A park factor, as used here, is a measure of how a team's home field changes their statistics. It results from a combination of many factors—the distance and height of the outfield fences, angles, foul territory, visibility, field surface, and weather, to name a few. It is not the case that the Yankees have a high park factor for home runs (PF) because the Yankees hit a lot of home runs.
Baseball Prospectus
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