Information extraction from large corpora can be a useful tool for many applications in industry and academia. For instance, political communication science has just recently begun to use the opportunities that come with the availability of massive amounts of information available through the Internet and the computational tools that natural language processing can provide. We give a linguistically motivated interpretation of topic modeling, a state-of-the-art algorithm for extracting latent semantic sets of words from large text corpora, and extend this interpretation to cover issues and issue-cycles as theoretical constructs coming from political communication science. We build on a dynamic topic model, a model whose semantic sets of words are allowed to evolve over time governed by a Brownian motion stochastic process and apply a new form of analysis to its result. Generally this analysis is based on the notion of volatility as in the rate of change of stocks or derivatives known from econometrics. We claim that the rate of change of sets of semantically related words can be interpreted as issue-cycles, the word sets as describing the underlying issue. Generalizing over the existing work, we introduce dynamic topic models that are driven by general (Brownian motion is a special case of our model) Gaussian processes, a family of stochastic processes defined by the function that determines their covariance structure. We use the above assumption and apply a certain class of covariance functions to allow for an appropriate rate of change in word sets while preserving the semantic relatedness among words. Applying our findings to a large newspaper data set, the New York Times Annotated corpus (all articles between 1987 and 2007), we are able to identify sub-topics in time, \\\\textit{time-localized topics} and find patterns in their behavior over time. However, we have to drop the assumption of semantic relatedness over all available time for any one topic. Time-localized topics are consistent in themselves but do not necessarily share semantic meaning between each other. They can, however, be interpreted to capture the notion of issues and their behavior that of issue-cycles.

Information extraction from large corpora can be a useful tool for many applications in industry and academia. For instance, political communication science has just recently begun to use the opportunities that come with the availability of massive amounts of information available through the Internet and the computational tools that natural language processing can provide. We give a linguistically motivated interpretation of topic modeling, a state-of-the-art algorithm for extracting latent semantic sets of words from large text corpora, and extend this interpretation to cover issues and issue-cycles as theoretical constructs coming from political communication science. We build on a dynamic topic model, a model whose semantic sets of words are allowed to evolve over time governed by a Brownian motion stochastic process and apply a new form of analysis to its result. Generally this analysis is based on the notion of volatility as in the rate of change of stocks or derivatives known from econometrics. We claim that the rate of change of sets of semantically related words can be interpreted as issue-cycles, the word sets as describing the underlying issue. Generalizing over the existing work, we introduce dynamic topic models that are driven by general (Brownian motion is a special case of our model) Gaussian processes, a family of stochastic processes defined by the function that determines their covariance structure. We use the above assumption and apply a certain class of covariance functions to allow for an appropriate rate of change in word sets while preserving the semantic relatedness among words. Applying our findings to a large newspaper data set, the New York Times Annotated corpus (all articles between 1987 and 2007), we are able to identify sub-topics in time, \\\\textit{time-localized topics} and find patterns in their behavior over time. However, we have to drop the assumption of semantic relatedness over all available time for any one topic. Time-localized topics are consistent in themselves but do not necessarily share semantic meaning between each other. They can, however, be interpreted to capture the notion of issues and their behavior that of issue-cycles.