Revisiting the novelty effect from new stadiums: An event study approach
通过事件分析方法，考察美国四大职业体育联盟新场馆对观众需求的短期冲击，发现新奇效应在十年内消退，并估算出高额公共补贴下场馆提前更新的财务激励。
Abstract This analysis examines the impact of new stadiums on consumer demand for sports spectatorship in the four major US‐based professional sports leagues. Estimates from difference‐in‐differences event studies identify a transitory attendance shock from new venues that diminishes to pre‐stadium‐treatment levels within a decade. The updated estimates confirm the existence of the novelty effect in modern facilities and identify subtle differences in magnitude, certainty, and duration across leagues. Revenue estimates indicate that the substantial financial returns from constructing new stadiums likely incentivize the premature replacement of host venues when combined with typical public subsidy levels.