no media coverage out-perform stocks with high media coverage by 0.23% per month after controlling for Fama-French 3-factors, momentum, and liquidity. Among small stocks, stocks with low analyst following, and stocks primarily owned by individuals, the risk-adjusted premium is 0.65%-1% per month. We show that liquidity effects cannot explain these return differentials. Our findings support the notion that information risk affects expected returns (Merton (1987); Easley and O'Hara (2004)), and that mass media can influence a firm's cost of capital by alleviating information risk.
Keywords: information, media, Cross-Section of Stock Returns, alpha
2-Primetime Spin: Media Bias and Belief Confirming Information
JEREMY BURKE
Duke University - Department of Economics
February 2007
Abstract:
This paper develops a model of media bias in which rational agents acquire all their news from the source that is most likely to confirm their prior beliefs. Despite only wishing to make the correct decision, agents act as if they enjoy receiving news that supports their preconceptions. By exclusively gathering information from a source biased towards his prior, there is little chance an agent will be persuaded to change his mind. Moreover, it is shown that even an unbiased agent prefers to receive biased news as it is unlikely to produce conflicting reports. The media caters to the informational demands of consumers and accordingly slants its reporting. It is shown that competition may not decrease bias, but may actually enhance it. Finally, even when it increases bias, competition may improve welfare by expanding the market for news.
Keywords: Media, Bias, News Organizations, Confirmatory Bias
3-The Position of Broadcasters and Other Media under the Proposed EC 'Rome II' Regulation on the Law Applicable to Non-Contractual Obligations
MIREILLE M.M. VAN EECHOUD
University of Amsterdam
IRIS plus, No. 2006-10, 2006
Abstract:
Broadcasters and other media are particularly susceptible to claims in defamation, infringements of privacy or of other interests in personality. They may be also sued for other civil wrongs (torts) such as alleged breaches of intellectual property rights or for acts of unfair competition. When such claims comprise international elements, e.g. where a broadcast causes prejudice abroad, or claimants are foreign, a country's rules on private international law decide which law governs liability. These national rules of EU member states are about to be replaced by the so-called 'Rome II' Regulation on the law applicable to non-contractual obligations. It will have great impact, not in the least because the courts of EU member states must apply the proposed rules to all international torts, regardless of the place of establishment or residence of the parties involved, or the place where the civil wrong was committed. A critical review of the rules reveals they are unlikely to bring any significant increase in legal certainty for broadcasters or the media in general. The rules for intellectual property do not accommodate the realities of a networked world. The freedom of parties to a dispute to choose the applicable law is limited. In addition, the European Parliament and Council bitterly disagree on how to tackle defamation and other infringements of personality rights.
Keywords: private international law, defamation, intellectual property, personality rights, broadcast media, Rome II regulation, European Union
3
4-Mass Media and Special Interest Groups
MARIA PETROVA
Harvard University
March 29, 2007
Abstract:
Media revenues are an important determinant of media behavior: news coverage depends on the preferences of advertisers or subsidizing groups. I develop a theoretical model of the interaction between advertisers, special interest groups, and media outlets. Media outlets face a trade-off between, on the one hand, a larger audience and less biased content (and thus lower contributions from special interest groups), and, on the other hand, a smaller audience and more biased content. I find that high potential advertising revenues decrease political media bias, but increase corporate media bias. To illustrate theoretical findings, I provide empirical analysis of political affiliations of the American newspapers in XIX century. The results confirm that the development of advertising had an positive effect on the growth of independent press.
Keywords: mass media, special interest groups, media independence, advertising
5-Targeted Advertising: The Role of Subscriber Characteristics in Media Markets
AMBARISH CHANDRA
University of British Columbia - Sauder School of Business - Strategy and Business Economics Division
May 31, 2007
Abstract:
This paper examines the extent to which targeted advertising can raise equilibrium advertising prices. I present a model of advertising which incorporates the role of targeting and consumer segmentation in determining advertising value. Using a detailed dataset of zip code level circulation for 840 daily newspapers in the United States, I show that newspapers facing more competition have higher advertising prices than similar newspapers facing little or no competition. This is despite the fact that newspapers in more competitive markets have lower circulation prices, indicating that there is a substantial competitive effect in at least one side of this two-sided market. I explain this result by showing that greater homogeneity in demographic characteristics, and lower geographic dispersion, allow newspapers to charge significantly higher advertising rates per reader. In other words, the results indicate that there exists a substantial benefit to advertisers and media firms from targeted advertising. I show that these results are driven by the fact that newspapers in more competitive markets are able to segment readers according to their location and demographics, thereby raising advertisers' willingness-to-pay for such readers.
