Lexington Books
Pages: 196
Trim: 6⅜ x 9
978-0-7391-1331-8 • Paperback • March 2006 • $51.99 • (£40.00)
Thomas Schuster is associate professor of journalism at the Institute for Communication and Media Research, Leipzig University.
Part 1 Micro: Stock Recommendations and Stock Prices
Chapter 2 Introduction
Chapter 3 The Publicity-Effect: The Big Moment of the Gurus
Chapter 4 No News: Stock Recommendations
Part 5 Performance Distrubances: Reflexive Return-Reduction
Chapter 6 Summary
Chapter 7 Coda
Part 8 Meso: News Events and Price Movements
Chapter 9 Introduction
Chapter 10 State of the Art: Random Walks and Irrational Exuberance
Chapter 11 News Effects: Rapid Return Reactions
Chapter 12 Irregular Price Regularities
Chapter 13 World Events: The Effects of 'Big News'
Chapter 14 Summary
Part 15 Macro: Meta-Communication and Market Dynamics
Chapter 16 Introduction
Chapter 17 Feedback: The Media as 'Learning Lab'
Chapter 18 News Structures: 'Use Value' and 'Narrative Imperative'
Chapter 19 Media Manias: The 'CNBC-Effect'
Chapter 20 Meta-Communication: Dynamic Interactions
Chapter 21 Crash: Media and Market Panics
Chapter 22 Summary and Conclusions
Part 23 Afterword: Critique of the Noise System
Part 24 Appendix: Bibliography Business and Financial Communication
In this hard-hitting analysis, Thomas Schuster unmasks how the symbiotic relationship between a rapidly growing financial news media and the stock market gurus of leading investment banks victimized most of all the unsophisticated individual investor during the last stock market boom. This well-written text is a must read for individuals who do not want to jeopardize their financial well-being by following the investor hype of so-called experts.
— Brigitte Nacos, Columbia Univeristy; Choice Reviews
This specialized study will be of most interest to scholars and researchers interested in financial markets and/or the media. Recommended.
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Explores why the expansion of economic communication has proven to be of only limited benefit and examines the negative reperscussions that the financial media boom has had on the individual and the system.
— Journal of Economic Literature
Schuster's careful analysis shows that the mechanism to which Walter Lippmann alerted us almost a century ago applies to the financial markets as well: the media's news values create virtual 'pictures in our heads' that we treat as reality. Acting on them we create 'real reality.'
— Wolfgang Donsbach, Institut für Kommunikationswissenschaft