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.

Customer response to media in marketing promotion: print versus online

Il lavoro di tesi, che si compone di tre articoli di ricerca, analizza, nel contesto della marketing promotion, la risposta del consumatore ai media in termini di ricordo, intenzione di acquisto, comportamento di acquisto e preferenza per il medium. Il lavoro, in particolare, mette a confronto due tipologie di media, carta e online, nell’ambito della price e loyalty promotion, utilizzando due disegni di ricerca sperimentali ed uno correlazionale. I risultati del lavoro mostrano che la risposta del consumatore alla comunicazione promozionale e ai media è eterogenea: segmenti di clienti diversi rispondono in maniera differente sia alla comunicazione promozionale che a carta e digitale. Online e carta hanno in media la stessa efficacia sui comportamenti di acquisto dei clienti, ma differiscono rispetto all’effetto su ricordo e atteggiamento e rispetto alla preferenza per il medium espressa dalla clientela. Lo spostamento delle risorse di marketing dalla carta al digitale permetterebbe quindi di ridurre i costi mantenendo lo stesso livello di efficacia. Inoltre, il presente lavoro mostra come sia possibile aumentare la risposta dei consumatori ai media attraverso un approccio di segmentazione della clientela.

Young adult Brazilian beauty consumers perception of Lancôme and the effectiveness of social media relationhips with local celebrities on their purchase intention

The aim of this research is to evaluate if a premium beauty brand, in this case, Lancôme, can influence positively the purchase intention from Brazilian young adults, between 18 and 29 years old, consumers of beauty products, by initiating a relationship with a local celebrity or “it” girl on social media. This hypothesis has not been tested, and this research is a first attempt of evaluating it. Additionally, the consumer behavior, brand preferences and social media activeness of this age segment in Brazil are further studied as important insights for beauty brands to conquer these consumers. Results did not confirm the positive influence of local celebrities on this age segment’s purchase intention but several suggestions are made for future research to revisit this topic. Furthermore, there is a significant brand love for M.A.C., an international Lancôme competitor, amongst this target, as well as a probable price sensitivity facing premium beauty brands.

Cost-effectiveness of mass media communications as related to highway safety.

National Highway Safety Bureau, Washington, D.C.

An exploratory study of innovation effectiveness measurement between Australian and Thai SMEs

The advantages of using a balanced approach to measurement of overall organisational performance are well-known. We examined the effects of a balanced approach in the more specific domain of measuring innovation effectiveness in 144 small to medium sized companies in Australia and Thailand. We found that there were no differences in the metrics used by Australian and Thai companies. In line with our hypotheses, we found that those SMEs that took a balanced approach were more likely to perceive benefits of implemented innovations than those that used only a financial approach to measurement. The perception of benefits then had a subsequent effect on overall attitudes towards innovation. The study shows the importance of measuring both financial and non-financial indicators of innovation effectiveness within SMEs and discusses ways in which these can be conducted with limited resources.

The effectiveness of marketing communication within the immersive environment

Immersive environments are part of a recent media innovation that allow users to become so involved within a computer-based simulated environment that they feel part of that virtual world (Grigorovici, 2003). A specific example is Second Life, which is an internet-based, three-dimensional immersive virtual world in which users create an online representation of themselves (an avatar) to play games and interact socially with thousands of people simultaneously. This study focuses on Second Life as an example of an immersive environment, as it is the largest adult freeform virtual world, home to 12 million avatars (IOWA State University, 2008). Already in Second Life there are more than 100 real-life brands from a range of industries, including automotive, professional services, and consumer goods and travel, among others (KZero, 2007; New Business Horizons, 2009). Compared to traditional advertising media, this interactive media can immerse users in the environment. As a result of this interactivity, users can become more involved with a virtual environment, resulting in prolonged usage over weeks, months and even years. Also, it can facilitate presence. Despite these developments, little is known about the effectiveness of marketing messages in a virtual world context. Marketers are incorporating products into Second Life using a strategy of online product placement. This study, therefore, explores the perceived effectiveness of online product placement in Second Life in terms of effects on product/brand recall, purchase intentions and trial. This research examines the association between individuals’ involvement with Second Life and online product placement effectiveness, as well as the relationship between individuals’ Second Life involvement and the effectiveness of online product placement. In addition, it investigates the association of immersion and product placement involvement. It also examines the impact of product placement involvement on online product placement effectiveness and the role of presence in affecting this relationship. An exploratory study was conducted for this research using semi-structured in-depth interviews face-to-face, email-based and in-world. The sample comprised 24 active Second Life users. Results indicate that product placement effectiveness is not directly associated with Second Life involvement, but rather effectiveness is impacted through the effect of Second Life involvement on product placement involvement. A positive relationship was found between individuals’ product placement involvement and online product placement effectiveness. Findings also indicate that online product placement effectiveness is not directly associated with immersion. Rather, it appears that effectiveness is impacted through the effect of immersion on product placement involvement. Moreover, higher levels of presence appear to have a positive impact on the relationship between product placement involvement and product placement effectiveness. Finally, a model was developed from this qualitative study for future testing. In terms of theoretical contributions, this study provides a new model for testing the effectiveness of product placement within immersive environments. From a methodological perspective, in-world interviews as a new research method were undertaken. In terms of a practical contribution, findings identified useful information for marketers and advertising agencies that aim to promote their products in immersive virtual environments like Second Life.

An analysis of effectiveness of parliamentary questions in the Queensland Parliament

Parliamentary questions are an integral part of most Westminster parliamentary systems, serving as a major form of legislative oversight and constituency service (Glassman 2008). There are two types of parliamentary questions, ‘questions without notice’ and ‘questions on notice’. Questions without notice are asked and answered orally during ‘Question Time’. Questions on notice are asked in writing and the relevant minister provides the answer in writing. Parliamentary questions provide a mechanism to seek the accountability of the executive on the floor of the House and barely ‘any aspect of the executive department’s powers and activities can be shielded from questions’ (Crick 1964: 237). In terms of media coverage, this practice is the most widely reported legislative device. Therefore, to a casual observer, the working of parliament is synonymous with Question Time.

Political information choices in a media saturated environment : credibility or convenience?

This thesis examines the ways in which citizens find out about socio-political issues. The project set out to discover how audience characteristics such as scepticism towards the media, gratifications sought, need for cognition and political interest influence information selection. While most previous information choice studies have focused on how individuals select from a narrow range of media types, this thesis considered a much wider sweep of the information landscape. This approach was taken to obtain an understanding of information choices in a more authentic context - in everyday life, people are not simply restricted to one or two news sources. Rather, they may obtain political information from a vast range of information sources, including media sources (e.g. radio, television, newspapers) and sources from beyond the media (eg. interpersonal sources, public speaking events, social networking websites). Thus, the study included both media and non-news media information sources. Data collection for the project consisted of a written, postal survey. The survey was administered to a probability sample in the greater Brisbane region, which is the third largest city in Australia. Data was collected during March and April 2008, approximately four months after the 2007 Australian Federal Election. Hence, the study was conducted in a non-election context. 585 usable surveys were obtained. In addition to measuring the attitudinal characteristics listed above, respondents were surveyed as to which information sources (eg. television shows, radio stations, websites and festivals) they usually use to find out about socio-political issues. Multiple linear regression analysis was conducted to explore patterns of influence between the audience characteristics and information consumption patterns. The results of this analysis indicated an apparent difference between the way citizens use news media sources and the way they use information sources from beyond the news media. In essence, it appears that non-news media information sources are used very deliberately to seek socio-political information, while media sources are used in a less purposeful way. If media use in a non-election context, such as that of the present study, is not primarily concerned with deliberate information seeking, media use must instead have other primary purposes, with political information acquisition as either a secondary driver, or a by-product of that primary purpose. It appears, then, that political information consumption in a media-saturated society is more about routine ‘practices’ than it is about ‘information seeking’. The suggestion that media use is no longer primarily concerned with information seeking, but rather, is simply a behaviour which occurs within the broader set of everyday practices reflects Couldry’s (2004) media as practice paradigm. These findings highlight the need for more authentic and holistic contexts for media research. It is insufficient to consider information choices in isolation, or even from a wider range of information sources, such as that incorporated in the present study. Future media research must take greater account of the broader social contexts and practices in which media-oriented behaviours occur. The findings also call into question the previously assumed centrality of trust to information selection decisions. Citizens regularly use media they do not trust to find out about politics. If people are willing to use information sources they do not trust for democratically important topics such as politics, it is important that citizens possess the media literacy skills to effectively understand and evaluate the information they are presented with. Without the application of such media literacy skills, a steady diet of ‘fast food’ media may result in uninformed or misinformed voting decisions, which have implications for the effectiveness of democratic processes. This research has emphasized the need for further holistic and authentically contextualised media use research, to better understand how citizens use information sources to find out about important topics such as politics.

