Media bias and central bank response. Evidence from the nominal exchange rate behavior in Colombia

Since 1991 Colombia has had a market-determined Peso - US Dollar Nominal Exchange Rate (NER), after more than 20 years of controlled and multiple exchange rates. The behavior (revaluation / devaluation) of the NER is constantly reported in news, editorials and op-eds of major newspapers of the nation with particular attention to revaluation. The uneven reporting of revaluation episodes can be explained by the existence of an interest group particulary affected by revaluation, looking to increase awareness and sympathy for help from public institutions. Using the number of news and op-eds from a major Colombian newspaper, it is shown that there is an over-reporting of revaluation episodes in contrast to devaluation ones. Secondly, using text analysis upon the content of the news, it is also shown that the words devaluation and revaluation are far apart in the distribution of words within the news; and revaluation is highly correlated with words related to: public institutions, exporters and the need of assistance. Finally it is also shown that the probability of the central bank buying US dollars to lessen revaluation effects increases with the number of news; even though the central bank allegedly intervenes in the exchange rate market only to tame volatility or accumulate international reserves.

A longitudinal study of corporate earnings guidance in Australia’s continuous disclosure environment

Since the introduction of a statutory‐backed continuous disclosure regime (CDR) in 1994, regulatory reforms have significantly increased litigation risk in Australia for failure to disclose material information or for false and misleading disclosure. However, there is almost no empirical research on the impact of the reforms on corporate disclosure behaviour. Motivated by the absence of research and using management earnings forecasts (MEFs) as a disclosure proxy, this study examines (1) why managers issue earnings forecasts, (2) what firm‐specific factors influence MEF characteristics, and (3) how MEF behaviour changes as litigation risk increases. Based on theories in information economics, a theoretical framework for MEF behaviour is formulated which includes antecedent influencing factors related to firms‟ internal and external environments. Applying this framework, hypotheses are developed and tested using multivariate models and a large sample of hand-collected MEFs (7,213) issued by top 500 ASX-listed companies over the 1994 to 2008 period. The results reveal strong support for the hypotheses. First, MEFs are issued to reduce information asymmetry, litigation risk and signal superior performance. Second, firms with better financial performance, smaller earnings changes, and lower operating uncertainty provide better quality MEFs. Third, forecast frequency and quality (accuracy, timeliness and precision) noticeably improve as litigation risk increases. However, managers appear to be still reluctant to disclose earnings forecasts when there are large earnings changes, and an asymmetric treatment of news type continues to prevail (a good news bias). Thus, the findings generally provide support for the effectiveness of the CDR regulatory reforms in improving disclosure behaviour and will be valuable to market participants and corporate regulators in understanding the implications of management forecasting decisions and areas for further improvement.

The empire goes to war : News Corporation and Iraq

The three main contributors to the war on Iraq in March 2003 (the United States, United Kingdom and Australia) are also the three most significant countries in which Rupert Murdoch's News Corporation operates. This article examines the degree of editorial conformity (or otherwise) that existed across the news media of News Corporation in six months leading to the invasion. It compares the framing of the arguments for war and finds significant similarities across the three countries, especially in the output of columnists and commentators employed by News Corporation. While generally pro-war, however, News Corporation outlets also displayed local variations in the caution or stridency of their editorial pitch as well as the degree of toleration for debate. The extent and significance of these variations are used in the article to argue for the development of a more complex political economy model in the study of private news media bias.

Captured by conventions : On objectivity and factuality in international news agency discourse

The thesis explores the discourse of two global news agencies, the Associated Press (AP) and Reuters, which together with the French AFP are generally regarded as the world s leading news distributors. A glance at the guidelines given by AP and Reuters to their journalists shows that these two news agencies make a lot of effort to strive for objectivity the well-known journalistic ideal, which, however, is an almost indefinable concept. In journalism textbooks definitions of objectivity often contain various components: detachment, nonpartisanship, facticity, balance, etc. AP and Reuters, too, in their guidelines, present several other ideals besides objectivity , viz., reliability, accuracy, balance, freedom from bias, precise sourcing, reporting the truth, and so on. Other central concepts connected to objectivity are neutrality and impartiality. However, objectivity is, undoubtedly, the term that is most often mentioned when the ethics of journalism is discussed, acting as a kind of umbrella term for several related journalistic ideals. It can even encompass the other concept that is relevant for this study, that of factuality. These two intertwined concepts are extremely complex; paradoxically, it is easier to show evidence of the lack of objectivity or factuality than of their existence. I argue that when journalists conform to the deep-rooted conventions of objective news reporting, facts may be blurred, and the language becomes vague and ambiguous. As global distributors of news, AP and Reuters have had an influential role in creating and reinforcing conventions of (at least English-language) news writing. These conventions can be seen to work at various levels of news reporting: the ideological (e.g., defining what is regarded as newsworthy, or who is responsible), structural (e.g., the well-known inverted pyramid model), and stylistic (e.g., presupposing that in hard news reports, the journalist s voice should be backgrounded). On the basis of my case studies, I have found four central conventions to be worthy of closer examination: the conventional structure of news reports, the importance of newsworthiness, the tactics of impersonalisation which tends to blur news actors responsibility, and the routines of presenting emotions. My linguistic analyses draw mainly on M.A.K. Halliday s Systemic Functional Grammar, on notions of transitivity, ergativity, nominalisation and grammatical metaphor. The Appraisal framework, too, has provided useful tools for my analyses. The thesis includes six case studies dealing with the following topics: metaphors in political reporting, terrorism discourse, terrorism fears, emotions more generally, unnamed sources as rhetorical constructs, and responsibility in the convention of attribution.

“PROVINCIALISM, PICKING SIDES AND BIAS: EFFECTS OF GEOGRAPHY ON MEDIA COVERAGE OF CRYSTAL BRIDGES MUSEUM OF AMERICAN ART, 2005-10.”

The development of Crystal Bridges Museum of American Art in Bentonville, Arkansas, by Wal-Mart heiress Alice Walton has prompted diverse coverage from print and online media. This investigation looked at trends in news stories and commentary from 2005-10 to show how the location of a medium affected coverage. Through the author’s own observations and interviews with journalists and other interested parties, several trends emerged. Media outlets outside Arkansas portrayed the museum as trying to plunder the cultural heritage of local communities and relied partly on the museum’s association with Wal-Mart and stereotypes of Arkansas to frame coverage. Arkansas media, faced with limited cooperation from the museum’s public relations apparatus, typically played a cheerleader role, at times overemphasizing the importance of the collection in the art world and showcasing few critical voices in stories about acquisitions and other areas of the museum’s development.

EDUCATING THE PUBLIC THROUGH NEWS MEDIA: CASE STUDIES OF NEWS LITERACY IN THE NEW MEDIA LANDSCAPE

Two decades of unprecedented changes in the media landscape have increased the complexity of informing the public through news media. With significant changes to the way the news industry does business and the way news consumers access this information, a new set of skills is being proposed as essential for today’s news consumer. News literacy is the use of critical thinking skills to assess the reliability and source of the information that people consume on a daily basis, as well as fostering self-awareness of personal news consumption habits and how it can create audience bias. The purpose of this study was to examine how adults experience the news in their everyday lives and to describe the nature of the news literacy skills people employ in their daily news consumption. This study purposefully selected four adults who have completed high school, and who regularly consume news information across a number of platforms, both traditional and digital. Two of the participants, one man and one woman, were over 50 years old. One other male participant was in his 30’s and the final participant, a young woman, was in her 20’s. They all utilized both traditional and digital media on a regular basis and all had differing skill levels when using social media for information. Their news experiences were documented by in-depth interviews and the completion of seven daily news logs. In their daily logs the participants differentiated news information from other information available on-line but the interviews revealed a contradiction between their intentions and their news consumption practices. All four participants had trouble distinguishing between news and opinion pieces in the news information realm. In addition all but one seemed unaware of their personal bias and any possible effect it was having on their news consumption. Further research should explore the benefits of an adult-centered news literacy curriculum on news consumers similar to the participants, and should examine the development of audience bias and its relationship to the daily exposure people have to the torrent of information that is available to them on a daily basis.

Political ideologies and attitudes towards income inequality in the US: a critical discourse analysis of CNN and Fox News opinion articles

The topic of the thesis is media discourse about current state if income inequality in the US, and political ideologies as influences behind the discourse. The data consists of four opinion articles, two from CNN and two from Fox News. The purpose of the study was to examine how media represents income inequality as an issue, and if the attitudes conveyed are concerned or indifferent. Previous studies have indicated that the level of income is often seen as a personal responsibility, and such perspective can be linked with Republican ideology. In contrast, the Democrats typically express more concern about the consequences of inequality. CNN has been previously considered to have a Democratic bias, and Fox News has been considered to have Republican bias, which is one reason why these two news channels were chosen as the sources of the data. The study is a critical discourse analysis, and the methods applied were sociocognitive approach, which analyzes the social and cognitive factors affecting the discourse, and appraisal framework, which was applied to scrutinize the expressed attitudes more closely by identifyind specific linguistic features. The appraisal framework includes studying such features as affect, judgment and appreciation, which offer a more detailed analysis on the attitudes present in the articles. The sociocognitive approach, additionally, offers a way of analyzing a more broad context affecting the articles. The findings were then compared, to see if there are differences between the articles, or between the news sites with alleged bias. The findings showed that CNN, with alleged Democratic bias, had a more symphatetic attitude towards income inequality, whereas Fox News, with more Republican views, showed clearly less concern towards the issue. Moreover, the Fox News articles had such dubious claims that the underlying ideology behind the articles could be even supporting of income inequality, as it allows the rich to pursue all the wealth they can without having to give anything away. The results, thus, suggest that the political ideologies may a significant effect on media discourse, which, in turn, may have a significant effect on the attitudes of the public towards great issues that could require prompt measures.

