Essays on momentum investing strategies

The momentum investment strategy, which buys recent winner stocks and sells recent loser stocks, earns returns that are simply too good to be explained by traditional finance theories. This thesis extends our understanding of the sources of momentum profits. The research shows that part of the seemingly anomalous returns can be explained by the market's reaction to public news, is affected by how delisting returns are calculated, and is biased by ignoring the time-varying risk of the trading strategy.

Information flow, trading activity and commodity futures volatility

Based on unique news data relating to gold and crude oil, we investigate how news volume and sentiment, shocks in trading activity, market depth and trader positions unrelated to information flow covary with realized volatility. Positive shocks to the rate of news arrival, and negative shocks to news sentiment exhibit the largest effects. After controlling for the level of news flow and cross-correlations, net trader positions play only a minor role. These findings are at odds with those of [Wang (2002a). The Journal of Futures Markets, 22, 427–450; Wang (2002b). The Financial Review, 37, 295–316], but are consistent with the previous literature which doesn't find a strong link between volatility and trader positions.

A pilot study on affective classification of facial images for emerging news topics

The proliferation of news reports published in online websites and news information sharing among social media users necessitates effective techniques for analysing the image, text and video data related to news topics. This paper presents the first study to classify affective facial images on emerging news topics. The proposed system dynamically monitors and selects the current hot (of great interest) news topics with strong affective interestingness using textual keywords in news articles and social media discussions. Images from the selected hot topics are extracted and classified into three categorized emotions, positive, neutral and negative, based on facial expressions of subjects in the images. Performance evaluations on two facial image datasets collected from real-world resources demonstrate the applicability and effectiveness of the proposed system in affective classification of facial images in news reports. Facial expression shows high consistency with the affective textual content in news reports for positive emotion, while only low correlation has been observed for neutral and negative. The system can be directly used for applications, such as assisting editors in choosing photos with a proper affective semantic for a certain topic during news report preparation.

How does ‘Newstainment’ actually work? : ethnographic research methods and contemporary popular news

Much debate has taken place recently over the potential for entertainment genres and unorthodox forms of news to provide legitimate – indeed democratized – in-roads into the public sphere. Amidst these discussions, however, little thought has been paid to the audiences for programs of this sort, and (even when viewers are considered) the research can too easily treat audiences in homogenous terms and therefore replicate the very dichotomies these television shows directly challenge. This paper is a critical reflection on an audience study into the Australian morning “newstainment” program Sunrise. After examining the show and exploring how it is ‘used’ as a news source, this paper will promote the use of ethnographic study to better conceptualize how citizens integrate and connect the increasingly fragmented and multifarious forms of postmodern political communication available in their everyday lives.

User behaviours and intentions with digital news media in Australia

This paper summarises findings from a survey of user behaviors and intentions towards digital media and information in Australia. It was undertaken in the first quarter of 2009 by the Queensland University of Technology Creative Industries Faculty and was funded by the Smart Services Cooperative Research Centre. The survey targeted users of 2 news and information sites that are available online only. Findings highlighted differences between the 18-24 year age segment and older users. Social networks (specifically friends and family) were rated as the least reliable, relevant and accurate sources of news. Other findings indicate online news sources that are associated with an established newspaper are highly valued as reliable, relevant and accurate news sources by most people. While most people prefer to use online news sources, there is a great deal of variation in the ways in which people actually use online news. From a total of 524 respondents to the survey it was possible to identify three main types of online news consumers: convenience, loyal and customising users.

Comparing international television news : the case of violence presentation in Germany, Great Britain and Russia -- [in German : Gewalt in internationalen Fernsehnachrichten - eine komparative Analyse medialer Gewaltpräsentation in Deutschland, Großbritannien und Russland]

This is an important book that ought to launch a debate about how we research our understanding of the world, it is an innovative intervention in a vital public issue, and it is an elegant and scholarly hard look at what is actually happening. Jean Seaton, Prof of Media History, U of Westminster, UK & Official Historian of the BBC -- Summary: This book investigates the question of how comparative studies of international TV news (here: on violence presentation) can best be conceptualized in a way that allows for crossnational, comparative conclusions on an empirically validated basis. This book shows that such a conceptualization is necessary in order to overcome existing restrictions in the comparability of international analysis on violence presentation. Investigated examples include the most watched news bulletins in Great Britain (10o'clock news on the BBC), Germany (Tagesschau on ARD) and Russia (Vremja on Channel 1). This book highlights a substantial cross-national violence news flow as well as a cross-national visual violence flow (key visuals) as distinct transnational components. In addition, event-related textual analysis reveals how the historical rootedness of nations and its symbols of power are still manifested in televisual mediations of violence. In conclusion, this study lobbies for a conscientious use of comparative data/analysis both in journalism research and practice in order to understand what it may convey in the different arenas of today’s newsmaking.

