The strategic timing incentives of commercial radio stations: An empirical analysis using multiple equilibria

Commercial radio stations and advertisers may have conflicting interests about when commercial breaks should be played. This article estimates an incomplete information timing game to examine stations' equilibrium timing incentives. It shows how identification can be aided by the existence of multiple equilibria when appropriate data are available. It finds that stations want to play their commercials at the same time, suggesting that stations' incentives are at least partially aligned with the interests of advertisers, although equilibrium coordination is far from perfect. Coordination incentives are much stronger during drivetime hours, when more listeners switch stations, and in smaller markets.     

适合的才是好的治理

正对中小企业而言,最大的目标当然是业绩。不管什么治理方法,能提高业绩的就是好方法。如果遵循某个治理原则带来的只有高昂的治理成本和官僚作风,那么这件事情就不应该做金融衰退往往会使人们加强对公司治理的关注。近几年发生的经济衰退也不例外,各国的监管部门都加强了对公司的合规审查。英国Close Brothers集团的CEO Preben Prebensen表示,"过去五年来,大家都比较认可治理的重要性,而且这种认可并不局限于