Capitalization of School Quality in Housing Prices: Evidence from Boundary Changes in Shelby County, Tennessee
利用2013年孟菲斯市与谢尔比县学区合并及后续分裂导致的学区边界变化，分离出学校质量和学区管理对房价的资本化效应，发现考试成绩每提高一个标准差房价上涨3-4%，学区管理贡献5-8%的房价。
In 2013 Memphis City Schools and Shelby County Schools consolidated into a unified system, creating one of the largest districts in the nation. Six Memphis suburbs subsequently voted to create separate municipal districts. Many school zoning changes resulted from the merger and subsequent splintering of districts, providing a rare opportunity to separately identify the value of both school and district quality as they are capitalized in housing prices. Utilizing school fixed effects and repeat sales data, we find that a one standard deviation increase in test scores increases prices by 3-4% while district administration accounts for 5-8% of home values.