This study examines the relationship between the extent of initial public offering (IPO) underpricing and market sentiment surrounding technology issues listing on the Australian Stock Exchange(AsX) during 1999 and 2000. We consider hype surrounding these issues as reflected in the media and as reflected in the market 's sentiment towards recent offerings by similar firms We also consider the relationship between technology firms' need for follow-on offerings due to
The independence of editorial content from advertisers' influence is a cornerstone of journalistic ethics We test whether this independence is observed in practice. We find that mutual fund recommendations are correlated with past advertising in three personal finance publications but not in two national news- papers. Our tests control for numerous fund characteristics, total advertising expenditures
Interest groups seek to influence economic activity through public and private politics. Public politics takes place in the arenas of public inst it utions, whereas private politics takes place out side public inst itutions oft en in the arena of public sentiment. Private politics refers to action by interest groups directed at private parties, as in the case of an activist group launching a campaign against a firm
Privatization and Self-Regulation as Tropes of Global Media Restructuring There is a power to language itself in affecting media reform around the world. The field of media regulation is filled with examples of strong ideas, encapsulated in words and phrases, that have an enormous impact on legislative transformation, and the export of which seems a characteristic of globalization. Just think of the ideology-laden tropes
(Harvard University and NBER) October 1, 2002 Abstract There are two dierent types of media bias. One bias, which we refer to as ideology, re ects a news outlet's desire to aect reader opinions in a particular direction. The second bias, which we refer to as spin
During the twentieth century, virtually all western democracies saw growing media concentration as a threat to freedom of the press and to democracy. Most adopted laws to support press diversity, whether through competition (antitrust and media specific) laws or subsidy arrangements, often subsidies targeted specifically to support weaker competing