Press Releases Research Articles

Short Selling Threat and News Sentiment Management in Press Releases

This study presents evidence that firms actively manage sentiment in press releases to reduce their exposure to short selling threats. I exploit the suspension of short selling constraints as an exogenous shock to the short selling threat borne by firms. Using a sample of 110,938 firm-press release observations from 2001 to 2007 and a difference-in-differences methodology, I find that firms facing increased short selling threats increase the sentiment in press releases after the suspension of short selling constraints more than otherwise similar firms without increased short selling threats. Meanwhile, higher sentiment in corporate press releases deters short sellers. Specifically, stocks with the suspension of short selling constraints are more likely to be short sold but such stocks with higher news sentiments are less likely to be short sold. These findings suggest that press release sentiment can be strategically used by firms to advance their own interests.

The Impact of Earning Press Releases Sentiment on Abnormal Stock Returns and Volatility

This dissertation investigates the impact of sentiment in earnings press releases on abnormal stock returns and volatility based on 150 countries from 1 January 2000 to 31 December 2016. Using Henry’s dictionary method for sentiment analysis, the study finds a negative association between optimistic tones in press releases and abnormal stock returns, implying that highly positive sentiment may trigger lower market reactions. Additionally, the results indicate that positive sentiment in press releases leads to reduced abnormal volatility both immediately and consistently over a period of 5 days, 10 days, and 30 days. These findings remain robust even after accounting for the impact of the 2008 financial crisis. By addressing both short-term and long-term effects, this research contributes to the literature on enhancing the understanding of how effectively investors incorporate sentiment from press releases into their trading behaviours.

Surfing the COVID-19 news waves: a Belgian case study of science communication and public relations with university press releases

Press releases remain an important link between academia and the media. While science communication is a goal of universities, public relations is also becoming increasingly salient. The press release, as a significant tool for both science communication and institutional public relations, means that the fields are entwined, prompting us to propose viewing science communication and public relations on a continuum. Based on a quantitative content analysis of all press releases sent out by a Belgian university during the COVID-19 pandemic we show what this university communicates about and identify how science communication can be used for public relation purposes and vice versa.

Journalism Versus Churnalism: How News Factors in Press Releases Affect Journalistic Processing of Ocean Plastic Research in Newspapers Globally

ABSTRACT This study evaluates the impact of news factors in press releases sent from scientific organizations on the representation of ocean plastic research in newspapers. We tracked 84 press releases discussing peer-reviewed ocean plastic studies, published between 2017 and 2021 on EurekAlert! and identified their presence in 495 English-language newspapers worldwide. Text comparison showed that press releases contribute highly to the construction of newspaper articles, with copied text segments in over half of the articles. News factors highlighting the prestige of the scientific study, like research published in high-impact journals or conducted by elite researchers were indicators of high newspaper coverage, as were the news factors bad news, magnitude, and social/economic relevance. Scientific press releases usually provide essential details about research, such as sample characteristics, research sites, and methods. However, funding information and research limitations were only marginally present. This study showed that providing research details does not reduce newsworthiness, instead sometimes even increasing it. Providing research details in press releases can influence journalists’ understanding and evaluation of the scientific study and thereby their decision to report. Hence, to assess the newsworthiness of scientific research, we propose that news factor analysis should include research details.

From News Rooms to Press Releases- Redefining Public Relations as the New Journalism

This paper attempts to look at the changing geography of public relations as it's fleetly transubstantiating to perform with old journalism. It critically assesses how PR has come a major player in public converse and how these have made their way into the mainstream media stories and eventually public opinion. The paper shall take a critical look at the strategy the PR companies employ to produce popular and harmonious press releases and pitches with intelligencers and the followership, in areas similar as liar, media relations, extremity operation, and the objectification of new media, social media engagement. It also arises the ethical considerations and problems that PR professionals must have, including not getting prejudiced and transparent while representing the interest of their guests. This demonstrates how public opinion can be manipulated and used through the help of PR and the need to uphold the loftiest integrity norms within those professionals working in the field. This study is understood by the literacy areas into the farther direction of communication and PR manipulation, as well as its eventuality.

