手法を比較

	異質的処置効果パネルイベントスタディ	パネルイベントスタディ
分野	因果推論	因果推論
系統	Regression model	Regression model
提唱年	2021	1990s–2020s (modern panel formulation)
提唱者	Sun & Abraham; Callaway & Sant'Anna	Formalized by Freyaldenhoven, Hansen, Perez-Orive & Shapiro (2021); widely applied in finance (Fama et al. 1969) and policy evaluation
種類	Causal inference / quasi-experimental	Quasi-experimental / causal panel design
原典	Sun, L., & Abraham, S. (2021). Estimating dynamic treatment effects in event studies with heterogeneous treatment effects. Journal of Econometrics, 225(2), 175-199.	Freyaldenhoven, S., Hansen, C., Perez-Orive, J., & Shapiro, J. M. (2021). Visualization, Identification, and Estimation in the Linear Panel Event-Study Design. NBER Working Paper 29170. National Bureau of Economic Research.
別名	HTE panel event study, heterogeneous effects event study, staggered panel event study, CATT event study	event-study regression, dynamic DiD, relative-time regression, distributed-lag panel model
関連	4	4
概要	A heterogeneous treatment effect panel event study estimates how treatment impacts vary across units and over time in a panel setting, allowing each cohort of treated units to have its own dynamic response. Seminal contributions by Sun and Abraham (2021) and Callaway and Sant'Anna (2021) showed that standard two-way fixed-effects event studies mask sign-reversing treatment heterogeneity across cohorts, motivating cohort-specific estimation followed by flexible aggregation.	A panel event study estimates the dynamic causal effect of a treatment or policy by regressing an outcome on a full set of relative-time indicators — one for each period before and after the event — while controlling for unit and time fixed effects. The resulting coefficient plot shows how the treated units diverged from untreated units at each point in calendar time relative to their treatment date, making both pre-treatment trend violations and post-treatment effect trajectories immediately visible.