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  1. "Whatever it takes!"
    how tonality of TV-news affects government bond yield spreads during crises
    Author: Hirsch, Patrick; Köhler, Ekkehard A.; Feld, Lars P.; Thomas, Tobias
    Published: 2020
    Publisher:  Walter Eucken Institut, [Freiburg i. Br.]

    Are government bond risk premia affected by TV news in addition to the effect of the original event reported? We analyze 1,209,566 human-coded news items from newscasts aired by leading TV stations in Europe and the US between January 2007 and... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 24
    Inter-library loan:
    No inter-library loan

     

    Are government bond risk premia affected by TV news in addition to the effect of the original event reported? We analyze 1,209,566 human-coded news items from newscasts aired by leading TV stations in Europe and the US between January 2007 and November 2016. We establish causality using instrumental variables that attract media attention and crowd out media coverage on Eurozone related news. We find FIFA and UEFA tournaments as well as major natural disasters and airplane crashes as valid instruments for the empirical analysis. The results show that an exogenous variation in the share of Eurozone related news affects bond spreads. A one percentage point increase in the share of Eurozone related news leads to -7.6 basis points lower bond spreads. Taking the tonality of the news into account paints a more differentiated picture: A one percent higher share of positive Eurozone related news leads to -69.7 basis points lower bond spreads, whereas a one percentage point higher share of negative country-specific news is related to 2.5 basis points higher bond spreads.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/229201
    Series: Freiburger Diskussionspapiere zur Ordnungsökonomik ; 20, 9
    Subjects: Media bias; TV Newscasts; Tonality; Eurozone crisis; GIIPS bond yield spreads
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  2. "Whatever It Takes!"
    how tonality of TV-news affected government bond yield spreads during the European debt crisis
    Author: Hirsch, Patrick; Feld, Lars P.; Köhler, Ekkehard A.; Thomas, Tobias
    Published: February 2024
    Publisher:  CESifo, Munich, Germany

    Were government bond risk premia affected by the media in addition to the effects of major events? Revisiting the European debt crisis, we analyze the role of television news in the rise and re-convergence of GIIPS bond spreads vis-à-vis Germany from... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
    No inter-library loan

     

    Were government bond risk premia affected by the media in addition to the effects of major events? Revisiting the European debt crisis, we analyze the role of television news in the rise and re-convergence of GIIPS bond spreads vis-à-vis Germany from 2007 to 2016. We use a dataset of more than one million human-coded news items from leading newscasts worldwide to identify over 25,000 news on the Eurozone and country-specific economic topics. Our findings emphasize the relevance of the tonality of news, such that an increasing share of positive (negative) news correlates with a decrease (increase) in spreads. Content-based endogenous clustering of news highlights the importance of news about institutions providing stability and “international financial support” to distressed countries in reducing bond spreads. Moreover, weekend news enables us to establish a causal link between country-specific news coverage and changes in spreads on the subsequent trading day.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/296069
    Series: CESifo working papers ; 10980 (2024)
    Subjects: media coverage; TV newscast; tonality; Eurozone crisis; GIIPS bond yield spreads
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen