中文摘要
择校项目打破了居住地与入学之间的关联，应当削弱学校质量向房价的资本化。我首次利用一个涵盖特许学校进入与房价的数据集，量化了其中一项此类项目——特许学校扩张——在多个州的效果。我将特许学校进入的事件研究嵌入边界断点设计，发现平均而言，择校使传统学校的估值下降四个百分点。提示性证据表明，随着学区边界变得不那么重要，择校可能通过重新择居导致社区变化。(JEL H75, I21, I24, I28, R23, R31)
Abstract
School choice programs break the link between residential location and school attendance, and should weaken the capitalization of school quality into house prices. For the first time, I quantify the effect of one such program—charter school expansions—across several states using a dataset covering charter entries and house prices. I embed an event study of charter entry into a boundary discontinuity design and find that, on average, school choice decreases the valuation of traditional schools by four percentage points. Suggestive evidence shows school choice can lead to neighborhood change through resorting as school boundaries become less important. (JEL H75, I21, I24, I28, R23, R31)