Keywords: Targeted Advertising, Media
6-Organizational Information Asymmetry, Media Sociability and Structural Design
DAVID TOUVE
Vanderbilt University - Owen Graduate School of Management
March 9, 2007
Abstract:
In addition to the objectives of uncertainty reduction and equivocality reduction most often studied in research on organizational information processing, I will argue that organizations process information in order to resolve and even to generate asymmetric information environments. These asymmetric objectives can lead to organizational information structures completely opposite those anticipated by information richness theory. This capacity to not only invert the expected relationship between environment and media richness, but also alter the apparent richness of a medium, is the result of the relative sociability of an information environment in use within the organization. The sociability of a medium is defined as the relative ease with which participants might extend, alter, evolve, amalgamate and orient that particular information environment. Managers can design information environments with sociability in mind, enabling organizational actors to collectively contribute to a medium, optimizing a particular mix of social cues, facts, feedback, language and diverse channels for not only effective, but also mutual understanding.
Keywords: Information processing, media richness, sociability,
uncertainty, equivocality, organizational communication, communication
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=969774
7-Controlling Media Type in Multimedia Databases
MARIAN DARDALA
ADRIANA REVEIU
Academy of Economic Studies Bucharest - Department of Economic Informatics
Scientific Annals of the "Alexandru Ioan Cuza" University of Iaşi, Computer Science Section, Vol. 14, 2004
Abstract:
The paper presents the main issues about media type controlling in databases. Multimedia databases must have special features because they need to manipulate static and temporal multimedia data. There are present the characteristics of common operations like insert, update and query with multimedia data in database tables. The complexity of these operations depends of their implementation in the database management system.
Keywords: media type, multimedia database, multimedia data retrieval
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=999853#PaperDownload
8-New York's New-Media Boom: Real or Virtual?
JASON BRAM
Federal Reserve Bank of New York
MICHAEL DE MOTT
Federal Reserve Banks - Federal Reserve Bank of New York
October 1998
Current Issues in Economics and Finance, Vol. 4, No. 10, October 1998
Abstract:
Although the new-media industry has been a fairly strong contributor to New York City's economic growth, the city's reputation as a new-media hub appears to be overstated.
Keywords: new media, internet, computer services, New York City, new economy, information technology
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=997393#PaperDownload
9-New Media at the Turn of the Century
PETER K. YU
Drake University Law School
________________________________________
Michigan State University Legal Studies Research Paper No. 04-17
Minnesota Journal of Law, Science & Technology, Vol. 8, 2007
Abstract:
In recent cases, the United States Supreme Court has shown great care and vigilance in protecting free speech on the Internet. It is therefore common to take for granted the Court's protective stance on protecting free speech on the Internet. After all, the Internet is the new, new thing; it deserves the Court's utmost attention and protection. However, when these cases are juxtaposed with the Court's earlier cases concerning free speech and free press protections in the motion picture - the new, new thing of the past century - the two lines of cases reveal that the Court has taken a dramatic different approach in its treatment of new technologies. The study of these earlier cases not only enables one to gain a greater appreciation of the Court's current protective stance toward the Internet, but also leads one to wonder whether the Court's different approaches could be attributed to the complex interplay of law, technology, and society.
As part of the Symposium on a general theory of law and technology, this article begins by tracing the development of free speech and free press protections of motion pictures. Although the article recounts the painful history of movie censorship in the first half of the twentieth century, it does not seek to rehash the many arguments made by First Amendment scholars elsewhere. Rather, it offers a thick description to show that legal, technological, and social factors have both shaped and been shaped by each other and how a confluence of these factors affected the free speech and free press protections of motion pictures.
The article then offers three deterministic accounts to explain the Court's different treatment of the Internet: technological determinism, legal determinism, and social determinism. Showing that none of these accounts fully explains the Court's differing approach in the recent Internet cases, the article underscores the need for a holistic and integrated approach to the study of law, technology, and society. This Article concludes by offering some preliminary observations on what a general theory of law, technology, and society should and should not be about. It also explains the importance of the development of such a theory.
10-Media Ownership Regulation, the First Amendment, and Democracy's Future
ADAM CANDEUB
Michigan State University College of Law
UC Davis Law Review, April 2008
U. Michigan Legal Studies Research Paper No. 04-22
Abstract:
Unprecedented consolidation has swept the media industries. At the same time, court rulings have savaged the Federal Communication Commission's (FCC) limits on corporate control of radio, television, and newspapers, leading to stacks of proceedings languishing at the FCC. All of which have helped foment a vocal political struggle between consumer groups advocating ownership restrictions and the media industry pressuring for deregulation.
