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"School finance"
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School finance centralization and revenue levels: Evidence from a school finance reform
This paper studies whether the centralization of public school finance affects school revenue levels. The theoretical framework indicates that centralization has price and income effects on the pivotal voter's demand for school revenue, but the overall effect is ambiguous. A public school finance reform in Michigan (U.S. state), which centralized its school finance system by restricting local discretion on school revenue, provides a good policy variation for a quasi-experimental design. Using district-level panel data on school finance in Michigan and neighboring states over the fiscal-year period of 1990-2004, I find that the reform has a negative effect on revenue levels. The sixth year after the reform and onwards, the reform reduces per-pupil revenue by $ 1,300 on average. The reform reduces revenue levels in both low- and high-revenue districts, but the higher-revenue districts tend to sustain more pronounced reductions.
Journal Article
The Additional Cost of Operating Rural Schools: Evidence From Vermont
State policymakers wrestle with long-standing questions and concerns about how to best provide additional fiscal support to rural school districts to ensure their students have access to adequate educational opportunities. In this study, we describe how one state developed empirically based estimates for the additional cost of operating rural schools, typified by small enrollment and location in sparsely populated areas. The study’s findings clarify that school size and location are relevant, but distinct, cost factors that should be accounted for state school finance policies. Additionally, the study provides a model for how other states might leverage administrative data and apply education cost modeling to estimate cost differences for rural schools that can be used to inform state school finance policy.
Journal Article
Interrogating Social Justice Paradigms in School Finance Research and Litigation
The search for equitable educational opportunities has lead school finance reformers toward solutions conceptualized largely through distributive social justice. Inhibiting justice in this manner produces discouraging localized results despite continued educational funding policy reform. This article expands school finance literature by critically analyzing how the educational research community has justified undertaking school finance research, discretely focusing on the manner in which researchers have defined and applied the prevailing framework of justice. Finally, this research synthesis outlines innovative inquiry that attempts to resolve social justice ideological conflict within school finance research.
Journal Article
The graduate survival guide : 5 mistakes you can't afford to make in college
A manual to help high school graduates avoid the five mistakes a large majority of college students make. These mistakes may cause you years and years of pain and hardship if you too follow the path of so many others.
BOOK
The effects of school spending on educational and economic outcomes
Since the Coleman Report, many have questioned whether public school spending affects student outcomes. The school finance reforms that began in the early 1970s and accelerated in the 1980s caused dramatic changes to the structure of K–12 education spending in the United States. To study the effect of these school finance reform–induced changes in public school spending on long-run adult outcomes, we link school spending and school finance reform data to detailed, nationally representative data on children born between 1955 and 1985 and followed through 2011. We use the timing of the passage of court-mandated reforms and their associated type of funding formula change as exogenous shifters of school spending, and we compare the adult outcomes of cohorts that were differentially exposed to school finance reforms, depending on place and year of birth. Event study and instrumental variable models reveal that a 10% increase in per pupil spending each year for all 12 years of public school leads to 0.31 more completed years of education, about 7% higher wages, and a 3.2 percentage point reduction in the annual incidence of adult poverty; effects are much more pronounced for children from low-income families. Exogenous spending increases were associated with notable improvements in measured school inputs, including reductions in student-to-teacher ratios, increases in teacher salaries, and longer school years.
Journal Article
The Dao of capital : Austrian investing in a distorted world
\"As today's preeminent doomsday investor Mark Spitznagel describes his Daoist and roundabout investment approach, \"one gains by losing and loses by gaining.\" This is Austrian Investing, an archetypal, counterintuitive, and proven approach, gleaned from the 150-year-old Austrian School of economics, that is both timeless and exceedingly timely.In The Dao of Capital, hedge fund manager and tail-hedging pioneer Mark Spitznagel--with one of the top returns on capital of the financial crisis, as well as over a career--takes us on a gripping, circuitous journey from the Chicago trading pits, over the coniferous boreal forests and canonical strategists from Warring States China to Napoleonic Europe to burgeoning industrial America, to the great economic thinkers of late 19th century Austria. We arrive at his central investment methodology of Austrian Investing, where victory comes not from waging the immediate decisive battle, but rather from the roundabout approach of seeking the intermediate positional advantage (what he calls shi), of aiming at the indirect means rather than directly at the ends. The monumental challenge is in seeing time differently, in a whole new intertemporal dimension, one that is so contrary to our wiring.Spitznagel is the first to condense the theories of Ludwig von Mises and his Austrian School of economics into a cohesive and--as Spitznagel has shown--highly effective investment methodology. From identifying the monetary distortions and non-randomness of stock market routs (Spitznagel's bread and butter) to scorned highly-productive assets, in Ron Paul's words from the foreword, Spitznagel \"brings Austrian economics from the ivory tower to the investment portfolio.\"The Dao of Capital provides a rare and accessible look through the lens of one of today's great investors to discover a profound harmony with the market process--a harmony that is so essential today\"-- Provided by publisher.
Book
The Impact of Texas “Wealth Equalization” Program on the Academic Performance of Poor and Wealthy Schools
The purpose of this study is to examine the propositions of “money matters/doesn’t matter” in a zero-sum public school system. Specifically, this study seeks to assess the impact of Texas Wealth Equalization Program on the academic performance of contributing wealthy school districts and the receiving poor school districts. Although the primary interest of this study is the aforementioned two sets of school districts, the study also incorporates a set of intermediate districts into the analysis in order to control for the possible threat of history. The study uses three state and national assessment tools to measure school performance. The results show that answer to the propositions of “money matters/doesn’t matter” is contextual. Controlling for the possible threat of history, the findings show that transfer of nearly $3.4 billion from wealthy to poor school districts did not result in lower academic achievement among the students of rich school districts while it resulted in modest performance improvement in poor districts. Policy implications of Wealth Equalization are discussed.
Journal Article