UBS Subprime CrisisIrina Antonescu - Raluca Blanaru - Andreea Dicu - Carmen Neghina - Alina Oprea – Teodora Vasileva

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AgendaResearch Question

Population of Media Content

Coding Scheme

Findings

Evaluation of Results

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Research Question

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Research Question

“How did the media coverage on UBS’s subprime crisis

develop from October 2007 to January 2008?”

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Population of Media Content

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Population of Media ContentTrusted international financial newspapers with online editions

25%

47%

11%

17%

Media Source

The Financial Times

Forbes

The Economist

Other

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SamplingTime frame: October 2007 November 2007 December 2007 January 2008 February 2008

Sampling size: 36 articles (33% double coded)

28%

8%

39%

25%

Distribution of articles

Octomber

November

December

January

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SamplingTime frame: October 2007 November 2007 December 2007 January 2008 February 2008

Sampling size: 36 articles (33% double coded)

28%

8%

39%

25%

Distribution of articles

Octomber

November

December

January

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Coding Scheme

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Code Book1. Media Source

2. Time Frame

3. Size

4. Centrality

5. Context

6. Personalization

7. Favorability

8. Response

9. Coverage

10. Primary Journalistic Dimension of Commentary

11. Secondary Journalistic Dimension of Commentary

12. Use of the Word “crisis”

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Code Book1. Media Source

2. Time Frame

3. Size

4. Centrality

5. Context

6. Personalization

7. Favorability

8. Response

9. Coverage

10. Primary Journalistic Dimension of Commentary

11. Secondary Journalistic Dimension of Commentary

12. Use of the Word “crisis”

Manifest Content

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Code Book1. Media Source

2. Time Frame

3. Size

4. Centrality

5. Context

6. Personalization

7. Favorability

8. Response

9. Coverage

10. Primary Journalistic Dimension of Commentary

11. Secondary Journalistic Dimension of Commentary

12. Use of the Word “crisis”

Latent Content

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Reliability 36 articles - 12 double coded (33%)

Holsti’s inter-coder reliability

0.94NNM

21

2

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Findings

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Centrality

(0) Firm is not mentioned in the article

(1) Firm is not centrally or prominently covered (other firms or topics are in the center)

(2) Firm is prominently covered but not in the center (one long or various small paragraphs)

(3) Firm is in the center of the article (the article talks only or mainly about the firm)

October November December January0%

10%20%30%40%50%60%70%80%90%

100%

1

1

1 1

22

3 33

3210

In center

Prominently

Not centrally

Not mentioned

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Context

(1) Business context (the article talks mainly about the business performance, management, strategy of the UBS AG)

(2) Both (business and societal context are covered to an equal extent)

(3) Societal context (the article talks mainly about societal implications, concerns, ethical aspects)

Is the UBS and the topic of the subprime crisis covered in a business context or in a societal context?

October

November

December

January0%

10%20%30%40%50%60%70%80%90%

100%

BothSocialBusiness

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Personalization

(1) No personalization (representatives are not mentioned)

(2) Medium personalization (representatives are mentioned but not prominently)

(3) Strong personalization (the article puts one/more representatives in the center of the story)

October November December January0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

11

1

2

2

2

2

33

3

3321

Does the article personalize the firm, by putting one or more of its representatives (mostly the CEO or other top managers) in the center of the story? Or is the firm only talked about as a collective organization?

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Overall PersonalizationDoes the article personalize the firm, by putting one or more of its representatives (mostly the CEO or other top managers) in the center of the story? Or is the firm only talked about as a collective organization?

(1) No personalization (representatives are not mentioned)

(2) Medium personalization (representatives are mentioned but not prominently)

(3) Strong personalization (the article puts one/more representatives in the center of the story)

1. No personalization 2. Medium personalization 3. Strong personalization15 16 5

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Favorability

(0) Negative (the article is marked by feelings of hostility, pessimism that criticize the situation of the USB AG)

(1) Ambivalent (equal amounts of negative and positive coverage)

(2) Neutral (taking no side on the issue, simply presenting the facts as they are , without voicing an opinion)

(3) Positive (the article uses a confident, optimistic tone, focusing on the good things and presenting solutions, rather than problems)

October November December January0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Positive

Neutral

Ambivalent

Negative

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Overall Favorability

(0) Negative (the article is marked by feelings of hostility, pessimism that criticize the situation of the USB AG)

(1) Ambivalent (equal amounts of negative and positive coverage)

(2) Neutral (taking no side on the issue, simply presenting the facts as they are , without voicing an opinion)

(3) Positive (the article uses a confident, optimistic tone, focusing on the good things and presenting solutions, rather than problems)

1. Negative 2. Ambivalent 3. Neutral 4. Positive18 9 8 1

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Response

(0) No response

(1) Denial (didn’t do it, others were guilty)

(2) Evading responsibility (not in our control, accident, we had good intentions)

(3) Reducing offensiveness (reframing the situation as less negative, bolstering)

(4) Corrective action (make changes to prevent the problem from repeating itself, or trying to restore the situation to its previous state)

(5) Mortification (apology, expression of regret, confessing, begging for forgiveness)

October November December January0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

None Denial Evasion Reduce OffensivenessCorrective Action Mortification

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Overall Response

(0) No response

(1) Denial (didn’t do it, others were guilty)

(2) Evading responsibility (not in our control, accident, we had good intentions)

(3) Reducing offensiveness (reframing the situation as less negative, bolstering)

(4) Corrective action (make changes to prevent the problem from repeating itself, or trying to restore the situation to its previous state)

(5) Mortification (apology, expression of regret, confessing, begging for forgiveness)0. N

o resp

onse

1. Den

ial

2. Eva

sion of re

sponsibilit

y

3. Red

ucing offen

siven

ess

4. Corre

ctive

action

5. Mortification

12 0 5 8 11 0

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Primary Journalistic Dimension of Commentary

(1) Criticizing (expressing disapproval by pointing out faults or shortcomings related to the situation)

(2) Argumentative (reasoning aiming at demonstrating truth or falsehood)

(3) Descriptive (aimed at describing or informing about the situation)

(4) Summary (giving a general overview of recent actions)

(5) Cynical (mocking, scornful, sarcastic)

What is the tone of the article?

October November December January0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Criticizing Argumentative DescriptiveSummary Cynical

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Primary Journalistic Dimension of Commentary

(1) Criticizing (expressing disapproval by pointing out faults or shortcomings related to the situation)

(2) Argumentative (reasoning aiming at demonstrating truth or falsehood)

(3) Descriptive (aimed at describing or informing about the situation)

(4) Summary (giving a general overview of recent actions)

(5) Cynical (mocking, scornful, sarcastic)

Overall Results

1. Crusading 2. Argumentative 3. Descriptive 4. Summary 5. Cynical5 9 16 4 2

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Evaluation of Results

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Evaluation of results In sum, the personalization was medium

Analysis of the crisis, not of representatives

Response strategies No denial and mortification Reasoning prevailed over appeal to emotions Tried to improve their damaged image by using reducing offensiveness,

evasion of responsibility and corrective actions

The cynicism of the articles decreased, whereas the use of description increased

The crisis is still in the containment phase

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Thank you for your attention