Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/223185
Authors: 
Daniel, Volker
Neubert, Magnus
Orban, Agnes
Year of Publication: 
2018
Series/Report no.: 
Working Papers of the Priority Programme 1859 "Experience and Expectation. Historical Foundations of Economic Behaviour" No. 4
Abstract: 
We study the role of global media during the Greek debt crisis and relate it to the transmission of events on financial actors' expectations. To identify news coverage about the Greek debt crisis, we apply topic modeling to a newly compiled dataset of over 430,000 articles from The International New York Times and Financial Times from 2009 to 2015. We identify a Greek debt crisis topic and relate it to events concerning Greece during this time period. Our finding is that events are only relevant for financial markets when they are covered in the media, whereas events without media coverage have no effect. News coverage without immediate events is equally irrelevant for financial markets.
Subjects: 
Greek Debt Crisis
Machine Learning
Topic Models
Expectations
Economic Sociology
Big Data
Financial Crises
Media
JEL: 
D84
Z13
C55
G01
L82
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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