Correcting for bias when estimating the cost of hospital-acquired infection : an analysis of lower respiratory tract infections in non-surgical patients

Hospital acquired infections (HAI) are costly but many are avoidable. Evaluating prevention programmes requires data on their costs and benefits. Estimating the actual costs of HAI (a measure of the cost savings due to prevention) is difficult as HAI changes cost by extending patient length of stay, yet, length of stay is a major risk factor for HAI. This endogeneity bias can confound attempts to measure accurately the cost of HAI. We propose a two-stage instrumental variables estimation strategy that explicitly controls for the endogeneity between risk of HAI and length of stay. We find that a 10% reduction in ex ante risk of HAI results in an expected savings of £693 ($US 984).

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.

Error, Bias, and Long-Branch Attraction in Data for Two Chloroplast Photosystem Genes in Seed Plants

Sequences of two chloroplast photosystem genes, psaA and psbB, together comprising about 3,500 bp, were obtained for all five major groups of extant seed plants and several outgroups among other vascular plants. Strongly supported, but significantly conflicting, phylogenetic signals were obtained in parsimony analyses from partitions of the data into first and second codon positions versus third positions. In the former, both genes agreed on a monophyletic gymnosperms, with Gnetales closely related to certain conifers. In the latter, Gnetales are inferred to be the sister group of all other seed plants, with gymnosperms paraphyletic. None of the data supported the modern ‘‘anthophyte hypothesis,’’ which places Gnetales as the sister group of flowering plants. A series of simulation studies were undertaken to examine the error rate for parsimony inference. Three kinds of errors were examined: random error, systematic bias (both properties of finite data sets), and statistical inconsistency owing to long-branch attraction (an asymptotic property). Parsimony reconstructions were extremely biased for third-position data for psbB. Regardless of the true underlying tree, a tree in which Gnetales are sister to all other seed plants was likely to be reconstructed for these data. None of the combinations of genes or partitions permits the anthophyte tree to be reconstructed with high probability. Simulations of progressively larger data sets indicate the existence of long-branch attraction (statistical inconsistency) for third-position psbB data if either the anthophyte tree or the gymnosperm tree is correct. This is also true for the anthophyte tree using either psaA third positions or psbB first and second positions. A factor contributing to bias and inconsistency is extremely short branches at the base of the seed plant radiation, coupled with extremely high rates in Gnetales and nonseed plant outgroups. M. J. Sanderson,* M. F. Wojciechowski,*† J.-M. Hu,* T. Sher Khan,* and S. G. Brady

Attention and memory bias for body image and health related information using an Emotional Stroop task in a non-clinical sample

It has been proposed that body image disturbance is a form of cognitive bias wherein schemas for self-relevant information guide the selective processing of appearancerelated information in the environment. This threatening information receives disproportionately more attention and memory, as measured by an Emotional Stroop and incidental recall task. The aim of this thesis was to expand the literature on cognitive processing biases in non-clinical males and females by incorporating a number of significant methodological refinements. To achieve this aim, three phases of research were conducted. The initial two phases of research provided preliminary data to inform the development of the main study. Phase One was a qualitative exploration of body image concerns amongst males and females recruited through the general community and from a university. Seventeen participants (eight male; nine female) provided information on their body image and what factors they saw as positively and negatively impacting on their self evaluations. The importance of self esteem, mood, health and fitness, and recognition of the social ideal were identified as key themes. These themes were incorporated as psycho-social measures and Stroop word stimuli in subsequent phases of the research. Phase Two involved the selection and testing of stimuli to be used in the Emotional Stroop task. Six experimental categories of words were developed that reflected a broad range of health and body image concerns for males and females. These categories were high and low calorie food words, positive and negative appearance words, negative emotion words, and physical activity words. Phase Three addressed the central aim of the project by examining cognitive biases for body image information in empirically defined sub-groups. A National sample of males (N = 55) and females (N = 144), recruited from the general community and universities, completed an Emotional Stroop task, incidental memory test, and a collection of psycho-social questionnaires. Sub-groups of body image disturbance were sought using a cluster analysis, which identified three sub-groups in males (Normal, Dissatisfied, and Athletic) and four sub-groups in females (Normal, Health Conscious, Dissatisfied, and Symptomatic). No differences were noted between the groups in selective attention, although time taken to colour name the words was associated with some of the psycho-social variables. Memory biases found across the whole sample for negative emotion, low calorie food, and negative appearance words were interpreted as reflecting the current focus on health and stigma against being unattractive. Collectively these results have expanded our understanding of processing biases in the general community by demonstrating that the processing biases are found within non-clinical samples and that not all processing biases are associated with negative functionality