Audience & Market Foresight : Consumer Trends in Digital News and Information in Australia

We all know that the future of news is digital. But mainstream news providers are still grappling with how to entice more customers to digital news. This paper provides context for a survey currently underway on user intentions towards digital news and entertainment, by exploring: 1. Consumer behaviours and intentions towards digital news and information use; 2. Current trends in the Australian online news and information sector; 3. Issues and emerging opportunities in the Australian (and global) environment. Key influences on digital use of news and information are pricing and access. The paper highlights emerging technical opportunities and flags service gaps as at December 2008. These gaps include multiple disconnects between: 1. Changing user intentions towards online and location based news (news based on a specific locality as chosen by the user) and information; 2. The ability by consumers to act on these intentions via the availability and cost of technologies; 3. Younger users prefer entertainment to news; 4. Current digital offerings of traditional news providers and opportunities. These disconnects present an opportunity for online news suppliers to appraise and resolve. Doing so may enhance their online news and information offering, attract consumers and improve loyalty. Outcomes from this paper will be used to identify knowledge gaps and contribute to the development of further analysis on Australian consumers and their behaviours and intentions towards online news and information. This will be ndertaken via focus groups as part of a broader study by researchers at the Creative Industries Faculty at the Queensland University of Technology supported by the Smart Services Cooperative Research Centre.

Democracy, participation and convergent media : case studies in contemporary online news journalism in Australia

The shift from 20th century mass communications media towards convergent media and Web 2.0 has raised the possibility of a renaissance of the public sphere, based around citizen journalism and participatory media culture. This paper will evaluate such claims both conceptually and empirically. At a conceptual level, it is noted that the question of whether media democratization is occurring depends in part upon how democracy is understood, with some critical differences in understandings of democracy, the public sphere and media citizenship. The empirical work in this paper draws upon various case studies of new developments in Australian media, including online- only newspapers, developments in public service media, and the rise of commercially based online alternative media. It is argued that participatory media culture is being expanded if understood in terms of media pluralism, but that implications for the public sphere depend in part upon how media democratization is defined.

A news story as big as a doctoral thesis? : deploying journalistic methodology in academic research

The purpose of this paper is to identify and recommend the emergence of an academic research methodology for Journalism the academic discipline, through reviewing various journalistic methods of research – those making up a key element in such methodology. Its focus is on journalistic styles of work employed in academic contexts especially research on mass media issues. It proposes that channelling such activity into disciplined academic forms will enhance both: allowing the former to provide more durable and deeper outcomes, injecting additional energy and intensity of purpose into the latter. It will briefly consider characteristics of research methodologies and methods, generally; characteristics of the Journalism discipline, and its relationship with mass media industries and professions. The model of journalism used here is the Western liberal stream. A proposition is made, that teaching and research in universities focused on professional preparation of journalists, has developed so that it is a mature academic discipline. Its adherents are for the most part academics with background in journalistic practice, and so able to deploy intellectual skills of journalists, while also accredited with Higher Degrees principally in humanities. Research produced in this discipline area stands to show two characteristics: (a) it employs practices used generally in academic research, e.g. qualitative research methods such as ethnographic studies or participant observation, or review of documents including archived media products, and (b) within such contexts it may use more specifically journalistic techniques, e.g. interviewing styles, reflection on practice of journalism, and in creative practice research, journalistic forms of writing – highlighting journalistic / practitioner capabilities of the author. So the Journalism discipline, as a discipline closely allied to a working profession, is described as one where individual professional skills and background preparation for media work will be applicable to academic research. In this connection the core modus operandi will be the directly research-related practices of: insistent establishment of facts, adept crafting of reportage, and economising well with time. Prospective fields for continuing research are described:- work in new media; closer investigation of relations among media producers and audiences; journalism as creative practice, and general publishing by journalists, e.g. writing histories.

Spatial Science News from QUT, Urban Development, November 2009.

Brief overview of topics/issues of interest end of 2009, including Spatial Science Students undertake Variety of Research Projects; labs and offices on the move again); Congratulations to Surveying Student Project- QSEA awards.

Structuring free-form tagging in online news

Tagging has become one of the key activities in next generation websites which allow users selecting short labels to annotate, manage, and share multimedia information such as photos, videos and bookmarks. Tagging does not require users any prior training before participating in the annotation activities as they can freely choose any terms which best represent the semantic of contents without worrying about any formal structure or ontology. However, the practice of free-form tagging can lead to several problems, such as synonymy, polysemy and ambiguity, which potentially increase the complexity of managing the tags and retrieving information. To solve these problems, this research aims to construct a lightweight indexing scheme to structure tags by identifying and disambiguating the meaning of terms and construct a knowledge base or dictionary. News has been chosen as the primary domain of application to demonstrate the benefits of using structured tags for managing the rapidly changing and dynamic nature of news information. One of the main outcomes of this work is an automatically constructed vocabulary that defines the meaning of each named entity tag, which can be extracted from a news article (including person, location and organisation), based on experts suggestions from major search engines and the knowledge from public database such as Wikipedia. To demonstrate the potential applications of the vocabulary, we have used it to provide more functionalities in an online news website, including topic-based news reading, intuitive tagging, clipping and sharing of interesting news, as well as news filtering or searching based on named entity tags. The evaluation results on the impact of disambiguating tags have shown that the vocabulary can help to significantly improve news searching performance. The preliminary results from our user study have demonstrated that users can benefit from the additional functionalities on the news websites as they are able to retrieve more relevant news, clip and share news with friends and families effectively.