This article argues that the FCC's regulation has failed because it has misconstrued its goal. Rather than ensure sufficient numbers of “media voices,” the FCC should strengthen the vital function the media plays in democratic society: decreasing citizens' costs in monitoring government. By reading the newspaper or watching the news, citizens can learn about available government benefits and detect elected officials' inappropriate behavior, without having to watch C-SPAN incessantly or make endless FOIA requests. The FCC's regulations, therefore, should maximize the output of news about politics, rendering the agency relationship between citizens and politicians more effective.
Rather than use direct subsidies, a policy response many have urged but which presents significant problems, the FCC can alter the quantity and nature of news production through its regulation of media industry's ownership and geographic structures. New economic and social science research has shown that these structural features influence strongly news output and content. For instance, the greater degree of overlap between media markets and political jurisdictions increases the amount of political news coverage. Media ownership regulation must utilize these insights to maximize output of political news. The Article concludes by examining blogs, YouTube and other net applications and how they will likely affect regulation.
Keywords: media ownership regulation, First Amendment, FCC
11-Content Choice in Two-Sided Media Markets
TOBIAS RALPH HARTWICH
Ruhr-University Bochum
July 19, 2007
Abstract:
The present paper analyzes competition and content choice in a two-sided media market by means of simulation techniques. Based on a theoretical model which explicitly incorporates the network effects between audience and advertisers, the simulation obtains new insights into the existing effects prevailing in media markets. It can be shown that both a large viewer interest and a strong demand for advertising space make the broadcasters increase the differentiation of their programs. Program differentiation can become maximal but never minimal with both broadcasters located in the middle of the unit interval.
Welfare in the simulation is influenced by the sheer amount of viewers rather than by the exact content locations of the broadcasters.
Keywords: Two-sided markets, advertising, content choice, simulation
12-Small Investment and Large Returns: Terrorism, Media and the Economy
RAFI MELNICK
Interdisciplinary Center Herzliya
RAFAEL ELDOR
Interdisciplinary Center Herzliyah - Arison School of Business
December 2006
Abstract:
This study investigates the role of the media to the impact of terrorism on the economy. A unique data set of 3045 articles published in major Israeli newspapers covering 180 terrorist attacks was used to evaluate their impact on the Tel Aviv stock market in 2002. We perform an econometric analysis of editorial decision making regarding the articles' placement and print characteristics: number of articles, front page, pictures and large headlines. We found that media coverage is the main channel by which terrorism produces economic damage: i.e., media coverage was the only explanatory variable found to be significant in the equation explaining the economic damage incurred. The economic damage caused increases monotonically with the amount media coverage. For a given terror attack, the greater its media coverage, the greater the economic damage caused. We also found that the impact of the media coverage of terrorism on the economy decreased over time.
Keywords: Terror, Terrorism, Media, Stock markets, September 11
13-Intermediate Media Effects
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=999044
SANDEEP R. CHANDUKALA
Ohio State University - Department of Marketing and Logistics
JEFFREY DOTSON
Ohio State University
JEFFREY P. BRAZELL
The Modellers
GREG M. ALLENBY
Ohio State University - Department of Marketing and Logistics
July 2007
Fisher College of Business Working Paper
Abstract:
Media exposures can have effects that do not always lead to the immediate purchase of a brand. Some media are effective at initiating search and trial, while others are more effective at promoting purchase once search and trial have taken place. The idea of intermediate communication effects have long been posited in textbooks and academic literature, but their practical existence has not been shown in quantitative models. This paper proposes a hierarchical Bayesian model for identifying media response segments in cross-sectional data that differ in their likelihood of purchase, and shows that effects are obscured in aggregate analyses that attempt to directly relate media exposure to purchase. Data from a national brand-tracking study are used to illustrate our model, where we find large intermediate media effects.
Keywords: Hierarchical Bayes, structural heterogeneity, variable selection, mediation analysis
14-Market and Individual Investors Reactions to Corporate News in the Media
PHILIPP SCHMITZ
University of Mannheim - Department of Banking and Finance
August 2, 2007
Abstract:
In this paper we present results from an event study based on a unique data set of corporate news in the media. The data is provided by Media Tenor, a research institute which collects and rates all corporate news from the most important German daily newspapers and TV news. Our analysis is based on roughly 300,000 corporate news on 125 large- and medium-sized companies in 5 large daily newspapers and 7 TV news shows from Germany between July 1998 and October 2006. Since analysts rate the news, we have an exogenous measure whether news are good or bad news for a company. Based on this data we can show that the incorporation of information in prices is fairly fast. The main price reaction occurs on the day of the arrival of the new information. This price jump is especially large if the news coverage in the media is accompanied by ad hoc announcements made by the corporation itself. While there is only a very short-term post-event drift after good news, prices tend to drift for several days after bad news. The post-event trading volume is significantly higher than before the news for several days for good as well as bad news. To provide a test of the model of Hong and Stein (1999) we define several proxies for the speed of the information diffusion through different investor groups. We find that for smaller companies with lower abnormal media coverage the information diffusion is indeed slower, as predicted by theory. We further combine the media coverage data with individual investors transaction data in stocks and bank-issued warrants from a large German online broker. Our results indicate that individual investors, especially stock investors, as compared to warrant investors, react slower to new information as the market does. A tendency to react to bad news by buying put warrants, because selling stocks short was impossible for private investors during our sample period, could not be observed.
