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.

Marginality and Integrity: Constructing of Gender Identities in the Post-Communist Bulgaria

Ms. Kotzeva's team aimed to reveal the formation of the new gender identities in the transitional society of Bulgaria since 1989. Their main conclusions (presented in a series of manuscripts written in Bulgarian and German, and also on disc) were reached on the basis of data obtained from a field survey involving a group of 190 women, and interviews conducted with a group of Bulgarian women politicians. Although approving of gender equality and the ideology of emancipation on an abstract level, women predominantly identify themselves with mothering and caring for the family. At the same time they do not fully surrender to their family obligations and support a strategy of balancing between family and extra-family activities. Bulgarian women are highly frustrated by the new requirements of the labour market, insecurity, and lack of safety in their personal life. Ms. Kotzeva and her team observed a high degree of convergence of self-identification strategies amongst Bulgarian women from different generations and educational backgrounds. On the other hand, women from the ethnic minorities, especially Gypsy women, demonstrate radically divergent styles of orientation and behaviour. Women's marginalisation due to the altering economic and political circumstances in Bulgaria, and the decline of female participation in Parliament, have clearly shown that the end of socialist women's politics must lead to critical reflection and the development of new strategies in order to enable women to take part in the process of a new elite in Bulgaria.

Characterization of the bovine IkappaB kinases (IKK)alpha and IKKbeta, the regulatory subunit NEMO and their substrate IkappaBalpha

The Nuclear factor (NF)-kappaB signalling pathway plays a critical role in the regulation and coordination of a wide range of cellular events such as cell growth, apoptosis and cell differentiation. Activation of the IKK (inhibitor of NF-kappaB kinase) complex is a crucial step and a point of convergence of all known NF-kappaB signalling pathways. To analyse bovine IKKalpha (IKK1), IKKbeta (IKK2) and IKKgamma (or NF-kappaB Essential MOdulator, NEMO) and their substrate IkappaBalpha (Inhibitor of NF-kappaB), the corresponding cDNAs of these molecules were isolated, sequenced and characterized. A comparison of the amino acid sequences with those of their orthologues in other species showed a very high degree of identity, suggesting that the IKK complex and its substrate IkappaBalpha are evolutionarily highly conserved components of the NF-kappaB pathway. Bovine IKKalpha and IKKbeta are related protein kinases showing 50% identity which is especially prominent in the kinase and leucine zipper domains. Co-immunoprecipitation assays and GST-pull-down experiments were carried out to determine the composition of bovine IKK complexes compared to that in human Jurkat T cells. Using these approaches, the presence of bovine IKK complexes harbouring IKKalpha, IKKbeta, NEMO and the interaction of IKK with its substrate IkappaBalpha could be demonstrated. Parallel experiments using human Jurkat T cells confirmed the high degree of conservation also at the level of protein-protein interactions. Finally, a yeast two-hybrid analysis showed that bovine NEMO molecules, in addition to the binding to IKKalpha and IKKbeta, also strongly interact with each other.

Gauss-Seidel Estimation of Generalized Linear Mixed Models with Application to Poisson Modeling of Spatially Varying Disease Rates

Generalized linear mixed models (GLMMs) provide an elegant framework for the analysis of correlated data. Due to the non-closed form of the likelihood, GLMMs are often fit by computational procedures like penalized quasi-likelihood (PQL). Special cases of these models are generalized linear models (GLMs), which are often fit using algorithms like iterative weighted least squares (IWLS). High computational costs and memory space constraints often make it difficult to apply these iterative procedures to data sets with very large number of cases. This paper proposes a computationally efficient strategy based on the Gauss-Seidel algorithm that iteratively fits sub-models of the GLMM to subsetted versions of the data. Additional gains in efficiency are achieved for Poisson models, commonly used in disease mapping problems, because of their special collapsibility property which allows data reduction through summaries. Convergence of the proposed iterative procedure is guaranteed for canonical link functions. The strategy is applied to investigate the relationship between ischemic heart disease, socioeconomic status and age/gender category in New South Wales, Australia, based on outcome data consisting of approximately 33 million records. A simulation study demonstrates the algorithm's reliability in analyzing a data set with 12 million records for a (non-collapsible) logistic regression model.

