What Works and for Whom? Effectiveness and Efficiency of School Capital Investments Across the US*

• 成果类型: Article
• 署名作者: Biasi, Barbara; Lafortune, Julien; Schonholzer, David
• 署名单位: Yale University; University of California System; University of California Santa Cruz
• 刊物名称: QUARTERLY JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0033-5533
• DOI: 10.1093/qje/qjaf013
• 发表日期: 2025
• 页码: 2329-2379
• 关键词: finance reforms; test-scores; pure theory; matter; CONSTRUCTION; expenditure; exposure; QUALITY; lead

摘要

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.