Keywords: information diffusion, corporate news, media coverage, post-event price drift, individual investors, bank-issued warrants
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1004488
15-The Corporate Governance Role of the Media: Evidence from Russia
I.J. ALEXANDER DYCK
University of Toronto - Joseph L. Rotman School of Management
NATALYA VOLCHKOVA
Center for Economic and Financial Research (CEFIR) - General
LUIGI ZINGALES
University of Chicago; Harvard University; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI)
June 2006
Last revised : march.30.2007
ECGI - Finance Working Paper No. 154/2007
Abstract:
We study the effect of media coverage on corporate governance by focusing on Russia in the period 1999-2002. This setting offers us three ideal conditions for such a study: plenty of corporate governance violations, no alternative mechanisms to address them, and the presence of an investment fund (the Hermitage) that actively lobbies the international press to shame companies perpetrating those violations. We find that Hermitage's lobbying is effective in increasing the coverage of corporate governance violations in the Anglo-American press. We also find that coverage in the Anglo-American press increases the probability that a corporate governance violation is reversed. This effect is present even when we instrument coverage with an exogenous determinant, i.e. the Hermitage's portfolio composition at the beginning of the period. The Hermitage's strategy seems to work in part by impacting Russian companies' reputation abroad and in part by forcing regulators into action.
Keywords: Corporate Governance, international media, investment, Russia
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=891206#PaperDownload
16-Assessing Political Positions of Media
DANIEL E. HO
Stanford Law School
KEVIN M. QUINN
Harvard University - Department of Government
June 21, 2007
Stanford Law and Economics Olin Working Paper No. 343
Abstract:
Although central to understanding the role of the media, few quantitative measures of the political positions of media exist. Collecting and classifying editorials adopted by 23 major U.S. newspapers on 495 Supreme Court cases from 1994-2004, we apply an item response theoretic approach to place newspapers on a substantively meaningful - and long validated - scale of political preferences. Our results provide significant insights into the study of the media. We show that 17 of the 23 papers are more likely to the left of the median Justice for this period, but also find considerable evidence that this may be an artifact of the liberalness of urban, elite, high circulation papers.
Keywords: media bias, item response theory, ideal points, bayesian, measurement, supreme court
17-The Collision of Courts, Politics, and the Media
KEITH J. BYBEE
Syracuse University College of Law and Maxwell School
Bench Press, Forthcoming
Abstract:
Federal court confirmations in the United States have become openly political affairs, with partisans lining up to support their preferred candidates. Matters in the states are not much different, with once sleepy judicial elections changing into ever more contentious political slugfests, replete with single-issue interest groups and negative campaign advertising. Once on the bench, judges at every level find themselves dogged by charges of politically motivated decisionmaking. In Bench Press, a first-of-its-kind collection of essays, figures from the academy, the bench, and the press reflect on the state of the American judiciary. Using the results of a specially commissioned public opinion poll as a starting point, the contributors examine the complex mix of legal principle, political maneuvering, and press coverage that swirl around judicial selection and judicial decisionmaking today. Essays examine the rise of explicitly political state judicial elections; the merits of judicial appointments; the rhetoric of federal judicial confirmation hearings; the quality of legal reporting; the portrayal of courts on the Internet; the inevitable tensions between judges and journalists; and the importance of regulating judicial appearances. The Two Faces of Judicial Power is the introduction to Bench Press. It assesses popular conceptions of the courts and provides an overview of essays in the volume.
Keywords: Judicial Independence, Judicial Elections, Politics, Media, Public Opinion
18-Media Relations - Literature Review
EHSAN KHODARAHMI
Affiliation Unknown
May 2007
Abstract:
This paper is a literature review in the field of media relations. Arguments and counterarguments are gathered in order to add value to this context. The paper includes where media relations come from and its definition by experts. Moreover, its importance and contribution to businesses are cited by using real examples from organisations mainly in EU and US. However, the paper will conclude with series of suggestions and the long-term effect of effective and strategic media relations.
