66 research outputs found
Mapping Digital Media: Canada
Get PDFThe Mapping Digital Media project examines the global opportunities and risks created by the transition from traditional to digital media. Covering 60 countries, the project examines how these changes affect the core democratic service that any media system should provide: news about political, economic, and social affairs.Canadians are among the most engaged and active users of digital media in the world, and digitization has had particular consequences for such a vast, largely urbanized and sparsely populated country. Although progress in some aspects has been exemplary, geographic complexities and a lack of leadership by the federal government have produced challenges and delays in others. In particular, while Canadians lead the world in areas relating to digital media take-up, the federal government has yet to finalize an official, comprehensive digital strategy similar to the EU's Digital Agenda for Europe or the National Broadband Plan in the United States.It is essential that the federal government tables a cohesive and comprehensive Digital Economy Strategy in consultation with all stakeholders, including the public. Such a unified, forward-thinking approach is needed if Canada is to forge a comprehensive and progressive agenda for the continued development of digital media infrastructure, services, and access
Essays on Information in Finance
Get PDFIn the first paper I investigate how firms' disclosure strategies shape the relationship between information disseminated on social media and stock returns. After constructing a novel and comprehensive dataset of over 7 million tweets posted by S&P 1500 firms, I adopt text analysis methods and find that firms with negative earnings surprises have higher announcement returns when they tweet about financial news, despite being ex-ante less likely to tweet about it. Further, I nd that rms which tweet about financial news have less short run autocorrelation in returns and higher demand for information from investors.
The second paper is a joint work with M. J. Arteaga-Garavito, M. M. Croce, and P. Farroni. We quantify the exposure of major financial markets to news shocks about global contagion risk accounting for local epidemic conditions. For a wide cross section of countries, we construct a novel data set comprising (i) announcements related to COVID19, and (ii) high-frequency data on epidemic news diffused through Twitter. Across several classes of financial assets, we provide novel empirical evidence about {financial dynamics (i) around epidemic announcements, (ii) at a daily frequency, and (iii) at an intra-daily frequency.} Formal estimations based on both contagion data and social media activity about COVID19 confirm that the market price of contagion risk is very significant. We conclude that prudential policies aimed at mitigating either global contagion or local diffusion may be extremely valuable.
The third paper is a joint work with Lucia Alessi, Brunella Bruno, Elena Carletti and Katja Neugebauer.
We analyze the determinants of coverage ratios and their components (NPLs and loss loan reserves) in a large sample of European banks. We find that bank-specific factors, and in particular credit risk variables including forward-looking indicators, matter the most. We also uncover that coverage ratios do not adjust sufficiently when asset quality deteriorates but that high-NPL banks tend to be relatively better covered. At the country level, specific macroprudential levers as well as developing NPL secondary markets enhance bank coverage policy. Our findings emphasize the importance of micro prudential oversight and call for more stringent macro policies in high-NPL countries
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