Market Power in Radio Markets: An Empirical Analysis of Local and National Concentration
研究1996年电信法允许广播市场集中度提高后，集中度与电台盈利能力的关系，发现集中度增加与盈利能力无强关联，但集团所有权提升效率。
The Telecommunications Act of 1996 contains provisions that allow increasing levels of concentration in local radio markets. Debate has focused on whether allowing greater concentration of broadcast media resources into fewer hands is a sound public policy. One fear of regulators is the effect of increased concentration on the market power of radio stations. Concentrating on intraindustry variations, this paper systematically assesses the link between radio station profitability and market concentration. The underlying assumption of the empirical analysis is that sale price (or present value) of the radio station includes the present value of future profits. The results do not support a strong relationship between increases in concentration and the profitability of radio stations, although we find group ownership to increase efficiency.