Keywords: media, relation, strategy, technology, PR, effective
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1001948
19-Voter-Funded Media: Governance Reform for Democracies and Corporations
MARK LATHAM
Corporate Monitoring Project
April 13, 2007
Abstract:
Media reform can help solve the voters' free-rider problem in democracies and corporations. Uninformed voters cannot hold elected leaders accountable. Letting voters allocate collective funds to competing media organizations would avoid the misaligned incentives that limit political effectiveness of existing private- and public-sector media. Integrating related research in corporate governance, campaign finance and media reform, this article argues for funding allocated by consensus vote, rather than by the voucher method more often proposed. Voter funding of media has recently been implemented for the first time, in a university student council election. It is designed to spread to larger democracies and corporations, to improve their policies and social impacts.
Keywords: Democracy, media reform, campaign finance reform, corporate governance, free-rider problem
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=980292#PaperDownload
پ / راديو و تلويزيون
1-Three Scenarios for TV in 2015
LAURENCE MEYER
IDATE _ COMMUNICATIONS & STRATEGIES
Communications & Strategies, 2006
Abstract:
By offering three visions of the future of television through 2015, this article aims to highlight some of the socio-economic changes that the television sector may experience in the long term. It highlights the structuring impact that PVR could have on the sector, as well as the upheavals that may arise from a new paradigm of internet TV. It also highlights the options now open to TV channel operators wishing to set up a mobile TV service and the threats facing mobile telecommunications operators in the development of this market as a result.
Keywords: television, forecast, media usages
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=992853#PaperDownload
2-The Future of Radio Regulation: The Need for a Level Playing Field
ADAM THIERER
Progress & Freedom Foundation
December 9, 2005
Progress & Freedom Foundation Progress on Point Paper No. 12.27
Abstract:
Congress and the FCC should free over the air broadcast radio from regulations that are not imposed on its competitors to allow it to compete with satellite radio and other media. Furthermore, the playing field is best leveled by deregulating down, rather than regulating up with new restrictions on satellite radio, local content included.
While other unregulated competitors continue to steal away market share and advertising dollars, terrestrial radio broadcasting remains one of America's most heavily regulated media sectors. Volumes of FCC regulations apply to them that do not apply to any of the other new competitors or the numerous other multiple platform technologies which offer audio content.
The two arguments supplied by the broadcast industry as reasons for regulatory intervention by Congress and the FCC however, are for the purpose of restricting the ability of satellite radio to offer local content, rather than comprehensive liberalization of the traditional terrestrial radio broadcast sector. Such arguments involve terrestrial radio's position as a carrier of last resort of local information, and regulatory disparity.
Legitimate as those concerns may be, this is an opportunity for terrestrial radio to exploit its advantages in the local programming market over satellite radio operators, since it takes a significant investment in human infrastructure (reporters, producers, etc.) to provide a true local media presence.
Regarding regulatory disparity, certainly as the lines continue to blur between formerly distinct media sectors and media technologies continue to converge, it will become increasingly difficult for policymakers to enforce the old regulatory regime. It is this marketplace scenario though by which the regulate up strategy will benefit neither terrestrial nor satellite radio providers, whereas the regulate down strategy would suit the level playing field argument of the broadcast industry even further.
Keywords: radio regulation, broadcast radio, terrestrial radio, satellite radio, over the air, OTA, radio, radio industry,traditional radio,radio broadcasters,XM, Sirius,platforms,NAB,FCC,National Association of Broadcasters,local content, local programming,radio stations,media ownership, media regulation
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=985673#PaperDownload
3-Can Too Much TV Ground You for Life? Television and Child Outcomes
SAMRAT BHATTACHARYA
Fifth Third Bank - Asset Management Division
ABDUL MUNASIB
Oklahoma State University - Stillwater - Department of Economics & Legal Studies in Business
April 2007
Abstract:
The number of hours a typical child watches the television is almost double the suggested guideline by American Academy of Pediatrics (AAP). A very large number of studies have claimed an adverse effect of television on children and teenagers. In this paper, we use The National Longitudinal Survey (NLS), a rich, nationally representative data set that allows us to observe the inter-temporal variations in television viewing behavior and the child outcome measures. Unlike the previous studies, we account for unobservables at the family and the child level, and find that hours of television viewing does not have any effect on Body Mass Index, or reading and mathematics test scores. Only in case of behavioral problems television does have an adverse effect, but the magnitude is small. Despite the conventional wisdom and the ongoing populist movement towards proactive policies, these findings suggest that an emphasis on policies based on existing studies may be premature.
