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Table 6 Impact of hosting the European Capital of Culture on GDP per capita, restricted sample

From: Evaluating three decades of the European Capital of Culture programme: a difference-in-differences approach

Specification Only events with runners-up Only close runners-up
(1) (2) (1) (2)
Host × Phase I −0.006 −0.007 0.002 0.003
  (−0.46) (−0.48) (0.16) (0.18)
Host × Phase II–VI 0.036 0.036 0.040 0.039
  (1.73)* (1.70)* (5.27)** (5.19)**
Within R-squared 0.93 0.05 0.92 0.04
Between R-squared 0.83 0.01 0.79 0.05
Observations 2027 2027 1325 1325
Cities 110 110 75 75
Hosting cities 17 17 52 52
  1. * and ** Significance at 5 and 10 %. T-statistics are in parenthesis. Sample is from 1984 to 2012. The close runners-up are identified in bold in Table 3. GDP per capita is in logs. The standard errors are clustered by city. All regressions include year dummies. In specification (1), the national GDP per capita is included as an additional regression. In specification (2), its values are subtracted from the regional GDP per capita prior to the regression