The only problem is that it uses subjective information (point spread) to try to make an objective conclusion (home court advantage) I think "perceived home court advantage" would be a better description. That r-squared value is atrocious at best, it's fair to say that the "market" HCA is not correlated with "kenpom" HCA at all.
I did take a class at the UI called Sports Economics (my last class needed for elective) and it was all about sports analytics and regression, so I find all of these studies interesting and this is a decent attempt at detecting perception. If he could somehow tie actual performance in rather than spread I would be interested to see that too. Thanks for linking it!