Numerical simulation of a new two-dimensional variable-order fractional percolation equation in non-homogeneous porous media

Percolation flow problems are discussed in many research fields, such as seepage hydraulics, groundwater hydraulics, groundwater dynamics and fluid dynamics in porous media. Many physical processes appear to exhibit fractional-order behavior that may vary with time, or space, or space and time. The theory of pseudodifferential operators and equations has been used to deal with this situation. In this paper we use a fractional Darcys law with variable order Riemann-Liouville fractional derivatives, this leads to a new variable-order fractional percolation equation. In this paper, a new two-dimensional variable-order fractional percolation equation is considered. A new implicit numerical method and an alternating direct method for the two-dimensional variable-order fractional model is proposed. Consistency, stability and convergence of the implicit finite difference method are established. Finally, some numerical examples are given. The numerical results demonstrate the effectiveness of the methods. This technique can be used to simulate a three-dimensional variable-order fractional percolation equation.

Effectiveness of 7-valent pneumococcal conjugate vaccine against radiologically diagnosed pneumonia in indigenous infants in Australia

Objective To evaluate the effectiveness of the 7-valent pneumococcal conjugate vaccine (PCV7) in preventing pneumonia, diagnosed radiologically according to World Health Organization (WHO) criteria, among indigenous infants in the Northern Territory of Australia. Methods We conducted a historical cohort study of consecutive indigenous birth cohorts between 1 April 1998 and 28 February 2005. Children were followed up to 18 months of age. The PCV7 programme commenced on 1 June 2001. All chest X-rays taken within 3 days of any hospitalization were assessed. The primary endpoint was a first episode of WHO-defined pneumonia requiring hospitalization. Cox proportional hazards models were used to compare disease incidence. Findings There were 526 pneumonia events among 10 600 children - an incidence of 3.3 per 1000 child-months; 183 episodes (34.8%) occurred before 5 months of age and 247 (47.0%) by 7 months. Of the children studied, 27% had received 3 doses of vaccine by 7 months of age. Hazard ratios for endpoint pneumonia were 1.01 for 1 versus 0 doses; 1.03 for 2 versus 0 doses; and 0.84 for 3 versus 0 doses. Conclusion There was limited evidence that PCV7 reduced the incidence of radiologically confirmed pneumonia among Northern Territory indigenous infants, although there was a non-significant trend towards an effect after receipt of the third dose. These findings might be explained by lack of timely vaccination and/or occurrence of disease at an early age. Additionally, the relative contribution of vaccine-type pneumococcus to severe pneumonia in a setting where multiple other pathogens are prevalent may differ with respect to other settings where vaccine efficacy has been clearly established.

Socioeconomic position and mass media campaigns to prevent chronic disease

This cross-sectional study of a 45 to 60 year old Brisbane population examined socioeconomic differences in campaign reach, understanding of health language, and effectiveness, of a recent mass media health promotion campaign. Lower socioeconomic groups were reached significantly less and understood significantly less of the health language than higher socioeconomic groups thus contributing to the widening of the health inequality gap.

Audiencing through social media : a brief overview

Notwithstanding the problems with identifying audiences (c.f. Hartley, 1987), nor with sampling them (c.f. Turner, 2005), we contend that by using social media, it is at least possible to gain an understanding of the habits of those who chose to engage with content through social media. In this chapter, we will broadly outline the ways in which networks such as Twitter and Facebook can stand as proxies for audiences in a number of scenarios, and enable content creators, networks and researchers to understand the ways in which audiences come into existence, change over time, and engage with content. Beginning with the classic audience – television – we will consider the evolution of metrics from baseline volume metrics to the more sophisticated ‘telemetrics’ that are the focus of our current work. We discuss the evolution of these metrics, from principles developed in the field of ‘sabermetrics’, and highlight their effectiveness as both a predictor and a baseline for producers and networks to measure the success of their social media campaigns. Moving beyond the evaluation of the audiences engagement, we then move to consider the ‘audiences’ themselves. Building on Hartley’s argument that audiences are “imagined” constructs (1987, p. 125), we demonstrate the continual shift of Australian television audiences, from episode to episode and series to series, demonstrating through our map of the Australian Twittersphere (Bruns, Burgess & Highfield, 2014) both the variation amongst those who directly engage with television content, and those who are exposed to it through their social media networks. Finally, by exploring overlaps between sporting events (such as the NRL and AFL Grand Finals), reality TV (such as Big Brother, My Kitchen Rules & Biggest Loser), soaps (e.g. Bold & The Beautiful, Home & Away), and current affairs programming (e.g. Morning Television & A Current Affair), we discuss to what extent it is possible to profile and categorize Australian television audiences. Finally, we move beyond television audiences to consider audiences around social media platforms themselves. Building on our map of the Australian Twittersphere (Bruns, Burgess & Highfield, 2014), and a pool of 5000 active Australian accounts, we discuss the interconnectedness of audiences around particular subjects, and how specific topics spread throughout the Twitter Userbase. Also, by using Twitter as a proxy, we consider the career of a number of popular YouTuber’s, utilizing a method we refer to as Twitter Accession charts (Bruns & Woodford, 2014) to identify the growth curves, and relate them to specific events in the YouTubers career, be that ‘viral’ videos or collaborations, to discuss how audiences form around specific content creators.

