Essays in Media and Finance

This Ph.D. thesis consists in three research papers focused on the relationship between media industry and the financial sector. The importance of a correct understanding what is the effect of media on financial markets is becoming increasingly important as long as fully informed markets hypothesis has been challenged. Therefore, if financial markets do not have access to complete information, the importance of information professionals, the media, follows. On the other side, another challenge for economic and finance scholar is to understand how financial features are able to influence media and to condition information disclosure. The main aim of this Ph.D. dissertation is to contribute to a better comprehension for both the phenomena. The first paper analyzes the effects of owning equity shares in a newspaper- publishing firm. The main findings show how for a firm being part of the ownership structure of a media firm ends to receive more and better coverage. This confirms the view in which owning a media outlet is a source of conflicts of interest. The second paper focuses on the effect of media-delivered information on financial markets. In the framework of IPO in the U.S. market, we found empirical evidence of a significant effect of the media role in the IPO pricing. Specifically, increasing the quantity and the quality of the coverage increases the first-day returns (i.e. the underpricing). Finally the third paper tries to summarize what has been done in studying the relationship between media and financial industries, putting together contributes from economic, business, and financial scholars. The main finding of this dissertation is therefore to have underlined the importance and the effectiveness of the relationship between media industry and the financial sector, contributing to the stream of research that investigates about the media role and media effectiveness in the financial and business sectors.

Populism as a battlefield Populist actors and their representation on social and legacy media during the european parliament elections 2019 in Finland, Italy and the Netherlands

The objective of the present research is to describe and explain populist actors and populism as a concept and their representation on social and legacy media during the 2019 EU elections in Finland, Italy and The Netherlands. This research tackles the topic of European populism in the context of political communication and its relation to both the legacy and digital media within the hybrid media system. Departing from the consideration that populism and populist rhetoric are challenging concepts to define, I suggest that they should be addressed and analyzed through the usage of a combination of methods and theoretical perspectives, namely Communication Studies, Corpus Linguistics, Political theory, Rhetoric and Corpus-Assisted Discourse Studies. This thesis considers data of different provenance. On the one hand, for the Legacy media part, newspapers articles were collected in the three countries under study from the 1st until the 31st of May 2019. Each country’s legacy system is represented by three different quality papers and the articles were collected according to a selection of keywords (European Union Elections and Populism in each of the three languages). On the other hand, the Digital media data takes into consideration Twitter tweets collected during the same timeframe based on particular country-specific hashtags and tweets by identified populist actors. In order to meet the objective of this study, three research questions are posed and the analysis leading to the results are exhaustively presented and further discussed. The results of this research provide valuable and novel insights on how populism as a theme and a concept is being portrayed in the context of the European elections both in legacy and digital media and political communication in general.

A projection into the ideas and technologies of "non-place" and "space of flow" in urban context

The meaning of a place has been commonly assigned to the quality of having root (rootedness) or sense of belonging to that setting. While on the contrary, people are nowadays more concerned with the possibilities of free moving and networks of communication. So, the meaning, as well as the materiality of architecture has been dramatically altered with these forces. It is therefore of significance to explore and redefine the sense and the trend of architecture at the age of flow. In this dissertation, initially, we review the gradually changing concept of "place-non-place" and its underlying technological basis. Then we portray the transformation of meaning of architecture as influenced by media and information technology and advanced methods of mobility, in the dawn of 21st century. Against such backdrop, there is a need to sort and analyze architectural practices in response to the triplet of place-non-place and space of flow, which we plan to achieve conclusively. We also trace the concept of flow in the process of formation and transformation of old cities. As a brilliant case study, we look at Persian Bazaar from a socio-architectural point of view. In other word, based on Robert Putnam's theory of social capital, we link social context of the Bazaar with architectural configuration of cities. That is how we believe "cities as flow" are not necessarily a new paradigm.