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Modal expressions as argumentative indicators in economic financial newspaper articles SNFR Project: Modality in argumentation. A semantico- argumentative study of predictions in Italian economic-financial newspapers


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Modal expressions as argumentative indicators in economic financial newspaper articles

SNFR Project: Modality in argumentation. A semantico- argumentative study of predictions in Italian economic-financial newspapers (www.modality-in-argumentation.ils.com.usi.ch) Gergana Zlatkova Epiday, Università della Svizzera Italiana, 26 April, 2010

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Outline of the presentation

  • 1. Context of the research
  • 2. Research questions
  • 3. Corpus data
  • 4. “Parere” and “forse” as argumentative indicators
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The context of the research

  • Modality
  • Argumentation
  • Economic-financial newspaper articles
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Research questions

  • 1. What role do play modal expressions as

argumentative indicators?

  • 2. Prediction speech act as a standpoint and as an
  • argument. What type of modalization ?
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Corpus data

The corpus includes one entire month (April 2006) of three newspapers: the main Italian economic- financial daily Il Sole 24 ore, the business newspaper Italia Oggi and the financial newspaper MF/Milano

  • Finanza. The whole corpus counts more than 4

million token words.

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Modality

In Linguistic Semantics

  • Modality – semantic notions of

possibility, probability, necessity. Usually is indicated via the use of modal verbs (such as may, could, should, must, might) or through adjectives or adverbs (maybe, perhaps, certainly) and so on.

  • Cognitively, the human ability to

think of alternatives, that the things might be otherwise.

…in Journalism

  • Modality

as a key concept in journalism studies (Bob Franklin et al. 2005; Martin, J. and P. White 2007).

  • Modality as language resources

that introduce element

  • f

subjectivity into journalistic text.

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Modality in economic- financial news

Why do economic-financial newspaper articles are the ideal test bed for studying the relation between modality and argumentation?

  • The demand of information in economic financial news is oriented towards

the forecasting of future events

  • Economic-financial news are overtly or covertly argumentative
  • In the discourse structure of economic financial news the predictive speech act
  • ccupies a central position
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Economic-financial prediction

What is a prediction?

“To predict is to assert with the propositional content condition that the propositional content is future with respect to the time of the utterance and the preparatory condition that the speaker has evidence in support of the proposition. Evidence is a special kind of reason” (Searle & Vanderveken 1985: 186)

Predictive speech acts in economic- financial news:

  • Economic forecasting proper (Coyle 2001) – based on systematic, modal based

extrapolations from present situation and past events to future trend in economy.

  • Forward – looking statement – referring to the corporate plans,

strategies and expectations

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Modality in economic- financial news

Tuttavia, la decisione di ottenere la garanzia del capitale, associata al desiderio di moltiplicare le performance se la scommessa dovesse rivelarsi azzeccata, deve avere necessariamente un prezzo, perché implica ottenere solo il lato "positivo" dai mercati, ipotesi che non è oggettivamente realizzabile se non ad un costo. Onere che chiaramente tende a crescere, in modo più che proporzionale, al ridursi della durata degli strumenti. In quest'ottica il certificato di Caboto risponde ad una chiara decisone di investimento, ma forse potrebbe essere prezzato più a buon mercato per poter stimolare maggiormente l'interesse dei potenziali investitori. However, the decision to obtain a guarantee of the capital as well as the desire to increase the performance in case the bet was successful, it must necessarily have a price, because it implies getting only the "positive“ side of the markets, hypothesis which could not be objectively realized, even at a cost. This is a burden that clearly tends to grow over - proportionally with the decreasing of the duration of the instruments. In this view, the Cabot’s certificate corresponds to a clear investment decision, but perhaps it could be priced more cheaply in order to increasingly stimulate the interest of potential investors.

  • (Il Sole 24 Ore, April 8, 2006, doc. 67).
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Economic-financial prediction

Lingusitic features of predictive speech act

  • Predictions appearing in financial news are modalized utterances

referring to future events La concomitanza dell'operazione-Saras però consiglia prudenza, visto che entrambi i gruppi operano nel comparto oil e c'è il rischio di provocare un eccesso di offerta di titoli petroliferi sul mercato. The concomitance of the Saras operation recommends caution, since both groups are working in the oil sector and there is a risk of causing an oversupply of oil stocks on the market. (MF, April 4, 2006, doc. 31)

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Economic-financial prediction

  • Often they are attributed to external source, typically this is

an expert source, but also an unnamed source is possible

Nel 2006, il commercio internazionale, misurato sulla base delle esportazioni di beni, può aumentare del 7%, secondo previsioni diffuse ieri dalla Wto, l'Organizzazione mondiale del commercio, grazie a un'ulteriore accelerazione dell'economia globale

According to estimates released yesterday by the WTO, the World Trade Organization, in 2006, the international trade, measured on the basis of exports of goods, may increase by 7%, thanks to the further acceleration of the global economy.

