Dancing with the Stars: Does Playing in Elite Tournaments Affect Performance?
利用欧洲五大足球联赛数据，研究发现参加欧冠联赛能使球队在国内联赛中每场净胜球提高约0.3个，胜率差提高约10个百分点，表明精英赛事存在溢出效应。
Abstract This article documents spillover effects using participation in an elite international football tournament as a laboratory. Using a novel dataset from top 5 European football leagues, we find that participation in highly selective UEFA Champions League (UCL) generates large performance gains to participating teams in their domestic leagues. More precisely, UCL participation improves goal difference (goals scored minus goals conceded) by approximately 0.3 goals per game and probability margin (probability of winning minus probability of losing) by approximately 10 percentage points. By investigating causal channels through which participation in the UCL might affect performance, we argue that our results suggest the importance of spillover effects in sports.