Capsule genes of Streptococcus pneumoniae influence growth in vitro

Recently, we showed that the in vitro lag phase correlates with the pneumococcal serotype. This study investigated the role of capsule genes in bacterial growth using strain D39. Deletion of the entire capsule operon induced a significantly prolonged lag phase in Todd Hewitt broth (P=0.0002). However, partial deletions showed a different influence on the lag phase. Supplementation of media with 5% fetal bovine serum restored normal growth, at least partially, in mutants with a prolonged lag phase. Therefore, pneumococcal capsule gene products influence bacterial growth in vitro in strain D39.

La Yeguada volcanic complex, western Panama : an assessment of the geologic hazards using new 40AR/39Ar Ages

La Yeguada volcanic complex is one of three Quaternary volcanic centers in Panama, and is located on the southern slope of the Cordillera Central mountain range in western Panama, province of Veraguas. To assess potential geologic hazards, this study focused on the main dome complex near the village of La Laguna and also examined a cinder cone 10 km to the northwest next to the village of Media Luna. Based on newly obtained 40Ar/39Ar ages, the most recent eruption occurred approximately 32 000 years ago at the Media Luna cinder cone, while the youngest dated eruption at the main dome complex occurred 0.357 ± 0.019 Ma, producing the Castillo dome unit. Cerro Picacho is a separate dome located 1.5 km east of the main complex with a date of 4.47 ± 0.23 Ma, and the El Satro Pyroclastic Flow unit surrounds the northern portion of the volcanic complex and has an age of 11.26 ± 0.17 Ma. No Holocene (10 000 years ago to present) activity is recorded at the La Yeguada volcanic complex and therefore, it is unlikely to produce another eruption. The emergence of a new cinder cone is a possibility, but the associated hazards tend to be low and localized, and this does not pose a significant threat to the small communities scattered throughout the area. The main geologic hazard at the La Yeguada volcanic complex is from landslides coming off the many steep slopes.

Uptake and fate of hexahydro-1,3,5-trinitro-1,3,5-triazine by Chrysopogon zizanioides

Hexahydro-1,3,5-trinitro-1,3,5-triazine (RDX) is a nitramine compound that has been used heavily by the military as an explosive. Manufacturing, use, and disposal of RDX have led to several contamination sites across the United States. RDX is both persistent in the environment and a threat to human health, making its remediation vital. The use of plants to extract RDX from the soil and metabolize it once it is in the plant tissue, is being considered as a possible solution. In the present study, the tropical grass Chrysopogon zizanioides was grown hydroponically in the presence RDX at 3 different concentration levels: 0.3, 1.1, and 2.26 ppm. The uptake of RDX was quantified by high performance liquid chromatography (HPLC) analysis of media samples taken every 6 hr during the first 24 hr and then daily over a 30-day experimental period. A rapid decrease in RDX concentration in the media of both controls and plant treatments was seen within the first 18 hours of the experiment with the greatest loss in RDX over time occurring within the first 6 hours of exposure. The loss was similar in both controls and plant exposures and possibly attributed to rapid uptake by the containers. A plant from one treatment at each of the three concentrations was harvested at Day 10, 20 and 30 throughout the experiment and extracted to determine the localization of RDX within the tissue and potentially identify any metabolites on the basis of differing retention times. Of the treatments containing 0.3, 1.1, and 2.26 ppm RDX, 13.1%, 18.3%, and 24.2% respectively, was quantified in vetiver extracts, with the majority of the RDX being localized to the roots. All plants not yet harvested were harvested on Day 30 of the experiment. A total of three plants exposed to each concentration level as well as the control, were extracted and analyzed with HPLC to determine amount of RDX taken up, localization of RDX within the plant tissue, and potentially identify any metabolites. Phytotoxicity of RDX to vetiver was also monitored. While a loss in biomass was observed in plants exposed to all the different concentrations of RDX, control plants grown in media not exposed to RDX showed the greatest biomass loss of all the treatments. There was also little variation in chlorophyll content between the different concentration treatments with RDX. This preliminary greenhouse study of RDX uptake 10 by Chrysopogon zizanioides will help indicate the potential ability of vetiver to serve as a plant system in the phytoremediation of RDX.