Translation and news making : a study of contemporary arabic television

Arabic satellite television has recently attracted tremendous attention in both the academic and professional worlds, with a special interest in Aljazeera as a curious phenomenon in the Arab region. Having made a household name for itself worldwide with the airing of the Bin Laden tapes, Aljazeera has set out to deliberately change the culture of Arabic journalism, as it has been repeatedly stated by its current General Manager Waddah Khanfar, and to shake up the Arab society by raising awareness to issues never discussed on television before and challenging long-established social and cultural values and norms while promoting, as it claims, Arab issues from a presumably Arab perspective. Working within the meta-frame of democracy, this Qatari-based network station has been received with mixed reactions ranging from complete support to utter rejection in both the west and the Arab world. This research examines the social semiotics of Arabic television and the socio-cultural impact of translation-mediated news in Arabic satellite television, with the aim to carry out a qualitative content analysis, informed by framing theory, critical linguistic analysis, social semiotics and translation theory, within a re-mediation framework which rests on the assumption that a medium “appropriates the techniques, forms and social significance of other media and attempts to rival or refashion them in the name of the real" (Bolter and Grusin, 2000: 66). This is a multilayered research into how translation operates at two different yet interwoven levels: translation proper, that is the rendition of discourse from one language into another at the text level, and translation as a broader process of interpretation of social behaviour that is driven by linguistic and cultural forms of another medium resulting in new social signs generated from source meaning reproduced as target meaning that is bound to be different in many respects. The research primarily focuses on the news media, news making and reporting at Arabic satellite television and looks at translation as a reframing process of news stories in terms of content and cultural values. This notion is based on the premise that by its very nature, news reporting is a framing process, which involves a reconstruction of reality into actualities in presenting the news and providing the context for it. In other words, the mediation of perceived reality through a media form, such as television, actually modifies the mind’s ordering and internal representation of the reality that is presented. The research examines the process of reframing through translation news already framed or actualized in another language and argues that in submitting framed news reports to the translation process several alterations take place, driven by the linguistic and cultural constraints and shaped by the context in which the content is presented. These alterations, which involve recontextualizations, may be intentional or unintentional, motivated or unmotivated. Generally, they are the product of lack of awareness of the dynamics and intricacies of turning a message from one language form into another. More specifically, they are the result of a synthesis process that consciously or subconsciously conforms to editorial policy and cultural interpretive frameworks. In either case, the original message is reproduced and the news is reframed. For the case study, this research examines news broadcasts by the now world-renowned Arabic satellite television station Aljazeera, and to a lesser extent the Lebanese Broadcasting Corporation (LBC) and Al- Arabiya where access is feasible, for comparison and crosschecking purposes. As a new phenomenon in the Arab world, Arabic satellite television, especially 24-hour news and current affairs, provides an interesting area worthy of study, not only for its immediate socio-cultural and professional and ethical implications for the Arabic media in particular, but also for news and current affairs production in the western media that rely on foreign language sources and translation mediation for international stories.

Violence Profiles on International TV News

Journalism has achieved a crucial importance as a social institution linked with the notion of the public interest. It is still doing so but is nevertheless increasingly challenged by getting networked with the interested publics. This becomes more apparent in times when the media repertoires and audiences as such are changing, when the public relies on more than one news source for the transmission and formulation of world events, but when the importance of TV news nevertheless remains relatively stable. Against this backdrop we may ask what publics contribute to or take away from the new plethora of images and stories saturating the media? This article gives an approximate answer by drawing on a comparative analysis of the present-day presentations of violence on British, German, and Russian television news. Violence in the media is not a new phenomenon, as age-old literary masterpieces like Homer’s Odyssey show, but it is still a very popular one, especially in the news. This article highlights trans-national and national elements in the reporting of violence in three different news cultures. At first glance, both the substantial cross-national violence news flow and the cross-national visual violence flow (key visuals) may be interpreted as distinctly trans-national elements. Event-related textual analysis, however, reveals how the historical rootedness of nations and their specific symbols of power are still very much manifested in respective television mediations of violence. In conclusion, this study recommends the pursuit of conscientious comparisons in journalist research and practice in order to understand what violence news convey in the different arenas of present-day newsmaking.