Anticipating the honeymoon: Event study estimation of new stadium effects in Major League Baseball using the imputation method
使用插补法估计1970至2019年间美国职业棒球大联盟新球场对观众人数和收入的影响，发现新球场开放前最多三个赛季就存在显著的预期效应，表明以往研究可能低估了新球场的收入增长。
Abstract This paper estimates the impact of new stadiums on attendance and revenues of Major League Baseball teams between 1970 and 2019. Recent studies reveal that two‐way fixed effects (TWFE) models may produce biased estimates, proposing an “imputation” method instead. This paper uses the imputation method to generate a counterfactual estimate, based on untreated observations: the average treatment effect on the treated (ATT) equals the difference between actual and counterfactual estimates. The analysis shows that there were significant anticipation effects associated with new stadiums, up to three seasons before opening. It suggests previous estimates may significantly understate new stadium revenue gains.