Keywords: Television, child development, test score, behavioral problem, body mass index, overweight, obesity, unobservable characteristics.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=983825#PaperDownload
4-Television as Something Special? Content Control Technologies and Free-to-Air TV
ANDREW T. KENYON
University of Melbourne - Law School
ROBIN W. WRIGHT
University of Melbourne - Centre for Media and Communications Law
U of Melbourne Legal Studies Research Paper No. 198
Melbourne University Law Review, Vol. 30, Vol. 2, 2006
Abstract:
Many areas of digital communication, including digital television, raise concerns about unauthorised reuse of content. Proposals exist in the United States and Europe for applying content control technologies to free-to-air digital television to limit the reuse of broadcast content. These proposals have implications for regulatory options, and for the social and cultural position of television in countries such as Australia. Each proposal also demonstrates the importance of current issues in copyright reform for questions of media law and policy. By examining the history and current status of the broadcast flag in the United States and the Content Protection and Copy Management standard being developed in Europe, this article suggests that Australian regulators are likely to face similar calls for action on digital broadcast content and explains some of the possible regulatory choices regarding the transmission and the reception of digital free-to-air content. As with the United States' and European plans, the choices made in relation to television may have wider implications for digital networked communications and the evolution of a diverse media environment.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=946851#PaperDownload
5-The Right Way to Regulate Violent TV
ADAM THIERER
Progress & Freedom Foundation
May 14, 2007
Progress & Freedom Foundation Progress on Point Paper No. 14.10
Abstract:
Use of the wide variety of available technological controls, household media rules and other private sector efforts are a much better alternative to government regulation to address concerns about children's exposure to violence on television. Lawmakers should be wary of policies that could be struck down in court as unconstitutional, considering recent decisions that have ruled in favor of a least restrictive alternative and away from broad, government-imposed censorship.
Numerous tools and methods, both technical and non-technical, which can be used to control what media content children are exposed to in the home, include private ratings systems, V-chips, personal video recorders, controls provided by cable and satellite providers, and formal or informal household media consumption rules.
Concerned parents and others can work with third parties to gather information and even work within the media marketplace to influence what fare is shown on broadcast and cable television, by making use of ratings and reviews provided by independent organizations and the many educational efforts aimed at teaching adults about parental controls available for all types of media, including television, movies and games.
But if, for whatever reason, some parents are not taking advantage of these tools and options, their inaction should not be used to justify government regulation of programming as a surrogate for household/parental choice.
Keywords: Parental controls, child protection, FCC, tv violence, A La Carte, carte, cable censorship, media censorship,tv censorship, government censorship, media regulation, FCC, family programming, TV programming, TV regulation, family friendly, family networks, V-chip, media violence,children's programming
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=986737
6-Does TV Advertising Really Affect Sales? The Role of Measures, Models and Data Aggregation
DOYLE WEISS
University of Iowa
GERARD J. TELLIS
University of Southern California - Marshall School of Business - Department of Marketing
Journal of Advertising Research, Vol.24, No. 3, pp. 1-12, Fall 1995
Abstract:
Traditional econometric models suggest that advertising has a clear and significant positive effect on sales in the current period. However, recent studies using scanner data indicate that the estimated effects of TV advertising on households' brand choices are weak and rarely significant. Do those findings mean that TV advertising does not really have an impact on current brand choices and sales? Or are the discrepant findings due to differences among the measures, models and aggregation levels used by different researchers? The authors address these issues. Their analysis indicates that aggregating data over time and households may create a false impression of advertising having a statistically significant effect on sales.
Keywords: TV Advertising, Sales Impact, Data Aggregation
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=906662#PaperDownload
7-Don't Play it Again Sam: Radio Play, Record Sales, and Property Rights
STAN J. LIEBOWITZ
University of Texas at Dallas - Department of Finance & Managerial Economics
January 5, 2007
Abstract:
This paper undertakes an econometric investigation of the impact of radio play on sales of sound recordings using a sample of American cities. The results indicate that radio play does not have the positive impact on record sales normally attributed to it and instead appears to have an economically important negative impact, implying that overall radio listening is more of a substitute for the purchase of sound recordings than it is a complement. This finding indicates that creating a set of property rights to allow this market to function properly is different than has been suggested by prior research. This research also exposes a fallacy of composition in applying to an entire market a generally accepted positive relationship that holds for individual units. New technologies changing the nature of radio broadcasts are likely to make this topic increasingly important in the coming years.
Keywords: radio, albums, sound recordings, payola, broadcasting, fallacy of composition
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=956527#PaperDownload
ت / روزنامه نگاري
1-Citizen Journalism and the Reporter's Privilege
MARY-ROSE PAPANDREA
Boston College - Law School
Boston College Law School Research Paper No. 110
Minnesota Law Review, Vol. 91, 2007
Abstract:
The reporter's privilege is under attack, and "pajama-clad bloggers" are largely to blame. Courts and commentators have argued that because the rise of bloggers and other "citizen journalists" renders it difficult to define who counts as a reporter entitled to invoke the privilege, its continued existence is in grave doubt.