Problems in the classical calculus of variations

This dissertation concerns convergence analysis for nonparametric problems in the calculus of variations and sufficient conditions for weak local minimizer of a functional for both nonparametric and parametric problems. Newton's method in infinite-dimensional space is proved to be well-defined and converges quadratically to a weak local minimizer of a functional subject to certain boundary conditions. Sufficient conditions for global converges are proposed and a well-defined algorithm based on those conditions is presented and proved to converge. Finite element discretization is employed to achieve an implementable line-search-based quasi-Newton algorithm and a proof of convergence of the discretization of the algorithm is included. This work also proposes sufficient conditions for weak local minimizer without using the language of conjugate points. The form of new conditions is consistent with the ones in finite-dimensional case. It is believed that the new form of sufficient conditions will lead to simpler approaches to verify an extremal as local minimizer for well-known problems in calculus of variations.

“Beneath the Starry Flag”: the Flags and Songs of the 1913-14 Michigan Copper Strike as Image-making in the American Labor Movement

The 1913-14 Michigan copper strike is unlike many American labor actions of the period in that it did not include red flags or socialist anthems. Many of the most familiar photographs of the strike involve American flags, not red ones. Similarly, the songs mentioned in journalistic accounts of the strikers are American Civil War songs, not popular labor songs of the period. The few newly-written songs about the strike, published in the local newspapers, seem cautiously polite and espouse values such as patriotism, liberty and human rights. During a time when sections of the "friendly" press were concerned with labor presenting the correct image and avoiding unfavorable associations, the Copper Country strikers, and the W.F.M., seem to have been attempting to create a fresh narrative regarding what this strike was (and what it was not). This paper will consider elements of the Copper Country strike in the light of media coverage, prior to July 1913, of several American labor topics that might have influenced the way the strike was presented. Particular attention will be given to photographs, songs, and accounts from the 1912 Lawrence textile strike, as well as contemporaneous critiques of labor song lyrics. Most of this commentary will be drawn from the labor and socialist press, demonstrating that the 1913-14 Michigan copper strike occurred during a period in which the labor movement was struggling to craft and image that would display it as it wished to be seen. This paper has not yet been submitted.

Spatial and Temporal Evolution of the Volcanics and Sediments of the Kenya Rift

New volumetric and mass flux estimates have been calculated for the Kenya Rift. Spatial and temporal histories for volcanic eruptions, lacustrine deposition, and hominin fossil sites are presented, aided by the compilation of a new digital geologic map. Distribution of volcanism over time indicates several periods of southward expansion followed by relative positional stasis. Volcanism occurs throughout the activated rift length, with no obvious abandonment as the rift system migrated. The main exception is a period of volcanic concentration around 10 Ma, when activity was constrained within 2° of the equator. Volumes derived from seismic data indicate a total volume of c. 310,000 km3 (2.47 x 1010 kg/yr ), which is significantly more than the map-derived volumes found here or published previously. Map-based estimates are likely affected by a bias against recognizing small volume events in the older record. Such events are, however, the main driver of erupted volume over the last 5 Ma. A technique developed here to counter this bias results in convergence of the two volume estimation techniques. Relative erupted composition over time is variable. Overall, the erupted material has a mafic to silicic ratio of 0.9:1. Basalts are distinctly more common in the Turkana region, which previously experienced Mesozoic rifting. Despite the near equal ratio of mafic to silicic products, the Kenya Rift otherwise fits the definition of a SLIP. It is proposed that the compositions would better fit the published definition if the Turkana region was not twice-rifted. Lacustrine sedimentation post-dates initial volcanism by about 5 million years, and follows the same volcanic trends, showing south and eastward migration over time. This sedimentation delay is likely related to timing of fault displacements. Evidence of hominin habitation is distinctly abundant in the northern and southern sections of the Kenya Rift, but there is an observed gap in the equatorial rift between 4 and 0.5 million years ago. After 0.5 Ma, sites appear to progress towards the equator. The pattern and timing of hominid site distributions suggests that the equatorial gap in habitation may be the result of active volcanic avoidance.

ENVISIONING QUEER THROUGH DIGITAL MEDIA: DEVELOPING A COMMUNITY-BASED WORKSHOP IN MEDIA ANALYSIS FOR LGBTQIA+ YOUTH

This project consists of a proposed curriculum for a semester-long, community-based workshop for LGBTQIA+ (lesbian, gay, bisexual, trans*, queer or questioning, intersex, asexual or ally, "+" indicating other identifications that deviate from heterosexual) youth ages 16-18. The workshop focuses on an exploration of LGBTQIA+ identity and community through discussion and collaborative rhetorical analysis of visual and social media. Informed by queer theory and history, studies on youth work, and visual media studies and incorporating rhetorical criticism as well as liberatory pedagogy and community literacy practices, the participation-based design of the workshop seeks to involve participants in selection of media texts, active analytical viewership, and multimodal response. The workshop is designed to engage participants in reflection on questions of individual and collective responsibility and agency as members and allies of various communities. The goal of the workshop is to strengthen participants' abilities to analyze the complex ways in which television, film, and social media influence their own and others’ perceptions of issues surrounding queer identities. As part of the reflective process, participants are challenged to consider how they can in turn actively and collaboratively respond to and potentially help to shape these perceptions. My project report details the theoretical framework, pedagogical rationale, methods of text selection and critical analysis, and guidelines for conduct that inform and structure the workshop.

