What Works and for Whom? Effectiveness and Efficiency of School Capital Investments Across the U.S.
研究利用美国29个州的学区债券、考试成绩和房价数据，发现学校资本投资能显著提升学生成绩且总体高效，但效果因项目类型和学区特征而异，基础设施投资（如暖通、污染物清除）效果明显，而体育设施无学术收益，弱势学区获益更大却投资不足。
ABSTRACT This article identifies which investments in school facilities help students and which are valued by homeowners. Using novel data on school district bonds, test scores, and house prices across 29 U.S. states and a research design based on narrowly decided elections with staggered timing, we find that increased capital spending in schools significantly improves test scores and is efficient on average. However, the effects vary widely depending on the type of project and the characteristics of the school district. Investments in essential infrastructure, such as HVAC systems or pollutant removal, yield notable improvements in student performance, while expenditures on athletic facilities show no measurable academic benefit. Socioeconomically disadvantaged districts gain disproportionately from capital investments, even after accounting for project type, yet these districts typically underinvest in such projects.