The accompanying Article argues that this hysteria is misplaced. The development of the internet as a new medium of communication in many ways poses the same kinds of challenges to the reporter's privilege that courts and state legislatures have faced for decades as television reporters, radio commentators, book authors, documentary filmmakers, and scholars seek to invoke its protections. After exploring the history and purpose of the reporter's privilege, and the increasingly significant contributions of citizen journalists to the public debate, this Article makes a radical proposal: everyone who disseminates information to the public should be presumptively entitled to invoke the reporter's privilege, whether based on the First Amendment, federal common law, or a state shield law. Rather than attempting to limit the category of individuals who are entitled to the privilege by focusing on the medium of publication, the "newsworthy" nature of the desired information, or a "functional" approach that unconstitutionally requires judicial scrutiny of the editorial process, the focus should instead be on limiting the scope of the privilege itself. This Article offers several exceptions to a presumptive privilege that appropriately balance the public's fundamental interest in a vigorous and informed debate against its equally important interests in fairness and justice.
Keywords: citizen journalists, bloggers, reporter's privilege, Internet law
2-Reporting (in) Europe Heuristic Remarks on Old and New Research about 'European Journalism'
HOLGER SIEVERT
University of Cambridge; European Journalism Observatory (EJO); komm.passion GmbH; Bertelsmann Foundation; Technische Universität München (TUM)
February 2007
Abstract:
This paper offers a systematic analysis of the journalism in Europe and examines whether such journalism can be conceptualized as European. While European economic and political integration has considerably advanced since the 1990's, in communication terms Europe still remains a great challenge. In order to approach this challenge, the author focuses his study on the 'social system' of journalism in various EU member states. He uses an adequately differentiated heuristic model to analyze four interrelated media contexts: standard context related to media systems, structure context related to media institutions, function context related to media content, and role context related to media professionals.
Motivated by the observation of a 'crises of civic communication' within the EU and by the lack of journalistic formal and structural uniformity, the author ultimately attempts to group different journalism models in Europe. In conclusion, considering complexity and sensitivity of its multiple contexts, the author suggests that the process of European communicative integration should rather set its own differentiated standards, than compete with the uniforming standards of economic and political integration.
Keywords: communication, journalism, european
3-The Israeli-Hezbollah War of 2006: The Media as a Weapon in Asymmetrical Conflict
MARVIN KALB
Harvard University - John F. Kennedy School of Government
February 2007
KSG Working Paper No. RWP07-012
Abstract:
Based on content analysis of global media and interviews with many diplomats and journalists, this paper describes the trajectory of the media from objective observer to fiery advocate, becoming in fact a weapon of modern warfare. The paper also shows how an open society, Israel, is victimized by its own openness and how a closed sect, Hezbollah, can retain almost total control of the daily message of journalism and propaganda.
Keywords: Ethics/Political Philosophy, Information Technology, Intergovernmental Relations, International Affairs/Globalization, International Security, Leadership/Conflict Management, Political Science, Press and Public Policy, Science, Technology and Public Policy
4-The Sins of the Media: The SABC Decision and the Erosion of Free Press Rights
ROBERT JACOB DANAY
Department of Justice - Government of Canada
JACOB FOSTER
Supreme Court of Appeals
South African Journal on Human Rights, Vol. 22, No. 4, p. 563, 2006
Abstract:
In South African Broadcasting Corporation Ltd v National Director of Public Prosecutions, the Constitutional Court of South Africa dismissed an appeal against a decision of the Supreme Court of Appeal (SCA) denying the national public broadcaster the opportunity to record and broadcast proceedings of a five-day criminal appeal. The majority of the Court held that the SCA's exercise of discretion (including the formulation of a legal test) could only be interfered with if it was a "demonstrable blunder." Not only did the majority fail to appreciate that, for sound constitutional reasons, no deference ought to be due to the SCA's decision, it granted more than the usual deference by making use of the novel "demonstrable blunder" standard. Though some of the possible reasons underlying the majority's use of this new form of appellate review (including a fear that full media access might trivialise the court processes) may have been understandable, such reasons were either legally irrelevant or untenable. The SABC decision is part of a trend whereby the courts and the legislature, often dismayed by incidents of apparent unprofessional conduct by the media, have progressively eroded the constitutional right to a free press. This disquieting trend is based on a misunderstanding of the role of a free press in a constitutional democracy and could ultimately serve to exacerbate any lack of adequate press coverage of the government and the judiciary. Nevertheless, a proper understanding of the "open justice principle," recognised by the Constitutional Court in SABC as a constitutional imperative, represents a potential solution to the observed diminution of free press rights.
