ECIN Replication Package for "Anticipating the Honeymoon: Event Study Estimation of New Stadium Effects in Major League Baseball Using the Imputation Method"

This paper estimates the impact of new stadiums on
attendance and revenues of Major League Baseball teams between 1970 and 2019.
Recent studies have shown that conventional two-way fixed effects (TWFE) models
may produce biased estimate and propose an “imputation” method instead. This
paper uses the imputation method to generate a counterfactual estimate, based
on untreated observations, so that the average treatment effect on the treated
(ATT) equals the difference between actual and counterfactual estimates. Additionally,
almost ideal unconditional estimates of the ATT are calculated, using a subset
of the control group consisting of games played in the same season against
treated teams. These approaches reveal that there were significant anticipation
effects associated with new stadiums, up to three seasons before opening. They
suggest that previous estimates may significantly understate the revenue gains
from new stadiums.