The Impact of School Facility Investments on Students and Homeowners: Evidence from Los Angeles
利用洛杉矶行政数据，研究发现学校新设施开放提高了学生考试成绩、出勤率和周边房价，每美元投入产生1.62美元家庭价值，其中24%来自考试成绩提升，76%来自非考试相关设施的资本化。
We study school facility investments using administrative records from Los Angeles. Exploiting quasi-random variation in the timing of new facility openings and using a residential assignment instrument, we find positive impacts on test scores, attendance, and house prices. Effects are not driven by changes in class size, peers, teachers, or principals, but some evidence points toward increased facility quality. We evaluate program efficiency using implied future earnings and housing capitalization. For each dollar spent, the program generated $1.62 in household value, with about 24 percent coming directly through test score gains and 76 percent from capitalization of non-test-score amenities.