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.

Crime, Mass Media and the General Public in Lithuania

The project investigated the presentation of crime in the Lithuanian media and its possible impact on the general public's understanding of crime-related problems in society. Dobryninas concentrated on three main aspects of this problem: the development of the image of crime in the Lithuanian press and television, journalists' principles in presenting crime-related information, and the public attitude to the presentation of crime in the media. A content analysis of national newspapers from the period of 1992-1997 showed not only increasing interest in crime problems, but also the distorted nature of the image of crime in the media. In-depth interviews with Lithuanian journalists demonstrated that they understood their role in presenting crime-related information firstly as providing information oriented to high public demand, although at the same time they did not deny the commercial and entertainment aspects of crime reporting. Readership and audience research illustrated the clear influence of the media on the public understanding of crime problems in society. However, the virtual image of crime did not greatly affect the system of values and beliefs of Lithuanians, nor did it challenge their insistence that problems of crime could and should be managed within the framework of a civil and open society.

"Army of One" to "Army Strong" : visual media and U.S. Army recruitment during Bush"s "War on Terror"

From Bush’s September 20, 2001 “War on Terror” speech to Congress to President-Elect Barack Obama’s acceptance speech on November 4, 2008, the U.S. Army produced visual recruitment material that addressed the concerns of falling enlistment numbers—due to the prolonged and difficult war in Iraq—with quickly-evolving and compelling rhetorical appeals: from the introduction of an “Army of One” (2001) to “Army Strong” (2006); from messages focused on education and individual identity to high-energy adventure and simulated combat scenarios, distributed through everything from printed posters and music videos to first-person tactical-shooter video games. These highly polished, professional visual appeals introduced to the American public during a time of an unpopular war fought by volunteers provide rich subject matter for research and analysis. This dissertation takes a multidisciplinary approach to the visual media utilized as part of the Army’s recruitment efforts during the War on Terror, focusing on American myths—as defined by Barthes—and how these myths are both revealed and reinforced through design across media platforms. Placing each selection in its historical context, this dissertation analyzes how printed materials changed as the War on Terror continued. It examines the television ad that introduced “Army Strong” to the American public, considering how the combination of moving image, text, and music structure the message and the way we receive it. This dissertation also analyzes the video game America’s Army, focusing on how the interaction of the human player and the computer-generated player combine to enhance the persuasive qualities of the recruitment message. Each chapter discusses how the design of the particular medium facilitates engagement/interactivity of the viewer. The conclusion considers what recruitment material produced during this time period suggests about the persuasive strategies of different media and how they create distinct relationships with their spectators. It also addresses how theoretical frameworks and critical concepts used by a variety of disciplines can be combined to analyze recruitment media utilizing a Selber inspired three literacy framework (functional, critical, rhetorical) and how this framework can contribute to the multimodal classroom by allowing instructors and students to do a comparative analysis of multiple forms of visual media with similar content.

Enquiry into the Notion of Cultural Protectionism in the Media and its Dimensions in Cyberspace

Cultural protectionism has been an element of national and foreign policies, as an extension of state sovereignty expressed both in a defensive and offensive manner. While the generic protectionist formula in the sense of restraining trade between states through measures such as import tariffs or quotas and through privileging domestic production has somewhat disintegrated over time under the rationale for free trade and the strong practical evidence of its benefits, the particular case of cultural protectionism has persevered. As we reveal in this paper, however, it has been modified, or at least its rhetoric has changed. The enquiry into the notion of cultural protectionism or cultural diversity, as the current political jargon would have it, is but one of the paper’s objectives. Its second and certainly more ambitious goal is the search for the normative dimensions of cultural diversity policies in the global digital space, asking what adjustments are needed and how feasible the entire project of diversity regulation in this environment may be. Taking into account the specificities of cyberspace and in a forward-looking manner, we propose some adjustments to current media policy practices that could better serve the goal of a sustainably diverse cultural environment.

Book Review: M. Holoubek, D. Damjanovic, M. Trainer: Regulating Content. The European Regulatory Framework for the Media and Related Creative Sectors

Review of 'Regulating Content - The European Regulatory Framework for the Media and Related Creative Sectors', by M. Holoubek, D. Damjanovic, M. Trainer (Alphen aan den Rijn: Kluwer Law International, 2007), including some thoughts on contemporary media regulation.

Insights to Indigenous Media and collaborative Video Work

Indigenous media as a phenomenon cannot be reduced to a reaction to western hegemony and colonial legacies, but is often rooted in the context of resistance, empowerment, self-determination and the reclaiming of symbolic representation. Therefore I would like to reflect on different cases of indigenous film and participatory video work in an attempt to highlight the multiple dynamics that arise due to the desideratum of self-representation and to finally locate us as anthropologists in that context.

Looking for business models in digital media and content industries

International Conference on Dynamics of the Media and Content Industry. European Forum for Science and Industry.

On the generative equations of fractal self-similarity in granular media and the related PSD models

The physical appearance of granular media suggests the existence of geometrical scale invariance. The paper discuss how this physico-empirical property can be mathematically encoded leading to different generative models: a smooth one encoded by a differential equation and another encoded by an equation coming from a measure theoretical property.