Keywords: human rights, freedom of the press, free press, south africa, cameras in the courtroom, cameras, media, courtroom, free expression, constitutional court, demonstrable blunder, appellate review, appellate, review, standard of review, standard, review, journalism, africa, shaik, zuma, deputy president
5-The Media's Ancien Regime
PROFESSOR HUGH HEWITT
Chapman University School of Law
The Weekly Standard, Vol. 11, No. 19, January 30, 2006
Abstract:
Columbia School of Journalism is undertaking a major change via the introduction of a second graduate degree program. Dean Nicholas Leman believes that decline in credibility of major media can be arrested via the teaching to journalists of power skills, e.g. regression analysis, that equip them to provide readers/listeners with more than an account of competing narratives. The attempt is doomed, according to Hewitt, not because of journalists' inability to learn new skills, but because of a uniformity of ideological beliefs that inevitably distort stories and thus diminish credibility in a way that cannot be hidden from a networked world.
Hugh Hewitt is Professor of Law at Chapman University Law School and the Executive Editor of Townhall.com.
Keywords: journalism, media
6-Why Differentiation Between PR and Journalism is Necessary. Selected Results from New Empirical Studies.
HOLGER SIEVERT
University of Cambridge; European Journalism Observatory (EJO); komm.passion GmbH; Bertelsmann Foundation; Technische Universität München (TUM)
Abstract:
Journalism can be seen as an autonomous social system that fulfils a unique function in society: to provide subject matter for the public discussion through its observation of society from the perspective of a disinterested professional. PR, however, is part of other social systems like business (or, more specifically, 'companies'), politics, or culture and plays a specific role with these larger systems."
A great deal has been written in recent years about the relationship between journalism and public relation, but little has been published on the relationship between the training of journalists and of PR specialists. This paper is a study of both relationships. It examines the current situation of qualifications for PR and journalistic work, normative goals for PR and journalism training, possible synergies between PR and Journalism, and ultimately the need to draw a clear line between focused courses of training in journalism and public relations.
Keywords: Public Relations, Journalism, Relationship, Qualifications,
7-Taking Stock of Newspapers and Their Future
RANDALL P. BEZANSON
University of Iowa College of Law
GILBERT CRANBERG
University of Iowa - School of Journalism
U Iowa Legal Studies Research Paper No. 07-12
Florida International Law Review, Vol. 2, No. 1, 2007
Abstract:
In this essay, we will touch upon many subjects that are contributing to the changing face of daily newspapers in the United States. We begin with a brief and conclusory definition of editorial freedom in news, the foundation of journalism, and the key to its educational function in the news setting. We will then turn to markets, technology, economics, organization of the news firm, operation of the newsroom, and the changing definition of news. Our purpose is to identify deep changes that are occurring in the nature and institutions of news, changes that will continue to evolve in un-foreseeable but perhaps controllable ways as the Twenty-first Century unfolds.
Keywords: daily newspapers, editorial freedom, journalism, news industry, market
8-The Role of the Business Press as an Information Intermediary
BRIAN J. BUSHEE
University of Pennsylvania - Accounting Department
JOHN E. CORE
University of Pennsylvania - Accounting Department
WAYNE R. GUAY
University of Pennsylvania - Accounting Department
JIHAE W. HAMM
University of Pennsylvania - Accounting Department
January 3, 2007
Abstract:
This paper investigates whether the business press serves as an information intermediary in the capital markets. The press plays multiple roles including broadly disseminating information, packaging information from multiple sources, and creating new information through journalism practices. Through these services, the press has the potential to shape a firm's information environment by increasing the amount of information flow in the market, by alerting a broader set of investors to news at the firm, and by reducing the level of information asymmetry across investors. We examine the impact of the press on firms' information environments during earnings announcements. In order to focus on firms with likely information problems and capital needs, we examine a sample of 1,246 medium-sized NASDAQ growth firms from 1993 to 2004. We collect 672,052 articles for these firms, which we classify as firm-initiated or press-initiated coverage. Consistent with our hypotheses and theoretical predictions, we find that greater press coverage increases public information about firms (measured by greater absolute returns and trading volume at the time of an earnings announcement), reduces the degree of information asymmetry (measured by lower spreads and greater depth), and facilitates more of both small and large trades. These results are robust to controlling for a variety of firm characteristics such as size, the presence of other information intermediaries, such as analysts and institutional holdings, and the level of firm-initiated disclosures. Our findings suggest that the press is an independent information intermediary and an important factor in reducing information problems related to earnings announcements.
Keywords: Business Press, Information Asymmetry, Information Intermediaries, Earnings Announcements
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Effect of Information and Communication Technologies on Urban Structure