In this paper we study estimation of and inference for average treatment effects in a setting with panel data. We focus on the staggered adoption setting where units, e.g, individuals, firms, or states, adopt the policy or treatment of interest at a particular point in time, and then remain exposed to this treatment at all times afterwards. We take a design perspective where we investigate the properties of estimators and procedures given assumptions on the assignment process. We show that under random assignment of the adoption date the standard Difference-In-Differences (DID) estimator is an unbiased estimator of a particular weighted average causal effect. We characterize the exact finite sample properties of this estimand, and show that the standard variance estimator is conservative.