hp-dGFEM for Second-Order Elliptic Problems in Plyhedra II: Exponential Convergence

The goal of this paper is to establish exponential convergence of $hp$-version interior penalty (IP) discontinuous Galerkin (dG) finite element methods for the numerical approximation of linear second-order elliptic boundary-value problems with homogeneous Dirichlet boundary conditions and piecewise analytic data in three-dimensional polyhedral domains. More precisely, we shall analyze the convergence of the $hp$-IP dG methods considered in [D. Schötzau, C. Schwab, T. P. Wihler, SIAM J. Numer. Anal., 51 (2013), pp. 1610--1633] based on axiparallel $\sigma$-geometric anisotropic meshes and $\bm{s}$-linear anisotropic polynomial degree distributions.

The role of mundane mobility and contact in dialect death and dialect birth

Urry begins his 2007 book, Mobilities, by throwing some quite stunning statistics at his readers: in 2010, there were one billion legal international arrivals at ports and airports; in 1800 people in the US travelled on average 50 metres per day, today it is 50 kilometres per day; 8.7% of world employment is in tourism; and, at any one time, there are 360,000 passengers in flight above the United States (2007: 3-4). But very many of these mobilities for the individuals concerned are or have become rather unexceptional – a flight to a holiday in Majorca or Florida, a journey on a crowded commuter train into Madrid or Tokyo, a cross-Channel ferry to Calais in France to pick up some cheap wine and a camembert. Whilst much of the theoretically influential dialectological literature on mobility reports on long-distance, often permanent, often dangerous migrations, I turn our attention here to the dialectological consequences of this unexceptional everyday movement. I will argue here that, just as more dramatic and long-distance mobilities can trigger linguistic change, so too can the much more mundane movements we engage in in everyday life. I demonstrate that the linguistic consequences of that contact are similar if not the same – perhaps less dramatic, perhaps involving the convergence of an initially less divergent array of variants – but typologically of the same ilk. And I demonstrate that because these mobilities have been long-term, intensive and ongoing, their consequences on the dialect landscape have been highly significant. Important to remember, however, is that these mobilities are socially stratified and unevenly distributed. As Wolff put it: “the suggestion of free and equal mobility is … a deception, since we don’t all have the same access to the road” (1993: 253).

A model of the roles of essential kinases in the induction and expression of late long-term potentiation.

The induction of late long-term potentiation (L-LTP) involves complex interactions among second-messenger cascades. To gain insights into these interactions, a mathematical model was developed for L-LTP induction in the CA1 region of the hippocampus. The differential equation-based model represents actions of protein kinase A (PKA), MAP kinase (MAPK), and CaM kinase II (CAMKII) in the vicinity of the synapse, and activation of transcription by CaM kinase IV (CAMKIV) and MAPK. L-LTP is represented by increases in a synaptic weight. Simulations suggest that steep, supralinear stimulus-response relationships between stimuli (e.g., elevations in [Ca(2+)]) and kinase activation are essential for translating brief stimuli into long-lasting gene activation and synaptic weight increases. Convergence of multiple kinase activities to induce L-LTP helps to generate a threshold whereby the amount of L-LTP varies steeply with the number of brief (tetanic) electrical stimuli. The model simulates tetanic, -burst, pairing-induced, and chemical L-LTP, as well as L-LTP due to synaptic tagging. The model also simulates inhibition of L-LTP by inhibition of MAPK, CAMKII, PKA, or CAMKIV. The model predicts results of experiments to delineate mechanisms underlying L-LTP induction and expression. For example, the cAMP antagonist RpcAMPs, which inhibits L-LTP induction, is predicted to inhibit ERK activation. The model also appears useful to clarify similarities and differences between hippocampal L-LTP and long-term synaptic strengthening in other systems.