The cost and time effectiveness of osseointegration compared to the traditional socket prosthesis

Individuals with limb amputation fitted with conventional socket-suspended prostheses often experience socket related discomfort leading to a significant decrease in quality of life.[1-14] Most of these concerns can be overcome with osseointegration, a direct skeletal fixation method where the prosthetic componentry are directly attached to the fixation, resulting in the redundancy of the traditional socket system. There are two stages of osseointegration; Stage one, a titanium implant is inserted into the marrow space of residual limb bone and Stage two, a titanium extension is attached to the fixture. This surgical procedure is currently blooming worldwide, particularly within Queensland. Whilst providing improvements in quality of life, this new method also has potential to minimise the cost required for an amputee to ambulate during daily living. Thus, the aim of this project was to compare the differences in mean cost of services, cost of componentry and labour hours when using osseointegration compared to traditional socket-based prostheses. Data were extracted from Queensland Artificial Limb Services (QALS) database to determine cost of services, type of services and labour hours required to maintain a prosthetic limb. Five trans-femoral amputee male participants (age 46.4±10.1 yrs; height 175.4±16.3 cm; mass 83.8±14.0 kg; time since second stage 22.0± 8.1 mths) met inclusion criteria which was patient had to be more than 12 months post stage two osseointegration procedure. The socket and osseointegration prosthesis variables examined were the mean hours of labour, mean cost of services and mean cost of prosthetic componentry. Statistical analyses were conducted using an ANOVA. The results identified that there were only significant differences in the number of labour hours (p = 0.005) and cost of services (p = 0.021) when comparing the socket and osseointegration prosthetic type. These results identified that the cost of componentry were comparable between the two methods.

A framing analysis on Nepalese media portrayal of disaster events using news frames and PPRR cycle

This study seeks to understand the prevailing status of Nepalese media portrayal of natural disasters and develop a disaster management framework to improve the effectiveness and efficiency of news production through the continuum of prevention, preparedness, response and recovery (PPRR) phases of disaster management. The study is currently under progress. It is being undertaken in three phases. In phase-1, a qualitative content analysis is conducted. The news contents are categorized in frames as proposed in the 'Framing theory' and pre-defined frames. However, researcher has looked at the theories of the Press, linking to social responsibility theory as it is regarded as the major obligation of the media towards the society. Thereafter, the contents are categorized as per PPRR cycle. In Phase-2, based on the findings of content analysis, 12 in-depth interviews with journalists, disaster managers and community leaders are conducted. In phase-3, based on the findings of content analysis and in-depth interviews, a framework for effective media management of disaster are developed using thematic analysis. As the study is currently under progress hence, findings from the pilot study are elucidated. The response phase of disasters is most commonly reported in Nepal. There is relatively low coverage of preparedness and prevention. Furthermore, the responsibility frame in the news is most prevalent following human interest. Economic consequences and conflict frames are also used while reporting and vulnerability assessment has been used as an additional frame. The outcomes of this study are multifaceted: At the micro-level people will be benefited as it will enable a reduction in the loss of human lives and property through effective dissemination of information in news and other mode of media. They will be ‘well prepared for', 'able to prevent', 'respond to' and 'recover from' any natural disasters. At the meso level the media industry will be benefited and have their own 'disaster management model of news production' as an effective disaster reporting tool which will improve in media's editorial judgment and priority. At the macro-level it will assist government and other agencies to develop appropriate policies and strategies for better management of natural disasters.

Understanding the effectiveness of ICT professional learning through the TPACK Conceptual Framework: A case study

With a significant investment in digital technologies in Australian schools, the effective integration of such technology into teaching and learning is paramount. A growing body of evidence indicates that ICT professional learning is integral to the transformation of pedagogy that will improve student learning outcomes. The question arises as to how professional learning is planned and delivered within schools to ensure that all needs are being met. The purpose of this paper is to report on the research findings of a study into professional learning and ICT integration. The TPACK conceptual framework underpins the analyses of the data and brings forth the importance of technological and pedagogical knowledge. Six key categories will be discussed and the implication for practice will be considered.