Promotional Press Releases and Investor Processing Costs

Press releases are a primary disclosure channel firms use to communicate with investors. However, firms can also use press releases to self-promote to improve their public image. Promotional press releases are, on average, significantly less value relevant than those focused toward investors. They also contain more positive and emotional language as well as less specific and financially oriented language. Based on theories of disclosure processing costs and investor attention, we predict and find that firms’ recent high usage of this disclosure channel to self-promote is associated with increased investor attention and more efficient reactions to subsequent investor-focused disclosures. This effect is concentrated in less visible firms, whereas promotional press releases appear to have no effect on the pricing efficiency of more visible firms. We also provide evidence consistent with media attention being one channel through which these effects operate. Our findings deepen our understanding of how firms use press releases as a disclosure channel and contribute to the literature on disclosure processing costs. This paper was accepted by Eric So, accounting. Funding: This work was supported by resources at the Arkansas High Performance Computing Center. C. Rawson gratefully acknowledges financial support from the Sam M. Walton College of Business. B. J. Twedt gratefully acknowledges financial support from the Mays Business School. J. C. Watkins gratefully acknowledges financial support from the Mendoza College of Business.. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2023.01903 .

Informing the Public on Disaster Management: Evaluation of the Disaster and Emergency Management Presidency (AFAD) Press Releases

It is aimed to evaluate the data in the press releases created by AFAD in order for the public to reach transparent and accurate information after the Kahramanmaraş-centered earthquakes in Turkey. AFAD press releases shared with the public between 06.02.2023 and 01.03.2023 formed the data of the study. In the study, evaluations were made on Search and Rescue, health, shelter, burial and identification, number of injured and deceased. It has been determined that information is provided regularly in the press releases, from the number of search-and-rescue personnel sent to the region, to meeting the shelter needs, from the number of deaths to the number of injured. The Disaster and Emergency Presidency's sharing of accurate and reliable information in informing the public in disasters plays an important role in ensuring public order.

The (Re)Creation of Self-Identity in Times of Crises

Press releases are official (electronic) statements written by corporations and institutions to deliver significant information to the media and the general public. Although theoretically informative, press releases are a self-promotional tool because the pieces of information they deliver are produced by the organization – the source – that writes the press release. The purpose of this paper is to discuss the source of information as linguistically realized in terms of evidentiality and patterns of agency in AstraZeneca’s press releases delivered during the pandemic. More specifically, this paper will offer a corpus-based analysis of all the press releases (62) issued by AstraZeneca during the pandemic to identify the patterns of agency and evidentiality, with the purpose of detecting the extent to which, if any, the company (re)construct its image before and after the deaths supposedly linked to Covid vaccine. The results seem to indicate that different rhetorical and persuasive strategies, as well as image restoring strategies, are employed: while promotion may require booster devices, hedging devices are necessary whenever the press release seems over-confident in the conveying of the pieces of information. As usual, caution is necessary not only to diminish negative face threats but also to prevent possible attacks from future investigations denying cognitive consensus.

Analysis of ‘Publicity’ and ‘Information’ in Public Language of Administrative Agencies : Focusing on the Press Release of Gyeongsangbuk-do Office of Education and Korea Housing Finance Corporation

