Markets and the Media

Thomas Schuster is associate professor of journalism at the Institute for Communication and Media Research, Leipzig University.

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.

• Part 1 Micro: Stock Recommendations and Stock PricesChapter 2 IntroductionChapter 3 The Publicity-Effect: The Big Moment of the GurusChapter 4 No News: Stock RecommendationsPart 5 Performance Distrubances: Reflexive Return-ReductionChapter 6 SummaryChapter 7 CodaPart 8 Meso: News Events and Price MovementsChapter 9 IntroductionChapter 10 State of the Art: Random Walks and Irrational ExuberanceChapter 11 News Effects: Rapid Return ReactionsChapter 12 Irregular Price RegularitiesChapter 13 World Events: The Effects of 'Big News'Chapter 14 SummaryPart 15 Macro: Meta-Communication and Market DynamicsChapter 16 IntroductionChapter 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 InteractionsChapter 21 Crash: Media and Market PanicsChapter 22 Summary and ConclusionsPart 23 Afterword: Critique of the Noise SystemPart 24 Appendix: Bibliography Business and Financial Communication