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In this section, we introduce our novelty and topicality measures for news articles.
Using our novelty and topicality measures of news articles, we investigate the intraday market reactions to both novel and topical news.
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To check whether our topicality measure correctly capture topical news articles, we compare the value of (mathit{Top}(a_{t,k})) for ALERTs and that for HEADLINEs.
First, our topicality measure is based on the idea that important news should be reported simultaneously by many news agencies.
If this is the case, our topicality measure wrongly signals that this event is not that important.
The solid (dashed) lines in (a) show the level of market activity when the topicality measure is above (below) the average.
Second, the topicality measure we introduce is based on the simple idea that a news article that receives more attentions from news agencies and market participants should have a larger impact on stock prices and transaction volumes.
The topicality measure for a news item is obtained by counting the number of news articles whose content is similar to an original news article but which are delivered by other news agencies.
The topicality measure for a news article is obtained by counting the number of news articles which have a similar content to the original news article but are delivered by other news agencies.
The topicality measure for a news article is obtained by counting the number of news articles which have similar content to the original news article but are delivered by other news agencies.
Turning to the measure of topicality, our measure is related in some sense to the measure adopted by [43], which proposes to measure the importance of a news article by counting the number of retweets of a tweet mentioning the article.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com