(Il Sole 24 Ore, Aprile 12, 2006, doc.88)

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Economic- financial prediction

  • They are often conditional relativized to plausible or merely

possible scenarios

Aumenta anche il numero degli alloggi invenduti, un fatto che - se confermato in futuro – dovrebbe riflettersi in una riduzione dei prezzi degli immobili, con effetti di raffreddamento sulla crescita dell'inflazione. The number of unsold housing also increases, a fact that - if confirmed in the future – should be reflected in real estate price reduction with cooling effects on the growth of inflation. (Il Sole 24 Ore, April 3, 2006, doc.69)

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Modals as argumentative indicators

Argumentative indicator- “words and expressions that may refer to argumentative moves, such as putting forward a standpoint or argumentation. The use of these argumentative indicators is a sign that a particular argumentative move might be in progress, but it does not constitute a decisive pointer” (van Eemeren, Houtlosser& Snoeck –Henkemans 2007:1)

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“Parere”as argumentative indicator

L'ennesimo slittamento del listing della Borsa Italiana Spa ha coinciso con il naufragio dell'ennesimo tentativo di coinvolgere il London Stock Exchange in una partnership globale. Per la società-mercato della City - la più importante d'Europa e per certi versi più strategica della stessa Wall Street sullo scacchiere internazionale -pare non essere mai l'ora di rinunciare alla propria indipendenza The nth sliding of listing of the Italian Stock Exchange Spa coincided with the failure of the nth attempt to involve the London Stock Exchange in a global

  • partnership. For the City’s market -company - the most important in Europe and in

some respect even more strategic on the international chessboard than Wall Street - it appears never to be time to give up its independence. (il Sole 24 Ore, April 1, 2006, doc.36 ) Stand- point Argu- ment Argu- ment Stand- point

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A short profile of parere as an argumentative indicator (Miecznikowski, Zlatkova 2009)

  • Concluding

– Main standpoint – Local standpoint

  • Schemes

– Induction – Symptomatic argumentation from observable data – Testimony or expert opinion

  • Cannot directly introduce predictions
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The problem of forse as an argumentative indicator

  • Forse is an epistemic possibility adverb
  • It seems to be too weak to introduce a standpoint

like parere;

  • Yet, it appears to play an important role in the

expression of arguments.

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“Forse ”as argumentative indicator

'Ormai il peso della politica sul nostro mercato e piuttosto trascurabile', aggiunge Fabrizio Carlini di Kairos. Forse ci sarà un po' di maggior debolezza nel breve, ma nel medio periodo non dovrebbe cambiare nulla”. 'Nowadays the weight of politics on our market is quite insignificant,' adds Fabrizio Carlini from Kairos. Maybe there will be slight weakness in the short term , but in the medium term nothing should change. (Il Sole 24 Ore , April 12, 2006, doc. 68)

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“Forse ”as argumentative indicator

Lo scenario che invece nessuno si augura e quello di un sostanziale pareggio o di una vittoria talmente risicata da non permettere a una delle due parti di

  • governare. 'La possibilità di un prolungato periodo di incertezza - conclude Nixon
  • bloccherebbe le riforme necessarie e potrebbe portare a un ulteriore

deterioramento delle finanze pubbliche, mettendo quindi il rating a serio rischio'. Intanto un decennale greco (rating "A", inferiore quindi a quello italiano) rende ormai quanto il BTP: forse il mercato sta già prendendo le misure. The scenario that nobody wishes for is an equal score or a close victory allowing neither party to govern. 'The possibility of an extended period of uncertainty - concludes Nixon - would block necessary reforms and could lead to further deterioration of public finances, therefore putting the rating at serious risk.‘ Meanwhile, a Greek decennial ("A" rating, which is lower than the Italian

  • ne) now what makes the BTP: maybe the market is already taking

measurements. (Il Sole 24 0re, April 8, 2006, doc. 16)

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“Forse ”as argumentative indicator

Nei primi tre mesi del 2006 i ricavi sono cresciuti del 20% e forse possiamo dire che cominci a soffiare il vento della ripresa'. In the first three months of 2006, the proceeds grew by 20% and maybe we can say that the wind of recovery is blowing (Il Sole 24 Ore, Aprile 20, 2006, doc. 147)

In terzo luogo, continua ad aggravarsi la situazione sul fronte petrolifero, in parallelo con l'aggravarsi del quadro dei rapporti geopolitici internazionali in Medio oriente e con l'Iran, fattori che offrono un sostegno decisivo alla spinta speculativa al rialzo dei prezzi del

  • greggio. Ormai, forse, non si dovrebbe essere lontani dal vero nel non escludere l'ipotesi

che si possa raggiungere quota 80 dollari per barile. Thirdly, the situation on the oil front continues to worsen in parallel with the worsening of the geopolitical framework of international relations in the Middle East and Iran, factors that provide decisive support to speculative rise in oil prices. Now, perhaps you should not be far from the truth if we do not exclude hypothesis that $ 80 per barrel could be reached.

(Il Sole Ore, Aprile 22, 2006, doc. 232)

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Thank you for your attention

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References

  • Coyle, Diane (2001). Making sense of published economic forecasts. In: Hendry,

D.F. & N. R. Ericsson (eds.) Understanding Economic Forecasts. Cambridge:The MIT Press.

  • Eemeren, F.H.van, P. Houtlosser, & F. Snoeck-Henkemans. 2007. Argumentative

indicators in discourse. A Pragma-Dialectical Study. Dordercht: Springer

  • Eemeren, F.H. van, R. Grootendorst (1992). Argumentation, communication, and
  • fallacies. A pragma-dialectical perspective. Hillsdale NJ: Erlbaum.
  • Franklin Bob et al. (2005). Key Concept in Journalism Studies . London, New Delhi:

Sage Publications

  • Martin, J. and P. White (2007). The Language of Evaluation: Appraisal in English.

Hampshire: Pelgrave Macmillan

  • Rigotti, E. (2005). Congruity theory and argumentation. In: M. Dascal, F.H. van

Eemeren, S. Stati & A. Rocci (eds.) Argumentation in Dialogic Interaction. Special issue of Studies in Communication Sciences: 75-96

  • Rocci, A. 2006c. Pragmatic inference and argumentation in intercultural
  • communication. Intercultural Pragmatics 3-4: 409-442