Since the Press Release of the Administrative Agency is it is necessary to deliver accurate information regarding Public Nature. If the Public Language of the Press Release undermines the publicity, some readers may perceive the Press Release itself negatively. In addition, if the information of the Press Release is not accurately communicated, the public may have difficulty understanding the content of the article. In particular, topics such as education and housing directly affect the lives of the people, so this is especially true. Therefore, in this study, press releases from the the Gyeongsangbuk-do Office and Korea Housing Finance Corporation of Education were analyzed focusing on Public Nature and Informativity. First, Public Nature was examined based on overbearing or authoritative expressions and discriminatory expressions, In the case of discriminatory expressions, direct, indirect, and personal information were examined. Next, Informativity was reviewed focusing on the format, quantity, and arrangement of information. As a result, there were few cases in which overbearing or discriminatory expressions were directly revealed in press releases from the Gyeongsangbuk-do Office of Education and the Korea Housing Finance Corporation. However, indirect discriminatory expressions or unnecessary personal information exposure were found. In terms of Informativity, errors were found in the format of information common to both institutions, and there were differences in the amount and arrangement of information in the two institutions. It is hoped that the results of this study, which reviewed Press Releases focusing on Public Nature and Informativity, will be helpful in writing better and easier to understand Press Releases.

The Tendency of Press Release Content of Makassar City Public Relations in Reporting Danny Pomanto Activities Outside His Position as Mayor

ABSTRACT Background: The Public Relations of the Makassar City Government not only conveys positive information about the programs and policies of the Makassar City Government, but also monitors and reports on Danny Pomanto's personal activities related to his candidacy for Governor of South Sulawesi in 2024. Purpose: This research aims to analyse the tendency of Makassar City Public Relations Press Release Content in reporting Danny Pomanto's activities outside his position as Mayor of Makassar. Method: The approach used is descriptive qualitative approach with content analysis method. The unit of analysis used in this research is the press release of the Public Relations (City Government) of Makassar City Government starting from the period February 2023 to September 2023. Data analysis uses the Krippendorff method with steps of unititisation, sampling, recording, analysis, inference and data reduction Results: The results showed that the content of press releases made by the Public Relations of Makassar City Government is not only conveying positive information about the programmes and policies of Makassar City Government to the public, but the PR also oversees and reports on Danny Pomanto's activities outside of his position as mayor, including releasing his personal activities as Chair of the Hasanuddin University Alumni Association (IKA) South Sulawesi when visiting several regions in South Sulawesi which have something to do with running as a candidate for Governor of South Sulawesi 2024. Conclusion: The implication of the findings of this research that needs to be underlined is that the public relations of Makassar City Government as a representative of government institutions / agencies should only report on the activities of institutions or leaders of institutions, not to become campaigners for individual leaders of institutions for political purposes. For this reason, public relations must be neutral and not be involved in practical politics, especially ahead of the South Sulawesi Governor election.

Analysis of the Relationship Between Press Releases and Media Coverage: A Comparative Study of Direct University Press Releases and Newspaper Databases

Analysis of the Relationship Between Press Releases and Media Coverage: A Comparative Study of Direct University Press Releases and Newspaper Databases

Respond or not? Analyst recommendation and companies' press releases after adverse events

AbstractThis study examines whether management responds to adverse events and how the press releases after adverse events are associated with analyst recommendation. Using Securities Exchange Act of 1934 Section 10b lawsuits – manipulative and deceptive practices in securities trading – as the proxy for adverse events, we show that companies do not always address the events. However, by issuing a press release within 2 days after the event, the negative effect of the lawsuit on analyst recommendation is smaller. This study advances our understanding in responding to adverse events and provides practical implications for managers.

Strategic Press Release When Employee Unemployment Risk Is Better Insured

Using the staggered changes in unemployment insurance (UI) benefits across states in the United States as an exogenous shock to employees’ costs of unemployment and the hiring firm’s costs of disclosure, this study investigates whether and how a firm’s relationship with its employees impacts its strategic disclosure through press releases. We find that firms increase (reduce) bad (good) press releases after their employees’ UI benefits become more generous. This finding is consistent with the notion that larger UI benefits reduce the costs of employee unemployment risk borne by hiring firms and thus reduce firms’ costs to release bad news items. Interestingly, we find that the large increase in UI benefits is associated with more discretionary, but not nondiscretionary, bad press releases. The findings are robust when we exclude earnings-related press releases from our sample. Further evidence shows that the increase in negative press releases is mainly driven by news regarding earnings, products-services, marketing, credit ratings, assets, and legal issues, which are more closely related to employee perceptions of unemployment risk. JEL classification: G10; M41; J31; J65.

