The dynamics of negativity in media outlets during the Greek sovereign bond crisis

It is well known that the media display an asymmetric reaction to real-world events, which results in the prioritisation of negative coverage. However, there is still much to discover regarding the qualitative distinctions between different media types and the dynamics of negativity. This article investigates how different media outlets framed Greece in evaluative terms during and after the Sovereign Bond Crisis relying on 12,376 articles published in the British press between 2009 and 2018. The study confirms earlier findings that the ‘negativity bias’ differs across media types in terms of the level of negative tone. In addition, the study’s significant contribution is to highlight the persistence of negativity. Fractional integration time series econometrics is employed to assess the extent to which tonality persists over time. As theorised, all the time series of tonality exhibit long-term memory. Moreover, some evidence is found of differentials in negativity persistence across media outlet types.