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Event Studies with Feedback

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Listed:
  • Irene Botosaru
  • Laura Liu

Abstract

Event studies often conflate direct treatment effects with indirect effects operating through endogenous covariate adjustment. We develop a dynamic panel event study framework that separates these effects. The framework allows for persistent outcomes and treatment effects and for covariates that respond to past outcomes and treatment exposure. Under sequential exogeneity and homogeneous feedback, we establish point identification of common parameters governing outcome and treatment effect dynamics, the distribution of heterogeneous treatment effects, and the covariate feedback process. We propose an algorithm for dynamic decomposition that enables researchers to assess the relative importance of each effect in driving treatment effect dynamics.

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  • Irene Botosaru & Laura Liu, 2026. "Event Studies with Feedback," Papers 2601.05493, arXiv.org.
    • Handle: RePEc:arx:papers:2601.05493
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    File URL: http://arxiv.org/pdf/2601.05493
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    References listed on IDEAS

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    1. Irene Botosaru & Laura Liu, 2025. "Time-Varying Heterogeneous Treatment Effects in Event Studies," Papers 2509.13698, arXiv.org.
    2. Stephane Bonhomme, 2025. "Back to Feedback: Dynamics and Heterogeneity in Panel Data," Papers 2512.17576, arXiv.org.
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