The differential impact of quantitative and qualitative information on outbound cross-border acquisition outcomes: evidence from emerging economies

PurposeThe purpose of this study is to examine the differential impact of qualitative and quantitative informational signals within the merger and acquisition (M&A) press releases on deal completion and duration. A significant percentage of deals by emerging market acquirers get abandoned before completion, and those that are completed have a longer duration. The limited information about the operations of acquirers from emerging markets creates suspicion among the stakeholders involved in deal resolution, hindering the completion of deals. Thus, using the signal-feedback paradigm, authors investigate how informational signals in the M&A press release impact the deal resolution.Design/methodology/approachThe study employs content analysis on M&A press releases announced by firms from five emerging economies: Brazil, Russia, India, China and South Africa. The technique is applied based on the exploration-exploitation framework developed by March (1991) to categorize the announced deal motives (qualitative information). Next, the authors identify the percentage of relevant quantitative information disclosed in the press release, following which results are obtained using logistic and ordinary least square regressions.FindingsThe study reports that deals with declared exploratory motives take longer to complete. Additionally, deals disclosing higher percentage of quantitative disclosure exhibit lower completion rate and increased deal duration.Originality/valueThis is the first study to provide evidence that familiarity bias impacts deal duration as relative to exploitation deals that are familiar to the stakeholders; exploratory deals take longer to conclude. Further, our analysis indicates that a greater percentage of quantitative disclosure may not always reduce information risk but rather be interpreted negatively in the form of the acquirer’s overconfidence in the deal’s potential.

Do Firms Strategically Use Non-Earnings Press Releases

This study examines the strategic use of non-earnings press releases (NEPR) by firms experiencing poor financial performances. Utilizing a dataset from Naver.com, we classify news originating from press releases by applying deep-learning techniques and find that firms issue more NEPR in the fourth quarter following poor performance in the first three quarters. Market reactions to NEPR vary based on previous performance, suggesting investors recognize firms' strategic intention of these releases. This study emphasizes the need for market participants to assess the motives behind NEPR, especially from poor performing firms.

Conceptual Networks and the Representation of the Syrian Refugees in the UNHCR Press Releases Between 2011 and 2021

Conceptual Networks and the Representation of the Syrian Refugees in the UNHCR Press Releases Between 2011 and 2021

Monetary Policy Press Releases of 24 Inflation Targeting Central Banks – A Comparison of their Key Features and Complexity

Abstract This paper describes the process of constructing a dataset of available online press releases related to monetary policy decisions published by central banks that have been pursuing a form of inflation targeting. A total of 3,807 documents were considered, as the review encompasses 24 central banks over the past 30 years. To prepare the dataset for text-mining analysis, a cleaning procedure has been performed, which is also presented in detail. The next step was to look at the readability of the documents in order to detect any patterns in its changes. We find that while there is a significant variation between central banks, there is no clear time trend in the readability of the monetary policy press releases, i.e. some central banks tend to have easier-to-read press releases than others, and this does not change with time. In turn, there is a weak indication that following the Global Financial Crisis outbreak and the European Sovereign Debt Crisis apogee, as well as at the time of withdrawing unconventional measures introduced in response to those two emergencies, press releases of advanced economy inflation targeters got temporarily harder-to-read. Overall, this paper can be viewed as a first attempt towards assessing qualitatively central banks’ transparency, with respect to a flagship communication tool of inflation targeters, namely their monetary policy press releases.

Implicature and Explicature in Communiqué: An Investigation into Language Use in Press Releases in the G20 2023 Summit

Implicature and Explicature in Communiqué: An Investigation into Language Use in Press Releases in the G20 2023 Summit

Promotional Press Releases and Investor Processing Costs

Promotional Press Releases and Investor Processing Costs

Empirical Review of Vietnamese Educational Press Releases: A Discourse Analysis

Empirical Review of Vietnamese Educational Press Releases: A Discourse Analysis